Closed Block (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2022		December 31, 2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,385	$	38,046
Other policy-related balances	257		290
Policyholder dividends payable	219		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	—		210
Other liabilities	444		263
Total closed block liabilities	38,305		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,515		25,669
Equity securities, at estimated fair value	14		21
Mortgage loans	6,624		6,417
Policy loans	4,096		4,191
Real estate and real estate joint ventures	604		565
Other invested assets	910		535
Total investments	31,763		37,398
Cash and cash equivalents	344		126
Accrued investment income	386		384
Premiums, reinsurance and other receivables	38		50
Current income tax recoverable	82		81
Deferred income tax asset	460		—
Total assets designated to the closed block	33,073		38,039
Excess of closed block liabilities over assets designated to the closed block	5,232		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(1,609)		2,562
Unrealized gains (losses) on derivatives, net of income tax	408		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	(1,201)		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,031	$	4,045

Closed block policyholder dividend obligation

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

	Nine Months Ended September 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Revenues
Premiums	$	267	$	310	$	816	$	955
Net investment income	326		390		1,039		1,165
Net investment gains (losses)	(4)		(7)		(52)		(12)
Net derivative gains (losses)	28		12		39		19
Total revenues	617		705		1,842		2,127
Expenses
Policyholder benefits and claims	459		522		1,404		1,588
Policyholder dividends	91		127		352		478
Other expenses	22		24		68		73
Total expenses	572		673		1,824		2,139
Revenues, net of expenses before provision for income tax expense (benefit)	45		32		18		(12)
Provision for income tax expense (benefit)	10		6		4		(3)
Revenues, net of expenses and provision for income tax expense (benefit)	$	35	$	26	$	14	$	(9)