MONY CLOSED BLOCK OF BUSINESS (Tables)

6 Months Ended

Jun. 30, 2018

Closed Block Disclosure [Abstract]

Summary of Financial Information of the Policyholder Dividend Obligation

Summarized financial information for the Closed Block as of June 30, 2018 and December 31, 2017 is as follows:

	As of
	June 30, 2018			December 31, 2017
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,728,327		$	5,791,867
Policyholder dividend obligation	—			160,712
Other liabilities	25,595			30,764
Total closed block liabilities	5,753,922			5,983,343
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,345,031		$	4,669,856
Mortgage loans on real estate	77,374			108,934
Policy loans	687,771			700,769
Cash	101,426			31,182
Other assets	130,468			122,637
Total closed block assets	5,342,070			5,633,378
Excess of reported closed block liabilities over closed block assets	411,852			349,965
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(154,605) and $(13,429); and net of income tax: $52,196 and $2,820	(74,217		)	—
Future earnings to be recognized from closed block assets and closed block liabilities	$	337,635		$	349,965

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Six Months Ended June 30,
	2018			2017
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	160,712		$	31,932
Applicable to net revenue (losses)	(19,536		)	(25,901		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	(141,176		)	117,418
Policyholder dividend obligation, end of period	$	—		$	123,449

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,
	2018		2017		2018		2017
	(Dollars In Thousands)
Revenues
Premiums and other income	$	42,465	$	44,898	$	82,077	$	87,734
Net investment income	50,872		51,343		101,415		102,701
Net investment gains	263		43		26		106
Total revenues	93,600		96,284		183,518		190,541
Benefits and other deductions
Benefits and settlement expenses	87,940		87,490		167,892		167,598
Other operating expenses	337		428		20		592
Total benefits and other deductions	88,277		87,918		167,912		168,190
Net revenues before income taxes	5,323		8,366		15,606		22,351
Income tax expense	1,118		2,928		3,277		7,823
Net revenues	$	4,205	$	5,438	$	12,329	$	14,528