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REINSURANCE
 9 Months Ended
Sep. 30, 2025
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.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Direct charges and fee income$805 $809 $2,396 $2,406 
Reinsurance assumed— — — — 
Reinsurance ceded(334)(183)(663)(549)
Policy charges and fee income$471 $626 $1,733 $1,857 
Direct premiums$276 $332 $865 $933 
Reinsurance assumed45 40 125 130 
Reinsurance ceded(63)(60)(168)(184)
Premiums$258 $312 $822 $879 
Direct policyholders’ benefits$764 $799 $2,684 $2,468 
Reinsurance assumed43 31 118 114 
Reinsurance ceded(355)(167)(804)(575)
Policyholders’ benefits$452 $663 $1,998 $2,007 
Direct interest credited to policyholders’ account balances$876 $708 $2,394 $1,940 
Reinsurance ceded(78)(7)(122)(61)
Interest credited to policyholders’ account balances$798 $701 $2,272 $1,879 
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 July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company’s in-force individual life insurance block and Closed Block. See Note 1 of the Notes to these Consolidated Financial Statements for additional details of the RGA Reinsurance Transaction.
Assets supporting the NI modco arrangement with RGA consist of $266 million of fixed maturity securities, $29 million of options, and $3 million of cash and cash equivalents as of September 30, 2025.

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.