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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$49,168,211 $48,247,817 
Policy loans(1,144,906)(1,143,726)
Deferred policy acquisition costs(3,286,351)(3,319,067)
Deferred sales inducements(31,971)(32,573)
Market risk benefit assets1,253,961 1,145,580 
Other assets1,511,709 1,538,231 
Policyholders’ account balances5,452,802 5,567,661 
Future policy benefits7,597,732 7,443,997 
Market risk benefit liabilities256,287 302,310 
Reinsurance and funds withheld payables8,889,142 8,611,141 
Other liabilities3,250,307 3,282,713 

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, 2025December 31, 2024
(in thousands)
Policy loans$(48,960)$(48,644)
Deferred policy acquisition costs(635,819)(637,555)
Market risk benefit assets861,899 804,015 
Other assets1,102,141 1,118,974 
Policyholders’ account balances1,623,421 1,665,998 
Future policy benefits267 160 
Market risk benefit liabilities128,112 151,432 
Reinsurance and funds withheld payables3,344,608 3,360,901 
Other liabilities250,850 257,929 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables and deposit receivables by counterparty were as follows:
March 31, 2025December 31, 2024
 (in thousands)
PAR U$11,415,651 $11,426,975 
PURE7,962,181 7,951,965 
Prudential Insurance7,874,836 7,507,414 
PARCC7,042,276 7,049,164 
Lotus Re2,524,184 2,130,095 
Prudential of Japan10,841 0 
Unaffiliated(1)12,338,242 12,182,204 
Total reinsurance recoverables and deposit receivables(1)$49,168,211 $48,247,817 
(1)Includes balances with Wilton Re, Fortitude Life Insurance & Annuity Company (“FLIAC”), Somerset Re and other counterparties. See below for further information on significant third-party reinsurance arrangements.
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) were as follows:
Three Months Ended March 31,
20252024
(in thousands)
Premiums:
Direct$463,449 $459,628 
Assumed10,662 33 
Ceded(350,651)(367,479)
Net premiums123,460 92,182 
Policy charges and fee income:
Direct797,210 771,189 
Assumed180,179 258,770 
Ceded(579,043)1,879,246 
Net policy charges and fee income398,346 2,909,205 
Net investment income:
Direct747,545 519,052 
Assumed319 330 
Ceded(13,068)(14,062)
Net investment income(1)734,796 505,320 
Asset administration fees:
Direct78,905 82,688 
Assumed0 0 
Ceded(26,825)(26,056)
Net asset administration fees52,080 56,632 
Other income (loss):
Direct104,643 44,816 
Assumed20 325 
Ceded(2)71,778 169,854 
Net other income (loss)(1)176,441 214,995 
Three Months Ended March 31,
20252024
Realized investment gains (losses), net:
Direct(2)(82,883)20,056 
Assumed32,439 (9,167)
Ceded(2)(55,930)(13,694)
Realized investment gains (losses), net(1)(106,374)(2,805)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(2)(418,994)324,375 
Assumed(2)(484)1,450 
Ceded93,407 (221,829)
Net change in value of market risk benefits, net of related hedging gains (losses)(326,071)103,996 
Policyholders’ benefits (including change in reserves):
Direct988,124 1,001,446 
Assumed292,478 287,411 
Ceded(1,137,266)2,817,551 
Net policyholders’ benefits (including change in reserves)(1)143,336 4,106,408 
Change in estimates of liability for future policy benefits:
Direct6,255 139,586 
Assumed1,292 (9,510)
Ceded(965)(142,081)
Net change in estimates of liability for future policy benefits6,582 (12,005)
Interest credited to policyholders’ account balances:
Direct366,527 312,190 
Assumed33,104 46,148 
Ceded(105,869)(99,988)
Net interest credited to policyholders’ account balances293,762 258,350 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(2)(106,548)(391,443)
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
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,
20252024
(in thousands)
Premiums:
Assumed$27 $30 
Ceded(35,400)(25,152)
Policy charges and fee income:
Assumed212 272 
Ceded(750,027)(42,012)
Net investment income(1):
Ceded(443)0 
Asset administration fees:
Ceded(6,414)(7,316)
Other income (loss)(1):
Assumed(2)(142)325 
Ceded(2)42,077 23,314 
Realized investment gains (losses), net(1):
Assumed32,439 (9,167)
Ceded(2)(37,911)(8,280)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)(484)1,450 
Ceded44,351 (98,008)
Policyholders’ benefits (including change in reserves)(1):
Assumed45 333 
Ceded(765,259)(146,828)
Change in estimates of liability for future policy benefits:
Ceded(9,886)91,873 
Interest credited to policyholders’ account balances:
Assumed6,477 17,459 
Ceded(24,477)0 
(1)Amounts include reinsurance agreements using the deposit method of accounting.
(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.
Gross and Net Life Insurance in Force
The gross and net amounts of life insurance face amount in force were as follows:
March 31, 2025March 31, 2024
 (in thousands)
Direct gross life insurance face amount in force$1,191,661,368 $1,136,350,824 
Assumed gross life insurance face amount in force45,780,036 35,289,794 
Reinsurance ceded(1,088,730,529)(1,034,508,027)
Net life insurance face amount in force$148,710,875 $137,132,591