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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
In September 2023, the Company invested approximately $200 million, and acquired a 20% equity interest as a limited partner, in Prismic, a Bermuda-exempted limited partnership that owns all of the outstanding capital stock of Prismic Re, a licensed Bermuda-based life and annuity reinsurance company. As this investment is accounted for under the equity method, both Prismic and Prismic Re are considered related parties.

Also in September 2023, the Company entered into an agreement with Prismic Re, to reinsure approximately $9 billion of reserves for certain structured settlement annuity contracts issued by PICA, a wholly-owned subsidiary of the Company. These contracts represent approximately 70% of the Company’s in-force structured settlement annuities business. Separately, the Company, through PGIM, entered into an investment management agreement with Prismic to manage a large portion of Prismic Re's assets. The following tables summarize the impacts to the Company’s financial statements related to the agreements that the Company entered with Prismic and Prismic Re.
The related party balances with Prismic and Prismic Re impacted the Company’s balance sheet as of the period indicated as follows:
December 31, 2023
 (in millions)
Reinsurance recoverables and deposit receivables$9,752 
Other assets
$132 
Reinsurance and funds withheld payables (includes $508 of embedded derivatives at fair value)
$8,544 
Accumulated other comprehensive income (loss)
$335 

The Company has agreed to guarantee Prismic Re's reimbursement obligations on letters of credit that may be obtained by Prismic Re from third-party financial institutions to support Prismic Re’s obligations under the reinsurance agreement with the Company for a total amount up to $2.0 billion as of December 31, 2023. See Note 25 for additional information on the Company’s guarantees and commitments.

The related party activity with Prismic and Prismic Re impacted the Company’s results of operations and cash flows for the period indicated as follows:

Year Ended December 31, 2023
 (in millions)
Premiums
$(4,811)
Asset management and service fees
10 
Other income52 
Realized investment gains(losses), net
(491)
Policyholders’ benefits
(4,915)
Change in estimates of liability for future policy benefits
5 
General and administrative expenses
3 
Income (loss) from related parties, before income taxes
(333)
Other comprehensive income (loss), before tax335 
Total comprehensive income (loss), before tax$2 

Year Ended December 31, 2023
 (in millions)
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Realized investment (gains) losses, net
$491 
 Change in:
Other, net$(206)
CASH FLOWS FROM FINANCING ACTIVITIES
Other, net$3