CLOSED BLOCK (Tables)

12 Months Ended

Dec. 31, 2020

Summarized financial information for the Company’s Closed Block is as follows:


	December 31,
	2020		2019
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	6,201	$	6,478
Policyholder dividend obligation	160		2
Other liabilities	39		38
Total Closed Block liabilities	6,400		6,518

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,359 and $3,558) (allowance for credit losses of $0 at December 31, 2020)	3,718		3,754
Mortgage loans on real estate (net of allowance for credit losses of $6 at December 31, 2020)	1,773		1,759
Policy loans	648		706
Cash and other invested assets	28		82
Other assets	169		145
Total assets designated to the Closed Block	6,336		6,446

Excess of Closed Block liabilities over assets designated to the Closed Block	64		72
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $160 and $2; and net of income tax: $(42) and $(41)	167		164
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	231	$	236

The Company’s Closed Block revenues and expenses were as follows:


	Year Ended December 31,
		2020		2019		2018
		(in millions)
Revenues:
Premiums and other income		$	157	$	182	$	194
Net investment income (loss)		251		278		291
Investment gains (losses), net		—		(1)		(3)
Total revenues		408		459		482

Benefits and Other Deductions:
Policyholders’ benefits and dividends		399		439		471
Other operating costs and expenses		1		2		3
Total benefits and other deductions		400		441		474
Net income (loss), before income taxes		8		18		8
Income tax (expense) benefit		(2)		(2)		(3)
Net income (loss)		$	6	$	16	$	5

A reconciliation of the Company’s policyholder dividend obligation follows:


	December 31,
	2020		2019		2018
	(in millions)
Balance, beginning of year	$	2	$	—	$	19
Unrealized investment gains (losses)	158		2		(19)
Balance, end of year	$	160	$	2	$	—