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v3.23.2

REINSURANCE (Tables) | 6 Months Ended
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Jun. 30, 2023
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.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (in millions)
Direct charges and fee income | $ | 640 |  |  | $ | 669 |  |  | $ | 1,400 |  |  | $ | 1,473 |  |  |
Reinsurance assumed | — |  |  | (1) |  |  | 3 |  |  | (1) |  |  |
Reinsurance ceded | (46) |  |  | (48) |  |  | (221) |  |  | (202) |  |  |
Policy charges and fee income | $ | 594 |  |  | $ | 620 |  |  | $ | 1,182 |  |  | $ | 1,270 |  |  |
Direct premiums | $ | 290 |  |  | $ | 263 |  |  | $ | 581 |  |  | $ | 516 |  |  |
Reinsurance assumed | 43 |  |  | 37 |  |  | 95 |  |  | 87 |  |  |
Reinsurance ceded | (53) |  |  | (62) |  |  | (120) |  |  | (118) |  |  |
Premiums | $ | 280 |  |  | $ | 238 |  |  | $ | 556 |  |  | $ | 485 |  |  |
Direct policyholders’ benefits | $ | 874 |  |  | $ | 693 |  |  | $ | 1,727 |  |  | $ | 1,604 |  |  |
Reinsurance assumed | 40 |  |  | 51 |  |  | 76 |  |  | 106 |  |  |
Reinsurance ceded | (230) |  |  | (155) |  |  | (389) |  |  | (319) |  |  |
Policyholders’ benefits | $ | 684 |  |  | $ | 589 |  |  | $ | 1,414 |  |  | $ | 1,391 |  |  |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
| (in millions)
Direct interest credited to policyholders’ account balances | $ | 526 |  |  | $ | 322 |  |  | $ | 1,009 |  |  | $ | 662 |  |  |
Reinsurance ceded | (25) |  |  | (12) |  |  | (45) |  |  | (39) |  |  |
Interest credited to policyholders’ account balances | $ | 501 |  |  | $ | 310 |  |  | $ | 964 |  |  | $ | 623 |  |  |
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.
| June 30, 2023 |  | December 31, 2022
| (in millions)
Ceded Reinsurance: |  |  |
Estimated net fair values of purchased market risk benefits | $ | 9,931 |  |  | $ | 10,423 |
Third-party reinsurance recoverables related to insurance contracts | 8,395 |  |  | 8,471 |
Top reinsurers: |  |  |
First Allmerica-GAF | 3,828 |  |  | 4,005 |
Zurich Life Insurance Company, Ltd. | 1,379 |  |  | 1,416 |
RGA Reinsurance Company | 1,295 |  |  | 1,272 |
Ceded group health reserves | 48 |  |  | 47 |
Amount due to reinsurers | 1,404 |  |  | 1,533 |
Top reinsurers: |  |  |
RGA Reinsurance Company | 1,152 |  |  | 1,171 |
First Allmerica-GAF | 67 |  |  | 147 |
Protective Life Insurance Company | 100 |  |  | 104 |
Assumed Reinsurance: |  |  |
Reinsurance assumed reserves | $ | 687 |  |  | $ | 701 |

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- Definition Tabular disclosure of reinsurer or group of reinsurers for whom the entity has a concentration of credit risk. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 1B -SubTopic 825 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479383/944-825-50-1B + Details
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