MONY CLOSED BLOCK OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2020

Closed Block Disclosure [Abstract]

Summary of financial information for the Closed Block

Summarized financial information for the Closed Block is as follows:

	As of December 31,
	2020		2019
	(Dollars In Thousands)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,405,490	$	5,836,815
Policyholder dividend obligation	579,829		278,505
Other liabilities	7,477		11,247
Total closed block liabilities	5,992,796		6,126,567
Closed block assets
Fixed maturities, available-for-sale, at fair value	4,902,869		4,682,731
Commercial mortgage loans	68,123		72,829
Policy loans	595,738		640,134
Cash and other invested assets	45,782		44,877
Other assets	91,734		107,177
Total closed block assets	5,704,246		5,547,748
Excess of reported closed block liabilities over closed block assets	288,550		578,819
Portion of above representing accumulated other comprehensive income:
Net unrealized investments gains (losses) net of policyholder dividend obligation: $493,271 and $167,285; and net of income tax: $(103,587) and $(35,130)	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	288,550	$	578,819

Schedule of reconciliation of the policyholder dividend obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Year Ended December 31,
	2020		2019
	(Dollars In Thousands)
Policyholder dividend obligation, beginning balance	$	278,505	$	—
Applicable to net revenue	(24,662)		(29,907)
Change in net unrealized investment gains allocated to policyholder dividend obligation	325,986		308,412
Policyholder dividend obligation, ending balance	$	579,829	$	278,505

Schedule of Closed Block revenues and expenses

Closed Block revenues and expenses were as follows:

	For The Year Ended December 31,
	2020		2019		2018
	(Dollars In Thousands)
Revenues
Premiums and other income	$	154,034	$	162,288	$	171,117
Net investment income	201,686		206,523		202,282
Net investment gains	(2,453)		(1,603)		(1,970)
Total revenues	353,267		367,208		371,429
Benefits and other deductions
Benefits and settlement expenses	332,368		336,736		337,352
Other operating expenses	1,163		1,161		714
Total benefits and other deductions	333,531		337,897		338,066
Net revenues before income taxes	19,736		29,311		33,363
Income tax expense	3,981		6,081		7,006
Net revenues	$	15,755	$	23,230	$	26,357