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Equity (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Preferred Stock Authorized, Issued and Outstanding
Preferred stock shares authorized, issued and outstanding were as follows at both September 30, 2021 and December 31, 2020:
Shares AuthorizedShares IssuedShares Outstanding
6.600% Non-Cumulative Preferred Stock, Series A
17,000 17,000 17,000 
6.750% Non-Cumulative Preferred Stock, Series B
16,100 16,100 16,100 
5.375% Non-Cumulative Preferred Stock, Series C
23,000 23,000 23,000 
Not designated99,943,900 — — 
Total100,000,000 56,100 56,100 
Preferred Stock Dividends Declared
The declaration, record and payment dates, as well as per share and aggregate dividend amounts for BHF’s preferred stock by series for the nine months ended September 30, 2021 and 2020 were as follows:
Series ASeries BSeries C
Declaration DateRecord DatePayment DatePer ShareAggregatePer ShareAggregatePer ShareAggregate
(In millions, except per share data)
August 16, 2021September 10, 2021September 27, 2021$412.50 $7 $421.88 $7 $335.94 $8 
May 17, 2021June 10, 2021June 25, 2021412.50 7 421.88 7 335.94 7 
February 16, 2021March 10, 2021March 25, 2021412.50 7 421.88 7 466.58 11 
$1,237.50 $21 $1,265.64 $21 $1,138.46 $26 
August 17, 2020September 10, 2020September 25, 2020$412.50 $7 $595.31 $10 $— $— 
May 15, 2020June 10, 2020June 25, 2020412.50 7 — — — — 
February 14, 2020March 10, 2020March 25, 2020412.50 7 — — — — 
$1,237.50 $21 $595.31 $10 $— $— 
Components of Accumulated Other Comprehensive Income (Loss)
Information regarding changes in the balances of each component of AOCI was as follows:
Three Months Ended September 30, 2021
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at June 30, 2021$4,506 $142 $(13)$(39)$4,596 
OCI before reclassifications(499)104 10 — (385)
Deferred income tax benefit (expense)104 (22)(2)1 81 
AOCI before reclassifications, net of income tax4,111 224 (5)(38)4,292 
Amounts reclassified from AOCI(2)(1)— — (3)
Deferred income tax benefit (expense)1 — — — 1 
Amounts reclassified from AOCI, net of income tax(1)(1)— — (2)
Balance at September 30, 2021
$4,110 $223 $(5)$(38)$4,290 
Three Months Ended September 30, 2020
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at June 30, 2020$4,517 $500 $(24)$(28)$4,965 
OCI before reclassifications707 (185)9 (2)529 
Deferred income tax benefit (expense)(149)39 (1)— (111)
AOCI before reclassifications, net of income tax5,075 354 (16)(30)5,383 
Amounts reclassified from AOCI8 (11)— — (3)
Deferred income tax benefit (expense)(1)2 — — 1 
Amounts reclassified from AOCI, net of income tax7 (9)— — (2)
Balance at September 30, 2020
$5,082 $345 $(16)$(30)$5,381 
Nine Months Ended September 30, 2021
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at December 31, 2020
$5,646 $115 $(8)$(37)$5,716 
OCI before reclassifications(1,962)150 4 (2)(1,810)
Deferred income tax benefit (expense)412 (32)(1)2 381 
AOCI before reclassifications, net of income tax4,096 233 (5)(37)4,287 
Amounts reclassified from AOCI17 (12)— (1)4 
Deferred income tax benefit (expense)(3)2 — — (1)
Amounts reclassified from AOCI, net of income tax14 (10)— (1)3 
Balance at September 30, 2021
$4,110 $223 $(5)$(38)$4,290 
Nine Months Ended September 30, 2020
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)		Unrealized
Gains (Losses)
on Derivatives		Foreign
Currency
Translation
Adjustments		Defined Benefit Plans AdjustmentTotal
(In millions)
Balance at December 31, 2019
$3,111 $172 $(15)$(28)$3,240 
OCI before reclassifications (2)2,475 235 9 (2)2,717 
Deferred income tax benefit (expense)(520)(49)(10)— (579)
AOCI before reclassifications, net of income tax5,066 358 (16)(30)5,378 
Amounts reclassified from AOCI20 (16)— — 4 
Deferred income tax benefit (expense)(4)3 — — (1)
Amounts reclassified from AOCI, net of income tax16 (13)— — 3 
Balance at September 30, 2020
$5,082 $345 $(16)$(30)$5,381 
__________________
(1)See Note 4 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI.
(2)Includes $3 million related to the adoption of the allowance for credit losses guidance.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Information regarding amounts reclassified out of each component of AOCI was as follows:
AOCI ComponentsAmounts Reclassified from AOCIConsolidated Statements of Operations and Comprehensive Income (Loss) Locations
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)$1 $1 $(14)$(6)Net investment gains (losses)
Net unrealized investment gains (losses)1 (9)(3)(14)Net derivative gains (losses)
Net unrealized investment gains (losses), before income tax2 (8)(17)(20)
Income tax (expense) benefit(1)1 3 4 
Net unrealized investment gains (losses), net of income tax1 (7)(14)(16)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps— — 1 1 Net derivative gains (losses)
Interest rate swaps1 1 3 2 Net investment income
Foreign currency swaps— 10 8 13 Net derivative gains (losses)
Gains (losses) on cash flow hedges, before income tax1 11 12 16 
Income tax (expense) benefit— (2)(2)(3)
Gains (losses) on cash flow hedges, net of income tax1 9 10 13 
Defined benefit plans adjustment:
Amortization of net actuarial gains (losses)— — 1 — 
Amortization of defined benefit plans, before income tax— — 1 — 
Income tax (expense) benefit— — — — 
Amortization of defined benefit plans, net of income tax— — 1 — 
Total reclassifications, net of income tax$2 $2 $(3)$(3)