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Closed Block (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
|  | 2023 |  | 2022
|  | (in millions)
Closed Block liabilities |  |  |  |
Future policy benefits |  | $ | 43,587 |  |  | $ | 44,414 |
Policyholders’ dividends payable |  | 648 |  |  | 617 |
Policyholders’ dividend obligation |  | 792 |  |  | 0 |
Policyholders’ account balances |  | 4,500 |  |  | 4,607 |
Other Closed Block liabilities |  | 3,605 |  |  | 3,499 |
Total Closed Block liabilities |  | 53,132 |  |  | 53,137 |
Closed Block assets |  |  |  |
Fixed maturities, available-for-sale, at fair value |  | 30,314 |  |  | 29,898 |
Fixed maturities, trading, at fair value |  | 887 |  |  | 900 |
Equity securities, at fair value |  | 1,970 |  |  | 1,733 |
Commercial mortgage and other loans |  | 7,769 |  |  | 7,926 |
Policy loans |  | 3,479 |  |  | 3,637 |
Other invested assets |  | 4,513 |  |  | 4,254 |
Short-term investments |  | 232 |  |  | 337 |
Total investments |  | 49,164 |  |  | 48,685 |
Cash and cash equivalents |  | 993 |  |  | 1,307 |
Accrued investment income |  | 421 |  |  | 402 |
Other Closed Block assets |  | 138 |  |  | 162 |
Total Closed Block assets |  | 50,716 |  |  | 50,556 |
Excess of reported Closed Block liabilities over Closed Block assets |  | 2,416 |  |  | 2,581 |
Portion of above representing accumulated other comprehensive income (loss): |  |  |  |
Net unrealized investment gains (losses) |  | (2,241) |  |  | (3,458) |
Allocated to policyholder dividend obligation |  | 2,081 |  |  | 3,207 |
Future earnings to be recognized from Closed Block assets and Closed Block liabilities |  | $ | 2,256 |  |  | $ | 2,330 |
Schedule of Closed Block Dividend Obligation | Information regarding the policyholder dividend obligation is as follows:
|  | 2023 |  | 2022
|  | (in millions)
Balance, January 1 |  | $ | 0 |  |  | $ | 8,027 |
Impact from earnings allocable to policyholder dividend obligation |  | (334) |  |  | (1,180) |
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation |  | 1,126 |  |  | (6,847) |
Balance, December 31 |  | $ | 792 |  |  | $ | 0 |
Schedule of Closed Block Revenues Benefits Expenses | Closed Block revenues and benefits and expenses for the years ended December 31, are as follows:
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Revenues |  |  |  |  |  |
Premiums |  | $ | 1,675 |  |  | $ | 1,698 |  |  | $ | 1,789 |
Net investment income |  | 1,949 |  |  | 1,980 |  |  | 2,514 |
Realized investment gains (losses), net |  | (380) |  |  | (270) |  |  | 807 |
Other income (loss) |  | 411 |  |  | (447) |  |  | 880 |
Total Closed Block revenues |  | 3,655 |  |  | 2,961 |  |  | 5,990 |
Benefits and Expenses |  |  |  |  |  |
Policyholders’ benefits |  | 2,354 |  |  | 2,428 |  |  | 2,546 |
Interest credited to policyholders’ account balances |  | 118 |  |  | 121 |  |  | 125 |
Dividends to policyholders |  | 1,008 |  |  | 115 |  |  | 2,794 |
General and administrative expenses |  | 280 |  |  | 302 |  |  | 312 |
Total Closed Block benefits and expenses |  | 3,760 |  |  | 2,966 |  |  | 5,777 |
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes |  | (105) |  |  | (5) |  |  | 213 |
Income tax expense (benefit) |  | (176) |  |  | (103) |  |  | 125 |
Closed Block revenues, net of Closed Block benefits and expenses and income taxes |  | $ | 71 |  |  | $ | 98 |  |  | $ | 88 |

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