Closed Block (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,898	$	37,222
Other policy-related balances	274		273
Policyholder dividends payable	177		181
Other liabilities	504		455
Total closed block liabilities	37,853		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	20,033		19,648
Equity securities, at estimated fair value	13		13
Mortgage loans	6,488		6,564
Policy loans	4,044		4,084
Real estate and real estate joint ventures	647		635
Other invested assets	653		692
Total investments	31,878		31,636
Cash and cash equivalents	477		437
Accrued investment income	376		375
Premiums, reinsurance and other receivables	70		52
Current income tax recoverable	79		88
Deferred income tax asset	311		423
Total assets designated to the closed block	33,191		33,011
Excess of closed block liabilities over assets designated to the closed block	4,662		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(924)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	253		262
Total amounts included in AOCI	(671)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,991	$	4,025

Closed block policyholder dividend obligation

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

	Three Months Ended March 31, 2023		Year Ended December 31, 2022
	(In millions)
Balance, beginning of period	$	—	$	1,682
Change in unrealized investment and derivative gains (losses)	—		(1,682)
Balance, end of period	$	—	$	—

Closed block revenues and expenses

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

		Three Months Ended March 31,
		2023		2022
	(In millions)
Revenues
Premiums		$	235	$	275
Net investment income		338		361
Net investment gains (losses)		4		(32)
Net derivative gains (losses)		(2)		3
Total revenues		575		607
Expenses
Policyholder benefits and claims		413		483
Policyholder dividends		97		134
Other expenses		22		23
Total expenses		532		640
Revenues, net of expenses before provision for income tax expense (benefit)		43		(33)
Provision for income tax expense (benefit)		9		(7)
Revenues, net of expenses and provision for income tax expense (benefit)		$	34	$	(26)