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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020 and December 31, 2019 were as follows:
 
March 31, 2020
 
December 31, 2019
 
(in thousands)
Reinsurance recoverables(1)
$
53,163,489

 
$
40,710,159

Policy loans
(146,772
)
 
(142,262
)
Deferred policy acquisition costs
(6,700,160
)
 
(6,989,618
)
Deferred sales inducements
(441,691
)
 
(515,968
)
Other assets(2)
246,842

 
258,427

Policyholders’ account balances
4,905,609

 
4,934,544

Future policy benefits(3)
4,378,232

 
4,209,817

Other liabilities(4)
865,622

 
884,641



(1)
Includes $422.4 million and $156.7 million of unaffiliated activity as of March 31, 2020 and December 31, 2019, respectively.
(2)
Includes $0.0 million of unaffiliated activity at both March 31, 2020 and December 31, 2019.
(3)
Includes $0.5 million and $0 million of unaffiliated activity as of March 31, 2020 and December 31, 2019, respectively.
(4)
Includes $41.8 million and $43.1 million of unaffiliated activity as of March 31, 2020 and December 31, 2019, respectively.
Reinsurance Recoverable by Counterparty
The reinsurance recoverables by counterparty are broken out below:
 
March 31, 2020
 
December 31, 2019
 
(in thousands)
PAR U
$
12,572,713

 
$
12,380,683

PALAC
22,178,177

 
11,635,405

PURC
4,847,038

 
4,692,769

PARCC
2,623,469

 
2,627,595

GUL Re
2,363,794

 
2,292,638

PAR Term
1,841,572

 
1,825,594

Prudential Insurance
2,881,886

 
1,764,512

Prudential of Taiwan
1,498,116

 
1,499,685

Term Re
1,563,370

 
1,506,366

DART
370,267

 
327,235

Unaffiliated
423,087

 
157,677

Total reinsurance recoverables
$
53,163,489

 
$
40,710,159
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,
 
2020
 
2019
 
(in thousands)
Premiums:
 
 
 
Direct
$
475,486

 
$
462,271

Assumed(1)
48

 
54

Ceded(2)
(460,663
)
 
(448,331
)
Net premiums
14,871

 
13,994

Policy charges and fee income:
 
 
 
Direct
901,442

 
853,195

Assumed
132,504

 
126,959

Ceded(3)
(894,027
)
 
(840,965
)
Net policy charges and fee income
139,919

 
139,189

Net investment income:
 
 
 
Direct
81,092

 
94,558

Assumed
400

 
396

Ceded
(1,911
)
 
(1,704
)
Net investment income
79,581

 
93,250

Asset administration fees:
 
 
 
Direct
89,329

 
83,868

Assumed
0

 
0

Ceded
(84,941
)
 
(80,211
)
Net asset administration fees
4,388

 
3,657

Other income:
 
 
 
Direct
8,606

 
19,798

Assumed(4)
(437
)
 
(200
)
Ceded
(515
)
 
(23
)
Amortization of reinsurance income
1,182

 
1,382

Net other income
8,836

 
20,957

Realized investment gains (losses), net:
 
 
 
Direct
(11,309,174
)
 
(635,511
)
Assumed
0

 
0

Ceded(5)
11,399,069

 
586,876

Realized investment gains (losses), net
89,895

 
(48,635
)
Policyholders’ benefits (including change in reserves):
 
 
 
Direct
1,067,098

 
646,311

Assumed(6)
361,455

 
211,750

Ceded(7)
(1,342,630
)
 
(818,583
)
Net policyholders’ benefits (including change in reserves)
85,923

 
39,478

Interest credited to policyholders’ account balances:
 
 
 
Direct
179,295

 
94,691

Assumed
34,236

 
30,657

Ceded
(158,485
)
 
(81,151
)
Net interest credited to policyholders’ account balances
55,046

 
44,197

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
(742,911
)
 
(344,015
)

(1)
Includes $0.0 million and $0.1 million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
(2)
Includes $(2.5) million and $(0.1) million of unaffiliated activity for the three months ended March 31, 2020, and 2019, respectively.
(3)
Includes $(10) million and $(5) million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
(4)
Includes $(0.4) million and $(0.2) million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
(5)
Includes $256.1 million and $14.4 million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
(6)
Includes $0.1 million and $(0.2) million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
(7)
Includes $(5) million and $(1.8) million of unaffiliated activity for the three months ended March 31, 2020 and 2019, respectively.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of March 31, 2020 and 2019 were as follows:
 
2020
 
2019
 
(in thousands)
Direct gross life insurance face amount in force
$
1,003,826,363

 
$
951,643,226

Assumed gross life insurance face amount in force
39,643,598

 
40,546,369

Reinsurance ceded
(970,292,346
)
 
(913,655,428
)
Net life insurance face amount in force
$
73,177,615

 
$
78,534,167