CLOSED BLOCK (Tables)

9 Months Ended

Sep. 30, 2026

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


	September 30, 2026		December 31, 2025
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	4,765	$	4,970

Other liabilities	17		118
Total Closed Block liabilities	4,782		5,088

Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $2,573 and $2,621) (allowance for credit losses of $0 and $0)	2,422		2,566
Mortgage loans on real estate (net of allowance for credit losses of $11 and $24)	1,512		1,426
Policy loans	480		500
Cash and other invested assets	(27)		257
Other assets	112		97
Total assets designated to the Closed Block	4,499		4,846

Excess of Closed Block liabilities over assets designated to the Closed Block	283		242
Amounts included in AOCI:
Net unrealized investment gains (losses), net of income tax: $32 and $12	(119)		(44)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	164	$	198

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in millions)
Revenues:
Premiums and other income	$	21	$	23	$	69	$	73
Net investment income (loss)	55		49		152		149
Investment gains (losses), net	13		—		13		(1)
Total revenues	89		72		234		221

Benefits and Other Deductions:
Policyholders’ benefits and dividends	61		60		189		207
Other operating costs and expenses	1		—		1		1
Total benefits and other deductions	62		60		190		208
Net income (loss), before income taxes	27		12		44		13
Income tax (expense) benefit	(5)		(2)		(9)		(3)
Net income (loss)	$	22	$	10	$	35	$	10