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Closed Block (Tables) | 12 Months Ended
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Dec. 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:
|  | December 31,
|  | 2024 |  | 2023
|  | (In millions)
Closed Block Liabilities |  |  |  |
FPBs |  | $ | 35,015 |  |  | $ | 36,142 |
Other policy-related balances |  | 315 |  |  | 319 |
Policyholder dividends payable |  | 174 |  |  | 174 |
Current income tax payable |  | 6 |  |  | — |
Other liabilities |  | 854 |  |  | 668 |
Total closed block liabilities |  | 36,364 |  |  | 37,303 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities AFS, at estimated fair value |  | 18,958 |  |  | 19,939 |
Equity securities, at estimated fair value |  | 11 |  |  | 10 |
Mortgage loans |  | 5,720 |  |  | 6,151 |
Policy loans |  | 3,829 |  |  | 3,960 |
Real estate and REJV |  | 659 |  |  | 668 |
Other invested assets |  | 512 |  |  | 496 |
Total investments |  | 29,689 |  |  | 31,224 |
Cash and cash equivalents |  | 930 |  |  | 717 |
Accrued investment income |  | 367 |  |  | 383 |
Premiums, reinsurance and other receivables |  | 45 |  |  | 54 |
Current income tax recoverable |  | — |  |  | 3 |
Deferred income tax asset |  | 470 |  |  | 312 |
Total assets designated to the closed block |  | 31,501 |  |  | 32,693 |
Excess of closed block liabilities over assets designated to the closed block |  | 4,863 |  |  | 4,610 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (1,256) |  |  | (820) |
Unrealized gains (losses) on derivatives, net of income tax |  | 183 |  |  | 130 |
Total amounts included in AOCI |  | (1,073) |  |  | (690) |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 3,790 |  |  | $ | 3,920 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at January 1, |  | $ | — |  |  | $ | — |  |  | $ | 1,682 |
Change in unrealized investment and derivative gains (losses) |  | — |  |  | — |  |  | (1,682) |
Balance at December 31, |  | $ | — |  |  | $ | — |  |  | $ | — |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Revenues |  |  |  |  |  |
Premiums |  | $ | 874 |  |  | $ | 922 |  |  | $ | 1,104 |
Net investment income |  | 1,362 |  |  | 1,362 |  |  | 1,382 |
Net investment gains (losses) |  | (28) |  |  | 7 |  |  | (51) |
Net derivative gains (losses) |  | 15 |  |  | — |  |  | 33 |
Total revenues |  | 2,223 |  |  | 2,291 |  |  | 2,468 |
Expenses |  |  |  |  |  |
Policyholder benefits and claims |  | 1,621 |  |  | 1,706 |  |  | 1,890 |
Policyholder dividends |  | 354 |  |  | 366 |  |  | 458 |
Other expenses |  | 82 |  |  | 86 |  |  | 90 |
Total expenses |  | 2,057 |  |  | 2,158 |  |  | 2,438 |
Revenues, net of expenses before provision for income tax expense (benefit) |  | 166 |  |  | 133 |  |  | 30 |
Provision for income tax expense (benefit) |  | 36 |  |  | 28 |  |  | 6 |
Revenues, net of expenses and provision for income tax expense (benefit) |  | $ | 130 |  |  | $ | 105 |  |  | $ | 24 |

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