Closed Block (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
	(In millions)
Closed Block Liabilities
Future policy benefits	$	38,758	$	39,379
Other policy-related balances	321		423
Policyholder dividends payable	337		432
Policyholder dividend obligation	2,969		2,020
Deferred income tax liability	130		79
Other liabilities	172		81
Total closed block liabilities	42,687		42,414
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	27,186		25,977
Equity securities, at estimated fair value	24		49
Contractholder-directed equity securities and fair value option securities, at estimated fair value	—		53
Mortgage loans	6,807		7,052
Policy loans	4,355		4,489
Real estate and real estate joint ventures	559		544
Other invested assets	468		314
Total investments	39,399		38,478
Cash and cash equivalents	—		448
Accrued investment income	402		419
Premiums, reinsurance and other receivables	50		75
Current income tax recoverable	28		91
Total assets designated to the closed block	39,879		39,511
Excess of closed block liabilities over assets designated to the closed block	2,808		2,903
AOCI:
Unrealized investment gains (losses), net of income tax	3,524		2,453
Unrealized gains (losses) on derivatives, net of income tax	23		97
Allocated to policyholder dividend obligation, net of income tax	(2,346)		(1,596)
Total amounts included in AOCI	1,201		954
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,009	$	3,857

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2020		2019		2018
	(In millions)
Balance at January 1,	$	2,020	$	428	$	2,121
Change in unrealized investment and derivative gains (losses)	949		1,592		(1,693)
Balance at December 31,	$	2,969	$	2,020	$	428

Closed block revenues and expenses

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

	Years Ended December 31,
	2020		2019		2018
	(In millions)
Revenues
Premiums	$	1,498	$	1,580	$	1,672
Net investment income	1,596		1,740		1,758
Net investment gains (losses)	(25)		(7)		(71)
Net derivative gains (losses)	(17)		12		22
Total revenues	3,052		3,325		3,381
Expenses
Policyholder benefits and claims	2,330		2,291		2,475
Policyholder dividends	791		924		968
Other expenses	104		111		117
Total expenses	3,225		3,326		3,560
Revenues, net of expenses before provision for income tax expense (benefit)	(173)		(1)		(179)
Provision for income tax expense (benefit)	(36)		(2)		(39)
Revenues, net of expenses and provision for income tax expense (benefit)	$	(137)	$	1	$	(140)