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REINSURANCE
 12 Months Ended
Dec. 31, 2023
Reinsurance Disclosures [Abstract]  
REINSURANCE REINSURANCE
The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability.
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,
202320222021
(in millions)
Direct charges and fee income$3,093 $3,145 $3,380 
Reinsurance assumed3 — $— 
Reinsurance ceded(716)(691)(613)
Policy charges and fee income$2,380 $2,454 $2,767 
Direct premiums$1,175 $1,042 $970 
Reinsurance assumed174 180 189 
Reinsurance ceded(245)(228)(199)
Premiums$1,104 $994 $960 
Direct policyholders’ benefits$3,315 $3,262 $3,297 
Reinsurance assumed157 179 212 
Reinsurance ceded(718)(725)(721)
Policyholders’ benefits$2,754 $2,716 $2,788 
Direct interest credited to policyholders’ account balances$2,174 $1,440 $1,226 
Reinsurance ceded(91)(30)(7)
Interest credited to policyholders’ account balances$2,083 $1,410 $1,219 
Ceded Reinsurance
The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases.
On October 3, 2022, Equitable Financial ceded to First Allmerica Financial Life Insurance Company, a wholly owned subsidiary of Global Atlantic Financial Group, on a combined coinsurance and modified coinsurance basis, a 50% quota share of approximately 360,000 legacy Group EQUI-VEST deferred variable annuity contracts issued by Equitable Financial between 1980 and 2008.
In addition to the above, the Company cedes a portion of its group health, extended term insurance, and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements.
Assumed Reinsurance
In addition to the sale of insurance products, the Company currently assumes risk from professional reinsurers. The Company also had a run-off portfolio of assumed reinsurance liabilities at CSLRC which was sold to Venerable in June 2021. The Company assumes accident, life, health, annuity (including products covering GMDB and GMIB benefits), aviation, special risk and space risks by participating in or reinsuring various reinsurance pools and arrangements.
The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves:
December 31,
20232022
(in millions)
Ceded Reinsurance:
Estimated net fair values of purchased market risk benefits (1)
$9,427 $10,423 
Third-party reinsurance recoverables related to insurance contracts8,352 8,471 
Top reinsurers:
First Allmerica-GAF3,606 4,005 
Zurich Life Insurance Company, Ltd.1,326 1,416 
RGA Reinsurance Company1,228 1,272 
Ceded group health reserves56 47 
Amount due to reinsurers1,450 1,533 
Top reinsurers:
RGA Reinsurance Company1,151 1,171 
First Allmerica-GAF73 147 
Protective Life Insurance Company99 104 
Assumed Reinsurance:
Reinsurance assumed reserves$731 $701 
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(1)The estimated fair values of purchased MRB risks decreased $(996) million and $(3.7) billion for the years ended December 31, 2023 and 2022.