Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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


	2024		2023
	(in thousands)
Reinsurance recoverables and deposit receivables(1)(2)	$	48,247,817	$	40,256,800
Policy loans	(1,143,726)		(1,082,584)
Deferred policy acquisition costs(2)	(3,319,067)		(3,189,110)
Deferred sales inducements	(32,573)		(35,313)
Market risk benefit assets	1,145,580		1,165,378
Other assets(1)	1,538,231		258,748
Policyholders’ account balances	5,567,661		5,977,108
Future policy benefits	7,443,997		7,026,209
Market risk benefit liabilities(2)	302,310		251,318
Reinsurance and funds withheld payables(1)(2)	8,611,141		2,738,979
Other liabilities(1)	3,282,713		1,651,733

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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:


	2024		2023
	(in thousands)

Policy loans	$	(48,644)	$	0
Deferred policy acquisition costs(1)	(637,555)		71,315
Market risk benefit assets	804,015		745,662
Other assets(2)(3)	1,118,974		176,436
Policyholders’ account balances	1,665,998		1,830,579
Future policy benefits	160		453
Market risk benefit liabilities(4)	151,432		133,374
Reinsurance and funds withheld payables(2)(4)	3,360,901		1,620,504
Other liabilities(2)	257,929		287,551

(1)Includes $699 million of deferred policy acquisition costs related to the transaction with Wilton Re.

(2)Prior period amounts have been updated to conform to current period presentation.

(3)Includes $979 million deferred loss related to the reinsurance transaction with Wilton Re.

(4)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

Reinsurance recoverables and deposit receivables by counterparty

Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:


	2024		2023
	(in thousands)
PAR U	$	11,426,975	$	15,722,061

PURC	0		7,565,968
PARCC	7,049,164		2,304,270
GUL Re	0		3,211,899
PAR Term	0		2,101,004
Prudential Insurance(1)	7,507,414		1,331,202

Term Re	0		2,080,564
Lotus Re	2,130,095		2,051,831
DART	0		744,043
PURE	7,951,965		0
Unaffiliated(1)(2)(3)	12,182,204		3,143,958
Total reinsurance recoverables and deposit receivables(1)	$	48,247,817	$	40,256,800

(1)Prior period amounts have been updated to conform to current period presentation.

(2)Includes balances with Wilton Re, FLIAC, Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.

(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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:


	2024		2023		2022
	(in thousands)
Premiums:
Direct	$	1,846,109	$	1,853,184	$	1,868,709
Assumed	92		(61)		776
Ceded	(1,453,074)		(1,524,226)		(1,604,277)
Net premiums	393,127		328,897		265,208
Policy charges and fee income:
Direct	3,190,753		2,995,595		3,034,193
Assumed	899,767		604,311		594,622
Ceded(1)	3,292,277		(2,063,300)		(2,398,214)
Net policy charges and fee income	7,382,797		1,536,606		1,230,601


	2024	2023	2022
Net investment income:
Direct	2,474,541	1,700,684	920,674
Assumed	1,325	1,364	1,513
Ceded	(53,849)	(26,526)	(38,186)
Net investment income(2)	2,422,017	1,675,522	884,001
Asset administration fees:
Direct	329,181	323,444	351,600
Assumed	0	0	0
Ceded	(105,618)	(90,494)	(67,418)
Net asset administration fees	223,563	232,950	284,182
Other income (loss):
Direct	297,868	636,930	(731,796)
Assumed	2,983	(475)	271
Ceded(3)	458,905	114,908	95,252

Net other income(2)	759,756	751,363	(636,273)
Realized investment gains (losses), net:
Direct(3)	500,023	(1,203,453)	497,016
Assumed(3)	85,248	162,291	(291,679)
Ceded(3)	(133,854)	(105,937)	84,592
Realized investment gains (losses), net(2)	451,417	(1,147,099)	289,929
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(3)	(98,562)	287,936	(181,260)
Assumed(3)	2,626	(4,115)	0
Ceded(3)	(338,019)	(390,594)	(519,321)
Net change in value of market risk benefits, net of related hedging gains (losses)	(433,955)	(106,773)	(700,581)
Policyholders’ benefits (including change in reserves):
Direct	3,825,305	3,354,306	3,362,353
Assumed	1,058,315	1,258,651	1,107,436
Ceded(1)	3,468,713	(4,109,168)	(4,011,416)
Net policyholders’ benefits (including change in reserves)(2)	8,352,333	503,789	458,373
Change in estimates of liability for future policy benefits:
Direct	303,141	(18,361)	1,716,983
Assumed	92,766	8,644	679,863
Ceded	(416,550)	13,669	(2,341,747)
Net change in estimates of liability for future policy benefits	(20,643)	3,952	55,099
Interest credited to policyholders’ account balances:
Direct(3)	1,310,867	884,527	805,411
Assumed	153,052	136,725	74,402
Ceded	(426,188)	(399,607)	(434,598)
Net interest credited to policyholders’ account balances	1,037,731	621,645	445,215
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(3)	(1,398,843)	(403,517)	(152,779)

(1)Current period amounts include the impacts of the recaptures from PAR U as discussed above.

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

(3)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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:


	2024		2023		2022
	(in thousands)
Premiums:
Assumed	$	89	$	(69)	$	149
Ceded	(107,449)		(70,169)		(42,721)

Policy charges and fee income:
Assumed	1,381		1,563		2,113
Ceded	(191,368)		(143,764)		(81,781)

Net investment income(1):
Ceded	(1,659)		23,023		10,802

Asset administration fees:
Ceded	(28,354)		(22,415)		0

Other income (loss)(1):
Assumed(2)	2,983		(475)		270
Ceded(2)	142,267		44,260		18,440

Realized investment gains (losses), net(1):
Assumed	85,248		162,291		778,620
Ceded(2)	(91,712)		(101,449)		83,612

Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)	2,626		(4,115)		0
Ceded	(124,816)		(186,996)		(120,663)

Policyholders' benefits (including change in reserves)(1):
Assumed	348		804		2,566
Ceded	(366,669)		(157,344)		(94,402)

Change in estimates of liability for future policy benefits:
Ceded	96,014		(1,367)		(6,824)

Interest credited to policyholders' account balances:
Assumed	39,263		16,243		(95,285)
Ceded	(24,550)		0		0

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

(2)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

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:


	2024		2023		2022
	(in thousands)
Direct gross life insurance face amount in force	$	1,181,531,932	$	1,127,561,798	$	1,093,610,227
Assumed gross life insurance face amount in force	34,530,341		35,558,423		36,668,045
Reinsurance ceded	(1,080,451,145)		(1,027,473,705)		(1,009,571,304)
Net life insurance face amount in force	$	135,611,128	$	135,646,516	$	120,706,968