Closed Block (Tables)

6 Months Ended

Jun. 30, 2018

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:

	June 30, 2018			December 31, 2017
	(In millions)
Closed Block Liabilities
Future policy benefits	$	40,180		$	40,463
Other policy-related balances	204			222
Policyholder dividends payable	468			437
Policyholder dividend obligation	792			2,121
Other liabilities	371			212
Total closed block liabilities	42,015			43,455
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	26,194			27,904
Equity securities, at estimated fair value	68			70
Mortgage loans	6,290			5,878
Policy loans	4,520			4,548
Real estate and real estate joint ventures	591			613
Other invested assets	694			731
Total investments	38,357			39,744
Accrued investment income	457			477
Premiums, reinsurance and other receivables; cash and cash equivalents	70			14
Current income tax recoverable	36			35
Deferred income tax assets	19			36
Total assets designated to the closed block	38,939			40,306
Excess of closed block liabilities over assets designated to the closed block	3,076			3,149
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax	1,312			1,863
Unrealized gains (losses) on derivatives, net of income tax	16			(7		)
Allocated to policyholder dividend obligation, net of income tax	(626		)	(1,379		)
Total amounts included in AOCI	702			477
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,778		$	3,626

Closed block policyholder dividend obligation

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

	Six Months Ended June 30, 2018			Year Ended December 31, 2017
	(In millions)
Balance, beginning of period	$	2,121		$	1,931
Change in unrealized investment and derivative gains (losses)	(1,329		)	190
Balance, end of period	$	792		$	2,121

Closed block revenues and expenses

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(In millions)
Revenues
Premiums	$	410		$	432		$	797		$	834
Net investment income	431			452			875			918
Net investment gains (losses)	(24		)	(2		)	(53		)	(10		)
Net derivative gains (losses)	13			(10		)	10			(18		)
Total revenues	830			872			1,629			1,724
Expenses
Policyholder benefits and claims	596			614			1,167			1,182
Policyholder dividends	238			247			482			497
Other expenses	30			32			59			64
Total expenses	864			893			1,708			1,743
Revenues, net of expenses before provision for income tax expense (benefit)	(34		)	(21		)	(79		)	(19		)
Provision for income tax expense (benefit)	(7		)	(8		)	(17		)	(8		)
Revenues, net of expenses and provision for income tax expense (benefit)	$	(27	)	$	(13	)	$	(62	)	$	(11	)