Transactions with Affiliates (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023
Assets with affiliates:
Inter-company notes	$	905	$	1,063	Fixed maturity AFS securities
Assumed reinsurance contracts	1		1		Policy loans
					Deferred acquisition costs, value of business
Ceded net of assumed reinsurance contracts	(251)		(131)		acquired and deferred sales inducements
Accrued inter-company interest receivable	6		16		Accrued investment income
					Reinsurance recoverables, net of allowance
Ceded reinsurance contracts	20,468		15,563		for credit losses
					Deposit assets, net of allowance for
Ceded reinsurance contracts	7,896		–		credit losses
Ceded reinsurance contracts	415		642		Other assets
Cash management agreement	1,798		857		Other assets
Service agreement receivable	1		41		Other assets

Liabilities with affiliates:
Assumed reinsurance contracts	15		18		Future contract benefits
Assumed reinsurance contracts	344		352		Policyholder account balances
Cash management agreement	24		790		Short-term debt
Inter-company short-term debt	–		50		Short-term debt
Inter-company long-term debt	2,173		2,195		Long-term debt
Ceded reinsurance contracts	19,143		5,862		Funds withheld reinsurance liabilities
Ceded reinsurance contracts	2,547		897		Other liabilities
Accrued inter-company interest payable	5		18		Other liabilities
Service agreement payable	59		37		Other liabilities
Assumed/ceded reinsurance contracts	4,226		4,387		Other liabilities

Equity with affiliates:
Accumulated other comprehensive income –	1,267		774		Accumulated other comprehensive
assumed/ceded reinsurance contracts					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,
	2024		2023		2022
Revenues with affiliates:
Premiums received on assumed (paid on ceded)
reinsurance contracts	$	(5,427)	$	(498)	$	(421)	Insurance premiums
Fees for management of general account	(97)		(156)		(140)		Net investment income
Net investment income on ceded funds
withheld treaties	(260)		(238)		(161)		Net investment income
Net investment income on inter-company notes	63		65		40		Net investment income

Cash management agreement activity	59		11		–		Net investment income
Realized gains (losses) on ceded reinsurance
contracts:
Reinsurance-related settlements	305		1,717		(1,068)		Realized gain (loss)
Other gains (losses)	289		(9)		631		Realized gain (loss)
Amortization of deferred gain on reinsurance
contracts	167		17		3		Other revenues
Other revenues	(475)		(171)		–		Other revenues

Benefits and expenses with affiliates:
Reinsurance (recoveries) benefits on ceded
reinsurance contracts	(5,844)		(507)		(247)		Benefits
Interest credited on assumed reinsurance contracts
(interest recoveries on ceded reinsurance contracts)	(229)		12		47		Interest credited
Market risk benefit (gain) loss
on ceded reinsurance contracts	1,740		1,129		3,543		Market risk benefit (gain) loss
Policyholder liability remeasurement (gain) loss							Policyholder liability remeasurement
on ceded reinsurance contracts	209		–		(321)		(gain) loss
Ceded reinsurance contracts	(76)		(13)		(26)		Commissions and other expenses
Amortization of deferred loss on reinsurance contracts
contracts	5		–		–		Commissions and other expenses
Service agreement payments (receipts)	(7)		(17)		(53)		Commissions and other expenses
Interest expense on inter-company debt	146		148		120		Interest and debt expense