Closed Block (Tables)

3 Months Ended

Mar. 31, 2024

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

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

	March 31, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
Future policy benefits	$	35,806	$	36,142
Other policy-related balances	301		319
Policyholder dividends payable	170		174
Policyholder dividend obligation	—		—
Current income tax payable	1		—
Other liabilities	746		668
Total closed block liabilities	37,024		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	19,637		19,939
Equity securities, at estimated fair value	11		10
Mortgage loans	6,005		6,151
Policy loans	3,919		3,960
Real estate and real estate joint ventures	676		668
Other invested assets	485		496
Total investments	30,733		31,224
Cash and cash equivalents	717		717
Accrued investment income	385		383
Premiums, reinsurance and other receivables	52		54
Current income tax recoverable	—		3
Deferred income tax asset	359		312
Total assets designated to the closed block	32,246		32,693
Excess of closed block liabilities over assets designated to the closed block	4,778		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,044)		(820)
Unrealized gains (losses) on derivatives, net of income tax	151		130
Total amounts included in AOCI	(893)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,885	$	3,920

Closed block revenues and expenses

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

		Three Months Ended March 31,
		2024		2023
	(In millions)
Revenues
Premiums		$	218	$	235
Net investment income		343		338
Net investment gains (losses)		(7)		4
Net derivative gains (losses)		5		(2)
Total revenues		559		575
Expenses
Policyholder benefits and claims		404		413
Policyholder dividends		90		97
Other expenses		20		22
Total expenses		514		532
Revenues, net of expenses before provision for income tax expense (benefit)		45		43
Provision for income tax expense (benefit)		10		9
Revenues, net of expenses and provision for income tax expense (benefit)		$	35	$	34