Reinsurance (Tables)

12 Months Ended

Dec. 31, 2024

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