v3.8.0.1

Closed Block (Tables) | 12 Months Ended
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Dec. 31, 2017
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Liabilities and Assets | Closed Block liabilities and assets designated to the Closed Block at December 31, as well as maximum future earnings to be recognized from Closed Block liabilities and Closed Block assets, are as follows:
|  | 2017 |  | 2016
|  | (in millions)
Closed Block liabilities |  |  |  |
Future policy benefits |  | $ | 48,870 |  |  | $ | 49,281 |
Policyholders’ dividends payable |  | 829 |  |  | 932 |
Policyholders’ dividend obligation |  | 5,446 |  |  | 4,658 |
Policyholders’ account balances |  | 5,146 |  |  | 5,204 |
Other Closed Block liabilities |  | 5,070 |  |  | 4,262 |
Total Closed Block liabilities |  | 65,361 |  |  | 64,337 |
Closed Block assets |  |  |  |
Fixed maturities, available-for-sale, at fair value |  | 41,043 |  |  | 38,696 |
Other trading account assets, at fair value |  | 339 |  |  | 283 |
Equity securities, available-for-sale, at fair value |  | 2,340 |  |  | 2,572 |
Commercial mortgage and other loans |  | 9,017 |  |  | 9,437 |
Policy loans |  | 4,543 |  |  | 4,660 |
Other long-term investments |  | 3,159 |  |  | 3,020 |
Short-term investments |  | 632 |  |  | 837 |
Total investments |  | 61,073 |  |  | 59,505 |
Cash and cash equivalents |  | 789 |  |  | 1,310 |
Accrued investment income |  | 474 |  |  | 491 |
Other Closed Block assets |  | 249 |  |  | 206 |
Total Closed Block assets |  | 62,585 |  |  | 61,512 |
Excess of reported Closed Block liabilities over Closed Block assets |  | 2,776 |  |  | 2,825 |
Portion of above representing accumulated other comprehensive income: |  |  |  |
Net unrealized investment gains (losses) |  | 3,627 |  |  | 2,990 |
Allocated to policyholder dividend obligation |  | (3,656 | ) |  | (3,011 | )
Future earnings to be recognized from Closed Block assets and Closed Block liabilities |  | $ | 2,747 |  |  | $ | 2,804 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows:
|  | 2017 |  | 2016
|  | (in millions)
Balance, January 1 |  | $ | 4,658 |  |  | $ | 4,509 |
Impact from earnings allocable to policyholder dividend obligation |  | 142 |  |  | (48 | )
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation |  | 646 |  |  | 197 |
Balance, December 31 |  | $ | 5,446 |  |  | $ | 4,658 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses for the years ended December 31, are as follows:
|  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Revenues |  |  |  |  |  |
Premiums |  | $ | 2,524 |  |  | $ | 2,619 |  |  | $ | 2,668 |
Net investment income |  | 2,669 |  |  | 2,597 |  |  | 2,709 |
Realized investment gains (losses), net |  | 534 |  |  | 433 |  |  | 834 |
Other income (loss) |  | 113 |  |  | 36 |  |  | 23 |
Total Closed Block revenues |  | 5,840 |  |  | 5,685 |  |  | 6,234 |
Benefits and Expenses |  |  |  |  |  |
Policyholders’ benefits |  | 3,220 |  |  | 3,283 |  |  | 3,366 |
Interest credited to policyholders’ account balances |  | 133 |  |  | 132 |  |  | 135 |
Dividends to policyholders |  | 2,007 |  |  | 1,941 |  |  | 2,130 |
General and administrative expenses |  | 382 |  |  | 402 |  |  | 423 |
Total Closed Block benefits and expenses |  | 5,742 |  |  | 5,758 |  |  | 6,054 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes |  | 98 |  |  | (73 | ) |  | 180 |
Income tax expense (benefit) |  | 43 |  |  | (120 | ) |  | 136 |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes |  | $ | 55 |  |  | $ | 47 |  |  | $ | 44 |

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