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CLOSED BLOCK | 9 Months Ended
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Sep. 30, 2022
Closed Block Disclosure [Abstract] |
CLOSED BLOCK | CLOSED BLOCK As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021. 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 |
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) |  |  |
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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- Definition The entire disclosure pertaining to the closed block. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 805 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=124505872&loc=d3e30806-158569 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 805 -URI https://asc.fasb.org/subtopic&trid=2560393 + Details
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