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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance impact on balance sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
 (in thousands)
Reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
Policy loans(1,174,371)(1,143,726)
Deferred policy acquisition costs(3,202,535)(3,319,067)
Deferred sales inducements(30,203)(32,573)
Market risk benefit assets1,280,120 1,145,580 
Other assets1,515,354 1,538,231 
Policyholders’ account balances5,124,249 5,567,661 
Future policy benefits8,984,370 7,443,997 
Market risk benefit liabilities267,981 302,310 
Reinsurance and funds withheld payables11,377,505 8,611,141 
Other liabilities1,780,787 3,282,713 
Unaffiliated reinsurance amounts included in the table above and in the Company's Consolidated Statements of Financial Position as of December 31, were as follows:
20252024
(in thousands)
Policy loans$(50,877)$(48,644)
Deferred policy acquisition costs(659,377)(637,555)
Market risk benefit assets927,836 804,015 
Other assets1,052,840 1,118,974 
Policyholders’ account balances1,499,098 1,665,998 
Future policy benefits(14,427)160 
Market risk benefit liabilities124,638 151,432 
Reinsurance and funds withheld payables9,194,564 3,360,901 
Other liabilities251,136 257,929 
Reinsurance recoverables and deposit receivables by counterparty
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:
20252024
 (in thousands)
Affiliated:
     PAR U$11,617,403 $11,426,975 
     PURE8,192,212 7,951,965 
     PARCC7,021,834 7,049,164 
     Lotus Re3,380,675 2,130,095 
     Prudential Insurance2,810,762 7,507,414 
     Prudential of Japan13,237 0 
     Total affiliated33,036,123 36,065,613 
Unaffiliated:
     Wilton Re8,013,159 7,478,467 
     Somerset Re2,490,716 2,581,977 
     FLIAC1,351,271 1,395,008 
     Resolution Re849,213 0 
     Prismic Re327,763 0 
     Other(1)8,302,125 726,752 
     Total unaffiliated21,334,247 12,182,204 
Total reinsurance recoverables and deposit receivables$54,370,370 $48,247,817 
(1) Four major reinsurance companies account for approximately 56% of Other as of December 31, 2025.
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:

202520242023
 (in thousands)
Premiums:
Direct$1,874,352 $1,846,109 $1,853,184 
Assumed271,129 92 (61)
Ceded(1,598,280)(1,453,074)(1,524,226)
Net premiums$547,201 $393,127 $328,897 
Policy charges and fee income:
Direct$3,224,720 $3,190,753 $2,995,595 
Assumed808,083 899,767 604,311 
Ceded(2,325,465)3,292,277 (2,063,300)
Net policy charges and fee income$1,707,338 $7,382,797 $1,536,606 
202520242023
 (in thousands)
Net investment income:
Direct$3,262,367 $2,474,541 $1,700,684 
Assumed1,294 1,325 1,364 
Ceded(53,139)(53,849)(26,526)
Net investment income(1)$3,210,522 $2,422,017 $1,675,522 
Asset administration fees:
Direct$315,865 $329,181 $323,444 
Ceded(110,533)(105,618)(90,494)
Net asset administration fees$205,332 $223,563 $232,950 
Other income (loss):
Direct$594,774 $297,868 $636,930 
Assumed752 2,983 (475)
Ceded1,666,250 458,905 114,908 
Net other income (loss)(1)$2,261,776 $759,756 $751,363 
Realized investment gains (losses), net:
Direct$(1,207,587)$500,023 $(1,203,453)
Assumed46,559 85,248 162,291 
Ceded(269,397)(133,854)(105,937)
Realized investment gains (losses), net(1)$(1,430,425)$451,417 $(1,147,099)
Change in value of market risk benefits, net of related hedging gains (losses):
Direct$(433,206)$(98,562)$287,936 
Assumed958 2,626 (4,115)
Ceded(74,746)(338,019)(390,594)
Net change in value of market risk benefits, net of related hedging gains (losses)$(506,994)$(433,955)$(106,773)
Policyholders’ benefits (including change in reserves):
Direct$4,242,114 $3,825,305 $3,354,306 
Assumed1,310,907 1,058,315 1,258,651 
Ceded(4,773,299)3,468,713 (4,109,168)
Net policyholders’ benefits (including change in reserves)(1)$779,722 $8,352,333 $503,789 
Change in estimates of liability for future policy benefits:
Direct$(97,867)$303,141 $(18,361)
Assumed(39,222)92,766 8,644 
Ceded57,584 (416,550)13,669 
Net change in estimates of liability for future policy benefits$(79,505)$(20,643)$3,952 
Interest credited to policyholders’ account balances:
Direct$1,485,366 $1,310,867 $884,527 
Assumed130,432 153,052 136,725 
Ceded(438,138)(426,188)(399,607)
Net interest credited to policyholders’ account balances$1,177,660 $1,037,731 $621,645 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization$(388,473)$(1,398,843)$(403,517)
(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 Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:

202520242023
(in thousands)
Premiums:
Assumed$104 $89 $(69)
Ceded(349,326)(107,449)(70,169)
Policy charges and fee income:
Assumed1,379 1,381 1,563 
Ceded(5,208,556)(191,368)(143,764)
Net investment income(1):
Ceded(1,668)(1,659)23,023 
Asset administration fees:
Ceded(25,093)(28,354)(22,415)
Other income (loss)(1):
Assumed26 2,983 (475)
Ceded168,056 142,267 44,260 
Realized investment gains (losses), net(1):
Assumed46,559 85,248 162,291 
Ceded(179,100)(91,712)(101,449)
Change in value of market risk benefits, net of related hedging gains (losses):
Assumed958 2,626 (4,115)
Ceded6,482 (124,816)(186,996)
Policyholders' benefits (including change in reserves)(1):
Assumed(14,561)348 804 
Ceded(7,776,099)(366,669)(157,344)
Change in estimates of liability for future policy benefits:
Assumed1,464 0 0 
Ceded(20,592)96,014 (1,367)
Interest credited to policyholders' account balances:
Assumed25,705 39,263 16,243 
Ceded(99,881)(24,550)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 December 31, were as follows:
202520242023
 (in thousands)
Direct gross life insurance face amount in force$1,590,247,115 $1,181,531,932 $1,127,561,798 
Assumed gross life insurance face amount in force40,086,143 34,530,341 35,558,423 
Reinsurance ceded(1,450,508,310)(1,080,451,145)(1,027,473,705)
Net life insurance face amount in force$179,824,948 $135,611,128 $135,646,516