MONY CLOSED BLOCK OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2018

Summarized financial information for the Closed Block as of March 31, 2018 and December 31, 2017 is as follows:



	As of
	March 31, 2018			December 31, 2017
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,760,621		$	5,791,867
Policyholder dividend obligation	—			160,712
Other liabilities	34,796			30,764
Total closed block liabilities	5,795,417			5,983,343
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,497,521		$	4,669,856
Mortgage loans on real estate	107,826			108,934
Policy loans	692,632			700,769
Cash	39,464			31,182
Other assets	113,120			122,637
Total closed block assets	5,450,563			5,633,378
Excess of reported closed block liabilities over closed block assets	344,854			349,965
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(162,429) and $(13,429); and net of income tax: $34,911 and $2,820	(3,014		)	—
Future earnings to be recognized from closed block assets and closed block liabilities	$	341,840		$	349,965

Reconciliation of the policyholder dividend obligation is as follows:



	For The Three Months Ended March 31,
	2018			2017
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	160,712		$	31,932
Applicable to net revenue (losses)	(11,712		)	(16,753		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	(149,000		)	26,001
Policyholder dividend obligation, end of period	$	—		$	41,180

Closed Block revenues and expenses were as follows:



	For The Three Months Ended March 31,
	2018			2017
	(Dollars In Thousands)
Revenues
Premiums and other income	$	39,612		$	42,836
Net investment income	50,543			51,359
Net investment gains	(237		)	63
Total revenues	89,918			94,258
Benefits and other deductions
Benefits and settlement expenses	79,952			80,108
Other operating expenses	(319		)	166
Total benefits and other deductions	79,633			80,274
Net revenues before income taxes	10,285			13,984
Income tax expense	2,160			4,895
Net revenues	$	8,125		$	9,089