Closed Block (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,650	$	37,222
Other policy-related balances	281		273
Policyholder dividends payable	178		181
Current income tax payable	9		—
Other liabilities	592		455
Total closed block liabilities	37,710		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,697		19,648
Equity securities, at estimated fair value	13		13
Mortgage loans	6,269		6,564
Policy loans	4,014		4,084
Real estate and real estate joint ventures	655		635
Other invested assets	591		692
Total investments	31,239		31,636
Cash and cash equivalents	656		437
Accrued investment income	369		375
Premiums, reinsurance and other receivables	114		52
Current income tax recoverable	—		88
Deferred income tax asset	394		423
Total assets designated to the closed block	32,772		33,011
Excess of closed block liabilities over assets designated to the closed block	4,938		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,176)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	212		262
Total amounts included in AOCI	(964)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,974	$	4,025

Closed block policyholder dividend obligation

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

	Six Months Ended June 30, 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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
	(In millions)
Revenues
Premiums		$	226	$	274	$	461	$	549
Net investment income		341		352		679		713
Net investment gains (losses)		5		(16)		9		(48)
Net derivative gains (losses)		5		8		3		11
Total revenues		577		618		1,152		1,225
Expenses
Policyholder benefits and claims		445		462		858		945
Policyholder dividends		89		128		186		262
Other expenses		22		23		44		46
Total expenses		556		613		1,088		1,253
Revenues, net of expenses before provision for income tax expense (benefit)		21		5		64		(28)
Provision for income tax expense (benefit)		4		1		13		(6)
Revenues, net of expenses and provision for income tax expense (benefit)		$	17	$	4	$	51	$	(22)