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Closed Block (Tables) | 3 Months Ended
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Mar. 31, 2021
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Liabilities and Assets | Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
|  | March 31, 2021 |  | December 31, 2020
|  | (in millions)
Closed Block liabilities |  |  |  |
Future policy benefits |  | $ | 46,392 |  |  | $ | 46,762 |
Policyholders’ dividends payable |  | 651 |  |  | 635 |
Policyholders’ dividend obligation |  | 6,410 |  |  | 8,787 |
Policyholders’ account balances |  | 4,839 |  |  | 4,874 |
Other Closed Block liabilities |  | 3,358 |  |  | 3,141 |
Total Closed Block liabilities |  | 61,650 |  |  | 64,199 |
Closed Block assets |  |  |  |
Fixed maturities, available-for-sale, at fair value |  | 38,687 |  |  | 41,959 |
Fixed maturities, trading, at fair value |  | 271 |  |  | 277 |
Equity securities, at fair value |  | 2,563 |  |  | 2,345 |
Commercial mortgage and other loans |  | 8,297 |  |  | 8,421 |
Policy loans |  | 3,984 |  |  | 4,064 |
Other invested assets |  | 3,730 |  |  | 3,610 |
Short-term investments |  | 132 |  |  | 124 |
Total investments |  | 57,664 |  |  | 60,800 |
Cash and cash equivalents |  | 811 |  |  | 269 |
Accrued investment income |  | 453 |  |  | 431 |
Other Closed Block assets |  | 129 |  |  | 92 |
Total Closed Block assets |  | 59,057 |  |  | 61,592 |
Excess of reported Closed Block liabilities over Closed Block assets |  | 2,593 |  |  | 2,607 |
Portion of above representing accumulated other comprehensive income (loss): |  |  |  |
Net unrealized investment gains (losses) |  | 3,189 |  |  | 5,810 |
Allocated to policyholder dividend obligation |  | (3,244) |  |  | (5,867) |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities |  | $ | 2,538 |  |  | $ | 2,550 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows:
|  | Three Months Ended March 31, 2021
|  | (in millions)
Balance, December 31, 2020 |  | $ | 8,787 |
Impact from earnings allocable to policyholder dividend obligation |  | 246 |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation |  | (2,623) |
Balance, March 31, 2021 |  | $ | 6,410 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses are as follows for the periods indicated:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Revenues |  |  |  |  |  |  |
Premiums |  |  |  |  | $ | 431 |  |  | $ | 480 |
Net investment income |  |  |  |  | 590 |  |  | 548 |
Realized investment gains (losses), net |  |  |  |  | 72 |  |  | 256 |
Other income (loss) |  |  |  |  | 276 |  |  | (603) |
Total Closed Block revenues |  |  |  |  | 1,369 |  |  | 681 |
Benefits and Expenses |  |  |  |  |  |  |
Policyholders’ benefits |  |  |  |  | 634 |  |  | 647 |
Interest credited to policyholders’ account balances |  |  |  |  | 31 |  |  | 32 |
Dividends to policyholders |  |  |  |  | 581 |  |  | (94) |
General and administrative expenses |  |  |  |  | 79 |  |  | 85 |
Total Closed Block benefits and expenses |  |  |  |  | 1,325 |  |  | 670 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes |  |  |  |  | 44 |  |  | 11 |
Income tax expense (benefit) |  |  |  |  | 29 |  |  | (6) |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes |  |  |  |  | $ | 15 |  |  | $ | 17 |

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