Closed Block (Tables)

12 Months Ended

Dec. 31, 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:

	December 31,
	2019			2018
	(In millions)
Closed Block Liabilities
Future policy benefits	$	39,379		$	40,032
Other policy-related balances	423			317
Policyholder dividends payable	432			431
Policyholder dividend obligation	2,020			428
Deferred income tax liability	79			28
Other liabilities	81			328
Total closed block liabilities	42,414			41,564
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	25,977			25,354
Equity securities, at estimated fair value	49			61
Contractholder-directed equity securities and fair value option securities, at estimated fair value	53			43
Mortgage loans	7,052			6,778
Policy loans	4,489			4,527
Real estate and real estate joint ventures	544			544
Other invested assets	314			643
Total investments	38,478			37,950
Cash and cash equivalents	448			—
Accrued investment income	419			443
Premiums, reinsurance and other receivables	75			83
Current income tax recoverable	91			69
Total assets designated to the closed block	39,511			38,545
Excess of closed block liabilities over assets designated to the closed block	2,903			3,019
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax	2,453			1,089
Unrealized gains (losses) on derivatives, net of income tax	97			86
Allocated to policyholder dividend obligation, net of income tax	(1,596		)	(338		)
Total amounts included in AOCI	954			837
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,857		$	3,856

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2019		2018			2017
	(In millions)
Balance at January 1,	$	428	$	2,121		$	1,931
Change in unrealized investment and derivative gains (losses)	1,592		(1,693		)	190
Balance at December 31,	$	2,020	$	428		$	2,121

Closed block revenues and expenses

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

	Years Ended December 31,
	2019			2018			2017
	(In millions)
Revenues
Premiums	$	1,580		$	1,672		$	1,736
Net investment income	1,740			1,758			1,818
Net investment gains (losses)	(7		)	(71		)	1
Net derivative gains (losses)	12			22			(32		)
Total revenues	3,325			3,381			3,523
Expenses
Policyholder benefits and claims	2,291			2,475			2,453
Policyholder dividends	924			968			976
Other expenses	111			117			125
Total expenses	3,326			3,560			3,554
Revenues, net of expenses before provision for income tax expense (benefit)	(1		)	(179		)	(31		)
Provision for income tax expense (benefit)	(2		)	(39		)	12
Revenues, net of expenses and provision for income tax expense (benefit)	$	1		$	(140	)	$	(43	)