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CLOSED BLOCK (Tables) | 12 Months Ended
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Dec. 31, 2022
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company’s Closed Block is as follows:
| December 31,
| 2022 |  | 2021
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,692 |  |  | $ | 5,930 |
Policyholder dividend obligation | — |  |  | — |
Other liabilities | 68 |  |  | 53 |
Total Closed Block liabilities | 5,760 |  |  | 5,983 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0) | 2,948 |  |  | 3,390 |
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4) | 1,645 |  |  | 1,771 |
Policy loans | 569 |  |  | 602 |
Cash and other invested assets | — |  |  | 61 |
Other assets | 187 |  |  | 78 |
Total assets designated to the Closed Block | 5,349 |  |  | 5,902 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 411 |  |  | 81 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and $(43) | (177) |  |  | 172 |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 234 |  |  | $ | 253 |
Schedule of Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income |  |  |  |  | $ | 125 |  |  | $ | 144 |  |  | $ | 157 |
Net investment income (loss) |  |  |  |  | 221 |  |  | 237 |  |  | 251 |
Investment gains (losses), net |  |  |  |  | (3) |  |  | 4 |  |  | — |
Total revenues |  |  |  |  | 343 |  |  | 385 |  |  | 408 |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends |  |  |  |  | 330 |  |  | 375 |  |  | 399 |
Other operating costs and expenses |  |  |  |  | 2 |  |  | 3 |  |  | 1 |
Total benefits and other deductions |  |  |  |  | 332 |  |  | 378 |  |  | 400 |
Net income (loss), before income taxes |  |  |  |  | 11 |  |  | 7 |  |  | 8 |
Income tax (expense) benefit |  |  |  |  | 3 |  |  | (3) |  |  | (2) |
Net income (loss) |  |  |  |  | $ | 14 |  |  | $ | 4 |  |  | $ | 6 |
Schedule of Closed Block Dividend Obligation | A reconciliation of the Company’s policyholder dividend obligation follows:
|  |  | Year Ended December 31,
|  |  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  |  | (in millions)
Beginning balance |  |  |  |  | $ | — |  |  | $ | 160 |  |  | $ | 2 |
Unrealized investment gains (losses) |  |  |  |  | — |  |  | (160) |  |  | 158 |
Ending balance |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 160 |

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