Closed Block (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016			December 31, 2015
	(In millions)
Closed Block Liabilities
Future policy benefits	$	41,046		$	41,278
Other policy-related balances	270			249
Policyholder dividends payable	484			468
Policyholder dividend obligation	2,586			1,783
Other liabilities	799			380
Total closed block liabilities	45,185			44,158
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	28,739			27,556
Equity securities available-for-sale, at estimated fair value	108			111
Mortgage loans	5,910			6,022
Policy loans	4,561			4,642
Real estate and real estate joint ventures	458			462
Other invested assets	978			1,066
Total investments	40,754			39,859
Cash and cash equivalents	151			236
Accrued investment income	477			474
Premiums, reinsurance and other receivables	321			56
Current income tax recoverable	7			11
Deferred income tax assets	215			234
Total assets designated to the closed block	41,925			40,870
Excess of closed block liabilities over assets designated to the closed block	3,260			3,288
Amounts included in accumulated other comprehensive income (loss) (“AOCI”)
Unrealized investment gains (losses), net of income tax	1,963			1,382
Unrealized gains (losses) on derivatives, net of income tax	63			76
Allocated to policyholder dividend obligation, net of income tax	(1,681		)	(1,159		)
Total amounts included in AOCI	345			299
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,605		$	3,587

Closed block policyholder dividend obligation

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

	Three Months   Ended   March 31, 2016		Year   Ended   December 31, 2015
	(In millions)
Balance, beginning of period	$	1,783	$	3,155
Change in unrealized investment and derivative gains (losses)	803		(1,372		)
Balance, end of period	$	2,586	$	1,783

Closed block revenues and expenses

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

	Three Months   Ended   March 31,
	2016			2015
	(In millions)
Revenues
Premiums	$	417		$	430
Net investment income	480			515
Net investment gains (losses)	(28		)	(1		)
Net derivative gains (losses)	(11		)	25
Total revenues	858			969
Expenses
Policyholder benefits and claims	610			608
Policyholder dividends	245			240
Other expenses	32			37
Total expenses	887			885
Revenues, net of expenses before provision for income tax expense (benefit)	(29		)	84
Provision for income tax expense (benefit)	(11		)	29
Revenues, net of expenses and provision for income tax expense (benefit)	$	(18	)	$	55