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CLOSED BLOCK (Tables) | 9 Months Ended
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Sep. 30, 2022
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company’s Closed Block is as follows:
| September 30, 2022 |  | December 31, 2021
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,750 |  |  | $ | 5,928 |
Policyholder dividend obligation | — |  |  | — |
Other liabilities | 74 |  |  | 39 |
Total Closed Block liabilities | 5,824 |  |  | 5,967 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $3,190 and $3,185) (allowance for credit losses of $0 and $0) | 2,932 |  |  | 3,390 |
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) | 1,687 |  |  | 1,771 |
Policy loans | 575 |  |  | 602 |
Cash and other invested assets | — |  |  | 63 |
Other assets | 154 |  |  | 90 |
Total assets designated to the Closed Block | 5,348 |  |  | 5,916 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 476 |  |  | 51 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $54 and $(43) | (193) |  |  | 172 |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 283 |  |  | $ | 223 |
Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income | $ | 29 |  |  | $ | 33 |  |  | $ | 93 |  |  | $ | 109 |  |  |
Net investment income (loss) | 52 |  |  | 59 |  |  | 164 |  |  | 179 |  |  |
Investment gains (losses), net | (1) |  |  | — |  |  | (2) |  |  | 2 |  |  |
Total revenues | 80 |  |  | 92 |  |  | 255 |  |  | 290 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends | 92 |  |  | 108 |  |  | 248 |  |  | 304 |  |  |
Other operating costs and expenses | — |  |  | 2 |  |  | — |  |  | 3 |  |  |
Total benefits and other deductions | 92 |  |  | 110 |  |  | 248 |  |  | 307 |  |  |
Net income (loss), before income taxes | (12) |  |  | (18) |  |  | 7 |  |  | (17) |  |  |
Income tax (expense) benefit | (5) |  |  | (2) |  |  | (1) |  |  | (3) |  |  |
Net income (loss) | $ | (17) |  |  | $ | (20) |  |  | $ | 6 |  |  | $ | (20) |  |  |
Closed Block Dividend Obligation | A reconciliation of the Company’s policyholder dividend obligation follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
| (in millions)
Beginning balance | $ | — |  |  | $ | 72 |  |  | $ | — |  |  | $ | 160 |  |  |
Unrealized investment gains (losses) | — |  |  | (47) |  |  | — |  |  | (135) |  |  |
Ending balance | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  |

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