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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2018
Reinsurance Disclosures [Abstract]  
Reinsurance Impact On Balance Sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
 
 
2018
 
2017(1)
 
 
(in thousands)
Reinsurance recoverables
 
$
34,682,127

 
$
32,521,264

Policy loans
 
(130,502
)
 
(124,843
)
Deferred policy acquisition costs
 
(7,267,847
)
 
(6,832,729
)
Deferred sales inducements
 
(562,052
)
 
(638,065
)
Other assets(2)
 
185,573

 
205,430

Policyholders’ account balances
 
5,004,112

 
5,004,885

Future policy benefits
 
3,376,048

 
3,301,841

Other liabilities(3)
 
621,856

 
605,155


(1)
Prior period amounts in the table above have been revised to correct previously reported numbers. These prior period revisions have also been reflected in the Consolidated Financial Statements. See Note 16 for a more detailed description of the revision.
(2)
"Other assets" includes $0.1 million of unaffiliated activity as of both December 31, 2018 and 2017.
(3)
"Other liabilities" includes $27 million and $73 million of unaffiliated activity as of December 31, 2018 and 2017, respectively.
Reinsurance Table By Affiliate
The reinsurance recoverables by counterparty are broken out below:
 
 
December 31, 2018
 
December 31, 2017
 
 
(in thousands)
PAR U
 
$
11,444,032

 
$
11,111,272

PALAC
 
8,828,190

 
8,388,988

PURC
 
4,127,455

 
3,577,962

PARCC
 
2,527,690

 
2,546,673

GUL Re
 
2,017,810

 
1,772,950

PAR Term
 
1,678,745

 
1,559,618

Prudential of Taiwan
 
1,414,669

 
1,406,686

Term Re
 
1,259,141

 
966,509

Prudential Insurance(1)
 
1,226,917

 
1,118,004

DART
 
119,946

 
0

Unaffiliated
 
37,532

 
72,602

Total reinsurance recoverables
 
$
34,682,127

 
$
32,521,264


(1)
Prior period amounts in the table above have been revised to correct previously reported numbers. These prior period revisions have also been reflected in the Consolidated Financial Statements. See Note 16 for a more detailed description of the revision.
Reinsurance Impact On Income Statement
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, were as follows:
 
 
2018
 
2017(8)
 
2016(8)
 
 
(in thousands)
Premiums:
 
 
 
 
 
 
Direct
 
$
1,807,809

 
$
1,720,896

 
$
1,621,531

Assumed(1)
 
230

 
194

 
359

Ceded(2)
 
(1,757,231
)
 
(1,666,384
)
 
(2,447,832
)
Net premiums
 
50,808

 
54,706

 
(825,942
)
Policy charges and fee income:
 
 
 
 
 
 
Direct
 
3,248,574

 
3,459,134

 
2,804,446

Assumed
 
497,751

 
473,573

 
533,648

Ceded(3)
 
(3,212,998
)
 
(3,657,014
)
 
(2,550,899
)
Net policy charges and fee income
 
533,327

 
275,693

 
787,195

Net investment income:
 
 
 
 
 
 
Direct
 
330,058

 
356,291

 
378,969

Assumed
 
1,581

 
1,484

 
1,411

Ceded
 
(6,352
)
 
(5,365
)
 
(4,430
)
Net investment income
 
325,287

 
352,410

 
375,950

Asset administration fees:
 
 
 
 
 
 
Direct
 
346,727

 
340,461

 
310,178

Assumed
 
0

 
0

 
0

Ceded
 
(332,359
)
 
(322,868
)
 
(225,735
)
Net asset administration fees
 
14,368

 
17,593

 
84,443

Other income:
 
 
 
 
 
 
Direct
 
68,931

 
62,830

 
50,475

Assumed(4)
 
96

 
390

 
(161
)
Ceded
 
(55
)
 
(77
)
 
21

Amortization of reinsurance income
 
3,992

 
4,606

 
(19,228
)
Net other income
 
72,964

 
67,749

 
31,107

Realized investment gains (losses), net:
 
 
 
 
 
 
Direct
 
769,114

 
478,117

 
1,263,088

Assumed
 
0

 
0

 
0

Ceded(5)
 
(936,392
)
 
(558,303
)
 
(504,639
)
Realized investment gains (losses), net
 
(167,278
)
 
(80,186
)
 
758,449

Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
Direct
 
2,647,574

 
2,436,537

 
2,440,897

Assumed(6)
 
599,589

 
584,909

 
596,196

Ceded(7)
 
(3,097,664
)
 
(3,039,862
)
 
(3,312,658
)
Net policyholders’ benefits (including change in reserves)
 
149,499

 
(18,416
)
 
(275,565
)
Interest credited to policyholders’ account balances:
 
 
 
 
 
 
Direct
 
499,458

 
350,262

 
413,328

Assumed
 
141,307

 
135,123

 
131,953

Ceded
 
(468,772
)
 
(316,994
)
 
(244,061
)
Net interest credited to policyholders’ account balances
 
171,993

 
168,391

 
301,220

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
 
(1,587,360
)
 
(1,302,020
)
 
(840,010
)

(1)
"Premiums assumed" includes $0.2 million, $0.2 million and $0.4 million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(2)
"Premiums ceded" includes $(0.2) million, $0.0 million and $0.0 million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(3)
"Policy charges ceded" includes $(20) million, $(8) million and $(4) million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(4)
"Other income assumed" includes $0.1 million, $0.4 million and $(0.2) million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(5)
"Realized investment gains (losses), net ceded" includes $(34) million, $(20) million and $(30) million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(6)
"Policyholders' benefits (including change in reserves) assumed" includes $0.0 million, $0.4 million and $0.0 million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(7)
"Policyholders' benefits (including change in reserves) ceded" includes $(10) million, $4 million and $5 million of unaffiliated activity for the years ended December 31, 2018, 2017 and 2016, respectively.
(8)
Prior period amounts in the table above have been revised to correct previously reported numbers. These prior period revisions have also been reflected in the Consolidated Financial Statements. See Note 16 for a more detailed description of the revision.
Gross And Net Life Insurance In Force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
 
 
2018
 
2017
 
2016
 
 
(in thousands)
Direct gross life insurance face amount in force
 
$
936,489,617

 
$
882,333,743

 
$
827,832,976

Assumed gross life insurance face amount in force
 
40,811,929

 
41,782,959

 
42,566,514

Reinsurance ceded
 
(901,709,295
)
 
(854,053,110
)
 
(805,796,078
)
Net life insurance face amount in force
 
$
75,592,251

 
$
70,063,592

 
$
64,603,412