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CLOSED BLOCK
 3 Months Ended
Mar. 31, 2025
Closed Block Disclosure [Abstract]  
CLOSED BLOCK CLOSED BLOCK
As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.
Assets allocated to the Closed Block insure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 to the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024.
Summarized financial information for the Company’s Closed Block is as follows:
 March 31, 2025December 31, 2024
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$5,157 $5,213 
Other liabilities186 62 
Total Closed Block liabilities5,343 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 loans515 523 
Cash and other invested assets259 17 
Other assets116 130 
Total assets designated to the Closed Block5,044 4,947 
Excess of Closed Block liabilities over assets designated to the Closed Block299 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 
The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended March 31,
20252024
(in millions)
Revenues:
Premiums and other income$27 $29 
Net investment income (loss)51 52 
Investment gains (losses), net(1)(1)
Total revenues77 80 
Benefits and Other Deductions:
Policyholders’ benefits and dividends74 77 
Total benefits and other deductions74 77 
Net income (loss), before income taxes3 3 
Income tax (expense) benefit(1)(1)
Net income (loss)$2 $2