MONY CLOSED BLOCK OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2017

Closed Block Disclosure [Abstract]

Summary of Financial Information of the Policyholder Dividend Obligation

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

	As of
	September 30, 2017		December 31, 2016
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,814,527	$	5,896,355
Policyholder dividend obligation	136,004		31,932
Other liabilities	76,176		40,007
Total closed block liabilities	6,026,707		5,968,294
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,549,322	$	4,440,105
Mortgage loans on real estate	130,521		201,088
Policy loans	707,293		712,959
Cash	148,612		108,270
Other assets	141,740		135,794
Total closed block assets	5,677,488		5,598,216
Excess of reported closed block liabilities over closed block assets	349,219		370,078
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(55,231) and $(197,450); and net of income tax: $19,331 and $69,107	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	349,219	$	370,078

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Nine Months Ended September 30,
	2017			2016
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	31,932		$	—
Applicable to net revenue (losses)	(38,147		)	(36,707		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	142,219			300,814
Policyholder dividend obligation, end of period	$	136,004		$	264,107

Schedule of Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended September 30,				For The Nine Months Ended September 30,
	2017		2016		2017		2016
	(Dollars In Thousands)
Revenues
Premiums and other income	$	40,962	$	44,043	$	128,697	$	135,282
Net investment income	50,780		53,582		153,481		156,458
Net investment gains	341		326		448		963
Total revenues	92,083		97,951		282,626		292,703
Benefits and other deductions
Benefits and settlement expenses	81,721		88,143		249,319		260,227
Other operating expenses	621		537		1,216		2,214
Total benefits and other deductions	82,342		88,680		250,535		262,441
Net revenues before income taxes	9,741		9,271		32,091		30,262
Income tax expense	3,409		3,245		11,232		10,591
Net revenues	$	6,332	$	6,026	$	20,859	$	19,671