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Reinsurance (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$50,219,999 $48,247,817 
Policy loans(1,151,763)(1,143,726)
Deferred policy acquisition costs(3,258,052)(3,319,067)
Deferred sales inducements(31,238)(32,573)
Market risk benefit assets1,265,373 1,145,580 
Other assets1,486,243 1,538,231 
Policyholders’ account balances5,358,823 5,567,661 
Future policy benefits7,709,251 7,443,997 
Market risk benefit liabilities247,271 302,310 
Reinsurance and funds withheld payables9,042,306 8,611,141 
Other liabilities3,213,391 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:
June 30, 2025December 31, 2024
(in thousands)
Policy loans$(49,378)$(48,644)
Deferred policy acquisition costs(634,600)(637,555)
Market risk benefit assets894,563 804,015 
Other assets1,085,632 1,118,974 
Policyholders’ account balances1,600,235 1,665,998 
Future policy benefits150 160 
Market risk benefit liabilities118,372 151,432 
Reinsurance and funds withheld payables3,300,174 3,360,901 
Other liabilities243,574 257,929 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables and deposit receivables by counterparty were as follows:
June 30, 2025December 31, 2024
 (in thousands)
PAR U$11,457,858 $11,426,975 
Prudential Insurance8,234,784 7,507,414 
PURE8,087,723 7,951,965 
PARCC6,974,568 7,049,164 
Lotus Re3,061,586 2,130,095 
Prudential of Japan10,876 0 
Unaffiliated(1)12,392,604 12,182,204 
Total reinsurance recoverables and deposit receivables$50,219,999 $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 June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Premiums:
Direct$474,905 $462,458 $938,353 $922,086 
Assumed15,360 30 26,022 63 
Ceded(351,539)(367,567)(702,189)(735,046)
Net premiums$138,726 $94,921 $262,186 $187,103 
Policy charges and fee income:
Direct$782,872 $785,299 $1,580,082 $1,556,488 
Assumed180,472 239,838 360,651 498,608 
Ceded(492,728)(636,303)(1,071,771)1,242,943 
Net policy charges and fee income$470,616 $388,834 $868,962 $3,298,039 
Net investment income:
Direct$776,177 $592,448 $1,523,722 $1,111,500 
Assumed320 333 639 663 
Ceded(13,244)(12,788)(26,312)(26,850)
Net investment income(1)$763,253 $579,993 $1,498,049 $1,085,313 
Asset administration fees:
Direct$76,328 $79,776 $155,233 $162,464 
Assumed0 0 0 0 
Ceded(26,361)(24,663)(53,186)(50,719)
Net asset administration fees$49,967 $55,113 $102,047 $111,745 
Other income (loss):
Direct$184,960 $84,931 $289,606 $129,747 
Assumed312 24 331 349 
Ceded(2)54,774 56,163 126,550 226,017 
Net other income (loss)(1)$240,046 $141,118 $416,487 $356,113 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Realized investment gains (losses), net:
Direct(2)$(769,462)$765,146 $(852,345)$785,202 
Assumed(1,088)72,351 31,351 63,184 
Ceded(2)(48,814)(32,749)(104,744)(46,443)
Realized investment gains (losses), net(1)$(819,364)$804,748 $(925,738)$801,943 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(2)$(243,907)$(298,559)$(662,901)$25,816 
Assumed(2)375 1,072 (109)2,522 
Ceded(42,637)15,304 50,770 (206,525)
Net change in value of market risk benefits, net of related hedging gains (losses)$(286,169)$(282,183)$(612,240)$(178,187)
Policyholders’ benefits (including change in reserves):
Direct$1,075,813 $909,374 $2,063,937 $1,910,820 
Assumed270,684 245,810 563,162 533,221 
Ceded(1,047,189)(1,019,305)(2,184,455)1,798,246 
Net policyholders’ benefits (including change in reserves)(1)$299,308 $135,879 $442,644 $4,242,287 
Change in estimates of liability for future policy benefits:
Direct$(131,798)$72,870 $(125,544)$212,456 
Assumed(23,668)74,378 (22,376)64,868 
Ceded47,996 (153,422)47,032 (295,503)
Net change in estimates of liability for future policy benefits$(107,470)$(6,174)$(100,888)$(18,179)
Interest credited to policyholders’ account balances:
Direct(2)$243,526 $297,194 $610,052 $609,384 
Assumed34,682 36,344 67,786 82,492 
Ceded(109,631)(107,314)(215,499)(207,302)
Net interest credited to policyholders’ account balances$168,577 $226,224 $462,339 $484,574 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(2)$(89,104)$(117,347)$(195,653)$(508,790)
        
(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.
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 June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Premiums:
Assumed$27 $30 $54 $60 
Ceded(34,509)(26,827)(69,908)(51,979)
Policy charges and fee income:
Assumed448 356 659 628 
Ceded(57,735)(44,958)(807,763)(86,970)
Net investment income(1):
Ceded(419)0 (862)0 
Asset administration fees:
Ceded(6,230)(7,007)(12,644)(14,323)
Other income (loss)(1):
Assumed120 24 (23)453 
Ceded(2)36,546 29,431 78,622 52,745 
Realized investment gains (losses), net(1):
Assumed(1,088)72,351 31,351 63,184 
Ceded(2)(32,676)(12,360)(70,587)(20,640)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)375 1,072 (109)2,522 
Ceded5,994 34,461 50,346 (63,547)
Policyholders’ benefits (including change in reserves)(1):
Assumed189 28 234 361 
Ceded(87,034)(64,243)(852,294)(211,071)
Change in estimates of liability for future policy benefits:
Ceded(7,353)29 (17,239)91,902 
Interest credited to policyholders’ account balances:
Assumed8,071 7,657 14,548 25,116 
Ceded(24,818)(1)(49,294)(1)
(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 were as follows:
June 30, 2025June 30, 2024
 (in thousands)
Direct gross life insurance face amount in force$1,206,036,308 $1,147,562,454 
Assumed gross life insurance face amount in force45,813,725 35,029,437 
Reinsurance ceded(1,086,869,641)(1,041,974,560)
Net life insurance face amount in force$164,980,392 $140,617,331