MONY CLOSED BLOCK OF BUSINESS (Tables)

9 Months Ended

Sep. 30, 2019

Closed Block Disclosure [Abstract]

Summary of Financial Information of the Policyholder Dividend Obligation

Summarized financial information for the Closed Block as of September 30, 2019 and December 31, 2018 is as follows:

	As of
	September 30, 2019		December 31, 2018
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,579,389	$	5,679,732
Policyholder dividend obligation	319,865		—
Other liabilities	11,366		22,505
Total closed block liabilities	5,910,620		5,702,237
Closed block assets
Fixed maturities, available-for-sale, at fair value	$	4,694,274	$	4,257,437
Mortgage loans on real estate	73,563		75,838
Policy loans	648,805		672,213
Cash	75,828		116,225
Other assets	106,481		136,388
Total closed block assets	5,598,951		5,258,101
Excess of reported closed block liabilities over closed block assets	311,669		444,136
Portion of above representing accumulated other comprehensive income:
Net unrealized investment gains (losses) net of policyholder dividend obligation: $198,285 and $(141,128); and net of income tax: $(41,640) and $61,676	—		(120,528)
Future earnings to be recognized from closed block assets and closed block liabilities	$	311,669	$	323,608

Schedule of Reconciliation of the Policyholder Dividend Obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Nine Months Ended September 30,
	2019		2018
	(Dollars In Thousands)
Policyholder dividend obligation, beginning of period	$	—	$	160,712
Applicable to net revenue (losses)	(19,548)		(24,922)
Change in net unrealized investment gains (losses) allocated to the policyholder dividend obligation	339,413		(135,790)
Policyholder dividend obligation, end of period	$	319,865	$	—

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,
	2019		2018		2019		2018
	(Dollars In Thousands)
Revenues
Premiums and other income	$	37,652	$	39,691	$	115,202	$	121,768
Net investment income	52,018		50,833		154,808		152,248
Net investment gains (losses)	1,104		40		693		66
Total revenues	90,774		90,564		270,703		274,082
Benefits and other deductions
Benefits and settlement expenses	84,531		83,588		250,410		251,480
Other operating expenses	229		291		836		310
Total benefits and other deductions	84,760		83,879		251,246		251,790
Net revenues before income taxes	6,014		6,685		19,457		22,292
Income tax expense	1,263		1,404		4,086		4,681
Net revenues	$	4,751	$	5,281	$	15,371	$	17,611