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Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2020
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statement of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Statements of Financial Position as of June 30, 2020 and December 31, 2019 were as follows:
 
June 30, 2020
 
December 31, 2019
 
(in thousands)
Reinsurance recoverables(1)
$
4,310,574

 
$
3,200,642

Policy loans
(21,366
)
 
(18,627
)
Deferred policy acquisition costs
(692,414
)
 
(736,575
)
Deferred sales inducements
(42,906
)
 
(47,423
)
Other assets
16,629

 
16,540

Other liabilities
110,493

 
93,557


(1)
Includes $1 million and $4 million of unaffiliated activity as of June 30, 2020 and December 31, 2019, respectively.
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are broken out below:
 
June 30, 2020
 
December 31, 2019
 
(in thousands)
Prudential Insurance
$
2,265,669

 
$
1,245,450

PAR U
1,073,143

 
1,027,304

PARCC
461,524

 
458,441

PAR Term
232,857

 
219,757

Term Re
212,540

 
190,633

DART
49,662

 
38,651

Pruco Life
14,196

 
16,428

Unaffiliated
983

 
3,978

Total reinsurance recoverables
$
4,310,574

 
$
3,200,642
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)
Reinsurance amounts, included in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, were as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(in thousands)
Premiums:
 
 
 
 
 
 
 
Direct
$
62,975

 
$
61,930

 
$
127,608

 
$
124,944

Ceded
(57,846
)
 
(58,649
)
 
(117,285
)
 
(118,325
)
Net premiums
5,129

 
3,281

 
10,323

 
6,619

Policy charges and fee income:
 
 
 
 
 
 
 
Direct
94,937

 
118,884

 
204,009

 
212,504

Ceded(1)
(76,694
)
 
(96,279
)
 
(161,797
)
 
(170,050
)
Net policy charges and fee income
18,243

 
22,605

 
42,212

 
42,454

Net investment income:
 
 
 
 
 
 
 
Direct
20,874

 
19,634

 
38,066

 
38,543

Ceded
(191
)
 
(162
)
 
(418
)
 
(330
)
Net investment income
20,683

 
19,472

 
37,648

 
38,213

Asset administration fees:
 
 
 
 
 
 
 
Direct
9,290

 
9,394

 
19,015

 
18,273

Ceded
(7,744
)
 
(7,945
)
 
(15,904
)
 
(15,481
)
Net asset administration fees
1,546

 
1,449

 
3,111

 
2,792

Realized investment gains (losses), net:
 
 
 
 
 
 
 
Direct
146,576

 
(165,057
)
 
(922,872
)
 
(227,900
)
Ceded
(154,088
)
 
160,001

 
928,425

 
216,734

Realized investment gains (losses), net
(7,512
)
 
(5,056
)
 
5,553

 
(11,166
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
 
Direct
126,289

 
131,279

 
257,575

 
203,307

Ceded(2)
(112,846
)
 
(120,928
)
 
(227,446
)
 
(182,979
)
Net policyholders’ benefits (including change in reserves)
13,443

 
10,351

 
30,129

 
20,328

Interest credited to policyholders’ account balances:
 
 
 
 
 
 
 
Direct
16,061

 
17,271

 
38,319

 
32,488

Ceded
(4,074
)
 
(7,266
)
 
(16,141
)
 
(13,430
)
Net interest credited to policyholders’ account balances
11,987

 
10,005

 
22,178

 
19,058

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
(24,163
)
 
(58,171
)
 
(99,696
)
 
(97,673
)

(1)
Includes $0.0 million and $(4.0) million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively, and $0.0 million and $(4.0) million for the six months ended June 30, 2020 and 2019, respectively.
(2)
Includes $0.5 million and $1.0 million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively, and $1.5 million and $2.0 million for the six months ended June 30, 2020 and 2019, respectively.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of June 30, 2020 and 2019 were as follows:
 
2020
 
2019
 
(in thousands)
Direct gross life insurance face amount in force
$
151,576,594

 
$
145,001,035

Reinsurance ceded
(138,189,156
)
 
(132,123,416
)
Net life insurance face amount in force
$
13,387,438

 
$
12,877,619