Reinsurance (Tables)

12 Months Ended

Dec. 31, 2020

The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:


	Years Ended December 31,
	2020		2019		2018
	(In millions)
Premiums
Direct premiums	$	42,201	$	42,513	$	44,199
Reinsurance assumed	2,032		2,020		2,021
Reinsurance ceded	(2,199)		(2,298)		(2,380)
Net premiums	$	42,034	$	42,235	$	43,840
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	6,122	$	6,109	$	6,008
Reinsurance assumed	50		56		86
Reinsurance ceded	(569)		(562)		(592)
Net universal life and investment-type product policy fees	$	5,603	$	5,603	$	5,502
Policyholder benefits and claims
Direct policyholder benefits and claims	$	42,221	$	42,094	$	43,456
Reinsurance assumed	1,745		1,584		1,583
Reinsurance ceded	(2,505)		(2,217)		(2,383)
Net policyholder benefits and claims	$	41,461	$	41,461	$	42,656
Other expenses
Direct other expenses	$	13,013	$	13,559	$	13,704
Reinsurance assumed	371		382		321
Reinsurance ceded	(234)		(252)		(311)
Net other expenses	$	13,150	$	13,689	$	13,714

The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:


	December 31,
	2020								2019
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	5,032	$	2,107	$	10,731	$	17,870	$	6,814	$	2,190	$	11,439	$	20,443
Deferred policy acquisition costs and value of business acquired	16,482		230		(323)		16,389		17,822		301		(290)		17,833
Total assets	$	21,514	$	2,337	$	10,408	$	34,259	$	24,636	$	2,491	$	11,149	$	38,276
Liabilities
Future policy benefits	$	203,000	$	3,656	$	—	$	206,656	$	191,403	$	3,506	$	—	$	194,909
Policyholder account balances	204,906		270		—		205,176		192,328		299		—		192,627
Other policy-related balances	15,769		1,332		—		17,101		15,806		1,351		14		17,171
Other liabilities	16,283		2,417		4,914		23,614		16,165		2,402		5,612		24,179
Total liabilities	$	439,958	$	7,675	$	4,914	$	452,547	$	415,702	$	7,558	$	5,626	$	428,886