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CLOSED BLOCK (Tables) | 9 Months Ended
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Sep. 30, 2025
Closed Block Disclosure [Abstract] |
Schedule of Closed Block Assets and Liabilities | Summarized financial information for the Company’s Closed Block is as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Closed Block Liabilities: |  |  |
Future policy benefits, policyholders’ account balances and other | $ | 5,035 |  |  | $ | 5,213 |
Other liabilities | 56 |  |  | 62 |
Total Closed Block liabilities | 5,091 |  |  | 5,275 |
Assets Designated to the Closed Block: |  |  |
Fixed maturities AFS, at fair value (amortized cost of $2,712 and $2,888) (allowance for credit losses of $0 and $0) | 2,650 |  |  | 2,746 |
Mortgage loans on real estate (net of allowance for credit losses of $22 and $21) | 1,431 |  |  | 1,531 |
Policy loans | 503 |  |  | 523 |
Cash and other invested assets | 152 |  |  | 17 |
Other assets | 101 |  |  | 130 |
Total assets designated to the Closed Block | 4,837 |  |  | 4,947 |
Excess of Closed Block liabilities over assets designated to the Closed Block | 254 |  |  | 328 |
Amounts included in AOCI: |  |  |
Net unrealized investment gains (losses), net of income tax: $13 and $30 | (49) |  |  | (112) |
Maximum future earnings to be recognized from Closed Block assets and liabilities | $ | 205 |  |  | $ | 216 |
Schedule of Closed Block Operations, Net Results | The Company’s Closed Block revenues and expenses were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |
Premiums and other income | $ | 23 |  |  | $ | 26 |  |  | $ | 73 |  |  | $ | 81 |  |  |
Net investment income (loss) | 49 |  |  | 51 |  |  | 149 |  |  | 154 |  |  |
Investment gains (losses), net | — |  |  | (2) |  |  | (1) |  |  | (3) |  |  |
Total revenues | 72 |  |  | 75 |  |  | 221 |  |  | 232 |  |  |
Benefits and Other Deductions: |  |  |  |  |  |  |  |  |
Policyholders’ benefits and dividends | 60 |  |  | 69 |  |  | 207 |  |  | 210 |  |  |
Other operating costs and expenses | — |  |  | — |  |  | 1 |  |  | — |  |  |
Total benefits and other deductions | 60 |  |  | 69 |  |  | 208 |  |  | 210 |  |  |
Net income (loss), before income taxes | 12 |  |  | 6 |  |  | 13 |  |  | 22 |  |  |
Income tax (expense) benefit | (2) |  |  | (2) |  |  | (3) |  |  | (5) |  |  |
Net income (loss) | $ | 10 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 17 |  |  |

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