Reinsurance (Tables)

3 Months Ended

Mar. 31, 2025

The Company's reinsurance recoverables as of March 31, 2025 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:


(In millions)	Fair Value of Collateral Contractually Required to Meet or Exceed Carrying Value of Recoverable		Collateral Provisions Exist That May Mitigate Risk of Credit Loss (1)		No Collateral		Total
Ongoing operations
A- equivalent and higher current ratings (2)	$	—	$	6	$	177	$	183
BBB- to BBB+ equivalent current credit ratings (2)	—		—		63		63
Not rated	101		3		3		107
Acquisition, disposition or run-off activities
BBB+ equivalent and higher current ratings (2)(3)	304		2,804		208		3,316

Not rated	—		6		1		7
Total reinsurance recoverables before market risk benefits	$	405	$	2,819	$	452	$	3,676
Allowance for uncollectible reinsurance							(31)
Market risk benefits							876
Total reinsurance recoverables (4)							$	4,521

(1)Includes collateral provisions requiring the reinsurer to fully collateralize its obligation if its external credit rating is downgraded to a specified level.

(2)Certified by a nationally recognized statistical ratings organization ("NRSRO").

(3)Comprised of six reinsurers of which 75% is held by two reinsurers, Lincoln National Life Insurance Company and Lincoln Life and Annuity Company of New York.

(4)Includes $146 million of current reinsurance recoverables that are reported in Other current assets.