v3.26.1
CLOSED BLOCK (Tables)
 6 Months Ended
Jun. 30, 2026
Closed Block Disclosure [Abstract]  
Schedule of Closed Block Assets and Liabilities
Summarized financial information for the Company’s Closed Block is as follows:
June 30, 2026December 31, 2025
(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other$4,822 $4,970 
Other liabilities47 118 
Total Closed Block liabilities4,869 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 loans485 500 
Cash and other invested assets203 257 
Other assets99 97 
Total assets designated to the Closed Block4,622 4,846 
Excess of Closed Block liabilities over assets designated to the Closed Block247 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 
Schedule of Closed Block Operations, Net Results
The Company’s Closed Block revenues and expenses were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(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 revenues66 72 145 149 
Benefits and Other Deductions:
Policyholders’ benefits and dividends61 72 128 146 
Other operating costs and expenses(1)1 — 1 
Total benefits and other deductions60 73 128 147 
Net income (loss), before income taxes6 (1)17 2 
Income tax (expense) benefit(2)— (4)(1)
Net income (loss)$4 $(1)$13 $1