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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
or
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: 001-37905
bhf-20220331_g1.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 81-3846992
(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:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBHFThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series ABHFAPThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series BBHFAOThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series CBHFANThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series DBHFAMThe Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058BHFALThe Nasdaq Stock Market LLC
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 filerþAccelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No þ
As of May 5, 2022, 74,893,889 shares of the registrant’s common stock were outstanding.



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at March 31, 2022 (Unaudited) and December 31, 2021 and for the Three Months Ended March 31, 2022 and 2021 (Unaudited)):
  Item 2.
  Item 3.
  Item 4.
  Item 1.
  Item 1A.
  Item 2.
  Item 6.


Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
March 31, 2022 (Unaudited) and December 31, 2021
(In millions, except share and per share data)
March 31, 2022December 31, 2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $81,242 and $79,246, respectively; allowance for credit losses of $11 and $11, respectively)
$82,496 $87,582 
Equity securities, at estimated fair value80 101 
Mortgage loans (net of allowance for credit losses of $127 and $123, respectively)
21,357 19,850 
Policy loans1,270 1,264 
Limited partnerships and limited liability companies4,587 4,271 
Short-term investments, principally at estimated fair value1,062 1,841 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)
2,568 3,316 
Total investments
113,420 118,225 
Cash and cash equivalents4,101 4,474 
Accrued investment income754 724 
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)
16,290 16,094 
Deferred policy acquisition costs and value of business acquired5,581 5,377 
Other assets465 482 
Separate account assets104,441 114,464 
Total assets
$245,052 $259,840 
Liabilities and Equity
Liabilities
Future policy benefits$41,979 $43,807 
Policyholder account balances67,887 66,851 
Other policy-related balances3,457 3,457 
Payables for collateral under securities loaned and other transactions6,209 6,269 
Long-term debt3,157 3,157 
Current income tax payable61 62 
Deferred income tax liability215 1,062 
Other liabilities4,767 4,504 
Separate account liabilities104,441 114,464 
Total liabilities
232,173 243,633 
Contingencies, Commitments and Guarantees (Note 10)
Equity
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference
  
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 122,068,462 and 121,513,442 shares issued, respectively; 75,799,704 and 77,870,072 shares outstanding, respectively
1 1 
Additional paid-in capital14,133 14,154 
Retained earnings (deficit)(2)(642)
Treasury stock, at cost; 46,268,758 and 43,643,370 shares, respectively
(1,681)(1,543)
Accumulated other comprehensive income (loss)363 4,172 
Total Brighthouse Financial, Inc.’s stockholders’ equity
12,814 16,142 
Noncontrolling interests65 65 
Total equity
12,879 16,207 
Total liabilities and equity
$245,052 $259,840 
See accompanying notes to the interim condensed consolidated financial statements.
2

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions, except per share data)
Three Months Ended
March 31,
20222021
Revenues
Premiums$166 $184 
Universal life and investment-type product policy fees841 930 
Net investment income1,151 1,187 
Other revenues137 127 
Net investment gains (losses)(68)14 
Net derivative gains (losses)513 (1,504)
Total revenues2,740 938 
Expenses
Policyholder benefits and claims906 756 
Interest credited to policyholder account balances290 297 
Amortization of deferred policy acquisition costs and value of business acquired227 91 
Other expenses510 562 
Total expenses1,933 1,706 
Income (loss) before provision for income tax807 (768)
Provision for income tax expense (benefit)165 (185)
Net income (loss)642 (583)
Less: Net income (loss) attributable to noncontrolling interests2 2 
Net income (loss) attributable to Brighthouse Financial, Inc.640 (585)
Less: Preferred stock dividends27 25 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$613 $(610)
Comprehensive income (loss)$(3,167)$(2,910)
Less: Comprehensive income (loss) attributable to noncontrolling interests2 2 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$(3,169)$(2,912)
Earnings per common share
Basic
$7.98 $(6.96)
Diluted
$7.91 $(6.96)
See accompanying notes to the interim condensed consolidated financial statements.
3

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions)
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2021$ $1 $14,154 $(642)$(1,543)$4,172 $16,142 $65 $16,207 
Treasury stock acquired in connection with share repurchases
(127)(127)(127)
Share-based compensation
 6 (11)(5)(5)
Dividends on preferred stock
(27)(27)(27)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
640 640 2 642 
Other comprehensive income (loss), net of income tax
(3,809)(3,809)(3,809)
Balance at March 31, 2022$ $1 $14,133 $(2)$(1,681)$363 $12,814 $65 $12,879 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2020$ $1 $13,878 $(534)$(1,038)$5,716 $18,023 $65 $18,088 
Treasury stock acquired in connection with share repurchases
(68)(68)(68)
Share-based compensation
 5 (6)(1)(1)
Dividends on preferred stock(25)(25)(25)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(585)(585)2 (583)
Other comprehensive income (loss), net of income tax
(2,327)(2,327)(2,327)
Balance at March 31, 2021$ $1 $13,858 $(1,119)$(1,112)$3,389 $15,017 $65 $15,082 
See accompanying notes to the interim condensed consolidated financial statements.
4

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2022 and 2021 (Unaudited)
(In millions)
Three Months Ended
March 31,
20222021
Net cash provided by (used in) operating activities$(163)$(104)
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities3,715 2,662 
Equity securities20 54 
Mortgage loans461 726 
Limited partnerships and limited liability companies67 49 
Purchases of:
Fixed maturity securities(5,532)(3,959)
Equity securities (6)
Mortgage loans(1,972)(568)
Limited partnerships and limited liability companies(279)(204)
Cash received in connection with freestanding derivatives1,440 1,012 
Cash paid in connection with freestanding derivatives(1,197)(1,581)
Net change in policy loans(5)46 
Net change in short-term investments781 1,569 
Net change in other invested assets(18) 
Net cash provided by (used in) investing activities
(2,519)(200)
Cash flows from financing activities
Policyholder account balances:
Deposits6,340 2,058 
Withdrawals(3,727)(698)
Net change in payables for collateral under securities loaned and other transactions(60)(971)
Long-term debt repaid(1) 
Dividends on preferred stock(27)(25)
Treasury stock acquired in connection with share repurchases(127)(68)
Financing element on certain derivative instruments and other derivative related transactions, net(76)(67)
Other, net(13)(8)
Net cash provided by (used in) financing activities2,309 221 
Change in cash, cash equivalents and restricted cash(373)(83)
Cash, cash equivalents and restricted cash, beginning of period4,474 4,108 
Cash, cash equivalents and restricted cash, end of period$4,101 $4,025 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$6 $6 
Income tax$1 $(21)
See accompanying notes to the interim condensed consolidated financial statements.
5

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
Brighthouse Financial, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, 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.
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, 2021 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 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 2021 Annual Report.
Adoption of New Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. There were no significant ASUs adopted during the period ended March 31, 2022.
Future Adoption of New Accounting Pronouncements
In August 2018, the FASB issued new guidance on long-duration contracts (ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts). This new guidance is effective for fiscal years beginning after January 1, 2023. The amendments to Topic 944 will result in significant changes to the measurement, presentation and disclosure requirements for long-duration insurance contracts. A summary of the most significant changes is provided below:
(1) Guaranteed benefits associated with variable annuity and certain fixed annuity contracts will be classified and presented separately on the consolidated balance sheets as market risk benefits (“MRB”). MRBs will be measured at fair value through net income and reported separately on the consolidated statements of operations, except for instrument-specific credit risk changes, which will be recognized in other comprehensive income (loss) (“OCI”).
6

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)
(2) Cash flow assumptions used to measure the liability for future policy benefits on traditional long-duration contracts (including term and non-participating whole life insurance and immediate annuities) will be updated on an annual basis using a retrospective method. The resulting remeasurement gain or loss will be reported separately on the consolidated statements of operations along with the remeasurement gain or loss on universal life-type contract liabilities.
(3) The discount rate assumption used to measure the liability for traditional long-duration contracts will be based on an upper-medium grade fixed income yield, updated quarterly, with changes recognized in OCI.
(4) Deferred policy acquisition costs (“DAC”) for all insurance products are required to be amortized on a constant-level basis over the expected term of the contracts, using amortization methods that are not a function of revenue or profit emergence. Changes in assumptions used to amortize DAC will be recognized as a revision to future amortization amounts.
(5) There will be a significant increase in required disclosures, including disaggregated rollforwards of insurance contract assets and liabilities supplemented by qualitative and quantitative information regarding the cash flows, assumptions, methods and judgements used to measure those balances.
The amendments to Topic 944 will be applied to the earliest period presented in the financial statements, making the transition date January 1, 2021. The MRB guidance is required to be applied on a retrospective basis, while the guidance for insurance liability assumption updates and DAC amortization will be applied to existing carrying amounts on the transition date.
The new guidance will have a significant impact on the Company’s financial statements upon adoption, and will change the pattern and market sensitivity of the Company’s earnings after the transition date. The most significant impact will be the requirement that all variable annuity guarantees be considered MRBs and measured at fair value, because a significant amount of variable annuity guarantees are classified as insurance liabilities under current guidance. The impacts to the financial statements at adoption are highly dependent on market conditions, especially interest rates. The Company is, therefore, unable to currently estimate the ultimate impact of the new guidance on the financial statements; however, at prevailing interest rate levels at the end of 2021, the Company expects the new guidance, upon adoption, would likely result in a material decrease in stockholders’ equity.
2. Segment Information
The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
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 and services, 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 of products that are no longer actively sold and are separately managed, including universal life with secondary guarantees, structured settlements, pension risk transfer contracts, certain company-owned life insurance policies and certain funding agreements.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers’ compensation business reinsured through 100% quota share reinsurance agreements, activities related to funding agreements associated with the Company’s institutional spread margin business, as well as direct-to-consumer life insurance that is no longer actively sold.
7

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. 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.
The following are significant items excluded from total revenues in calculating adjusted earnings:
Net investment gains (losses);
Net derivative gains (losses) except 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; and
Certain variable annuity guaranteed minimum income benefits (“GMIB”) fees (“GMIB Fees”).
The following are significant items excluded from total expenses in calculating adjusted earnings:
Amounts associated with benefits related to GMIBs (“GMIB Costs”);
Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets; and
Amortization of DAC and value of business acquired (“VOBA”) related to (i) net investment gains (losses), (ii) net derivative gains (losses) and (iii) GMIB Fees and GMIB Costs.
The tax impact of the adjustments discussed above is calculated net of the statutory tax rate, which could differ from the Company’s effective tax rate.
The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
8

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Operating results by segment, as well as Corporate & Other, were as follows:
Three Months Ended March 31, 2022
AnnuitiesLifeRun-offCorporate & OtherTotal
(In millions)
Pre-tax adjusted earnings$383 $32 $20 $(31)$404 
Provision for income tax expense (benefit)72 6 4 (1)81 
Post-tax adjusted earnings 311 26 16 (30)323 
Less: Net income (loss) attributable to noncontrolling interests   2 2 
Less: Preferred stock dividends    27 27 
Adjusted earnings$311 $26 $16 $(59)294 
Adjustments for:
Net investment gains (losses)(68)
Net derivative gains (losses)513 
Other adjustments to net income (loss)(42)
Provision for income tax (expense) benefit(84)
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
$613 
Interest revenue$555 $153 $401 $48 
Interest expense$ $ $ $38 
Three Months Ended March 31, 2021
AnnuitiesLifeRun-offCorporate & OtherTotal
(In millions)
Pre-tax adjusted earnings$414 $52 $85 $(61)$490 
Provision for income tax expense (benefit)78 10 9 (19)78 
Post-tax adjusted earnings 336 42 76 (42)412 
Less: Net income (loss) attributable to noncontrolling interests   2 2 
Less: Preferred stock dividends    25 25 
Adjusted earnings$336 $42 $76 $(69)385 
Adjustments for:
Net investment gains (losses)14 
Net derivative gains (losses)(1,504)
Other adjustments to net income (loss)232 
Provision for income tax (expense) benefit263 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
$(610)
Interest revenue$550 $166 $462 $14 
Interest expense$ $ $ $41 
9

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Total revenues by segment, as well as Corporate & Other, were as follows:
Three Months Ended
March 31,
20222021
(In millions)
Annuities$1,272 $1,298 
Life340 410 
Run-off562 628 
Corporate & Other67 35 
Adjustments499 (1,433)
Total$2,740 $938 
Total assets by segment, as well as Corporate & Other, were as follows at:
March 31, 2022December 31, 2021
(In millions)
Annuities$167,759 $178,700 
Life23,463 24,514 
Run-off34,038 37,055 
Corporate & Other19,792 19,571 
Total$245,052 $259,840 
3. Insurance
Guarantees
As discussed in Notes 1 and 3 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report, the Company issues variable annuity contracts with guaranteed minimum benefits. Guaranteed minimum death benefits, the life contingent portion of guaranteed minimum withdrawal benefits (“GMWB”) and certain portions of GMIBs are accounted for as insurance liabilities in future policyholder benefits, while other guarantees are accounted for in whole or in part as embedded derivatives in policyholder account balances and are further discussed in Note 5.
The Company also has secondary guarantees on universal and variable life insurance contracts accounted for as insurance liabilities.
Information regarding the Company’s guarantee exposure was as follows at:
March 31, 2022December 31, 2021
In the
Event of Death
At
Annuitization
In the
Event of Death
At
Annuitization
(Dollars in millions)
Annuity Contracts (1), (2)
Variable Annuity Guarantees
Total account value (3)$100,728 $54,256 $109,968 $59,735 
Separate account value$95,783 $53,074 $105,023 $58,555 
Net amount at risk$9,266 (4)$5,739 (5)$6,361 (4)$5,240 (5)
Average attained age of contract holders71 years70 years71 years70 years
10

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
3. Insurance (continued)
March 31, 2022December 31, 2021
Secondary Guarantees
(Dollars in millions)
Universal Life Contracts
Total account value (3)$5,447 $5,518 
Net amount at risk (6)$66,682 $67,248 
Average attained age of policyholders68 years68 years
Variable Life Contracts
Total account value (3)$4,436 $4,785 
Net amount at risk (6)$18,714 $18,857 
Average attained age of policyholders52 years52 years
_______________
(1)The Company’s annuity contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.
(2)Includes direct business, but excludes offsets from hedging or reinsurance, if any. Therefore, the net amount at risk presented reflects the economic exposures of living and death benefit guarantees associated with variable annuities, but not necessarily their impact on the Company. See Note 5 of the Notes to the Consolidated Financial Statements included in the 2021 Annual Report for a discussion of guaranteed minimum benefits which have been reinsured.
(3)Includes the contract holder’s investments in the general account and separate account, if applicable.
(4)Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.
(5)Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contract holders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contract holders have achieved.
(6)Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.
4. Investments
See Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2021 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.
11

Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
4. Investments (continued)
Fixed Maturity Securities Available-for-sale