Closed Block (Tables)

3 Months Ended

Mar. 31, 2020

Closed Block Disclosure [Abstract]

Schedule of Closed Block Liabilities and Assets

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

	March 31, 2020			December 31, 2019
	(in millions)
Closed Block liabilities
Future policy benefits	$	47,351		$	47,613
Policyholders’ dividends payable	747			717
Policyholders’ dividend obligation	5,528			6,149
Policyholders’ account balances	4,942			4,973
Other Closed Block liabilities	3,436			4,049
Total Closed Block liabilities	62,004			63,501
Closed Block assets
Fixed maturities, available-for-sale, at fair value	40,260			41,146
Fixed maturities, trading, at fair value	218			256
Equity securities, at fair value	1,691			2,245
Commercial mortgage and other loans	8,439			8,629
Policy loans	4,210			4,264
Other invested assets	3,335			3,333
Short-term investments	179			227
Total investments	58,332			60,100
Cash and cash equivalents	473			191
Accrued investment income	467			456
Other Closed Block assets	85			93
Total Closed Block assets	59,357			60,840
Excess of reported Closed Block liabilities over Closed Block assets	2,647			2,661
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)	3,155			3,280
Allocated to policyholder dividend obligation	(3,208		)	(3,332		)
Future earnings to be recognized from Closed Block assets and Closed Block liabilities	$	2,594		$	2,609

Schedule of Closed Block Dividend Obligation

Information regarding the policyholder dividend obligation is as follows:

	Three Months Ended March 31, 2020
	(in millions)
Balance, December 31, 2019	$	6,149
Cumulative effect adjustment from the adoption of ASU 2016-13(1)	(13		)
Impact from earnings allocable to policyholder dividend obligation	(483		)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation	(125		)
Balance, March 31, 2020	$	5,528

Schedule of Closed Block Revenues Benefits Expenses

Closed Block revenues and benefits and expenses are as follows for the periods indicated:

	Three Months Ended March 31,
	2020			2019
	(in millions)
Revenues
Premiums	$	480		$	527
Net investment income	548			565
Realized investment gains (losses), net	256			56
Other income (loss)	(603		)	228
Total Closed Block revenues	681			1,376
Benefits and Expenses
Policyholders’ benefits	647			709
Interest credited to policyholders’ account balances	32			32
Dividends to policyholders	(94		)	553
General and administrative expenses	85			89
Total Closed Block benefits and expenses	670			1,383
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes	11			(7		)
Income tax expense (benefit)	(6		)	(24		)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes	$	17		$	17