XML 48 R37.htm IDEA: XBRL DOCUMENT v3.23.2
CLOSED BLOCK (Tables)
 6 Months Ended
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, 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 
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,
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