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CLOSED BLOCK (Tables) | 6 Months Ended
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Jun. 30, 2024
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company'’ Closed Block is as follows:
| June 30, 2024 |  | December 31, 2023
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,326 |  |  | $ | 5,461 |
Other liabilities | 55 |  |  | 57 |
Total Closed Block liabilities | 5,381 |  |  | 5,518 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $2,924 and $2,945) (allowance for credit losses of $0 and $0) | 2,752 |  |  | 2,800 |
Mortgage loans on real estate (net of allowance for credit losses of $14 and $13) | 1,544 |  |  | 1,612 |
Policy loans | 538 |  |  | 554 |
Cash and other invested assets | 10 |  |  | 58 |
Other assets | 185 |  |  | 150 |
Total assets designated to the Closed Block | 5,029 |  |  | 5,174 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 352 |  |  | 344 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $36 and $31 | (136) |  |  | (115) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 216 |  |  | $ | 229 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income | $ | 26 |  |  | $ | 29 |  |  | $ | 55 |  |  | $ | 59 |  |  |
Net investment income (loss) | 51 |  |  | 52 |  |  | 103 |  |  | 103 |  |  |
Investment gains (losses), net | — |  |  | — |  |  | (1) |  |  | — |  |  |
Total revenues | 77 |  |  | 81 |  |  | 157 |  |  | 162 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends | 64 |  |  | 75 |  |  | 141 |  |  | 158 |  |  |
Other operating costs and expenses | — |  |  | — |  |  | — |  |  | — |  |  |
Total benefits and other deductions | 64 |  |  | 75 |  |  | 141 |  |  | 158 |  |  |
Net income (loss), before income taxes | 13 |  |  | 6 |  |  | 16 |  |  | 4 |  |  |
Income tax (expense) benefit | (2) |  |  | (1) |  |  | (3) |  |  | (2) |  |  |
Net income (loss) | $ | 11 |  |  | $ | 5 |  |  | $ | 13 |  |  | $ | 2 |  |  |

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