Closed Block (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019			December 31, 2018
	(In millions)
Closed Block Liabilities
Future policy benefits	$	39,477		$	40,032
Other policy-related balances	438			317
Policyholder dividends payable	453			431
Policyholder dividend obligation	2,370			428
Deferred income tax liability	61			28
Other liabilities	116			328
Total closed block liabilities	42,915			41,564
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	26,365			25,354
Equity securities, at estimated fair value	63			61
Contractholder-directed equity securities and fair value option securities, at estimated fair value	50			43
Mortgage loans	6,910			6,778
Policy loans	4,493			4,527
Real estate and real estate joint ventures	540			544
Other invested assets	822			643
Total investments	39,243			37,950
Cash and cash equivalents	154			—
Accrued investment income	438			443
Premiums, reinsurance and other receivables	66			83
Current income tax recoverable	81			69
Total assets designated to the closed block	39,982			38,545
Excess of closed block liabilities over assets designated to the closed block	2,933			3,019
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax	2,596			1,089
Unrealized gains (losses) on derivatives, net of income tax	169			86
Allocated to policyholder dividend obligation, net of income tax	(1,872		)	(338		)
Total amounts included in AOCI	893			837
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,826		$	3,856

Closed block policyholder dividend obligation

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

	Nine Months Ended September 30, 2019		Year Ended December 31, 2018
	(In millions)
Balance, beginning of period	$	428	$	2,121
Change in unrealized investment and derivative gains (losses)	1,942		(1,693		)
Balance, end of period	$	2,370	$	428

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,
	2019		2018			2019			2018
	(In millions)
Revenues
Premiums	$	396	$	405		$	1,153		$	1,202
Net investment income	428		443			1,303			1,318
Net investment gains (losses)	3		7			(2		)	(46		)
Net derivative gains (losses)	11		2			23			12
Total revenues	838		857			2,477			2,486
Expenses
Policyholder benefits and claims	564		641			1,666			1,808
Policyholder dividends	229		241			688			723
Other expenses	27		29			84			88
Total expenses	820		911			2,438			2,619
Revenues, net of expenses before provision for income tax expense (benefit)	18		(54		)	39			(133		)
Provision for income tax expense (benefit)	3		(12		)	7			(29		)
Revenues, net of expenses and provision for income tax expense (benefit)	$	15	$	(42	)	$	32		$	(104	)