Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Effects of Reinsurance [Line Items]

Effect of reinsurance

The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums
Direct premiums	$	1,458	$	1,321	$	1,398
Reinsurance assumed	20		8		(10)
Reinsurance ceded	(667)		(688)		(701)
Net premiums	$	811	$	641	$	687
Universal life and investment-type product policy fees
Direct universal life and investment-type product policy fees	$	2,402	$	2,525	$	2,871
Reinsurance assumed	48		44		41
Reinsurance ceded	(672)		(693)		(592)
Net universal life and investment-type product policy fees	$	1,778	$	1,876	$	2,320
Other revenues
Direct other revenues	$	202	$	220	$	262
Reinsurance assumed	3		3		6
Reinsurance ceded	213		183		69
Net other revenues	$	418	$	406	$	337
Policyholder benefits and claims
Direct policyholder benefits and claims	$	3,608	$	3,788	$	3,867
Reinsurance assumed	123		134		101
Reinsurance ceded	(1,313)		(1,736)		(1,483)
Net policyholder benefits and claims	$	2,418	$	2,186	$	2,485
Change in market risk benefits
Direct change in market risk benefits	$	(1,436)	$	(3,942)	$	(3,956)
Reinsurance assumed	(92)		(214)		(243)
Reinsurance ceded	31		51		57
Net change in market risk benefits	$	(1,497)	$	(4,105)	$	(4,142)
Other expenses
Direct other expenses	$	1,625	$	1,758	$	1,815
Reinsurance assumed	25		—		20
Reinsurance ceded	(25)		(64)		(11)
Net other expenses	$	1,625	$	1,694	$	1,824

The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:

	December 31,
	2023								2022
	Direct		Assumed		Ceded		Total Balance Sheet		Direct		Assumed		Ceded		Total Balance Sheet
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	289	$	33	$	19,067	$	19,389	$	245	$	30	$	17,870	$	18,145
Market risk benefit assets	$	613	$	—	$	43	$	656	$	412	$	—	$	71	$	483
Liabilities
Future policy benefits	$	31,989	$	160	$	—	$	32,149	$	31,020	$	126	$	—	$	31,146
Policyholder account balances	$	75,893	$	4,300	$	—	$	80,193	$	68,409	$	4,193	$	—	$	72,602
Market risk benefit liabilities	$	9,972	$	372	$	—	$	10,344	$	9,980	$	431	$	—	$	10,411
Other policy-related balances	$	2,023	$	1,596	$	—	$	3,619	$	2,228	$	1,632	$	—	$	3,860
Other liabilities	$	6,526	$	11	$	1,235	$	7,772	$	5,059	$	22	$	1,434	$	6,515

Affiliated Entity

Effects of Reinsurance [Line Items]

Effect of reinsurance

Information regarding the significant effects of assumed reinsurance with NELICO included on the consolidated statements of operations was as follows:

	Years Ended December 31,
	2023		2022		2021
	(In millions)
Premiums	$	6	$	2	$	2
Universal life and investment-type product policy fees	$	(1)	$	(1)	$	1
Other revenues	$	1	$	2	$	2
Policyholder benefits and claims	$	39	$	22	$	16
Change in market risk benefits	$	(92)	$	(214)	$	(243)
Other expenses	$	—	$	(6)	$	(3)

Information regarding the significant effects of assumed reinsurance with NELICO included on the consolidated balance sheets was as follows at:

	December 31,
	2023		2022
	(In millions)
Assets
Premiums, reinsurance and other receivables (net of allowance for credit losses)	$	28	$	29
Liabilities
Future policy benefits	$	47	$	31
Market risk benefit liabilities	$	367	$	428
Other policy-related balances	$	13	$	11
Other liabilities	$	(4)	$	11