CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2022

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



	March 31, 2022		December 31, 2021
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,866	$	5,928
Policyholder dividend obligation	—		—
Other liabilities	8		39
Total Closed Block liabilities	5,874		5,967

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,198 and $3,185) (allowance for credit losses of $0 and $0)	3,200		3,390
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)	1,693		1,771
Policy loans	595		602
Cash and other invested assets	110		63
Other assets	49		90
Total assets designated to the Closed Block	5,647		5,916

Excess of Closed Block liabilities over assets designated to the Closed Block	227		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $0 and $(43)	12		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	239	$	223

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


	Three Months Ended March 31,
		2022		2021
		(in millions)
Revenues:
Premiums and other income		$	33	$	39
Net investment income (loss)		58		60
Investment gains (losses), net		1		—
Total revenues		92		99

Benefits and Other Deductions:
Policyholders’ benefits and dividends		76		106
Other operating costs and expenses		—		1
Total benefits and other deductions		76		107
Net income (loss), before income taxes		16		(8)
Income tax (expense) benefit		1		(1)
Net income (loss)		$	17	$	(9)

A reconciliation of the Company’s policyholder dividend obligation follows:


	Three Months Ended March 31,
		2022		2021
		(in millions)
Beginning balance		$	—	$	160
Unrealized investment gains (losses)		—		(132)
Ending balance		$	—	$	28