CLOSED BLOCK (Tables)

9 Months Ended

Sep. 30, 2017

Closed Block Disclosure [Abstract]

Summarized Financial Information for Closed Blocks

Summarized financial information for the Closed Block follows:

	September 30, 2017		December 31, 2016
	(in millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,016	$	7,179
Policyholder dividend obligation	43		52
Other liabilities	301		43
Total Closed Block liabilities	7,360		7,274
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $3,951 and $3,884)	4,126		4,025
Mortgage loans on real estate	1,804		1,623
Policy loans	795		839
Cash and other invested assets	316		444
Other assets	173		181
Total assets designated to the Closed Block	7,214		7,112
Excess of Closed Block liabilities over assets designated to the Closed Block	146		162
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholder dividend obligation of $(43) and $(52)	142		100
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	288	$	262

Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	(in millions)
REVENUES:
Premiums and other income	$	52		$	55		$	167		$	177
Net investment income (loss)	82			96			244			270
Net investment gains (losses)	(2		)	—			(18		)	1
Total revenues	132			151			393			448
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends	132			131			416			404
Other operating costs and expenses	1			1			2			3
Total benefits and other deductions	133			132			418			407
Net revenues (loss) before income taxes	(1		)	19			(25		)	41
Income tax (expense) benefit	1			(7		)	9			(15		)
Net Revenues (Losses)	$	—		$	12		$	(16	)	$	26

Reconciliation of Policy Holder Dividend Obligation

Reconciliation of the policyholder dividend obligation follows:

	Nine Months Ended September 30,
	2017			2016
	(in millions)
Balances, beginning of year	$	52		$	81
Unrealized investment gains (losses), net of DAC	(9		)	135
Balances, End of Period	$	43		$	216