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CLOSED BLOCK
 9 Months Ended
Sep. 30, 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 of the Notes 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:
 September 30, 2025December 31, 2024
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$5,035 $5,213 
Other liabilities56 62 
Total Closed Block liabilities5,091 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 loans503 523 
Cash and other invested assets152 17 
Other assets101 130 
Total assets designated to the Closed Block4,837 4,947 
Excess of Closed Block liabilities over assets designated to the Closed Block254 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 
The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(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 revenues72 75 221 232 
Benefits and Other Deductions:
Policyholders’ benefits and dividends60 69 207 210 
Other operating costs and expenses— — 1 — 
Total benefits and other deductions60 69 208 210 
Net income (loss), before income taxes12 6 13 22 
Income tax (expense) benefit(2)(2)(3)(5)
Net income (loss)$10 $4 $10 $17