Products & Liabilities
As of December 31, 2024 (FY2024 10-K, filed February 28, 2025)· Source: curated SEC 10-K filing analysis· 10 of 40 tables shown
Confidence:HighMediumLow
| # | Product Name | Type | Segment | Issuing Entity | In-Force ($B) | New Sales ($B) | Key Features |
|---|---|---|---|---|---|---|---|
| 1 | Shield Level Annuities (RILA) | Index-Linked Annuity | Annuities | BLIC, BLICNY | $32.2 (GA) | $7.7 (deposits) | Buffer/cap structure, index-linked crediting, embedded derivative |
| 2 | Shield Level Pay Plus | RILA + Income | Annuities | BLIC | Included in Shield | Included in Shield | RILA with guaranteed lifetime income rider |
| 3 | Variable Annuities (Legacy) | Variable Annuity | Annuities | BLIC, BLICNY | $81.0 (AV) | $0.6 (GMWB/GMDB/GMIB) | GMIB, GMDB, GMWB, GMAB guarantees; $77.2B sep acct |
| 4 | Fixed Deferred Annuities | Fixed Annuity | Annuities | BLIC, BLICNY | $20.6 (GA) | $1.1 (deposits) | General account crediting rates, spread-based |
| 5 | Income Annuities (SPIA) | Payout Annuity | Annuities | BLIC, BLICNY | $4.5 (total) | Minimal | Immediate/deferred payout, longevity risk |
| 6 | Guaranteed Income Builder | Income Annuity | Annuities | BLIC | Included in Income | Minimal | Deferred income annuity |
| 7 | Brighthouse SmartCare | Hybrid Life + LTC | Life | BLIC, BLICNY | ~$0.6 (est.) | $0.12 (+18% YoY) | Linked-benefit life/LTC, record sales |
| 8 | Term Life Insurance | Term Life | Life | BLIC, BLICNY, NELICO | $2.5 (FPB) | Declining | Level premium term, mortality risk |
| 9 | Universal Life (Accumulation) | Universal Life | Life | BLIC, BLICNY | $9.0 (total incl. sep acct) | Small | COI charges, credited interest, sep acct options |
| 10 | Whole Life Insurance | Participating WL | Life | BLIC (MetLife legacy) | $3.2 (FPB) | None (closed) | Participating, 90% QS ceded to MetLife |
| 11 | ULSG (Universal Life Secondary Guarantees) | UL with SG | Run-off | BLIC, BLICNY, NELICO | $17.1 (GA liab) | None (closed) | Secondary death benefit guarantee; reinsured to BRCD |
| 12 | Structured Settlements | Settlement Annuity | Run-off | BLIC | $6.1 (FPB) | None (closed) | Long-duration payout, longevity risk |
| 13 | Pension Risk Transfer (PRT) | Group Annuity | Run-off | BLIC | $6.1 (combined with SS) | None (closed) | Assumed pension obligations |
| 14 | COLI | Corporate Life | Run-off | BLIC | $1.2 (GA) + $1.8 (sep acct) | None (closed) | Company-owned life insurance |
| 15 | Funding Agreements | Investment Contract | Run-off / Corp | BLIC | $11.0 (PAB) | Minimal | Institutional investment contracts |
| 16 | Long-Term Care (Run-off) | LTC | Run-off | BLIC | $5.2 (FPB, fully reinsured) | None (closed) | 100% QS ceded to Genworth; $5.4B recoverables |
| 17 | Workers' Compensation (Run-off) | WC | Run-off | BLIC | $0.4 (ceded) | None (closed) | Legacy Citigroup/Travelers; ceded to Travelers |
| 18 | Assumed Index-Linked Annuities | ILA (Assumed) | Annuities | BLIC | $4.1 (assumed PAB) | Declining | Coinsurance assumed from unaffiliated insurer |
| 19 | Variable Income Annuities | Income VA | Annuities | BLIC | $0.2 (sep acct) | Minimal | Variable payout annuity |
| Attribute | Detail |
|---|---|
| Product Type | Registered Index-Linked Annuity (RILA) |
| Segment | Annuities |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| In-Force (GA) | $32,152M (12/31/2024), up from $28,850M (12/31/2023) -- +11.4% |
| PAB (from rollforward) | $48,605M (includes embedded derivative liability of $10.9B) |
| Separate Account | $0 (general account product with embedded index-linked derivative) |
| FY2024 Deposits | $7,671M -- record year, up from $6,857M (FY2023) and $5,848M (FY2022) |
| PAB Premiums/Deposits | $8,228M (PAB rollforward includes assumed business) |
| Surrenders/Withdrawals | $(5,532)M (FY2024) |
| Interest Credited | $673M (FY2024); weighted-avg crediting rate: 1.79% (excl. embedded derivative effects) |
| Changes in Embedded Derivatives | $3,956M (FY2024) -- reflects index-linked crediting returns |
| Embedded Derivative Liability | $10.9B at 12/31/2024 (classified in PAB, not MRB) |
| DAC | $1,462M (12/31/2024), up from $1,331M; DAC capitalization $373M, amortization $(242)M |
| VOBA | $0 (all new business post-separation) |
| Key Features | Buffer protection levels (10%, 15%, 20%, 25%); cap rates on index-linked returns; multiple index options (S&P 500, Russell 2000, MSCI EAFE, etc.); 3-year and 6-year terms |
| Distribution | Independent broker-dealers, wirehouses, banks, financial advisors |
| Risk Profile | Index-linked crediting risk (hedged via derivatives); policyholder bears losses beyond buffer |
| Hedging | Combined hedging program with legacy VA (managed separately for new Shield since July 2024) |
| Reinsurance | None (fully retained) |
| Regulatory | Registered with SEC as securities; sold via prospectus |
| Competitive Position | BHF's primary growth engine; competes directly with EQH SCS, JXN RILA, LNC RILA |
| Attribute | Detail |
|---|---|
| Product Type | Variable Annuity (deferred, with guaranteed minimum benefits) |
| Segment | Annuities (actively sold) + Run-off (legacy guarantees) |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| Separate Account AV | $77,151M (12/31/2024), down from $79,990M (12/31/2023) |
| GA PAB | $3,833M (12/31/2024), down from $4,307M; deposits $73M, withdrawals $(670)M |
| Total Account Value (all GMxBs) | $80,984M (12/31/2024) |
| MRB Net Liability | $7,237M net ($8,329M liability - $1,092M asset) |
| DAC + VOBA | $2,395M (VA DAC $2,116M + VOBA $279M) |
| Deferred Sales Inducements | $198M (VA), $6M (Fixed) |
| Separate Account Asset Allocation | 99.8% equities, 0.2% fixed income |
| Policy Fees (Gross) | ~$2.6B M&E and fee charges on VA contracts (FY2024) |
| FY2024 Deposits | GMWB: $355M, GMDB-only: $252M, GMIB: $22M -- total $629M (new money into VA) |
| Weighted-Avg Crediting Rate (GA) | 2.81% |
| Distribution | Independent broker-dealers, wirehouses, financial advisors |
| Reinsurance | Minimal -- $17M MRB reinsurance recoverables (declining from $71M in 2022) |
| Hedging | Large-scale derivative program; $(3,668)M net derivative losses in FY2024 |
| Attribute | Detail |
|---|---|
| Product Type | Fixed Rate Deferred Annuity |
| Segment | Annuities |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| GA Liabilities | $20,556M (12/31/2024), up from $19,794M (12/31/2023) |
| PAB (from rollforward) | $14,665M (12/31/2024); deposits $1,127M, withdrawals $(1,356)M |
| Interest Credited | $567M (FY2024); weighted-avg crediting rate: 3.84% |
| DAC + VOBA | $170M ($115M DAC + $55M VOBA) |
| Crediting Rate Profile | $8,505M at guaranteed minimum; $9,154M >150 bps above minimum; $783M with guaranteed rate >4% |
| Distribution | Independent broker-dealers, banks, financial advisors |
| Reinsurance | $8.5B deposit assets on ceded coinsurance arrangements (deposit method accounting) |
| Risk Profile | Spread-based: earned rate vs. credited rate; reinvestment risk |
| Attribute | Detail |
|---|---|
| Product Type | Single Premium Immediate Annuity (SPIA) / Deferred Income Annuity |
| Segment | Annuities |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| Total Liabilities | $4,518M ($4,283M GA + $235M sep acct) |
| FPB (LFPB) | $3,763M net (12/31/2024) |
| FPB after Reinsurance | $3,732M (reinsurance recoverable: $31M) |
| Weighted-Avg Duration | 7.9 years |
| Interest Accretion Rate | 4.03% |
| Current Discount Rate | 5.47% |
| Risk Profile | Longevity + investment (long-duration GA) |
| Distribution | Independent broker-dealers, banks |
| Attribute | Detail |
|---|---|
| Product Type | Index-Linked Annuity (Assumed Reinsurance) |
| Segment | Annuities |
| Counterparty | Unaffiliated third-party insurer (coinsurance, deposit accounting) |
| Assumed PAB | $4,143M (12/31/2024), down from $4,300M (12/31/2023) |
| Other Policy-Related Balances (Assumed) | $1,554M |
| Assumed Fees | $53M (FY2024) |
| Assumed Benefits | $80M (FY2024) |
| Nature | BHF assumes index-linked annuity risk from an unaffiliated insurer, earning fee income on the assumed block |
| Attribute | Detail |
|---|---|
| Product Type | Linked-Benefit Life Insurance with Long-Term Care Rider |
| Segment | Life |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| FY2024 Sales | ~$120M (record, +18% YoY per company commentary) |
| In-Force | Growing; included within Life segment UL/WL balances |
| Key Features | Cash value life insurance base with accelerated death benefit for LTC; extension of benefits rider; guaranteed protection against LTC costs |
| Distribution | Independent broker-dealers, financial advisors |
| Risk Profile | Mortality + morbidity (LTC), partially offset by anti-selection dynamics |
| Reinsurance | Mortality excess of retention ceded to Munich Re, RGA, Swiss Re, SCOR, General Re |
| Competitive Position | Leading hybrid life/LTC product; competes with Lincoln MoneyGuard, Nationwide CareMatters, Pacific Life |
| Attribute | Detail |
|---|---|
| Product Type | Level Premium Term Life Insurance |
| Segment | Life |
| Issuing Entities | BLIC (DE), BLICNY (NY), NELICO (MA) |
| FPB | $2,517M net LFPB (12/31/2024); $2,488M after reinsurance |
| Reinsurance Recoverable | $29M (FPB-related) |
| DAC + VOBA | $313M ($310M DAC + $3M VOBA) |
| Weighted-Avg Duration | 7.6 years |
| Interest Accretion Rate | 3.94% |
| Current Discount Rate | 5.42% |
| Gross In-Force (Schedule IV) | Part of $470,679M gross life in-force; $125,696M ceded (26.7% of total) |
| Distribution | Independent agents, career agents (legacy MetLife channels) |
| Risk Profile | Mortality risk; excess ceded to reinsurers |
| Reinsurance | Excess of retention ($20M per life max retention); ceded to Munich Re, RGA, Swiss Re, SCOR, General Re; Reg XXX statutory reserves assumed by BRCD captive |
| Attribute | Detail |
|---|---|
| Product Type | Universal Life Insurance (Accumulation-oriented) |
| Segment | Life |
| Issuing Entities | BLIC (DE), BLICNY (NY) |
| GA PAB | $2,590M (12/31/2024), up from $2,550M |
| Separate Account | $6,419M (UL sep acct, 12/31/2024), up from $5,921M |
| Total | $9,009M (12/31/2024) |
| Interest Credited (GA) | $92M; weighted-avg crediting rate: 3.58% |
| Policy Charges | $(215)M (FY2024) |
| DAC + VOBA | $370M ($332M DAC + $38M VOBA) |
| Crediting Rate Profile | $1,530M at minimum (>4%); $522M at 1-50bps above; $448M at >150bps above |
| Distribution | Career agents, independent agents |
| Risk Profile | Mortality (COI), credited interest rate, lapse risk |
| Reinsurance | Excess of retention for mortality risk |
| Attribute | Detail |
|---|---|
| Product Type | Participating Whole Life Insurance |
| Segment | Life |
| Issuing Entities | BLIC (legacy MetLife policies) |
| FPB | $3,217M (12/31/2024), up from $3,102M |
| In-Force | Declining legacy block (no new sales) |
| Distribution | N/A -- closed to new sales |
| Reinsurance | 90% quota share ceded to MetLife (former affiliate) |
| MetLife Recoverable | Part of the $3,447M total MetLife reinsurance recoverables |
| Risk Profile | Mortality + investment + dividend obligation; 90% ceded to MetLife |
| Status | Closed to new sales -- legacy MetLife block |