Closed Block (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
	(In millions)
Closed Block Liabilities
Future policy benefits	$	38,046	$	38,758
Other policy-related balances	290		321
Policyholder dividends payable	253		337
Policyholder dividend obligation	1,682		2,969
Deferred income tax liability	210		130
Other liabilities	263		172
Total closed block liabilities	40,744		42,687
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	25,669		27,186
Equity securities, at estimated fair value	21		24
Mortgage loans	6,417		6,807
Policy loans	4,191		4,355
Real estate and real estate joint ventures	565		559
Other invested assets	535		468
Total investments	37,398		39,399
Cash and cash equivalents	126		—
Accrued investment income	384		402
Premiums, reinsurance and other receivables	50		50
Current income tax recoverable	81		28
Total assets designated to the closed block	38,039		39,879
Excess of closed block liabilities over assets designated to the closed block	2,705		2,808
AOCI:
Unrealized investment gains (losses), net of income tax	2,562		3,524
Unrealized gains (losses) on derivatives, net of income tax	107		23
Allocated to policyholder dividend obligation, net of income tax	(1,329)		(2,346)
Total amounts included in AOCI	1,340		1,201
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,045	$	4,009

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2021		2020		2019
	(In millions)
Balance at January 1,	$	2,969	$	2,020	$	428
Change in unrealized investment and derivative gains (losses)	(1,287)		949		1,592
Balance at December 31,	$	1,682	$	2,969	$	2,020

Closed block revenues and expenses

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

	Years Ended December 31,
	2021		2020		2019
	(In millions)
Revenues
Premiums	$	1,298	$	1,498	$	1,580
Net investment income	1,541		1,596		1,740
Net investment gains (losses)	(36)		(25)		(7)
Net derivative gains (losses)	18		(17)		12
Total revenues	2,821		3,052		3,325
Expenses
Policyholder benefits and claims	2,150		2,330		2,291
Policyholder dividends	621		791		924
Other expenses	96		104		111
Total expenses	2,867		3,225		3,326
Revenues, net of expenses before provision for income tax expense (benefit)	(46)		(173)		(1)
Provision for income tax expense (benefit)	(10)		(36)		(2)
Revenues, net of expenses and provision for income tax expense (benefit)	$	(36)	$	(137)	$	1