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CLOSED BLOCK (Tables) | 6 Months Ended
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Jun. 30, 2023
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company’s Closed Block is as follows:
| June 30, 2023 |  | December 31, 2022
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,564 |  |  | $ | 5,692 |
Policyholder dividend obligation | — |  |  | — |
Other liabilities | 129 |  |  | 68 |
Total Closed Block liabilities | 5,693 |  |  | 5,760 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $3,065 and $3,171) (allowance for credit losses of $0 and $0) | 2,857 |  |  | 2,948 |
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) | 1,649 |  |  | 1,645 |
Policy loans | 556 |  |  | 569 |
Cash and other invested assets | 16 |  |  | — |
Other assets | 221 |  |  | 187 |
Total assets designated to the Closed Block | 5,299 |  |  | 5,349 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 394 |  |  | 411 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $44 and $47 | (164) |  |  | (177) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 230 |  |  | $ | 234 |
Schedule of Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income | $ | 29 |  |  | $ | 31 |  |  | $ | 59 |  |  | $ | 64 |  |  |
Net investment income (loss) | 52 |  |  | 54 |  |  | 103 |  |  | 112 |  |  |
Investment gains (losses), net | — |  |  | (1) |  |  | — |  |  | — |  |  |
Total revenues | 81 |  |  | 84 |  |  | 162 |  |  | 176 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends | 75 |  |  | 80 |  |  | 158 |  |  | 156 |  |  |
Other operating costs and expenses | — |  |  | — |  |  | — |  |  | — |  |  |
Total benefits and other deductions | 75 |  |  | 80 |  |  | 158 |  |  | 156 |  |  |
Net income (loss), before income taxes | 6 |  |  | 4 |  |  | 4 |  |  | 20 |  |  |
Income tax (expense) benefit | (1) |  |  | — |  |  | (2) |  |  | (2) |  |  |
Net income (loss) | $ | 5 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | 18 |  |  |

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