Company Quick10K Filing
Quick10K
Brighthouse Life Insurance Co of Ny
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
8-K 2019-02-05 Enter Agreement, Leave Agreement, Exhibits
NTRB Nutriband 564
STXS Stereotaxis 166
BNET Bion Environmental Technologies 15
SFHI Sports Field Holdings 3
CNNA Cannamed Enterprises 0
SNPW Sun Pacific Holding 0
ANDES Andes 7 0
CAVF Cavendish Futures Fund 0
PAYT Pay My Time 0
HHER Her Imports 0
BHNY 2019-06-30
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
EX-10.1 bhny-20190630xex101.htm
EX-31.1 bhny-20190630xex311.htm
EX-31.2 bhny-20190630xex312.htm
EX-32.1 bhny-20190630xex321.htm
EX-32.2 bhny-20190630xex322.htm

Brighthouse Life Insurance Co of Ny Earnings 2019-06-30

BHNY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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 June 30, 2019
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: 000-55705
 
bhflogorgb970pxa38.jpg
Brighthouse Life Insurance Company of NY
(Exact name of registrant as specified in its charter)
New York
 
13-3690700
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
285 Madison Avenue, 14th Floor,
New York,
New York
 
 
10017
(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 August 8, 2019, 200,000 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

Table of Contents
 
Page
 
Item 1.
Financial Statements (at June 30, 2019 (Unaudited) and December 31, 2018 and for the Three Months and Six Months Ended June 30, 2019 and 2018 (Unaudited)):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 6.
 
 
 


Table of Contents

Part I — Financial Information
Item 1. Financial Statements
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Balance Sheets
June 30, 2019 (Unaudited) and December 31, 2018
(In thousands, except share and per share data)
 
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $2,694,974 and $2,469,801, respectively)
 
$
2,817,791

 
$
2,433,633

Mortgage loans (net of valuation allowances of $2,142 and $1,937, respectively)
 
520,644

 
448,105

Other invested assets, principally at estimated fair value
 
50,145

 
35,815

Total investments
 
3,388,580

 
2,917,553

Cash and cash equivalents
 
190,199

 
120,130

Accrued investment income
 
38,702

 
20,605

Premiums, reinsurance and other receivables
 
628,838

 
580,480

Deferred policy acquisition costs and value of business acquired
 
172,674

 
185,586

Other assets
 
34,012

 
37,348

Separate account assets
 
4,612,744

 
4,268,423

Total assets
 
$
9,065,749

 
$
8,130,125

Liabilities and Stockholder's Equity
 
 
 
 
Liabilities
 
 
 
 
Future policy benefits
 
$
732,751

 
$
718,599

Policyholder account balances
 
1,979,117

 
1,692,498

Other policy-related balances
 
18,638

 
9,288

Payables for collateral under derivative transactions
 
39,671

 
23,581

Current income tax payable
 
1,854

 
1,755

Deferred income tax liability
 
139,196

 
107,853

Other liabilities
 
505,893

 
471,490

Separate account liabilities
 
4,612,744

 
4,268,423

Total liabilities
 
8,029,864

 
7,293,487

Contingencies, Commitments and Guarantees (Note 9)
 

 

Stockholder's Equity
 
 
 
 
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding
 
2,000

 
2,000

Additional paid-in capital
 
490,931

 
415,931

Retained earnings (deficit)
 
451,254

 
433,778

Accumulated other comprehensive income (loss)
 
91,700

 
(15,071
)
Total stockholder's equity
 
1,035,885

 
836,638

Total liabilities and stockholder's equity
 
$
9,065,749

 
$
8,130,125

See accompanying notes to the interim condensed financial statements.

2

Table of Contents

Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Six Months Ended June 30, 2019 and 2018 (Unaudited)
(In thousands)
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Premiums
$
6,966

 
$
9,112

 
$
15,998

 
$
19,405

Universal life and investment-type product policy fees
24,143

 
25,883

 
47,393

 
51,869

Net investment income
29,716

 
24,089

 
56,209

 
48,020

Other revenues
(21,708
)
 
(12,076
)
 
(42,031
)
 
(24,620
)
Net investment gains (losses)
5,472

 
(2,063
)
 
5,020

 
(4,418
)
Net derivative gains (losses)
27,308

 
(21,112
)
 
24,063

 
(65,374
)
Total revenues
71,897

 
23,833

 
106,652

 
24,882

Expenses
 
 
 
 
 
 
 
Policyholder benefits and claims
14,388

 
3,948

 
23,847

 
2,407

Interest credited to policyholder account balances
9,133

 
9,337

 
17,391

 
18,569

Amortization of deferred policy acquisition costs and value of business acquired
5,560

 
1,495

 
6,463

 
(1,828
)
Other expenses
19,624

 
16,181

 
38,514

 
31,908

Total expenses
48,705

 
30,961

 
86,215

 
51,056

Income (loss) before provision for income tax
23,192

 
(7,128
)
 
20,437

 
(26,174
)
Provision for income tax expense (benefit)
4,205

 
(2,167
)
 
2,961

 
(6,843
)
Net income (loss)
$
18,987

 
$
(4,961
)
 
$
17,476

 
$
(19,331
)
Comprehensive income (loss)
$
79,838

 
$
(20,089
)
 
$
124,247

 
$
(64,749
)
See accompanying notes to the interim condensed financial statements.

3

Table of Contents

Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Stockholder’s Equity
For the Six Months Ended June 30, 2019 and 2018 (Unaudited)
(In thousands)
 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders
Equity
Balance at December 31, 2018
$
2,000

 
$
415,931

 
$
433,778

 
$
(15,071
)
 
$
836,638

Net income (loss)

 

 
(1,511
)
 

 
(1,511
)
Capital contribution
 
 
75,000

 
 
 
 
 
75,000

Other comprehensive income (loss), net of income tax


 


 


 
45,920

 
45,920

Balance at March 31, 2019
2,000

 
490,931

 
432,267

 
30,849

 
956,047

Net income (loss)
 
 
 
 
18,987

 
 
 
18,987

Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
60,851

 
60,851

Balance at June 30, 2019
$
2,000

 
$
490,931

 
$
451,254

 
$
91,700

 
$
1,035,885

 
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
(Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders
Equity
Balance at December 31, 2017
$
2,000

 
$
415,931

 
$
395,928

 
$
29,628

 
$
843,487

Net income (loss)
 
 
 
 
(14,370
)
 
 
 
(14,370
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
(30,290
)
 
(30,290
)
Balance at March 31, 2018
2,000

 
415,931

 
381,558

 
(662
)
 
798,827

Net income (loss)
 
 
 
 
(4,961
)
 
 
 
(4,961
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
(15,128
)
 
(15,128
)
Balance at June 30, 2018
$
2,000

 
$
415,931

 
$
376,597

 
$
(15,790
)
 
$
778,738


See accompanying notes to the interim condensed financial statements.

4

Table of Contents

Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Statements of Cash Flows
For the Six Months Ended June 30, 2019 and 2018 (Unaudited)
(In thousands)
 
Six Months Ended 
 June 30,
 
2019
 
2018
Net cash provided by (used in) operating activities
$
(3,696
)
 
$
55,004

Cash flows from investing activities
 
 
 
Sales, maturities and repayments of:
 
 
 
Fixed maturity securities
460,751

 
183,586

Mortgage loans
6,735

 
8,376

Purchases of:
 
 
 
Fixed maturity securities
(662,395
)
 
(306,386
)
Mortgage loans
(81,578
)
 
(23,922
)
Cash received in connection with freestanding derivatives
49,501

 
3,121

Cash paid in connection with freestanding derivatives
(8,125
)
 
(36,550
)
Net change in short-term investments

 
(32,913
)
Net change in other invested assets
6,326

 
372

Net cash provided by (used in) investing activities
(228,785
)
 
(204,316
)
Cash flows from financing activities
 
 
 
Policyholder account balances:
 
 
 
Deposits
299,212

 
219,081

Withdrawals
(87,752
)
 
(61,144
)
Net change in payables for collateral under derivative transactions
16,090

 
21,621

Capital contribution
75,000

 

Net cash provided by (used in) financing activities
302,550

 
179,558

Change in cash, cash equivalents and restricted cash
70,069

 
30,246

Cash, cash equivalents and restricted cash, beginning of period
120,130

 
86,154

Cash, cash equivalents and restricted cash, end of period
$
190,199

 
$
116,400

Supplemental disclosures of cash flow information
 
 
 
Net cash paid (received) for:
 
 
 
Income tax
$

 
$
8


See accompanying notes to the interim condensed financial statements.

5

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“BHNY” and the “Company” refer to Brighthouse Life Insurance Company of NY, a New York domiciled life insurance company. Brighthouse Life Insurance Company of NY is a wholly-owned subsidiary of Brighthouse Life Insurance Company, which is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” together with its subsidiaries and affiliates, “Brighthouse Financial”). The Company is licensed to transact business in the state of New York.
BHNY markets and/or administers traditional life, universal life, variable annuity and fixed annuity products to individuals. The Company is organized into two segments: Annuities; and Life. In addition, the Company reports certain of its results of operations in Corporate & Other.
In 2016, MetLife, Inc. (together with its subsidiaries and affiliates, “MetLife”) announced its plan to pursue the separation of a substantial portion of its former U.S. retail business (the “Separation”). In connection with the Separation, 80.8% of MetLife, Inc.’s interest in BHF was distributed to holders of MetLife, Inc.’s common stock. On June 14, 2018, MetLife, Inc. divested its remaining shares of BHF common stock (the “MetLife Divestiture”). As a result, MetLife, Inc. and its subsidiaries and affiliates are no longer considered related parties subsequent to the MetLife Divestiture.
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 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.
Reclassifications
Certain amounts in the prior year periods’ interim condensed financial statements and related footnotes thereto have been reclassified to conform with the 2019 presentation as may be discussed throughout the Notes to the Interim Condensed 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 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, 2018 balance sheet data was derived from audited financial statements included in BHNY’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed financial statements should be read in conjunction with the financial statements of the Company included in the 2018 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 (“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 financial statements. There were no ASUs adopted during 2019 which had a material impact on the Company’s financial statements.

6

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

ASUs issued but not yet adopted as of June 30, 2019 are summarized in the table below.
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 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.
The amendments are currently effective on January 1, 2021. On July 17, 2019 the FASB tentatively decided to extend the effective date of the ASU by one year. The FASB intends to release an exposure draft, which if adopted, will change the effective date for the Company to 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 will be the measurement of liabilities for variable annuity guarantees.
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
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 (“OTTI”) 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 (with early adoption permitted beginning January 1, 2019)
The Company is currently evaluating the impact of this guidance on its financial statements, with the most significant impact expected to be earlier recognition of credit losses on mortgage loan investments.



7

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)

2. Segment Information
The Company is organized into two segments: Annuities and Life. 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, whole and universal life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts and a portion of MetLife’s former U.S. insurance business 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).
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 on derivatives 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”) and amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses).
The following are significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:
Amounts associated with benefits and hedging costs 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 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.
Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and six months ended June 30, 2019 and 2018 and at June 30, 2019 and December 31, 2018. The segment accounting policies are the same as those used to prepare the Company’s condensed 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

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed 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
Three Months Ended June 30, 2019
 
Annuities
 
Life
 
Corporate & Other
 
Total
 
 
(In thousands)
Pre-tax adjusted earnings
 
$
(6,972
)
 
$
(5,928
)
 
$
(1,149
)
 
$
(14,049
)
Provision for income tax expense (benefit)
 
(1,886
)
 
(1,244
)
 
(485
)
 
(3,615
)
Adjusted earnings
 
$
(5,086
)
 
$
(4,684
)
 
$
(664
)
 
(10,434
)
Adjustments for:
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
5,472

Net derivative gains (losses)
 
 
 
 
 
 
 
27,308

Other adjustments to net income
 
 
 
 
 
 
 
4,461

Provision for income tax (expense) benefit
 
 
 
 
 
 
 
(7,820
)
Net income (loss)
 
 
 
 
 
 
 
$
18,987

 
 
 
 
 
 
 
 
 
Interest revenue
 
$
20,107

 
$
9,306

 
$
398

 
 
 
 
Operating Results
Three Months Ended June 30, 2018
 
Annuities
 
Life
 
Corporate & Other
 
Total
 
 
(In thousands)
Pre-tax adjusted earnings
 
$
6,473

 
$
4,556

 
$
186

 
$
11,215

Provision for income tax expense (benefit)
 
880

 
959

 
(154
)
 
1,685

Adjusted earnings
 
$
5,593

 
$
3,597

 
$
340

 
9,530

Adjustments for:
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
(2,063
)
Net derivative gains (losses)
 
 
 
 
 
 
 
(21,112
)
Other adjustments to net income
 
 
 
 
 
 
 
4,832

Provision for income tax (expense) benefit
 
 
 
 
 
 
 
3,852

Net income (loss)
 
 
 
 
 
 
 
$
(4,961
)
 
 
 
 
 
 
 
 
 
Interest revenue
 
$
15,278

 
$
8,482

 
$
425

 
 

9

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)

 
 
Operating Results
Six Months Ended June 30, 2019
 
Annuities
 
Life
 
Corporate & Other
 
Total
 
 
(In thousands)
Pre-tax adjusted earnings
 
$
(11,951
)
 
$
(10,184
)
 
$
(1,702
)
 
$
(23,837
)
Provision for income tax expense (benefit)
 
(3,354
)
 
(2,138
)
 
(844
)
 
(6,336
)
Adjusted earnings
 
$
(8,597
)
 
$
(8,046
)
 
$
(858
)
 
(17,501
)
Adjustments for:
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
5,020

Net derivative gains (losses)
 
 
 
 
 
 
 
24,063

Other adjustments to net income
 
 
 
 
 
 
 
15,191

Provision for income tax (expense) benefit
 
 
 
 
 
 
 
(9,297
)
Net income (loss)
 
 
 
 
 
 
 
$
17,476

 
 
 
 
 
 
 
 
 
Interest revenue
 
$
37,879

 
$
17,610

 
$
907

 
 

 
 
Operating Results
Six Months Ended June 30, 2018
 
Annuities
 
Life
 
Corporate & Other
 
Total
 
 
(In thousands)
Pre-tax adjusted earnings
 
$
11,903

 
$
12,570

 
$
2,448

 
$
26,921

Provision for income tax expense (benefit)
 
1,537

 
2,642

 
127

 
4,306

Adjusted earnings
 
$
10,366

 
$
9,928

 
$
2,321

 
22,615

Adjustments for:
 
 
 
 
 
 
 
 
Net investment gains (losses)
 
 
 
 
 
 
 
(4,418
)
Net derivative gains (losses)
 
 
 
 
 
 
 
(65,374
)
Other adjustments to net income
 
 
 
 
 
 
 
16,697

Provision for income tax (expense) benefit
 
 
 
 
 
 
 
11,149

Net income (loss)
 
 
 
 
 
 
 
$
(19,331
)
 
 
 
 
 
 
 
 
 
Interest revenue
 
$
30,081

 
$
17,321

 
$
796

 
 

The following table presents total revenues with respect to the Company’s segments, as well as Corporate & Other:
 
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(In thousands)
Annuities
 
$
21,820

 
$
28,106

 
$
43,707

 
$
55,744

Life
 
13,477

 
14,407

 
26,124

 
30,103

Corporate & Other
 
528

 
1,079

 
1,198

 
2,103

Adjustments
 
36,072

 
(19,759
)
 
35,623

 
(63,068
)
Total
 
$
71,897

 
$
23,833

 
$
106,652

 
$
24,882



10

Table of Contents
Brighthouse Life Insurance Company of NY
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

June 30, 2019

December 31, 2018

(In thousands)
Annuities
$
7,828,964


$
7,034,394

Life
1,157,104


1,083,641

Corporate & Other
79,681


12,090

Total
$
9,065,749


$
8,130,125


3. Insurance
Guarantees
As discussed in Notes 1 and 3 of the Notes to the Financial Statements included in the 2018 Annual Report, the Company issues variable annuity contracts with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”), the non-life contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and certain portions of GMIBs that do not require the policyholder to annuitize are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 5.
Information regarding the Company’s guarantee exposure was as follows at:
 
 
June 30, 2019
 
December 31, 2018
 
 
 
In the
Event of Death
 
At
Annuitization
 
In the
Event of Death
 
At
Annuitization
 
 
 
(Dollars in thousands)
 
Annuity Contracts (1), (2)
 
 
 
 
 
 
 
 
 
Variable Annuity Guarantees
 
 
 
 
 
 
 
 
 
Total account value (3)
 
$
4,618,740

 
$
3,732,716

 
$
4,274,326

 
$
3,483,668

 
Separate account value
 
$
4,610,504

 
$
3,732,340

 
$
4,266,520

 
$
3,482,829

 
Net amount at risk
 
$
6,893

(4)
$
230,389

(5)
$
193,102

(4)
$
274,632