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CLOSED BLOCK (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company’s Closed Block is as follows:
| March 31, 2024 |  | December 31, 2023
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,390 |  |  | $ | 5,461 |
Other liabilities | 69 |  |  | 57 |
Total Closed Block liabilities | 5,459 |  |  | 5,518 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $2,949 and $2,945) (allowance for credit losses of $0 and $0) | 2,784 |  |  | 2,800 |
Mortgage loans on real estate (net of allowance for credit losses of $13 and $13) | 1,550 |  |  | 1,612 |
Policy loans | 541 |  |  | 554 |
Cash and other invested assets | 63 |  |  | 58 |
Other assets | 163 |  |  | 150 |
Total assets designated to the Closed Block | 5,101 |  |  | 5,174 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 358 |  |  | 344 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $35 and $31 | (130) |  |  | (115) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 228 |  |  | $ | 229 |
Schedule of Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023 |  |
|  |  |  |  | (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income |  |  |  |  | $ | 29 |  |  | $ | 30 |  |  |
Net investment income (loss) |  |  |  |  | 52 |  |  | 51 |  |  |
Investment gains (losses), net |  |  |  |  | (1) |  |  | — |  |  |
Total revenues |  |  |  |  | 80 |  |  | 81 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends |  |  |  |  | 77 |  |  | 83 |  |  |
Total benefits and other deductions |  |  |  |  | 77 |  |  | 83 |  |  |
Net income (loss), before income taxes |  |  |  |  | 3 |  |  | (2) |  |  |
Income tax (expense) benefit |  |  |  |  | (1) |  |  | (1) |  |  |
Net income (loss) |  |  |  |  | $ | 2 |  |  | $ | (3) |  |  |

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