Closed Block (Tables)

12 Months Ended

Dec. 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:

	December 31,
	2022		2021
	(In millions)
Closed Block Liabilities
Future policy benefits	$	37,214	$	38,046
Other policy-related balances	273		290
Policyholder dividends payable	181		253
Policyholder dividend obligation	—		1,682
Deferred income tax liability	—		210
Other liabilities	455		263
Total closed block liabilities	38,123		40,744
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,648		25,669
Equity securities, at estimated fair value	13		21
Mortgage loans	6,564		6,417
Policy loans	4,084		4,191
Real estate and real estate joint ventures	635		565
Other invested assets	692		535
Total investments	31,636		37,398
Cash and cash equivalents	437		126
Accrued investment income	375		384
Premiums, reinsurance and other receivables	52		50
Current income tax recoverable	88		81
Deferred income tax asset	423		—
Total assets designated to the closed block	33,011		38,039
Excess of closed block liabilities over assets designated to the closed block	5,112		2,705
AOCI:
Unrealized investment gains (losses), net of income tax	(1,357)		2,562
Unrealized gains (losses) on derivatives, net of income tax	262		107
Allocated to policyholder dividend obligation, net of income tax	—		(1,329)
Total amounts included in AOCI	(1,095)		1,340
Maximum future earnings to be recognized from closed block assets and liabilities	$	4,017	$	4,045

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Balance at January 1,	$	1,682	$	2,969	$	2,020
Change in unrealized investment and derivative gains (losses)	(1,682)		(1,287)		949
Balance at December 31,	$	—	$	1,682	$	2,969

Closed block revenues and expenses

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

	Years Ended December 31,
	2022		2021		2020
	(In millions)
Revenues
Premiums	$	1,104	$	1,298	$	1,498
Net investment income	1,382		1,541		1,596
Net investment gains (losses)	(51)		(36)		(25)
Net derivative gains (losses)	33		18		(17)
Total revenues	2,468		2,821		3,052
Expenses
Policyholder benefits and claims	1,890		2,150		2,330
Policyholder dividends	453		621		791
Other expenses	90		96		104
Total expenses	2,433		2,867		3,225
Revenues, net of expenses before provision for income tax expense (benefit)	35		(46)		(173)
Provision for income tax expense (benefit)	7		(10)		(36)
Revenues, net of expenses and provision for income tax expense (benefit)	$	28	$	(36)	$	(137)