Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
	(In millions)
Premiums
Direct premiums	$	45,153	$	43,359	$	47,618
Reinsurance assumed	3,788		3,112		3,035
Reinsurance ceded	(3,996)		(2,188)		(2,143)
Net premiums	$	44,945	$	44,283	$	48,510
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	5,914	$	5,787	$	5,687
Reinsurance assumed	(3)		(19)		32
Reinsurance ceded	(937)		(616)		(494)
Net universal life and investment-type product policy fees	$	4,974	$	5,152	$	5,225
Policyholder benefits and claims
Direct policyholder benefits and claims	$	45,662	$	44,155	$	49,308
Reinsurance assumed	3,614		2,904		2,604
Reinsurance ceded	(4,548)		(2,469)		(2,405)
Net policyholder benefits and claims	$	44,728	$	44,590	$	49,507
Policyholder liability remeasurement (gains) losses
Direct policyholder liability remeasurement (gains) losses	$	(169)	$	(54)	$	94
Reinsurance assumed	(13)		(20)		9
Reinsurance ceded	(24)		29		11
Net policyholder liability remeasurement (gains) losses	$	(206)	$	(45)	$	114
Market risk benefits remeasurement (gains) losses
Direct market risk benefits remeasurement (gains) losses	$	(992)	$	(785)	$	(3,636)
Reinsurance assumed	(123)		(214)		(46)
Reinsurance ceded	6		5		8
Net market risk benefits remeasurement (gains) losses	$	(1,109)	$	(994)	$	(3,674)
Other expenses
Direct other expenses	$	13,054	$	12,760	$	11,854
Reinsurance assumed	202		235		268
Reinsurance ceded	(239)		(285)		(263)
Net other expenses	$	13,017	$	12,710	$	11,859

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,
	2024								2023
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables	$	6,496	$	1,432	$	21,833	$	29,761	$	6,044	$	1,405	$	21,522	$	28,971
MRBs	365		7		—		372		279		7		—		286
DAC and VOBA	19,753		352		(478)		19,627		20,297		353		(499)		20,151
Total assets	$	26,614	$	1,791	$	21,355	$	49,760	$	26,620	$	1,765	$	21,023	$	49,408
Liabilities
FPBs	$	189,328	$	4,318	$	—	$	193,646	$	192,424	$	3,982	$	—	$	196,406
MRBs	2,566		15		—		2,581		3,141		38		—		3,179
Other policy-related balances	18,138		1,052		(291)		18,899		18,852		1,152		(268)		19,736
Other liabilities	26,722		1,863		8,258		36,843		27,125		1,892		6,788		35,805
Total liabilities	$	236,754	$	7,248	$	7,967	$	251,969	$	241,542	$	7,064	$	6,520	$	255,126