XML 70 R48.htm IDEA: XBRL DOCUMENT v3.25.3
REINSURANCE (Tables)
 9 Months Ended
Sep. 30, 2025
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 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 
Schedule of Ceded Credit Risk
The following table summarizes the ceded GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves:
September 30, 2025December 31, 2024
(in millions)
Ceded Reinsurance:
Estimated net fair values of purchased market risk benefits (1)
$5,415 $7,376 
Third-party reinsurance recoverables related to insurance contracts20,025 7,899 
Top reinsurers:
First Allmerica-GAF3,087 3,245 
Zurich Life Insurance Company, Ltd.1,157 2,444 
RGA Reinsurance Company1,920 1,205 
Ceded group health reserves56 53 
Amount due to reinsurers1,451 1,421 
Top reinsurers:
RGA Reinsurance Company1,159 2,187 
First Allmerica-GAF76 77 
Protective Life Insurance Company95 106 
Assumed Reinsurance:
Reinsurance assumed reserves$630 $647 
_____________
(1)The estimated fair values of purchased MRB risks decreased $(2.0) billion for the nine months ended September 30, 2025 and $(2.1) billion for the year ended December 31, 2024.