falsedesktopBHNY2020-09-30000116760920000013{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\t\tPage\nPart I - Financial Information\t\t\nItem 1.\tFinancial Statements (at September 30 2020 (Unaudited) and December 31 2019 and for the Three Months and Nine Months Ended September 30 2020 and 2019 (Unaudited)):\t\n\tInterim Condensed Balance Sheets\t2\n\tInterim Condensed Statements of Operations and Comprehensive Income (Loss)\t3\n\tInterim Condensed Statements of Stockholder's Equity\t4\n\tInterim Condensed Statements of Cash Flows\t5\n\tNotes to the Interim Condensed Financial Statements (Unaudited):\t\n\tNote 1 - Business Basis of Presentation and Summary of Significant Accounting Policies\t6\n\tNote 2 - Segment Information\t7\n\tNote 3 - Insurance\t10\n\tNote 4 - Investments\t11\n\tNote 5 - Derivatives\t19\n\tNote 6 - Fair Value\t24\n\tNote 7 - Short-term Debt\t32\n\tNote 8 - Equity\t33\n\tNote 9 - Other Revenues and Other Expenses\t34\n\tNote 10 - Contingencies Commitments and Guarantees\t35\n\tNote 11 - Related Party Transactions\t37\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t39\nItem 4.\tControls and Procedures\t48\nPart II - Other Information\t\t\nItem 1.\tLegal Proceedings\t48\nItem 1A.\tRisk Factors\t48\nItem 6.\tExhibits\t49\nSignature\t\t50\n", "q10k_tbl_1": "\tSeptember 30 2020\tDecember 31 2019\nAssets\t\t\nInvestments:\t\t\nFixed maturity securities available-for-sale at estimated fair value (amortized cost: $3276 and $2897 respectively; allowance for credit losses of $0 and $0 respectively)\t3607\t3067\nMortgage loans (net of allowance for credit losses of $2 and $3 respectively)\t637\t625\nShort-term investments principally at estimated fair value\t11\t52\nOther invested assets principally at estimated fair value\t129\t108\nTotal investments\t4384\t3852\nCash and cash equivalents\t303\t148\nAccrued investment income\t29\t25\nPremiums reinsurance and other receivables\t1311\t1048\nDeferred policy acquisition costs\t128\t175\nOther assets\t23\t33\nSeparate account assets\t4559\t4676\nTotal assets\t10737\t9957\nLiabilities and Stockholder's Equity\t\t\nLiabilities\t\t\nFuture policy benefits\t826\t743\nPolicyholder account balances\t2810\t2339\nOther policy-related balances\t16\t9\nPayables for collateral under derivative transactions\t74\t85\nCurrent income tax payable\t28\t30\nDeferred income tax liability\t174\t114\nOther liabilities\t970\t912\nSeparate account liabilities\t4559\t4676\nTotal liabilities\t9457\t8908\nContingencies Commitments and Guarantees (Note 10)\t\t\nStockholder's Equity\t\t\nCommon stock par value $10 per share; 200000 shares authorized issued and outstanding\t2\t2\nAdditional paid-in capital\t491\t491\nRetained earnings (deficit)\t555\t434\nAccumulated other comprehensive income (loss)\t232\t122\nTotal stockholder's equity\t1280\t1049\nTotal liabilities and stockholder's equity\t10737\t9957\n", "q10k_tbl_2": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t\t\t\t\nPremiums\t(3)\t5\t16\t21\nUniversal life and investment-type product policy fees\t24\t25\t70\t72\nNet investment income\t34\t32\t100\t88\nOther revenues\t(22)\t(21)\t(62)\t(63)\nNet investment gains (losses)\t8\t(1)\t13\t4\nNet derivative gains (losses)\t23\t51\t178\t75\nTotal revenues\t64\t91\t315\t197\nExpenses\t\t\t\t\nPolicyholder benefits and claims\t6\t14\t20\t38\nInterest credited to policyholder account balances\t10\t10\t29\t27\nAmortization of deferred policy acquisition costs\t25\t15\t58\t21\nOther expenses\t17\t19\t57\t58\nTotal expenses\t58\t58\t164\t144\nIncome (loss) before provision for income tax\t6\t33\t151\t53\nProvision for income tax expense (benefit)\t1\t5\t30\t8\nNet income (loss)\t5\t28\t121\t45\nComprehensive income (loss)\t23\t69\t231\t193\n", "q10k_tbl_3": "\tCommon Stock\tAdditional Paid-in Capital\tRetained Earnings (Deficit)\tAccumulated Other Comprehensive Income (Loss)\tTotal Stockholder's Equity\nBalance at December 31 2019\t2\t491\t434\t122\t1049\nNet income (loss)\t\t\t116\t\t116\nOther comprehensive income (loss) net of income tax\t\t\t\t92\t92\nBalance at June 30 2020\t2\t491\t550\t214\t1257\nNet income (loss)\t\t\t5\t\t5\nOther comprehensive income (loss) net of income tax\t\t\t\t18\t18\nBalance at September 30 2020\t2\t491\t555\t232\t1280\n", "q10k_tbl_4": "\tCommon Stock\tAdditional Paid-in Capital\tRetained Earnings (Deficit)\tAccumulated Other Comprehensive Income (Loss)\tTotal Stockholder's Equity\nBalance at December 31 2018\t2\t416\t434\t(15)\t837\nCapital contribution\t\t75\t\t\t75\nNet income (loss)\t\t\t17\t\t17\nOther comprehensive income (loss) net of income tax\t\t\t\t107\t107\nBalance at June 30 2019\t2\t491\t451\t92\t1036\nNet income (loss)\t\t\t28\t\t28\nOther comprehensive income (loss) net of income tax\t\t\t\t41\t41\nBalance at September 30 2019\t2\t491\t479\t133\t1105\n", "q10k_tbl_5": "\tNine Months Ended September 30\t\n\t2020\t2019\nNet cash provided by (used in) operating activities\t62\t(6)\nCash flows from investing activities\t\t\nSales maturities and repayments of:\t\t\nFixed maturity securities\t436\t538\nMortgage loans\t48\t20\nPurchases of:\t\t\nFixed maturity securities\t(780)\t(878)\nMortgage loans\t(62)\t(135)\nCash received in connection with freestanding derivatives\t222\t73\nCash paid in connection with freestanding derivatives\t(187)\t(10)\nNet change in short-term investments\t41\t0\nNet change in other invested assets\t1\t6\nNet cash provided by (used in) investing activities\t(281)\t(386)\nCash flows from financing activities\t\t\nPolicyholder account balances:\t\t\nDeposits\t460\t475\nWithdrawals\t(75)\t(116)\nNet change in payables for collateral under derivative transactions\t(11)\t4\nShort-term debt issued\t100\t0\nShort-term debt repaid\t(100)\t0\nCapital contribution\t0\t75\nNet cash provided by (used in) financing activities\t374\t438\nChange in cash cash equivalents and restricted cash\t155\t46\nCash cash equivalents and restricted cash beginning of period\t148\t120\nCash cash equivalents and restricted cash end of period\t303\t166\nSupplemental disclosure of cash flow information\t\t\nNet cash paid (received) for:\t\t\nInterest\t1\t0\n", "q10k_tbl_6": "Standard\tDescription\tEffective Date\tImpact on Financial Statements\nASU 2018-12 Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts\tThe 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.\tJanuary 1 2023\tThe Company continues to evaluate 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.\n", "q10k_tbl_7": "\tThree Months Ended September 30 2020\t\t\t\n\tAnnuities\tLife\tCorporate & Other\tTotal\n\t(In millions)\t\t\t\nPre-tax adjusted earnings\t(7)\t19\t0\t12\nProvision for income tax expense (benefit)\t(2)\t4\t0\t2\nAdjusted earnings\t(5)\t15\t0\t10\nAdjustments for:\t\t\t\t\nNet investment gains (losses)\t\t\t\t8\nNet derivative gains (losses)\t\t\t\t23\nOther adjustments to net income (loss)\t\t\t\t(37)\nProvision for income tax (expense) benefit\t\t\t\t1\nNet income (loss)\t\t\t\t5\nInterest revenue\t24\t9\t1\t\n", "q10k_tbl_8": "\tThree Months Ended September 30 2019\t\t\t\n\tAnnuities\tLife\tCorporate & Other\tTotal\n\t(In millions)\t\t\t\nPre-tax adjusted earnings\t(13)\t(4)\t0\t(17)\nProvision for income tax expense (benefit)\t(3)\t(1)\t(2)\t(6)\nAdjusted earnings\t(10)\t(3)\t2\t(11)\nAdjustments for:\t\t\t\t\nNet investment gains (losses)\t\t\t\t(1)\nNet derivative gains (losses)\t\t\t\t51\nOther adjustments to net income (loss)\t\t\t\t0\nProvision for income tax (expense) benefit\t\t\t\t(11)\nNet income (loss)\t\t\t\t28\nInterest revenue\t22\t9\t1\t\n", "q10k_tbl_9": "\tNine Months Ended September 30 2020\t\t\t\n\tAnnuities\tLife\tCorporate & Other\tTotal\n\t(In millions)\t\t\t\nPre-tax adjusted earnings\t(7)\t39\t(3)\t29\nProvision for income tax expense (benefit)\t(3)\t8\t(1)\t4\nAdjusted earnings\t(4)\t31\t(2)\t25\nAdjustments for:\t\t\t\t\nNet investment gains (losses)\t\t\t\t13\nNet derivative gains (losses)\t\t\t\t178\nOther adjustments to net income (loss)\t\t\t\t(69)\nProvision for income tax (expense) benefit\t\t\t\t(26)\nNet income (loss)\t\t\t\t121\nInterest revenue\t71\t27\t2\t\n", "q10k_tbl_10": "\tNine Months Ended September 30 2019\t\t\t\n\tAnnuities\tLife\tCorporate & Other\tTotal\n\t(In millions)\t\t\t\nPre-tax adjusted earnings\t(25)\t(14)\t(2)\t(41)\nProvision for income tax expense (benefit)\t(6)\t(3)\t(3)\t(12)\nAdjusted earnings\t(19)\t(11)\t1\t(29)\nAdjustments for:\t\t\t\t\nNet investment gains (losses)\t\t\t\t4\nNet derivative gains (losses)\t\t\t\t75\nOther adjustments to net income (loss)\t\t\t\t15\nProvision for income tax (expense) benefit\t\t\t\t(20)\nNet income (loss)\t\t\t\t45\nInterest revenue\t59\t27\t2\t\n", "q10k_tbl_11": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nAnnuities\t26\t22\t76\t66\nLife\t3\t14\t36\t40\nCorporate & Other\t1\t1\t2\t2\nAdjustments\t34\t54\t201\t89\nTotal\t64\t91\t315\t197\n", "q10k_tbl_12": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nAnnuities\t8698\t7888\nLife\t1874\t1933\nCorporate & Other\t165\t136\nTotal\t10737\t9957\n", "q10k_tbl_13": "\tSeptember 30 2020\t\t\t\tDecember 31 2019\t\t\t\n\tIn the Event of Death\t\tAt Annuitization\t\tIn the Event of Death\t\tAt Annuitization\t\n\t(Dollars in millions)\t\t\t\t\t\t\t\nAnnuity Contracts (1) (2)\t\t\t\t\t\t\t\t\nVariable Annuity Guarantees\t\t\t\t\t\t\t\t\nTotal account value (3)\t4565\t\t3545\t\t4683\t\t3742\t\nSeparate account value\t4557\t\t3545\t\t4675\t\t3741\t\nNet amount at risk\t15\t(4)\t520\t(5)\t4\t(4)\t310\t(5)\nAverage attained age of contract holders\t68 years\t\t68 years\t\t68 years\t\t68 years\t\n", "q10k_tbl_14": "\tSeptember 30 2020\t\t\t\t\t\t\tDecember 31 2019\t\t\t\t\n\tAmortized Cost\t\tAllowance for Credit Losses (1)\t\tGross Unrealized\t\tEstimated Fair Value\tAmortized Cost\tAllowance for Credit Losses\tGross Unrealized\t\tEstimated Fair Value\n\t\tGains\t\tLosses\t\tGains\tLosses\n\t(In millions)\t\t\t\t\t\t\t\t\t\t\t\nU.S. corporate\t1595\t\t0\t\t168\t4\t1759\t1361\t0\t87\t2\t1446\nForeign corporate\t490\t\t0\t\t41\t4\t527\t396\t0\t23\t3\t416\nCMBS\t281\t\t0\t\t30\t0\t311\t319\t0\t16\t1\t334\nU.S. government and agency\t254\t\t0\t\t64\t0\t318\t290\t0\t27\t0\t317\nRMBS\t201\t\t0\t\t16\t0\t217\t277\t0\t12\t1\t288\nABS\t328\t\t0\t\t6\t2\t332\t142\t0\t1\t1\t142\nState and political subdivision\t110\t\t0\t\t14\t0\t124\t92\t0\t10\t0\t102\nForeign government\t17\t\t0\t\t2\t0\t19\t20\t0\t2\t0\t22\nTotal fixed maturity securities\t3276\t\t0\t\t341\t10\t3607\t2897\t0\t178\t8\t3067\n", "q10k_tbl_15": "\tDue in One Year or Less\tDue After One Year Through Five Years\tDue After Five Years Through Ten Years\tDue After Ten Years\tStructured Securities (1)\tTotal Fixed Maturity Securities\n\t(In millions)\t\t\t\t\t\nAmortized cost\t35\t513\t1040\t878\t810\t3276\nEstimated fair value\t36\t549\t1133\t1029\t860\t3607\n", "q10k_tbl_16": "\tSeptember 30 2020\t\t\t\tDecember 31 2019\t\t\t\n\tLess than 12 Months\t\t12 Months or Greater\t\tLess than 12 Months\t\t12 Months or Greater\t\n\tEstimated Fair Value\tGross Unrealized Losses\tEstimated Fair Value\tGross Unrealized Losses\tEstimated Fair Value\tGross Unrealized Losses\tEstimated Fair Value\tGross Unrealized Losses\n\t(Dollars in millions)\t\t\t\t\t\t\t\nU.S. corporate\t201\t4\t2\t0\t94\t2\t17\t0\nForeign corporate\t48\t1\t11\t3\t28\t1\t26\t2\nCMBS\t32\t0\t0\t0\t38\t1\t3\t0\nRMBS\t4\t0\t0\t0\t8\t0\t6\t1\nABS\t96\t1\t21\t1\t57\t0\t22\t1\nState and political subdivision\t28\t0\t0\t0\t19\t0\t0\t0\nForeign government\t3\t0\t0\t0\t2\t0\t0\t0\nTotal fixed maturity securities\t412\t6\t34\t4\t246\t4\t74\t4\nTotal number of securities in an unrealized loss position\t208\t\t17\t\t69\t\t36\t\n", "q10k_tbl_17": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCarrying Value\t% of Total\tCarrying Value\t% of Total\n\t(Dollars in millions)\t\t\t\nCommercial\t461\t72.4%\t457\t73.1%\nAgricultural\t178\t27.9\t171\t27.3\nTotal mortgage loans\t639\t100.3\t628\t100.4\nAllowance for credit losses\t(2)\t(0.3)\t(3)\t(0.4)\nTotal mortgage loans net\t637\t100.0%\t625\t100.0%\n", "q10k_tbl_18": "\tCommercial\tAgricultural\tTotal\n\t(In millions)\t\t\nBalance at December 31 2019\t2\t1\t3\nCumulative effect of change in accounting principle\t(1)\t0\t(1)\nBalance at January 1 2020\t1\t1\t2\nBalance at September 30 2020\t1\t1\t2\n", "q10k_tbl_19": "\t2020\t2019\t2018\t2017\t2016\tPrior\tTotal\n\t(In millions)\t\t\t\t\t\t\nSeptember 30 2020\t\t\t\t\t\t\t\nCommercial mortgage loans\t\t\t\t\t\t\t\nLoan-to-value ratios:\t\t\t\t\t\t\t\nLess than 65%\t27\t97\t23\t20\t16\t199\t382\n65% to 75%\t0\t55\t10\t0\t0\t4\t69\n76% to 80%\t0\t0\t0\t0\t1\t0\t1\nGreater than 80%\t0\t0\t5\t0\t0\t4\t9\nTotal commercial mortgage loans\t27\t152\t38\t20\t17\t207\t461\nAgricultural mortgage loans\t\t\t\t\t\t\t\nLoan-to-value ratios:\t\t\t\t\t\t\t\nLess than 65%\t34\t43\t19\t6\t15\t54\t171\n65% to 75%\t0\t3\t4\t0\t0\t0\t7\nTotal agricultural mortgage loans\t34\t46\t23\t6\t15\t54\t178\nTotal\t61\t198\t61\t26\t32\t261\t639\n", "q10k_tbl_20": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tAmortized Cost\t% of Total\tAmortized Cost\t% of Total\n\t(Dollars in millions)\t\t\t\nDebt-service coverage ratios:\t\t\t\t\nGreater than 1.20x\t441\t95.7%\t448\t98.0%\n1.00x - 1.20x\t9\t2.0\t9\t2.0\nLess than 1.00x\t11\t2.3\t0\t0\nTotal\t461\t100.0%\t457\t100.0%\n", "q10k_tbl_21": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nFixed maturity securities\t331\t170\nDerivatives\t11\t6\nSubtotal\t342\t176\nAmounts allocated from:\t\t\nFuture policy benefits\t(12)\t(3)\nDAC and DSI\t(37)\t(19)\nSubtotal\t(49)\t(22)\nDeferred income tax benefit (expense)\t(61)\t(32)\nNet unrealized investment gains (losses)\t232\t122\n", "q10k_tbl_22": "\tNine Months Ended September 30 2020\n\t(In millions)\nBalance at December 31 2019\t122\nUnrealized investment gains (losses) during the period\t166\nUnrealized investment gains (losses) relating to:\t\nFuture policy benefits\t(9)\nDAC and DSI\t(18)\nDeferred income tax benefit (expense)\t(29)\nBalance at September 30 2020\t232\nChange in net unrealized investment gains (losses)\t110\n", "q10k_tbl_23": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nInvested assets on deposit (regulatory deposits)\t2\t2\nInvested assets pledged as collateral (1)\t35\t19\nTotal invested assets on deposit and pledged as collateral (2)\t37\t21\n", "q10k_tbl_24": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCarrying Amount\tMaximum Exposure to Loss\tCarrying Amount\tMaximum Exposure to Loss\n\t(In millions)\t\t\t\nFixed maturity securities\t286\t259\t394\t376\n", "q10k_tbl_25": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nInvestment income:\t\t\t\t\nFixed maturity securities\t28\t26\t83\t74\nMortgage loans\t7\t5\t19\t14\nCash cash equivalents and short-term investments\t0\t1\t1\t2\nOther\t0\t1\t1\t1\nTotal investment income\t35\t33\t104\t91\nLess: Investment expenses\t1\t1\t4\t3\nNet investment income\t34\t32\t100\t88\n", "q10k_tbl_26": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\t\t\t\t\t\t\n\t(In millions)\t\t\t\t\t\t\t\t\t\nFixed maturity securities\t6\t(1)\t12\t4\t\t\t\t\t\t\nMortgage loans\t1\t0\t0\t0\t\t\t\t\t\t\nOther\t1\t0\t1\t0\t\t\t\t\t\t\nTotal net investment gains (losses)\t8\t(1)\t13\t4\t\t\t\t\t\t\n", "q10k_tbl_27": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nProceeds\t137\t41\t316\t455\nGross investment gains\t7\t1\t13\t7\nGross investment losses\t(1)\t(2)\t(1)\t(3)\nNet investment gains (losses)\t6\t(1)\t12\t4\n", "q10k_tbl_28": "\t\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\n\tPrimary Underlying Risk Exposure\tGross Notional Amount\tEstimated Fair Value\t\tGross Notional Amount\tEstimated Fair Value\t\n\tAssets\tLiabilities\tAssets\tLiabilities\n\t\t(In millions)\t\t\t\t\t\nDerivatives Designated as Hedging Instruments:\t\t\t\t\t\t\t\nCash flow hedges:\t\t\t\t\t\t\t\nForeign currency swaps\tForeign currency exchange rate\t115\t11\t0\t98\t6\t0\nTotal qualifying hedges\t\t115\t11\t0\t98\t6\t0\nDerivatives Not Designated or Not Qualifying as Hedging Instruments:\t\t\t\t\t\t\t\nInterest rate caps\tInterest rate\t800\t1\t0\t800\t2\t0\nForeign currency swaps\tForeign currency exchange rate\t16\t5\t0\t18\t4\t0\nEquity index options\tEquity market\t6376\t111\t77\t4699\t96\t39\nEquity total return swaps\tEquity market\t180\t1\t1\t0\t0\t0\nTotal non-designated or non-qualifying derivatives\t\t7372\t118\t78\t5517\t102\t39\nEmbedded derivatives:\t\t\t\t\t\t\t\nCeded guaranteed minimum income benefits\tOther\tN/A\t556\t0\tN/A\t338\t0\nDirect guaranteed minimum benefits\tOther\tN/A\t0\t37\tN/A\t0\t(28)\nDirect index-linked annuities\tOther\tN/A\t0\t205\tN/A\t0\t180\nTotal embedded derivatives\tOther\tN/A\t556\t242\tN/A\t338\t152\nTotal\t\t7487\t685\t320\t5615\t446\t191\n", "q10k_tbl_29": "\tNet Derivative Gains (Losses) Recognized for Derivatives\tNet Derivative Gains (Losses) Recognized for Hedged Items\tNet Investment Income\tAmount of Gains (Losses) Deferred in AOCI\n\t(In millions)\t\t\t\nThree Months Ended September 30 2020\t\t\t\t\nDerivatives Designated as Hedging Instruments:\t\t\t\t\nCash flow hedges:\t\t\t\t\nForeign currency exchange rate derivatives\t0\t0\t0\t(6)\nTotal cash flow hedges\t0\t0\t0\t(6)\nDerivatives Not Designated or Not Qualifying as Hedging Instruments:\t\t\t\t\nInterest rate derivatives\t0\t0\t0\t0\nForeign currency exchange rate derivatives\t(1)\t0\t0\t0\nEquity derivatives\t86\t0\t0\t0\nEmbedded derivatives\t(62)\t0\t0\t0\nTotal non-qualifying hedges\t23\t0\t0\t0\nTotal\t23\t0\t0\t(6)\nThree Months Ended September 30 2019\t\t\t\t\nDerivatives Designated as Hedging Instruments:\t\t\t\t\nCash flow hedges:\t\t\t\t\nForeign currency exchange rate derivatives\t0\t0\t0\t2\nTotal cash flow hedges\t0\t0\t0\t2\nDerivatives Not Designated or Not Qualifying as Hedging Instruments:\t\t\t\t\nInterest rate derivatives\t(1)\t0\t0\t0\nForeign currency exchange rate derivatives\t1\t0\t0\t0\nEquity derivatives\t(4)\t0\t0\t0\nEmbedded derivatives\t55\t0\t0\t0\nTotal non-qualifying hedges\t51\t0\t0\t0\nTotal\t51\t0\t0\t2\n", "q10k_tbl_30": "\tNet Derivative Gains (Losses) Recognized for Derivatives\tNet Derivative Gains (Losses) Recognized for Hedged Items\tNet Investment Income\tAmount of Gains (Losses) Deferred in AOCI\n\t(In millions)\t\t\t\nNine Months Ended September 30 2020\t\t\t\t\nDerivatives Designated as Hedging Instruments:\t\t\t\t\nCash flow hedges:\t\t\t\t\nForeign currency exchange rate derivatives\t0\t0\t1\t5\nTotal cash flow hedges\t0\t0\t1\t5\nDerivatives Not Designated or Not Qualifying as Hedging Instruments:\t\t\t\t\nInterest rate derivatives\t(1)\t0\t0\t0\nForeign currency exchange rate derivatives\t2\t0\t0\t0\nEquity derivatives\t12\t0\t0\t0\nEmbedded derivatives\t165\t0\t0\t0\nTotal non-qualifying hedges\t178\t0\t0\t0\nTotal\t178\t0\t1\t5\nNine Months Ended September 30 2019\t\t\t\t\nDerivatives Designated as Hedging Instruments:\t\t\t\t\nCash flow hedges:\t\t\t\t\nForeign currency exchange rate derivatives\t0\t0\t1\t5\nTotal cash flow hedges\t0\t0\t1\t5\nDerivatives Not Designated or Not Qualifying as Hedging Instruments:\t\t\t\t\nInterest rate derivatives\t(7)\t0\t0\t0\nForeign currency exchange rate derivatives\t2\t0\t0\t0\nEquity derivatives\t45\t0\t0\t0\nEmbedded derivatives\t35\t0\t0\t0\nTotal non-qualifying hedges\t75\t0\t0\t0\nTotal\t75\t0\t1\t5\n", "q10k_tbl_31": "\t\tGross Amounts Not Offset on the Balance Sheets\t\t\t\t\n\tGross Amount Recognized\tFinancial Instruments (1)\tCollateral Received/Pledged (2)\tNet Amount\tSecurities Collateral Received/Pledged (3)\tNet Amount After Securities Collateral\n\t(In millions)\t\t\t\t\t\nSeptember 30 2020\t\t\t\t\t\t\nDerivative assets\t129\t(46)\t(72)\t11\t(4)\t7\nDerivative liabilities\t78\t(46)\t0\t32\t(31)\t1\nDecember 31 2019\t\t\t\t\t\t\nDerivative assets\t108\t(21)\t(82)\t5\t(4)\t1\nDerivative liabilities\t39\t(21)\t0\t18\t(18)\t0\n", "q10k_tbl_32": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nEstimated fair value of derivatives in a net liability position (1)\t32\t18\nEstimated Fair Value of Collateral Provided (2):\t\t\nFixed maturity securities\t35\t19\n", "q10k_tbl_33": "\tSeptember 30 2020\t\t\t\n\tFair Value Hierarchy\t\t\tTotal Estimated Fair Value\n\tLevel 1\tLevel 2\tLevel 3\n\t(In millions)\t\t\t\nAssets\t\t\t\t\nFixed maturity securities:\t\t\t\t\nU.S. corporate\t0\t1704\t55\t1759\nForeign corporate\t0\t510\t17\t527\nCMBS\t0\t311\t0\t311\nU.S. government and agency\t161\t157\t0\t318\nRMBS\t0\t217\t0\t217\nABS\t0\t328\t4\t332\nState and political subdivision\t0\t124\t0\t124\nForeign government\t0\t19\t0\t19\nTotal fixed maturity securities\t161\t3370\t76\t3607\nShort-term investments\t1\t10\t0\t11\nDerivative assets: (1)\t\t\t\t\nInterest rate\t0\t1\t0\t1\nForeign currency exchange rate\t0\t16\t0\t16\nEquity market\t0\t112\t0\t112\nTotal derivative assets\t0\t129\t0\t129\nEmbedded derivatives within asset host contracts (2)\t0\t0\t556\t556\nSeparate account assets\t0\t4559\t0\t4559\nTotal assets\t162\t8068\t632\t8862\nLiabilities\t\t\t\t\nDerivative liabilities: (1)\t\t\t\t\nEquity market\t0\t78\t0\t78\nEmbedded derivatives within liability host contracts (2)\t0\t0\t242\t242\nTotal liabilities\t0\t78\t242\t320\n", "q10k_tbl_34": "\tDecember 31 2019\t\t\t\n\tFair Value Hierarchy\t\t\tTotal Estimated Fair Value\n\tLevel 1\tLevel 2\tLevel 3\n\t(In millions)\t\t\t\nAssets\t\t\t\t\nFixed maturity securities:\t\t\t\t\nU.S. corporate\t0\t1419\t27\t1446\nForeign corporate\t0\t408\t8\t416\nCMBS\t0\t334\t0\t334\nU.S. government and agency\t184\t133\t0\t317\nRMBS\t0\t288\t0\t288\nABS\t0\t133\t9\t142\nState and political subdivision\t0\t102\t0\t102\nForeign government\t0\t22\t0\t22\nTotal fixed maturity securities\t184\t2839\t44\t3067\nShort-term investments\t35\t17\t0\t52\nDerivative assets: (1)\t\t\t\t\nInterest rate\t0\t2\t0\t2\nForeign currency exchange rate\t0\t10\t0\t10\nEquity market\t0\t96\t0\t96\nTotal derivative assets\t0\t108\t0\t108\nEmbedded derivatives within asset host contracts (2)\t0\t0\t338\t338\nSeparate account assets\t0\t4676\t0\t4676\nTotal assets\t219\t7640\t382\t8241\nLiabilities\t\t\t\t\nDerivative liabilities: (1)\t\t\t\t\nEquity market\t0\t39\t0\t39\nEmbedded derivatives within liability host contracts (2)\t0\t0\t152\t152\nTotal liabilities\t0\t39\t152\t191\n", "q10k_tbl_35": "\t\t\t\t\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\tImpact of Increase in Input on Estimated Fair Value\n\tValuation Techniques\t\tSignificant Unobservable Inputs\t\tRange\t\t\tRange\t\t\nEmbedded derivatives\t\t\t\t\t\t\t\t\t\t\t\nDirect assumed and ceded guaranteed minimum benefits\t0\tOption pricing techniques\t0\tMortality rates\t0.03%\t0\t12.13%\t0.02%\t0\t11.31%\tDecrease (1)\n\t\t\t0\tLapse rates\t0.25%\t0\t15.00%\t0.25%\t0\t16.00%\tDecrease (2)\n\t\t\t0\tUtilization rates\t0.00%\t0\t25.00%\t0.00%\t0\t25.00%\tIncrease (3)\n\t\t\t0\tWithdrawal rates\t0.25%\t0\t10.00%\t0.25%\t0\t10.00%\t(4)\n\t\t\t0\tLong-term equity volatilities\t16.66%\t0\t22.21%\t16.24%\t0\t21.65%\tIncrease (5)\n\t\t\t0\tNonperformance risk spread\t0.99%\t0\t2.39%\t0.54%\t0\t1.99%\tDecrease (6)\n", "q10k_tbl_36": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\n\tFixed Maturity Securities\t\t\t\t\t\t\t\n\tCorporate (1)\tStructured Securities\t\t\t\tNet Embedded Derivatives (2)\t\t\n\t(In millions)\t\nThree Months Ended September 30 2020\t\t\t\t\t\t\t\t\nBalance beginning of period\t55\t20\t\t\t\t389\t\t\nTotal realized/unrealized gains (losses) included in net income (loss) (3) (4)\t0\t0\t\t\t\t(62)\t\t\nTotal realized/unrealized gains (losses) included in AOCI\t3\t0\t\t\t\t0\t\t\nPurchases (5)\t16\t1\t\t\t\t0\t\t\nSales (5)\t(2)\t0\t\t\t\t0\t\t\nIssuances (5)\t0\t0\t\t\t\t0\t\t\nSettlements (5)\t0\t0\t\t\t\t(13)\t\t\nTransfers into Level 3 (6)\t4\t0\t\t\t\t0\t\t\nTransfers out of Level 3 (6)\t(4)\t(17)\t\t\t\t0\t\t\nBalance end of period\t72\t4\t\t\t\t314\t\t\nThree Months Ended September 30 2019\t\t\t\t\t\t\t\t\nBalance beginning of period\t21\t0\t\t\t\t260\t\t\nTotal realized/unrealized gains (losses) included in net income (loss) (3) (4)\t0\t0\t\t\t\t55\t\t\nTotal realized/unrealized gains (losses) included in AOCI\t0\t0\t\t\t\t0\t\t\nPurchases (5)\t11\t5\t\t\t\t0\t\t\nSales (5)\t0\t0\t\t\t\t0\t\t\nIssuances (5)\t0\t0\t\t\t\t0\t\t\nSettlements (5)\t0\t0\t\t\t\t(16)\t\t\nTransfers into Level 3 (6)\t0\t0\t\t\t\t0\t\t\nTransfers out of Level 3 (6)\t(1)\t0\t\t\t\t0\t\t\nBalance end of period\t31\t5\t\t\t\t299\t\t\nChanges in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30 2020 (7)\t0\t0\t\t\t\t(74)\t\t\nChanges in unrealized gains (losses) included in other comprehensive income for the instruments still held at September 30 2020 (7)\t2\t0\t\t\t\t0\t\t\nChanges in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30 2019 (7)\t0\t0\t\t\t\t50\t\t\n", "q10k_tbl_37": "\tFair Value Measurements Using Significant Unobservable Inputs (Level 3)\t\n\tFixed Maturity Securities\t\t\t\t\t\t\t\n\tCorporate (1)\tStructured Securities\t\t\t\tNet Embedded Derivatives (2)\t\t\n\t(In millions)\t\nNine Months Ended September 30 2020\t\t\t\t\t\t\t\t\nBalance beginning of period\t35\t9\t\t\t\t186\t\t\nTotal realized/unrealized gains (losses) included in net income (loss) (3) (4)\t0\t0\t\t\t\t165\t\t\nTotal realized/unrealized gains (losses) included in AOCI\t4\t0\t\t\t\t0\t\t\nPurchases (5)\t39\t1\t\t\t\t0\t\t\nSales (5)\t(6)\t0\t\t\t\t0\t\t\nIssuances (5)\t0\t0\t\t\t\t0\t\t\nSettlements (5)\t0\t0\t\t\t\t(37)\t\t\nTransfers into Level 3 (6)\t4\t0\t\t\t\t0\t\t\nTransfers out of Level 3 (6)\t(4)\t(6)\t\t\t\t0\t\t\nBalance end of period\t72\t4\t\t\t\t314\t\t\nNine Months Ended September 30 2019\t\t\t\t\t\t\t\t\nBalance beginning of period\t13\t5\t\t\t\t311\t\t\nTotal realized/unrealized gains (losses) included in net income (loss) (3) (4)\t0\t0\t\t\t\t35\t\t\nTotal realized/unrealized gains (losses) included in AOCI\t0\t0\t\t\t\t0\t\t\nPurchases (5)\t19\t5\t\t\t\t0\t\t\nSales (5)\t0\t0\t\t\t\t0\t\t\nIssuances (5)\t0\t0\t\t\t\t0\t\t\nSettlements (5)\t0\t0\t\t\t\t(47)\t\t\nTransfers into Level 3 (6)\t0\t0\t\t\t\t0\t\t\nTransfers out of Level 3 (6)\t(1)\t(5)\t\t\t\t0\t\t\nBalance end of period\t31\t5\t\t\t\t299\t\t\nChanges in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30 2020 (7)\t0\t0\t\t\t\t132\t\t\nChanges in unrealized gains (losses) included in other comprehensive income for the instruments still held at September 30 2020 (7)\t4\t0\t\t\t\t0\t\t\nChanges in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30 2019 (7)\t0\t0\t\t\t\t89\t\t\n", "q10k_tbl_38": "\tSeptember 30 2020\t\t\t\t\t\t\t\n\t\t\tFair Value Hierarchy\t\t\t\t\t\n\tCarrying Value\tLevel 1\t\tLevel 2\t\tLevel 3\tTotal Estimated Fair Value\n\t(In millions)\t\t\t\t\t\t\t\nAssets\t\t\t\t\t\t\t\t\nMortgage loans\t637\t\t0\t\t0\t\t672\t672\nPremiums reinsurance and other receivables\t447\t\t0\t\t1\t\t446\t447\nLiabilities\t\t\t\t\t\t\t\t\nPolicyholder account balances\t932\t\t0\t\t0\t\t972\t972\nOther liabilities\t456\t\t0\t\t23\t\t433\t456\n", "q10k_tbl_39": "\tDecember 31 2019\t\t\t\t\t\t\t\n\t\t\tFair Value Hierarchy\t\t\t\t\t\n\tCarrying Value\tLevel 1\t\tLevel 2\t\tLevel 3\tTotal Estimated Fair Value\n\t(In millions)\t\t\t\t\t\t\t\nAssets\t\t\t\t\t\t\t\t\nMortgage loans\t625\t\t0\t\t0\t\t647\t647\nPremiums reinsurance and other receivables\t444\t\t0\t\t0\t\t444\t444\nLiabilities\t\t\t\t\t\t\t\t\nPolicyholder account balances\t963\t\t0\t\t0\t\t955\t955\nOther liabilities\t432\t\t0\t\t1\t\t431\t432\n", "q10k_tbl_40": "\tThree Months Ended September 30 2020\t\t\n\tUnrealized Investment Gains (Losses) Net of Related Offsets (1)\tUnrealized Gains (Losses) on Derivatives\tTotal\n\t(In millions)\t\t\nBalance at June 30 2020\t199\t15\t214\nOCI before reclassifications\t35\t(6)\t29\nDeferred income tax benefit (expense)\t(8)\t1\t(7)\nAOCI before reclassifications net of income tax\t226\t10\t236\nAmounts reclassified from AOCI\t(6)\t0\t(6)\nDeferred income tax benefit (expense)\t2\t0\t2\nAmounts reclassified from AOCI net of income tax\t(4)\t0\t(4)\nBalance at September 30 2020\t222\t10\t232\n", "q10k_tbl_41": "\tThree Months Ended September 30 2019\t\t\n\tUnrealized Investment Gains (Losses) Net of Related Offsets (1)\tUnrealized Gains (Losses) on Derivatives\tTotal\n\t(In millions)\t\t\nBalance at June 30 2019\t84\t8\t92\nOCI before reclassifications\t48\t2\t50\nDeferred income tax benefit (expense)\t(10)\t0\t(10)\nAOCI before reclassifications net of income tax\t122\t10\t132\nAmounts reclassified from AOCI\t1\t0\t1\nDeferred income tax benefit (expense)\t0\t0\t0\nAmounts reclassified from AOCI net of income tax\t1\t0\t1\nBalance at September 30 2019\t123\t10\t133\n", "q10k_tbl_42": "\tNine Months Ended September 30 2020\t\t\n\tUnrealized Investment Gains (Losses) Net of Related Offsets (1)\tUnrealized Gains (Losses) on Derivatives\tTotal\n\t(In millions)\t\t\nBalance at December 31 2019\t116\t6\t122\nOCI before reclassifications\t146\t5\t151\nDeferred income tax benefit (expense)\t(31)\t(1)\t(32)\nAOCI before reclassifications net of income tax\t231\t10\t241\nAmounts reclassified from AOCI\t(12)\t0\t(12)\nDeferred income tax benefit (expense)\t3\t0\t3\nAmounts reclassified from AOCI net of income tax\t(9)\t0\t(9)\nBalance at September 30 2020\t222\t10\t232\n", "q10k_tbl_43": "\tNine Months Ended September 30 2019\t\t\n\tUnrealized Investment Gains (Losses) Net of Related Offsets (1)\tUnrealized Gains (Losses) on Derivatives\tTotal\n\t(In millions)\t\t\nBalance at December 31 2018\t(21)\t6\t(15)\nOCI before reclassifications\t186\t5\t191\nDeferred income tax benefit (expense)\t(39)\t(1)\t(40)\nAOCI before reclassifications net of income tax\t126\t10\t136\nAmounts reclassified from AOCI\t(4)\t0\t(4)\nDeferred income tax benefit (expense)\t1\t0\t1\nAmounts reclassified from AOCI net of income tax\t(3)\t0\t(3)\nBalance at September 30 2019\t123\t10\t133\n", "q10k_tbl_44": "AOCI Components\tAmounts Reclassified from AOCI\t\t\t\tStatements of Operations and Comprehensive Income (Loss) Location\n\tThree Months Ended September 30\t\tNine Months Ended September 30\t\t\n\t2020\t2019\t2020\t2019\t\n\t(In millions)\t\t\t\t\nNet unrealized investment gains (losses):\t\t\t\t\t\nNet unrealized investment gains (losses)\t6\t(1)\t12\t4\tNet investment gains (losses)\nNet unrealized investment gains (losses) before income tax\t6\t(1)\t12\t4\t\nIncome tax (expense) benefit\t(2)\t0\t(3)\t(1)\t\nNet unrealized investment gains (losses) net of income tax\t4\t(1)\t9\t3\t\nTotal reclassifications net of income tax\t4\t(1)\t9\t3\t\n", "q10k_tbl_45": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nCompensation\t5\t5\t15\t14\nContracted services and other labor costs\t3\t4\t11\t10\nTransition services agreements\t2\t3\t4\t11\nEstablishment costs\t1\t1\t5\t4\nPremium and other taxes licenses and fees\t1\t0\t2\t0\nVolume related costs excluding compensation net of DAC capitalization\t5\t4\t15\t13\nOther\t0\t2\t5\t6\nTotal other expenses\t17\t19\t57\t58\n", "q10k_tbl_46": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n\t(In millions)\t\t\t\nPremiums\t\t\t\t\nReinsurance ceded\t(11)\t(11)\t(31)\t(32)\nUniversal life and investment-type product policy fees\t\t\t\t\nReinsurance ceded\t(1)\t(1)\t(3)\t(3)\nOther revenues\t\t\t\t\nReinsurance ceded\t(25)\t(25)\t(71)\t(74)\nPolicyholder benefits and claims\t\t\t\t\nReinsurance ceded\t(53)\t(7)\t(111)\t(33)\nOther expenses\t\t\t\t\nReinsurance ceded\t(2)\t(2)\t(5)\t(6)\n", "q10k_tbl_47": "\tSeptember 30 2020\tDecember 31 2019\n\t(In millions)\t\nAssets\t\t\nPremiums reinsurance and other receivables\t823\t567\nLiabilities\t\t\nOther liabilities\t346\t387\n", "q10k_tbl_48": "\tNine Months Ended September 30\t\n\t2020\t2019\n\t(In millions)\t\nRevenues\t\t\nPremiums\t16\t21\nUniversal life and investment-type product policy fees\t70\t72\nNet investment income\t100\t88\nOther revenues\t(62)\t(63)\nNet investment gains (losses)\t13\t4\nNet derivative gains (losses)\t178\t75\nTotal revenues\t315\t197\nExpenses\t\t\nPolicyholder benefits and claims\t20\t38\nInterest credited to policyholder account balances\t29\t27\nCapitalization of DAC\t(29)\t(29)\nAmortization of DAC\t58\t21\nOther expenses\t86\t87\nTotal expenses\t164\t144\nIncome (loss) before provision for income tax\t151\t53\nProvision for income tax expense (benefit)\t30\t8\nNet income (loss)\t121\t45\n", "q10k_tbl_49": "\tNine Months Ended September 30\t\n\t2020\t2019\n\t(In millions)\t\nGMLB Riders\t107\t95\nOther derivative instruments\t2\t(6)\nNet investment gains (losses)\t13\t4\nOther adjustments\t0\t1\nPre-tax adjusted earnings\t29\t(41)\nIncome (loss) before provision for income tax\t151\t53\nProvision for income tax expense (benefit)\t30\t8\nNet income (loss)\t121\t45\n", "q10k_tbl_50": "\tNine Months Ended September 30\t\n\t2020\t2019\n\t(In millions)\t\nNet income (loss)\t121\t45\nAdd: Provision for income tax expense (benefit)\t30\t8\nIncome (loss) before provision for income tax\t151\t53\nLess: GMLB Riders\t107\t95\nLess: Other derivative instruments\t2\t(6)\nLess: Net investment gains (losses)\t13\t4\nLess: Other adjustments\t0\t1\nPre-tax adjusted earnings\t29\t(41)\nLess: Provision for income tax expense (benefit)\t4\t(12)\nAdjusted earnings\t25\t(29)\n", "q10k_tbl_51": "\tNine Months Ended September 30\t\n\t2020\t2019\n\t(In millions)\t\nFee income\t95\t101\nNet investment spread\t56\t47\nInsurance-related activities\t(38)\t(100)\nAmortization of DAC\t(27)\t(31)\nOther expenses net of DAC capitalization\t(57)\t(58)\nPre-tax adjusted earnings\t29\t(41)\nProvision for income tax expense (benefit)\t4\t(12)\nAdjusted earnings\t25\t(29)\n", "q10k_tbl_52": "Exhibit No.\tDescription\n31.1*\tCertification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2*\tCertification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1**\tCertification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.2**\tCertification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101.INS*\tXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.\n101.SCH*\tInline XBRL Taxonomy Extension Schema Document.\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document.\n101.LAB*\tInline XBRL Taxonomy Extension Label Linkbase Document.\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document.\n101.DEF*\tInline XBRL Taxonomy Extension Definition Linkbase Document.\n104*\tThe cover page of Brighthouse Life Insurance Company of NY's Quarterly Report on Form 10-Q for the quarter ended September 30 2020 formatted in Inline XBRL (included within the Exhibit 101 attachments).\n"}{"bs": "q10k_tbl_1", "is": "q10k_tbl_0", "cf": "q10k_tbl_5"}None
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
bhny-20200930xex311nex.htm
EX-31.2
bhny-20200930xex312nex.htm
EX-32.1
bhny-20200930xex321nex.htm
EX-32.2
bhny-20200930xex322nex.htm
Brighthouse Life Insurance NY Earnings 2020-09-30
Balance Sheet
Income Statement
Cash Flow
Assets, Equity
Rev, G Profit, Net Income
Ops, Inv, Fin
bhny-20200930
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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 September 30, 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: 000-55705
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. Yesþ 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). Yesþ 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 November 10, 2020, 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.
Financial Statements (at September 30, 2020 (Unaudited) and December 31, 2019 and for the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)):
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Interim Condensed Balance Sheets
September 30, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
September 30, 2020
December 31, 2019
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $3,276 and $2,897, respectively; allowance for credit losses of $0 and $0, respectively)
$
3,607
$
3,067
Mortgage loans (net of allowance for credit losses of $2 and $3, respectively)
637
625
Short-term investments, principally at estimated fair value
11
52
Other invested assets, principally at estimated fair value
129
108
Total investments
4,384
3,852
Cash and cash equivalents
303
148
Accrued investment income
29
25
Premiums, reinsurance and other receivables
1,311
1,048
Deferred policy acquisition costs
128
175
Other assets
23
33
Separate account assets
4,559
4,676
Total assets
$
10,737
$
9,957
Liabilities and Stockholder’s Equity
Liabilities
Future policy benefits
$
826
$
743
Policyholder account balances
2,810
2,339
Other policy-related balances
16
9
Payables for collateral under derivative transactions
74
85
Current income tax payable
28
30
Deferred income tax liability
174
114
Other liabilities
970
912
Separate account liabilities
4,559
4,676
Total liabilities
9,457
8,908
Contingencies, Commitments and Guarantees (Note 10)
Stockholder’s Equity
Common stock, par value $10 per share; 200,000 shares authorized, issued and outstanding
2
2
Additional paid-in capital
491
491
Retained earnings (deficit)
555
434
Accumulated other comprehensive income (loss)
232
122
Total stockholder’s equity
1,280
1,049
Total liabilities and stockholder’s equity
$
10,737
$
9,957
See accompanying notes to the interim condensed financial statements.
(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.
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 current period presentation as may be discussed when applicable in 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, 2019 balance sheet data was derived from audited financial statements included in Brighthouse Life Insurance Company of NY’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 financial statements should be read in conjunction with the financial statements of the Company included in the 2019 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. ASUs adopted as of September 30, 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
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 increase to retained earnings of less than $1 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.
(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 September 30, 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, 2023
The Company continues to evaluate 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 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 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 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).
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.
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
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
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 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 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.
Operating results by segment, as well as Corporate & Other, were as follows:
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
Total revenues by segment, as well as Corporate & Other, were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
(In millions)
Annuities
$
26
$
22
$
76
$
66
Life
3
14
36
40
Corporate & Other
1
1
2
2
Adjustments
34
54
201
89
Total
$
64
$
91
$
315
$
197
Total assets by segment, as well as Corporate & Other, were as follows at:
September 30, 2020
December 31, 2019
(In millions)
Annuities
$
8,698
$
7,888
Life
1,874
1,933
Corporate & Other
165
136
Total
$
10,737
$
9,957
3. Insurance
Guarantees
As discussed in Notes 1 and 3 of the Notes to the Financial Statements included in the 2019 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 the portion of certain GMIBs that do not require annuitization 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:
September 30, 2020
December 31, 2019
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)
$
4,565
$
3,545
$
4,683
$
3,742
Separate account value
$
4,557
$
3,545
$
4,675
$
3,741
Net amount at risk
$
15
(4)
$
520
(5)
$
4
(4)
$
310
(5)
Average attained age of contract holders
68 years
68 years
68 years
68 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 Financial Statements included in the 2019 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.
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)
Notes to the Interim Condensed Financial Statements (Unaudited) (continued)
3. Insurance (continued)
(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.
4. Investments
See Note 1 of the Notes to the Financial Statements included in the 2019 Annual Report for a description of the Company’s accounting policies for investments and Note 6 for information about the fair value hierarchy for investments and the related valuation methodologies. In connection with the adoption of new guidance related to the credit losses (see Note 1), effective January 1, 2020, the Company updated its accounting policies on certain investments. Any accounting policy updates required by the new guidance are described in this footnote.
Fixed Maturity Securities Available-for-sale
Fixed Maturity Securities by Sector
Fixed maturity securities by sector were as follows at:
September 30, 2020
December 31, 2019
Amortized Cost
Allowance for Credit Losses (1)
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
$
1,595
$
—
$
168
$
4
$
1,759
$
1,361
$
—
$
87
$
2
$
1,446
Foreign corporate
490
—
41
4
527
396
—
23
3
416
CMBS
281
—
30
—
311
319
—
16
1
334
U.S. government and agency
254
—
64
—
318
290
—
27
—
317
RMBS
201
—
16
—
217
277
—
12
1
288
ABS
328
—
6
2
332
142
—
1
1
142
State and political subdivision
110
—
14
—
124
92
—
10
—
102
Foreign government
17
—
2
—
19
20
—
2
—
22
Total fixed maturity securities
$
3,276
$
—
$
341
$
10
$
3,607
$
2,897
$
—
$
178
$
8
$
3,067
_______________
(1)The allowance for credit losses on total fixed maturity securities was less than $