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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2018
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2018 and December 31, 2017 were as follows:
 
March 31, 2018
 
December 31, 2017
 
(in thousands)
Reinsurance recoverables
$
31,696,534

 
$
32,555,500

Policy loans
(125,587
)
 
(124,843
)
Deferred policy acquisition costs
(6,968,267
)
 
(6,832,729
)
Deferred sales inducements
(616,795
)
 
(638,065
)
Other assets(1)
193,113

 
205,430

Policyholders’ account balances
5,004,098

 
5,004,885

Future policy benefits
3,219,983

 
3,301,841

Other liabilities(2)
587,909

 
626,306



(1)
“Other assets” includes $0.1 million of unaffiliated activity as of both March 31, 2018 and December 31, 2017.
(2)
“Other liabilities” includes $42 million and $73 million of unaffiliated activity as of March 31, 2018 and December 31, 2017, respectively.
Reinsurance Recoverable by Counterparty
The reinsurance recoverables by counterparty are broken out below:
 
March 31, 2018
 
December 31, 2017
 
(in thousands)
PAR U
$
11,096,056

 
$
11,111,272

PALAC
7,343,099

 
8,388,988

PURC
3,700,711

 
3,577,962

PARCC
2,535,700

 
2,546,673

GUL Re
1,845,549

 
1,772,950

PAR Term
1,583,047

 
1,559,618

Prudential of Taiwan
1,451,312

 
1,406,686

Term Re
1,053,052

 
966,509

Prudential Insurance
1,039,039

 
1,152,241

DART
36,658

 
0

Unaffiliated
12,311

 
72,601

Total reinsurance recoverables
$
31,696,534

 
$
32,555,500
Reinsurance Impact on Statements of Operations and Comprehensive Income (Loss)
Reinsurance amounts, included in the Company’s Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, were as follows:
 
 
Three Months Ended March 31,
 
 
2018
 
2017
 
(in thousands)
Premiums:
 
 
 
 
Direct
 
$
441,955

 
$
417,993

Assumed(1)
 
60

 
66

Ceded
 
(434,100
)
 
(412,302
)
Net premiums
 
7,915

 
5,757

Policy charges and fee income:
 
 
 
 
Direct
 
846,723

 
781,561

Assumed
 
121,709

 
116,339

Ceded(2)
 
(842,536
)
 
(769,898
)
Net policy charges and fee income
 
125,896

 
128,002

Net investment income:
 
 
 
 
Direct
 
79,149

 
90,401

Assumed
 
373

 
360

Ceded
 
(1,607
)
 
(1,146
)
Net investment income
 
77,915

 
89,615

Asset administration fees:
 
 
 
 
Direct
 
87,033

 
80,999

Assumed
 
0

 
0

Ceded
 
(83,560
)
 
(76,812
)
Net asset administration fees
 
3,473

 
4,187

Other income:
 
 
 
 
Direct
 
17,253

 
15,438

Assumed(3)
 
(90
)
 
551

Ceded
 
(52
)
 
(12
)
Amortization of reinsurance income
 
2,185

 
0

Net other income
 
19,296

 
15,977

Realized investment gains (losses), net:
 
 
 
 
Direct
 
1,474,762

 
622,126

Assumed
 
0

 
0

Ceded(4)
 
(1,523,804
)
 
(654,705
)
Realized investment gains (losses), net
 
(49,042
)
 
(32,579
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
Direct
 
654,638

 
685,495

Assumed(5)
 
112,802

 
129,137

Ceded(6)
 
(718,485
)
 
(743,145
)
Net policyholders’ benefits (including change in reserves)
 
48,955

 
71,487

Interest credited to policyholders’ account balances:
 
 
 
 
Direct
 
124,734

 
98,917

Assumed
 
36,517

 
33,934

Ceded
 
(120,453
)
 
(88,091
)
Net interest credited to policyholders’ account balances
 
40,798

 
44,760

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
 
(433,912
)
 
(362,236
)

(1)
"Premiums assumed" includes $0.1 million of unaffiliated activity for both the three months ended March 31, 2018 and 2017.
(2)
"Policy charges and fee income ceded" includes $(2) million and $(0.7) million of unaffiliated activity for the three months ended March 31, 2018 and 2017, respectively.
(3)
"Other income assumed" includes $(0.1) million and $0.6 million of unaffiliated activity for the three months ended March 31, 2018 and 2017, respectively.
(4)
“Realized investment gains (losses), net ceded” includes $(38) million and $(8) million of unaffiliated activity for the three months ended March 31, 2018 and 2017, respectively.
(5)
"Policyholders' benefits (including change in reserves) assumed" includes $(0.1) million and $0.4 million of unaffiliated activity for the three months ended March 31, 2018 and 2017, respectively.
(6)
"Policyholders' benefits (including change in reserves) ceded" includes $(2) million and $3 million of unaffiliated activity for the three months ended March 31, 2018 and 2017, respectively.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of March 31, 2018 and 2017 were as follows:
 
2018
 
2017
 
(in thousands)
Direct gross life insurance face amount in force
$
893,787,108

 
$
840,190,324

Assumed gross life insurance face amount in force
41,584,568

 
42,499,716

Reinsurance ceded
(864,942,222
)
 
(817,213,475
)
Net life insurance face amount in force
$
70,429,454

 
$
65,476,565