CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2024

Closed Block Disclosure [Abstract]

Schedule of Closed Block Assets and Liabilities

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

	March 31, 2024		December 31, 2023
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,390	$	5,461
Other liabilities	69		57
Total Closed Block liabilities	5,459		5,518
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,949 and $2,945) (allowance for credit losses of $0 and $0)	2,784		2,800
Mortgage loans on real estate (net of allowance for credit losses of $13 and $13)	1,550		1,612
Policy loans	541		554
Cash and other invested assets	63		58
Other assets	163		150
Total assets designated to the Closed Block	5,101		5,174
Excess of Closed Block liabilities over assets designated to the Closed Block	358		344
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $35 and $31	(130)		(115)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	228	$	229

Schedule of Closed Block Operations, Net Results

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

	Three Months Ended March 31,
	2024		2023
	(in millions)
Revenues:
Premiums and other income	$	29	$	30
Net investment income (loss)	52		51
Investment gains (losses), net	(1)		—
Total revenues	80		81
Benefits and Other Deductions:
Policyholders’ benefits and dividends	77		83
Total benefits and other deductions	77		83
Net income (loss), before income taxes	3		(2)
Income tax (expense) benefit	(1)		(1)
Net income (loss)	$	2	$	(3)