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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Reinsurance Disclosures [Abstract] |
Reinsurance amounts included in the Consolidated Statement of Operations | Reinsurance amounts included in the Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits” for the years ended December 31, are as follows:
| 2023 |  | 2022 |  | 2021
| (in millions)
Direct premiums | $ | 29,475 |  |  | $ | 34,721 |  |  | $ | 30,668 |
Reinsurance assumed | 5,005 |  |  | 4,072 |  |  | 5,699 |
Reinsurance ceded | (7,116) |  |  | (2,318) |  |  | (2,417) |
Premiums | $ | 27,364 |  |  | $ | 36,475 |  |  | $ | 33,950 |
Direct policy charges and fee income | $ | 3,933 |  |  | $ | 3,916 |  |  | $ | 4,750 |
Reinsurance assumed | 1,228 |  |  | 1,247 |  |  | 1,204 |
Reinsurance ceded | (634) |  |  | (548) |  |  | (521) |
Policy charges and fee income | $ | 4,527 |  |  | $ | 4,615 |  |  | $ | 5,433 |
Direct change in value of market risk benefits, net of related hedging gains (losses) | $ | 123 |  |  | $ | (308) |  |  | $ | 3,645 |
Reinsurance assumed | 120 |  |  | 21 |  |  | 84 |
Reinsurance ceded | (187) |  |  | (122) |  |  | (132) |
Change in value of market risk benefits, net of related hedging gains (losses) | $ | 56 |  |  | $ | (409) |  |  | $ | 3,597 |
Direct policyholders’ benefits | $ | 32,044 |  |  | $ | 38,081 |  |  | $ | 34,425 |
Reinsurance assumed | 7,128 |  |  | 5,900 |  |  | 6,896 |
Reinsurance ceded | (8,241) |  |  | (3,165) |  |  | (3,330) |
Policyholders’ benefits | $ | 30,931 |  |  | $ | 40,816 |  |  | $ | 37,991 |
Direct change in estimates of liability for Future policy benefits | $ | 447 |  |  | $ | 1,504 |  |  | $ | (66) |
Reinsurance assumed | (147) |  |  | 471 |  |  | (17) |
Reinsurance ceded | 37 |  |  | (1,321) |  |  | 48 |
Change in estimates of liability for future policy benefits | $ | 337 |  |  | $ | 654 |  |  | $ | (35) |
Reinsurance Recoverables | Reinsurance recoverables at December 31, are as follows:
| 2023 |  | 2022
| (in millions)
Individual and group annuities(1) | $ | 7,516 |  |  | $ | 2,078 |
Life insurance(2) | 8,806 |  |  | 7,981 |
Other reinsurance | 415 |  |  | 358 |
Total reinsurance recoverables(3)(4) | $ | 16,737 |  |  | $ | 10,417 |
__________ (1)Primarily represents $5,981 million of reinsurance recoverables as of December 31, 2023 established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,543 million as of December 31, 2023. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,485 million and $1,986 million as of December 31, 2023 and 2022, respectively. (2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,090 million and $2,041 million as of December 31, 2023 and 2022, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,396 million and $1,327 million as of December 31, 2023 and 2022, respectively. (3)Net of $(12) million and $(15) million of allowance for credit losses as of December 31, 2023 and 2022, respectively. (4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,574 million and $8,576 million as of December 31, 2023 and 2022, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,771 million as of December 31, 2023.

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