Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Transactions with Affiliates

The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Balance Sheets:


	As of December 31,
	2023		2022
Assets with affiliates:
Inter-company notes	$	1,063	$	1,216	Fixed maturity AFS securities
Assumed reinsurance contracts	1		–		Policy Loans
					Deferred acquisition costs, value of business
Assumed/ceded reinsurance contracts	(131)		(138)		acquired and deferred sales inducements
Accrued inter-company interest receivable	16		13		Accrued investment income
					Reinsurance recoverables, net of allowance
Ceded reinsurance contracts	15,563		2,187		for credit losses
Ceded reinsurance contracts	642		899		Other assets
Cash management agreement	857		124		Other assets
Service agreement receivable	41		6		Other assets

Liabilities with affiliates:
Assumed reinsurance contracts	18		17		Future contract benefits
Assumed reinsurance contracts	352		361		Policyholder account balances
Inter-company short-term debt	840		562		Short-term debt
Inter-company long-term debt	2,195		2,269		Long-term debt
Ceded reinsurance contracts	5,862		2,517		Funds withheld reinsurance liabilities
Ceded reinsurance contracts	897		(31)		Other liabilities
Accrued inter-company interest payable	18		15		Other liabilities
Service agreement payable	37		41		Other liabilities
Assumed/ceded reinsurance contracts	4,387		158		Other liabilities

Equity with affiliates:
Accumulated other comprehensive income –	774		55		Accumulated other comprehensive
assumed/ceded					income (loss)

The following summarizes transactions with affiliates (in millions) and the associated line item on the Consolidated Statements of Comprehensive Income (Loss):


	For the Years Ended December 31,
	2023		2022		2021
Revenues with affiliates:
Premiums received on assumed (paid on ceded)
reinsurance contracts	$	(498)	$	(421)	$	(468)	Insurance premiums
Fees for management of general account	(156)		(140)		(138)		Net investment income
Net investment income on ceded funds
withheld treaties	(238)		(161)		(113)		Net investment income
Net investment income on inter-company notes	65		40		29		Net investment income
Realized gains (losses) on ceded reinsurance
contracts:
Other gains (losses)	(9)		631		94		Realized gain (loss)
Reinsurance-related settlements	1,717		(1,068)		1,626		Realized gain (loss)
Amortization of deferred gain (loss) on reinsurance							Amortization of deferred gain
contracts	17		3		3		(loss) on business sold
							through reinsurance
Other revenues	(171)		–		–		Other revenues
Benefits and expenses with affiliates:
Reinsurance (recoveries) benefits on ceded
reinsurance	(507)		(247)		(430)		Benefits
Interest credited on assumed reinsurance contracts	12		47		48		Interest credited
Market risk benefit (gain) loss
on ceded reinsurance contracts	1,129		3,543		2,199		Market risk benefit (gain) loss
Policyholder liability remeasurement (gain) loss							Policyholder liability remeasurement
on ceded reinsurance contracts	–		(321)		64		(gain) loss
Ceded reinsurance contracts	(13)		(26)		(7)		Commissions and other expenses
Service agreement payments (receipts)	(17)		(53)		(29)		Commissions and other expenses
Interest expense on inter-company debt	148		120		107		Interest and debt expense