Closed Block (Tables)

12 Months Ended

Dec. 31, 2023

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

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

	December 31,
	2023		2022
	(In millions)
Closed Block Liabilities
Future policy benefits	$	36,142	$	37,222
Other policy-related balances	319		273
Policyholder dividends payable	174		181
Other liabilities	668		455
Total closed block liabilities	37,303		38,131
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,939		19,648
Equity securities, at estimated fair value	10		13
Mortgage loans	6,151		6,564
Policy loans	3,960		4,084
Real estate and real estate joint ventures	668		635
Other invested assets	496		692
Total investments	31,224		31,636
Cash and cash equivalents	717		437
Accrued investment income	383		375
Premiums, reinsurance and other receivables	54		52
Current income tax recoverable	3		88
Deferred income tax asset	312		423
Total assets designated to the closed block	32,693		33,011
Excess of closed block liabilities over assets designated to the closed block	4,610		5,120
AOCI:
Unrealized investment gains (losses), net of income tax	(820)		(1,357)
Unrealized gains (losses) on derivatives, net of income tax	130		262
Total amounts included in AOCI	(690)		(1,095)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,920	$	4,025

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Balance at January 1,	$	—	$	1,682	$	2,969
Change in unrealized investment and derivative gains (losses)	—		(1,682)		(1,287)
Balance at December 31,	$	—	$	—	$	1,682

Closed block revenues and expenses

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

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Revenues
Premiums	$	922	$	1,104	$	1,298
Net investment income	1,362		1,382		1,541
Net investment gains (losses)	7		(51)		(36)
Net derivative gains (losses)	—		33		18
Total revenues	2,291		2,468		2,821
Expenses
Policyholder benefits and claims	1,706		1,890		2,150
Policyholder dividends	366		458		626
Other expenses	86		90		96
Total expenses	2,158		2,438		2,872
Revenues, net of expenses before provision for income tax expense (benefit)	133		30		(51)
Provision for income tax expense (benefit)	28		6		(11)
Revenues, net of expenses and provision for income tax expense (benefit)	$	105	$	24	$	(40)