MONY CLOSED BLOCK OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2018

Closed Block Disclosure [Abstract]

Summary of Financial Information for the Closed Block

Summarized financial information for the Closed Block as of September 30, 2018, and December 31, 2017, is as follows:

	As of
	September 30, 2018			December 31, 2017
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,699,118		$	5,791,867
Policyholder dividend obligation	—			160,712
Other liabilities	42,640			30,764
Total closed block liabilities	5,741,758			5,983,343
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,339,342		$	4,669,856
Mortgage loans on real estate	76,608			108,934
Policy loans	679,760			700,769
Cash	72,868			31,182
Other assets	144,077			122,637
Total closed block assets	5,312,655			5,633,378
Excess of reported closed block liabilities over closed block assets	429,103			349,965
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(149,219) and $(13,429); and net of income tax: $57,054 and $2,820	(96,749		)	—
Future earnings to be recognized from closed block assets and closed block liabilities	$	332,354		$	349,965

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Nine Months Ended September 30,
	2018			2017
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	160,712		$	31,932
Applicable to net revenue (losses)	(24,922		)	(38,147		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	(135,790		)	142,219
Policyholder dividend obligation, end of period	$	—		$	136,004

Schedule of Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
	2018		2017		2018		2017
	(Dollars In Thousands)
Revenues
Premiums and other income	$	39,691	$	40,962	$	121,768	$	128,697
Net investment income	50,833		50,780		152,248		153,481
Net investment gains	40		341		66		448
Total revenues	90,564		92,083		274,082		282,626
Benefits and other deductions
Benefits and settlement expenses	83,588		81,721		251,480		249,319
Other operating expenses	291		621		310		1,216
Total benefits and other deductions	83,879		82,342		251,790		250,535
Net revenues before income taxes	6,685		9,741		22,292		32,091
Income tax expense	1,404		3,409		4,681		11,232
Net revenues	$	5,281	$	6,332	$	17,611	$	20,859