Closed Block (Tables)

9 Months Ended

Sep. 30, 2023

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:


	September 30, 2023		December 31, 2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,392	$	37,222
Other policy-related balances	253		273
Policyholder dividends payable	181		181
Current income tax payable	9		—
Other liabilities	684		455
Total closed block liabilities	37,519		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	18,740		19,648
Equity securities, at estimated fair value	13		13
Mortgage loans	6,244		6,564
Policy loans	3,983		4,084
Real estate and real estate joint ventures	669		635
Other invested assets	600		692
Total investments	30,249		31,636
Cash and cash equivalents	659		437
Accrued investment income	384		375
Premiums, reinsurance and other receivables	65		52
Current income tax recoverable	—		88
Deferred income tax asset	575		423
Total assets designated to the closed block	31,932		33,011
Excess of closed block liabilities over assets designated to the closed block	5,587		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(1,864)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	209		262
Total amounts included in AOCI	(1,655)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,932	$	4,025

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


	Nine Months Ended September 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	$	—	$	—

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
	(In millions)
Revenues
Premiums		$	219	$	267	$	680	$	816
Net investment income		345		326		1,024		1,039
Net investment gains (losses)		4		(4)		13		(52)
Net derivative gains (losses)		(2)		28		1		39
Total revenues		566		617		1,718		1,842
Expenses
Policyholder benefits and claims		403		459		1,261		1,404
Policyholder dividends		89		96		275		358
Other expenses		21		22		65		68
Total expenses		513		577		1,601		1,830
Revenues, net of expenses before provision for income tax expense (benefit)		53		40		117		12
Provision for income tax expense (benefit)		11		9		24		3
Revenues, net of expenses and provision for income tax expense (benefit)		$	42	$	31	$	93	$	9