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CLOSED BLOCK (Tables)

9 Months Ended

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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Tabular disclosure of the changes in the closed block policyholder dividend obligation.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 805
-Section 55
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=124502525&loc=d3e31071-158570

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Tabular disclosure of the closed block operations.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 805
-Section 50
-Paragraph 3
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Tabular disclosure of summarized financial data of the closed block, typically including the liabilities of the closed block, assets allocated thereto, and maximum expected future earnings from the operations thereof.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 805
-Section 50
-Paragraph 3
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