Closed Block (Tables)

12 Months Ended

Dec. 31, 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:

	December 31,
	2018			2017
	(In millions)
Closed Block Liabilities
Future policy benefits	$	40,032		$	40,463
Other policy-related balances	317			222
Policyholder dividends payable	431			437
Policyholder dividend obligation	428			2,121
Deferred income tax liability	28			—
Other liabilities	328			212
Total closed block liabilities	41,564			43,455
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	25,354			27,904
Equity securities, at estimated fair value	61			70
Contractholder-directed equity securities and fair value option securities, at estimated fair value	43			—
Mortgage loans	6,778			5,878
Policy loans	4,527			4,548
Real estate and real estate joint ventures	544			613
Other invested assets	643			731
Total investments	37,950			39,744
Accrued investment income	443			477
Premiums, reinsurance and other receivables; cash and cash equivalents	83			14
Current income tax recoverable	69			35
Deferred income tax asset	—			36
Total assets designated to the closed block	38,545			40,306
Excess of closed block liabilities over assets designated to the closed block	3,019			3,149
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax	1,089			1,863
Unrealized gains (losses) on derivatives, net of income tax	86			(7		)
Allocated to policyholder dividend obligation, net of income tax	(338		)	(1,379		)
Total amounts included in AOCI	837			477
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,856		$	3,626

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2018			2017		2016
	(In millions)
Balance at January 1,	$	2,121		$	1,931	$	1,783
Change in unrealized investment and derivative gains (losses)	(1,693		)	190		148
Balance at December 31,	$	428		$	2,121	$	1,931

Closed block revenues and expenses

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

	Years Ended December 31,
	2018			2017			2016
	(In millions)
Revenues
Premiums	$	1,672		$	1,736		$	1,804
Net investment income	1,758			1,818			1,902
Net investment gains (losses)	(71		)	1			(10		)
Net derivative gains (losses)	22			(32		)	25
Total revenues	3,381			3,523			3,721
Expenses
Policyholder benefits and claims	2,475			2,453			2,563
Policyholder dividends	968			976			953
Other expenses	117			125			133
Total expenses	3,560			3,554			3,649
Revenues, net of expenses before provision for income tax expense (benefit)	(179		)	(31		)	72
Provision for income tax expense (benefit)	(39		)	12			24
Revenues, net of expenses and provision for income tax expense (benefit)	$	(140	)	$	(43	)	$	48