XML 39 R32.htm IDEA: XBRL DOCUMENT

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2024

Details on in-force life insurance were as follows:


	June 30, 2024			December 31, 2023
	(Dollars in thousands)
Direct life insurance in-force	$	952,962,977		$	946,756,416
Amounts ceded to other companies		(814,622,587	)		(810,145,801	)
Net life insurance in-force	$	138,340,390		$	136,610,615
Percentage of reinsured life insurance in-force		85	%		86	%

Reinsurance Recoverable Estimated by Reinsurer and Financial Strength Ratings of Reinsurer

Reinsurance recoverables include ceded policy benefit reserve balances, ceded claim liabilities, and ceded claims paid that have not been reimbursed. The Company allocated reinsurance recoverables estimated at the cohort level to individual reinsurers for disclosure purposes. Reinsurance recoverables estimated by reinsurer and the financial strength ratings of those reinsurers were as follows:


	June 30, 2024				December 31, 2023
	Reinsurance recoverables			A.M. Best rating	Reinsurance recoverables			A.M. Best rating
	(In thousands)
Swiss Re Life & Health America Inc. (Novated from Pecan Re Inc.) (1)	$	2,131,772		A+	$	2,271,223		A+
Munich Re of Malta (1) (2)		222,398		NR		243,890		NR
SCOR Global Life Reinsurance Companies (3)		157,512		A		160,381		A
American Health and Life Insurance Company (1)		131,775		B++		141,771		B++
Swiss Re Life & Health America Inc. (4)		45,609		A+		43,873		A+
RGA Reinsurance Company		42,332		A+		43,188		A+
Korean Reinsurance Company		42,152		A		41,373		A
Munich American Reassurance Company		40,819		A+		50,273		A+
All other reinsurers		19,808		-		20,925		-
Allowance for credit losses		(1,122	)			(1,120	)
Reinsurance recoverables	$	2,833,055			$	3,015,777

NR – not rated by A.M. Best

(1)

Reinsurance recoverables include balances ceded under coinsurance transactions of term life insurance policies that were in-force as of December 31, 2009. Amounts shown are net of their share of the reinsurance recoverable from other reinsurers. Arrangements with these reinsurers include collateral trust agreements held in support of reinsurance recoverables.

(2)

Entity is rated AA- by S&P.

(3)

Includes amounts ceded to Transamerica Reinsurance Companies and fully retroceded to SCOR Global Life Reinsurance Companies.

(4)

Includes amounts ceded to Lincoln National Life Insurance and fully retroceded to Swiss Re Life & Health America Inc.

Allowance for Credit Loss on Reinsurance Recoverable

The rollforward of the allowance for credit losses on reinsurance recoverables were as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(In thousands)
Balance, beginning of period	$	1,048	$	3,563	$	1,120	$	2,936
Current period provision for expected credit losses		74		2,036		2		2,663
Balance, at the end of period	$	1,122	$	5,599	$	1,122	$	5,599