MONY CLOSED BLOCK OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2019

Closed Block Disclosure [Abstract]

Summary of Financial Information of the Policyholder Dividend Obligation

Summarized financial information for the Closed Block as of March 31, 2019 and December 31, 2018 is as follows:

	As of
	March 31, 2019		December 31, 2018
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,643,484	$	5,679,732
Policyholder dividend obligation	11,803		—
Other liabilities	33,254		22,505
Total closed block liabilities	5,688,541		5,702,237
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,404,945	$	4,257,437
Mortgage loans on real estate	75,062		75,838
Policy loans	666,270		672,213
Cash	115,204		116,225
Other assets	107,204		136,388
Total closed block assets	5,368,685		5,258,101
Excess of reported closed block liabilities over closed block assets	319,856		444,136
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $(118,670) and $(141,128); and net of income tax: $24,921 and $61,676	—		(120,528		)
Future earnings to be recognized from closed block assets and closed block liabilities	$	319,856	$	323,608

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Three Months Ended March 31,
	2019			2018
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	—		$	160,712
Applicable to net revenue (losses)	(10,655		)	(11,712		)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	22,458			(149,000		)
Policyholder dividend obligation, end of period	$	11,803		$	—

Schedule of Closed Block Revenues and Expenses

Closed Block revenues and expenses were as follows:

	For The Three Months Ended March 31,
	2019			2018
	(Dollars In Thousands)
Revenues
Premiums and other income	$	37,444		$	39,612
Net investment income	51,128			50,543
Net investment gains	(454		)	(237		)
Total revenues	88,118			89,918
Benefits and other deductions
Benefits and settlement expenses	78,666			79,952
Other operating expenses	359			(319		)
Total benefits and other deductions	79,025			79,633
Net revenues before income taxes	9,093			10,285
Income tax expense	1,910			2,160
Net revenues	$	7,183		$	8,125