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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2019
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:
 
 
2019
 
2018
 
 
(in thousands)
Reinsurance recoverables
 
$
40,710,159

 
$
34,682,127

Policy loans
 
(142,262
)
 
(130,502
)
Deferred policy acquisition costs
 
(6,989,618
)
 
(7,267,847
)
Deferred sales inducements
 
(515,968
)
 
(562,052
)
Other assets(1)
 
258,427

 
185,573

Policyholders’ account balances
 
4,934,544

 
5,004,112

Future policy benefits
 
4,209,817

 
3,376,048

Other liabilities(2)
 
884,641

 
621,856


(1)
Includes $0.0 million and $0.1 million of unaffiliated activity as of December 31, 2019 and 2018, respectively.
(2)
Includes $43.1 million and $27.2 million of unaffiliated activity as of December 31, 2019 and 2018, respectively.
Reinsurance Table By Affiliate
The reinsurance recoverables by counterparty are broken out below:
 
 
December 31, 2019
 
December 31, 2018
 
 
(in thousands)
PAR U
 
$
12,380,683

 
$
11,444,032

PALAC
 
11,635,405

 
8,828,190

PURC
 
4,692,769

 
4,127,455

PARCC
 
2,627,595

 
2,527,690

GUL Re
 
2,292,638

 
2,017,810

PAR Term
 
1,825,594

 
1,678,745

Prudential Insurance
 
1,764,512

 
1,226,917

Prudential of Taiwan
 
1,499,685

 
1,414,669

Term Re
 
1,506,366

 
1,259,141

DART
 
327,235

 
119,946

Unaffiliated
 
157,677

 
37,532

Total reinsurance recoverables
 
$
40,710,159

 
$
34,682,127
Reinsurance Impact On Income Statement
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
 
 
2019
 
2018
 
2017
 
 
(in thousands)
Premiums:
 
 
 
 
 
 
Direct
 
$
1,882,584

 
$
1,807,809

 
$
1,720,896

Assumed(1)
 
206

 
230

 
194

Ceded(2)
 
(1,854,246
)
 
(1,757,231
)
 
(1,666,384
)
Net premiums
 
28,544

 
50,808

 
54,706

Policy charges and fee income:
 
 
 
 
 
 
Direct
 
3,725,113

 
3,248,574

 
3,459,134

Assumed
 
519,265

 
497,751

 
473,573

Ceded(3)
 
(3,700,222
)
 
(3,212,998
)
 
(3,657,014
)
Net policy charges and fee income
 
544,156

 
533,327

 
275,693

Net investment income:
 
 
 
 
 
 
Direct
 
398,762

 
330,058

 
356,291

Assumed
 
1,631

 
1,581

 
1,484

Ceded
 
(6,596
)
 
(6,352
)
 
(5,365
)
Net investment income
 
393,797

 
325,287

 
352,410

Asset administration fees:
 
 
 
 
 
 
Direct
 
355,118

 
346,727

 
340,461

Assumed
 
0

 
0

 
0

Ceded
 
(339,062
)
 
(332,359
)
 
(322,868
)
Net asset administration fees
 
16,056

 
14,368

 
17,593

Other income:
 
 
 
 
 
 
Direct
 
83,891

 
68,931

 
62,830

Assumed(4)
 
(293
)
 
96

 
390

Ceded
 
(59
)
 
(55
)
 
(77
)
Amortization of reinsurance income
 
21

 
3,992

 
4,606

Net other income
 
83,560

 
72,964

 
67,749

Realized investment gains (losses), net:
 
 
 
 
 
 
Direct
 
(1,912,241
)
 
769,114

 
478,117

Assumed
 
0

 
0

 
0

Ceded(5)
 
1,795,492

 
(936,392
)
 
(558,303
)
Realized investment gains (losses), net
 
(116,749
)
 
(167,278
)
 
(80,186
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
Direct
 
3,352,159

 
2,647,574

 
2,436,537

Assumed(6)
 
885,542

 
599,589

 
584,909

Ceded(7)
 
(4,084,627
)
 
(3,097,664
)
 
(3,039,862
)
Net policyholders’ benefits (including change in reserves)
 
153,074

 
149,499

 
(18,416
)
Interest credited to policyholders’ account balances:
 
 
 
 
 
 
Direct
 
470,551

 
499,458

 
350,262

Assumed
 
135,355

 
141,307

 
135,123

Ceded
 
(418,677
)
 
(468,772
)
 
(316,994
)
Net interest credited to policyholders’ account balances
 
187,229

 
171,993

 
168,391

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
 
(1,772,111
)
 
(1,587,360
)
 
(1,302,020
)

(1)
Includes $0.2 million of unaffiliated activity for each of the years ended December 31, 2019, 2018 and 2017.
(2)
Includes $(0.6) million, $(0.2) million and $0.0 million of unaffiliated activity for the years ended December 31, 2019, 2018 and 2017, respectively.
(3)
Includes $(34) million, $(20) million and $(8) million of unaffiliated activity for the years ended December 31, 2019, 2018 and 2017, respectively.
(4)
Includes $(0.3) million, $0.1 million and $0.4 million of unaffiliated activity for the years ended December 31, 2019, 2018 and 2017, respectively.
(5)
Includes $44 million, $(34) million and $(20) million of unaffiliated activity for the years ended December 31, 2019, 2018 and 2017, respectively.
(6)
Includes $1.9 million, $0.0 million and $0.4 million of unaffiliated activity for the years ended December 31, 2019, 2018 and 2017, respectively.
(7)
Includes $(30) million, $(10) million and $4 million of unaffiliated activity for the years ended December 31, 2019, 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 December 31, were as follows:
 
 
2019
 
2018
 
2017
 
 
(in thousands)
Direct gross life insurance face amount in force
 
$
993,850,732

 
$
936,489,617

 
$
882,333,743

Assumed gross life insurance face amount in force
 
39,877,183

 
40,811,929

 
41,782,959

Reinsurance ceded
 
(963,444,461
)
 
(901,709,295
)
 
(854,053,110
)
Net life insurance face amount in force
 
$
70,283,454

 
$
75,592,251

 
$
70,063,592