Closed Block (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2016			December 31, 2015
	(In millions)
Closed Block Liabilities
Future policy benefits	$	40,840		$	41,278
Other policy-related balances	256			249
Policyholder dividends payable	506			468
Policyholder dividend obligation	3,352			1,783
Current income tax payable	8			—
Other liabilities	601			380
Total closed block liabilities	45,563			44,158
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	29,194			27,556
Equity securities available-for-sale, at estimated fair value	107			111
Mortgage loans	5,739			6,022
Policy loans	4,553			4,642
Real estate and real estate joint ventures	672			462
Other invested assets	1,233			1,066
Total investments	41,498			39,859
Cash and cash equivalents	72			236
Accrued investment income	482			474
Premiums, reinsurance and other receivables	65			56
Current income tax recoverable	—			11
Deferred income tax assets	195			234
Total assets designated to the closed block	42,312			40,870
Excess of closed block liabilities over assets designated to the closed block	3,251			3,288
Amounts included in accumulated other comprehensive income (loss) (“AOCI”)
Unrealized investment gains (losses), net of income tax	2,452			1,382
Unrealized gains (losses) on derivatives, net of income tax	88			76
Allocated to policyholder dividend obligation, net of income tax	(2,179		)	(1,159		)
Total amounts included in AOCI	361			299
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,612		$	3,587

Closed block policyholder dividend obligation

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

	Nine Months   Ended   September 30, 2016		Year   Ended   December 31, 2015
	(In millions)
Balance, beginning of period	$	1,783	$	3,155
Change in unrealized investment and derivative gains (losses)	1,569		(1,372		)
Balance, end of period	$	3,352	$	1,783

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,
	2016			2015			2016			2015
	(In millions)
Revenues
Premiums	$	436		$	447		$	1,297		$	1,334
Net investment income	486			487			1,435			1,500
Net investment gains (losses)	(3		)	(9		)	(19		)	(8		)
Net derivative gains (losses)	4			13			(3		)	25
Total revenues	923			938			2,710			2,851
Expenses
Policyholder benefits and claims	619			635			1,861			1,886
Policyholder dividends	232			273			723			757
Other expenses	33			36			100			109
Total expenses	884			944			2,684			2,752
Revenues, net of expenses before provision for income tax expense (benefit)	39			(6		)	26			99
Provision for income tax expense (benefit)	13			(1		)	8			36
Revenues, net of expenses and provision for income tax expense (benefit)	$	26		$	(5	)	$	18		$	63