MONY CLOSED BLOCK OF BUSINESS (Tables)

6 Months Ended

Jun. 30, 2017

Closed Block Disclosure [Abstract]

Summary of Financial Information of the Policyholder Dividend Obligation

Summarized financial information for the Closed Block as of June 30, 2017, and December 31, 2016 is as follows:

	As of
	June 30, 2017		December 31, 2016
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,837,388	$	5,896,355
Policyholder dividend obligation	123,449		31,932
Other liabilities	18,662		40,007
Total closed block liabilities	5,979,499		5,968,294
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,568,414	$	4,440,105
Mortgage loans on real estate	153,106		201,088
Policy loans	709,618		712,959
Cash	52,863		108,270
Other assets	139,948		135,794
Total closed block assets	5,623,949		5,598,216
Excess of reported closed block liabilities over closed block assets	355,550		370,078
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(80,032) and $(197,450); and net of income tax: $28,011 and $69,107	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	355,550	$	370,078

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Six Months Ended June 30,
	2017			2016
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	31,932		$	—
Applicable to net revenue (losses)	(25,901		)	(28,921		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	117,418			261,343
Policyholder dividend obligation, end of period	$	123,449		$	232,422

Schedule of Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended June 30,				For The Six Months Ended June 30,
	2017		2016		2017		2016
	(Dollars In Thousands)
Revenues
Premiums and other income	$	44,898	$	47,320	$	87,734	$	91,239
Net investment income	51,343		52,008		102,701		102,875
Net investment gains	43		450		106		637
Total revenues	96,284		99,778		190,541		194,751
Benefits and other deductions
Benefits and settlement expenses	87,490		92,029		167,598		172,084
Other operating expenses	428		653		592		1,677
Total benefits and other deductions	87,918		92,682		168,190		173,761
Net revenues before income taxes	8,366		7,096		22,351		20,990
Income tax expense	2,928		2,484		7,823		7,346
Net revenues	$	5,438	$	4,612	$	14,528	$	13,644