Reinsurance (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes those retention limits by period of policy issuance.



Period		Retention limits
April 2011 through current		Single life: $5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria Joint life: $8 million per life, and $10 million for contracts that meet specific criteria

July 2007 through March 2011		$5 million per life, $3 million age 70 and over, and $10 million for contracts that meet specific criteria

September 1998 through June 2007		$2 million per life, in 2006 the limit was increased to $5 million for instances when specific criteria were met

August 1998 and prior		Up to $1 million per life

The effects of reinsurance on premiums and contract charges for the years ended December 31 are as follows:



($ in millions)	2014			2013			2012
Direct	$	1,084		$	2,093		$	2,121
Assumed
Affiliate	130			124			115
Non-affiliate	614			68			40
Ceded-non-affiliate	(392		)	(618		)	(654		)
Premiums and contract charges, net of reinsurance	$	1,436		$	1,667		$	1,622

The effects of reinsurance on contract benefits for the years ended December 31 are as follows:



($ in millions)	2014			2013			2012
Direct	$	1,295		$	1,805		$	2,051
Assumed
Affiliate	88			82			80
Non-affiliate	398			50			34
Ceded-non-affiliate	(329		)	(331		)	(644		)
Contract benefits, net of reinsurance	$	1,452		$	1,606		$	1,521

The effects of reinsurance on interest credited to contractholder funds for the years ended December 31 are as follows:



($ in millions)	2014			2013			2012
Direct	$	827		$	1,240		$	1,288
Assumed
Affiliate	9			9			10
Non-affiliate	82			29			19
Ceded-non-affiliate	(27		)	(27		)	(28		)
Interest credited to contractholder funds, net of reinsurance	$	891		$	1,251		$	1,289

Reinsurance recoverables on paid and unpaid benefits as of December 31 are summarized in the following table.