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 6 of the Notes to the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025.


	March 31, 2026		December 31, 2025
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	4,908	$	4,970

Other liabilities	102		118
Total Closed Block liabilities	5,010		5,088

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,582 and $2,621) (allowance for credit losses of $0 and $0)	2,506		2,566
Mortgage loans on real estate (net of allowance for credit losses of $17 and $24)	1,425		1,426
Policy loans	492		500
Cash and other invested assets	242		257
Other assets	95		97
Total assets designated to the Closed Block	4,760		4,846

Excess of Closed Block liabilities over assets designated to the Closed Block	250		242
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $16 and $12	(60)		(44)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	190	$	198


	Three Months Ended March 31,
		2026		2025
		(in millions)
Revenues:
Premiums and other income		$	24	$	27
Net investment income (loss)		48		51
Investment gains (losses), net		7		(1)
Total revenues		79		77

Benefits and Other Deductions:
Policyholders’ benefits and dividends		67		74
Other operating costs and expenses		1		—
Total benefits and other deductions		68		74
Net income (loss), before income taxes		11		3
Income tax (expense) benefit		(2)		(1)
Net income (loss)		$	9	$	2