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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Impact on Statements of Financial Position
Reinsurance amounts included in the Company’s Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$41,060,869 $38,709,651 
Policy loans(1,094,070)(1,082,584)
Deferred policy acquisition costs(3,190,663)(3,195,161)
Deferred sales inducements(34,683)(35,313)
Market risk benefit assets1,064,022 1,165,378 
Other assets2,198,467 1,897,410 
Policyholders’ account balances5,901,708 5,977,108 
Future policy benefits7,109,698 7,026,209 
Market risk benefit liabilities302,169 249,538 
Other liabilities7,655,980 4,397,862 
Unaffiliated reinsurance amounts included in the table above and in the Company's Unaudited Interim Consolidated Statements of Financial Position were as follows:
March 31, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$68,424 $71,315 
Market risk benefit assets715,512 745,662 
Other assets2,099,315 1,795,422 
Policyholders’ account balances1,817,895 1,830,579 
Future policy benefits130 453 
Market risk benefit liabilities157,687 131,594 
Other liabilities2,179,341 1,915,205 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are as follows:
March 31, 2024December 31, 2023
 (in thousands)
PAR U$18,857,410 $15,722,061 
PURC0 7,565,968 
PARCC2,212,090 2,304,270 
GUL Re0 3,211,899 
PAR Term2,048,613 2,101,004 
Prudential Insurance4,039,611 1,311,525 
Term Re2,040,735 2,080,564 
Lotus Re2,062,495 2,051,831 
DART779,290 744,043 
PURE7,445,335 0 
Unaffiliated1,575,290 1,616,486 
Total reinsurance recoverables$41,060,869 $38,709,651 
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,
20242023
(in thousands)
Premiums:
Direct$459,628 $462,067 
Assumed33 (156)
Ceded(367,479)(385,255)
Net premiums92,182 76,656 
Policy charges and fee income:
Direct771,189 735,938 
Assumed258,770 152,600 
Ceded1,898,786 (502,047)
Net policy charges and fee income2,928,745 386,491 
Net investment income:
Direct519,052 350,323 
Assumed330 343 
Ceded(14,062)(1,216)
Net investment income(1)505,320 349,450 
Asset administration fees:
Direct82,688 80,356 
Assumed0 0 
Ceded(26,056)(16,154)
Net asset administration fees56,632 64,202 
Other income (loss):
Direct44,816 225,734 
Assumed325 (293)
Ceded168,344 19,406 
Net other income (loss)(1)213,485 244,847 
Realized investment gains (losses), net:
Direct98,442 (245,923)
Assumed(9,167)138,666 
Ceded19,368 (13,422)
Realized investment gains (losses), net(1)108,643 (120,679)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct313,886 33,120 
Assumed(466)(6,217)
Ceded(221,829)(6,701)
Net change in value of market risk benefits, net of related hedging gain (loss)91,591 20,202 
Policyholders’ benefits (including change in reserves):
Direct951,647 878,785 
Assumed287,411 317,287 
Ceded2,852,743 (1,090,890)
Net policyholders’ benefits (including change in reserves)(1)4,091,801 105,182 
Three Months Ended March 31,
20242023
Change in estimates of liability for future policy benefits:
Direct139,586 (48,501)
Assumed(9,510)1,807 
Ceded(142,081)42,292 
Net change in estimates of liability for future policy benefits(12,005)(4,402)
Interest credited to policyholders’ account balances:
Direct278,098 222,575 
Assumed46,148 38,506 
Ceded(99,988)(100,859)
Net interest credited to policyholders’ account balances224,258 160,222 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(390,041)(117,830)
(1)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 Unaudited Interim Consolidated Statements of Operations and Comprehensive Income (Loss) were as follows:
Three Months Ended March 31,
20242023
(in thousands)
Premiums:
Assumed$30 $(166)
Ceded(25,152)(16,575)
Policy charges and fee income:
Assumed272 540 
Ceded(42,012)(23,938)
Net investment income(1):
Ceded0 10,920 
Asset administration fees:
Ceded(7,316)0 
Other income (loss)(1):
Assumed429 (293)
Ceded21,804 1,622 
Realized investment gains (losses), net(1):
Assumed(9,167)138,666 
Ceded25,225 (14,581)
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(466)(6,217)
Ceded(98,008)(4,773)
Policyholders’ benefits (including change in reserves)(1):
Assumed333 91 
Ceded(146,828)(27,702)
Change in estimates of liability for future policy benefits:
Ceded91,873 0 
Interest credited to policyholders’ account balances:
Assumed17,459 7,469 
(1)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 March 31, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,136,350,824 $1,098,986,043 
Assumed gross life insurance face amount in force35,289,794 36,379,128 
Reinsurance ceded(1,034,508,027)(1,012,593,512)
Net life insurance face amount in force$137,132,591 $122,771,659