CLOSED BLOCK (Tables)

9 Months Ended

Sep. 30, 2016

Summarized financial information for the Closed Block follows:



	September 30, 2016		December 31, 2015
	(In Millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,206	$	7,363
Policyholder dividend obligation	216		81
Other liabilities	45		100
Total Closed Block liabilities	7,467		7,544
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $3,950 and $4,426)	4,237		4,599
Mortgage loans on real estate	1,594		1,575
Policy loans	850		881
Cash and other invested assets	444		49
Other assets	172		258
Total assets designated to the Closed Block	7,297		7,362
Excess of Closed Block liabilities over assets designated to the Closed Block	170		182
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of deferred income tax (expense) benefit of $(29) and $(36) and policyholder dividend obligation of $(216) and $(81)	53		67
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	223	$	249

Closed Block revenues and expenses were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In Millions)
REVENUES:
Premiums and other income	$	55		$	59		$	177		$	194
Net investment income (loss)	96			88			270			279
Net investment gains (losses)	—			5			1			4
Total revenues	151			152			448			477
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	131			154			404			450
Other operating costs and expenses	1			1			3			2
Total benefits and other deductions	132			155			407			452
Net revenues (loss) before income taxes	19			(3		)	41			25
Income tax (expense) benefit	(7		)	1			(15		)	(9		)
Net Revenues (Losses)	$	12		$	(2	)	$	26		$	16

Reconciliation of the policyholder dividend obligation follows:



	Nine Months Ended September 30,
	2016		2015
	(In Millions)
Balances, beginning of year	$	81	$	201
Unrealized investment gains (losses), net of DAC	135		(73		)
Balances, End of Period	$	216	$	128