Closed Block (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022		December 31, 2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,787	$	38,046
Other policy-related balances	312		290
Policyholder dividends payable	249		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	146		210
Other liabilities	337		263
Total closed block liabilities	38,831		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	23,412		25,669
Equity securities, at estimated fair value	14		21
Mortgage loans	6,462		6,417
Policy loans	4,149		4,191
Real estate and real estate joint ventures	547		565
Other invested assets	551		535
Total investments	35,135		37,398
Cash and cash equivalents	203		126
Accrued investment income	389		384
Premiums, reinsurance and other receivables	38		50
Current income tax recoverable	89		81
Total assets designated to the closed block	35,854		38,039
Excess of closed block liabilities over assets designated to the closed block	2,977		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	970		2,562
Unrealized gains (losses) on derivatives, net of income tax	123		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	1,093		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,070	$	4,045

Closed block policyholder dividend obligation

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

	Three Months Ended March 31, 2022		Year Ended December 31, 2021
	(In millions)
Balance, beginning of period	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	(1,682)		(1,287)
Balance, end of period	$	—	$	1,682

Closed block revenues and expenses

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

		Three Months Ended March 31,
		2022		2021
	(In millions)
Revenues
Premiums		$	275	$	320
Net investment income		361		393
Net investment gains (losses)		(32)		6
Net derivative gains (losses)		3		1
Total revenues		607		720
Expenses
Policyholder benefits and claims		483		546
Policyholder dividends		133		178
Other expenses		23		25
Total expenses		639		749
Revenues, net of expenses before provision for income tax expense (benefit)		(32)		(29)
Provision for income tax expense (benefit)		(7)		(6)
Revenues, net of expenses and provision for income tax expense (benefit)		$	(25)	$	(23)