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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Reinsurance Disclosures [Abstract] |
Effect of reinsurance | The amounts on the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows:
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Premiums |  |  |  |  |  |
Direct premiums |  | $ | 43,359 |  |  | $ | 47,618 |  |  | $ | 40,377 |
Reinsurance assumed |  | 3,112 |  |  | 3,035 |  |  | 2,909 |
Reinsurance ceded |  | (2,188) |  |  | (2,143) |  |  | (2,134) |
Net premiums |  | $ | 44,283 |  |  | $ | 48,510 |  |  | $ | 41,152 |
Universal life and investment-type product policy fees |  |  |  |  |  |
Direct universal life and investment-type product policy fees |  | $ | 5,787 |  |  | $ | 5,687 |  |  | $ | 5,813 |
Reinsurance assumed |  | (19) |  |  | 32 |  |  | (13) |
Reinsurance ceded |  | (616) |  |  | (494) |  |  | (556) |
Net universal life and investment-type product policy fees |  | $ | 5,152 |  |  | $ | 5,225 |  |  | $ | 5,244 |
Policyholder benefits and claims |  |  |  |  |  |
Direct policyholder benefits and claims |  | $ | 44,155 |  |  | $ | 49,308 |  |  | $ | 43,199 |
Reinsurance assumed |  | 2,904 |  |  | 2,604 |  |  | 2,546 |
Reinsurance ceded |  | (2,469) |  |  | (2,405) |  |  | (2,627) |
Net policyholder benefits and claims |  | $ | 44,590 |  |  | $ | 49,507 |  |  | $ | 43,118 |
Policyholder liability remeasurement (gains) losses |  |  |  |  |  |
Direct policyholder liability remeasurement (gains) losses |  | $ | (54) |  |  | $ | 94 |  |  | $ | (185) |
Reinsurance assumed |  | (20) |  |  | 9 |  |  | 21 |
Reinsurance ceded |  | 29 |  |  | 11 |  |  | (8) |
Net policyholder liability remeasurement (gains) losses |  | $ | (45) |  |  | $ | 114 |  |  | $ | (172) |
Market risk benefits remeasurement (gains) losses |  |  |  |  |  |
Direct market risk benefits remeasurement (gains) losses |  | $ | (785) |  |  | $ | (3,636) |  |  | $ | (959) |
Reinsurance assumed |  | (214) |  |  | (46) |  |  | (291) |
Reinsurance ceded |  | 5 |  |  | 8 |  |  | 13 |
Net market risk benefits remeasurement (gains) losses |  | $ | (994) |  |  | $ | (3,674) |  |  | $ | (1,237) |
Other expenses |  |  |  |  |  |
Direct other expenses |  | $ | 12,760 |  |  | $ | 11,854 |  |  | $ | 11,984 |
Reinsurance assumed |  | 235 |  |  | 268 |  |  | 329 |
Reinsurance ceded |  | (285) |  |  | (263) |  |  | (295) |
Net other expenses |  | $ | 12,710 |  |  | $ | 11,859 |  |  | $ | 12,018 |
The amounts on the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at:
|  | December 31,
|  | 2023 |  | 2022
|  | Direct |  | Assumed |  | Ceded |  | Total Balance Sheet |  | Direct |  | Assumed |  | Ceded |  | Total Balance Sheet
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums, reinsurance and other receivables |  | $ | 6,044 |  |  | $ | 1,405 |  |  | $ | 21,522 |  |  | $ | 28,971 |  |  | $ | 5,427 |  |  | $ | 1,505 |  |  | $ | 10,432 |  |  | $ | 17,364 |
Market risk benefits |  | 279 |  |  | 7 |  |  | — |  |  | 286 |  |  | 273 |  |  | 7 |  |  | — |  |  | 280 |
Deferred policy acquisition costs and value of business acquired |  | 20,297 |  |  | 353 |  |  | (499) |  |  | 20,151 |  |  | 19,522 |  |  | 352 |  |  | (221) |  |  | 19,653 |
Total assets |  | $ | 26,620 |  |  | $ | 1,765 |  |  | $ | 21,023 |  |  | $ | 49,408 |  |  | $ | 25,222 |  |  | $ | 1,864 |  |  | $ | 10,211 |  |  | $ | 37,297 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future policy benefits |  | $ | 192,424 |  |  | $ | 3,982 |  |  | $ | — |  |  | $ | 196,406 |  |  | $ | 183,377 |  |  | $ | 3,845 |  |  | $ | — |  |  | $ | 187,222 |
Market risk benefits |  | 3,141 |  |  | 38 |  |  | — |  |  | 3,179 |  |  | 3,591 |  |  | 172 |  |  | — |  |  | 3,763 |
Other policy-related balances |  | 18,852 |  |  | 1,152 |  |  | (268) |  |  | 19,736 |  |  | 17,250 |  |  | 1,183 |  |  | (9) |  |  | 18,424 |
Other liabilities |  | 27,125 |  |  | 1,892 |  |  | 6,788 |  |  | 35,805 |  |  | 18,654 |  |  | 2,006 |  |  | 5,273 |  |  | 25,933 |
Total liabilities |  | $ | 241,542 |  |  | $ | 7,064 |  |  | $ | 6,520 |  |  | $ | 255,126 |  |  | $ | 222,872 |  |  | $ | 7,206 |  |  | $ | 5,264 |  |  | $ | 235,342 |

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- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479655/944-605-50-1 + Details
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- References No definition available. + Details
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