Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

Effect of reinsurance

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,
	2023		2022		2021
	(In millions)
Premiums
Direct premiums	$	43,359	$	47,618	$	40,377
Reinsurance assumed	3,112		3,035		2,909
Reinsurance ceded	(2,188)		(2,143)		(2,134)
Net premiums	$	44,283	$	48,510	$	41,152
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	5,787	$	5,687	$	5,813
Reinsurance assumed	(19)		32		(13)
Reinsurance ceded	(616)		(494)		(556)
Net universal life and investment-type product policy fees	$	5,152	$	5,225	$	5,244
Policyholder benefits and claims
Direct policyholder benefits and claims	$	44,155	$	49,308	$	43,199
Reinsurance assumed	2,904		2,604		2,546
Reinsurance ceded	(2,469)		(2,405)		(2,627)
Net policyholder benefits and claims	$	44,590	$	49,507	$	43,118
Policyholder liability remeasurement (gains) losses
Direct policyholder liability remeasurement (gains) losses	$	(54)	$	94	$	(185)
Reinsurance assumed	(20)		9		21
Reinsurance ceded	29		11		(8)
Net policyholder liability remeasurement (gains) losses	$	(45)	$	114	$	(172)
Market risk benefits remeasurement (gains) losses
Direct market risk benefits remeasurement (gains) losses	$	(785)	$	(3,636)	$	(959)
Reinsurance assumed	(214)		(46)		(291)
Reinsurance ceded	5		8		13
Net market risk benefits remeasurement (gains) losses	$	(994)	$	(3,674)	$	(1,237)
Other expenses
Direct other expenses	$	12,760	$	11,854	$	11,984
Reinsurance assumed	235		268		329
Reinsurance ceded	(285)		(263)		(295)
Net other expenses	$	12,710	$	11,859	$	12,018

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,
	2023								2022
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	6,044	$	1,405	$	21,522	$	28,971	$	5,427	$	1,505	$	10,432	$	17,364
Market risk benefits	279		7		—		286		273		7		—		280
Deferred policy acquisition costs and value of business acquired	20,297		353		(499)		20,151		19,522		352		(221)		19,653
Total assets	$	26,620	$	1,765	$	21,023	$	49,408	$	25,222	$	1,864	$	10,211	$	37,297
Liabilities
Future policy benefits	$	192,424	$	3,982	$	—	$	196,406	$	183,377	$	3,845	$	—	$	187,222
Market risk benefits	3,141		38		—		3,179		3,591		172		—		3,763
Other policy-related balances	18,852		1,152		(268)		19,736		17,250		1,183		(9)		18,424
Other liabilities	27,125		1,892		6,788		35,805		18,654		2,006		5,273		25,933
Total liabilities	$	241,542	$	7,064	$	6,520	$	255,126	$	222,872	$	7,206	$	5,264	$	235,342