Closed Block (Tables)

3 Months Ended

Mar. 31, 2014

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:

	March 31, 2014			December 31, 2013
	(In millions)
Closed Block Liabilities
Future policy benefits	$	41,929		$	42,076
Other policy-related balances	328			298
Policyholder dividends payable	470			456
Policyholder dividend obligation	2,463			1,771
Current income tax payable	15			18
Other liabilities	608			582
Total closed block liabilities	45,813			45,201
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	28,810			28,374
Equity securities available-for-sale, at estimated fair value	90			86
Mortgage loans	6,117			6,155
Policy loans	4,647			4,669
Real estate and real estate joint ventures	509			492
Other invested assets	935			814
Total investments	41,108			40,590
Cash and cash equivalents	375			238
Accrued investment income	496			477
Premiums, reinsurance and other receivables	67			98
Deferred income tax assets	292			293
Total assets designated to the closed block	42,338			41,696
Excess of closed block liabilities over assets designated to the closed block	3,475			3,505
Amounts included in accumulated other comprehensive income (loss) (“AOCI”):
Unrealized investment gains (losses), net of income tax	1,931			1,502
Unrealized gains (losses) on derivatives, net of income tax	(3		)	(3		)
Allocated to policyholder dividend obligation, net of income tax	(1,601		)	(1,151		)
Total amounts included in AOCI	327			348
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,802		$	3,853

Closed block policyholder dividend obligation

Information regarding the closed block policyholder dividend obligation was as follows:

	Three Months   Ended   March 31, 2014		Year   Ended   December 31, 2013
	(In millions)
Balance, beginning of period	$	1,771	$	3,828
Change in unrealized investment and derivative gains (losses)	692		(2,057		)
Balance, end of period	$	2,463	$	1,771

Closed block revenues and expenses

Information regarding the closed block revenues and expenses was as follows:

	Three Months   Ended   March 31,
	2014			2013
	(In millions)
Revenues
Premiums	$	446		$	464
Net investment income	530			533
Net investment gains (losses)	—			3
Net derivative gains (losses)	(1		)	8
Total revenues	975			1,008
Expenses
Policyholder benefits and claims	624			643
Policyholder dividends	233			242
Other expenses	41			42
Total expenses	898			927
Revenues, net of expenses before provision for income tax expense (benefit)	77			81
Provision for income tax expense (benefit)	27			27
Revenues, net of expenses and provision for income tax expense (benefit)	$	50		$	54