Reinsurance (Tables)

3 Months Ended

Mar. 31, 2021

Details on in-force life insurance were as follows:

	March 31, 2021			December 31, 2020
	(Dollars in thousands)
Direct life insurance in-force	$	872,182,702		$	861,392,223
Amounts ceded to other companies		(750,682,975	)		(742,356,917	)
Net life insurance in-force	$	121,499,727		$	119,035,306
Percentage of reinsured life insurance in-force		86	%		86	%

Reinsurance Recoverables and Financial Strength Ratings by Reinsurer

Reinsurance recoverables as of March 31, 2021 and December 31, 2020 include ceded reserve balances, ceded claim liabilities, and ceded claims paid. Reinsurance recoverables and financial strength ratings by reinsurer were as follows:

	March 31, 2021				December 31, 2020
	Reinsurance recoverables			A.M. Best rating	Reinsurance recoverables			A.M. Best rating
	(In thousands)
Pecan Re Inc. ^{(1) (2)}	$	2,687,103		N/R	$	2,654,698		NR
SCOR Global Life Reinsurance Companies ⁽³⁾		407,516		A+		395,804		A+
Munich Re of Malta ^{(2) (5)}		290,049		N/R		285,350		NR
Swiss Re Life & Health America Inc. ⁽⁴⁾		247,324		A+		251,409		A+
American Health and Life Insurance Company ⁽²⁾		163,221		B++		163,082		B++
Munich American Reassurance Company		140,007		A+		137,312		A+
RGA Reinsurance		131,639		A+		123,568		A
Korean Reinsurance Company		130,516		A		125,492		A+
Hannover Life Reassurance Company		46,565		A+		41,201		A+
TOA Reinsurance Company		39,625		A		34,212		A
All other reinsurers		69,281		-		68,920		-
Allowance for credit losses		(7,363	)			(7,144	)
Reinsurance recoverables	$	4,345,483			$	4,273,904

NR – not rated

⁽¹⁾	^{Pecan Re Inc. is a wholly owned subsidiary of Swiss Re Life & Health America Inc.}

⁽²⁾

Reinsurance recoverables includes 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 recoverables from other reinsurers. Arrangements with these reinsurers include collateral trust agreements held in support of reinsurance recoverables.

⁽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.

⁽⁵⁾	^{Entity is rated AA- by S&P.}

Allowance for Credit Loss on Reinsurance Recoverable

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

	Three months ended March 31,
	2021		2020
	(In thousands)
Balance, beginning of period	$	7,144	$	3,917
Current period provision for expected credit losses		219		1,625
Balance, at the end of period	$	7,363	$	5,542