Closed Block (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2024		December 31, 2023
	(In millions)
Closed Block Liabilities
FPBs	$	35,229	$	36,142
Other policy-related balances	284		319
Policyholder dividends payable	178		174
Policyholder dividend obligation	—		—
Current income tax payable	13		—
Other liabilities	896		668
Total closed block liabilities	36,600		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,915		19,939
Equity securities, at estimated fair value	10		10
Mortgage loans	5,856		6,151
Policy loans	3,850		3,960
Real estate and real estate joint ventures (“REJV”)	676		668
Other invested assets	418		496
Total investments	30,725		31,224
Cash and cash equivalents	957		717
Accrued investment income	382		383
Premiums, reinsurance and other receivables	36		54
Current income tax recoverable	—		3
Deferred income tax asset	239		312
Total assets designated to the closed block	32,339		32,693
Excess of closed block liabilities over assets designated to the closed block	4,261		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(551)		(820)
Unrealized gains (losses) on derivatives, net of income tax	116		130
Total amounts included in AOCI	(435)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,826	$	3,920

Closed block revenues and expenses

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

		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	(In millions)
Revenues
Premiums		$	214	$	219	$	648	$	680
Net investment income		336		345		1,021		1,024
Net investment gains (losses)		1		4		(19)		13
Net derivative gains (losses)		(1)		(2)		6		1
Total revenues		550		566		1,656		1,718
Expenses
Policyholder benefits and claims		390		403		1,209		1,261
Policyholder dividends		90		89		266		275
Other expenses		21		21		61		65
Total expenses		501		513		1,536		1,601
Revenues, net of expenses before provision for income tax expense (benefit)		49		53		120		117
Provision for income tax expense (benefit)		11		11		26		24
Revenues, net of expenses and provision for income tax expense (benefit)		$	38	$	42	$	94	$	93