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CLOSED BLOCK (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | December 31, 2024
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,157 |  |  | $ | 5,213 |
Other liabilities | 186 |  |  | 62 |
Total Closed Block liabilities | 5,343 |  |  | 5,275 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $2,736 and $2,888) (allowance for credit losses of$0 and$0) | 2,629 |  |  | 2,746 |
Mortgage loans on real estate (net of allowance for credit losses of $22 and $21) | 1,525 |  |  | 1,531 |
Policy loans | 515 |  |  | 523 |
Cash and other invested assets | 259 |  |  | 17 |
Other assets | 116 |  |  | 130 |
Total assets designated to the Closed Block | 5,044 |  |  | 4,947 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 299 |  |  | 328 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of income tax: $23 and $30 | (85) |  |  | (112) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 214 |  |  | $ | 216 |
Schedule of Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024 |  |
|  |  |  |  | (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income |  |  |  |  | $ | 27 |  |  | $ | 29 |  |  |
Net investment income (loss) |  |  |  |  | 51 |  |  | 52 |  |  |
Investment gains (losses), net |  |  |  |  | (1) |  |  | (1) |  |  |
Total revenues |  |  |  |  | 77 |  |  | 80 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends |  |  |  |  | 74 |  |  | 77 |  |  |
Total benefits and other deductions |  |  |  |  | 74 |  |  | 77 |  |  |
Net income (loss), before income taxes |  |  |  |  | 3 |  |  | 3 |  |  |
Income tax (expense) benefit |  |  |  |  | (1) |  |  | (1) |  |  |
Net income (loss) |  |  |  |  | $ | 2 |  |  | $ | 2 |  |  |

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