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Closed Block (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | December 31,
|  | 2022 |  | 2021
|  | (In millions)
Closed Block Liabilities |  |  |  |
Future policy benefits |  | $ | 37,214 |  |  | $ | 38,046 |
Other policy-related balances |  | 273 |  |  | 290 |
Policyholder dividends payable |  | 181 |  |  | 253 |
Policyholder dividend obligation |  | — |  |  | 1,682 |
Deferred income tax liability |  | — |  |  | 210 |
Other liabilities |  | 455 |  |  | 263 |
Total closed block liabilities |  | 38,123 |  |  | 40,744 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities available-for-sale, at estimated fair value |  | 19,648 |  |  | 25,669 |
Equity securities, at estimated fair value |  | 13 |  |  | 21 |
Mortgage loans |  | 6,564 |  |  | 6,417 |
Policy loans |  | 4,084 |  |  | 4,191 |
Real estate and real estate joint ventures |  | 635 |  |  | 565 |
Other invested assets |  | 692 |  |  | 535 |
Total investments |  | 31,636 |  |  | 37,398 |
Cash and cash equivalents |  | 437 |  |  | 126 |
Accrued investment income |  | 375 |  |  | 384 |
Premiums, reinsurance and other receivables |  | 52 |  |  | 50 |
Current income tax recoverable |  | 88 |  |  | 81 |
Deferred income tax asset |  | 423 |  |  | — |
Total assets designated to the closed block |  | 33,011 |  |  | 38,039 |
Excess of closed block liabilities over assets designated to the closed block |  | 5,112 |  |  | 2,705 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (1,357) |  |  | 2,562 |
Unrealized gains (losses) on derivatives, net of income tax |  | 262 |  |  | 107 |
Allocated to policyholder dividend obligation, net of income tax |  | — |  |  | (1,329) |
Total amounts included in AOCI |  | (1,095) |  |  | 1,340 |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 4,017 |  |  | $ | 4,045 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Balance at January 1, |  | $ | 1,682 |  |  | $ | 2,969 |  |  | $ | 2,020 |
Change in unrealized investment and derivative gains (losses) |  | (1,682) |  |  | (1,287) |  |  | 949 |
Balance at December 31, |  | $ | — |  |  | $ | 1,682 |  |  | $ | 2,969 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows:
|  | Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Revenues |  |  |  |  |  |
Premiums |  | $ | 1,104 |  |  | $ | 1,298 |  |  | $ | 1,498 |
Net investment income |  | 1,382 |  |  | 1,541 |  |  | 1,596 |
Net investment gains (losses) |  | (51) |  |  | (36) |  |  | (25) |
Net derivative gains (losses) |  | 33 |  |  | 18 |  |  | (17) |
Total revenues |  | 2,468 |  |  | 2,821 |  |  | 3,052 |
Expenses |  |  |  |  |  |
Policyholder benefits and claims |  | 1,890 |  |  | 2,150 |  |  | 2,330 |
Policyholder dividends |  | 453 |  |  | 621 |  |  | 791 |
Other expenses |  | 90 |  |  | 96 |  |  | 104 |
Total expenses |  | 2,433 |  |  | 2,867 |  |  | 3,225 |
Revenues, net of expenses before provision for income tax expense (benefit) |  | 35 |  |  | (46) |  |  | (173) |
Provision for income tax expense (benefit) |  | 7 |  |  | (10) |  |  | (36) |
Revenues, net of expenses and provision for income tax expense (benefit) |  | $ | 28 |  |  | $ | (36) |  |  | $ | (137) |

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