XML 80 R48.htm IDEA: XBRL DOCUMENT v3.22.4
REINSURANCE (Tables)
 12 Months Ended
Dec. 31, 2022
Reinsurance Disclosures [Abstract]  
Schedule Of Effect Of Reinsurance
The following table summarizes the effect of reinsurance. The impact of the transactions described above results in a decrease to reinsurance assumed and an increase in reinsurance ceded.
Year Ended December 31,
202220212020
(in millions)
Direct premiums$1,042 $970 $929 
Reinsurance assumed180 189 222 
Reinsurance ceded(228)(199)(154)
Premiums$994 $960 $997 
Direct charges and fee income$3,932 $4,250 $4,149 
Reinsurance ceded(691)(613)(414)
Policy charges and fee income$3,241 $3,637 $3,735 
Direct policyholders’ benefits$4,371 $3,843 $5,826 
Reinsurance assumed209 238 241 
Reinsurance ceded(1,195)(863)(741)
Policyholders’ benefits$3,385 $3,218 $5,326 
Direct interest credited to policyholders’ account balances$1,433 $1,271 $1,252 
Reinsurance ceded(24)(52)(30)
Interest credited to policyholders’ account balances$1,409 $1,219 $1,222 
Schedule of Ceded Credit Risk
The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves.
December 31,
 20222021
(in millions)
Ceded Reinsurance:
Estimated net fair values of ceded GMIB reinsurance contracts, considered derivatives (1)$1,229 $1,848 
Estimated net fair values of ceded GMIB NLG ceded reserves to Venerable (2)4,114 5,813 
Third-party reinsurance recoverables related to insurance contracts17,201 14,679 
Top reinsurers:
Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating)
8,966 10,291
First Allmerica-GAF4,005 
RGA Reinsurance Company (AA- S&P rating))1,272 1,138 
Zurich Life Insurance Company, Ltd. (AA- S&P rating)1,181 1,318 
Ceded group health reserves47 40 
Amount due to reinsurers1,533 1,381 
Top reinsurers:
RGA Reinsurance Company1,171 1,212
First Allmerica-GAF147 — 
Protective Life Insurance Company104 111 
Assumed Reinsurance:
Reinsurance assumed reserves662 798 
______________
(1)The estimated fair values increased/(decreased) ($619) million, ($640) million and $349 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Reported in amounts due from reinsurers. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable transaction.