REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2023

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,
		2023		2022		2021
		(in millions)
Direct charges and fee income		$	3,093	$	3,145	$	3,380
Reinsurance assumed		3		—		$	—
Reinsurance ceded		(716)		(691)		(613)
Policy charges and fee income		$	2,380	$	2,454	$	2,767

Direct premiums		$	1,175	$	1,042	$	970
Reinsurance assumed		174		180		189
Reinsurance ceded		(245)		(228)		(199)
Premiums		$	1,104	$	994	$	960

Direct policyholders’ benefits		$	3,315	$	3,262	$	3,297
Reinsurance assumed		157		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

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,
	2023		2022
	(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 contracts	8,352		8,471
Top reinsurers:
First Allmerica-GAF	3,606		4,005
Zurich Life Insurance Company, Ltd.	1,326		1,416
RGA Reinsurance Company	1,228		1,272

Ceded group health reserves	56		47
Amount due to reinsurers	1,450		1,533
Top reinsurers:
RGA Reinsurance Company	1,151		1,171
First Allmerica-GAF	73		147
Protective Life Insurance Company	99		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.