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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2024
Reinsurance Disclosures [Abstract] |
Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss) | The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Direct insurance premiums and fee income | $ | 14,160 |  |  | $ | 13,782 |  |  | $ | 13,607 |
Reinsurance assumed | 86 |  |  | 90 |  |  | 98 |
Reinsurance ceded (1) | (2,419) |  |  | (4,733) |  |  | (2,015) |
Total insurance premiums and fee income | $ | 11,827 |  |  | $ | 9,139 |  |  | $ | 11,690 |
Direct insurance benefits | $ | 10,857 |  |  | $ | 10,829 |  |  | $ | 10,345 |
Reinsurance ceded (1) | (2,939) |  |  | (4,691) |  |  | (1,866) |
Total benefits | $ | 7,918 |  |  | $ | 6,138 |  |  | $ | 8,479 |
Direct market risk benefit (gain) loss | $ | (2,818) |  |  | $ | (2,309) |  |  | $ | (3,517) |
Reinsurance ceded | 141 |  |  | 45 |  | 271 |
Total market risk benefit (gain) loss | $ | (2,677) |  |  | $ | (2,264) |  |  | $ | (3,246) |
Direct policyholder liability remeasurement (gain) loss | $ | 86 |  |  | $ | (224) |  |  | $ | 3,294 |
Reinsurance ceded | (276) |  |  | 72 |  |  | (528) |
Total policyholder liability remeasurement (gain) loss | $ | (190) |  |  | $ | (152) |  |  | $ | 2,766 |
(1) Includes impacts related to the fourth quarter 2023 reinsurance transaction.
Schedule of Assets in Support of Reserves | We held investments with a carrying value of $9.3 billion and $9.9 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of December 31, 2024 and 2023, respectively, which consisted of the following (in millions):
| As of December 31,
| 2024 |  | 2023
Fixed maturity AFS securities | $ | 7,764 |  |  | $ | 8,867 |
Derivative investments | 30 |  |  | – |
Other investments | 1,419 |  |  | 759 |
Cash and invested cash | 28 |  |  | 141 |
Accrued investment income | 96 |  |  | 103 |
Other assets | – |  |  | 1 |
Total | $ | 9,337 |  |  | $ | 9,871 |
We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):
| As of December 31,
| 2024 |  | 2023
Fixed maturity AFS securities | $ | 142 |  |  | $ | 177 |
Trading securities | 1,385 |  |  | 1,556 |
Equity securities | 42 |  |  | 58 |
Mortgage loans on real estate | 232 |  |  | 288 |
Derivative investments | 46 |  |  | 43 |
Other investments | 54 |  |  | 41 |
Cash and invested cash | 147 |  |  | 582 |
Accrued investment income | 18 |  |  | 23 |
Other assets | 1 |  |  | 6 |
Total | $ | 2,067 |  |  | $ | 2,774 |

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