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CLOSED BLOCK
 6 Months Ended
Jun. 30, 2023
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 Recast 2022 Annual Report.
Summarized financial information for the Company’s Closed Block is as follows:
 June 30, 2023December 31, 2022
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$5,564 $5,692 
Policyholder dividend obligation— — 
Other liabilities129 68 
Total Closed Block liabilities5,693 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 loans556 569 
Cash and other invested assets16 — 
Other assets221 187 
Total assets designated to the Closed Block5,299 5,349 
Excess of Closed Block liabilities over assets designated to the Closed Block394 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 
The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(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 revenues81 84 162 176 
Benefits and Other Deductions:
Policyholders’ benefits and dividends75 80 158 156 
Other operating costs and expenses— — — — 
Total benefits and other deductions75 80 158 156 
Net income (loss), before income taxes6 4 4 20 
Income tax (expense) benefit(1)— (2)(2)
Net income (loss)$5 $4 $2 $18