MONY CLOSED BLOCK OF BUSINESS (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
	(Dollars In Millions)
Closed block liabilities
Future policy benefits, policyholders’ account balances and other policyholder liabilities	$	5,277	$	5,406
Policyholder dividend obligation		401		580
Other liabilities		10		7
Total closed block liabilities		5,688		5,993
Closed block assets
Fixed maturities, available-for-sale, at fair value		4,633		4,903
Commercial mortgage loans on real estate		68		68
Policy loans		557		596
Cash and other invested assets		73		46
Other assets		83		91
Total closed block assets		5,414		5,704
Excess of reported closed block liabilities over closed block assets		274		289
Portion of above representing accumulated other comprehensive income:
Net unrealized investments gains (losses) net of policyholder dividend obligation: $323 and $493; and net of income tax: $(68) and $(104)		—		—
Future earnings to be recognized from closed block assets and closed block liabilities	$	274	$	289

Schedule of reconciliation of the policyholder dividend obligation

Reconciliation of the policyholder dividend obligation is as follows:

	For The Year Ended
	December 31,
	2021		2020
	(Dollars In Millions)
Policyholder dividend obligation, beginning balance	$	580	$	279
Applicable to net revenue		(9)		(25)
Change in net unrealized investment gains allocated to policyholder dividend obligation		(170)		326
Policyholder dividend obligation, ending balance	$	401	$	580

Schedule of Closed Block revenues and expenses

Closed Block revenues and expenses were as follows:

	For The Year Ended December 31,
	2021		2020		2019
	(Dollars In Millions)
Revenues
Premiums and other income	$	144	$	154	$	162
Net investment income		189		202		207
Net gains (losses) — investments and derivatives		28		(2)		(2)
Total revenues		361		354		367
Benefits and other deductions
Benefits and settlement expenses		342		332		337
Other operating expenses		1		2		1
Total benefits and other deductions		343		334		338
Net revenues before income taxes		18		20		29
Income tax expense		5		4		6
Net revenues	$	13	$	16	$	23