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CLOSED BLOCK
6 Months Ended
Jun. 30, 2022
Closed Block Disclosure [Abstract]  
CLOSED BLOCK CLOSED BLOCK
As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.
Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account.
For more information on the Closed Block, see Note 5 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021
Summarized financial information for the Company’s Closed Block is as follows:
 June 30, 2022December 31, 2021
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$5,806 $5,928 
Policyholder dividend obligation — 
Other liabilities66 39 
Total Closed Block liabilities5,872 5,967 
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,189 and $3,185) (allowance for credit losses of $0 and $0)
3,054 3,390 
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)
1,693 1,771 
Policy loans581 602 
Cash and other invested assets70 63 
Other assets122 90 
Total assets designated to the Closed Block5,520 5,916 
Excess of Closed Block liabilities over assets designated to the Closed Block352 51 
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $28 and $(43)
(96)172 
Maximum future earnings to be recognized from Closed Block assets and liabilities$256 $223 

The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
Revenues:
Premiums and other income$31 $37 $64 $76 
Net investment income (loss)55 60 113 120 
Investment gains (losses), net(3)(2)
Total revenues83 99 175 198 
Benefits and Other Deductions:
Policyholders’ benefits and dividends80 90 156 196 
Other operating costs and expenses —  
Total benefits and other deductions80 90 156 197 
Net income (loss), before income taxes3 19 
Income tax (expense) benefit3 — 4 (1)
Net income (loss)$6 $$23 $— 
A reconciliation of the Company’s policyholder dividend obligation follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
Beginning balance$ $28 $ $160 
Unrealized investment gains (losses) 44  (88)
Ending balance$ $72 $ $72