MONY CLOSED BLOCK OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2017

Closed Block Disclosure [Abstract]

Summary of financial information for the Closed Block

Summarized financial information for the Closed Block as of March 31, 2017, and December 31, 2016, is as follows:

	As of
	March 31, 2017		December 31, 2016
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,868,104	$	5,896,355
Policyholder dividend obligation	41,180		31,932
Other liabilities	46,257		40,007
Total closed block liabilities	5,955,541		5,968,294
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,508,439	$	4,440,105
Mortgage loans on real estate	196,295		201,088
Policy loans	705,640		712,959
Cash	47,203		108,270
Other assets	136,975		135,794
Total closed block assets	5,594,552		5,598,216
Excess of reported closed block liabilities over closed block assets	360,989		370,078
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(171,450) and $(197,450); and net of income tax: $60,008 and $69,107	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	360,989	$	370,078

Schedule of reconciliation of the policyholder dividend obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Three Months Ended March 31,
	2017			2016
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	31,932		$	—
Applicable to net revenue (losses)	(16,753		)	(19,572		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	26,001			116,080
Policyholder dividend obligation, end of period	$	41,180		$	96,508

Schedule of Closed Block revenues and expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended March 31,
	2017		2016
	(Dollars In Thousands)
Revenues
Premiums and other income	$	42,836	$	43,919
Net investment income	51,359		50,867
Net investment gains	63		187
Total revenues	94,258		94,973
Benefits and other deductions
Benefits and settlement expenses	80,108		80,055
Other operating expenses	166		1,025
Total benefits and other deductions	80,274		81,080
Net revenues before income taxes	13,984		13,893
Income tax expense	4,895		4,863
Net revenues	$	9,089	$	9,030