Company Quick10K Filing
Brighthouse Life Insurance
Financials
Price9.87 EPS72,667
Shares0 P/E0
MCap0 P/FCF0
Net Debt-2,875 EBIT392
TEV-2,875 TEV/EBIT-7
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-05
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-05
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-22
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-28
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-12
10-K 2015-12-31 Filed 2016-03-25
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-03-31 Filed 2015-05-13
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-31
10-Q 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-12
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-22
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-22
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-23
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-12
10-K 2009-12-31 Filed 2010-03-24
Reports
8-K 2019-02-05 Enter Agreement, Leave Agreement, Exhibits

BHL 10Q Quarterly Report

Content
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
Exhibits
EX-31.1 bhinsurance-20200331xex311.htm
EX-31.2 bhinsurance-20200331xex312.htm
EX-32.1 bhinsurance-20200331xex321.htm
EX-32.2 bhinsurance-20200331xex322.htm

Brighthouse Life Insurance Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
220176132884402012201420172020
Assets, Equity
 3.02.11.30.4-0.4-1.32012201420172020
Rev, G Profit, Net Income
 10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin
Document
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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, 2020
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: 033-03094
 
 
bhflogorgb970pxa44.jpg
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
þ
 
Smaller reporting company
☐
 
 
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No þ
As of May 12, 2020, 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
 
Item 1.
Consolidated Financial Statements (at March 31, 2020 (Unaudited) and December 31, 2019 and for the Three Months Ended March 31, 2020 and 2019 (Unaudited)):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 6.
 
 
 
 


Part I — Financial Information
Item 1. Financial Statements
Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Consolidated Balance Sheets
March 31, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
 
 
March 31, 2020
 
December 31, 2019
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $64,182 and $63,083, respectively; allowance for credit losses of $10 and $0, respectively)
 
$
70,202

 
$
69,977

Equity securities, at estimated fair value
 
122

 
147

Mortgage loans (net of allowance for credit losses of $68 and $64, respectively)
 
15,457

 
15,664

Policy loans
 
836

 
875

Limited partnerships and limited liability companies
 
2,503

 
2,379

Short-term investments, principally at estimated fair value
 
3,729

 
1,482

Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $0, respectively)
 
9,756

 
3,224

Total investments
 
102,605

 
93,748

Cash and cash equivalents
 
8,508

 
2,493

Accrued investment income
 
847

 
663

Premiums, reinsurance and other receivables
 
14,549

 
14,287

Deferred policy acquisition costs and value of business acquired
 
4,288

 
4,809

Current income tax recoverable
 
19

 
21

Other assets
 
441

 
464

Separate account assets
 
83,049

 
99,668

Total assets
 
$
214,306

 
$
216,153

Liabilities and Equity
 
 
 
 
Liabilities
 
 
 
 
Future policy benefits
 
$
40,272

 
$
39,081

Policyholder account balances
 
46,782

 
45,121

Other policy-related balances
 
2,891

 
2,801

Payables for collateral under securities loaned and other transactions
 
10,964

 
4,374

Long-term and short-term debt
 
944

 
844

Deferred income tax liability
 
2,359

 
1,301

Other liabilities
 
4,811

 
4,484

Separate account liabilities
 
83,049

 
99,668

Total liabilities
 
192,072

 
197,674

Contingencies, Commitments and Guarantees (Note 10)
 

 

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
 
18,773

 
19,073

Retained earnings (deficit)
 
926

 
(3,899
)
Accumulated other comprehensive income (loss)
 
2,445

 
3,215

Total Brighthouse Life Insurance Company’s stockholder’s equity
 
22,219

 
18,464

Noncontrolling interests
 
15

 
15

Total equity
 
22,234

 
18,479

Total liabilities and equity
 
$
214,306

 
$
216,153

See accompanying notes to the interim condensed consolidated financial statements.

2

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
Three Months Ended 
 March 31,
 
2020
 
2019
Revenues
 
 
 
Premiums
$
191

 
$
217

Universal life and investment-type product policy fees
701

 
730

Net investment income
896

 
788

Other revenues
84

 
62

Net investment gains (losses)
(19
)
 
(10
)
Net derivative gains (losses)
6,747

 
(1,310
)
Total revenues
8,600

 
477

Expenses
 
 
 
Policyholder benefits and claims
1,133

 
744

Interest credited to policyholder account balances
251

 
250

Amortization of deferred policy acquisition costs and value of business acquired
702

 
24

Other expenses
410

 
434

Total expenses
2,496

 
1,452

Income (loss) before provision for income tax
6,104

 
(975
)
Provision for income tax expense (benefit)
1,265

 
(221
)
Net income (loss)
4,839

 
(754
)
Less: Net income (loss) attributable to noncontrolling interests
—

 
—

Net income (loss) attributable to Brighthouse Life Insurance Company
$
4,839

 
$
(754
)
Comprehensive income (loss)
$
4,069

 
$
186

Less: Comprehensive income (loss) attributable to noncontrolling interests
—

 
—

Comprehensive income (loss) attributable to Brighthouse Life Insurance Company
$
4,069

 
$
186

See accompanying notes to the interim condensed consolidated financial statements.

3

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Life Insurance Company’s Stockholder’s Equity
 
Noncontrolling Interests
 
Total
Equity
Balance at December 31, 2019
$
75

 
$
19,073

 
$
(3,899
)
 
$
3,215

 
$
18,464

 
$
15

 
$
18,479

Cumulative effect of change in accounting principle, net of income tax (Note 1)
 
 
 
 
(14
)
 
3

 
(11
)
 
 
 
(11
)
Balance at January 1, 2020
75

 
19,073

 
(3,913
)
 
3,218

 
18,453

 
15

 
18,468

Dividends paid to parent
 
 
(300
)
 
 
 
 
 
(300
)
 
 
 
(300
)
Net income (loss)
 
 
 
 
4,839

 
 
 
4,839

 
 
 
4,839

Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
(773
)
 
(773
)
 
 
 
(773
)
Balance at March 31, 2020
$
75

 
$
18,773

 
$
926

 
$
2,445

 
$
22,219

 
$
15

 
$
22,234

 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Life Insurance Company’s Stockholder’s Equity
 
Noncontrolling Interests
 
Total
Equity
Balance at December 31, 2018
$
75

 
$
19,073

 
$
(3,090
)
 
$
718

 
$
16,776

 
$
15

 
$
16,791

Net income (loss)
 
 
 
 
(754
)
 
 
 
(754
)
 
 
 
(754
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
940

 
940

 
 
 
940

Balance at March 31, 2019
$
75

 
$
19,073

 
$
(3,844
)
 
$
1,658

 
$
16,962

 
$
15

 
$
16,977


See accompanying notes to the interim condensed consolidated financial statements.


4

Brighthouse Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2020 and 2019 (Unaudited)
(In millions)
 
Three Months Ended 
 March 31,
 
2020
 
2019
Net cash provided by (used in) operating activities
$
158

 
$
523

Cash flows from investing activities
 
 
 
Sales, maturities and repayments of:
 
 
 
Fixed maturity securities
1,644

 
3,950

Equity securities
14

 
6

Mortgage loans
480

 
255

Limited partnerships and limited liability companies
69

 
77

Purchases of:
 
 
 
Fixed maturity securities
(2,469
)
 
(3,712
)
Mortgage loans
(277
)
 
(1,076
)
Limited partnerships and limited liability companies
(178
)
 
(110
)
Cash received in connection with freestanding derivatives
3,411

 
313

Cash paid in connection with freestanding derivatives
(1,806
)
 
(302
)
Issuance of loan to affiliate
(100
)
 
—

Net change in policy loans
39

 
34

Net change in short-term investments
(2,245
)
 
(506
)
Net change in other invested assets
18

 
50

Net cash provided by (used in) investing activities
(1,400
)
 
(1,021
)
Cash flows from financing activities
 
 
 
Policyholder account balances:
 
 
 
Deposits
1,839

 
1,724

Withdrawals
(473
)
 
(893
)
Net change in payables for collateral under securities loaned and other transactions
6,590

 
(1,070
)
Long-term and short-term debt issued
100

 
412

Long-term and short-term debt repaid
—

 
(1
)
Dividends paid to parent
(300
)
 
—

Financing element on certain derivative instruments and other derivative related transactions, net
(486
)
 
(11
)
Other, net
(13
)
 
(13
)
Net cash provided by (used in) financing activities
7,257

 
148

Change in cash, cash equivalents and restricted cash
6,015

 
(350
)
Cash, cash equivalents and restricted cash, beginning of period
2,493

 
3,494

Cash, cash equivalents and restricted cash, end of period
$
8,508

 
$
3,144

Supplemental disclosures of cash flow information
 
 
 
Net cash paid (received) for:
 
 
 
Interest
$
34

 
$
1

Income tax
$
—

 
$
(1
)

See accompanying notes to the interim condensed consolidated financial statements.


5
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”), which is a direct wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” together with its subsidiaries and affiliates, “Brighthouse Financial”). BLIC offers a range of individual annuities and individual life insurance products. 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 Life Insurance Company and its subsidiaries, as well as partnerships and limited liability companies (“LLCs”) in which the Company has control. 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.
Reclassifications
Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements.
Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone 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, 2019 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, 2019 (the “2019 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 2019 Annual Report.

6
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 (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements. ASUs adopted as of March 31, 2020 are summarized as follows:
Standard
Description
Effective Date
Impact on Financial Statements
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)
The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.
January 1, 2020 using the modified retrospective method
The Company recorded an after tax net decrease to retained earnings of $14 million and a net increase to accumulated other comprehensive income (loss) (“AOCI”) of $3 million for the cumulative effect of adoption. The adjustment included establishing or updating the allowance for credit losses on fixed maturity securities, mortgage loans, and other invested assets.
ASUs issued but not yet adopted as of March 31, 2020 are summarized as follows:
Standard
Description
Effective Date
Impact on Financial Statements
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred policy acquisition costs (“DAC”), and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis.
January 1, 2022
The Company is in the early stages of evaluating the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact is expected to be the measurement of liabilities for variable annuity guarantees.
CARES Act
In response to the worldwide pandemic sparked by the novel coronavirus (the “COVID-19 pandemic”), on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains numerous provisions intended to provide swift aid, including through tax relief, to businesses and individuals affected by the COVID-19 pandemic. The Company does not believe that the CARES Act will have a material impact to its consolidated financial statements at this time. The Company will continue to closely monitor developments related to the COVID-19 pandemic and the CARES Act.
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.

7
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)

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 provided on a tax-advantaged basis.
Run-off
The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and universal life with secondary guarantees.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of 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 and term life insurance sold direct to consumers, which is no longer being offered for new sales.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources 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 highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss) attributable to Brighthouse Life Insurance Company and excludes net income (loss) attributable to noncontrolling interests.
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.
The following are significant items excluded from total revenues, net of income tax, 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 (“GMIBs”) fees (“GMIB Fees”).
The following are significant items excluded from total expenses, net of income tax, 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 market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and
•
Amortization of DAC and value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned 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.

8
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)

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.
Operating results by segment, as well as Corporate & Other, were as follows:
 
 
Three Months Ended March 31, 2020
 
 
Annuities
 
Life
 
Run-off
 
Corporate
& Other
 
Total
 
 
(In millions)
Pre-tax adjusted earnings
 
$
383

 
$
21

 
$
(89
)
 
$
(83
)
 
$
232

Provision for income tax expense (benefit)
 
72

 
4

 
(19
)
 
(25
)
 
32

Post-tax adjusted earnings
 
311

 
17

 
(70
)
 
(58
)
 
200

Less: Net income (loss) attributable to noncontrolling interests
 
—

 
—

 
—

 
—

 
—

Adjusted earnings
 
$
311

 
$
17

 
$
(70
)
 
$
(58
)
 
200

Adjustments for:
 
 
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
 
 
(19
)
Net derivative gains (losses)
 
 
 
 
 
 
 
 
 
6,747

Other adjustments to net income (loss)
 
 
 
 
 
 
 
 
 
(856
)
Provision for income tax (expense) benefit
 
 
 
 
 
 
 
 
 
(1,233
)
Net income (loss) attributable to Brighthouse Life Insurance Company
 
 
 
 
 
 
 
 
 
$
4,839

 
 
 
 
 
 
 
 
 
 
 
Interest revenue
 
$
458

 
$
100

 
$
324

 
$
16

 
 
Interest expense
 
$
—

 
$
—

 
$
—

 
$
17

 
 
 
 
Three Months Ended March 31, 2019
 
 
Annuities