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Closed Block (Tables) | 6 Months Ended
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Jun. 30, 2025
Closed Block Disclosure [Abstract] |
Closed block liabilities and assets | Information regarding the liabilities and assets designated to the closed block was as follows at:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Closed Block Liabilities |  |  |  |
FPBs |  | $ | 34,395 |  |  | $ | 35,015 |
Other policy-related balances |  | 277 |  |  | 315 |
Policyholder dividends payable |  | 170 |  |  | 174 |
Policyholder dividend obligation |  | — |  |  | — |
Current income tax payable |  | 10 |  |  | 6 |
Other liabilities |  | 1,093 |  |  | 854 |
Total closed block liabilities |  | 35,945 |  |  | 36,364 |
Assets Designated to the Closed Block |  |  |  |
Investments: |  |  |  |
Fixed maturity securities available-for-sale (“AFS”), at estimated fair value |  | 19,113 |  |  | 18,958 |
Equity securities, at estimated fair value |  | 5 |  |  | 11 |
Mortgage loans |  | 5,516 |  |  | 5,720 |
Policy loans |  | 3,737 |  |  | 3,829 |
Real estate and REJV |  | 682 |  |  | 659 |
Other invested assets |  | 331 |  |  | 512 |
Total investments |  | 29,384 |  |  | 29,689 |
Cash and cash equivalents |  | 1,169 |  |  | 930 |
Accrued investment income |  | 360 |  |  | 367 |
Premiums, reinsurance and other receivables |  | 41 |  |  | 45 |
Deferred income tax asset |  | 408 |  |  | 470 |
Total assets designated to the closed block |  | 31,362 |  |  | 31,501 |
Excess of closed block liabilities over assets designated to the closed block |  | 4,583 |  |  | 4,863 |
AOCI: |  |  |  |
Unrealized investment gains (losses), net of income tax |  | (842) |  |  | (1,256) |
Unrealized gains (losses) on derivatives, net of income tax |  | 31 |  |  | 183 |
Total amounts included in AOCI |  | (811) |  |  | (1,073) |
Maximum future earnings to be recognized from closed block assets and liabilities |  | $ | 3,772 |  |  | $ | 3,790 |
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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (In millions)
Revenues |  |  |  |  |  |  |  |
Premiums |  | $ | 205 |  |  | $ | 216 |  |  | $ | 412 |  |  | $ | 434 |
Net investment income |  | 330 |  |  | 342 |  |  | 655 |  |  | 685 |
Net investment gains (losses) |  | (42) |  |  | (13) |  |  | (59) |  |  | (20) |
Net derivative gains (losses) |  | (7) |  |  | 2 |  |  | (8) |  |  | 7 |
Total revenues |  | 486 |  |  | 547 |  |  | 1,000 |  |  | 1,106 |
Expenses |  |  |  |  |  |  |  |
Policyholder benefits and claims |  | 379 |  |  | 415 |  |  | 766 |  |  | 819 |
Policyholder dividends |  | 85 |  |  | 86 |  |  | 173 |  |  | 176 |
Other expenses |  | 20 |  |  | 20 |  |  | 38 |  |  | 40 |
Total expenses |  | 484 |  |  | 521 |  |  | 977 |  |  | 1,035 |
Revenues, net of expenses before provision for income tax expense (benefit) |  | 2 |  |  | 26 |  |  | 23 |  |  | 71 |
Provision for income tax expense (benefit) |  | 1 |  |  | 5 |  |  | 5 |  |  | 15 |
Revenues, net of expenses and provision for income tax expense (benefit) |  | $ | 1 |  |  | $ | 21 |  |  | $ | 18 |  |  | $ | 56 |

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