CLOSED BLOCK (Tables)

12 Months Ended

Dec. 31, 2022

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


	December 31,
	2022		2021
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,688	$	5,928
Policyholder dividend obligation	—		—
Other liabilities	68		39
Total Closed Block liabilities	5,756		5,967

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,171 and $3,185) (allowance for credit losses of $0 and $0)	2,948		3,390
Mortgage loans on real estate (net of allowance for credit losses of $4 and $4)	1,645		1,771
Policy loans	569		602
Cash and other invested assets	—		63
Other assets	155		90
Total assets designated to the Closed Block	5,317		5,916

Excess of Closed Block liabilities over assets designated to the Closed Block	439		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $47 and ($43)	(166)		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	273	$	223

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


	Year Ended December 31,
		2022		2021		2020
		(in millions)
Revenues:
Premiums and other income		$	125	$	144	$	157
Net investment income (loss)		221		237		251
Investment gains (losses), net		(3)		4		—
Total revenues		343		385		408

Benefits and Other Deductions:
Policyholders’ benefits and dividends		328		372		399
Other operating costs and expenses		2		3		1
Total benefits and other deductions		330		375		400
Net income (loss), before income taxes		13		10		8
Income tax (expense) benefit		(1)		(2)		(2)
Net income (loss)		$	12	$	8	$	6

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


	Year Ended December 31,
		2022		2021		2020
		(in millions)
Beginning balance		$	—	$	160	$	2
Unrealized investment gains (losses)		—		(160)		158
Ending balance		$	—	$	—	$	160