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CLOSED BLOCK | 3 Months Ended
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Mar. 31, 2023
Closed Block Disclosure [Abstract] |
CLOSED BLOCK | CLOSED BLOCK Summarized financial information for the Company’s Closed Block is as follows:
| March 31, 2023 |  | December 31, 2022
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,626 |  |  | $ | 5,692 |
Policyholder dividend obligation | — |  |  | — |
Other liabilities | 102 |  |  | 68 |
Total Closed Block liabilities | 5,728 |  |  | 5,760 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $3,117 and $3,171) (allowance for credit losses of $0 and $0) | 2,945 |  |  | 2,948 |
Mortgage loans on real estate (net of allowance for credit losses of $5 and $4) | 1,647 |  |  | 1,645 |
Policy loans | 561 |  |  | 569 |
Cash and other invested assets | 2 |  |  | — |
Other assets | 201 |  |  | 187 |
Total assets designated to the Closed Block | 5,356 |  |  | 5,349 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 372 |  |  | 411 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $36 and $47 | (136) |  |  | (177) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 236 |  |  | $ | 234 |
The Company’s Closed Block revenues and expenses were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022 |  |
|  |  |  |  | (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income |  |  |  |  | $ | 30 |  |  | $ | 33 |  |  |
Net investment income (loss) |  |  |  |  | 51 |  |  | 58 |  |  |
Investment gains (losses), net |  |  |  |  | — |  |  | 1 |  |  |
Total revenues |  |  |  |  | 81 |  |  | 92 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends |  |  |  |  | 83 |  |  | 76 |  |  |
Other operating costs and expenses |  |  |  |  | — |  |  | — |  |  |
Total benefits and other deductions |  |  |  |  | 83 |  |  | 76 |  |  |
Net income (loss), before income taxes |  |  |  |  | (2) |  |  | 16 |  |  |
Income tax (expense) benefit |  |  |  |  | (1) |  |  | (2) |  |  |
Net income (loss) |  |  |  |  | $ | (3) |  |  | $ | 14 |  |  |

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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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