v3.25.2
Closed Block (Tables)
 6 Months Ended
Jun. 30, 2025
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Liabilities and Assets Closed Block liabilities and assets designated to the Closed Block, as well as maximum future earnings to be recognized from these liabilities and assets, are as follows:
June 30,
2025		December 31,
2024
 (in millions)
Closed Block liabilities
Future policy benefits$41,927 $42,464 
Policyholders’ dividends payable695 688 
Policyholders’ dividend obligation215 0 
Policyholders’ account balances4,293 4,359 
Other Closed Block liabilities3,292 3,346 
Total Closed Block liabilities50,422 50,857 
Closed Block assets
Fixed maturities, available-for-sale, at fair value29,154 28,570 
Fixed maturities, trading, at fair value647 647 
Equity securities, at fair value1,475 1,642 
Commercial mortgage and other loans7,628 7,652 
Policy loans3,280 3,348 
Other invested assets4,521 4,929 
Short-term investments346 520 
Total investments47,051 47,308 
Cash and cash equivalents368 400 
Accrued investment income402 403 
Other Closed Block assets299 367 
Total Closed Block assets48,120 48,478 
Excess of reported Closed Block liabilities over Closed Block assets2,302 2,379 
Portion of above representing accumulated other comprehensive income (loss):
Net unrealized investment gains (losses)(1,666)(2,299)
Allocated to policyholder dividend obligation1,514 2,096 
Future earnings to be recognized from Closed Block assets and Closed Block liabilities$2,150 $2,176 
Schedule of Closed Block Dividend Obligation
Information regarding the policyholder dividend obligation is as follows:

Six Months Ended
June 30, 2025
 (in millions)
Balance, December 31, 2024$0 
Impact from earnings allocable to policyholder dividend obligation(367)
Change in net unrealized investment gains (losses) allocated to policyholder dividend obligation582 
Balance, June 30, 2025$215 
Schedule of Closed Block Revenues Benefits Expenses
Closed Block revenues and benefits and expenses are as follows for the periods indicated:


Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (in millions)
Revenues
Premiums$444 $433 $862 $842 
Net investment income511 506 1,003 1,019 
Realized investment gains (losses), net(199)(174)(255)(299)
Other income (loss)190 43 156 207 
Total Closed Block revenues946 808 1,766 1,769 
Benefits and Expenses
Policyholders’ benefits616 604 1,217 1,188 
Interest credited to policyholders’ account balances28 29 56 59 
Dividends to policyholders249 162 377 437 
General and administrative expenses64 67 142 134 
Total Closed Block benefits and expenses957 862 1,792 1,818 
Closed Block revenues, net of Closed Block benefits and expenses, before income taxes(11)(54)(26)(49)
Income tax expense (benefit)(31)(73)(66)(88)
Closed Block revenues, net of Closed Block benefits and expenses and income taxes$20 $19 $40 $39