MONY CLOSED BLOCK OF BUSINESS (Tables)

3 Months Ended

Mar. 31, 2021

Summarized financial information for the Closed Block as of March 31, 2021 and December 31, 2020 is as follows:


	As of
	March 31, 2021		December 31, 2020
	(Dollars In Millions)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,377	$	5,406
Policyholder dividend obligation	234		580
Other liabilities	23		7
Total closed block liabilities	5,634		5,993
Closed block assets
Fixed maturities, available-for-sale, at fair value	4,530		4,903

Commercial mortgage loans	65		68
Policy loans	587		596
Cash and other invested assets	80		46
Other assets	96		91
Total closed block assets	5,358		5,704
Excess of reported closed block liabilities over closed block assets	276		289
Portion of above representing accumulated other comprehensive income:
Net unrealized gains (losses) - net of policyholder dividend obligation: 2021 - $147 and 2020- $493; and net of income tax: 2021 - $(31) and 2020 - $(104)	—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	276	$	289

Reconciliation of the policyholder dividend obligation is as follows:


	For The Three Months Ended March 31,
	2021		2020
	(Dollars In Millions)
Policyholder dividend obligation, beginning balance	$	580	$	279
Applicable to net revenue (losses)	1		(7)
Change in net unrealized gains (losses) - allocated to the policyholder dividend obligation	(347)		(198)
Policyholder dividend obligation, ending balance	$	234	$	74

Closed Block revenues and expenses were as follows:


	For The Three Months Ended March 31,
	2021		2020
	(Dollars In Millions)
Revenues
Premiums and other income	$	34	$	35
Net investment income	48		51
Net realized gains (losses)	23		—
Total revenues	105		86
Benefits and other deductions
Benefits and settlement expenses	89		78
Other operating expenses	—		—
Total benefits and other deductions	89		78
Net revenues before income taxes	16		8
Income tax expense	3		2
Net revenues	$	13	$	6