Closed Block (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025		December 31, 2024
	(In millions)
Closed Block Liabilities
FPBs	$	34,656	$	35,015
Other policy-related balances	341		315
Policyholder dividends payable	169		174
Policyholder dividend obligation	—		—
Current income tax payable	2		6
Other liabilities	940		854
Total closed block liabilities	36,108		36,364
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value	19,103		18,958
Equity securities, at estimated fair value	10		11
Mortgage loans	5,650		5,720
Policy loans	3,776		3,829
Real estate and REJV	654		659
Other invested assets	493		512
Total investments	29,686		29,689
Cash and cash equivalents	1,016		930
Accrued investment income	368		367
Premiums, reinsurance and other receivables	41		45
Deferred income tax asset	401		470
Total assets designated to the closed block	31,512		31,501
Excess of closed block liabilities over assets designated to the closed block	4,596		4,863
AOCI:
Unrealized investment gains (losses), net of income tax	(1,001)		(1,256)
Unrealized gains (losses) on derivatives, net of income tax	178		183
Total amounts included in AOCI	(823)		(1,073)
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,773	$	3,790

Closed block revenues and expenses

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

	Three Months Ended March 31,
	2025		2024
	(In millions)
Revenues
Premiums	$	207	$	218
Net investment income	325		343
Net investment gains (losses)	(17)		(7)
Net derivative gains (losses)	(1)		5
Total revenues	514		559
Expenses
Policyholder benefits and claims	387		404
Policyholder dividends	88		90
Other expenses	18		20
Total expenses	493		514
Revenues, net of expenses before provision for income tax expense (benefit)	21		45
Provision for income tax expense (benefit)	4		10
Revenues, net of expenses and provision for income tax expense (benefit)	$	17	$	35