CLOSED BLOCK (Tables)

9 Months Ended

Sep. 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:

	September 30, 2020		December 31, 2019
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	6,260	$	6,478
Policyholder dividend obligation	149		2
Other liabilities	58		38
Total Closed Block liabilities	6,467		6,518
Assets Designated to the Closed Block:
Fixed maturities available-for-sale, at fair value (amortized cost of $3,440 and $3,558) (allowance for credit losses of $0 at September 30, 2020)	3,788		3,754
Mortgage loans on real estate (net of allowance for credit losses of $6 at September 30, 2020)	1,782		1,759
Policy loans	656		706
Cash and other invested assets	3		82
Other assets	172		145
Total assets designated to the Closed Block	6,401		6,446

	September 30, 2020		December 31, 2019
	(in millions)
Excess of Closed Block liabilities over assets designated to the Closed Block	66		72
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $149 and $2; and net of income tax: $42 and $41	168		164
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	234	$	236

Closed Block Operations, Net Results

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Revenues:
Premiums and other income	$	36	$	42	$	118	$	136
Net investment income (loss)	61		69		190		208
Investment gains (losses), net	1		—		(1)		(1)
Total revenues	98		111		307		343
Benefits and Other Deductions:
Policyholders’ benefits and dividends	96		108		302		343
Other operating costs and expenses	—		—		1		1
Total benefits and other deductions	96		108		303		344
Net income (loss), before income taxes	2		3		4		(1)
Income tax (expense) benefit	(1)		—		(2)		(2)
Net income (loss)	$	1	$	3	$	2	$	(3)