Closed Block (Tables)

12 Months Ended

Dec. 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:

	December 31,
	2024		2023
	(In millions)
Closed Block Liabilities
FPBs	$	35,015	$	36,142
Other policy-related balances	315		319
Policyholder dividends payable	174		174
Current income tax payable	6		—
Other liabilities	854		668
Total closed block liabilities	36,364		37,303
Assets Designated to the Closed Block
Investments:
Fixed maturity securities AFS, at estimated fair value	18,958		19,939
Equity securities, at estimated fair value	11		10
Mortgage loans	5,720		6,151
Policy loans	3,829		3,960
Real estate and REJV	659		668
Other invested assets	512		496
Total investments	29,689		31,224
Cash and cash equivalents	930		717
Accrued investment income	367		383
Premiums, reinsurance and other receivables	45		54
Current income tax recoverable	—		3
Deferred income tax asset	470		312
Total assets designated to the closed block	31,501		32,693
Excess of closed block liabilities over assets designated to the closed block	4,863		4,610
AOCI:
Unrealized investment gains (losses), net of income tax	(1,256)		(820)
Unrealized gains (losses) on derivatives, net of income tax	183		130
Total amounts included in AOCI	(1,073)		(690)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,790	$	3,920

Closed block policyholder dividend obligation

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

	Years Ended December 31,
	2024		2023		2022
	(In millions)
Balance at January 1,	$	—	$	—	$	1,682
Change in unrealized investment and derivative gains (losses)	—		—		(1,682)
Balance at December 31,	$	—	$	—	$	—

Closed block revenues and expenses

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

	Years Ended December 31,
	2024		2023		2022
	(In millions)
Revenues
Premiums	$	874	$	922	$	1,104
Net investment income	1,362		1,362		1,382
Net investment gains (losses)	(28)		7		(51)
Net derivative gains (losses)	15		—		33
Total revenues	2,223		2,291		2,468
Expenses
Policyholder benefits and claims	1,621		1,706		1,890
Policyholder dividends	354		366		458
Other expenses	82		86		90
Total expenses	2,057		2,158		2,438
Revenues, net of expenses before provision for income tax expense (benefit)	166		133		30
Provision for income tax expense (benefit)	36		28		6
Revenues, net of expenses and provision for income tax expense (benefit)	$	130	$	105	$	24