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.


	June 30, 2026		December 31, 2025
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	4,822	$	4,970

Other liabilities	47		118
Total Closed Block liabilities	4,869		5,088

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,608 and $2,621) (allowance for credit losses of $0 and $0)	2,530		2,566
Mortgage loans on real estate (net of allowance for credit losses of $24 and $24)	1,305		1,426
Policy loans	485		500
Cash and other invested assets	203		257
Other assets	99		97
Total assets designated to the Closed Block	4,622		4,846

Excess of Closed Block liabilities over assets designated to the Closed Block	247		242
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $16 and $12	(61)		(44)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	186	$	198


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in millions)
Revenues:
Premiums and other income	$	24	$	24	$	48	$	51
Net investment income (loss)	49		48		97		99
Investment gains (losses), net	(7)		—		—		(1)
Total revenues	66		72		145		149

Benefits and Other Deductions:
Policyholders’ benefits and dividends	61		72		128		146
Other operating costs and expenses	(1)		1		—		1
Total benefits and other deductions	60		73		128		147
Net income (loss), before income taxes	6		(1)		17		2
Income tax (expense) benefit	(2)		—		(4)		(1)
Net income (loss)	$	4	$	(1)	$	13	$	1