Closed Block (Tables)

12 Months Ended

Dec. 31, 2019

Closed Block Disclosure [Abstract]

Schedule of Closed Block Liabilities and Assets

Closed Block liabilities and assets designated to the Closed Block at December 31, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:

	2019			2018
	(in millions)
Closed Block liabilities
Future policy benefits	$	47,613		$	48,282
Policyholders’ dividends payable	717			812
Policyholders’ dividend obligation	6,149			3,150
Policyholders’ account balances	4,973			5,061
Other Closed Block liabilities	4,049			3,955
Total Closed Block liabilities	63,501			61,260
Closed Block assets
Fixed maturities, available-for-sale, at fair value	41,146			38,538
Fixed maturities, trading, at fair value	256			195
Equity securities, at fair value	2,245			1,784
Commercial mortgage and other loans	8,629			8,782
Policy loans	4,264			4,410
Other invested assets	3,333			3,316
Short-term investments	227			477
Total investments	60,100			57,502
Cash and cash equivalents	191			467
Accrued investment income	456			466
Other Closed Block assets	93			105
Total Closed Block assets	60,840			58,540
Excess of reported Closed Block liabilities over Closed Block assets	2,661			2,720
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)	3,280			857
Allocated to policyholder dividend obligation	(3,332		)	(899		)
Future earnings to be recognized from Closed Block assets and Closed Block liabilities	$	2,609		$	2,678

Schedule of Closed Block Dividend Obligation

Information regarding the policyholder dividend obligation is as follows:

	2019		2018
	(in millions)
Balance, January 1	$	3,150	$	5,446
Cumulative effect adjustment from the adoption of ASU 2016-01(1)	0		157
Impact from earnings allocable to policyholder dividend obligation	564		(508		)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation	2,435		(1,945		)
Balance, December 31	$	6,149	$	3,150

Schedule of Closed Block Revenues Benefits Expenses

Closed Block revenues and benefits and expenses for the years ended December 31, are as follows:

	2019		2018			2017
	(in millions)
Revenues
Premiums	$	2,207	$	2,301		$	2,524
Net investment income	2,332		2,298			2,669
Realized investment gains (losses), net	521		130			534
Other income (loss)	589		(39		)	113
Total Closed Block revenues	5,649		4,690			5,840
Benefits and Expenses
Policyholders’ benefits	2,906		2,972			3,220
Interest credited to policyholders’ account balances	130		132			133
Dividends to policyholders	2,187		1,236			2,007
General and administrative expenses	351		364			382
Total Closed Block benefits and expenses	5,574		4,704			5,742
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes	75		(14		)	98
Income tax expense (benefit)	10		(78		)	43
Closed Block revenues, net of Closed Block benefits and expenses and income taxes	$	65	$	64		$	55