CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2020

Closed Block Disclosure [Abstract]

Schedule of Closed Block Assets and Liabilities

Summarized financial information for the Company’s Closed Block is as follows:

	March 31, 2020		December 31, 2019
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	6,404	$	6,478
Policyholder dividend obligation	—		2
Other liabilities	76		38
Total Closed Block liabilities	6,480		6,518
Assets Designated to the Closed Block:
Fixed maturities available-for-sale, at fair value, net of allowance for credit losses of $0 and $0 (amortized cost of $3,557 and $3,558)	3,684		3,754
Mortgage loans on real estate, net of allowance for credit losses of $4 and $0	1,742		1,759
Policy loans	676		706
Cash and other invested assets	112		82
Other assets	133		145
Total assets designated to the Closed Block	6,347		6,446

	March 31, 2020		December 31, 2019
	(in millions)
Excess of Closed Block liabilities over assets designated to the Closed Block	133		72
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $(2); and net of income tax: $27 and $41	111		164
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	244	$	236

Closed Block Operations, Net Results

The Company’s Closed Block revenues and expenses were as follows:

	Three Months Ended March 31,
	2020		2019
	(in millions)
Revenues:
Premiums and other income	$	42	$	48
Net investment income (loss)	66		67
Investment gains (losses), net	—		(1		)
Total revenues	108		114
Benefits and Other Deductions:
Policyholders’ benefits and dividends	103		121
Other operating costs and expenses	—		1
Total benefits and other deductions	103		122
Net income (loss), before income taxes	5		(8		)
Income tax (expense) benefit	—		(1		)
Net income (loss)	$	5	$	(9	)