The Company uses reinsurance to mitigate exposure to potential losses, provide additional capacity for growth, and provide greater diversity of business. For ceded reinsurance, the Company remains liable to the extent that reinsuring companies may not be able to meet their obligations under the reinsurance agreements. To manage the risk from failure of a reinsurer to meet its obligations, the Company periodically evaluates the financial condition of all of its reinsurers.

In the first quarter 2022, Fidelity Life entered into a reinsurance contract with Swiss Re Life & Health America Inc. (Swiss Re). This new treaty is in addition to existing coinsurance agreements, largely with Swiss Re on certain policies issued through and including December 31, 2020. The impact of this transaction to our segment results included an initial ceded premium of $6.5 million based on the statutory reserves at January 1, 2022. The impact to pre-tax income is nominal, however various income statement lines are impacted.

Reinsurance recoverables are as follows:


	June 30,		December 31,
	2022		2021
Ceded future policy benefits	$	162,801	$	146,087
Claims and other amounts recoverables		39,354		38,044
Ending balance	$	202,155	$	184,131

The reconciliation of direct insurance premiums to net insurance premiums is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Direct	$	43,889		$	42,320		$	87,052		$	83,849
Assumed		11,432			9,338			24,675			18,115
Ceded		(28,475	)		(26,225	)		(62,721	)		(51,234	)
Net insurance premiums	$	26,846		$	25,433		$	49,006		$	50,730

The reconciliation of direct life, annuity, and health claim benefits to life, annuity, and health claim benefits as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Direct	$	27,454		$	26,830		$	68,710		$	68,712
Assumed		4,292			4,441			10,255			9,237
Ceded		(16,427	)		(13,841	)		(48,848	)		(38,567	)
Life, annuity, and health claim benefits	$	15,319		$	17,430		$	30,117		$	39,382

Net policy charges on universal life products were $46 and $45 for the three months ended June 30, 2022 and 2021, respectively and $92 and $90 for the six months ended June 30, 2022 and 2021, respectively, and are included in other income.

At June 30, 2022 and December 31, 2021, reserves related to fixed‑rate annuity deposits assumed from a former affiliate company amounted to approximately $70,762 and $71,832, respectively, and are included with policyholder account balances in the Interim Condensed Consolidated Balance Sheets.