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Closed Block (Tables) | 12 Months Ended
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Dec. 31, 2023
Closed Block Disclosure [Abstract] |
Closed block liabilities and assets | Information regarding the liabilities and assets designated to the closed block was as follows at:
|  | December 31,
|  | 2023 |  | 2022
|  | (In millions)
Closed Block Liabilities |  |  |  |
Future policy benefits |  | $ | 36,142 |  |  | $ | 37,222 |
Other policy-related balances |  | 319 |  |  | 273 |
Policyholder dividends payable |  | 174 |  |  | 181 |
Other liabilities |  | 668 |  |  | 455 |
Total closed block liabilities |  | 37,303 |  |  | 38,131 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities available-for-sale, at estimated fair value |  | 19,939 |  |  | 19,648 |
Equity securities, at estimated fair value |  | 10 |  |  | 13 |
Mortgage loans |  | 6,151 |  |  | 6,564 |
Policy loans |  | 3,960 |  |  | 4,084 |
Real estate and real estate joint ventures |  | 668 |  |  | 635 |
Other invested assets |  | 496 |  |  | 692 |
Total investments |  | 31,224 |  |  | 31,636 |
Cash and cash equivalents |  | 717 |  |  | 437 |
Accrued investment income |  | 383 |  |  | 375 |
Premiums, reinsurance and other receivables |  | 54 |  |  | 52 |
Current income tax recoverable |  | 3 |  |  | 88 |
Deferred income tax asset |  | 312 |  |  | 423 |
Total assets designated to the closed block |  | 32,693 |  |  | 33,011 |
Excess of closed block liabilities over assets designated to the closed block |  | 4,610 |  |  | 5,120 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (820) |  |  | (1,357) |
Unrealized gains (losses) on derivatives, net of income tax |  | 130 |  |  | 262 |
Total amounts included in AOCI |  | (690) |  |  | (1,095) |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 3,920 |  |  | $ | 4,025 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Balance at January 1, |  | $ | — |  |  | $ | 1,682 |  |  | $ | 2,969 |
Change in unrealized investment and derivative gains (losses) |  | — |  |  | (1,682) |  |  | (1,287) |
Balance at December 31, |  | $ | — |  |  | $ | — |  |  | $ | 1,682 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Revenues |  |  |  |  |  |
Premiums |  | $ | 922 |  |  | $ | 1,104 |  |  | $ | 1,298 |
Net investment income |  | 1,362 |  |  | 1,382 |  |  | 1,541 |
Net investment gains (losses) |  | 7 |  |  | (51) |  |  | (36) |
Net derivative gains (losses) |  | — |  |  | 33 |  |  | 18 |
Total revenues |  | 2,291 |  |  | 2,468 |  |  | 2,821 |
Expenses |  |  |  |  |  |
Policyholder benefits and claims |  | 1,706 |  |  | 1,890 |  |  | 2,150 |
Policyholder dividends |  | 366 |  |  | 458 |  |  | 626 |
Other expenses |  | 86 |  |  | 90 |  |  | 96 |
Total expenses |  | 2,158 |  |  | 2,438 |  |  | 2,872 |
Revenues, net of expenses before provision for income tax expense (benefit) |  | 133 |  |  | 30 |  |  | (51) |
Provision for income tax expense (benefit) |  | 28 |  |  | 6 |  |  | (11) |
Revenues, net of expenses and provision for income tax expense (benefit) |  | $ | 105 |  |  | $ | 24 |  |  | $ | (40) |

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