Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss)

The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:


	For the Years Ended December 31,
	2023		2022		2021
Direct insurance premiums and fee income	$	13,782	$	13,607	$	13,415
Reinsurance assumed	90		98		94
Reinsurance ceded (1)	(4,733)		(2,015)		(1,853)
Total insurance premiums and fee income	$	9,139	$	11,690	$	11,656

Direct insurance benefits	$	10,829	$	10,345	$	10,592
Reinsurance ceded (1)	(4,691)		(1,866)		(2,089)
Total benefits	$	6,138	$	8,479	$	8,503

Direct market risk benefit (gain) loss	$	(2,309)	$	(3,517)	$	(4,011)
Reinsurance ceded	45		271		258
Total market risk benefit (gain) loss	$	(2,264)	$	(3,246)	$	(3,753)

Direct policyholder liability remeasurement (gain) loss	$	(224)	$	3,294	$	(162)
Reinsurance ceded	72		(528)		(21)
Total policyholder liability remeasurement (gain) loss	$	(152)	$	2,766	$	(183)

(1) Includes impacts related to the Fortitude Re reinsurance transaction effective in the fourth quarter of 2023.

Schedule of Assets in Support of Reserves

We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):


	As of December 31,
	2023		2022
Fixed maturity AFS securities	$	177	$	474
Trading securities	1,556		2,644
Equity securities	58		60
Mortgage loans on real estate	288		487
Derivative investments	43		39
Other investments	41		42
Cash and invested cash	582		26
Accrued investment income	23		35
Other assets	6		2
Total	$	2,774	$	3,809