CLOSED BLOCK (Tables)

6 Months Ended

Jun. 30, 2019

Closed Block Disclosure [Abstract]

Summarized Financial Information for Closed Blocks

Summarized financial information for the Company’s Closed Block is as follows:

	June 30, 2019		December 31, 2018
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	6,611	$	6,709
Other liabilities	45		47
Total Closed Block liabilities	6,656		6,756
Assets Designated to the Closed Block:
Fixed maturities, available-for-sale, at fair value (amortized cost of $3,648 and $3,680)	3,818		3,672
Mortgage loans on real estate, net of valuation allowance of $0 and $0	1,803		1,824
Policy loans	721		736
Cash and other invested assets	47		76
Other assets	168		179
Total assets designated to the Closed Block	6,557		6,487
Excess of Closed Block liabilities over assets designated to the Closed Block	99		269
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholders’ dividend obligation of $0 and $0	184		8
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	283	$	277

Closed Block Revenues and Expenses

The Company’s Closed Block revenues and expenses are as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(in millions)
Revenues:
Premiums and other income	$	46		$	49		$	94		$	100
Net investment income (loss)	72			73			139			146
Investment gains (losses), net	—			—			(1		)	1
Total revenues	118			122			232			247
Benefits and Other Deductions:
Policyholders’ benefits and dividends	114			123			235			249
Other operating costs and expenses	—			—			1			2
Total benefits and other deductions	114			123			236			251
Net income (loss) before income taxes	4			(1		)	(4		)	(4		)
Income tax (expense) benefit	(1		)	—			(2		)	1
Net income (loss)	$	3		$	(1	)	$	(6	)	$	(3	)