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Closed Block (Tables) | 6 Months Ended
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Jun. 30, 2022
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:
|  | June 30, 2022 |  | December 31, 2021
|  | (In millions)
Closed Block Liabilities |  |  |  |
Future policy benefits |  | $ | 37,593 |  |  | $ | 38,046 |
Other policy-related balances |  | 274 |  |  | 290 |
Policyholder dividends payable |  | 250 |  |  | 253 |
Policyholder dividend obligation |  | — |  |  | 1,682 |
Deferred income tax liability |  | — |  |  | 210 |
Other liabilities |  | 368 |  |  | 263 |
Total closed block liabilities |  | 38,485 |  |  | 40,744 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities available-for-sale, at estimated fair value |  | 21,257 |  |  | 25,669 |
Equity securities, at estimated fair value |  | 14 |  |  | 21 |
Mortgage loans |  | 6,624 |  |  | 6,417 |
Policy loans |  | 4,120 |  |  | 4,191 |
Real estate and real estate joint ventures |  | 583 |  |  | 565 |
Other invested assets |  | 712 |  |  | 535 |
Total investments |  | 33,310 |  |  | 37,398 |
Cash and cash equivalents |  | 201 |  |  | 126 |
Accrued investment income |  | 379 |  |  | 384 |
Premiums, reinsurance and other receivables |  | 43 |  |  | 50 |
Current income tax recoverable |  | 91 |  |  | 81 |
Deferred income tax asset |  | 196 |  |  | — |
Total assets designated to the closed block |  | 34,220 |  |  | 38,039 |
Excess of closed block liabilities over assets designated to the closed block |  | 4,265 |  |  | 2,705 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (460) |  |  | 2,562 |
Unrealized gains (losses) on derivatives, net of income tax |  | 257 |  |  | 107 |
Allocated to policyholder dividend obligation, net of income tax |  | — |  |  | (1,329) |
Total amounts included in AOCI |  | (203) |  |  | 1,340 |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 4,062 |  |  | $ | 4,045 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows:
|  | Six Months Ended June 30, 2022 |  | Year Ended December 31, 2021
|  | (In millions)
Balance, beginning of period |  | $ | 1,682 |  |  | $ | 2,969 |
Change in unrealized investment and derivative gains (losses) |  | (1,682) |  |  | (1,287) |
Balance, end of period |  | $ | — |  |  | $ | 1,682 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
Premiums |  | $ | 274 |  |  | $ | 325 |  |  | $ | 549 |  |  | $ | 645 |
Net investment income |  | 352 |  |  | 382 |  |  | 713 |  |  | 775 |
Net investment gains (losses) |  | (16) |  |  | (11) |  |  | (48) |  |  | (5) |
Net derivative gains (losses) |  | 8 |  |  | 6 |  |  | 11 |  |  | 7 |
Total revenues |  | 618 |  |  | 702 |  |  | 1,225 |  |  | 1,422 |
Expenses |  |  |  |  |  |  |  |
Policyholder benefits and claims |  | 462 |  |  | 520 |  |  | 945 |  |  | 1,066 |
Policyholder dividends |  | 128 |  |  | 173 |  |  | 261 |  |  | 351 |
Other expenses |  | 23 |  |  | 24 |  |  | 46 |  |  | 49 |
Total expenses |  | 613 |  |  | 717 |  |  | 1,252 |  |  | 1,466 |
Revenues, net of expenses before provision for income tax expense (benefit) |  | 5 |  |  | (15) |  |  | (27) |  |  | (44) |
Provision for income tax expense (benefit) |  | 1 |  |  | (3) |  |  | (6) |  |  | (9) |
Revenues, net of expenses and provision for income tax expense (benefit) |  | $ | 4 |  |  | $ | (12) |  |  | $ | (21) |  |  | $ | (35) |

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