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Reinsurance (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019 were as follows:
 
June 30, 2020
 
December 31, 2019
 
(in thousands)
Reinsurance recoverables(1)
$
52,917,099

 
$
40,710,159

Policy loans
(151,049
)
 
(142,262
)
Deferred policy acquisition costs
(6,779,267
)
 
(6,989,618
)
Deferred sales inducements
(471,999
)
 
(515,968
)
Other assets(2)
257,709

 
258,427

Policyholders’ account balances
4,873,043

 
4,934,544

Future policy benefits(3)
4,697,373

 
4,209,817

Other liabilities(4)
995,122

 
884,641



(1)
Includes $416.4 million and $156.7 million of unaffiliated activity as of June 30, 2020 and December 31, 2019, respectively.
(2)
Includes $0.0 million of unaffiliated activity at both June 30, 2020 and December 31, 2019.
(3)
Includes $0.1 million of unaffiliated activity at both June 30, 2020 and December 31, 2019.
(4)
Includes $46.8 million and $43.1 million of unaffiliated activity as of June 30, 2020 and December 31, 2019, respectively.
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are broken out below:
 
June 30, 2020
 
December 31, 2019
 
(in thousands)
PAR U
$
12,952,267

 
$
12,380,683

PALAC
21,096,307

 
11,635,405

PURC
5,115,192

 
4,692,769

PARCC
2,557,822

 
2,627,595

GUL Re
2,449,345

 
2,292,638

PAR Term
1,872,568

 
1,825,594

Prudential Insurance
2,848,823

 
1,764,512

Prudential of Taiwan
1,548,740

 
1,499,685

Term Re
1,646,121

 
1,506,366

DART
412,715

 
327,235

Unaffiliated
417,199

 
157,677

Total reinsurance recoverables
$
52,917,099

 
$
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 and six months ended June 30, were as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(in thousands)
Premiums:
 
 
 
 
 
 
 
Direct
$
484,577

 
$
476,986

 
$
960,063

 
$
939,257

Assumed(1)
47

 
52

 
95

 
106

Ceded(2)
(462,080
)
 
(464,621
)
 
(922,743
)
 
(912,952
)
Net premiums
22,544

 
12,417

 
37,415

 
26,411

Policy charges and fee income:
 
 
 
 
 
 
 
Direct
816,817

 
1,106,725

 
1,718,259

 
1,959,920

Assumed
131,579

 
128,748

 
264,083

 
255,707

Ceded(3)
(787,311
)
 
(1,086,802
)
 
(1,681,338
)
 
(1,927,767
)
Net policy charges and fee income
161,085

 
148,671

 
301,004

 
287,860

Net investment income:
 
 
 
 
 
 
 
Direct
84,946

 
106,949

 
166,038

 
201,507

Assumed
394

 
407

 
794

 
803

Ceded
(1,878
)
 
(1,794
)
 
(3,789
)
 
(3,498
)
Net investment income
83,462

 
105,562

 
163,043

 
198,812

Asset administration fees:
 
 
 
 
 
 
 
Direct
84,330

 
87,951

 
173,659

 
171,819

Assumed
0

 
0

 
0

 
0

Ceded
(80,028
)
 
(83,990
)
 
(164,969
)
 
(164,201
)
Net asset administration fees
4,302

 
3,961

 
8,690

 
7,618

Other income:
 
 
 
 
 
 
 
Direct
12,682

 
20,030

 
21,288

 
39,828

Assumed(4)
408

 
(1,271
)
 
(29
)
 
(1,471
)
Ceded
640

 
(39
)
 
125

 
(62
)
Amortization of reinsurance income
1,162

 
(3,722
)
 
2,344

 
(2,340
)
Net other income
14,892

 
14,998

 
23,728

 
35,955

Realized investment gains (losses), net:
 
 
 
 
 
 
 
Direct
1,408,425

 
(1,783,941
)
 
(9,900,749
)
 
(2,419,452
)
Assumed
0

 
0

 
0

 
0

Ceded(5)
(1,488,656
)
 
1,731,691

 
9,910,413

 
2,318,567

Realized investment gains (losses), net
(80,231
)
 
(52,250
)
 
9,664

 
(100,885
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
 
Direct
744,620

 
1,150,985

 
1,811,718

 
1,797,296

Assumed(6)
208,315

 
282,961

 
569,770

 
494,711

Ceded(7)
(866,682
)
 
(1,387,655
)
 
(2,209,312
)
 
(2,206,238
)
Net policyholders’ benefits (including change in reserves)
86,253

 
46,291

 
172,176

 
85,769

Interest credited to policyholders’ account balances:
 
 
 
 
 
 
 
Direct
92,457

 
118,420

 
271,752

 
213,111

Assumed
34,020

 
34,512

 
68,256

 
65,169

Ceded
(60,060
)
 
(102,222
)
 
(218,545
)
 
(183,373
)
Net interest credited to policyholders’ account balances
66,417

 
50,710

 
121,463

 
94,907

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization
(139,336
)
 
(573,978
)
 
(882,247
)
 
(917,993
)

(1)
Includes $0.1 million and $0 million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $0.1 million for both the six months ended June 30, 2020 and 2019, respectively.
(2)
Includes $(2.6) million and $(0.1) million of unaffiliated activity for the three months ended June 30, 2020, and 2019, respectively and $(5.1) million and $(0.2) million for the six months ended June 30, 2020 and 2019, respectively.
(3)
Includes $(11) million and $(7) million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $(21) million and $(12) million for the six months ended June 30, 2020 and 2019, respectively.
(4)
Includes $(0.4) million and $(1.0) million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $0.0 million and $(2.0) million for the six months ended June 30, 2020 and 2019, respectively.
(5)
Includes $(29) million and $42 million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $227 million and $56 million for the six months ended June 30, 2020 and 2019, respectively.
(6)
Includes $0.5 million and $0 million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $0.6 million and $(0.2) million for the six months ended June 30, 2020and 2019, respectively.
(7)
Includes $(19) million and $(2) million of unaffiliated activity for the three months ended June 30, 2020 and 2019, respectively and $(24) million and $(4) million for the six months ended June 30, 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 June 30, 2020 and 2019 were as follows:
 
2020
 
2019
 
(in thousands)
Direct gross life insurance face amount in force
$
1,020,870,402

 
$
966,542,451

Assumed gross life insurance face amount in force
39,361,931

 
40,382,452

Reinsurance ceded
(976,357,109
)
 
(925,430,727
)
Net life insurance face amount in force
$
83,875,224

 
$
81,494,176