Closed Block (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2014			December 31, 2013
	(In millions)
Closed Block Liabilities
Future policy benefits	$	41,683		$	42,076
Other policy-related balances	282			298
Policyholder dividends payable	493			456
Policyholder dividend obligation	2,825			1,771
Current income tax payable	23			18
Other liabilities	629			582
Total closed block liabilities	45,935			45,201
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	28,976			28,374
Equity securities available-for-sale, at estimated fair value	90			86
Mortgage loans	6,091			6,155
Policy loans	4,651			4,669
Real estate and real estate joint ventures	586			492
Other invested assets	882			814
Total investments	41,276			40,590
Cash and cash equivalents	349			238
Accrued investment income	501			477
Premiums, reinsurance and other receivables	91			98
Deferred income tax assets	301			293
Total assets designated to the closed block	42,518			41,696
Excess of closed block liabilities over assets designated to the closed block	3,417			3,505
Amounts included in accumulated other comprehensive income (loss) (“AOCI”)
Unrealized investment gains (losses), net of income tax	2,109			1,502
Unrealized gains (losses) on derivatives, net of income tax	12			(3		)
Allocated to policyholder dividend obligation, net of income tax	(1,836		)	(1,151		)
Total amounts included in AOCI	285			348
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,702		$	3,853

Closed block policyholder dividend obligation

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

	Nine Months   Ended   September 30, 2014		Year   Ended   December 31, 2013
	(In millions)
Balance, beginning of period	$	1,771	$	3,828
Change in unrealized investment and derivative gains (losses)	1,054		(2,057		)
Balance, end of period	$	2,825	$	1,771

Closed block revenues and expenses

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

	Three Months   Ended   September 30,					Nine Months   Ended   September 30,
	2014		2013			2014		2013
	(In millions)
Revenues
Premiums	$	461	$	478		$	1,380	$	1,431
Net investment income	516		514			1,568		1,576
Net investment gains (losses)	—		(7		)	8		20
Net derivative gains (losses)	17		(16		)	13		(1		)
Total revenues	994		969			2,969		3,026
Expenses
Policyholder benefits and claims	620		651			1,889		1,963
Policyholder dividends	255		251			731		740
Other expenses	39		39			118		124
Total expenses	914		941			2,738		2,827
Revenues, net of expenses before provision for income tax expense (benefit)	80		28			231		199
Provision for income tax expense (benefit)	28		10			81		70
Revenues, net of expenses and provision for income tax expense (benefit)	$	52	$	18		$	150	$	129