Closed Block (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015			December 31, 2014
	(In millions)
Closed Block Liabilities
Future policy benefits	$	41,481		$	41,667
Other policy-related balances	309			265
Policyholder dividends payable	479			461
Policyholder dividend obligation	3,483			3,155
Current income tax payable	3			1
Other liabilities	482			646
Total closed block liabilities	46,237			46,195
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	29,093			29,199
Equity securities available-for-sale, at estimated fair value	98			91
Mortgage loans	6,103			6,076
Policy loans	4,643			4,646
Real estate and real estate joint ventures	651			666
Other invested assets	1,123			1,065
Total investments	41,711			41,743
Cash and cash equivalents	323			227
Accrued investment income	483			477
Premiums, reinsurance and other receivables	78			67
Deferred income tax assets	277			289
Total assets designated to the closed block	42,872			42,803
Excess of closed block liabilities over assets designated to the closed block	3,365			3,392
Amounts included in accumulated other comprehensive income (loss) (“AOCI”)
Unrealized investment gains (losses), net of income tax	2,441			2,291
Unrealized gains (losses) on derivatives, net of income tax	63			28
Allocated to policyholder dividend obligation, net of income tax	(2,264		)	(2,051		)
Total amounts included in AOCI	240			268
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,605		$	3,660

Closed block policyholder dividend obligation

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

	Three Months   Ended   March 31, 2015		Year   Ended   December 31, 2014
	(In millions)
Balance, beginning of period	$	3,155	$	1,771
Change in unrealized investment and derivative gains (losses)	328		1,384
Balance, end of period	$	3,483	$	3,155

Closed block revenues and expenses

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

	Three Months   Ended   March 31,
	2015			2014
	(In millions)
Revenues
Premiums	$	430		$	446
Net investment income	515			530
Net investment gains (losses)	(1		)	—
Net derivative gains (losses)	25			(1		)
Total revenues	969			975
Expenses
Policyholder benefits and claims	608			624
Policyholder dividends	240			233
Other expenses	37			41
Total expenses	885			898
Revenues, net of expenses before provision for income tax expense (benefit)	84			77
Provision for income tax expense (benefit)	29			27
Revenues, net of expenses and provision for income tax expense (benefit)	$	55		$	50