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REINSURANCE (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (in millions)
Direct charges and fee income |  |  |  |  | $ | 3,230 |  |  | $ | 3,093 |  |  | $ | 3,145 |
Reinsurance assumed |  |  |  |  | — |  |  | 3 |  |  | — |
Reinsurance ceded |  |  |  |  | (735) |  |  | (716) |  |  | (691) |
Policy charges and fee income |  |  |  |  | $ | 2,495 |  |  | $ | 2,380 |  |  | $ | 2,454 |
Direct premiums |  |  |  |  | $ | 1,245 |  |  | $ | 1,175 |  |  | $ | 1,042 |
Reinsurance assumed |  |  |  |  | 164 |  |  | 174 |  |  | 180 |
Reinsurance ceded |  |  |  |  | (247) |  |  | (245) |  |  | (228) |
Premiums |  |  |  |  | $ | 1,162 |  |  | $ | 1,104 |  |  | $ | 994 |
Direct policyholders’ benefits |  |  |  |  | $ | 3,285 |  |  | $ | 3,315 |  |  | $ | 3,262 |
Reinsurance assumed |  |  |  |  | 147 |  |  | 157 |  |  | 179 |
Reinsurance ceded |  |  |  |  | (736) |  |  | (718) |  |  | (725) |
Policyholders’ benefits |  |  |  |  | $ | 2,696 |  |  | $ | 2,754 |  |  | $ | 2,716 |
Direct interest credited to policyholders’ account balances |  |  |  |  | $ | 2,583 |  |  | $ | 2,174 |  |  | $ | 1,440 |
Reinsurance ceded |  |  |  |  | (84) |  |  | (91) |  |  | (30) |
Interest credited to policyholders’ account balances |  |  |  |  | $ | 2,499 |  |  | $ | 2,083 |  |  | $ | 1,410 |
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,
| 2024 |  | 2023
| (in millions)
Ceded Reinsurance: |  |  |
Estimated net fair values of purchased market risk benefits (1) | $ | 7,376 |  |  | $ | 9,427 |
Third-party reinsurance recoverables related to insurance contracts | 8,044 |  |  | 8,352 |
Top reinsurers: |  |  |
First Allmerica-GAF | 3,245 |  |  | 3,606 |
Zurich Life Insurance Company, Ltd. | 2,444 |  |  | 1,326 |
RGA Reinsurance Company | 1,205 |  |  | 1,228 |
Ceded group health reserves | 53 |  |  | 56 |
Amount due to reinsurers | 1,407 |  |  | 1,450 |
Top reinsurers: |  |  |
RGA Reinsurance Company | 2,187 |  |  | 1,151 |
First Allmerica-GAF | 77 |  |  | 73 |
Protective Life Insurance Company | 106 |  |  | 99 |
Assumed Reinsurance: |  |  |
Reinsurance assumed reserves | $ | 647 |  |  | $ | 731 |
_____________ (1)The estimated fair values of purchased MRB risks decreased $(2.1) billion and $(996) million for the years ended December 31, 2024 and 2023, respectively.

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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/1943274/2147477351/944-825-50-1B + Details
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