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Reinsurance (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018 were as follows:
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
Reinsurance recoverables
$
42,921,981

 
$
34,682,127

Policy loans
(138,789
)
 
(130,502
)
Deferred policy acquisition costs
(6,862,482
)
 
(7,267,847
)
Deferred sales inducements
(528,629
)
 
(562,052
)
Other assets(1)
269,342

 
185,573

Policyholders’ account balances
4,950,024

 
5,004,112

Future policy benefits
4,173,094

 
3,376,048

Other liabilities(2)
921,850

 
621,856



(1)
Includes $0.0 million and $0.1 million of unaffiliated activity as of September 30, 2019 and December 31, 2018, respectively.
(2)
Includes $39 million and $27 million of unaffiliated activity as of September 30, 2019 and December 31, 2018, respectively.
Reinsurance Recoverable by Counterparty
The reinsurance recoverables by counterparty are broken out below:
 
September 30, 2019
 
December 31, 2018
 
(in thousands)
PAR U
$
12,277,299

 
$
11,444,032

PALAC
14,077,766

 
8,828,190

PURC
4,510,249

 
4,127,455

PARCC
2,666,372

 
2,527,690

GUL Re
2,211,909

 
2,017,810

PAR Term
1,827,497

 
1,678,745

Prudential Insurance
1,975,165

 
1,226,917

Prudential of Taiwan
1,439,389

 
1,414,669

Term Re
1,456,210

 
1,259,141

DART
275,156

 
119,946

Unaffiliated
204,969

 
37,532

Total reinsurance recoverables
$
42,921,981

 
$
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 and nine months ended September 30, were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Premiums:
 
 
 
 
 
 
 
Direct
$
468,900

 
$
451,790

 
$
1,408,157

 
$
1,343,358

Assumed(1)
51

 
57

 
157

 
175

Ceded(2)
(466,593
)
 
(437,696
)
 
(1,379,545
)
 
(1,306,564
)
Net premiums
2,358

 
14,151

 
28,769

 
36,969

Policy charges and fee income:
 
 
 
 
 
 
 
Direct
896,151

 
843,551

 
2,856,071

 
2,407,062

Assumed
130,113

 
125,079

 
385,820

 
369,483

Ceded(3)
(915,635
)
 
(861,704
)
 
(2,843,402
)
 
(2,371,460
)
Net policy charges and fee income
110,629

 
106,926

 
398,489

 
405,085

Net investment income:
 
 
 
 
 
 
 
Direct
96,424

 
87,260

 
297,931

 
249,366

Assumed
427

 
404

 
1,230

 
1,162

Ceded
(1,595
)
 
(1,478
)
 
(5,093
)
 
(4,778
)
Net investment income
95,256

 
86,186

 
294,068

 
245,750

Asset administration fees:
 
 
 
 
 
 
 
Direct
90,797

 
88,721

 
262,616

 
262,449

Assumed
0

 
0

 
0

 
0

Ceded
(86,661
)
 
(84,994
)
 
(250,862
)
 
(251,705
)
Net asset administration fees
4,136

 
3,727

 
11,754

 
10,744

Other income:
 
 
 
 
 
 
 
Direct
19,631

 
20,432

 
59,459

 
49,778

Assumed(4)
438

 
57

 
(1,033
)
 
(133
)
Ceded
(7
)
 
(219
)
 
(69
)
 
(46
)
Amortization of reinsurance income
1,180

 
1,493

 
(1,160
)
 
7,538

Net other income
21,242

 
21,763

 
57,197

 
57,137

Realized investment gains (losses), net:
 
 
 
 
 
 
 
Direct
(2,500,567
)
 
1,234,853

 
(4,920,019
)
 
3,213,137

Assumed
0

 
0

 
0

 
0

Ceded(5)
2,540,151

 
(1,284,276
)
 
4,858,718

 
(3,348,492
)
Realized investment gains (losses), net
39,584

 
(49,423
)
 
(61,301
)
 
(135,355
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
 
Direct
874,424

 
636,021

 
2,671,720

 
1,932,194

Assumed(6)
252,424

 
122,727

 
747,135

 
381,934

Ceded(7)
(1,080,958
)
 
(748,925
)
 
(3,287,196
)
 
(2,212,128
)
Net policyholders’ benefits (including change in reserves)
45,890

 
9,823

 
131,659

 
102,000

Interest credited to policyholders’ account balances:
 
 
 
 
 
 
 
Direct
163,479

 
137,309

 
376,590

 
383,521

Assumed
35,575

 
34,414

 
100,744

 
105,780

Ceded
(119,647
)
 
(127,014
)
 
(303,020
)
 
(361,239
)
Net interest credited to policyholders’ account balances
79,407

 
44,709

 
174,314

 
128,062

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
(475,041
)
 
(420,813
)
 
(1,393,034
)
 
(1,200,005
)

(1)
Includes $0.1 million of unaffiliated activity for both the three months ended September 30, 2019 and 2018 and $0.2 million for both the nine months ended September 30, 2019 and 2018.
(2)
Includes $(0.1) million of unaffiliated activity for both the three months ended September 30, 2019, and 2018 and $(0.3) million and $(0.1) million for the nine months ended September 30, 2019 and 2018, respectively.
(3)
Includes $(13) million and $(8) million of unaffiliated activity for the three months ended September 30, 2019 and 2018, respectively, and $(25) million and $(14) million for the nine months ended September 30, 2019 and 2018, respectively.
(4)
Includes $1 million and $(0.1) million of unaffiliated activity for the three months ended September 30, 2019 and 2018, respectively, and $(1) million and $(0.1) million for the nine months ended September 30, 2019 and 2018, respectively.
(5)
Includes $61 million and $(33) million of unaffiliated activity for the three months ended September 30, 2019 and 2018, respectively, and $117 million and $(81) million for the nine months ended September 30, 2019 and 2018, respectively.
(6)
Includes $1 million and $0.1 million of unaffiliated activity for the three months ended September 30, 2019 and 2018, respectively, and $1 million and $0 million for the nine months ended September 30, 2019, and 2018, respectively.
(7)
Includes $(8) million and $(4) million of unaffiliated activity for the three months ended September 30, 2019 and 2018, respectively, and $(12) million and $(8) million for the nine months ended September 30, 2019 and 2018, respectively.

Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of September 30, 2019 and 2018 were as follows:
 
2019
 
2018
 
(in thousands)
Direct gross life insurance face amount in force
$
979,079,094

 
$
922,386,427

Assumed gross life insurance face amount in force
40,137,874

 
41,088,914

Reinsurance ceded
(954,117,728
)
 
(889,021,800
)
Net life insurance face amount in force
$
65,099,240

 
$
74,453,541