MONY CLOSED BLOCK OF BUSINESS (Tables)

6 Months Ended

Jun. 30, 2019

Closed Block Disclosure [Abstract]

Summary of Financial Information for the Closed Block

Summarized financial information for the Closed Block as of June 30, 2019, and December 31, 2018, is as follows:

	As of
	June 30, 2019		December 31, 2018
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,611,917	$	5,679,732
Policyholder dividend obligation	173,147		—
Other liabilities	11,043		22,505
Total closed block liabilities	5,796,107		5,702,237
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,583,161	$	4,257,437
Mortgage loans on real estate	74,290		75,838
Policy loans	658,971		672,213
Cash	55,960		116,225
Other assets	107,306		136,388
Total closed block assets	5,479,688		5,258,101
Excess of reported closed block liabilities over closed block assets	316,419		444,136
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $47,972 and $(141,128); and net of income tax: $(10,074) and $61,676	—		(120,528		)
Future earnings to be recognized from closed block assets and closed block liabilities	$	316,419	$	323,608

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Six Months Ended June 30,
	2019			2018
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	—		$	160,712
Applicable to net revenue (losses)	(15,953		)	(19,536		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	189,100			(141,176		)
Policyholder dividend obligation, end of period	$	173,147		$	—

Schedule of Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended June 30,				For The Six Months Ended June 30,
	2019		2018		2019			2018
	(Dollars In Thousands)
Revenues
Premiums and other income	$	40,105	$	42,465	$	77,549		$	82,077
Net investment income	51,663		50,872		102,791			101,415
Net investment gains (losses)	43		263		(411		)	26
Total revenues	91,811		93,600		179,929			183,518
Benefits and other deductions
Benefits and settlement expenses	87,213		87,940		165,879			167,892
Other operating expenses	247		337		606			20
Total benefits and other deductions	87,460		88,277		166,485			167,912
Net revenues before income taxes	4,351		5,323		13,444			15,606
Income tax expense	913		1,118		2,823			3,277
Net revenues	$	3,438	$	4,205	$	10,621		$	12,329