Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting Information, by Segment


	Three Months Ended March 31, 2026
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	799	$	241	$	354	$	133	$	1,527
Less: Revenues excluded from adjusted earnings (1)	(556)		(7)		(9)		1
Less: Segment expenses:
Policyholder benefits and claims	124		170		343		—
Interest credited to policyholder account balances, excluding market value adjustments	334		29		53		90
Amortization of DAC and VOBA	137		21		—		—
Interest expense on debt	—		—		—		38
Other expenses (2)	360		36		28		15
Less: Provision for income tax expense (benefit)	76		(2)		(13)		(8)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2
Less: Preferred stock dividends	—		—		—		26
Adjusted earnings (loss)	$	324	$	(6)	$	(48)	$	(31)	239

Adjustments for:
Net investment gains (losses)									(52)
Investment gains (losses) on trading securities									(10)
Net derivative gains (losses), excluding investment hedge adjustments of $0									(509)
Change in market risk benefits									(748)
Market value adjustments									13
Provision for income tax (expense) benefit									275
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(792)

Interest revenue	$	771	$	98	$	268	$	131


	Three Months Ended March 31, 2025
	Annuities		Life		Run-off		Corporate & Other		Total
	(In millions)
Total revenues	$	1,590	$	281	$	368	$	151	$	2,390
Less: Revenues excluded from adjusted earnings (1)	246		(10)		1		(3)
Less: Segment expenses:
Policyholder benefits and claims	110		187		352		—
Interest credited to policyholder account balances, excluding market value adjustments	358		27		60		106
Amortization of DAC and VOBA	126		22		—		—
Interest expense on debt	—		—		—		38
Other expenses (2)	363		45		36		11
Less: Provision for income tax expense (benefit)	73		1		(17)		(5)
Less: Net income (loss) attributable to noncontrolling interests	—		—		—		2
Less: Preferred stock dividends	—		—		—		26
Adjusted earnings (loss)	$	314	$	9	$	(64)	$	(24)	235

Adjustments for:
Net investment gains (losses)									(83)
Investment gains (losses) on trading securities									6
Net derivative gains (losses), excluding investment hedge adjustments of $0									311
Change in market risk benefits									(893)
Market value adjustments									(10)
Provision for income tax (expense) benefit									140
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders									$	(294)

Interest revenue	$	753	$	107	$	272	$	159

_______________

(1)For each reportable segment, certain revenues are excluded from adjusted earnings (loss), including net investment gains (losses), investment gains (losses) on trading securities and net derivative gains (losses), excluding Investment Hedge Adjustments.

(2)Other expenses include corporate expense allocations directly attributable to each of the segments.

Total assets by segment were as follows at:


	March 31, 2026		December 31, 2025
	(In millions)
Annuities	$	163,357	$	166,867
Life	27,146		27,494
Run-off	24,711		25,455
Corporate & Other	21,589		21,984
Total	$	236,803	$	241,800

Premiums, Universal Life and Investment-Type Product Policy Fees and Other Revenues by Product Groups

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


	Three Months Ended March 31,
		2026		2025
		(In millions)
Annuity products		$	584	$	592
Life insurance products		241		275
Other products		5		(2)
Total		$	830	$	865

Brighthouse Financial, Inc. 10-Q