CLOSED BLOCK (Tables)

6 Months Ended

Jun. 30, 2020

Closed Block Disclosure [Abstract]

Schedule of Closed Block Assets and Liabilities

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

	June 30, 2020		December 31, 2019
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	6,327	$	6,478
Policyholder dividend obligation	150		2
Other liabilities	100		38
Total Closed Block liabilities	6,577		6,518
Assets Designated to the Closed Block:
Fixed maturities available-for-sale, at fair value (amortized cost of $3,490 and $3,558) (allowance for credit losses of $0 at June 30, 2020)	3,838		3,754
Mortgage loans on real estate (net of allowance for credit losses of $7 at June 30, 2020)	1,774		1,759
Policy loans	668		706
Cash and other invested assets	44		82
Other assets	183		145
Total assets designated to the Closed Block	6,507		6,446

	June 30, 2020		December 31, 2019
	(in millions)
Excess of Closed Block liabilities over assets designated to the Closed Block	70		72
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $150 and $2; and net of income tax: $42 and $41	167		164
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	237	$	236

Closed Block Operations, Net Results

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in millions)
Revenues:
Premiums and other income	$	40	$	46	$	82	$	94
Net investment income (loss)	63		72		129		139
Investment gains (losses), net	(2)		—		(2)		(1)
Total revenues	101		118		209		232
Benefits and Other Deductions:
Policyholders’ benefits and dividends	103		114		206		235
Other operating costs and expenses	1		—		1		1
Total benefits and other deductions	104		114		207		236
Net income (loss), before income taxes	(3)		4		2		(4)
Income tax (expense) benefit	(1)		(1)		(1)		(2)
Net income (loss)	$	(4)	$	3	$	1	$	(6)