Closed Block (Tables)

9 Months Ended

Sep. 30, 2020

Closed Block Disclosure [Abstract]

Closed block liabilities and assets

Information regarding the closed block liabilities and assets designated to the closed block was as follows at:

	September 30, 2020		December 31, 2019
	(In millions)
Closed Block Liabilities
Future policy benefits	$	38,882	$	39,379
Other policy-related balances	294		423
Policyholder dividends payable	359		432
Policyholder dividend obligation	2,944		2,020
Deferred income tax liability	113		79
Other liabilities	135		81
Total closed block liabilities	42,727		42,414
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value	26,866		25,977
Mortgage loans	6,886		7,052
Policy loans	4,390		4,489
Real estate and real estate joint ventures	564		544
Other invested assets	622		416
Total investments	39,328		38,478
Cash and cash equivalents	60		448
Accrued investment income	418		419
Premiums, reinsurance and other receivables	65		75
Current income tax recoverable	19		91
Total assets designated to the closed block	39,890		39,511
Excess of closed block liabilities over assets designated to the closed block	2,837		2,903
AOCI:
Unrealized investment gains (losses), net of income tax	3,258		2,453
Unrealized gains (losses) on derivatives, net of income tax	158		97
Allocated to policyholder dividend obligation, net of income tax	(2,326)		(1,596)
Total amounts included in AOCI	1,090		954
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,927	$	3,857

Closed block policyholder dividend obligation

Information regarding the closed block policyholder dividend obligation was as follows:

	Nine Months Ended September 30, 2020		Year   Ended   December 31, 2019
	(In millions)
Balance, beginning of period	$	2,020	$	428
Change in unrealized investment and derivative gains (losses)	924		1,592
Balance, end of period	$	2,944	$	2,020

Closed block revenues and expenses

Information regarding the closed block revenues and expenses was as follows:

	Three Months   Ended  September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In millions)
Revenues
Premiums	$	359	$	396	$	1,097	$	1,153
Net investment income	420		428		1,198		1,303
Net investment gains (losses)	1		3		(8)		(2)
Net derivative gains (losses)	(16)		11		7		23
Total revenues	764		838		2,294		2,477
Expenses
Policyholder benefits and claims	575		564		1,714		1,666
Policyholder dividends	136		229		572		688
Other expenses	27		27		79		84
Total expenses	738		820		2,365		2,438
Revenues, net of expenses before provision for income tax expense (benefit)	26		18		(71)		39
Provision for income tax expense (benefit)	5		3		(15)		7
Revenues, net of expenses and provision for income tax expense (benefit)	$	21	$	15	$	(56)	$	32