Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:


	2023		2022
	(in thousands)
Reinsurance recoverables(1)	$	38,709,651	$	37,096,562
Policy loans	(1,082,584)		(1,011,112)
Deferred policy acquisition costs(1)	(3,195,161)		(3,343,270)
Deferred sales inducements(1)	(35,313)		(38,146)
Market risk benefit assets(1)	1,165,378		543,177
Other assets(1)	1,897,410		1,146,794
Policyholders’ account balances(1)	5,977,108		7,157,639
Future policy benefits(1)	7,026,209		6,320,863
Market risk benefit liabilities(1)	249,538		120,916
Other liabilities(1)	4,397,862		2,891,433

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:


	2023		2022
	(in thousands)
Deferred policy acquisition costs(1)	$	71,315	$	111,379
Market risk benefit assets(1)	745,662		64,738
Other assets	1,795,422		1,034,000
Policyholders' account balances(1)	1,830,579		2,771,961
Future policy benefits	453		0
Market risk benefit liabilities(1)	131,594		40,731
Other liabilities	1,915,205		820,185

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Reinsurance Recoverables By Counterparty

Reinsurance recoverables by counterparty as of December 31, are broken out below:


	2023		2022(1)
	(in thousands)
PAR U	$	15,722,061	$	15,051,337

PURC	7,565,968		6,928,950
PARCC	2,304,270		2,437,589
GUL Re	3,211,899		3,124,697
PAR Term	2,101,004		2,040,599
Prudential Insurance	1,311,525		986,013

Term Re	2,080,564		1,830,197
Lotus Re	2,051,831		1,952,215
DART	744,043		578,462
Unaffiliated	1,616,486		2,166,503
Total reinsurance recoverables	$	38,709,651	$	37,096,562

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

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:


	2023		2022		2021
	(in thousands)
Premiums:
Direct(1)	$	1,853,184	$	1,868,709	$	1,903,865
Assumed	(61)		776		162
Ceded(1)	(1,524,226)		(1,604,277)		(1,719,569)
Net premiums(1)	328,897		265,208		184,458
Policy charges and fee income:
Direct(1)	2,995,595		3,034,193		3,348,259
Assumed(1)	604,311		594,622		565,814
Ceded(1)	(2,063,300)		(2,398,214)		(2,613,978)
Net policy charges and fee income(1)	1,536,606		1,230,601		1,300,095
Net investment income:
Direct	1,700,684		920,674		555,404
Assumed	1,364		1,513		1,049
Ceded	(26,526)		(38,186)		(6,218)
Net investment income(2)	1,675,522		884,001		550,235
Asset administration fees:
Direct	323,444		351,600		403,359
Assumed	0		0		0
Ceded	(90,494)		(67,418)		(201,182)
Net asset administration fees	232,950		284,182		202,177
Other income (loss):
Direct	636,930		(731,796)		227,035
Assumed	(475)		271		(66)
Ceded(1)	108,173		80,056		35,451

Net other income(1)(2)	744,628		(651,469)		262,420


	2023	2022	2021
Realized investment gains (losses), net:
Direct(1)	(1,195,753)	497,016	(388,914)
Assumed(1)	162,291	(244,000)	12,592
Ceded(1)	(50,198)	83,366	(10,572)
Realized investment gains (losses), net(1)(2)	(1,083,660)	336,382	(386,894)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(1)	298,425	(181,260)	9,096,963
Assumed	(2,199)	0	0
Ceded(1)	(390,594)	(519,321)	(13,319,493)
Net change in value of market risk benefits, net of related hedging gain (loss)(1)	(94,368)	(700,581)	(4,222,530)
Policyholders’ benefits (including change in reserves):
Direct(1)	3,354,306	3,362,353	3,215,531
Assumed(1)	1,258,651	1,107,436	905,325
Ceded(1)	(4,109,168)	(4,011,416)	(4,038,146)
Net policyholders’ benefits (including change in reserves)(1)(2)	503,789	458,373	82,710
Change in estimates of liability for future policy benefits:
Direct(1)	(18,361)	1,716,983	99,202
Assumed(1)	8,644	679,863	(16,166)
Ceded(1)	13,669	(2,341,747)	(56,028)
Net change in estimates of liability for future policy benefits(1)	3,952	55,099	27,008
Interest credited to policyholders’ account balances:
Direct(1)	918,327	805,411	525,038
Assumed	136,725	74,402	138,202
Ceded(1)	(399,607)	(434,598)	(814,629)
Net interest credited to policyholders’ account balances(1)	655,445	445,215	(151,389)
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(1)	(399,870)	(150,374)	(2,195,677)

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

(2)Amounts include reinsurance agreements using the deposit method of accounting.

Unaffiliated reinsurance assumed and ceded amounts included in the table above and in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:


	2023		2022		2021
	(in thousands)
Premiums:
Assumed(1)	$	(69)	$	149	$	162
Ceded(1)	(70,169)		(42,721)		(26,143)

Policy charges and fee income:
Assumed	1,563		2,113		0
Ceded	(143,764)		(81,781)		(65,451)

Net investment income(2):
Ceded	23,023		10,802		687

Asset administration fees:
Ceded	(22,415)		0		0

Other income (loss)(2):
Assumed	(211)		270		(68)
Ceded(1)	37,526		3,243		0

Realized investment gains (losses), net(2):
Assumed(1)	162,291		778,620		0
Ceded(1)	(45,711)		82,386		80,540

Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(1)	(2,199)		0		0
Ceded(1)	(186,996)		(120,663)		(130,654)

Policyholders' benefits (including change in reserves)(2):
Assumed	804		2,566		429
Ceded(1)	(157,344)		(94,402)		(186,927)

Change in estimates of liability for future policy benefits:
Ceded(1)	(1,367)		(6,824)		0

Interest credited to policyholders' account balances:
Assumed	16,243		(95,285)		0

(1)Prior period amounts reflect the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

(2)Amounts include reinsurance agreements using the deposit method of accounting.

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:


	2023		2022		2021
	(in thousands)
Direct gross life insurance face amount in force	$	1,127,561,798	$	1,093,610,227	$	1,079,382,740
Assumed gross life insurance face amount in force	35,558,423		36,668,045		37,822,851
Reinsurance ceded	(1,027,473,705)		(1,009,571,304)		(992,635,327)
Net life insurance face amount in force	$	135,646,516	$	120,706,968	$	124,570,264