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CLOSED BLOCK (Tables)
6 Months Ended
Jun. 30, 2021
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Assets and Liabilities
Summarized financial information for the Company’s Closed Block is as follows:
 June 30, 2021December 31, 2020
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$6,059 $6,201 
Policyholder dividend obligation72 160 
Other liabilities76 39 
Total Closed Block liabilities6,207 6,400 
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,350 and $3,359) (allowance for credit losses of $0)
3,629 3,718 
Mortgage loans on real estate (net of allowance for credit losses of $5 and $6)
1,767 1,773 
Policy loans630 648 
Cash and other invested assets8 28 
Other assets117 169 
Total assets designated to the Closed Block6,151 6,336 
Excess of Closed Block liabilities over assets designated to the Closed Block56 64 
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $72 and $160; and net of income tax: $(44) and $(42)
174 167 
Maximum future earnings to be recognized from Closed Block assets and liabilities$230 $231 
Closed Block Operations, Net Results
The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(in millions)
Revenues:
Premiums and other income$37 $40 $76 $82 
Net investment income (loss)60 63 120 129 
Investment gains (losses), net(2)2 (2)
Total revenues99 101 198 209 
Benefits and Other Deductions:
Policyholders’ benefits and dividends90 103 196 206 
Other operating costs and expenses— 1 
Total benefits and other deductions90 104 197 207 
Net income (loss), before income taxes(3)1 
Income tax (expense) benefit— (1)(1)(1)
Net income (loss)$$(4)$ $
Closed Block Dividend Obligation
A reconciliation of the Company’s policyholder dividend obligation follows:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(in millions)
Beginning balance$28 $$160 $
Unrealized investment gains (losses)44 — (88)— 
Ending balance$72 $$72 $