CLOSED BLOCK (Tables)

9 Months Ended

Sep. 30, 2023

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



	September 30, 2023		December 31, 2022
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,508	$	5,692
Policyholder dividend obligation	—		—
Other liabilities	110		68
Total Closed Block liabilities	5,618		5,760

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,062 and $3,171) (allowance for credit losses of $0 and $0)	2,804		2,948
Mortgage loans on real estate (net of allowance for credit losses of $11 and $4)	1,622		1,645
Policy loans	555		569
Cash and other invested assets	6		—
Other assets	193		187
Total assets designated to the Closed Block	5,180		5,349

Excess of Closed Block liabilities over assets designated to the Closed Block	438		411
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $54 and $47	(203)		(177)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	235	$	234

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Revenues:
Premiums and other income	$	27	$	29	$	86	$	93
Net investment income (loss)	53		52		156		164
Investment gains (losses), net	(6)		(2)		(6)		(2)
Total revenues	74		79		236		255


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(in millions)
Benefits and Other Deductions:
Policyholders’ benefits and dividends	79		93		237		249
Other operating costs and expenses	—		—		—		—
Total benefits and other deductions	79		93		237		249
Net income (loss), before income taxes	(5)		(14)		(1)		6
Income tax (expense) benefit	2		1		—		(1)
Net income (loss)	$	(3)	$	(13)	$	(1)	$	5