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Reinsurance (Tables)
 9 Months Ended
Sep. 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 September 30, 2020 and December 31, 2019 were as follows:
September 30, 2020December 31, 2019
 (in thousands)
Reinsurance recoverables(1)$51,051,073 $40,710,159 
Policy loans(153,586)(142,262)
Deferred policy acquisition costs(6,552,679)(6,989,618)
Deferred sales inducements(438,280)(515,968)
Other assets(2)239,345 258,427 
Policyholders’ account balances4,851,192 4,934,544 
Future policy benefits(3)4,818,739 4,209,817 
Other liabilities(4)1,040,850 884,641 

(1)Includes $362.7 million and $156.7 million of unaffiliated activity as of September 30, 2020 and December 31, 2019, respectively.
(2)Includes $0.2 million of unaffiliated activity at both September 30, 2020 and December 31, 2019.
(3)Includes $0.2 million of unaffiliated activity at both September 30, 2020 and December 31, 2019.
(4)Includes $35.9 million and $43.1 million of unaffiliated activity as of September 30, 2020 and December 31, 2019, respectively.
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are broken out below:
September 30, 2020December 31, 2019
 (in thousands)
PAR U$13,106,456 $12,380,683 
PALAC19,031,724 11,635,405 
PURC5,212,049 4,692,769 
PARCC2,519,113 2,627,595 
GUL Re2,498,242 2,292,638 
PAR Term1,884,370 1,825,594 
Prudential Insurance2,687,057 1,764,512 
Prudential of Taiwan1,590,112 1,499,685 
Term Re1,689,778 1,506,366 
DART468,851 327,235 
Unaffiliated363,321 157,677 
Total reinsurance recoverables$51,051,073 $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 nine months ended September 30, were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (in thousands)
Premiums:
Direct$475,017 $468,900 $1,435,080 $1,408,157 
Assumed(1)45 51 140 157 
Ceded(2)(450,755)(466,593)(1,373,498)(1,379,545)
Net premiums 24,307 2,358 61,722 28,769 
Policy charges and fee income:
Direct882,373 896,151 2,600,632 2,856,071 
Assumed131,877 130,113 395,960 385,820 
Ceded(3)(863,170)(915,635)(2,544,508)(2,843,402)
Net policy charges and fee income 151,080 110,629 452,084 398,489 
Net investment income:
Direct95,266 96,424 261,304 297,931 
Assumed390 427 1,184 1,230 
Ceded(1,664)(1,595)(5,453)(5,093)
Net investment income93,992 95,256 257,035 294,068 
Asset administration fees:
Direct91,953 90,797 265,612 262,616 
Assumed0 0 0 0 
Ceded(86,989)(86,661)(251,958)(250,862)
Net asset administration fees4,964 4,136 13,654 11,754 
Other income:
Direct28,529 19,631 49,817 59,459 
Assumed(4)(112)438 (141)(1,033)
Ceded3 (7)128 (69)
Amortization of reinsurance income1,162 1,180 3,506 (1,160)
Net other income 29,582 21,242 53,310 57,197 
Realized investment gains (losses), net:
Direct2,646,206 (2,500,567)(7,254,543)(4,920,019)
Assumed0 0 0 0 
Ceded(5)(2,647,753)2,540,151 7,262,660 4,858,718 
Realized investment gains (losses), net (1,547)39,584 8,117 (61,301)
Policyholders’ benefits (including change in reserves):
Direct879,729 874,424 2,691,447 2,671,720 
Assumed(6)196,502 252,424 766,272 747,135 
Ceded(7)(1,020,403)(1,080,958)(3,229,715)(3,287,196)
Net policyholders’ benefits (including change in reserves)55,828 45,890 228,004 131,659 
Interest credited to policyholders’ account balances:
Direct148,411 163,479 420,163 376,590 
Assumed33,974 35,575 102,230 100,744 
Ceded(130,119)(119,647)(348,664)(303,020)
Net interest credited to policyholders’ account balances
52,266 79,407 173,729 174,314 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(448,254)(475,041)(1,330,501)(1,393,034)
(1)Includes $0.0 million and $0.1 million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $0.2 million for both the nine months ended September 30, 2020 and 2019, respectively.
(2)Includes $(2.4) million and $(0.1) million of unaffiliated activity for the three months ended September 30, 2020, and 2019, respectively and $(7.5) million and $(0.3) million for the nine months ended September 30, 2020 and 2019, respectively.
(3)Includes $(18) million and $(13) million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $(39) million and $(25) million for the nine months ended September 30, 2020 and 2019, respectively.
(4)Includes $0.1 million and $1 million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $0.1 million and $(1.0) million for the nine months ended September 30, 2020 and 2019, respectively.
(5)Includes $(68) million and $61 million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $160 million and $117 million for the nine months ended September 30, 2020 and 2019, respectively.
(6)Includes $0.1 million and $1 million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $0.7 million and $1 million for the nine months ended September 30, 2020 and 2019, respectively.
(7)Includes $(20) million and $(8) million of unaffiliated activity for the three months ended September 30, 2020 and 2019, respectively and $(44) million and $(12) million for the nine months ended September 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 September 30, 2020 and 2019 were as follows:
20202019
 (in thousands)
Direct gross life insurance face amount in force$1,031,639,923 $979,079,094 
Assumed gross life insurance face amount in force39,135,248 40,137,874 
Reinsurance ceded(981,522,009)(954,117,728)
Net life insurance face amount in force$89,253,162 $65,099,240