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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Premiums |  |  |  |  |  |
Direct premiums |  | $ | 45,153 |  |  | $ | 43,359 |  |  | $ | 47,618 |
Reinsurance assumed |  | 3,788 |  |  | 3,112 |  |  | 3,035 |
Reinsurance ceded |  | (3,996) |  |  | (2,188) |  |  | (2,143) |
Net premiums |  | $ | 44,945 |  |  | $ | 44,283 |  |  | $ | 48,510 |
Universal life and investment-type product policy fees |  |  |  |  |  |
Direct universal life and investment-type product policy fees |  | $ | 5,914 |  |  | $ | 5,787 |  |  | $ | 5,687 |
Reinsurance assumed |  | (3) |  |  | (19) |  |  | 32 |
Reinsurance ceded |  | (937) |  |  | (616) |  |  | (494) |
Net universal life and investment-type product policy fees |  | $ | 4,974 |  |  | $ | 5,152 |  |  | $ | 5,225 |
Policyholder benefits and claims |  |  |  |  |  |
Direct policyholder benefits and claims |  | $ | 45,662 |  |  | $ | 44,155 |  |  | $ | 49,308 |
Reinsurance assumed |  | 3,614 |  |  | 2,904 |  |  | 2,604 |
Reinsurance ceded |  | (4,548) |  |  | (2,469) |  |  | (2,405) |
Net policyholder benefits and claims |  | $ | 44,728 |  |  | $ | 44,590 |  |  | $ | 49,507 |
Policyholder liability remeasurement (gains) losses |  |  |  |  |  |
Direct policyholder liability remeasurement (gains) losses |  | $ | (169) |  |  | $ | (54) |  |  | $ | 94 |
Reinsurance assumed |  | (13) |  |  | (20) |  |  | 9 |
Reinsurance ceded |  | (24) |  |  | 29 |  |  | 11 |
Net policyholder liability remeasurement (gains) losses |  | $ | (206) |  |  | $ | (45) |  |  | $ | 114 |
Market risk benefits remeasurement (gains) losses |  |  |  |  |  |
Direct market risk benefits remeasurement (gains) losses |  | $ | (992) |  |  | $ | (785) |  |  | $ | (3,636) |
Reinsurance assumed |  | (123) |  |  | (214) |  |  | (46) |
Reinsurance ceded |  | 6 |  |  | 5 |  |  | 8 |
Net market risk benefits remeasurement (gains) losses |  | $ | (1,109) |  |  | $ | (994) |  |  | $ | (3,674) |
Other expenses |  |  |  |  |  |
Direct other expenses |  | $ | 13,054 |  |  | $ | 12,760 |  |  | $ | 11,854 |
Reinsurance assumed |  | 202 |  |  | 235 |  |  | 268 |
Reinsurance ceded |  | (239) |  |  | (285) |  |  | (263) |
Net other expenses |  | $ | 13,017 |  |  | $ | 12,710 |  |  | $ | 11,859 |
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,
|  | 2024 |  | 2023
|  | Direct |  | Assumed |  | Ceded |  | Total Balance Sheet |  | Direct |  | Assumed |  | Ceded |  | Total Balance Sheet
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Premiums, reinsurance and other receivables |  | $ | 6,496 |  |  | $ | 1,432 |  |  | $ | 21,833 |  |  | $ | 29,761 |  |  | $ | 6,044 |  |  | $ | 1,405 |  |  | $ | 21,522 |  |  | $ | 28,971 |
MRBs |  | 365 |  |  | 7 |  |  | — |  |  | 372 |  |  | 279 |  |  | 7 |  |  | — |  |  | 286 |
DAC and VOBA |  | 19,753 |  |  | 352 |  |  | (478) |  |  | 19,627 |  |  | 20,297 |  |  | 353 |  |  | (499) |  |  | 20,151 |
Total assets |  | $ | 26,614 |  |  | $ | 1,791 |  |  | $ | 21,355 |  |  | $ | 49,760 |  |  | $ | 26,620 |  |  | $ | 1,765 |  |  | $ | 21,023 |  |  | $ | 49,408 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FPBs |  | $ | 189,328 |  |  | $ | 4,318 |  |  | $ | — |  |  | $ | 193,646 |  |  | $ | 192,424 |  |  | $ | 3,982 |  |  | $ | — |  |  | $ | 196,406 |
MRBs |  | 2,566 |  |  | 15 |  |  | — |  |  | 2,581 |  |  | 3,141 |  |  | 38 |  |  | — |  |  | 3,179 |
Other policy-related balances |  | 18,138 |  |  | 1,052 |  |  | (291) |  |  | 18,899 |  |  | 18,852 |  |  | 1,152 |  |  | (268) |  |  | 19,736 |
Other liabilities |  | 26,722 |  |  | 1,863 |  |  | 8,258 |  |  | 36,843 |  |  | 27,125 |  |  | 1,892 |  |  | 6,788 |  |  | 35,805 |
Total liabilities |  | $ | 236,754 |  |  | $ | 7,248 |  |  | $ | 7,967 |  |  | $ | 251,969 |  |  | $ | 241,542 |  |  | $ | 7,064 |  |  | $ | 6,520 |  |  | $ | 255,126 |

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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/1943274/2147479032/944-605-50-1 + Details
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- References No definition available. + Details
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