XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021 were as follows:
March 31, 2022December 31, 2021
 (in thousands)
Reinsurance recoverables$39,356,117 $38,598,767 
Policy loans(1,007,594)(156,749)
Deferred policy acquisition costs(3,165,747)(2,575,232)
Deferred sales inducements(34,616)(37,905)
Other assets(1)343,537 353,669 
Policyholders’ account balances12,020,327 12,005,839 
Future policy benefits(2)5,078,000 5,286,252 
Other liabilities(3)2,265,328 1,224,399 

(1)Includes $0.0 million of unaffiliated activity as of both March 31, 2022 and December 31, 2021.
(2)Includes $0.1 million and $0.0 million of unaffiliated activity as of March 31, 2022 and December 31, 2021, respectively.
(3)Includes $62 million and $49 million of unaffiliated activity as of March 31, 2022 and December 31, 2021, respectively.
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are broken out below:
March 31, 2022December 31, 2021
 (in thousands)
PAR U$13,216,951 $13,523,832 
PALAC6,967,660 7,198,504 
PURC5,728,576 5,830,441 
PARCC2,336,813 2,371,491 
GUL Re2,649,984 2,710,926 
PAR Term1,976,337 1,972,339 
Prudential Insurance1,616,373 2,082,551 
Term Re1,990,432 1,953,063 
Lotus Re1,963,819 32,039 
DART674,933 644,101 
Unaffiliated234,239 279,480 
Total reinsurance recoverables$39,356,117 $38,598,767 
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,
 20222021
 (in thousands)
Premiums:
Direct$473,928 $486,877 
Assumed(1)1,397 43 
Ceded(2)(401,080)(442,515)
Net premiums 74,245 44,405 
Policy charges and fee income:
Direct902,324 909,889 
Assumed150,821 140,113 
Ceded(3)(861,583)(898,137)
Net policy charges and fee income 191,562 151,865 
Net investment income:
Direct195,511 100,395 
Assumed453 359 
Ceded(16,664)(1,887)
Net investment income179,300 98,867 
Asset administration fees:
Direct97,457 96,614 
Assumed0 0 
Ceded(18,225)(90,403)
Net asset administration fees79,232 6,211 
Other income (loss):
Direct(348,688)17,100 
Assumed(4)39 (73)
Ceded(378)65 
Amortization of reinsurance income21,423 1,152 
Net Other income (loss) (327,604)18,244 
Realized investment gains (losses), net:
Direct1,260,511 6,157,747 
Assumed(225,262)0 
Ceded(5)(251,142)(6,081,139)
Realized investment gains (losses), net 784,107 76,608 
Policyholders’ benefits (including change in reserves):
Direct905,137 997,824 
Assumed(6)238,667 191,805 
Ceded(7)(924,040)(1,095,716)
Net policyholders’ benefits (including change in reserves)219,764 93,913 
Interest credited to policyholders’ account balances:
Direct202,026 179,435 
Assumed72,502 32,986 
Ceded(111,002)(156,251)
Net interest credited to policyholders’ account balances
163,526 56,170 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(135,852)(468,435)
(1)Includes $0.0 million of unaffiliated activity for both the three months ended March 31, 2022 and 2021.
(2)Includes $(7) million of unaffiliated activity for both the three months ended March 31, 2022 and 2021.
(3)Includes $(18) million and $(14) million of unaffiliated activity for the three months ended March 31, 2022 and 2021, respectively.
(4)Includes $0.0 million of unaffiliated activity for both the three months ended March 31, 2022 and 2021.
(5)Includes $(37) million and $(141) million of unaffiliated activity for the three months ended March 31, 2022 and 2021, respectively.
(6)Includes $0.1 million of unaffiliated activity for both the three months ended March 31, 2022 and 2021, respectively.
(7)Includes $(20) million and $(81) million of unaffiliated activity for the three months ended March 31, 2022 and 2021, respectively.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force as of March 31, 2022 and 2021 were as follows:
20222021
 (in thousands)
Direct gross life insurance face amount in force$1,085,450,111 $1,057,019,880 
Assumed gross life insurance face amount in force37,528,980 38,553,587 
Reinsurance ceded(998,722,883)(988,006,377)
Net life insurance face amount in force$124,256,208 $107,567,090