Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Direct insurance premiums and fee income	$	14,052	$	13,661	$	13,479
Reinsurance assumed	90		91		102
Reinsurance ceded (1)	(7,790)		(5,168)		(2,374)
Total insurance premiums and fee income	$	6,352	$	8,584	$	11,207

Direct insurance benefits	$	10,845	$	10,178	$	10,266
Reinsurance ceded (1)	(8,745)		(5,150)		(2,063)
Total benefits	$	2,100	$	5,028	$	8,203

Direct market risk benefit (gain) loss	$	(2,819)	$	(2,309)	$	(3,517)
Reinsurance ceded	1,881		1,174		3,814
Total market risk benefit (gain) loss	$	(938)	$	(1,135)	$	296

Direct policyholder liability remeasurement (gain) loss	$	35	$	(234)	$	3,284
Reinsurance ceded	(55)		67		(839)
Total policyholder liability remeasurement (gain) loss	$	(20)	$	(167)	$	2,445

(1) Includes impacts related to the 2024 and fourth quarter 2023 reinsurance transactions.

Schedule of Assets in Support of Reserves

We held investments with a carrying value of $11.5 billion in support of reserves associated with the LPINE transaction in a funds withheld arrangement as of December 31, 2024, which consisted of the following (in millions):




Fixed maturity AFS securities	$	9,287
Mortgage loans on real estate	1,941
Derivative instruments	190
Accrued investment income	97
Total	$	11,515

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,
	2024		2023
Fixed maturity AFS securities	$	142	$	177
Trading securities	1,385		1,556
Equity securities	42		58
Mortgage loans on real estate	232		288
Derivative investments	46		43
Other investments	54		41
Cash and invested cash	147		582
Accrued investment income	18		23
Other assets	1		6
Total	$	2,067	$	2,774