SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

U.S. Financial Life Insurance Company and MONY Life Insurance Company of the Americas, Ltd

On December 10, 2019, Holdings entered into a definitive agreement to sell USFL and MLICA. Accordingly, the assets and liabilities of USFL and MLICA were reported as “held-for-sale” in the Company’s consolidated balance sheets as of March 31, 2020 and December 31, 2019. In addition, the Company recognized an impairment loss in Investment gains (losses), net in the consolidated statements of income (loss) of $39 million and $105 million, net of income tax, during the quarters ended March 31, 2020 and December 31, 2019, respectively, as further described in Note 17. This transaction closed on April 1, 2020.

COVID-19 Pandemic

The Company has evaluated the effects of events subsequent to March 31, 2020, and through the date of the filing of these unaudited consolidated financial statements with the Securities and Exchange Commission. Subsequent to March 31, 2020, equity and financial markets have experienced significant volatility and interest rates have continued to decline due to the COVID-19 pandemic. The Company is currently unable to determine the extent of the impact of the pandemic to its operations and financial condition.