CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2026

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


	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

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


	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