CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2016

Summarized financial information for the Closed Block follows:



	March 31, 2016		December 31, 2015
	(In Millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,296	$	7,363
Policyholder dividend obligation	160		81
Other liabilities	71		100
Total Closed Block liabilities	7,527		7,544
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $4,216 and $4,426)	4,466		4,599
Mortgage loans on real estate	1,738		1,575
Policy loans	872		881
Cash and other invested assets	101		49
Other assets	177		258
Total assets designated to the Closed Block	7,354		7,362
Excess of Closed Block liabilities over assets designated to the Closed Block	173		182
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(35) and $(36) and policyholder dividend obligation of $(160) and $(81)	65		67
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	238	$	249

Closed Block revenues and expenses were as follows:



	Three Months Ended March 31,
	2016			2015
	(In Millions)
REVENUES:
Premiums and other income	$	63		$	69
Net investment income (loss)	89			92
Net investment gains (losses)	1			1
Total revenues	153			162
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	136			153
Other operating costs and expenses	—			—
Total benefits and other deductions	136			153
Net revenues (loss) before income taxes	17			9
Income tax (expense) benefit	(6		)	(3		)
Net Revenues (Losses)	$	11		$	6

Reconciliation of the policyholder dividend obligation follows:



	Three Months Ended March 31,
	2016		2015
	(In Millions)
Balances, beginning of year	$	81	$	201
Unrealized investment gains (losses), net of DAC	79		29
Balances, End of Period	$	160	$	230