MONY CLOSED BLOCK OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2020

Summarized financial information for the Closed Block as of September 30, 2020 and December 31, 2019 is as follows:


	As of
	September 30, 2020		December 31, 2019
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,458,772	$	5,836,815
Policyholder dividend obligation	473,380		278,505
Other liabilities	8,328		11,247
Total closed block liabilities	5,940,480		6,126,567
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,827,002	$	4,682,731

Commercial mortgage loans	69,422		72,829
Policy loans	633,609		640,134
Cash and other invested assets	24,614		44,877
Other assets	96,865		107,177
Total closed block assets	5,651,512		5,547,748
Excess of reported closed block liabilities over closed block assets	288,968		578,819
Portion of above representing accumulated other comprehensive income:
Net unrealized gains (losses) - investments/derivatives net of policyholder dividend obligation: 2020 - $383,309 and 2019 - $167,285; and net of income tax: 2020 - $(80,495) and 2019 - $(35,130)	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	288,968	$	578,819

Reconciliation of the policyholder dividend obligation is as follows:


	For The Nine Months Ended September 30,
	2020		2019
	(Dollars In Thousands)
Policyholder dividend obligation, beginning balance	$	278,505	$	—
Applicable to net revenue (losses)	(21,150)		(19,548)
Change in net unrealized gains (losses) - investments/derivatives allocated to the policyholder dividend obligation	216,025		339,413
Policyholder dividend obligation, ending balance	$	473,380	$	319,865

Closed Block revenues and expenses were as follows:


	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars In Thousands)
Revenues
Premiums and other income	$	36,394	$	37,652	$	109,656	$	115,202
Net investment income	50,557		52,018		152,609		154,808
Net gains (losses) - investments/derivatives	(499)		1,104		(1,284)		693
Total revenues	86,452		90,774		260,981		270,703
Benefits and other deductions
Benefits and settlement expenses	80,797		84,531		242,474		250,410
Other operating expenses	284		229		877		836
Total benefits and other deductions	81,081		84,760		243,351		251,246
Net revenues before income taxes	5,371		6,014		17,630		19,457
Income tax expense	1,242		1,263		3,396		4,086
Net revenues	$	4,129	$	4,751	$	14,234	$	15,371