Brighthouse Financial Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Annual Actuarial Review
We typically conduct our AAR in the third quarter of each year. As part of the 2023 AAR, for our ULSG business, we increased the long-term general account earned rate, driven by an increase in the mean reversion rate from 3.50% to 3.75%. Also, with respect to our ULSG business, we updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses, withdrawals and maintenance expenses. For our variable annuity business, we updated our annuitization, mortality, lapses and withdrawals, as well as separate account assumptions, including fund fees, allocations and volatility. For term participating and non-participating whole life insurance, we updated assumptions regarding mortality and lapses.
As part of the 2022 AAR, for our ULSG business, we increased the long-term general account earned rate, driven by an increase in the mean reversion rate from 3.00% to 3.50%. Also, with respect to our ULSG business, we updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses, withdrawals and maintenance expenses. For our variable annuity business, we updated our fund allocations, mortality, lapses and withdrawals. For term and non-participating whole life insurance, we updated assumptions regarding mortality and lapses.
The impact on income (loss) available to shareholders before provision for income tax was as follows:
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (In millions) | ||
| Market risk benefits | $(251) | $(210) |
| Included in pre-tax adjusted earnings: | ||
| Other annuity business | 15 | (125) |
| Life business | (90) | (20) |
| Run-off | 119 | 319 |
| Total included in pre-tax adjusted earnings | 44 | 174 |
| Total impact on income (loss) available to shareholders before provision for income tax | $(207) | $(36) |
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