CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2017

Summarized financial information for the Closed Block follows:



	March 31, 2017		December 31, 2016
	(In Millions)
CLOSED BLOCK LIABILITIES:
Future policy benefits, policyholders’ account balances and other	$	7,107	$	7,179
Policyholder dividend obligation	38		52
Other liabilities	151		43
Total Closed Block liabilities	7,296		7,274
ASSETS DESIGNATED TO THE CLOSED BLOCK:
Fixed maturities, available for sale, at fair value (amortized cost of $4,162 and $3,884)	4,322		4,025
Mortgage loans on real estate	1,789		1,623
Policy loans	814		839
Cash and other invested assets	22		444
Other assets	206		181
Total assets designated to the Closed Block	7,153		7,112
Excess of Closed Block liabilities over assets designated to the Closed Block	143		162
Amounts included in accumulated other comprehensive income (loss):
Net unrealized investment gains (losses), net of policyholder dividend obligation of $(38) and $(52)	132		100
Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities	$	275	$	262

Closed Block revenues and expenses were as follows:



		Three Months Ended March 31,
		2017			2016
	(In Millions)
REVENUES:
Premiums and other income		$	58		$	63
Net investment income (loss)		83			89
Net investment gains (losses)		(15		)	1
Total revenues		126			153
BENEFITS AND OTHER DEDUCTIONS:
Policyholders’ benefits and dividends		155			136
Other operating costs and expenses		—			—
Total benefits and other deductions		155			136
Net revenues (loss) before income taxes		(29		)	17
Income tax (expense) benefit		10			(6		)
Net Revenues (Losses)		$	(19	)	$	11

Reconciliation of the policyholder dividend obligation follows:



	Three Months Ended March 31,
	2017			2016
	(In Millions)
Balances, beginning of year	$	52		$	81
Unrealized investment gains (losses), net of DAC	(14		)	79
Balances, End of Period	$	38		$	160