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Reinsurance (Tables)
 9 Months Ended
Sep. 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:
September 30, 2025December 31, 2024
 (in thousands)
Reinsurance recoverables and deposit receivables$51,591,454 $48,247,817 
Policy loans(1,165,595)(1,143,726)
Deferred policy acquisition costs(3,226,142)(3,319,067)
Deferred sales inducements(30,803)(32,573)
Market risk benefit assets1,247,836 1,145,580 
Other assets1,461,554 1,538,231 
Policyholders’ account balances5,242,963 5,567,661 
Future policy benefits7,870,566 7,443,997 
Market risk benefit liabilities262,237 302,310 
Reinsurance and funds withheld payables9,846,615 8,611,141 
Other liabilities3,183,073 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:
September 30, 2025December 31, 2024
(in thousands)
Policy loans$(50,054)$(48,644)
Deferred policy acquisition costs(642,793)(637,555)
Market risk benefit assets888,725 804,015 
Other assets1,069,217 1,118,974 
Policyholders’ account balances1,550,755 1,665,998 
Future policy benefits364 160 
Market risk benefit liabilities124,597 151,432 
Reinsurance and funds withheld payables3,769,332 3,360,901 
Other liabilities237,554 257,929 
Reinsurance Recoverable by Counterparty
Reinsurance recoverables and deposit receivables by counterparty were as follows:
September 30, 2025December 31, 2024
 (in thousands)
PAR U$11,551,748 $11,426,975 
Prudential Insurance8,606,854 7,507,414 
PURE8,117,172 7,951,965 
PARCC7,095,158 7,049,164 
Lotus Re3,242,925 2,130,095 
Prudential of Japan12,267 0 
Unaffiliated(1)12,965,330 12,182,204 
Total reinsurance recoverables and deposit receivables$51,591,454 $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 September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Premiums:
Direct$473,746 $462,391 $1,412,099 $1,384,477 
Assumed18,511 29 44,533 92 
Ceded(349,110)(365,331)(1,051,299)(1,100,377)
Net premiums$143,147 $97,089 $405,333 $284,192 
Policy charges and fee income:
Direct$812,539 $808,852 $2,392,621 $2,365,340 
Assumed197,209 220,781 557,860 719,389 
Ceded(607,855)(620,866)(1,679,626)622,077 
Net policy charges and fee income$401,893 $408,767 $1,270,855 $3,706,806 
Net investment income:
Direct$852,298 $651,762 $2,376,020 $1,763,262 
Assumed328 333 967 996 
Ceded(13,232)(13,403)(39,544)(40,253)
Net investment income(1)$839,394 $638,692 $2,337,443 $1,724,005 
Asset administration fees:
Direct$80,153 $83,659 $235,386 $246,123 
Ceded(28,230)(27,231)(81,416)(77,950)
Net asset administration fees$51,923 $56,428 $153,970 $168,173 
Other income (loss):
Direct$179,919 $332,233 $469,525 $461,980 
Assumed(20)(75)311 274 
Ceded(2)73,460 56,618 200,010 282,635 
Net other income (loss)(1)$253,359 $388,776 $669,846 $744,889 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Realized investment gains (losses), net:
Direct(2)$(248,294)$(552,741)$(1,100,639)$232,461 
Assumed734 14,552 32,085 77,736 
Ceded(2)(100,309)(113,329)(205,053)(159,772)
Realized investment gains (losses), net(1)$(347,869)$(651,518)$(1,273,607)$150,425 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct(2)$208,315 $(214,414)$(454,586)$(188,598)
Assumed(2)1,551 (245)1,442 2,277 
Ceded(93,688)39,258 (42,918)(167,267)
Net change in value of market risk benefits, net of related hedging gains (losses)$116,178 $(175,401)$(496,062)$(353,588)
Policyholders’ benefits (including change in reserves):
Direct$1,094,549 $855,117 $3,158,486 $2,765,937 
Assumed264,954 242,113 828,116 775,334 
Ceded(1,194,533)(966,549)(3,378,988)831,697 
Net policyholders’ benefits (including change in reserves)(1)$164,970 $130,681 $607,614 $4,372,968 
Change in estimates of liability for future policy benefits:
Direct$49,720 $142,204 $(75,824)$354,660 
Assumed8,022 17,025 (14,354)81,893 
Ceded(44,062)(156,795)2,970 (452,298)
Net change in estimates of liability for future policy benefits$13,680 $2,434 $(87,208)$(15,745)
Interest credited to policyholders’ account balances:
Direct(2)$444,614 $332,064 $1,054,666 $941,448 
Assumed31,389 35,476 99,175 117,968 
Ceded(110,747)(111,380)(326,246)(318,682)
Net interest credited to policyholders’ account balances$365,256 $256,160 $827,595 $740,734 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(2)$(92,403)$(115,073)$(288,056)$(623,863)
(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 September 30,Nine Months Ended September 30,
2025202420252024
(in thousands)
Premiums:
Assumed$26 $29 $80 $89 
Ceded(36,841)(27,821)(106,749)(79,800)
Policy charges and fee income:
Assumed393 429 1,052 1,057 
Ceded(78,663)(45,692)(886,426)(132,662)
Net investment income(1):
Ceded(371)0 (1,233)0 
Asset administration fees:
Ceded(6,281)(7,151)(18,925)(21,474)
Other income (loss)(1):
Assumed(210)(75)(233)378 
Ceded(2)39,086 28,806 117,708 81,551 
Realized investment gains (losses), net(1):
Assumed734 14,552 32,085 77,736 
Ceded(2)(72,741)(100,167)(143,328)(120,807)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed(2)1,551 (245)1,442 2,277 
Ceded(48,624)5,318 1,722 (58,229)
Policyholders’ benefits (including change in reserves)(1):
Assumed76 (145)310 216 
Ceded(164,226)(51,927)(1,016,520)(262,998)
Change in estimates of liability for future policy benefits:
Ceded(16,543)673 (33,782)92,575 
Interest credited to policyholders’ account balances:
Assumed5,351 6,772 19,899 31,888 
Ceded(25,219)1 (74,513)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 were as follows:
September 30, 2025September 30, 2024
 (in thousands)
Direct gross life insurance face amount in force$1,222,188,478 $1,159,660,533 
Assumed gross life insurance face amount in force39,712,615 34,827,770 
Reinsurance ceded(1,096,858,224)(1,049,978,067)
Net life insurance face amount in force$165,042,869 $144,510,236