XML 44 R33.htm IDEA: XBRL DOCUMENT v3.24.3
Reinsurance (Tables)
 9 Months Ended
Sep. 30, 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:
September 30, 2024December 31, 2023
 (in thousands)
Reinsurance recoverables$43,285,050 $38,709,651 
Policy loans(1,107,607)(1,082,584)
Deferred policy acquisition costs(3,118,226)(3,195,161)
Deferred sales inducements(33,303)(35,313)
Market risk benefit assets1,212,865 1,165,378 
Other assets2,778,500 1,897,410 
Policyholders’ account balances5,646,936 5,977,108 
Future policy benefits7,431,811 7,026,209 
Market risk benefit liabilities263,588 249,538 
Other liabilities8,920,647 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:
September 30, 2024December 31, 2023
(in thousands)
Deferred policy acquisition costs$62,301 $71,315 
Market risk benefit assets814,183 745,662 
Other assets2,680,090 1,795,422 
Policyholders’ account balances1,684,769 1,830,579 
Future policy benefits194 453 
Market risk benefit liabilities134,758 131,594 
Other liabilities2,798,751 1,915,205 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables by counterparty are as follows:
September 30, 2024December 31, 2023
 (in thousands)
PAR U$19,642,785 $15,722,061 
PURC0 7,565,968 
PARCC2,140,373 2,304,270 
GUL Re0 3,211,899 
PAR Term2,084,390 2,101,004 
Prudential Insurance4,901,818 1,311,525 
Term Re2,115,998 2,080,564 
Lotus Re2,102,136 2,051,831 
DART855,366 744,043 
PURE7,853,257 0 
Unaffiliated1,588,927 1,616,486 
Total reinsurance recoverables$43,285,050 $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 and nine months ended September 30, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Direct$462,391 $457,967 $1,384,477 $1,396,506 
Assumed29 32 92 (90)
Ceded(365,331)(372,859)(1,100,377)(1,144,655)
Net premiums97,089 85,140 284,192 251,761 
Policy charges and fee income:
Direct808,852 753,291 2,365,340 2,238,266 
Assumed220,781 151,927 719,389 453,006 
Ceded(620,866)(558,737)622,077 (1,594,764)
Net policy charges and fee income408,767 346,481 3,706,806 1,096,508 
Net investment income:
Direct651,762 463,070 1,763,262 1,216,154 
Assumed333 338 996 1,024 
Ceded(13,403)(2,544)(40,253)(13,789)
Net investment income(1)638,692 460,864 1,724,005 1,203,389 
Asset administration fees:
Direct83,659 81,422 246,123 242,730 
Assumed0 0 0 0 
Ceded(27,231)(24,668)(77,950)(64,986)
Net asset administration fees56,428 56,754 168,173 177,744 
Other income (loss):
Direct332,233 (89,144)461,980 216,247 
Assumed(75)116 274 (233)
Ceded53,937 25,473 275,015 70,736 
Net other income (loss)(1)386,095 (63,555)737,269 286,750 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Realized investment gains (losses), net:
Direct(541,864)(492,184)235,638 (826,822)
Assumed14,552 (31,544)77,736 189,400 
Ceded(89,183)55,472 (67,987)56,181 
Realized investment gains (losses), net(1)(616,495)(468,256)245,387 (581,241)
Change in value of market risk benefits, net of related hedging gain (loss):
Direct(214,414)(54,544)(199,087)152,660 
Assumed(245)283 361 (3,160)
Ceded39,258 (193,210)(167,267)(415,656)
Net change in value of market risk benefits, net of related hedging gain (loss)(175,401)(247,471)(365,993)(266,156)
Policyholders’ benefits (including change in reserves):
Direct855,117 912,588 2,765,937 2,639,868 
Assumed242,113 336,300 775,334 985,635 
Ceded(966,549)(1,103,479)831,697 (3,227,951)
Net policyholders’ benefits (including change in reserves)(1)130,681 145,409 4,372,968 397,552 
Change in estimates of liability for future policy benefits:
Direct142,204 (44,155)354,660 (61,510)
Assumed17,025 (17,580)81,893 8,071 
Ceded(156,795)68,300 (452,298)54,469 
Net change in estimates of liability for future policy benefits2,434 6,565 (15,745)1,030 
Interest credited to policyholders’ account balances:
Direct332,064 228,399 907,648 666,947 
Assumed35,476 33,602 117,968 100,065 
Ceded(111,380)(98,927)(318,682)(299,900)
Net interest credited to policyholders’ account balances256,160 163,074 706,934 467,112 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(113,741)(57,368)(619,914)(280,393)
(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 September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
Premiums:
Assumed$29 $32 $89 $(100)
Ceded(27,821)(13,942)(79,800)(47,319)
Policy charges and fee income:
Assumed429 460 1,057 1,383 
Ceded(45,692)(39,143)(132,662)(101,419)
Net investment income(1):
Ceded0 10,109 0 23,022 
Asset administration fees:
Ceded(7,151)(7,464)(21,474)(15,204)
Other income (loss)(1):
Assumed(75)185 378 (53)
Ceded26,125 7,887 73,931 17,540 
Realized investment gains (losses), net(1):
Assumed14,552 (31,544)77,736 189,400 
Ceded(76,021)41,007 (29,022)40,378 
Change in value of market risk benefits, net of related hedging gain (loss):
Assumed(245)283 361 (3,160)
Ceded5,318 (70,693)(58,229)(150,791)
Policyholders’ benefits (including change in reserves)(1):
Assumed(145)265 216 545 
Ceded(51,927)(42,655)(262,998)(106,475)
Change in estimates of liability for future policy benefits:
Ceded673 (1,407)92,575 (1,823)
Interest credited to policyholders’ account balances:
Assumed6,772 3,651 31,888 8,750 
Ceded1 85 0 0 
(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 September 30, 2024 and 2023 were as follows:
20242023
 (in thousands)
Direct gross life insurance face amount in force$1,159,660,533 $1,115,174,542 
Assumed gross life insurance face amount in force34,827,770 35,824,627 
Reinsurance ceded(1,049,978,067)(1,010,577,960)
Net life insurance face amount in force$144,510,236 $140,421,209