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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2019
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, 2019 and December 31, 2018 were as follows:
 
March 31, 2019
 
December 31, 2018
 
(in thousands)
Reinsurance recoverables
$
36,106,323

 
$
34,682,127

Policy loans
(132,433
)
 
(130,502
)
Deferred policy acquisition costs
(7,255,866
)
 
(7,267,847
)
Deferred sales inducements
(567,015
)
 
(562,052
)
Other assets(1)
171,968

 
185,573

Policyholders’ account balances
4,986,354

 
5,004,112

Future policy benefits
3,619,334

 
3,376,048

Other liabilities(2)
653,666

 
621,856



(1)
“Other assets” includes $0.1 million of unaffiliated activity as of both March 31, 2019 and December 31, 2018.
(2)
“Other liabilities” includes $39 million and $27 million of unaffiliated activity as of March 31, 2019 and December 31, 2018, respectively.
Reinsurance Recoverable by Counterparty The reinsurance recoverables by counterparty are broken out below:
 
March 31, 2019
 
December 31, 2018
 
(in thousands)
PAR U
$
11,680,401

 
$
11,444,032

PALAC
9,622,605

 
8,828,190

PURC
4,211,368

 
4,127,455

PARCC
2,484,194

 
2,527,690

GUL Re
2,044,196

 
2,017,810

PAR Term
1,691,610

 
1,678,745

Prudential of Taiwan
1,424,669

 
1,414,669

Term Re
1,347,453

 
1,259,141

Prudential Insurance
1,355,025

 
1,226,917

DART
168,676

 
119,946

Unaffiliated
76,126

 
37,532

Total reinsurance recoverables
$
36,106,323

 
$
34,682,127
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,
 
 
2019
 
2018(8)
 
(in thousands)
Premiums:
 
 
 
 
Direct
 
$
462,271

 
$
441,955

Assumed(1)
 
54

 
60

Ceded(2)
 
(448,331
)
 
(434,100
)
Net premiums
 
13,994

 
7,915

Policy charges and fee income:
 
 
 
 
Direct
 
853,195

 
846,247

Assumed
 
126,959

 
121,709

Ceded(3)
 
(840,965
)
 
(838,801
)
Net policy charges and fee income
 
139,189

 
129,155

Net investment income:
 
 
 
 
Direct
 
94,558

 
79,149

Assumed
 
396

 
373

Ceded
 
(1,704
)
 
(1,607
)
Net investment income
 
93,250

 
77,915

Asset administration fees:
 
 
 
 
Direct
 
83,868

 
87,033

Assumed
 
0

 
0

Ceded
 
(80,211
)
 
(83,560
)
Net asset administration fees
 
3,657

 
3,473

Other income:
 
 
 
 
Direct
 
19,798

 
17,253

Assumed(4)
 
(200
)
 
(90
)
Ceded
 
(23
)
 
(52
)
Amortization of reinsurance income
 
1,382

 
2,185

Net other income
 
20,957

 
19,296

Realized investment gains (losses), net:
 
 
 
 
Direct
 
(635,511
)
 
1,474,762

Assumed
 
0

 
0

Ceded(5)
 
586,876

 
(1,523,804
)
Realized investment gains (losses), net
 
(48,635
)
 
(49,042
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
Direct
 
646,311

 
651,672

Assumed(6)
 
211,750

 
112,802

Ceded(7)
 
(818,583
)
 
(712,738
)
Net policyholders’ benefits (including change in reserves)
 
39,478

 
51,736

Interest credited to policyholders’ account balances:
 
 
 
 
Direct
 
94,691

 
124,734

Assumed
 
30,657

 
36,517

Ceded
 
(81,151
)
 
(120,453
)
Net interest credited to policyholders’ account balances
 
44,197

 
40,798

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
 
(344,015
)
 
(434,371
)

(1)
"Premiums assumed" includes $0.1 million of unaffiliated activity for both the three months ended March 31, 2019 and 2018.
(2)
"Premiums ceded" includes $(0.1) million and $0 million of unaffiliated activity for the three months ended March 31, 2019, and 2018 respectively.
(3)
"Policy charges and fee income ceded" includes $(5) million and $(2) million of unaffiliated activity for the three months ended March 31, 2019 and 2018, respectively.
(4)
"Other income assumed" includes $(0.2) million and $(0.1) million of unaffiliated activity for the three months ended March 31, 2019 and 2018, respectively.
(5)
“Realized investment gains (losses), net ceded” includes $14 million and $(38) million of unaffiliated activity for the three months ended March 31, 2019 and 2018, respectively.
(6)
"Policyholders' benefits (including change in reserves) assumed" includes $(0.2) million and $(0.1) million of unaffiliated activity for the three months ended March 31, 2019 and 2018, respectively.
(7)
"Policyholders' benefits (including change in reserves) ceded" includes $(2) million of unaffiliated activity for both the three months ended March 31, 2019 and 2018.
(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 Unaudited Interim Consolidated Financial Statements. See Note 11 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 March 31, 2019 and 2018 were as follows:
 
2019
 
2018
 
(in thousands)
Direct gross life insurance face amount in force
$
951,643,226

 
$
893,787,108

Assumed gross life insurance face amount in force
40,546,369

 
41,584,568

Reinsurance ceded
(913,655,428
)
 
(864,942,222
)
Net life insurance face amount in force
$
78,534,167

 
$
70,429,454