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Closed Block (Tables) | 3 Months Ended
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Mar. 31, 2024
Closed Block Disclosure [Abstract] |
Closed block liabilities and assets | Information regarding the liabilities and assets designated to the closed block was as follows at:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Closed Block Liabilities |  |  |  |
Future policy benefits |  | $ | 35,806 |  |  | $ | 36,142 |
Other policy-related balances |  | 301 |  |  | 319 |
Policyholder dividends payable |  | 170 |  |  | 174 |
Policyholder dividend obligation |  | — |  |  | — |
Current income tax payable |  | 1 |  |  | — |
Other liabilities |  | 746 |  |  | 668 |
Total closed block liabilities |  | 37,024 |  |  | 37,303 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities available-for-sale, at estimated fair value |  | 19,637 |  |  | 19,939 |
Equity securities, at estimated fair value |  | 11 |  |  | 10 |
Mortgage loans |  | 6,005 |  |  | 6,151 |
Policy loans |  | 3,919 |  |  | 3,960 |
Real estate and real estate joint ventures |  | 676 |  |  | 668 |
Other invested assets |  | 485 |  |  | 496 |
Total investments |  | 30,733 |  |  | 31,224 |
Cash and cash equivalents |  | 717 |  |  | 717 |
Accrued investment income |  | 385 |  |  | 383 |
Premiums, reinsurance and other receivables |  | 52 |  |  | 54 |
Current income tax recoverable |  | — |  |  | 3 |
Deferred income tax asset |  | 359 |  |  | 312 |
Total assets designated to the closed block |  | 32,246 |  |  | 32,693 |
Excess of closed block liabilities over assets designated to the closed block |  | 4,778 |  |  | 4,610 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (1,044) |  |  | (820) |
Unrealized gains (losses) on derivatives, net of income tax |  | 151 |  |  | 130 |
Total amounts included in AOCI |  | (893) |  |  | (690) |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 3,885 |  |  | $ | 3,920 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
|  |  |  |  | (In millions)
Revenues |  |  |  |  |  |  |  |
Premiums |  |  |  |  |  | $ | 218 |  |  | $ | 235 |
Net investment income |  |  |  |  |  | 343 |  |  | 338 |
Net investment gains (losses) |  |  |  |  |  | (7) |  |  | 4 |
Net derivative gains (losses) |  |  |  |  |  | 5 |  |  | (2) |
Total revenues |  |  |  |  |  | 559 |  |  | 575 |
Expenses |  |  |  |  |  |  |  |
Policyholder benefits and claims |  |  |  |  |  | 404 |  |  | 413 |
Policyholder dividends |  |  |  |  |  | 90 |  |  | 97 |
Other expenses |  |  |  |  |  | 20 |  |  | 22 |
Total expenses |  |  |  |  |  | 514 |  |  | 532 |
Revenues, net of expenses before provision for income tax expense (benefit) |  |  |  |  |  | 45 |  |  | 43 |
Provision for income tax expense (benefit) |  |  |  |  |  | 10 |  |  | 9 |
Revenues, net of expenses and provision for income tax expense (benefit) |  |  |  |  |  | $ | 35 |  |  | $ | 34 |

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