Closed Block (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017			December 31, 2016
	(In millions)
Closed Block Liabilities
Future policy benefits	$	40,654		$	40,834
Other policy-related balances	223			257
Policyholder dividends payable	470			443
Policyholder dividend obligation	1,983			1,931
Current income tax payable	11			4
Other liabilities	245			196
Total closed block liabilities	43,586			43,665
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	27,554			27,220
Equity securities available-for-sale, at estimated fair value	102			100
Mortgage loans	5,857			5,935
Policy loans	4,550			4,553
Real estate and real estate joint ventures	654			655
Other invested assets	904			1,246
Total investments	39,621			39,709
Cash and cash equivalents	46			18
Accrued investment income	483			467
Premiums, reinsurance and other receivables	62			68
Deferred income tax assets	171			177
Total assets designated to the closed block	40,383			40,439
Excess of closed block liabilities over assets designated to the closed block	3,203			3,226
Amounts included in accumulated other comprehensive income (loss) (“AOCI”):
Unrealized investment gains (losses), net of income tax	1,582			1,517
Unrealized gains (losses) on derivatives, net of income tax	85			95
Allocated to policyholder dividend obligation, net of income tax	(1,289		)	(1,255		)
Total amounts included in AOCI	378			357
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,581		$	3,583

Closed block policyholder dividend obligation

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

	Three Months Ended March 31, 2017		Year Ended December 31, 2016
	(In millions)
Balance, beginning of period	$	1,931	$	1,783
Change in unrealized investment and derivative gains (losses)	52		148
Balance, end of period	$	1,983	$	1,931

Closed block revenues and expenses

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

	Three Months Ended March 31,
	2017			2016
	(In millions)
Revenues
Premiums	$	402		$	417
Net investment income	466			480
Net investment gains (losses)	(8		)	(28		)
Net derivative gains (losses)	(8		)	(11		)
Total revenues	852			858
Expenses
Policyholder benefits and claims	568			610
Policyholder dividends	250			245
Other expenses	32			32
Total expenses	850			887
Revenues, net of expenses before provision for income tax expense (benefit)	2			(29		)
Provision for income tax expense (benefit)	—			(11		)
Revenues, net of expenses and provision for income tax expense (benefit)	$	2		$	(18	)