Closed Block (Tables)

12 Months Ended

Dec. 31, 2023

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