CLOSED BLOCK (Tables)

6 Months Ended

Jun. 30, 2016

Closed Block Disclosure [Abstract]

Summarized Financial Information for Closed Blocks

Summarized financial information for the Closed Block follows:

	June 30, 2016		December 31, 2015
	(In Millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,248	$	7,363
Policyholder dividend obligation	221		81
Other liabilities	58		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 $4,152 and $4,426)	4,464		4,599
Mortgage loans on real estate	1,736		1,575
Policy loans	858		881
Cash and other invested assets	134		49
Other assets	166		258
Total assets designated to the Closed Block	7,358		7,362
Excess of Closed Block liabilities over assets designated to the Closed Block	169		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 $(221) and $(81)	66		67
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	235	$	249

Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016		2015			2016			2015
	(In Millions)
REVENUES:
Premiums and other income	$	60	$	66		$	122		$	135
Net investment income (loss)	84		99			174			191
Net investment gains (losses)	—		(2		)	1			(1		)
Total revenues	144		163			297			325
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	138		143			273			296
Other operating costs and expenses	1		1			2			1
Total benefits and other deductions	139		144			275			297
Net revenues (loss) before income taxes	5		19			22			28
Income tax (expense) benefit	3		4			(8		)	1
Net Revenues (Losses)	$	8	$	23		$	14		$	29

Reconciliation of Policy Holder Dividend Obligation

Reconciliation of the policyholder dividend obligation follows:

	Six Months Ended June 30,
	2016		2015
	(In Millions)
Balances, beginning of year	$	81	$	201
Unrealized investment gains (losses), net of DAC	140		(61		)
Balances, End of Period	$	221	$	140