Closed Block (Tables)

12 Months Ended

Dec. 31, 2018

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Summary of Financial Information for Closed Block

The following table summarizes financial information for the closed block, as of the dates indicated:

	December 31,
(in millions)	2018			2017
Liabilities:
Future policyholder benefits	$	1,533		$	1,571
Policyholder funds and accumulated dividends		136			137
Policyholder dividends payable		18			20
Policyholder dividend obligation		35			110
Other policy obligations and liabilities		38			25
Total liabilities	$	1,760		$	1,863
Assets:
Available-for-sale securities	$	1,202		$	1,294
Mortgage loans, net of allowance		220			220
Policy loans		124			128
Other assets		80			77
Total assets	$	1,626		$	1,719
Excess of reported liabilities over assets	$	134		$	144
Portion of above representing other comprehensive income:
(Decrease) Increase in unrealized gain on fixed maturity securities, available-for-sale	$	(67	)	$	14
Adjustment to policyholder dividend obligation		67			(14	)
Total of above representing other than comprehensive income	$	—		$	—
Maximum future earnings to be recognized from assets and liabilities	$	134		$	144
Other comprehensive income:
Available-for-sale securities:
Fair value	$	1,202		$	1,294
Amortized cost		1,181			1,206
Shadow policyholder dividend obligation		(21	)		(88	)
Net unrealized appreciation	$	—		$	—

Summary of Closed Block Operations

The following table summarizes closed block operations for the years ended:

	December 31,
(in millions)	2018			2017			2016
Revenues:
Premiums	$	50		$	53		$	56
Net investment income		75			81			84
Realized investment (losses) gains		—			(1	)		(3	)
Realized losses credited to policyholder benefit obligation		(4	)		(4	)		(1	)
Total revenues	$	121		$	129		$	136
Benefits and expenses:
Policy and contract benefits	$	121		$	115		$	125
Change in future policyholder benefits and interest credited to policyholder accounts		(38	)		(32	)		(36	)
Policyholder dividends		36			39			40
Change in policyholder dividend obligation		(12	)		(8	)		(8	)
Other expenses		1			1			1
Total benefits and expenses	$	108		$	115		$	122
Total revenues, net of benefits and expenses, before federal income tax expense	$	13		$	14		$	14
Federal income tax expense		3			5			5
Revenues, net of benefits and expenses and federal income tax expense	$	10		$	9		$	9
Maximum future earnings from assets and liabilities:
Beginning of period	$	144		$	153		$	162
Change during period		(10	)		(9	)		(9	)
End of period	$	134		$	144		$	153