false2026Q10000733076--12-314

false2025Q30000733076--12-314xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbhl:Segmentxbrli:purebhl:portfolioSegment00007330762025-01-012025-09-3000007330762025-11-1000007330762025-09-3000007330762024-12-3100007330762025-07-012025-09-3000007330762024-07-012024-09-3000007330762024-01-012024-09-300000733076us-gaap:CommonStockMember2024-12-310000733076us-gaap:AdditionalPaidInCapitalMember2024-12-310000733076us-gaap:RetainedEarningsMember2024-12-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000733076us-gaap:ParentMember2024-12-310000733076us-gaap:NoncontrollingInterestMember2024-12-310000733076us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300000733076us-gaap:ParentMember2025-01-012025-06-3000007330762025-01-012025-06-300000733076us-gaap:NoncontrollingInterestMember2025-01-012025-06-300000733076us-gaap:RetainedEarningsMember2025-01-012025-06-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000733076us-gaap:CommonStockMember2025-06-300000733076us-gaap:AdditionalPaidInCapitalMember2025-06-300000733076us-gaap:RetainedEarningsMember2025-06-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000733076us-gaap:ParentMember2025-06-300000733076us-gaap:NoncontrollingInterestMember2025-06-3000007330762025-06-300000733076us-gaap:ParentMember2025-07-012025-09-300000733076us-gaap:NoncontrollingInterestMember2025-07-012025-09-300000733076us-gaap:RetainedEarningsMember2025-07-012025-09-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000733076us-gaap:CommonStockMember2025-09-300000733076us-gaap:AdditionalPaidInCapitalMember2025-09-300000733076us-gaap:RetainedEarningsMember2025-09-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000733076us-gaap:ParentMember2025-09-300000733076us-gaap:NoncontrollingInterestMember2025-09-300000733076us-gaap:CommonStockMember2023-12-310000733076us-gaap:AdditionalPaidInCapitalMember2023-12-310000733076us-gaap:RetainedEarningsMember2023-12-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000733076us-gaap:ParentMember2023-12-310000733076us-gaap:NoncontrollingInterestMember2023-12-3100007330762023-12-310000733076us-gaap:ParentMember2024-01-012024-06-300000733076us-gaap:NoncontrollingInterestMember2024-01-012024-06-3000007330762024-01-012024-06-300000733076us-gaap:RetainedEarningsMember2024-01-012024-06-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000733076us-gaap:CommonStockMember2024-06-300000733076us-gaap:AdditionalPaidInCapitalMember2024-06-300000733076us-gaap:RetainedEarningsMember2024-06-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000733076us-gaap:ParentMember2024-06-300000733076us-gaap:NoncontrollingInterestMember2024-06-3000007330762024-06-300000733076us-gaap:ParentMember2024-07-012024-09-300000733076us-gaap:NoncontrollingInterestMember2024-07-012024-09-300000733076us-gaap:RetainedEarningsMember2024-07-012024-09-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000733076us-gaap:CommonStockMember2024-09-300000733076us-gaap:AdditionalPaidInCapitalMember2024-09-300000733076us-gaap:RetainedEarningsMember2024-09-300000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000733076us-gaap:ParentMember2024-09-300000733076us-gaap:NoncontrollingInterestMember2024-09-3000007330762024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2025-07-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2025-07-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2025-07-012025-09-300000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-07-012025-09-300000733076us-gaap:OperatingSegmentsMember2025-07-012025-09-300000733076us-gaap:MaterialReconcilingItemsMember2025-07-012025-09-300000733076bhl:AnnuitiesMember2025-07-012025-09-300000733076bhl:LifeMember2025-07-012025-09-300000733076bhl:RunoffMember2025-07-012025-09-300000733076us-gaap:CorporateAndOtherMember2025-07-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2024-07-012024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2024-07-012024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2024-07-012024-09-300000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-07-012024-09-300000733076us-gaap:OperatingSegmentsMember2024-07-012024-09-300000733076us-gaap:MaterialReconcilingItemsMember2024-07-012024-09-300000733076bhl:AnnuitiesMember2024-07-012024-09-300000733076bhl:LifeMember2024-07-012024-09-300000733076bhl:RunoffMember2024-07-012024-09-300000733076us-gaap:CorporateAndOtherMember2024-07-012024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2025-01-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2025-01-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2025-01-012025-09-300000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-01-012025-09-300000733076us-gaap:OperatingSegmentsMember2025-01-012025-09-300000733076us-gaap:MaterialReconcilingItemsMember2025-01-012025-09-300000733076bhl:AnnuitiesMember2025-01-012025-09-300000733076bhl:LifeMember2025-01-012025-09-300000733076bhl:RunoffMember2025-01-012025-09-300000733076us-gaap:CorporateAndOtherMember2025-01-012025-09-300000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2024-01-012024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2024-01-012024-09-300000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2024-01-012024-09-300000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-01-012024-09-300000733076us-gaap:OperatingSegmentsMember2024-01-012024-09-300000733076us-gaap:MaterialReconcilingItemsMember2024-01-012024-09-300000733076bhl:AnnuitiesMember2024-01-012024-09-300000733076bhl:LifeMember2024-01-012024-09-300000733076bhl:RunoffMember2024-01-012024-09-300000733076us-gaap:CorporateAndOtherMember2024-01-012024-09-300000733076bhl:AnnuitiesMember2025-09-300000733076bhl:AnnuitiesMember2024-12-310000733076bhl:LifeMember2025-09-300000733076bhl:LifeMember2024-12-310000733076bhl:RunoffMember2025-09-300000733076bhl:RunoffMember2024-12-310000733076us-gaap:CorporateAndOtherMember2025-09-300000733076us-gaap:CorporateAndOtherMember2024-12-310000733076us-gaap:InvestmentsSegmentMember2025-07-012025-09-300000733076us-gaap:InvestmentsSegmentMember2024-07-012024-09-300000733076us-gaap:InvestmentsSegmentMember2025-01-012025-09-300000733076us-gaap:InvestmentsSegmentMember2024-01-012024-09-300000733076us-gaap:LifeInsuranceSegmentMember2025-07-012025-09-300000733076us-gaap:LifeInsuranceSegmentMember2024-07-012024-09-300000733076us-gaap:LifeInsuranceSegmentMember2025-01-012025-09-300000733076us-gaap:LifeInsuranceSegmentMember2024-01-012024-09-300000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2025-07-012025-09-300000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2024-07-012024-09-300000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2025-01-012025-09-300000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2024-01-012024-09-300000733076bhl:TermWholeLifeInsuranceMember2024-12-310000733076us-gaap:ImmediateVariableAnnuityMember2024-12-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2024-12-310000733076bhl:TermWholeLifeInsuranceMember2023-12-310000733076us-gaap:ImmediateVariableAnnuityMember2023-12-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2023-12-310000733076bhl:TermWholeLifeInsuranceMember2025-01-012025-09-300000733076us-gaap:ImmediateVariableAnnuityMember2025-01-012025-09-300000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2025-01-012025-09-300000733076bhl:TermWholeLifeInsuranceMember2024-01-012024-09-300000733076us-gaap:ImmediateVariableAnnuityMember2024-01-012024-09-300000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2024-01-012024-09-300000733076bhl:TermWholeLifeInsuranceMember2025-09-300000733076us-gaap:ImmediateVariableAnnuityMember2025-09-300000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2025-09-300000733076bhl:TermWholeLifeInsuranceMember2024-09-300000733076us-gaap:ImmediateVariableAnnuityMember2024-09-300000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2024-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2023-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2025-01-012025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2024-01-012024-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2024-09-3000007330762024-01-012024-12-310000733076bhl:NetLiabilityForFuturePolicyBenefitsForNonparticipatingTraditionalLimitedPaymentContractsAndUniversalLifeTypeContractsWithSecondaryGuaranteesReportedInPrecedingTablesMember2025-09-300000733076bhl:NetLiabilityForFuturePolicyBenefitsForNonparticipatingTraditionalLimitedPaymentContractsAndUniversalLifeTypeContractsWithSecondaryGuaranteesReportedInPrecedingTablesMember2024-09-300000733076bhl:LongTermCareInsuranceMember2025-09-300000733076bhl:LongTermCareInsuranceMember2024-09-300000733076bhl:ULSGLiabilityForProfitsFollowedByLossesIncludingTheEffectsOfUnrealizedGainsAndLossesMember2025-09-300000733076bhl:ULSGLiabilityForProfitsFollowedByLossesIncludingTheEffectsOfUnrealizedGainsAndLossesMember2024-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMember2025-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMember2024-09-300000733076bhl:DeferredProfitLiabilitiesRelatedToIncomeStructuredSettlementAndPensionTransferRiskAnnuitiesMember2025-09-300000733076bhl:DeferredProfitLiabilitiesRelatedToIncomeStructuredSettlementAndPensionTransferRiskAnnuitiesMember2024-09-300000733076us-gaap:OtherLongdurationInsuranceProductLineMember2025-09-300000733076us-gaap:OtherLongdurationInsuranceProductLineMember2024-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMembersrt:MinimumMember2025-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMembersrt:MaximumMember2025-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMember2025-01-012025-09-300000733076us-gaap:ParticipatingLifeInsurancePolicyMember2024-01-012024-09-300000733076us-gaap:UniversalLifeMember2024-12-310000733076us-gaap:VariableAnnuityMember2024-12-310000733076us-gaap:IndexedAnnuityMember2024-12-310000733076us-gaap:FixedAnnuityMember2024-12-310000733076bhl:CompanyOwnedLifeInsuranceMember2024-12-310000733076us-gaap:UniversalLifeMember2025-01-012025-09-300000733076us-gaap:VariableAnnuityMember2025-01-012025-09-300000733076us-gaap:IndexedAnnuityMember2025-01-012025-09-300000733076us-gaap:FixedAnnuityMember2025-01-012025-09-300000733076bhl:CompanyOwnedLifeInsuranceMember2025-01-012025-09-300000733076us-gaap:UniversalLifeMember2025-09-300000733076us-gaap:VariableAnnuityMember2025-09-300000733076us-gaap:IndexedAnnuityMember2025-09-300000733076us-gaap:FixedAnnuityMember2025-09-300000733076bhl:CompanyOwnedLifeInsuranceMember2025-09-300000733076us-gaap:UniversalLifeMember2023-12-310000733076us-gaap:VariableAnnuityMember2023-12-310000733076us-gaap:IndexedAnnuityMember2023-12-310000733076us-gaap:FixedAnnuityMember2023-12-310000733076bhl:CompanyOwnedLifeInsuranceMember2023-12-310000733076us-gaap:UniversalLifeMember2024-01-012024-09-300000733076us-gaap:VariableAnnuityMember2024-01-012024-09-300000733076us-gaap:IndexedAnnuityMember2024-01-012024-09-300000733076us-gaap:FixedAnnuityMember2024-01-012024-09-300000733076bhl:CompanyOwnedLifeInsuranceMember2024-01-012024-09-300000733076us-gaap:UniversalLifeMember2024-09-300000733076us-gaap:VariableAnnuityMember2024-09-300000733076us-gaap:IndexedAnnuityMember2024-09-300000733076us-gaap:FixedAnnuityMember2024-09-300000733076bhl:CompanyOwnedLifeInsuranceMember2024-09-300000733076bhl:RollforwardsTotalMember2025-09-300000733076bhl:RollforwardsTotalMember2024-09-300000733076bhl:InstitutionalSpreadMarginMember2025-09-300000733076bhl:InstitutionalSpreadMarginMember2024-09-300000733076bhl:InstitutionalGroupAnnuitiesMember2025-09-300000733076bhl:InstitutionalGroupAnnuitiesMember2024-09-300000733076us-gaap:InvestmentsSegmentMember2025-09-300000733076us-gaap:InvestmentsSegmentMember2024-09-300000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-09-300000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-09-300000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-09-300000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-09-300000733076us-gaap:LifeInsuranceSegmentMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-09-300000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-09-300000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2024-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-12-310000733076us-gaap:LifeInsuranceSegmentMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2024-12-310000733076us-gaap:VariableUniversalLifeMember2024-12-310000733076us-gaap:VariableUniversalLifeMember2023-12-310000733076us-gaap:VariableUniversalLifeMember2025-01-012025-09-300000733076us-gaap:VariableUniversalLifeMember2024-01-012024-09-300000733076us-gaap:VariableUniversalLifeMember2025-09-300000733076us-gaap:VariableUniversalLifeMember2024-09-300000733076us-gaap:SeparateAccountEquitySecurityMember2025-09-300000733076us-gaap:SeparateAccountEquitySecurityMember2024-12-310000733076us-gaap:SeparateAccountDebtSecurityMember2025-09-300000733076us-gaap:SeparateAccountDebtSecurityMember2024-12-310000733076us-gaap:SeparateAccountCashAndCashEquivalentsMember2025-09-300000733076us-gaap:SeparateAccountCashAndCashEquivalentsMember2024-12-310000733076us-gaap:OtherInvestmentsMember2025-09-300000733076us-gaap:OtherInvestmentsMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000733076us-gaap:USTreasuryAndGovernmentMember2025-09-300000733076us-gaap:USTreasuryAndGovernmentMember2024-12-310000733076us-gaap:AssetBackedSecuritiesMember2025-09-300000733076us-gaap:AssetBackedSecuritiesMember2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000733076us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000733076bhl:NonIncomeProducingMember2025-09-300000733076bhl:NonIncomeProducingMember2024-12-310000733076us-gaap:DebtSecuritiesMember2025-09-300000733076us-gaap:DebtSecuritiesMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2025-01-012025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMember2025-01-012025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMember2023-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2023-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2024-01-012024-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMember2024-01-012024-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2024-01-012024-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMember2024-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMember2024-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-07-012025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-07-012024-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-09-300000733076us-gaap:RealEstateLoanMember2025-01-012025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000733076us-gaap:RealEstateLoanMember2023-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-01-012024-09-300000733076us-gaap:RealEstateLoanMember2024-01-012024-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-09-300000733076us-gaap:RealEstateLoanMember2024-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscGreaterThan120PercentMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscGreaterThan120PercentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:Dsc100To120PercentMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberbhl:Dsc100To120PercentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscLessThan100PercentMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscLessThan100PercentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMembersrt:MinimumMember2025-09-300000733076us-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMembersrt:MinimumMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000733076us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000733076us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000733076us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000733076us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000733076us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000733076us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-09-300000733076bhl:FinancingReceivables90To179DaysPastDueMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2024-12-310000733076bhl:FinancingReceivables90To179DaysPastDueMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-09-300000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-09-300000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-09-300000733076bhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMemberus-gaap:RealEstateLoanMember2025-09-300000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2024-12-310000733076bhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMemberus-gaap:RealEstateLoanMember2024-12-310000733076srt:MinimumMember2025-09-300000733076us-gaap:SecuritiesFinancingTransactionCostMember2025-09-300000733076us-gaap:SecuritiesFinancingTransactionCostMember2024-12-310000733076us-gaap:SecuritiesFinancingTransactionFairValueMember2025-09-300000733076us-gaap:SecuritiesFinancingTransactionFairValueMember2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightMember2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberbhl:Maturity30to180DaysMember2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightMember2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberbhl:Maturity30to180DaysMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityOvernightMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberbhl:Maturity30to180DaysMember2024-12-310000733076us-gaap:MaturityOvernightMember2025-09-300000733076us-gaap:MaturityUpTo30DaysMember2025-09-300000733076bhl:Maturity30to180DaysMember2025-09-300000733076us-gaap:MaturityOvernightMember2024-12-310000733076us-gaap:MaturityUpTo30DaysMember2024-12-310000733076bhl:Maturity30to180DaysMember2024-12-310000733076bhl:RestrictedCashAndCashEquivalentsMember2025-09-300000733076bhl:RestrictedCashAndCashEquivalentsMember2024-12-310000733076us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000733076us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000733076us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000733076us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000733076us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-09-300000733076us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-12-310000733076us-gaap:DebtSecuritiesMember2025-07-012025-09-300000733076us-gaap:DebtSecuritiesMember2024-07-012024-09-300000733076us-gaap:DebtSecuritiesMember2025-01-012025-09-300000733076us-gaap:DebtSecuritiesMember2024-01-012024-09-300000733076bhl:TradingSecuritiesMember2025-07-012025-09-300000733076bhl:TradingSecuritiesMember2024-07-012024-09-300000733076bhl:TradingSecuritiesMember2025-01-012025-09-300000733076bhl:TradingSecuritiesMember2024-01-012024-09-300000733076us-gaap:EquitySecuritiesMember2025-07-012025-09-300000733076us-gaap:EquitySecuritiesMember2024-07-012024-09-300000733076us-gaap:EquitySecuritiesMember2025-01-012025-09-300000733076us-gaap:EquitySecuritiesMember2024-01-012024-09-300000733076us-gaap:MortgagesMember2025-07-012025-09-300000733076us-gaap:MortgagesMember2024-07-012024-09-300000733076us-gaap:MortgagesMember2025-01-012025-09-300000733076us-gaap:MortgagesMember2024-01-012024-09-300000733076us-gaap:PolicyLoansMember2025-07-012025-09-300000733076us-gaap:PolicyLoansMember2024-07-012024-09-300000733076us-gaap:PolicyLoansMember2025-01-012025-09-300000733076us-gaap:PolicyLoansMember2024-01-012024-09-300000733076us-gaap:RealEstateInvestmentMember2025-07-012025-09-300000733076us-gaap:RealEstateInvestmentMember2024-07-012024-09-300000733076us-gaap:RealEstateInvestmentMember2025-01-012025-09-300000733076us-gaap:RealEstateInvestmentMember2024-01-012024-09-300000733076us-gaap:CashAndCashEquivalentsMember2025-07-012025-09-300000733076us-gaap:CashAndCashEquivalentsMember2024-07-012024-09-300000733076us-gaap:CashAndCashEquivalentsMember2025-01-012025-09-300000733076us-gaap:CashAndCashEquivalentsMember2024-01-012024-09-300000733076us-gaap:OtherInvestmentsMember2025-07-012025-09-300000733076us-gaap:OtherInvestmentsMember2024-07-012024-09-300000733076us-gaap:OtherInvestmentsMember2025-01-012025-09-300000733076us-gaap:OtherInvestmentsMember2024-01-012024-09-300000733076us-gaap:LimitedPartnerMember2025-07-012025-09-300000733076us-gaap:LimitedPartnerMember2025-01-012025-09-300000733076us-gaap:LimitedPartnerMember2024-07-012024-09-300000733076us-gaap:LimitedPartnerMember2024-01-012024-09-300000733076us-gaap:OtherInvestmentsMember2025-07-012025-07-310000733076us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000733076us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-300000733076us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000733076us-gaap:DesignatedAsHedgingInstrumentMember2025-09-300000733076us-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000733076us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:InterestRateFloorMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:InterestRateFloorMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2024-12-310000733076bhl:InterestRateFuturesMemberus-gaap:NondesignatedMember2025-09-300000733076bhl:InterestRateFuturesMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2024-12-310000733076bhl:InterestrateforwardMemberus-gaap:NondesignatedMember2025-09-300000733076bhl:InterestrateforwardMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2024-12-310000733076bhl:EquityFuturesMemberus-gaap:NondesignatedMember2025-09-300000733076bhl:EquityFuturesMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:StockOptionMemberus-gaap:NondesignatedMember2025-09-300000733076us-gaap:StockOptionMemberus-gaap:NondesignatedMember2024-12-310000733076bhl:EquityTotalReturnSwapsMemberus-gaap:NondesignatedMember2025-09-300000733076bhl:EquityTotalReturnSwapsMemberus-gaap:NondesignatedMember2024-12-310000733076us-gaap:NondesignatedMember2025-09-300000733076us-gaap:NondesignatedMember2024-12-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:CashFlowHedgingMember2025-07-012025-09-300000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:NondesignatedMember2025-07-012025-09-300000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2025-07-012025-09-300000733076bhl:NetDerivativeGainLossMember2025-07-012025-09-300000733076us-gaap:InvestmentIncomeMember2025-07-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:CashFlowHedgingMember2024-07-012024-09-300000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:NondesignatedMember2024-07-012024-09-300000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2024-07-012024-09-300000733076bhl:NetDerivativeGainLossMember2024-07-012024-09-300000733076us-gaap:InvestmentIncomeMember2024-07-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:CashFlowHedgingMember2025-01-012025-09-300000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:NondesignatedMember2025-01-012025-09-300000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2025-01-012025-09-300000733076bhl:NetDerivativeGainLossMember2025-01-012025-09-300000733076us-gaap:InvestmentIncomeMember2025-01-012025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:CashFlowHedgingMember2024-01-012024-09-300000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:NondesignatedMember2024-01-012024-09-300000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2024-01-012024-09-300000733076bhl:NetDerivativeGainLossMember2024-01-012024-09-300000733076us-gaap:InvestmentIncomeMember2024-01-012024-09-300000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2025-09-300000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-09-300000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2024-12-310000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2024-01-012024-12-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2025-09-300000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-09-300000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2024-12-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2024-01-012024-12-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2025-09-300000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-09-300000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2024-12-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2024-01-012024-12-310000733076bhl:CaaAndLowerMemberus-gaap:CreditDefaultSwapMember2025-09-300000733076bhl:CaaAndLowerMemberus-gaap:CreditDefaultSwapMember2025-01-012025-09-300000733076bhl:CaaAndLowerMemberus-gaap:CreditDefaultSwapMember2024-12-310000733076bhl:CaaAndLowerMemberus-gaap:CreditDefaultSwapMember2024-01-012024-12-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMember2025-09-300000733076bhl:DerivativesSubjectToCreditContingentProvisionsMember2024-12-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMemberus-gaap:FixedMaturitiesMember2025-09-300000733076bhl:DerivativesSubjectToCreditContingentProvisionsMemberus-gaap:FixedMaturitiesMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputMortalityRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputMortalityRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputMortalityRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputMortalityRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputLapseRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputLapseRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputLapseRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputLapseRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputUtilizationRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputUtilizationRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputWithdrawalRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputWithdrawalRateMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputWithdrawalRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputWithdrawalRateMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEntityCreditRiskMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputEntityCreditRiskMember2025-09-300000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEntityCreditRiskMember2024-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputEntityCreditRiskMember2024-12-310000733076us-gaap:CorporateDebtSecuritiesMember2025-06-300000733076bhl:StructuredSecuritiesMember2025-06-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-06-300000733076bhl:TradingSecuritiesMember2025-06-300000733076us-gaap:EquitySecuritiesMember2025-06-300000733076us-gaap:ShortTermInvestmentsMember2025-06-300000733076bhl:NetDerivativesMember2025-06-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-06-300000733076us-gaap:CorporateDebtSecuritiesMember2025-07-012025-09-300000733076bhl:StructuredSecuritiesMember2025-07-012025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-07-012025-09-300000733076bhl:TradingSecuritiesMember2025-07-012025-09-300000733076us-gaap:EquitySecuritiesMember2025-07-012025-09-300000733076us-gaap:ShortTermInvestmentsMember2025-07-012025-09-300000733076bhl:NetDerivativesMember2025-07-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-07-012025-09-300000733076us-gaap:CorporateDebtSecuritiesMember2025-09-300000733076bhl:StructuredSecuritiesMember2025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-09-300000733076bhl:TradingSecuritiesMember2025-09-300000733076us-gaap:EquitySecuritiesMember2025-09-300000733076us-gaap:ShortTermInvestmentsMember2025-09-300000733076bhl:NetDerivativesMember2025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-09-300000733076us-gaap:CorporateDebtSecuritiesMember2024-06-300000733076bhl:StructuredSecuritiesMember2024-06-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-06-300000733076bhl:TradingSecuritiesMember2024-06-300000733076us-gaap:EquitySecuritiesMember2024-06-300000733076us-gaap:ShortTermInvestmentsMember2024-06-300000733076bhl:NetDerivativesMember2024-06-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-06-300000733076us-gaap:CorporateDebtSecuritiesMember2024-07-012024-09-300000733076bhl:StructuredSecuritiesMember2024-07-012024-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-07-012024-09-300000733076bhl:TradingSecuritiesMember2024-07-012024-09-300000733076us-gaap:EquitySecuritiesMember2024-07-012024-09-300000733076us-gaap:ShortTermInvestmentsMember2024-07-012024-09-300000733076bhl:NetDerivativesMember2024-07-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-07-012024-09-300000733076us-gaap:CorporateDebtSecuritiesMember2024-09-300000733076bhl:StructuredSecuritiesMember2024-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-09-300000733076bhl:TradingSecuritiesMember2024-09-300000733076us-gaap:EquitySecuritiesMember2024-09-300000733076us-gaap:ShortTermInvestmentsMember2024-09-300000733076bhl:NetDerivativesMember2024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-09-300000733076us-gaap:CorporateDebtSecuritiesMember2024-12-310000733076bhl:StructuredSecuritiesMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000733076bhl:TradingSecuritiesMember2024-12-310000733076us-gaap:EquitySecuritiesMember2024-12-310000733076us-gaap:ShortTermInvestmentsMember2024-12-310000733076bhl:NetDerivativesMember2024-12-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-12-310000733076us-gaap:CorporateDebtSecuritiesMember2025-01-012025-09-300000733076bhl:StructuredSecuritiesMember2025-01-012025-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-01-012025-09-300000733076bhl:TradingSecuritiesMember2025-01-012025-09-300000733076us-gaap:EquitySecuritiesMember2025-01-012025-09-300000733076us-gaap:ShortTermInvestmentsMember2025-01-012025-09-300000733076bhl:NetDerivativesMember2025-01-012025-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-01-012025-09-300000733076us-gaap:CorporateDebtSecuritiesMember2023-12-310000733076bhl:StructuredSecuritiesMember2023-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000733076bhl:TradingSecuritiesMember2023-12-310000733076us-gaap:EquitySecuritiesMember2023-12-310000733076us-gaap:ShortTermInvestmentsMember2023-12-310000733076bhl:NetDerivativesMember2023-12-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2023-12-310000733076us-gaap:CorporateDebtSecuritiesMember2024-01-012024-09-300000733076bhl:StructuredSecuritiesMember2024-01-012024-09-300000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-01-012024-09-300000733076bhl:TradingSecuritiesMember2024-01-012024-09-300000733076us-gaap:EquitySecuritiesMember2024-01-012024-09-300000733076us-gaap:ShortTermInvestmentsMember2024-01-012024-09-300000733076bhl:NetDerivativesMember2024-01-012024-09-300000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-01-012024-09-300000733076us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-09-300000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-09-300000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-09-300000733076us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000733076us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-3100007330762025-02-112025-02-110000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-06-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-06-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-06-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-07-012025-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-07-012025-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-07-012025-09-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-09-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-06-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-06-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-07-012024-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-07-012024-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-12-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-12-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-01-012025-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-01-012025-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-09-300000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2023-12-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-12-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-01-012024-09-300000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-01-012024-09-300000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000733076us-gaap:DistributionServiceMember2025-07-012025-09-300000733076us-gaap:DistributionServiceMember2025-01-012025-09-300000733076us-gaap:DistributionServiceMember2024-07-012024-09-300000733076us-gaap:DistributionServiceMember2024-01-012024-09-300000733076srt:MaximumMember2025-09-300000733076srt:MinimumMemberbhl:NonLitigationLossMember2025-09-300000733076srt:MaximumMemberbhl:NonLitigationLossMember2025-09-3000007330762024-01-012024-03-310000733076us-gaap:UniversalLifeMember2024-01-012024-03-310000733076us-gaap:OtherExpenseMember2024-01-012024-03-310000733076us-gaap:LoanOriginationCommitmentsMember2025-09-300000733076us-gaap:LoanOriginationCommitmentsMember2024-12-310000733076us-gaap:CommitmentsToExtendCreditMember2025-09-300000733076us-gaap:CommitmentsToExtendCreditMember2024-12-310000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2025-07-012025-09-300000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2024-07-012024-09-300000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2025-01-012025-09-300000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2024-01-012024-09-300000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2025-09-300000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2024-12-310000733076srt:AffiliatedEntityMember2025-07-012025-09-300000733076srt:AffiliatedEntityMember2025-01-012025-09-300000733076srt:AffiliatedEntityMember2024-07-012024-09-300000733076srt:AffiliatedEntityMember2024-01-012024-09-300000733076bhl:AllServicesandTransactionsExceptBrokerDealerActivitiesMember2025-09-300000733076bhl:AllServicesandTransactionsExceptBrokerDealerActivitiesMember2024-12-310000733076bhl:BrokerDealerActivitiesMember2025-07-012025-09-300000733076bhl:BrokerDealerActivitiesMember2025-01-012025-09-300000733076bhl:BrokerDealerActivitiesMember2024-07-012024-09-300000733076bhl:BrokerDealerActivitiesMember2024-01-012024-09-300000733076bhl:BrokerDealerActivitiesMember2025-09-300000733076bhl:BrokerDealerActivitiesMember2024-12-31

On November 6, 2025, BHF entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Aquarian Holdings VI L.P., a Delaware limited partnership (“Parent”), Aquarian Beacon Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Parent (“Merger Sub”), and Aquarian Holdings LLC, a Delaware limited liability company (“Aquarian Holdings”), solely for the purpose of certain provisions, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, Merger Sub will merge with and into BHF, with BHF surviving as a wholly owned subsidiary of Parent (the “Merger”). Brighthouse Life Insurance Company will remain an indirect wholly owned subsidiary of BHF after the effective time of the Merger (the “Effective Time”).

The consummation of the Merger is subject to the satisfaction or waiver of customary closing conditions, including, among others, the adoption of the Merger Agreement by the affirmative vote of the holders of a majority of the outstanding shares of BHF common stock entitled to vote thereon at a meeting of BHF stockholders and the receipt of certain regulatory approvals, including from insurance regulators in Delaware, New York and Massachusetts. Parent’s and Merger Sub’s obligations are also conditioned upon the absence of a Company Material Adverse Effect (as defined in the Merger Agreement) and the absence of a Burdensome Condition (as defined in the Merger Agreement). The Merger Agreement also contains customary representations, warranties and covenants by each of Parent, Merger Sub, Aquarian Holdings and BHF, including, among others, covenants by BHF to use its reasonable best efforts to conduct its business in the ordinary course consistent with past practice and to refrain from taking certain actions prior to the Effective Time, in each case except with Parent’s consent.

xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbhl:Segmentxbrli:purebhl:portfolioSegment00007330762026-01-012026-03-3100007330762026-05-1100007330762026-03-3100007330762025-12-3100007330762025-01-012025-03-310000733076us-gaap:CommonStockMember2025-12-310000733076us-gaap:AdditionalPaidInCapitalMember2025-12-310000733076us-gaap:RetainedEarningsMember2025-12-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000733076us-gaap:ParentMember2025-12-310000733076us-gaap:NoncontrollingInterestMember2025-12-310000733076us-gaap:RetainedEarningsMember2026-01-012026-03-310000733076us-gaap:ParentMember2026-01-012026-03-310000733076us-gaap:NoncontrollingInterestMember2026-01-012026-03-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000733076us-gaap:CommonStockMember2026-03-310000733076us-gaap:AdditionalPaidInCapitalMember2026-03-310000733076us-gaap:RetainedEarningsMember2026-03-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310000733076us-gaap:ParentMember2026-03-310000733076us-gaap:NoncontrollingInterestMember2026-03-310000733076us-gaap:CommonStockMember2024-12-310000733076us-gaap:AdditionalPaidInCapitalMember2024-12-310000733076us-gaap:RetainedEarningsMember2024-12-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000733076us-gaap:ParentMember2024-12-310000733076us-gaap:NoncontrollingInterestMember2024-12-3100007330762024-12-310000733076us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000733076us-gaap:ParentMember2025-01-012025-03-310000733076us-gaap:RetainedEarningsMember2025-01-012025-03-310000733076us-gaap:NoncontrollingInterestMember2025-01-012025-03-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000733076us-gaap:CommonStockMember2025-03-310000733076us-gaap:AdditionalPaidInCapitalMember2025-03-310000733076us-gaap:RetainedEarningsMember2025-03-310000733076us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000733076us-gaap:ParentMember2025-03-310000733076us-gaap:NoncontrollingInterestMember2025-03-3100007330762025-03-310000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2026-01-012026-03-310000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2026-01-012026-03-310000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2026-01-012026-03-310000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2026-01-012026-03-310000733076us-gaap:OperatingSegmentsMember2026-01-012026-03-310000733076us-gaap:MaterialReconcilingItemsMember2026-01-012026-03-310000733076bhl:AnnuitiesMember2026-01-012026-03-310000733076bhl:LifeMember2026-01-012026-03-310000733076bhl:RunoffMember2026-01-012026-03-310000733076us-gaap:CorporateAndOtherMember2026-01-012026-03-310000733076us-gaap:OperatingSegmentsMemberbhl:AnnuitiesMember2025-01-012025-03-310000733076us-gaap:OperatingSegmentsMemberbhl:LifeMember2025-01-012025-03-310000733076us-gaap:OperatingSegmentsMemberbhl:RunoffMember2025-01-012025-03-310000733076us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2025-01-012025-03-310000733076us-gaap:OperatingSegmentsMember2025-01-012025-03-310000733076us-gaap:MaterialReconcilingItemsMember2025-01-012025-03-310000733076bhl:AnnuitiesMember2025-01-012025-03-310000733076bhl:LifeMember2025-01-012025-03-310000733076bhl:RunoffMember2025-01-012025-03-310000733076us-gaap:CorporateAndOtherMember2025-01-012025-03-310000733076bhl:AnnuitiesMember2026-03-310000733076bhl:AnnuitiesMember2025-12-310000733076bhl:LifeMember2026-03-310000733076bhl:LifeMember2025-12-310000733076bhl:RunoffMember2026-03-310000733076bhl:RunoffMember2025-12-310000733076us-gaap:CorporateAndOtherMember2026-03-310000733076us-gaap:CorporateAndOtherMember2025-12-310000733076us-gaap:InvestmentsSegmentMember2026-01-012026-03-310000733076us-gaap:InvestmentsSegmentMember2025-01-012025-03-310000733076us-gaap:LifeInsuranceSegmentMember2026-01-012026-03-310000733076us-gaap:LifeInsuranceSegmentMember2025-01-012025-03-310000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2026-01-012026-03-310000733076us-gaap:AccidentAndHealthInsuranceSegmentMember2025-01-012025-03-310000733076bhl:TermWholeLifeInsuranceMember2025-12-310000733076us-gaap:ImmediateVariableAnnuityMember2025-12-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2025-12-310000733076bhl:TermWholeLifeInsuranceMember2024-12-310000733076us-gaap:ImmediateVariableAnnuityMember2024-12-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2024-12-310000733076bhl:TermWholeLifeInsuranceMember2026-01-012026-03-310000733076us-gaap:ImmediateVariableAnnuityMember2026-01-012026-03-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2026-01-012026-03-310000733076bhl:TermWholeLifeInsuranceMember2025-01-012025-03-310000733076us-gaap:ImmediateVariableAnnuityMember2025-01-012025-03-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2025-01-012025-03-310000733076bhl:TermWholeLifeInsuranceMember2026-03-310000733076us-gaap:ImmediateVariableAnnuityMember2026-03-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2026-03-310000733076bhl:TermWholeLifeInsuranceMember2025-03-310000733076us-gaap:ImmediateVariableAnnuityMember2025-03-310000733076bhl:StructuredSettlementAndPensionRiskTransferAnnuitiesMember2025-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2024-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2026-01-012026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2025-01-012025-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMember2025-03-310000733076bhl:NetLiabilityForFuturePolicyBenefitsForNonparticipatingTraditionalLimitedPaymentContractsAndUniversalLifeTypeContractsWithSecondaryGuaranteesReportedInPrecedingTablesMember2026-03-310000733076bhl:NetLiabilityForFuturePolicyBenefitsForNonparticipatingTraditionalLimitedPaymentContractsAndUniversalLifeTypeContractsWithSecondaryGuaranteesReportedInPrecedingTablesMember2025-03-310000733076bhl:LongTermCareInsuranceMember2026-03-310000733076bhl:LongTermCareInsuranceMember2025-03-310000733076bhl:ULSGLiabilityForProfitsFollowedByLossesIncludingTheEffectsOfUnrealizedGainsAndLossesMember2026-03-310000733076bhl:ULSGLiabilityForProfitsFollowedByLossesIncludingTheEffectsOfUnrealizedGainsAndLossesMember2025-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMember2026-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMember2025-03-310000733076bhl:DeferredProfitLiabilitiesRelatedToIncomeStructuredSettlementAndPensionTransferRiskAnnuitiesMember2026-03-310000733076bhl:DeferredProfitLiabilitiesRelatedToIncomeStructuredSettlementAndPensionTransferRiskAnnuitiesMember2025-03-310000733076us-gaap:OtherLongdurationInsuranceProductLineMember2026-03-310000733076us-gaap:OtherLongdurationInsuranceProductLineMember2025-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMembersrt:MinimumMember2026-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMembersrt:MaximumMember2026-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMember2026-01-012026-03-310000733076us-gaap:ParticipatingLifeInsurancePolicyMember2025-01-012025-03-310000733076us-gaap:UniversalLifeMember2025-12-310000733076us-gaap:VariableAnnuityMember2025-12-310000733076us-gaap:IndexedAnnuityMember2025-12-310000733076us-gaap:FixedAnnuityMember2025-12-310000733076bhl:CompanyOwnedLifeInsuranceMember2025-12-310000733076us-gaap:UniversalLifeMember2026-01-012026-03-310000733076us-gaap:VariableAnnuityMember2026-01-012026-03-310000733076us-gaap:IndexedAnnuityMember2026-01-012026-03-310000733076us-gaap:FixedAnnuityMember2026-01-012026-03-310000733076bhl:CompanyOwnedLifeInsuranceMember2026-01-012026-03-310000733076us-gaap:UniversalLifeMember2026-03-310000733076us-gaap:VariableAnnuityMember2026-03-310000733076us-gaap:IndexedAnnuityMember2026-03-310000733076us-gaap:FixedAnnuityMember2026-03-310000733076bhl:CompanyOwnedLifeInsuranceMember2026-03-310000733076us-gaap:UniversalLifeMember2024-12-310000733076us-gaap:VariableAnnuityMember2024-12-310000733076us-gaap:IndexedAnnuityMember2024-12-310000733076us-gaap:FixedAnnuityMember2024-12-310000733076bhl:CompanyOwnedLifeInsuranceMember2024-12-310000733076us-gaap:UniversalLifeMember2025-01-012025-03-310000733076us-gaap:VariableAnnuityMember2025-01-012025-03-310000733076us-gaap:IndexedAnnuityMember2025-01-012025-03-310000733076us-gaap:FixedAnnuityMember2025-01-012025-03-310000733076bhl:CompanyOwnedLifeInsuranceMember2025-01-012025-03-310000733076us-gaap:UniversalLifeMember2025-03-310000733076us-gaap:VariableAnnuityMember2025-03-310000733076us-gaap:IndexedAnnuityMember2025-03-310000733076us-gaap:FixedAnnuityMember2025-03-310000733076bhl:CompanyOwnedLifeInsuranceMember2025-03-310000733076bhl:RollforwardsTotalMember2026-03-310000733076bhl:RollforwardsTotalMember2025-03-310000733076bhl:InstitutionalSpreadMarginMember2026-03-310000733076bhl:InstitutionalSpreadMarginMember2025-03-310000733076bhl:InstitutionalGroupAnnuitiesMember2026-03-310000733076bhl:InstitutionalGroupAnnuitiesMember2025-03-310000733076us-gaap:InvestmentsSegmentMember2026-03-310000733076us-gaap:InvestmentsSegmentMember2025-03-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2026-03-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2026-03-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2026-03-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2026-03-310000733076us-gaap:LifeInsuranceSegmentMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2026-03-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2026-03-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:VariableAnnuityMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-12-310000733076us-gaap:VariableAnnuityMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-12-310000733076us-gaap:LifeInsuranceSegmentMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-12-310000733076us-gaap:LifeInsuranceSegmentMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeLessThan0200Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MinimumMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Membersrt:MaximumMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberbhl:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0200To0399Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Memberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMemberus-gaap:PolicyholderAccountBalanceGuaranteedMinimumCreditingRateRangeFrom0400AndGreaterMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0001To0050Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0051To0150Member2025-12-310000733076bhl:UniversalLifeInsuranceWithSecondaryGuaranteesMemberus-gaap:PolicyholderAccountBalanceAboveGuaranteedMinimumCreditingRateRangeFrom0151AndGreaterMember2025-12-310000733076us-gaap:VariableUniversalLifeMember2025-12-310000733076us-gaap:VariableUniversalLifeMember2024-12-310000733076us-gaap:VariableUniversalLifeMember2026-01-012026-03-310000733076us-gaap:VariableUniversalLifeMember2025-01-012025-03-310000733076us-gaap:VariableUniversalLifeMember2026-03-310000733076us-gaap:VariableUniversalLifeMember2025-03-310000733076us-gaap:SeparateAccountEquitySecurityMember2026-03-310000733076us-gaap:SeparateAccountEquitySecurityMember2025-12-310000733076us-gaap:SeparateAccountDebtSecurityMember2026-03-310000733076us-gaap:SeparateAccountDebtSecurityMember2025-12-310000733076us-gaap:SeparateAccountCashAndCashEquivalentsMember2026-03-310000733076us-gaap:SeparateAccountCashAndCashEquivalentsMember2025-12-310000733076us-gaap:OtherInvestmentsMember2026-03-310000733076us-gaap:OtherInvestmentsMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2025-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-310000733076us-gaap:USTreasuryAndGovernmentMember2026-03-310000733076us-gaap:USTreasuryAndGovernmentMember2025-12-310000733076us-gaap:AssetBackedSecuritiesMember2026-03-310000733076us-gaap:AssetBackedSecuritiesMember2025-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMember2026-03-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000733076bhl:NonIncomeProducingMember2026-03-310000733076bhl:NonIncomeProducingMember2025-12-310000733076us-gaap:DebtSecuritiesMember2026-03-310000733076us-gaap:DebtSecuritiesMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2026-01-012026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2026-01-012026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2026-01-012026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2026-01-012026-03-310000733076us-gaap:AssetBackedSecuritiesMember2026-01-012026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2024-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2024-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000733076us-gaap:AssetBackedSecuritiesMember2024-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2025-01-012025-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2025-01-012025-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2025-01-012025-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-03-310000733076us-gaap:AssetBackedSecuritiesMember2025-01-012025-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMember2025-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMember2025-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMember2025-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310000733076us-gaap:AssetBackedSecuritiesMember2025-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-01-012026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-03-310000733076us-gaap:RealEstateLoanMember2026-01-012026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-01-012026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2026-01-012026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:RealEstateLoanMember2024-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-01-012025-03-310000733076us-gaap:RealEstateLoanMember2025-01-012025-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2025-03-310000733076us-gaap:RealEstateLoanMember2025-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvLessThan65PercentMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv65To75PercentMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:Ltv76To80PercentMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:LtvGreaterThan80PercentMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscGreaterThan120PercentMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscGreaterThan120PercentMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:Dsc100To120PercentMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:Dsc100To120PercentMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscLessThan100PercentMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberbhl:DscLessThan100PercentMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMembersrt:MinimumMember2026-03-310000733076us-gaap:PerformingFinancingReceivableMemberus-gaap:RealEstateLoanMembersrt:MinimumMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2026-03-310000733076us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancialAssetNotPastDueMember2025-12-310000733076us-gaap:FinancialAssetNotPastDueMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2026-03-310000733076us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310000733076us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2026-03-310000733076us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-12-310000733076us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2026-03-310000733076bhl:FinancingReceivables90To179DaysPastDueMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivables90To179DaysPastDueMember2025-12-310000733076bhl:FinancingReceivables90To179DaysPastDueMemberus-gaap:RealEstateLoanMember2025-12-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2026-03-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2026-03-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2026-03-310000733076bhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMemberus-gaap:RealEstateLoanMember2026-03-310000733076us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-12-310000733076bhl:AgriculturalPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-12-310000733076us-gaap:ResidentialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberbhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMember2025-12-310000733076bhl:FinancingReceivablesEqualToGreaterThan180DaysPastDueMemberus-gaap:RealEstateLoanMember2025-12-310000733076srt:MinimumMember2026-03-310000733076us-gaap:SecuritiesFinancingTransactionCostMember2026-03-310000733076us-gaap:SecuritiesFinancingTransactionCostMember2025-12-310000733076us-gaap:SecuritiesFinancingTransactionFairValueMember2026-03-310000733076us-gaap:SecuritiesFinancingTransactionFairValueMember2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightMember2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberbhl:Maturity30to180DaysMember2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightMember2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberbhl:Maturity30to180DaysMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityOvernightMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberbhl:Maturity30to180DaysMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityOvernightMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:MaturityUpTo30DaysMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberbhl:Maturity30to180DaysMember2025-12-310000733076us-gaap:MaturityOvernightMember2026-03-310000733076us-gaap:MaturityUpTo30DaysMember2026-03-310000733076bhl:Maturity30to180DaysMember2026-03-310000733076us-gaap:MaturityOvernightMember2025-12-310000733076us-gaap:MaturityUpTo30DaysMember2025-12-310000733076bhl:Maturity30to180DaysMember2025-12-310000733076bhl:RestrictedCashAndCashEquivalentsMember2026-03-310000733076bhl:RestrictedCashAndCashEquivalentsMember2025-12-310000733076us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-03-310000733076us-gaap:DebtSecuritiesMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310000733076us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-03-310000733076us-gaap:RealEstateInvestmentMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310000733076us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2026-03-310000733076us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2025-12-310000733076us-gaap:DebtSecuritiesMember2026-01-012026-03-310000733076us-gaap:DebtSecuritiesMember2025-01-012025-03-310000733076bhl:TradingSecuritiesMember2026-01-012026-03-310000733076bhl:TradingSecuritiesMember2025-01-012025-03-310000733076us-gaap:MortgagesMember2026-01-012026-03-310000733076us-gaap:MortgagesMember2025-01-012025-03-310000733076us-gaap:PolicyLoansMember2026-01-012026-03-310000733076us-gaap:PolicyLoansMember2025-01-012025-03-310000733076us-gaap:RealEstateInvestmentMember2026-01-012026-03-310000733076us-gaap:RealEstateInvestmentMember2025-01-012025-03-310000733076us-gaap:CashAndCashEquivalentsMember2026-01-012026-03-310000733076us-gaap:CashAndCashEquivalentsMember2025-01-012025-03-310000733076us-gaap:OtherInvestmentsMember2026-01-012026-03-310000733076us-gaap:OtherInvestmentsMember2025-01-012025-03-310000733076us-gaap:LimitedPartnerMember2026-01-012026-03-310000733076us-gaap:LimitedPartnerMember2025-01-012025-03-310000733076us-gaap:EquitySecuritiesMember2026-01-012026-03-310000733076us-gaap:EquitySecuritiesMember2025-01-012025-03-310000733076us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2026-03-310000733076us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310000733076us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2026-03-310000733076us-gaap:CurrencySwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-12-310000733076us-gaap:DesignatedAsHedgingInstrumentMember2026-03-310000733076us-gaap:DesignatedAsHedgingInstrumentMember2025-12-310000733076us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:InterestRateFloorMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:InterestRateFloorMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:InterestRateCapMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:InterestRateSwaptionMemberus-gaap:NondesignatedMember2025-12-310000733076bhl:InterestrateforwardMemberus-gaap:NondesignatedMember2026-03-310000733076bhl:InterestrateforwardMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:CurrencySwapMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:ForeignExchangeForwardMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:CreditDefaultSwapSellingProtectionMemberus-gaap:NondesignatedMember2025-12-310000733076bhl:EquityFuturesMemberus-gaap:NondesignatedMember2026-03-310000733076bhl:EquityFuturesMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:StockOptionMemberus-gaap:NondesignatedMember2026-03-310000733076us-gaap:StockOptionMemberus-gaap:NondesignatedMember2025-12-310000733076bhl:EquityTotalReturnSwapsMemberus-gaap:NondesignatedMember2026-03-310000733076bhl:EquityTotalReturnSwapsMemberus-gaap:NondesignatedMember2025-12-310000733076us-gaap:NondesignatedMember2026-03-310000733076us-gaap:NondesignatedMember2025-12-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:CashFlowHedgingMember2026-01-012026-03-310000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:NondesignatedMember2026-01-012026-03-310000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2026-01-012026-03-310000733076bhl:NetDerivativeGainLossMember2026-01-012026-03-310000733076us-gaap:InvestmentIncomeMember2026-01-012026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-03-310000733076us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:CashFlowHedgingMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:CashFlowHedgingMember2025-01-012025-03-310000733076us-gaap:CashFlowHedgingMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberbhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMemberus-gaap:NondesignatedMemberus-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076bhl:NetDerivativeGainLossMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:NondesignatedMember2025-01-012025-03-310000733076us-gaap:InvestmentIncomeMemberus-gaap:NondesignatedMember2025-01-012025-03-310000733076bhl:NetDerivativeGainLossMember2025-01-012025-03-310000733076us-gaap:InvestmentIncomeMember2025-01-012025-03-310000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2026-03-310000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2026-01-012026-03-310000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2025-12-310000733076bhl:AaaAaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-12-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2026-03-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2026-01-012026-03-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2025-12-310000733076bhl:BaaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-12-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2026-03-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2026-01-012026-03-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2025-12-310000733076bhl:BaMemberus-gaap:CreditDefaultSwapMember2025-01-012025-12-3100007330762025-01-012025-12-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMember2026-03-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMember2025-12-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMemberus-gaap:FixedMaturitiesMember2026-03-310000733076bhl:DerivativesSubjectToCreditContingentProvisionsMemberus-gaap:FixedMaturitiesMember2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:DomesticCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:ForeignCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputMortalityRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputMortalityRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputMortalityRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputMortalityRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputLapseRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputLapseRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputLapseRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputLapseRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputUtilizationRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputUtilizationRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputUtilizationRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputWithdrawalRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputWithdrawalRateMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputWithdrawalRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputWithdrawalRateMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberbhl:MeasurementInputLongTermEquityVolatilitiesMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEntityCreditRiskMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputEntityCreditRiskMember2026-03-310000733076us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEntityCreditRiskMember2025-12-310000733076us-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:MeasurementInputEntityCreditRiskMember2025-12-310000733076us-gaap:CorporateDebtSecuritiesMember2025-12-310000733076bhl:StructuredSecuritiesMember2025-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000733076us-gaap:EquitySecuritiesMember2025-12-310000733076us-gaap:ShortTermInvestmentsMember2025-12-310000733076bhl:NetDerivativesMember2025-12-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-12-310000733076us-gaap:CorporateDebtSecuritiesMember2026-01-012026-03-310000733076bhl:StructuredSecuritiesMember2026-01-012026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2026-01-012026-03-310000733076us-gaap:EquitySecuritiesMember2026-01-012026-03-310000733076us-gaap:ShortTermInvestmentsMember2026-01-012026-03-310000733076bhl:NetDerivativesMember2026-01-012026-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-01-012026-03-310000733076us-gaap:CorporateDebtSecuritiesMember2026-03-310000733076bhl:StructuredSecuritiesMember2026-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2026-03-310000733076us-gaap:EquitySecuritiesMember2026-03-310000733076us-gaap:ShortTermInvestmentsMember2026-03-310000733076bhl:NetDerivativesMember2026-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2026-03-310000733076us-gaap:CorporateDebtSecuritiesMember2024-12-310000733076bhl:StructuredSecuritiesMember2024-12-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000733076us-gaap:EquitySecuritiesMember2024-12-310000733076us-gaap:ShortTermInvestmentsMember2024-12-310000733076bhl:NetDerivativesMember2024-12-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-12-310000733076us-gaap:CorporateDebtSecuritiesMember2025-01-012025-03-310000733076bhl:StructuredSecuritiesMember2025-01-012025-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-01-012025-03-310000733076us-gaap:EquitySecuritiesMember2025-01-012025-03-310000733076us-gaap:ShortTermInvestmentsMember2025-01-012025-03-310000733076bhl:NetDerivativesMember2025-01-012025-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-01-012025-03-310000733076us-gaap:CorporateDebtSecuritiesMember2025-03-310000733076bhl:StructuredSecuritiesMember2025-03-310000733076us-gaap:ForeignGovernmentDebtSecuritiesMember2025-03-310000733076us-gaap:EquitySecuritiesMember2025-03-310000733076us-gaap:ShortTermInvestmentsMember2025-03-310000733076bhl:NetDerivativesMember2025-03-310000733076us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2025-03-310000733076us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2026-03-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2026-03-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2026-03-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310000733076us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-12-310000733076us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-3100007330762025-02-112025-02-110000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-12-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-12-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-03-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2026-01-012026-03-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2026-01-012026-03-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-03-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-03-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2026-03-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2026-03-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2024-12-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-12-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-01-012025-03-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-01-012025-03-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310000733076us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-310000733076us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310000733076us-gaap:AociMarketRiskBenefitInstrumentSpecificCreditRiskParentMember2025-03-310000733076us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-03-310000733076us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-03-310000733076us-gaap:InterestRateSwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-03-310000733076us-gaap:CurrencySwapMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-01-012026-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000733076us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000733076us-gaap:DistributionServiceMember2026-01-012026-03-310000733076us-gaap:DistributionServiceMember2025-01-012025-03-310000733076srt:MaximumMember2026-03-310000733076srt:MinimumMemberbhl:NonLitigationLossMember2026-03-310000733076srt:MaximumMemberbhl:NonLitigationLossMember2026-03-310000733076us-gaap:LoanOriginationCommitmentsMember2026-03-310000733076us-gaap:LoanOriginationCommitmentsMember2025-12-310000733076us-gaap:CommitmentsToExtendCreditMember2026-03-310000733076us-gaap:CommitmentsToExtendCreditMember2025-12-310000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2026-01-012026-03-310000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2025-01-012025-03-310000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2026-03-310000733076bhl:AssumedReinsuranceMembersrt:AffiliatedEntityMember2025-12-310000733076srt:AffiliatedEntityMember2026-01-012026-03-310000733076srt:AffiliatedEntityMember2025-01-012025-03-310000733076bhl:AllServicesandTransactionsExceptBrokerDealerActivitiesMember2026-03-310000733076bhl:AllServicesandTransactionsExceptBrokerDealerActivitiesMember2025-12-310000733076bhl:BrokerDealerActivitiesMember2026-01-012026-03-310000733076bhl:BrokerDealerActivitiesMember2025-01-012025-03-310000733076bhl:BrokerDealerActivitiesMember2026-03-310000733076bhl:BrokerDealerActivitiesMember2025-12-31

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 ~~September~~March 3031, ~~2025~~2026


☐			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 ~~November~~May 1011, ~~2025~~2026, 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 ~~September~~March 3031, ~~2025~~2026 (Unaudited) and December 31, ~~2024~~2025 and for the Three Months ~~and Nine Months~~ Ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 (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	1412
	Note 4 — Market Risk Benefits	1916
	Note 5 — Separate Accounts	2016
	Note 6 — Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles	2218
	Note 7 — Investments	2319
	Note 8 — Derivatives	3631
	Note 9 — Fair Value	4236
	Note 10 — Equity	5245
	Note 11 — Other Revenues and Other Expenses	5447
	Note 12 — Contingencies, Commitments and Guarantees	5548
	Note 13 — Related Party Transactions	5951
	Note 14 — Subsequent Event	60
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
Item 4.	Controls and Procedures	64
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	73
Part II — Other Information
Item 1.	Legal Proceedings	7364
Item 1A.	Risk Factors	7364
Item 5.	Other Information	7564
Item 6.	Exhibits	7665
Signature		7766

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

~~September~~March 3031, ~~2025~~2026 (Unaudited) and December 31, ~~2024~~2025

(In millions, except share and per share data)

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $85,484 and $86,565, respectively; allowance for credit losses of $62 and $79, respectively)	$	80,541	$	79,129
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $86,021 and $85,907, respectively; allowance for credit losses of $64 and $62, respectively)	$	80,143	$	80,960
Trading securities, at estimated fair value	~~528~~544		—506
Equity securities, at estimated fair value	22		3223
Mortgage loans (net of allowance for credit losses of $205 and $178, respectively)	22,834		23,254
Mortgage loans (net of allowance for credit losses of $210 and $200, respectively)	22,595		22,726
Policy loans	1,~~039~~059		1,~~626~~047
Limited partnerships and limited liability companies	4,~~816~~673		4,~~827~~696
Short-term investments, principally at estimated fair value	~~333~~781		~~1,157~~668
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively)	89,~~844~~613		57,~~244~~932
Total investments	~~118~~119,~~957~~430		~~115~~118,~~269~~558
Cash and cash equivalents	64,~~051~~593		45,~~592~~057
Accrued investment income	1,~~330~~282		1,~~261~~242
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	20,~~970~~555		2021,~~809~~238
Deferred policy acquisition costs and value of business acquired	4,~~301~~240		4,~~374~~276
Current income tax recoverable	7966		5162
Deferred income tax asset	1,~~471~~727		1,~~823~~389
Market risk benefit assets	~~979~~850		1,~~092~~060
Other assets	~~289~~277		~~314~~279
Separate account assets	8074,~~311~~551		7978,~~006~~825
Total assets	$	~~234~~227,~~738~~571	$	~~228~~231,~~591~~986
Liabilities and Equity
Liabilities
Future policy benefits	$	31,~~655~~424	$	31,~~085~~682
Policyholder account balances	8785,~~903~~620		87,~~162~~174
Market risk benefit liabilities	8,~~546~~579		8,~~346~~079
Other policy-related balances	3,~~743~~816		3,~~677~~715
Payables for collateral under securities loaned and other transactions	4,~~341~~652		34,~~874~~696
Long-term debt	~~832~~831		~~833~~832
Other liabilities	911,~~730~~203		8,~~460~~885
Separate account liabilities	8074,~~311~~551		7978,~~006~~825
Total liabilities	~~227~~220,~~061~~676		~~222~~223,~~443~~888
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~~607
Retained earnings (deficit)	(6,~~125~~788)		(65,~~286~~997)
Accumulated other comprehensive income (loss)	(34,~~895~~014)		(53,~~163~~602)
Total Brighthouse Life Insurance Company’s stockholder’s equity	76,~~662~~880		68,~~133~~083
Noncontrolling interests	15		15
Total equity	76,~~677~~895		68,~~148~~098
Total liabilities and equity	$	~~234~~227,~~738~~571	$	~~228~~231,~~591~~986

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 ~~and Nine Months~~ Ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 (Unaudited)

(In millions)

Three Months EndedSeptember 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2025

2024

2025

2024

2026

2025

Revenues

Premiums

~~167~~

~~176~~

~~513~~166

~~555~~183

Universal life and investment-type product policy fees

~~409~~

~~430~~

~~1,265~~415

~~1,186~~422

Net investment income

~~1,309~~

~~1,258~~

31,~~836~~236

31,~~757~~269

Other revenues

~~121~~

~~122~~

~~366~~109

~~370~~121

Net investment gains (losses)

~~(62)~~

(7952)

(~~225~~81)

Net derivative gains (losses)

~~(408)~~

~~(93)~~

(~~1,330~~508)

~~(2,690)~~318

Total revenues

~~1,642~~

~~1,831~~

41,~~571~~366

2,~~953~~232

Expenses

Policyholder benefits and claims (including liability remeasurement gains (losses) of ($273), ($980), ($273) and ($980), respectively)

(212)

(91)

1,070

1,516

Policyholder benefits and claims (including liability remeasurement gains (losses) of $0 and $0, respectively)

615

619

Interest credited to policyholder account balances

~~553~~

~~550~~

~~1,638~~486

~~1,549~~554

Amortization of deferred policy acquisition costs and value of business acquired

~~142~~

~~137~~

~~416~~147

~~413~~136

Change in market risk benefits

~~293~~

~~610~~

86748

~~(1,185)~~896

Other expenses

~~402~~

~~403~~

~~1,213~~392

~~1,215~~410

Total expenses

~~1,178~~

~~1,609~~

42,~~423~~388

32,~~508~~615

Income (loss) before provision for income tax

~~464~~

~~222~~

~~148~~(1,022)

(~~555~~383)

Provision for income tax expense (benefit)

(14231)

(~~166~~96)

Net income (loss)

~~381~~

~~197~~

~~162~~(791)

(~~389~~287)

Less: Net income (loss) attributable to noncontrolling interests

—

1—

Net income (loss) attributable to Brighthouse Life Insurance Company

~~381~~

~~197~~

~~161~~(791)

(~~390~~287)

Comprehensive income (loss)

~~642~~

~~1,416~~

(1,~~430~~203)

~~690~~307

Less: Comprehensive income (loss) attributable to noncontrolling interests

—

1—

Comprehensive income (loss) attributable to Brighthouse Life Insurance Company

~~642~~

~~1,416~~

(1,~~429~~203)

~~689~~307

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 ~~and Nine Months~~ Ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 (Unaudited)

(In millions)

	CommonStock		AdditionalPaid-inCapital		RetainedEarnings (Deficit)		Accumulated OtherComprehensiveIncome (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		TotalEquity
Balance at December 31, 2024	$	75	$	17,507	$	(6,286)	$	(5,163)	$	6,133	$	15	$	6,148
Balance at December 31, 2025	$	75	$	17,607	$	(5,997)	$	(3,602)	$	8,083	$	15	$	8,098
Capital contribution			100						100				100
Net income (loss)					(791)				(791)		—		(791)
Change in noncontrolling interests									—		(1)		(1)
Other comprehensive income (loss), net of income tax							(412)		(412)				(412)
Net income (loss)					(220)				(220)		1		(219)
Balance at March 31, 2026	$	75	$	17,607	$	(6,788)	$	(4,014)	$	6,880	$	15	$	6,895
Other comprehensive income (loss), net of income tax							1,007		1,007				1,007
Balance at June 30, 2025	75		17,607		(6,506)		(4,156)		7,020		15		7,035
Change in noncontrolling interests									—		—		—
Net income (loss)					381				381		—		381
Other comprehensive income (loss), net of income tax							261		261				261
Balance at September 30, 2025	$	75	$	17,607	$	(6,125)	$	(3,895)	$	7,662	$	15	$	7,677

	CommonStock		AdditionalPaid-inCapital		RetainedEarnings (Deficit)		Accumulated OtherComprehensiveIncome (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		TotalEquity
Balance at December 31, 2023	$	75	$	17,507	$	(6,542)	$	(5,114)	$	5,926	$	15	$	5,941
Balance at December 31, 2024	$	75	$	17,507	$	(6,286)	$	(5,163)	$	6,133	$	15	$	6,148
Change in noncontrolling interests									—		(1)		(1)
Capital contribution			100						100				100
Net income (loss)					(~~587~~287)				(~~587~~287)		1—		(~~586~~287)
Other comprehensive income (loss), net of income tax							~~(140)~~594		~~(140)~~594				~~(140)~~594
Balance at June 30, 2024	75		17,507		(7,129)		(5,254)		5,199		15		5,214
Balance at March 31, 2025	$	75	$	17,607	$	(6,573)	$	(4,569)	$	6,540	$	15	$	6,555
Change in noncontrolling interests									—		—		—
Net income (loss)					197				197		—		197
Other comprehensive income (loss), net of income tax							1,219		1,219				1,219
Balance at September 30, 2024	$	75	$	17,507	$	(6,932)	$	(4,035)	$	6,615	$	15	$	6,630

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 ~~Nine~~Three Months Ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 (Unaudited)

(In millions)

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2025		2024
	2026		2025
Net cash provided by (used in) operating activities	$	~~352~~(132)	$	~~(154)~~143
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities	93,~~345~~297		73,~~802~~037
Trading securities	2722		—6
Equity securities	232		344
Mortgage loans	~~1,646~~821		~~1,032~~447
Limited partnerships and limited liability companies	~~392~~79		~~227~~87
Purchases of:
Fixed maturity securities	(83,~~457~~278)		(82,~~305~~756)
Trading securities	(~~198~~68)		—(18)
Equity securities	~~(1)~~—		(31)
Mortgage loans	(~~1,364~~664)		(~~1,500~~362)
Limited partnerships and limited liability companies	(~~216~~54)		(~~216~~65)
Cash received in connection with freestanding derivatives	124,~~112~~752		83,~~641~~343
Cash paid in connection with freestanding derivatives	(125,~~939~~312)		(84,~~639~~109)
Net change in policy loans	~~586~~(12)		~~(57)~~588
Net change in short-term investments	~~839~~(108)		~~(509)~~275
Net change in other invested assets	162		~~(293)~~1
Net cash provided by (used in) investing activities	~~1,811~~(521)		~~(1,786)~~477
Cash flows from financing activities
Policyholder account balances:
Deposits	146,~~251~~878		385,~~787~~018
Withdrawals	(156,~~149~~668)		(355,~~399~~940)
Net change in payables for collateral under securities loaned and other transactions	~~467~~(44)		9419
Long-term debt repaid	(1)		~~(2)~~—
Capital contribution	~~100~~—		—100
Financing element on certain derivative instruments and other derivative related transactions, net	~~(371)~~24		~~297~~(166)
Other, net	(1)		(1)
Net cash provided by (used in) financing activities	189		(969)
Net cash provided by (used in) financing activities	(704)		3,776
Change in cash, cash equivalents and restricted cash	(464)		(349)
Change in cash, cash equivalents and restricted cash	1,459		1,836
Cash, cash equivalents and restricted cash, beginning of period	5,057		4,592
Cash, cash equivalents and restricted cash, beginning of period	4,592		3,165
Cash, cash equivalents and restricted cash, end of period	$	4,593	$	4,243
Cash, cash equivalents and restricted cash, end of period	$	6,051	$	5,001
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	6634	$	6634
Income tax	$	~~(2)~~1	$	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.

On November 6, 2025, BHF entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Aquarian Holdings VI L.P., a Delaware limited partnership (“Aquarian Parent”), Aquarian Beacon Merger Sub Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Aquarian Parent (“Merger Sub”), and Aquarian Holdings LLC, a Delaware limited liability company, solely for the purpose of certain provisions, pursuant to which, at the closing of the transactions contemplated by the Merger Agreement, Merger Sub will merge with and into BHF, with BHF surviving as a wholly-owned subsidiary of Aquarian Parent (the “Merger”). Brighthouse Life Insurance Company will remain an indirect wholly-owned subsidiary of BHF after the effective time of the Merger.

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~~2025 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~~2025 (the “~~2024~~2025 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~~2025 Annual Report.

~~Summary~~Adoption of ~~Significant~~New Accounting ~~Policies~~Pronouncements

InChanges ~~connection~~to ~~with~~GAAP ~~the~~are ~~establishment~~established ofby athe ~~trading~~Financial ~~portfolio~~Accounting ~~comprised~~Standards ofBoard ~~fixed income securities~~ (~~classified as~~ “~~trading securities~~FASB” ~~under GAAP~~), in the ~~Company~~form ~~updated~~of ~~its impacted~~ accounting ~~policies~~standards asupdates ~~described~~(“ASU”) ~~below.~~to ~~See~~the ~~Note~~FASB 1Accounting ofStandards ~~the~~Codification. ~~Notes~~The toCompany considers the ~~Consolidated~~applicability ~~Financial~~and ~~Statements~~impact ~~included~~of inall ~~the~~ASUs. ~~2024~~There ~~Annual~~were ~~Report~~no ~~for~~significant aASUs ~~description~~adopted ofduring the ~~Company’s~~period ~~accounting~~ended ~~policies~~March 31, ~~that did not change~~2026.

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 September 30, 2025.

Future Adoption of New Accounting Pronouncements

In November 2025, the FASB issued new guidance on financial instrument credit losses (ASU 2025-08, Financial Instruments – Credit Losses (Topic 326): Purchased Loans). Under current GAAP, an allowance for credit losses for assets purchased with credit deterioration is established by grossing up the amortized cost basis of the asset, while the allowance for all other loans is recognized separately as an expense. The ASU expands the population of purchased financial instruments subject to the gross-up approach for determining the allowance for credit losses to include all purchased loans that meet certain criteria. The ASU is effective for annual and interim periods starting with fiscal year 2027. This ASU is required to be adopted prospectively for all loans acquired on or after the effective date. The Company is currently evaluating the impact of this guidance on its financial statements.

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. The Company has elected to implement this ASU on a retrospective basis. This ASU has no impact on the Company’s consolidated financial statements but will result in expanded disclosures in the Notes to the Consolidated Financial Statements.

2. Segment Information

The Company is organized into 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. The Corporate & Other segment 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.

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.

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 (classified as “trading securities” under GAAP). 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~~determined is based on ~~a percentage of required~~ statutory risk-based capital metrics. Assets in excess of those allocated to the Annuities, Life and Run-off segments, if any, are held in the Corporate & Other segment. 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 September 30, 2025
	Three Months Ended March 31, 2026
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	~~816~~703	$	~~249~~186	$	~~378~~353	$	~~199~~124	$	1,~~642~~366
Less: Revenues excluded from adjusted earnings (1)	(~~415~~555)		4(7)		(610)		602
Less: Segment expenses:
Policyholder benefits and claims	~~124~~127		~~183~~145		~~(519)~~343		—
Interest credited to policyholder account balances, excluding market value adjustments	~~356~~333		2523		6153		~~102~~90
Amortization of DAC and VOBA	~~129~~135		1312		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	~~255~~272		4832		3228		5043
Less: Provision for income tax expense (benefit)	6974		(64)		~~170~~(13)		(1114)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	~~298~~317	$	(1815)	$	~~640~~(48)	$	(1914)	~~901~~240
Adjustments for:
Net investment gains (losses)									44(52)
Investment gains (losses) on trading securities									7(10)
Net derivative gains (losses), excluding investment hedge adjustments of $0									(~~408~~508)
Change in market risk benefits									(~~293~~748)
Market value adjustments									~~(9)~~13
Provision for income tax (expense) benefit									~~139~~274
Net income (loss) attributable to Brighthouse Life Insurance Company									$	~~381~~(791)
Interest revenue	$	~~767~~769	$	~~106~~87	$	~~292~~268	$	~~137~~122

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 September 30, 2024
	Three Months Ended March 31, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	~~984~~1,489	$	~~236~~225	$	~~479~~368	$	~~132~~150	$	12,~~831~~232
Less: Revenues excluded from adjusted earnings (1)	~~(221)~~247		(10)		~~101~~1		~~(30)~~5
Less: Segment expenses:
Policyholder benefits and claims	89111		~~133~~156		~~(313)~~352		—
Interest credited to policyholder account balances, excluding market value adjustments	~~340~~357		21		60		~~118~~106
Amortization of DAC and VOBA	124		1312		—		—
Interest expense on debt	—		—		—		17
Other expenses (2)	~~256~~271		3240		4836		5046
Less: Provision for income tax expense (benefit)	7572		101		~~121~~(18)		(1713)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		—
Adjusted earnings (loss)	$	~~321~~307	$	375	$	~~462~~(63)	$	(611)	~~814~~238
Adjustments for:
Net investment gains (losses)									(6281)
Investment gains (losses) on trading securities									—6
Net derivative gains (losses), excluding investment hedge adjustments of $5									(98)
Net derivative gains (losses), excluding investment hedge adjustments of $0									318
Change in market risk benefits									(~~610~~896)
Market value adjustments									(1110)
Provision for income tax (expense) benefit									~~164~~138
Net income (loss) attributable to Brighthouse Life Insurance Company									$	~~197~~(287)
Interest revenue	$	~~726~~751	$	~~100~~94	$	~~276~~272	$	~~161~~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)

	Nine Months Ended September 30, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	2,407	$	688	$	955	$	521	$	4,571
Less: Revenues excluded from adjusted earnings (1)	(1,299)		(19)		(179)		93
Less: Segment expenses:
Policyholder benefits and claims	335		502		233		—
Interest credited to policyholder account balances, excluding market value adjustments	1,066		68		179		312
Amortization of DAC and VOBA	378		38		—		—
Interest expense on debt	—		—		—		50
Other expenses (2)	780		137		97		149
Less: Provision for income tax expense (benefit)	217		(9)		131		(37)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	930	$	(29)	$	494	$	(47)	1,348
Adjustments for:
Net investment gains (losses)									(79)
Investment gains (losses) on trading securities									7
Net derivative gains (losses), excluding investment hedge adjustments of $2									(1,332)
Change in market risk benefits									(86)
Market value adjustments									(13)
Provision for income tax (expense) benefit									316
Net income (loss) attributable to Brighthouse Life Insurance Company									$	161
Interest revenue	$	2,274	$	284	$	847	$	426

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)

	Nine Months Ended September 30, 2024
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	968	$	631	$	941	$	413	$	2,953
Less: Revenues excluded from adjusted earnings (1)	(2,638)		(23)		(221)		(61)
Less: Segment expenses:
Policyholder benefits and claims	348		430		738		—
Interest credited to policyholder account balances, excluding market value adjustments	968		63		181		336
Amortization of DAC and VOBA	373		40		—		—
Interest expense on debt	—		—		—		50
Other expenses (2)	747		130		129		159
Less: Provision for income tax expense (benefit)	221		(2)		22		(38)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		1
Adjusted earnings (loss)	$	949	$	(7)	$	92	$	(34)	1,000
Adjustments for:
Net investment gains (losses)									(225)
Investment gains (losses) on trading securities									—
Net derivative gains (losses), excluding investment hedge adjustments of $28									(2,718)
Change in market risk benefits									1,185
Market value adjustments									(1)
Provision for income tax (expense) benefit									369
Net income (loss) attributable to Brighthouse Life Insurance Company									$	(390)
Interest revenue	$	2,100	$	306	$	906	$	473

_______________

(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:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

(In millions)

Annuities

~~166~~160,~~807~~935

~~160~~164,~~887~~175

Life

21,~~522~~689

2021,~~821~~802

Run-off

2524,~~279~~729

2425,~~894~~470

Corporate & Other

2120,~~130~~218

2120,~~989~~539

Total

~~234~~227,~~738~~571

~~228~~231,~~591~~986

1210

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 EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		2025		2024
					2026		2025
	~~(In millions)~~				(In millions)
Annuity products	$	~~465~~	$	~~480~~	$	~~1,435~~489	$	~~1,508~~491
Life insurance products	~~228~~		~~245~~		~~699~~198		~~596~~233
Other products	4		3		103		72
Total	$	~~697~~	$	~~728~~	$	~~2,144~~690	$	~~2,111~~726

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 ~~and nine months~~ ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

1311

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:

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025									2024
	2026									2025
	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~~462		$	—		$	—		$	2,~~899~~758		$	—		$	—
Beginning balance at original discount rate	32,~~110~~705			—			—			3,~~162~~110			—			—
Effect of model refinements	3			—			—			4			—			—
Effect of actual variances from expected experience	(27)			—			—			1			—			—
Effect of changes in cash flow assumptions	(115)			—			—			146			—			—
Adjusted beginning of period balance	2,678			—			—			3,111			—			—
Effect of actual variances from expected experience	(11)			—			—			9			—			—
Issuances	2			—			—			5			—			—
Adjusted beginning of period balance	2,987			—			—			3,321			—			—
Interest accrual	24			—			—			28			—			—
Issuances	11			—			—			52			—			—
Net premiums collected	(82)			—			—			(82)			—			—
Interest accrual	79			—			—			83			—			—
Ending balance at original discount rate	2,622			—			—			3,062			—			—
Net premiums collected	(276)			—			—			(279)			—			—
Effect of changes in discount rate assumptions	(270)			—			—			(320)			—			—
Ending balance at original discount rate	2,801			—			—			3,177			—			—
Balance, end of period	$	2,352		$	—		$	—		$	2,742		$	—		$	—
Effect of changes in discount rate assumptions	(243)			—			—			(242)			—			—
Balance, end of period	$	2,558		$	—		$	—		$	2,935		$	—		$	—
Present value of expected future policy benefits:
Balance, beginning of period	$	54,~~245~~984		$	3,~~728~~947		$	6,~~118~~009		$	5,~~385~~245		$	3,~~719~~728		$	6,~~697~~118
Beginning balance at original discount rate	5,~~908~~446			4,~~121~~231			6,~~876~~635			5,~~905~~908			34,~~993~~121			76,~~085~~876
Effect of model refinements	2—			—			4—			101			—			—
Effect of changes in cash flow assumptions	(128)			18			22			235			(23)			81
Effect of actual variances from expected experience	(42)			(9)			(1)			9			(21)			(19)
Effect of actual variances from expected experience	(13)			(35)			(24)			11			(2)			(11)
Adjusted beginning of period balance	5,404			4,222			6,634			5,918			4,100			6,857
Adjusted beginning of period balance	5,769			4,104			6,878			6,161			3,968			7,155
Issuances	2			99			—			6			79			—
Issuances	11			294			—			56			302			—
Interest accrual	49			42			72			53			40			74
Interest accrual	157			118			221			161			112			230
Benefit payments	(104)			(105)			(136)			(150)			(100)			(133)
Benefit payments	(402)			(305)			(408)			(415)			(296)			(438)
Ending balance at original discount rate	5,351			4,258			6,570			5,827			4,119			6,798
Ending balance at original discount rate	5,535			4,211			6,691			5,963			4,086			6,947
Effect of changes in discount rate assumptions	(523)			(343)			(734)			(592)			(346)			(689)
Effect of changes in discount rate assumptions	(459)			(276)			(572)			(435)			(226)			(361)
Balance, end of period	$	4,828		$	3,915		$	5,836		$	5,235		$	3,773		$	6,109
Balance, end of period	$	5,076		$	3,935		$	6,119		$	5,528		$	3,860		$	6,586
Net liability for future policy benefits, end of period	$	2,476		$	3,915		$	5,836		$	2,493		$	3,773		$	6,109
Net liability for future policy benefits, end of period	$	2,518		$	3,935		$	6,119		$	2,593		$	3,860		$	6,586
Less: Reinsurance recoverable, end of period	15			31			54			16			31			59
Less: Reinsurance recoverable, end of period	15			32			57			19			32			63
Net liability for future policy benefits, after reinsurance recoverable	$	2,461		$	3,884		$	5,782		$	2,477		$	3,742		$	6,050
Net liability for future policy benefits, after reinsurance recoverable	$	2,503		$	3,903		$	6,062		$	2,574		$	3,828		$	6,523
Weighted-average duration of liability	7.0 years			7.6 years			11.5 years			7.5 years			7.9 years			11.5 years
Weighted-average duration of liability	7.3 years			7.8 years			11.5 years			7.8 years			8.0 years			11.5 years
Weighted-average interest accretion rate	3.90		%	4.14		%	4.47		%	3.91		%	4.06		%	4.46		%
Weighted-average interest accretion rate	3.90		%	4.12		%	4.47		%	3.92		%	4.03		%	4.46		%
Current discount rate	5.25		%	5.37		%	5.67		%	5.24		%	5.31		%	5.54		%
Current discount rate	4.97		%	5.08		%	5.37		%	4.75		%	4.82		%	5.00		%
Gross premiums or assessments recognized during period	$	116		$	133		$	—		$	137		$	104		$	—
Gross premiums or assessments recognized during period	$	392		$	367		$	—		$	414		$	377		$	—
Expected future gross premiums, undiscounted	$	4,828		$	—		$	—		$	5,599		$	—		$	—
Expected future gross premiums, undiscounted	$	5,097		$	—		$	—		$	5,787		$	—		$	—
Expected future gross premiums, discounted	$	3,640		$	—		$	—		$	4,164		$	—		$	—
Expected future gross premiums, discounted	$	3,841		$	—		$	—		$	4,299		$	—		$	—
Expected future benefit payments, undiscounted	$	7,138		$	5,918		$	12,684		$	7,898		$	5,751		$	13,173
Expected future benefit payments, undiscounted	$	7,420		$	5,880		$	12,937		$	8,115		$	5,716		$	13,465
Expected future benefit payments, discounted	$	5,351		$	4,258		$	6,570		$	5,827		$	4,119		$	6,798
Expected future benefit payments, discounted	$	5,535		$	4,211		$	6,691		$	5,963		$	4,086		$	6,947

1412

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 measurement of LFPBs can be significantly impacted by changes in assumptions for policyholder behavior. As part of the 2025 and 2024 annual actuarial reviews (“AAR”), the Company updated assumptions regarding mortality and lapses for term participating and non-participating whole life insurance. The impact from changes in assumptions is presented in effect of changes in cash flow assumptions in the table above.

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

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2025			2024
	2026			2025
	(Dollars in millions)
Balance, beginning of period	$	810,~~986~~077		$	78,~~607~~986
Beginning balance before the effect of unrealized gains and losses	910,~~277~~298			79,~~784~~277
Effect of changes in cash flow assumptions	480			895
Effect of actual variances from expected experience	45			63
Effect of actual variances from expected experience	94			102
Adjusted beginning of period balance	10,343			9,340
Adjusted beginning of period balance	9,851			8,781
Interest accrual	126			113
Interest accrual	346			295
Net assessments collected	122			116
Net assessments collected	355			328
Benefit payments	(124)			(146)
Benefit payments	(384)			(280)
Ending balance before the effect of unrealized gains and losses	10,467			9,423
Ending balance before the effect of unrealized gains and losses	10,168			9,124
Effect of unrealized gains and losses	(251)			(250)
Effect of unrealized gains and losses	(209)			(158)
Balance, end of period	10,216			9,173
Balance, end of period	9,959			8,966
Less: Reinsurance recoverable, end of period	1,818			1,551
Less: Reinsurance recoverable, end of period	1,786			1,521
Net additional liability, after reinsurance recoverable	$	8,398		$	7,622
Net additional liability, after reinsurance recoverable	$	8,173		$	7,445
Weighted-average duration of liability	6.6 years			6.6 years
Weighted-average interest accretion rate	4.9495		%	4.9495		%
Gross assessments recognized during period	$	~~801~~257		$	~~812~~257

The measurement of liabilities for secondary guarantees can be significantly impacted by changes in assumptions for policyholder behavior, as well as the expected general account rate of return, which is driven by the Company’s assumption for long-term treasury yields. The Company’s practice of projecting treasury yields uses a mean reversion approach that assumes that long-term interest rates are less influenced by short-term fluctuations and are only changed when sustained interim deviations are expected. As part of the 2025 and 2024 AAR, the Company updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses and withdrawals. In 2025, the Company also increased the long-term general account earned rate, driven by an increase in the mean reversion rate, from 4.00% to 4.50%. The impact from changes in assumptions, excluding the effects on the ULSG liability for profits followed by losses, is presented in effect of changes in cash flow assumptions in the table above.

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)

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:

	September 30,
	March 31,
	2025		2024
	2026		2025
	(In millions)
Liabilities reported in the preceding rollforward tables	$	22,~~531~~443	$	2221,~~005~~548
Long-term care insurance (1)	5,~~285~~046		5,~~514~~191
ULSG liabilities, including liability for profits followed by losses (2)	44		1,202
ULSG liabilities, including liability for profits followed by losses	58		965
Participating whole life insurance (3)	3,033		2,923
Participating whole life insurance (2)	3,071		2,987
Deferred profit liabilities	~~437~~452		~~431~~448
Other	~~325~~354		~~312~~303
Total liability for future policy benefits	$	31,~~655~~424	$	3231,~~387~~442

_______________

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

(2)~~The~~Participating ~~effect~~whole oflife ~~changes~~insurance inuses ~~assumptions~~an ~~for~~interest ~~ULSG~~assumption ~~liabilities~~based on the non-forfeiture interest rate, ~~including~~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 ~~profits~~terminal ~~followed~~dividends. byParticipating ~~losses~~whole ~~was~~life ~~($1.2)~~insurance ~~billion~~represented 3% of the Company’s life insurance in-force at both March 31, 2026 and 2025, and 38% and 39% of gross traditional life insurance premiums for the ~~nine~~three months ended ~~September~~March 3031, 2026 and 2025, respectively.

(3)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 September 30, 2025 and 2024, and 38% and 39% of gross traditional life insurance premiums for the nine months ended September 30, 2025 and 2024, respectively.13

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)
Nine Months Ended September 30, 2025
Three Months Ended March 31, 2026
Balance, beginning of period	$	2,074		$	3,265		$	52,594		$	13,252		$	4,461		$	646
Premiums and deposits	58			11			1,955			57			151			—
Surrenders and withdrawals	(8)			(111)			(2,197)			(373)			(6)			—
Benefit payments	(13)			(18)			(113)			(98)			(20)			(5)
Net transfers from (to) separate account	3			14			—			—			—			—
Interest credited	13			23			196			133			38			8
Policy charges	(45)			(5)			(12)			—			(236)			(2)
Changes related to embedded derivatives	1			—			(816)			—			—			—
Balance, end of period	$	2,083		$	3,179		$	51,607		$	12,971		$	4,388		$	647
Weighted-average crediting rate (2)	0.63		%	0.71		%	0.48		%	1.01		%	0.86		%	1.08		%
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	~~185~~65			3914			61,~~180~~984			~~899~~105			~~458~~157			—
Surrenders and withdrawals	(4820)			(~~401~~134)			(51,~~631~~614)			(~~1,936~~300)			(186)			—
Benefit payments	(3913)			(6523)			(~~261~~86)			(~~277~~95)			(6314)			(72)
Net transfers from (to) separate account	123			8128			—			—			—			(~~525~~495)
Interest credited	6419			7323			~~564~~192			~~426~~141			~~116~~39			186
Policy charges	(~~148~~48)			(145)			(268)			—			(~~724~~245)			(52)
Changes related to embedded derivatives	1—			—			2(1,~~751~~177)			—			—			—
Balance, end of period	$	2,~~055~~034		$	3,~~380~~570		$	5247,~~182~~896		$	1314,~~777~~516		$	4,~~548~~710		$	~~647~~673
Weighted-average crediting rate (2)	30.1494		%	20.0764		%	10.4448		%	20.9697		%	20.4982		%	20.3065		%
Nine Months Ended September 30, 2024
Balance, beginning of period	$	1,980		$	4,111		$	41,627		$	14,672		$	5,052		$	653
Premiums and deposits	166			56			6,272			1,027			486			—
Surrenders and withdrawals	(44)			(468)			(3,935)			(982)			(15)			—
Benefit payments	(36)			(68)			(243)			(258)			(53)			(7)
Net transfers from (to) separate account	27			78			—			—			—			5
Interest credited	61			80			438			424			123			22
Policy charges	(143)			(16)			(14)			—			(745)			(6)
Changes related to embedded derivatives	—			—			3,669			—			—			—
Balance, end of period	$	2,011		$	3,773		$	47,814		$	14,883		$	4,848		$	667
Weighted-average crediting rate (2)	3.06		%	2.03		%	1.31		%	2.86		%	2.48		%	3.10		%

_______________

(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:

September 30,

March 31,

2025

2024

2026

2025

(In millions)

Policyholder account balances reported in the preceding rollforward table

7674,~~589~~875

73,~~996~~399

Funding agreements classified as investment contracts

9,~~876~~353

1110,~~561~~116

Institutional group annuities

~~584~~595

~~363~~401

Other investment contract liabilities

~~854~~797

~~916~~883

Total policyholder account balances

8785,~~903~~620

8684,~~836~~799

1714

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)
September 30, 2025
March 31, 2026
Annuities (1):
Less than 2.00%	$	~~412~~365	$	~~137~~142	$	~~215~~186	$	87,~~430~~995	$	98,~~194~~688
2.00% to 3.99%	6,~~297~~059		~~548~~498		~~558~~429		~~332~~324		7,~~735~~310
Greater than 3.99%	~~768~~723		—		—		—		~~768~~723
Total	$	7,~~477~~147	$	~~685~~640	$	~~773~~615	$	8,~~762~~319	$	1716,~~697~~721
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	~~387~~435	$	~~387~~435
2.00% to 3.99%	—		~~473~~470		4344		~~118~~112		~~634~~626
Greater than 3.99%	~~978~~957		—		—		—		~~978~~957
Total	$	~~978~~957	$	~~473~~470	$	4344	$	~~505~~547	$	12,~~999~~018
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	~~988~~946		1,~~309~~260		1,~~518~~475		~~226~~218		43,~~041~~899
Greater than 3.99%	~~492~~474		—		—		—		~~492~~474
Total	$	1,~~480~~420	$	1,~~309~~260	$	1,~~518~~475	$	~~226~~218	$	4,~~533~~373
December 31, 2024
December 31, 2025
Annuities (1):
Less than 2.00%	$	~~516~~384	$	~~112~~127	$	~~230~~188	$	8,~~749~~133	$	98,~~607~~832
2.00% to 3.99%	6,~~633~~155		~~439~~497		~~416~~518		~~334~~327		7,~~822~~497
Greater than 3.99%	~~781~~740		—		—		—		~~781~~740
Total	$	7,~~930~~279	$	~~551~~624	$	~~646~~706	$	98,~~083~~460	$	1817,~~210~~069
Life insurance (2) (3):
Less than 2.00%	$	—	$	—	$	—	$	~~308~~413	$	~~308~~413
2.00% to 3.99%	—		~~471~~476		4743		~~128~~112		~~646~~631
Greater than 3.99%	~~1,020~~969		—		—		—		~~1,020~~969
Total	$	~~1,020~~969	$	~~471~~476	$	4743	$	~~436~~525	$	12,~~974~~013
ULSG (3):
Less than 2.00%	$	—	$	—	$	—	$	—	$	—
2.00% to 3.99%	~~1,052~~965		1,~~386~~279		1,~~602~~496		~~238~~222		43,~~278~~962
Greater than 3.99%	484		—		—		—		484
Total	$	1,~~536~~449	$	1,~~386~~279	$	1,~~602~~496	$	~~238~~222	$	4,~~762~~446

_______________

(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.

1815

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:

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

2025

2024

2026

2025

(Dollars in millions)

Balance, beginning of period

7,~~250~~017

97,~~722~~250

Balance, beginning of period, before effect of changes in nonperformance risk

5,~~236~~429

75,~~348~~236

Decrements

(~~124~~26)

(~~130~~24)

Effect of changes in future expected assumptions

540

(53)

Effect of actual different from expected experience

115

(19)

Effect of actual different from expected experience

Effect of changes in interest rates

677

Effect of changes in interest rates

532

(307)

Effect of changes in fund returns

242

Effect of changes in fund returns

(1,475)

(1,490)

Effect of changes in equity index volatility

122

(21)

Issuances

—1

Effect of changes in risk margin

~~(61)~~7

~~(41)~~13

Aging of the block and other

~~913~~240

~~1,139~~269

Balance, end of period, before effect of changes in nonperformance risk

56,~~634~~181

6,~~536~~219

Effect of changes in nonperformance risk

1,~~918~~489

2,~~298~~049

Balance, end of period

7,~~552~~670

8,~~834~~268

Less: Reinsurance recoverable, end of period

1421

3230

Balance, end of period, net of reinsurance (1)

7,~~538~~649

8,~~802~~238

Weighted-average attained age of contract holder

74.48 years

7374.70 years

_______________

(1)Amounts represent the sum of MRB assets and MRB liabilities presented on the consolidated balance sheets at ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, with the exception of $2980 million and $4730 million, respectively, of index-linked ~~annuities~~annuity MRBs not included in this table.

Market conditions, including, but not limited to, changes in interest rates, equity indices, market volatility and variations in actuarial assumptions, including policyholder behavior, mortality and risk margins related to non-capital markets inputs, as well as changes in nonperformance risk, may result in significant fluctuations in the estimated fair value of the guarantees. As part of the 2025 and 2024 AAR, the Company updated assumptions regarding policyholder behavior, mortality and separate account fund allocations. The impact from changes in assumptions is presented in effect of changes in future expected assumptions in the table above.

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

Separate Accounts

Information regarding separate account liabilities was as follows:

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025						2024
	2026						2025
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	7473,~~483~~416	$	2,~~484~~687	$	12,~~799~~447	$	7774,~~086~~483	$	2,~~276~~484	$	21,~~148~~799
Premiums and deposits	~~718~~228		5517		—		~~593~~230		6019		—
Surrenders and withdrawals	(51,~~657~~977)		(6426)		(452)		(51,~~747~~941)		(5921)		(63)
Benefit payments	(~~1,246~~410)		(248)		(2515)		(~~1,144~~405)		(1710)		(165)
Investment performance	8(1,~~212~~397)		~~302~~(93)		~~206~~(40)		~~9,279~~(481)		~~338~~(66)		~~240~~(31)
Policy charges	(~~1,504~~459)		(6018)		(4916)		(~~1,592~~473)		(6220)		(4817)
Net transfers from (to) general account	(8114)		(123)		~~525~~—		(7828)		(273)		~~(5)~~495
Other	~~(19)~~10		—		93		~~(25)~~4		—		63
Balance, end of period	$	7469,~~906~~397	$	2,~~681~~556	$	2,~~461~~327	$	7871,~~372~~389	$	2,~~509~~383	$	2,~~319~~241

~~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:~~16

	September 30,
	2025		2024
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	80,048	$	83,200
Variable income annuities	237		216
Pension risk transfer annuities	26		23
Total separate account liabilities	$	80,311	$	83,439

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

	September 30, 2025		December 31, 2024
	(In millions)
Equity securities	$	80,091	$	78,793
Fixed maturity securities	209		207
Cash and cash equivalents	9		2
Other assets	2		4
Total aggregate estimated fair value of assets	$	80,311	$	79,006

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,
	2026		2025
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	74,280	$	76,013
Variable income annuities	246		222
Pension risk transfer annuities	25		22
Total separate account liabilities	$	74,551	$	76,257

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


	March 31, 2026		December 31, 2025
	(In millions)
Equity securities	$	74,344	$	78,611

Fixed maturity securities	199		211
Cash and cash equivalents	6		—
Other assets	2		3
Total aggregate estimated fair value of assets	$	74,551	$	78,825

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)
September 30, 2025
March 31, 2026
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,~~055~~083	$	3,~~380~~179	$	5251,~~182~~607	$	1312,~~777~~971	$	4,~~548~~388	$	647
Separate account liabilities	2,~~681~~556		7469,~~906~~397		—		—		—		2,~~461~~327
Total account balances	$	4,~~736~~639	$	7872,~~286~~576	$	5251,~~182~~607	$	1312,~~777~~971	$	4,~~548~~388	$	32,~~108~~974
Net amount at risk	$	2019,~~171~~651	$	1112,~~802~~611	N/A		N/A		$	6261,~~181~~312	$	2,~~641~~522
Cash surrender value	$	4,~~525~~452	$	7772,~~933~~248	$	51,~~970~~576	$	13,~~779~~006	$	43,~~144~~990	$	2,~~908~~770
September 30, 2024
March 31, 2025
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,~~011~~034	$	3,~~773~~570	$	47,~~814~~896	$	14,~~883~~516	$	4,~~848~~710	$	~~667~~673
Separate account liabilities	2,~~509~~383		7871,~~372~~389		—		—		—		2,~~319~~241
Total account balances	$	4,~~520~~417	$	8274,~~145~~959	$	47,~~814~~896	$	14,~~883~~516	$	4,~~848~~710	$	2,~~986~~914
Net amount at risk	$	2120,~~213~~743	$	1113,~~656~~202	N/A		N/A		$	6463,~~059~~157	$	2,~~675~~599
Cash surrender value	$	4,~~324~~208	$	8174,~~750~~592	$	46,~~076~~235	$	14,~~632~~248	$	4,~~360~~269	$	2,~~761~~684

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.

2117

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)
Nine Months Ended September 30, 2025
Three Months Ended March 31, 2026
DAC:
Balance, beginning of period	$	21,~~040~~881	$	~~115~~120	$	1,~~462~~581	$	~~271~~231	$	~~122~~135
Capitalization	3311		51		~~290~~95		(1)		165
Amortization	(~~154~~50)		(1)		(~~199~~77)		(299)		(62)
Balance, end of period	1,~~919~~842		~~119~~120		1,~~553~~599		~~241~~221		~~132~~138
VOBA:
Balance, beginning of period	~~279~~251		5551		—		3		2723
Amortization	(216)		(31)		—		—		(31)
Balance, end of period	~~258~~245		5250		—		3		2422
Total DAC and VOBA:
Balance, end of period	$	2,~~177~~087	$	~~171~~170	$	1,~~553~~599	$	~~244~~224	$	~~156~~160
Nine Months Ended September 30, 2024
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,~~217~~040	$	~~110~~115	$	1,~~332~~462	$	~~306~~271	$	~~119~~122
Capitalization	2710		61		~~279~~94		2—		95
Amortization	(~~163~~52)		~~(3)~~—		(~~182~~64)		(309)		(62)
Balance, end of period	21,~~081~~998		~~113~~116		1,~~429~~492		~~278~~262		~~122~~125
VOBA:
Balance, beginning of period	~~309~~279		5955		—		43		3127
Amortization	(237)		(31)		—		~~(1)~~—		(21)
Balance, end of period	~~286~~272		5654		—		3		2926
Total DAC and VOBA:
Balance, end of period	$	2,~~367~~270	$	~~169~~170	$	1,~~429~~492	$	~~281~~265	$	151

Deferred Sales Inducements

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

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025				2024
	2026				2025
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	~~189~~169	$	65	$	~~209~~189	$	86
Amortization	(155)		~~(1)~~—		(165)		~~(1)~~—
Balance, end of period	$	~~174~~164	$	5	$	~~193~~184	$	76

2218

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:

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025						2024
	2026						2025
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	~~190~~215	$	~~715~~793	$	5953	$	~~167~~190	$	~~612~~715	$	6659
Capitalization	288		~~117~~35		—		2510		~~126~~39		—
Amortization	(93)		(5620)		(52)		(93)		(4618)		(52)
Balance, end of period	$	~~209~~220	$	~~776~~808	$	5451	$	~~183~~197	$	~~692~~736	$	6157

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~~2025 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:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

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

4041,~~376~~011

2633

~~448~~284

23,~~969~~417

37,~~829~~845

4041,~~437~~030

4727

~~212~~437

3,~~865~~031

3638,~~737~~409

Foreign corporate

12,~~531~~102

3217

~~148~~86

1,~~014~~122

11,~~633~~049

1312,~~203~~311

2631

53145

~~1,468~~991

11,~~762~~434

Residential mortgage-backed securities

89,~~766~~366

7567

~~620~~605

8,~~218~~825

8,~~056~~967

4583

~~867~~571

78,~~230~~476

U.S. government and agency

6,~~886~~917

—

~~107~~63

~~581~~639

6,~~412~~341

76,~~112~~942

—

39104

~~691~~601

6,~~460~~445

Asset-backed securities

6,~~005~~120

—10

3617

5553

56,~~986~~074

6,~~348~~054

—

7556

6,~~306~~031

Commercial mortgage-backed securities

65,~~263~~996

146

~~246~~231

65,~~030~~770

6,~~702~~009

714

~~415~~222

65,~~292~~800

State and political subdivision

3,~~650~~562

—

~~102~~86

~~294~~305

3,~~458~~343

3,~~671~~620

—

78100

~~367~~297

3,~~382~~423

Foreign government

~~1,007~~947

—

3528

6779

~~975~~896

~~1,036~~974

—

2435

~~100~~67

~~960~~942

Total fixed maturity securities

8586,~~484~~021

6264

~~965~~637

56,~~846~~451

80,~~541~~143

8685,~~565~~907

7962

~~491~~951

75,~~848~~836

7980,~~129~~960

The Company held non-income producing fixed maturity securities with an estimated fair value of $1511 million and $3014 million at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

2319

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 ~~September~~March 3031, ~~2025~~2026:

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

45,~~532~~251

19,~~189~~956

12,~~818~~908

2726,~~911~~424

21,~~034~~482

8586,~~484~~021

Estimated fair value

45,~~505~~234

1819,~~945~~477

12,~~377~~431

2422,~~480~~332

20,~~234~~669

80,~~541~~143

_______________

(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:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

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

48,~~041~~736

~~330~~455

1917,~~133~~985

2,~~639~~962

104,~~758~~126

~~719~~394

1718,~~329~~777

32,~~146~~637

Foreign corporate

12,~~460~~616

~~201~~164

5,~~485~~185

~~813~~958

31,~~269~~380

~~351~~179

5,~~502~~203

~~1,117~~812

RMBS

~~995~~2,118

6665

4,~~308~~100

~~554~~540

~~1,227~~822

8248

4,~~624~~338

~~785~~523

U.S. government and agency

1,~~305~~097

5127

12,~~556~~017

~~530~~612

~~2,384~~587

~~116~~10

12,~~858~~229

~~575~~591

ABS

~~482~~2,229

~~769~~702

5344

~~717~~513

102

~~1,076~~749

6554

CMBS

~~841~~1,267

3010

43,~~043~~726

~~216~~221

~~1,326~~323

903

4,~~338~~227

~~325~~219

State and political subdivision

~~395~~411

3010

1,~~632~~658

~~264~~295

~~871~~251

637

1,~~435~~777

~~304~~290

Foreign government

~~126~~100

168

~~491~~505

5171

~~273~~54

295

~~433~~560

7162

Total fixed maturity securities

918,~~645~~574

~~726~~748

3735,~~417~~878

5,~~120~~703

208,~~825~~056

~~1,460~~648

3637,~~595~~860

65,~~388~~188

Total number of securities in an unrealized loss position

12,~~573~~792

54,~~038~~840

31,~~356~~313

5,~~195~~035

24Allowance for Credit Losses for Fixed Maturity Securities

Evaluation and Measurement Methodologies

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~~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~~credit ~~Losses~~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 ~~Fixed~~credit ~~Maturity~~losses ~~Securities~~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”).

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 $~~698~~688 million and $~~665~~663 million at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, 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.

25Current 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 $64 million, relating to 19 securities, at March 31, 2026. 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.

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 $62 million, relating to 17 securities, at September 30, 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		ABS		Total
	(In millions)
Nine Months Ended September 30, 2025
Three Months Ended March 31, 2026
Balance, beginning of period	$	4727	$	2631	$	43	$	21	$	—	$	7962
Allowance on securities where credit losses were not previously recorded	21		—		—		—		10		211
Reductions for securities sold	(32)		—(14)		—		~~(1)~~—		—		(416)
Change in allowance on securities with an allowance recorded in a previous period	7		6—		~~(1)~~—		—		—		127
Write-offs charged against allowance (1)	~~(27)~~—		—		—		—		—		~~(27)~~—
Balance, end of period	$	2633	$	3217	$	3	$	1	$	10	$	6264
Nine Months Ended September 30, 2024
Three Months Ended March 31, 2025
Balance, beginning of period	$	1547	$	—26	$	4	$	2	$	—	$	2179
Allowance on securities where credit losses were not previously recorded	13—		21—		—		1—		—		35—
Reductions for securities sold	—(1)		—		—		—(1)		—		—(2)
Change in allowance on securities with an allowance recorded in a previous period	32		—3		—(1)		—		—		34
Write-offs charged against allowance (1)	—(27)		—		—		—		—		—(27)
Balance, end of period	$	3121	$	2129	$	43	$	31	$	—	$	5954

_______________

(1)The Company did not record any write-offs for the three months ended March 31, 2026. The Company recorded total write-offs of $33 million ~~and $10 million~~ for the ~~nine~~three months ended ~~September~~March 3031, 2025 ~~and 2024, respectively~~.

26Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at:


	March 31, 2026				December 31, 2025
	Carrying Value		% of Total		Carrying Value		% of Total
	(Dollars in millions)
Commercial	$	12,131	53.7	%	$	12,319	54.2	%
Agricultural	4,622		20.5		4,631		20.4
Residential	6,052		26.8		5,976		26.3
Total mortgage loans (1)	22,805		101.0		22,926		100.9
Allowance for credit losses	(210)		(1.0)		(200)		(0.9)
Total mortgage loans, net	$	22,595	100.0	%	$	22,726	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $296 million and $178 million for the three months ended March 31, 2026 and 2025, respectively, and were primarily comprised of residential mortgage loans.

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:

	September 30, 2025				December 31, 2024
	CarryingValue		% ofTotal		CarryingValue		% ofTotal
	(Dollars in millions)
Commercial	$	12,631	55.3	%	$	13,326	57.3	%
Agricultural	4,541		19.9		4,563		19.6
Residential	5,867		25.7		5,543		23.8
Total mortgage loans (1)	23,039		100.9		23,432		100.7
Allowance for credit losses	(205)		(0.9)		(178)		(0.7)
Total mortgage loans, net	$	22,834	100.0	%	$	23,254	100.0	%

_______________

(1)Purchases of mortgage loans from third parties were $250 million and $807 million for the three months and nine months ended September 30, 2025, respectively, and $314 million and $664 million for the three months and nine months ended September 30, 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 $~~130~~125 million and $132 million at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, 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.

27Mortgage 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.

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 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)
Nine Months Ended September 30, 2025
Three Months Ended March 31, 2026
Balance, beginning of period	$	134	$	20	$	46	$	200
Current period provision	11		—		(1)		10
Charge-offs, net of recoveries	—		—		—		—
Balance, end of period	$	145	$	20	$	45	$	210
Three Months Ended March 31, 2025
Balance, beginning of period	$	106	$	30	$	42	$	178
Current period provision	7240		34		(1)		7443
Charge-offs, net of recoveries	~~(35)~~—		(12)		—		(4712)
Balance, end of period	$	~~143~~146	$	2122	$	41	$	~~205~~209
Nine Months Ended September 30, 2024
Balance, beginning of period	$	69	$	19	$	49	$	137
Current period provision	39		11		(7)		43
Charge-offs, net of recoveries	(13)		—		—		(13)
Balance, end of period	$	95	$	30	$	42	$	167

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)

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

2026

2025

2024

2023

2022

Prior

Total

(In millions)

September 30, 2025

March 31, 2026

Commercial mortgage loans

Loan-to-value ratios:

Less than 65%

~~346~~98

~~591~~423

~~158~~668

~~331~~136

~~1,671~~437

24,~~843~~333

56,~~940~~095

65% to 75%

~~142~~184

~~257~~262

—180

~~815~~—

~~874~~583

~~974~~1,470

32,~~062~~679

76% to 80%

—

—9

—

~~296~~—

~~239~~205

~~715~~695

~~1,250~~909

Greater than 80%

31—

—36

—

~~609~~—

~~147~~662

1,~~592~~750

2,~~379~~448

Total commercial mortgage loans

~~519~~282

~~848~~730

~~158~~848

~~2,051~~136

21,~~931~~887

68,~~124~~248

12,~~631~~131

Agricultural mortgage loans

Loan-to-value ratios:

Less than 65%

~~187~~93

~~356~~418

~~194~~339

~~573~~188

~~1,053~~555

12,~~909~~750

4,~~272~~343

65% to 75%

42—

—43

17—

8317

~~103~~96

20117

~~265~~273

76% to 80%

—

Greater than 80%

—

Total agricultural mortgage loans

~~229~~93

~~356~~461

~~211~~339

~~656~~205

~~1,156~~651

12,~~933~~873

4,~~541~~622

Residential mortgage loans

Performing

~~565~~12

~~694~~1,103

~~196~~571

~~1,170~~154

1,~~537~~119

12,~~592~~987

5,~~754~~946

Nonperforming

—

—1

—

46—

2741

4064

~~113~~106

Total residential mortgage loans

~~565~~12

~~694~~1,104

~~196~~571

~~1,216~~154

1,~~564~~160

13,~~632~~051

56,~~867~~052

Total

~~1,313~~387

12,~~898~~295

~~565~~1,758

~~3,923~~495

53,~~651~~698

914,~~689~~172

2322,~~039~~805

	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)


	2025		2024		2023		2022		2021		Prior		Total
	(In millions)
December 31, 2025
Commercial mortgage loans
Loan-to-value ratios:
Less than 65%	$	423	$	668	$	157	$	483	$	1,713	$	2,903	$	6,347
65% to 75%	262		180		—		583		651		717		2,393
76% to 80%	9		—		—		205		287		605		1,106
Greater than 80%	36		—		—		661		244		1,532		2,473
Total commercial mortgage loans	730		848		157		1,932		2,895		5,757		12,319
Agricultural mortgage loans
Loan-to-value ratios:
Less than 65%	415		341		190		558		1,048		1,798		4,350
65% to 75%	43		—		17		97		100		18		275
76% to 80%	—		—		—		—		—		3		3
Greater than 80%	—		—		—		—		3		—		3
Total agricultural mortgage loans	458		341		207		655		1,151		1,819		4,631
Residential mortgage loans
Performing	873		622		168		1,146		1,505		1,554		5,868
Nonperforming	—		—		—		45		22		41		108
Total residential mortgage loans	873		622		168		1,191		1,527		1,595		5,976
Total	$	2,061	$	1,811	$	532	$	3,778	$	5,573	$	9,171	$	22,926

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:

	September 30, 2025				December 31, 2024
	March 31, 2026				December 31, 2025
	Amortized Cost		% ofTotal		Amortized Cost		% ofTotal
	(Dollars in millions)
Debt-service coverage ratios:
Greater than 1.20x	$	1110,~~301~~899	89.58	%	$	1211,~~029~~154	90.35	%
1.00x - 1.20x	~~821~~750		6.52		~~801~~738		6.0
Less than 1.00x	~~509~~482		4.0		~~496~~427		3.75
Total	$	12,~~631~~131	100.0	%	$	1312,~~326~~319	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~~25

The Company has a high-quality, well-performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both September 30, 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:

	September 30, 2025								December 31, 2024
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	12,551	$	4,526	$	5,661	$	22,738	$	13,206	$	4,538	$	5,423	$	23,167
30-59 days past due	—		—		93		93		—		—		2		2
60-89 days past due	—		—		32		32		—		—		36		36
90-179 days past due	—		—		26		26		21		9		36		66
180+ days past due	80		15		55		150		99		16		46		161
Total	$	12,631	$	4,541	$	5,867	$	23,039	$	13,326	$	4,563	$	5,543	$	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)

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, 2026 and December 31, 2025. 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, 2026								December 31, 2025
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Current	$	11,993	$	4,605	$	5,945	$	22,543	$	12,212	$	4,623	$	5,865	$	22,700
30-59 days past due	12		8		1		21		47		—		3		50
60-89 days past due	19		3		34		56		—		—		31		31
90-179 days past due	47		—		21		68		49		—		28		77
180+ days past due	60		6		51		117		11		8		49		68
Total	$	12,131	$	4,622	$	6,052	$	22,805	$	12,319	$	4,631	$	5,976	$	22,926

Mortgage Loans in Nonaccrual Status by Portfolio Segment

Mortgage loans are placed in a nonaccrual status if there are concerns regarding collectability of future payments or the loan is past due, unless the past due loan is well collateralized.

The amortized cost of mortgage loans in a nonaccrual status by portfolio segment was as follows at:

	Commercial		Agricultural		Residential (1)		Total
	(In millions)
September 30, 2025	$	236	$	9	$	113	$	358
March 31, 2026	$	239	$	2	$	106	$	347
December 31, 2024	$	120	$	25	$	118	$	263
December 31, 2025	$	220	$	5	$	108	$	333

_______________

(1) The Company had $951 million and $354 million of mortgage loans in nonaccrual status for which there was no related allowance for credit losses at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

Current period investment income on mortgage loans in nonaccrual status was $62 million and less than $31 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

Modified Mortgage Loans by Portfolio Segment

Under certain circumstances, modifications are granted to mortgage loans. Generally, the types of concessions may include interest rate reduction, term extension, principal forgiveness, or a combination of all three. The Company did not have a significant amount of mortgage loans modified during both the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

Other Invested Assets

Over 7585% of other invested assets is comprised of freestanding derivatives with positive estimated fair values. See Note 8 for information about freestanding derivatives with positive estimated fair values. Other invested assets also includes the Company’s investment in company-owned life insurance, Federal Home Loan Bank (“FHLB”) stock, leveraged leases and tax credit and renewable energy partnerships.

Net Unrealized Investment Gains (Losses)

Unrealized investment gains (losses) on fixed maturity securities, and the effect on future policy benefits that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in accumulated other comprehensive income (loss) (“AOCI”).

~~The components of net unrealized investment gains (losses), included in AOCI, were as follows at:~~26

	September 30, 2025		December 31, 2024
	(In millions)
Fixed maturity securities	$	(4,881)	$	(7,357)
Derivatives	241		460
Other	(10)		(7)
Subtotal	(4,650)		(6,904)
Amounts allocated from:
Future policy benefits	587		977
Deferred income tax benefit (expense)	853		1,245
Net unrealized investment gains (losses)	$	(3,210)	$	(4,682)

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 components of net unrealized investment gains (losses), included in AOCI, were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Fixed maturity securities	$	(5,814)	$	(4,885)

Derivatives	317		219

Other	(8)		(8)
Subtotal	(5,505)		(4,674)
Amounts allocated from:
Future policy benefits	578		571
Deferred income tax benefit (expense)	1,035		862
Net unrealized investment gains (losses)	$	(3,892)	$	(3,241)

The changes in net unrealized investment gains (losses) were as follows:

	Nine Months Ended September 30, 2025
	Three Months Ended March 31, 2026
	(In millions)
Balance at December 31, 2024	$	(4,682)
Balance at December 31, 2025	$	(3,241)
Unrealized investment gains (losses) during the period	~~2,254~~(831)
Unrealized investment gains (losses) relating to:
Future policy benefits	~~(390)~~7
Deferred income tax benefit (expense)	~~(392)~~173
Balance at September 30, 2025	$	(3,210)
Balance at March 31, 2026	$	(3,892)
Change in net unrealized investment gains (losses)	$	~~1,472~~(651)

Concentrations of Credit Risk

There were no investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, at both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

Securities Lending

Elements of the securities lending program are presented below at:

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
	(In millions)
Securities on loan: (1)
Amortized cost	$	3,~~601~~593	$	3,~~582~~550
Estimated fair value	$	3,~~185~~126	$	3,~~127~~141
Cash collateral received from counterparties (2)	$	3,~~271~~215	$	3,~~210~~225
Reinvestment portfolio — estimated fair value	$	3,~~360~~343	$	3,~~217~~352

_______________

(1)Included in fixed maturity securities.

(2)Included in payables for collateral under securities loaned and other transactions.

~~The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:~~27

	September 30, 2025						December 31, 2024
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
U.S. government and agency	$	389	$	1,561	$	951	$	2,901	$	490	$	1,467	$	886	$	2,843
U.S. corporate	—		293		—		293		—		248		—		248
Foreign corporate	—		71		—		71		—		105		—		105
Foreign government	—		6		—		6		—		14		—		14
Total	$	389	$	1,931	$	951	$	3,271	$	490	$	1,834	$	886	$	3,210

_______________

(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

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)

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized in normal market conditions, or both. The ~~estimated fair value of the securities on loan related to the~~ cash collateral onliability ~~open~~by atloaned ~~September 30,~~security ~~2025~~type ~~was~~and ~~$379~~remaining ~~million,~~tenor ~~primarily comprised~~ of ~~U.S. government and agency securities which, if put back to~~ the ~~Company,~~agreements ~~could~~were beas ~~immediately~~follows ~~sold to satisfy the cash requirement.~~at:

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, ABS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 50% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at September 30, 2025. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.


	March 31, 2026						December 31, 2025
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)

U.S. government and agency	$	321	$	927	$	1,603	$	2,851	$	417	$	663	$	1,777	$	2,857
U.S. corporate	—		36		274		310		48		256		—		304

Foreign corporate	—		2		44		46		15		47		—		62
Foreign government	1		2		5		8		—		2		—		2
Total	$	322	$	967	$	1,926	$	3,215	$	480	$	968	$	1,777	$	3,225

_______________

(1)The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.

If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized in normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at March 31, 2026 was $314 million, primarily comprised of U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement.

The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, ABS, U.S. government and agency securities, U.S. and foreign corporate securities, non-agency RMBS and CMBS) with 50% invested in agency RMBS, U.S. government and agency securities and cash and cash equivalents at March 31, 2026. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral at estimated fair value were as follows at:

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
	(In millions)
Invested assets on deposit (regulatory deposits) (1)	$	6,~~510~~559	$	6,~~246~~570
Invested assets held in trust (reinsurance agreements) (2)	76,~~703~~955		87,~~226~~268
Invested assets pledged as collateral (3)	1112,~~014~~043		1210,~~471~~794
Total invested assets on deposit, held in trust and pledged as collateral	$	25,~~227~~557	$	2624,~~943~~632

_______________

(1)The Company has assets, primarily fixed maturity securities, on deposit with governmental authorities relating to certain policyholder liabilities, of which $~~143~~112 million and $68126 million of the assets on deposit represents restricted cash and cash equivalents at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

(2)The Company has assets, primarily fixed maturity securities, held in trust relating to certain reinsurance transactions, of which $~~533~~113 million and $~~332~~328 million of the assets held in trust balance represents restricted cash and cash equivalents at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

(3)The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 3 of the Notes to the Consolidated Financial Statements included in the ~~2024~~2025 Annual Report) and derivative transactions (see Note 8).

See “— Securities Lending” for information regarding securities on loan. In addition, the Company’s investment in FHLB common stock, which is considered restricted until redeemed by the issuer, was $~~218~~217 million and $~~222~~218 million at redemption value at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

~~Variable Interest Entities~~28

A variable interest entity (“VIE”) is a legal entity that does not have sufficient equity at risk to finance its activities or is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights or do not substantively participate in the gains and losses of the entity.

The Company enters into various arrangements with VIEs in the normal course of business and has invested in legal entities that are VIEs. VIEs are consolidated when it is determined that the Company is the primary beneficiary. A primary beneficiary is the variable interest holder in a VIE with both (i) the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In addition, the evaluation of whether a legal entity is a VIE and if the Company is a primary beneficiary includes a review of the capital structure of the VIE, the related contractual relationships and terms, the nature of the operations and purpose of the VIE, the nature of the VIE interests issued and the Company’s involvement with the entity.

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)

~~There~~Variable ~~were~~Interest ~~no material VIEs for which the Company has concluded that it is the primary beneficiary at either September 30, 2025 or December 31, 2024.~~Entities

There were no material VIEs for which the Company has concluded that it is the primary beneficiary at either March 31, 2026 or December 31, 2025.

The carrying amount and maximum exposure to loss related to the VIEs for which the Company has concluded that it holds a variable interest, but is not the primary beneficiary, were as follows at:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

Carrying Amount

Maximum Exposure to Loss

Carrying Amount

Maximum Exposure to Loss

(In millions)

Fixed maturity securities

1312,~~434~~522

1413,~~098~~167

1413,~~248~~020

1513,~~330~~614

Limited partnerships and LLCs

4,~~288~~267

5,~~236~~222

4,~~223~~275

5,~~265~~231

Total

1716,~~722~~789

1918,~~334~~389

1817,~~471~~295

2018,~~595~~845

The Company’s investments in unconsolidated VIEs are described below.

Fixed Maturity Securities

The Company invests in U.S. corporate bonds, foreign corporate bonds and Structured Securities issued by VIEs. The Company is not obligated to provide any financial or other support to these VIEs, other than the original investment. The Company’s involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer, or investment manager, which are generally viewed as having the power to direct the activities that most significantly impact the economic performance of the VIE, nor does the Company function in any of these roles. The Company does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity; as a result, the Company has determined it is not the primary beneficiary, or consolidator, of the VIE. The Company’s maximum exposure to loss on these fixed maturity securities is limited to the amortized cost of these investments. See “— Fixed Maturity Securities Available-For-Sale” for information on these securities.

Limited Partnerships and LLCs

The Company holds investments in certain limited partnerships and LLCs which are VIEs. These ventures include limited partnerships, LLCs, private equity funds, and, to a lesser extent, tax credit and renewable energy partnerships. The Company is not considered the primary beneficiary, or consolidator, when its involvement takes the form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner’s interest does not provide the Company with any substantive kick-out or participating rights, nor does it provide the Company with the power to direct the activities of the fund. The Company’s maximum exposure to loss on these investments is limited to: (i) the amount invested in debt or equity of the VIE and (ii) commitments to the VIE, as described in Note 12.

3429

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)

Net Investment Income

The components of net investment income were as follows:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		2025		2024
					2026		2025
	~~(In millions)~~				(In millions)
Investment income:
Fixed maturity securities	$	~~917~~	$	~~941~~	$	~~2,744~~905	$	~~2,777~~914
Trading securities (1)	14		—		24(3)		—11
Equity securities	—		—		1		2
Mortgage loans					255		256
Mortgage loans	256		252		767		747
Policy loans					14		11
Policy loans	11		12		36		35
Limited partnerships and LLCs (2)					67		71
Limited partnerships and LLCs (2)	108		56		259		228
Cash, cash equivalents and short-term investments					53		61
Cash, cash equivalents and short-term investments	59		63		173		157
Other					31		27
Other	28		25		78		74
Total investment income					1,322		1,351
Total investment income	1,393		1,349		4,082		4,020
Less: Investment expenses					86		82
Less: Investment expenses	84		91		246		263
Net investment income					$	1,236	$	1,269
Net investment income	$	1,309	$	1,258	$	3,836	$	3,757

_______________

(1)Investment gains (losses) ~~were $7 million~~ related to trading securities still held ~~for both the three months and nine months ended September 30, 2025. There~~ were ~~no investment gains~~ (~~losses~~$10) ~~related~~million toand ~~trading~~$6 ~~securities~~million ~~still held~~ for the three months ~~and~~ended ~~nine~~March ~~months~~31, ~~ended~~2026 ~~September~~and 302025, ~~2024~~respectively.

(2)Includes net investment income pertaining to other limited partnership interests of $~~102~~64 million and $~~221~~56 million for the three months ~~and nine months~~ ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~$65 million and $259 million for the three months and nine months ended September 30~~2025, ~~2024,~~ respectively.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		2025		2024
					2026		2025
	~~(In millions)~~				(In millions)
Fixed maturity securities	$	~~(12)~~	$	~~(48)~~	$	(6940)	$	(~~181~~34)
Equity securities	—		~~(1)~~		~~(2)~~—		(41)
Mortgage loans	~~(9)~~		~~(15)~~		(7610)		(4243)
Limited partnerships and LLCs	—		—		—		(1)
Other (1)	65		2		68		3
Other					(2)		(2)
Total net investment gains (losses) (2)	$	44	$	(62)	$	(79)	$	(225)
Total net investment gains (losses)					$	(52)	$	(81)

~~_______________~~Gains (losses) from foreign currency transactions included within net investment gains (losses) were not significant for both the three months ended March 31, 2026 and 2025.

~~(1) In July 2025, the Company sold a subsidiary which owned certain mineral rights across the U.S. and recognized a gain of $66 million for the three months and nine months ended September~~ 30~~, 2025.~~

(2) Gains (losses) from foreign currency transactions included within net investment gains (losses) were not significant for the three months and nine months ended September 30, 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)

7. Investments (continued)

Sales or Disposals of Fixed Maturity Securities

Investment gains and losses on sales of securities are determined on a specific identification basis. Proceeds from sales or disposals of fixed maturity securities and the components of fixed maturity securities net investment gains (losses) were as follows:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		2025		2024
					2026		2025
	~~(In millions)~~				(In millions)
Proceeds	$	~~325~~	$	~~310~~	$	~~1,208~~575	$	~~2,093~~603
Gross investment gains	$	1	$	3	$	72	$	134
Gross investment losses	~~(18)~~		~~(25)~~		(6124)		(~~145~~28)
Net investment gains (losses)	$	~~(17)~~	$	~~(22)~~	$	(5422)	$	(~~132~~24)

8. Derivatives

Accounting for Derivatives

See Notes 1 and 10 of the Notes to the Consolidated Financial Statements included in the ~~2024~~2025 Annual Report for a description of the Company’s accounting policies for derivatives and the fair value hierarchy for derivatives and the related valuation methodologies.

Types of Derivative Instruments and Derivative Strategies

The Company maintains an overall risk management strategy that incorporates the use of derivative instruments to minimize its exposure to various market risks. ~~The~~Derivatives ~~Company~~are ~~has~~financial ~~historically~~instruments ~~managed~~with ~~the~~values ~~risks~~derived ~~related~~from tointerest ~~its~~rates, ~~variable~~foreign ~~annuity~~currency ~~and~~exchange ~~first~~rates, ~~generation~~credit ~~Shield~~spreads ~~Annuity~~and/or ~~contracts~~other onfinancial aindices. ~~combined~~Derivatives ~~basis.~~may Inbe ~~the~~exchange-traded ~~third~~or ~~quarter~~contracted ofin ~~2025,~~the over-the-counter ~~Company~~(“OTC”) ~~completed~~market. anCertain ~~initiative~~of ~~that~~the ~~established~~Company’s aOTC ~~stand-alone~~derivatives ~~hedging~~are ~~program~~cleared ~~for~~and ~~each~~settled ~~product~~through ~~allowing~~central ~~the~~clearing ~~Company~~counterparties to(“OTC-cleared”), ~~separately~~while ~~manage~~others ~~the~~are ~~risks~~bilateral ~~related~~contracts tobetween ~~these~~ two ~~products~~counterparties (“OTC-bilateral”). Commonly used derivative instruments include, but are not necessarily limited to:

•Interest rate derivatives: swaps, floors, caps, futures, options and forwards;

•Foreign currency exchange rate derivatives: forwards and swaps;

•Equity market derivatives: futures, options and total return swaps; and

•Credit derivatives: index reference credit default swaps.

For detailed information on these contracts and the related strategies, see Note 9 of the Notes to the Consolidated Financial Statements included in the ~~2024~~2025 Annual Report.

3631

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)

8. Derivatives (continued)

Primary Risks Managed by Derivatives

The primary underlying risk exposure, gross notional amount and estimated fair value of derivatives, excluding embedded derivatives, held were as follows at:

		September 30, 2025						December 31, 2024
		March 31, 2026						December 31, 2025
	Primary Underlying Risk Exposure	Gross Notional Amount		Estimated Fair Value				Gross Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate swaps	Interest rate	$	500	$	—	$	4—	$	500	$	9—	$	—4
Foreign currency swaps	Foreign currency exchange rate	3,~~732~~697		~~293~~337		8958		3,~~778~~731		~~430~~266		2584
Total qualifying hedges		4,~~232~~197		~~293~~337		9358		4,~~278~~231		~~439~~266		2588
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate swaps	Interest rate	1825,~~734~~442		~~155~~125		~~241~~335		6918,~~303~~366		~~131~~152		~~444~~253
Interest rate floors	Interest rate	85,~~000~~500		1—		3240		8,000		1		3048
Interest rate caps	Interest rate	56,~~350~~600		112		1512		76,~~850~~100		145		1416
Interest rate futures	Interest rate	—		—		—		171		—		—
Interest rate options	Interest rate	38,700		35		400		26,800		12		444
Interest rate options	Interest rate	24,300		6		466		23,060		11		371
Interest rate forwards	Interest rate	24,966		106		1,322		23,598		127		1,317
Interest rate forwards	Interest rate	23,153		125		1,213		16,352		121		1,876
Foreign currency swaps	Foreign currency exchange rate	678		89		2		587		75		4
Foreign currency swaps	Foreign currency exchange rate	595		79		3		674		111		—
Foreign currency forwards	Foreign currency exchange rate	272		1		—		303		1		—
Foreign currency forwards	Foreign currency exchange rate	324		4		—		304		6		—
Credit default swaps — written	Credit	1,128		19		—		468		11		—
Credit default swaps — written	Credit	478		11		—		780		19		—
Equity futures	Equity market	3,041		45		42		1,414		6		4
Equity futures	Equity market	1,318		12		—		316		—		1
Equity index options	Equity market	87,232		3,466		2,156		69,495		4,530		1,362
Equity index options	Equity market	123,469		4,208		1,497		39,897		1,722		1,041
Equity total return swaps	Equity market	153,063		4,204		3,496		145,209		1,585		1,698
Equity total return swaps	Equity market	136,719		2,798		2,990		106,301		1,543		1,446
Total non-designated or non-qualifying derivatives		346,622		8,102		7,805		300,340		6,505		5,146
Total non-designated or non-qualifying derivatives		342,440		7,400		6,457		273,008		3,679		5,223
Total		$	350,819	$	8,439	$	7,863	$	304,571	$	6,771	$	5,234
Total		$	346,672	$	7,693	$	6,550	$	277,286	$	4,118	$	5,248

Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both September 30, 2025 and December 31, 2024. The Company’s use of derivatives includes (i) derivatives that serve as hedges of the Company’s exposure to various risks and generally do not qualify for hedge accounting because they do not meet the criteria required under portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities and generally do not qualify for hedge accounting because they do not meet the criteria of being “highly effective” as outlined in Accounting Standards Codification 815 — Derivatives and Hedging; (iii) derivatives that economically hedge MRBs that do not qualify for hedge accounting because the changes in estimated fair value of the MRBs are already recorded in net income; and (iv) written credit default swaps that are used to create synthetic credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship.32

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)

8. Derivatives (continued)

The amount and location of gains (losses), including earned income, recognized for derivatives and gains (losses) pertaining to hedged items reported in net derivative gains (losses) were as follows:

	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	—	$	—	$	1	$	1—	$	~~(1)~~4
Foreign currency exchange rate	(42)		4—		11		—		5593
Total cash flow hedges	(42)		4—		12		1—		5497
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	68(190)		—		—		—		—
Foreign currency exchange rate	1625		(1)		—		—		—
Credit	3(1)		—		—		—		—
Equity market	(1,~~262~~151)		—		—		—		—
Embedded	~~(1,756)~~812		—		—		—		—
Total non-qualifying hedges	(~~407~~505)		(1)		—		—		—
Total	$	(~~411~~507)	$	3(1)	$	12	$	1—	$	5497
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	~~(1)~~3	$	—	$	1	$	21	$	(187)
Foreign currency exchange rate	83		(63)		1113		—		(~~100~~9)
Total cash flow hedges	76		(63)		1214		21		(~~118~~16)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	~~756~~388		—		—		—		—
Foreign currency exchange rate	(3012)		35		—		—		—
Credit	5(1)		—		—		—		—
Equity market	~~234~~(1,242)		—		—		—		—
Embedded	(1,~~062)~~177		—		—		—		—
Total non-qualifying hedges	~~(97)~~310		35		—		—		—
Total	$	~~(90)~~316	$	~~(3)~~2	$	1214	$	21	$	(~~118~~16)

38At March 31, 2026 and December 31, 2025, the Company held no qualified derivatives hedging exposure to future cash flows for forecasted asset purchases.

At March 31, 2026 and December 31, 2025, the balance in AOCI associated with cash flow hedges was $317 million and $219 million, 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)

8. Derivatives (continued)

	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Net Investment Income		Policyholder Benefits and Claims		Amount of Gains (Losses) Deferred in AOCI
	(In millions)
Nine Months Ended September 30, 2025
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	3	$	—	$	2	$	3	$	(13)
Foreign currency exchange rate	(1)		1		32		—		(202)
Total cash flow hedges	2		1		34		3		(215)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	70		—		—		—		—
Foreign currency exchange rate	(58)		12		—		—		—
Credit	10		—		—		—		—
Equity market	1,372		—		—		—		—
Embedded	(2,739)		—		—		—		—
Total non-qualifying hedges	(1,345)		12		—		—		—
Total	$	(1,343)	$	13	$	34	$	3	$	(215)
Nine Months Ended September 30, 2024
Derivatives Designated as Hedging Instruments:
Cash flow hedges:
Interest rate	$	2	$	—	$	2	$	6	$	(6)
Foreign currency exchange rate	9		(8)		36		—		(16)
Total cash flow hedges	11		(8)		38		6		(22)
Derivatives Not Designated or Not Qualifying as Hedging Instruments:
Interest rate	(345)		—		—		—		—
Foreign currency exchange rate	(5)		1		—		—		—
Credit	12		—		—		—		—
Equity market	1,307		—		—		—		—
Embedded	(3,663)		—		—		—		—
Total non-qualifying hedges	(2,694)		1		—		—		—
Total	$	(2,683)	$	(7)	$	38	$	6	$	(22)

At September 30, 2025 and December 31, 2024, the Company held no qualified derivatives hedging exposure to future cash flows for forecasted asset purchases.

At September 30, 2025 and December 31, 2024, the balance in AOCI associated with cash flow hedges was $241 million and $460 million, 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)

8. Derivatives (continued)

Credit Derivatives

In connection with synthetically created credit investment transactions, the Company writes credit default swaps for which it receives a premium to insure credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation.

The estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps were as follows at:

	September 30, 2025					December 31, 2024
	March 31, 2026					December 31, 2025
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity (2)
	(Dollars in millions)
Aaa/Aa/A	$	21	$	~~100~~95	21.06	$	2	$	~~100~~94	21.78
Baa	818		~~350~~1,010		54.29	78		~~300~~350		4.5.0
Ba	1—		2423		10.27	101		~~376~~24		41.80
Caa and Lower	—		4		0.2	—		4		1.0
Total	$	19	$	1,128	4.5	$	11	$	468	4.1
Total	$	11	$	478	4.3	$	19	$	780	4.4

_______________

(1)The Company has written credit protection on index references. The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s, S&P and Fitch. If no rating is available from a rating agency, then an internally developed rating is used.

(2)The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.

Counterparty Credit Risk

The Company may be exposed to credit-related losses in the event of counterparty nonperformance on derivative instruments. Generally, the credit exposure is the fair value at the reporting date less any collateral received from the counterparty.

The Company manages its credit risk by: (i) entering into derivative transactions with creditworthy counterparties governed by master netting agreements; (ii) trading through regulated exchanges and central clearing counterparties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

See Note 9 for a description of the impact of credit risk on the valuation of derivatives.

4034

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)

8. Derivatives (continued)

The estimated fair values of net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

			Gross Amounts Not Offset on the Consolidated Balance Sheets
	Gross Amount Recognized		Financial Instruments (1)		Collateral Received/Pledged (2)		Net Amount		Securities Collateral Received/Pledged (3)		Net Amount After Securities Collateral
	(In millions)
September 30, 2025
March 31, 2026
Derivative assets	$	78,~~322~~799	$	(56,~~113~~226)	$	(~~980~~1,383)	$	1,~~229~~190	$	(1,~~191~~093)	$	3897
Derivative liabilities	$	68,~~281~~207	$	(56,~~113~~226)	$	—	$	1,~~168~~981	$	(1,~~168~~981)	$	—
December 31, 2024
December 31, 2025
Derivative assets	$	46,~~122~~568	$	(3,~~039~~861)	$	(~~524~~1,374)	$	~~559~~1,333	$	(~~558~~1,330)	$	13
Derivative liabilities	$	5,~~353~~099	$	(3,~~039~~861)	$	—	$	21,~~314~~238	$	(21,~~306~~238)	$	8—

_______________

(1)Represents amounts subject to an enforceable master netting agreement or similar agreement.

(2)The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreement.

(3)Securities collateral received from counterparties is not reported on the consolidated balance sheets and may not be sold or re-pledged unless the counterparty is in default. Amounts do not include excess of collateral pledged or received.

The Company does not offset recognized derivative assets and liabilities subject to master netting agreements on the consolidated balance sheets except for derivative instruments executed with the same counterparty but under different credit support annexes. As of March 31, 2026, $1.5 billion of recognized derivative assets were offset by $1.5 billion of recognized derivative liabilities on the consolidated balance sheets.

The Company’s collateral arrangements generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that counterparty reaches a minimum transfer amount. Certain of these arrangements also include credit-contingent provisions which permit the party with positive fair value to terminate the derivative at the current fair value or demand immediate full collateralization from the party in a net liability position, in the event that the financial strength or credit rating of the party in a net liability position falls below a certain level.

The aggregate estimated fair values of derivatives in a net liability position containing such credit-contingent provisions and the aggregate estimated fair value of assets posted as collateral for such instruments were as follows at:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

(In millions)

Estimated fair value of derivatives in a net liability position (1)

1,~~168~~981

21,~~314~~238

Estimated fair value of collateral provided (2):

Fixed maturity securities

34,~~671~~998

43,~~883~~685

_______________

(1)After taking into consideration the existence of netting agreements.

(2)Substantially all of the Company’s collateral arrangements provide for daily posting of collateral for the full value of the derivative contract. As a result, if the credit-contingent provisions of derivative contracts in a net liability position were triggered, minimal additional assets would be required to be posted as collateral or needed to settle the instruments immediately. Additionally, the Company is required to pledge initial margin for certain new ~~over-the-counter (“~~OTC~~”) bilateral contracts between two counterparties (“OTC~~-bilateral”) derivative transactions to third-party custodians.

4135

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)

9. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are presented in the tables below. Investments that do not have a readily determinable fair value and are measured at net asset value (or equivalent) as a practical expedient to estimated fair value are excluded from the fair value hierarchy.

	September 30, 2025
	March 31, 2026
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	37,~~251~~077	$	~~578~~768	$	37,~~829~~845
Foreign corporate	—		1110,~~514~~920		~~119~~129		11,~~633~~049
RMBS	—		8,~~199~~736		1989		8,~~218~~825
U.S. government and agency	2,~~268~~197		4,144		—		6,~~412~~341
ABS	—		5,~~708~~782		~~278~~292		56,~~986~~074
CMBS	—		65,~~010~~770		20—		65,~~030~~770
State and political subdivision	—		3,~~458~~343		—		3,~~458~~343
Foreign government	—		~~951~~872		24		~~975~~896
Total fixed maturity securities	2,~~268~~197		7776,~~235~~644		1,~~038~~302		80,~~541~~143
Trading securities	8896		~~440~~448		—		~~528~~544
Equity securities	911		75		6		22
Short-term investments	~~251~~686		7795		5—		~~333~~781
Derivative assets: (1)
Interest rate	—		~~288~~278		—		~~288~~278
Foreign currency exchange rate	—		~~370~~421		6		~~376~~427
Credit	—		918		21		1119
Equity market	1245		7,~~006~~670		—		7,~~018~~715
Total derivative assets	1245		78,~~673~~387		87		78,~~693~~439
Embedded derivatives on index-linked annuities (2)	—		—		7969		7969
Market risk benefit assets	—		—		~~979~~850		~~979~~850
Separate account assets	19		8074,~~292~~532		—		8074,~~311~~551
Total assets	$	23,~~647~~054	$	~~165~~160,~~724~~111	$	2,~~115~~234	$	~~170~~165,~~486~~399
Liabilities
Market risk benefit liabilities	$	—	$	—	$	8,~~546~~579	$	8,~~546~~579
Derivative liabilities: (1)
Interest rate	—		12,~~971~~109		—		12,~~971~~109
Foreign currency exchange rate	—		9260		—		9260
Equity market	—42		45,~~487~~652		—		45,~~487~~694
Total derivative liabilities	—42		67,~~550~~821		—		67,~~550~~863
Embedded derivatives on index-linked annuities (2)	—		—		1210,~~770~~666		1210,~~770~~666
Total liabilities	$	—42	$	67,~~550~~821	$	2119,~~316~~245	$	27,~~866~~108

4236

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)

9. Fair Value (continued)

	December 31, 2024
	December 31, 2025
	Fair Value Hierarchy						Total Estimated Fair Value
	Level 1		Level 2		Level 3
	(In millions)
Assets
Fixed maturity securities:
U.S. corporate	$	—	$	3637,~~041~~769	$	~~696~~640	$	3638,~~737~~409
Foreign corporate	—		11,~~366~~276		~~396~~158		11,~~762~~434
RMBS	—		78,~~213~~452		1724		78,~~230~~476
U.S. government and agency	2,~~514~~249		34,~~946~~196		—		6,~~460~~445
ABS	—		5,~~984~~786		~~322~~245		6,~~306~~031
CMBS	—		65,~~266~~800		26—		65,~~292~~800
State and political subdivision	—		3,~~382~~423		—		3,~~382~~423
Foreign government	—		~~939~~918		2124		~~960~~942
Total fixed maturity securities	2,~~514~~249		7577,~~137~~620		1,~~478~~091		7980,~~129~~960
Trading securities	—87		—419		—		—506
Equity securities	1112		65		156		3223
Short-term investments	~~916~~559		~~239~~103		26		~~1,157~~668
Derivative assets: (1)
Interest rate	—		~~287~~297		—		~~287~~297
Foreign currency exchange rate	—		~~540~~338		74		~~547~~342
Credit	—		179		2		1911
Equity market	—6		36,~~265~~115		—		36,~~265~~121
Total derivative assets	—6		46,~~109~~759		96		46,~~118~~771
Embedded derivatives on index-linked annuities (2)	—		—		4779		4779
Market risk benefit assets	—		—		1,~~092~~060		1,~~092~~060
Separate account assets	310		7978,~~003~~815		—		7978,~~006~~825
Total assets	$	32,~~444~~923	$	~~158~~163,~~494~~721	$	2,~~643~~248	$	~~164~~168,~~581~~892
Liabilities
Market risk benefit liabilities	$	—	$	—	$	8,~~346~~079	$	8,~~346~~079
Derivative liabilities: (1)
Interest rate	—		2,~~735~~082		—		2,~~735~~082
Foreign currency exchange rate	—		2588		—		2588
Equity market	14		23,~~487~~060		—		23,~~488~~064
Total derivative liabilities	14		5,~~247~~230		—		5,~~248~~234
Embedded derivatives on index-linked annuities (2)	—		—		1112,~~540~~406		1112,~~540~~406
Total liabilities	$	14	$	5,~~247~~230	$	1920,~~886~~485	$	25,~~134~~719

_______________

(1)Derivative assets are reported in other invested assets and derivative liabilities are reported in other liabilities. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets.

(2)Embedded derivative assets on index-linked annuities relate to reinsurance and are reported in premiums and other receivables. Embedded derivative liabilities on index-linked annuities are reported in policyholder account balances.

Valuation Controls and Procedures

The Company monitors and provides oversight of valuation controls and policies for securities, mortgage loans and derivatives, which are primarily executed by its valuation service providers. The valuation methodologies used to determine fair values prioritize the use of observable market prices and market-based parameters and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. The valuation methodologies for securities, mortgage loans and derivatives are reviewed on an ongoing basis and revised when necessary. In addition, the Chief Accounting Officer periodically reports to the Audit Committee of BHF’s Board of Directors regarding compliance with fair value accounting standards.

4337

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)

9. Fair Value (continued)

The fair value of financial assets and financial liabilities is based on quoted market prices, where available. Prices received are assessed to determine if they represent a reasonable estimate of fair value. Several controls are performed, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. Independent non-binding broker quotes, also referred to herein as “consensus pricing,” are used for a non-significant portion of the portfolio. Prices received from independent brokers are assessed to determine if they represent a reasonable estimate of fair value by considering such pricing relative to the current market dynamics and current pricing for similar financial instruments.

A formal process is also applied to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained. If obtaining an independent non-binding broker quotation is unsuccessful, the last available price will be used.

Additional controls are performed, such as balance sheet analytics to assess reasonableness of period-to-period pricing changes, including any price adjustments. Price adjustments are applied if prices or quotes received from independent pricing services or brokers are not considered reflective of market activity or representative of estimated fair value. The Company did not have significant price adjustments during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026.

Determination of Fair Value

Fixed Maturity Securities

The fair values for actively traded marketable bonds designated as available-for-sale or trading securities, primarily U.S. government and agency securities, are determined using the quoted market prices and are classified as Level 1 assets. For securities classified as Level 2 assets, fair values are determined using either a market or income approach and are valued based on a variety of observable inputs as described below.

U.S. corporate and foreign corporate securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark yields, spreads off benchmark yields, new issuances, issuer rating, trades of identical or comparable securities, or duration. Privately-placed securities are valued using the additional key inputs: market yield curve, call provisions, observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer, and delta spread adjustments to reflect specific credit-related issues.

U.S. government and agency, state and political subdivision and foreign government securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark U.S. Treasury yield or other yields, spread off the U.S. Treasury yield curve for the identical security, issuer ratings and issuer spreads, broker-dealer quotes, and comparable securities that are actively traded.

Structured Securities: Fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, ratings, geographic region, weighted average coupon and weighted average maturity, average delinquency rates and debt-service coverage ratios. Other issuance-specific information is also used, including, but not limited to, collateral type, structure of the security, vintage of the loans, payment terms of the underlying asset, payment priority within tranche, and deal performance.

Equity Securities and Short-term Investments

The fair value for actively traded equity securities and short-term investments are determined using quoted market prices and are classified as Level 1 assets. For financial instruments classified as Level 2 assets, fair values are determined using a market approach and are valued based on a variety of observable inputs as described below.

4438

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)

9. Fair Value (continued)

Equity securities and short-term investments: Fair value is determined using third-party commercial pricing services, with the primary input being quoted prices in markets that are not active.

Derivatives

Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the OTC market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are OTC-bilateral.

The fair values for exchange-traded derivatives are determined using the quoted market prices and are classified as Level 1 assets or liabilities. For OTC-bilateral derivatives and OTC-cleared derivatives classified as Level 2 assets or liabilities, fair values are determined using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models which are based on market standard valuation methodologies and a variety of observable inputs.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Market Risk Benefits

MRBs principally include guaranteed minimum benefits on variable annuity contracts including benefits reinsured related to these guarantees.

The estimated fair value of variable annuity guarantees accounted for as MRBs is determined based on the present value of projected future benefits less the present value of projected future fees attributable to the guarantees. At policy inception, the Company determines an attributed fee ratio by solving for a percentage of projected future rider fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. To the extent the rider fees are insufficient, the Company may also include fees related to mortality and expense charges in the attributed fee ratio, provided the total fees included in the calculation do not exceed total contract fees and assessments collected from the contract holder. Any additional fees not included in the attributed fee ratio are considered revenue and reported in universal life and investment-type product policy fees. The attributed fee ratio is not updated in subsequent periods.

45The Company updates the estimated fair value of variable annuity guarantees in subsequent periods by projecting future benefits using capital markets inputs and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital markets scenarios. The reported estimated fair value is then determined by taking the present value of these cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin.

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)

9. Fair Value (continued)

The Company updates the estimated fair value of variable annuity guarantees in subsequent periods by projecting future benefits using capital markets inputs and actuarial assumptions including expectations of policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital markets scenarios. The reported estimated fair value is then determined by taking the present value of these cash flows using a discount rate that incorporates a spread over the risk-free rate to reflect the Company’s nonperformance risk and adding a risk margin.

The valuation of MRBs includes an adjustment for the risk that the Company fails to satisfy its obligations, which is referred to as nonperformance risk. The nonperformance risk adjustment is captured as an additional spread applied to the risk-free rate in determining the rate to discount the cash flows of the liability. The spread over the risk-free rate is based on the Company’s creditworthiness taking into consideration publicly available information relating to spreads in the secondary market for Brighthouse Financial’s debt. These observable spreads are then adjusted, as necessary, to reflect the financial strength ratings of the issuing insurance subsidiaries as compared to the credit rating of Brighthouse Financial.

Risk margins are established to capture the non-capital markets risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties in certain actuarial assumptions. The establishment of risk margins requires the use of significant actuarial judgment, including assumptions of the amount needed to cover the guarantees.

Actuarial assumptions are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted through net income. Capital market inputs used in the measurement of variable annuity guarantees are updated quarterly through net income, except for the change attributable to the Company’s nonperformance risk, which is reported in OCI.

Embedded Derivatives

Embedded derivatives include crediting rates associated with index-linked annuity contracts. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The crediting rates associated with these features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract. These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets.

The estimated fair value of crediting rates associated with index-linked annuities is determined using a combination of an option pricing model and an option-budget approach. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.

Actuarial assumptions including policyholder behavior and expectations for renewals at the end of the term period are reviewed at least annually, and if they change significantly, the estimated fair value is adjusted through net income. Capital market inputs used in the measurement of crediting rate embedded derivatives are updated quarterly through net income.

Transfers Into or Out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

4640

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)

9. Fair Value (continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

Certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were as follows at:

					September 30, 2025			December 31, 2024			Impact of Increase in Input on Estimated Fair Value
					March 31, 2026			December 31, 2025			Impact of Increase in Input on Estimated Fair Value
	Valuation Techniques		Significant Unobservable Inputs		Range			Range
Market Risk Benefits
Variable annuity guaranteed minimum benefits	•	Discounted cash flows	•	Mortality rates	0.04%	-	12.90%	0.04%	-	12.90%	Decrease (1)
			•	Lapse rates	1.00%	-	15.90%	1.00%	-	2015.2090%	Decrease (2)
			•	Utilization rates	0.00%	-	25.00%	0.00%	-	25.00%	Increase (3)
			•	Withdrawal rates	0.00%	-	10.00%	0.00%	-	10.00%	(4)
			•	Long-term equity volatilities	11.8082%	-	3129.7180%	1211.2256%	-	3733.0462%	Increase (5)
			•	Nonperformance risk spread	0.4564%	-	1.0243%	0.2045%	-	1.1902%	Decrease (6)
Embedded Derivatives
Registered index-linked annuity crediting rates	•	Option pricing techniques	•	Mortality rates	0.03%	-	7.86%	0.03%	-	7.86%	Decrease (1)
			•	Lapse rates	0.40%	-	75.00%	10.0040%	-	6275.3000%	Decrease (2)
			•	Withdrawal rates	0.50%	-	14.90%	0.50%	-	1314.0090%	(4)
			•	Nonperformance risk spread	0.2870%	-	1.5598%	0.3037%	-	1.6380%	Decrease (6)

_______________

(1)Mortality rates vary by age and by demographic characteristics such as gender. The range shown reflects the mortality rate for policyholders between 35 and 90 years old. Mortality rate assumptions are set based on company experience and include an assumption for mortality improvement.

(2)The lapse rate range reflects base lapse rates for major product categories for duration 1-20. Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. For variable annuity guarantees, a dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies.

(3)The utilization rate assumption for variable annuity guarantees estimates the percentage of contract holders with a guaranteed minimum income benefit (“GMIB”) or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible in a given year. The range shown represents the floor and cap of the GMIB dynamic election rates across varying levels of in-the-money. For lifetime withdrawal guarantee riders, the assumption is that everyone will begin withdrawals once account value reaches zero which is equivalent to a 100% utilization rate. Utilization rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder.

(4)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For variable annuity guaranteed minimum withdrawal benefits, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For variable annuity guaranteed minimum accumulation benefits and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(5)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing MRBs.

4741

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)

9. Fair Value (continued)

(6)Nonperformance risk spread varies by duration. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRB or embedded derivative.

The Company does not develop unobservable inputs used in measuring fair value for all other assets and liabilities classified within Level 3; therefore, these are not included in the table above. The other Level 3 assets and liabilities primarily included fixed maturity securities and derivatives. For fixed maturity securities valued based on non-binding broker quotes, an increase (decrease) in credit spreads would result in a (lower) higher fair value. For derivatives valued based on third-party pricing models, an increase (decrease) in credit spreads would generally result in a (lower) higher fair value.

4842

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)

9. Fair Value (continued)

The changes in assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (excluding MRBs disclosed in Note 4) were summarized as follows:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Fixed Maturity Securities

Corporate (1)

Structured Securities

~~ForeignGovernment~~Foreign Government

~~TradingSecurities~~

~~EquitySecurities~~Equity Securities

Short-~~termInvestments~~term Investments

NetDerivatives (2)

Embedded Derivatives on Index-Linked Annuities

(In millions)

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

Balance, beginning of period

~~763~~798

~~406~~269

—6

Filing Compare · BRIGHTHOUSE LIFE INSURANCE Co