XML 40 R27.htm IDEA: XBRL DOCUMENT
v3.22.2

Reinsurance (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Reinsurance Disclosures [Abstract] |
In-force Life Insurance | Details on in-force life insurance were as follows:
|  | June 30, 2022 |  |  | December 31, 2021 |
|  | (Dollars in thousands) |
Direct life insurance in-force |  | $ | 916,778,660 |  |  | $ | 905,819,671 |
Amounts ceded to other companies |  |  | (785,290,868 | ) |  |  | (777,826,233 | )
Net life insurance in-force |  | $ | 131,487,792 |  |  | $ | 127,993,438 |
Percentage of reinsured life insurance in-force |  |  | 86 | % |  |  | 86 | %
Reinsurance Recoverable and Financial Strength Ratings by Reinsurer | Reinsurance recoverables as of June 30, 2022 and December 31, 2021 include ceded reserve balances, ceded claim liabilities, and ceded claims paid. Reinsurance recoverables and financial strength ratings by reinsurer were as follows:
|  | June 30, 2022 |  | December 31, 2021
|  | Reinsurance recoverables |  |  | A.M. Best rating |  | Reinsurance recoverables |  |  | A.M. Best rating
|  | (In thousands)
Swiss Re Life & Health America Inc. (Novated from Pecan Re Inc.) (1) (2) |  | $ | 2,490,426 |  |  | A+ |  | $ | - |  |  | -
Pecan Re Inc. (1)(2) |  | - |  |  | - |  |  | 2,567,602 |  |  | NR
SCOR Global Life Reinsurance Companies (3) |  |  | 397,858 |  |  | A+ |  |  | 426,634 |  |  | A+
Munich Re of Malta (2) (5) |  |  | 268,535 |  |  | NR |  |  | 278,591 |  |  | NR
Swiss Re Life & Health America Inc. (4) |  |  | 236,628 |  |  | A+ |  |  | 259,239 |  |  | A+
American Health and Life Insurance Company (2) |  |  | 153,552 |  |  | B++ |  |  | 157,837 |  |  | B++
Munich American Reassurance Company |  |  | 132,432 |  |  | A+ |  |  | 142,705 |  |  | A+
RGA Reinsurance |  |  | 124,265 |  |  | A+ |  |  | 140,953 |  |  | A+
Korean Reinsurance Company |  |  | 117,967 |  |  | A |  |  | 134,048 |  |  | A
Hannover Life Reassurance Company |  |  | 44,657 |  |  | A+ |  |  | 49,749 |  |  | A+
TOA Reinsurance Company |  |  | 34,487 |  |  | A |  |  | 38,909 |  |  | A
All other reinsurers |  |  | 71,196 |  |  | - |  |  | 75,094 |  |  | -
Allowance for credit losses |  |  | (2,964 | ) |  |  |  |  | (2,942 | ) |  |
Reinsurance recoverables |  | $ | 4,069,039 |  |  |  |  | $ | 4,268,419 |  |  |
NR – not rated
(1) | Effective April 1, 2022, the coinsurance agreement with Pecan Re Inc. was novated and replaced by an agreement with Swiss Re Life and Health America, Inc.
(2) | Reinsurance recoverables includes balances ceded under coinsurance transactions of term life insurance policies that were in-force as of December 31, 2009. Amounts shown are net of their share of the reinsurance recoverables from other reinsurers. Arrangements with these reinsurers include collateral trust agreements held in support of reinsurance recoverables.
(3) | Includes amounts ceded to Transamerica Reinsurance Companies and fully retroceded to SCOR Global Life Reinsurance Companies.
(4) | Includes amounts ceded to Lincoln National Life Insurance and fully retroceded to Swiss Re Life & Health America Inc.
(5) | Entity is rated AA- by S&P.
Allowance for Credit Loss on Reinsurance Recoverable | The rollforward of the allowance for credit losses on reinsurance recoverables were as follows:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Balance, beginning of period |  | $ | 3,083 |  |  | $ | 7,363 |  |  | $ | 2,942 |  |  | $ | 7,144 |
Current period provision for expected credit losses |  |  | 51 |  |  |  | 291 |  |  |  | 192 |  |  |  | 510 |
Less: Recoveries from expected credit losses previously recorded |  |  | (170 | ) |  |  | - |  |  |  | (170 | ) |  |  | - |
Balance, at the end of period |  | $ | 2,964 |  |  | $ | 7,654 |  |  | $ | 2,964 |  |  | $ | 7,654 |

X
- Definition Tabular disclosure of the effects of reinsurance, for example, but not limited to, disclosure of direct, assumed, and ceded insurance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 605 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6486672&loc=d3e27261-158547 + Details
Name: | us-gaap_EffectsOfReinsuranceTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReinsuranceDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on reinsurance recoverable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_ReinsuranceRecoverableAllowanceForCreditLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123600520&loc=SL75241803-196195 + Details
Name: | us-gaap_ScheduleOfCededCreditRiskByReinsurerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration