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Reinsurance | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Reinsurance | Reinsurance The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC"). Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
| Direct |  | Assumed |  | Ceded |  | Total, Net of Reinsurance
June 30, 2024 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Premiums receivable | $ | 217 |  |  | $ | 12 |  |  | $ | (226) |  |  | $ | 3 |
Reinsurance recoverable, net of allowance for credit losses | — |  |  | — |  |  | 11,571 |  |  | 11,571 |
Total | $ | 217 |  |  | $ | 12 |  |  | $ | 11,345 |  |  | $ | 11,574 |
Liabilities |  |  |  |  |  |  |
Future policy benefits and contract owner account balances | $ | 46,310 |  |  | $ | 921 |  |  | $ | — |  |  | $ | 47,231 |
Liability for funds withheld under reinsurance agreements | 104 |  |  | — |  |  | — |  |  | 104 |
Total | $ | 46,414 |  |  | $ | 921 |  |  | $ | — |  |  | $ | 47,335 |
December 31, 2023 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Premiums receivable | $ | 193 |  |  | $ | 9 |  |  | $ | (219) |  |  | $ | (17) |
Reinsurance recoverable, net of allowance for credit losses | — |  |  | — |  |  | 11,999 |  |  | 11,999 |
Total | $ | 193 |  |  | $ | 9 |  |  | $ | 11,780 |  |  | $ | 11,982 |
Liabilities |  |  |  |  |  |  |
Future policy benefits and contract owner account balances | $ | 47,781 |  |  | $ | 953 |  |  | $ | — |  |  | $ | 48,734 |
Liability for funds withheld under reinsurance agreements | 103 |  |  | — |  |  | — |  |  | 103 |
Total | $ | 47,884 |  |  | $ | 953 |  |  | $ | — |  |  | $ | 48,837 |
Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Premiums: |  |  |  |  |  |  |
Direct premiums | $ | 1,025 |  |  | $ | 902 |  |  | $ | 2,054 |  |  | $ | 1,810 |
Reinsurance assumed | 4 |  |  | 5 |  |  | 11 |  |  | 15 |
Reinsurance ceded | (239) |  |  | (230) |  |  | (475) |  |  | (463) |
Net premiums | $ | 790 |  |  | $ | 677 |  |  | $ | 1,590 |  |  | $ | 1,362 |
Fee income: |  |  |  |  |  |  |
Gross fee income | $ | 612 |  |  | $ | 571 |  |  | $ | 1,220 |  |  | $ | 1,133 |
Reinsurance assumed | 4 |  |  | 5 |  |  | 8 |  |  | 9 |
Reinsurance ceded | (99) |  |  | (102) |  |  | (198) |  |  | (204) |
Net fee income | $ | 517 |  |  | $ | 474 |  |  | $ | 1,030 |  |  | $ | 938 |
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders | $ | 1,157 |  |  | $ | 1,014 |  |  | $ | 2,338 |  |  | $ | 2,122 |
Reinsurance assumed | 17 |  |  | 11 |  |  | 36 |  |  | 30 |
Reinsurance ceded | (331) |  |  | (343) |  |  | (680) |  |  | (719) |
Net interest credited and other benefits to contract owners / policyholders | $ | 843 |  |  | $ | 682 |  |  | $ | 1,694 |  |  | $ | 1,433 |
If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of June 30, 2024 and December 31, 2023, the Company had a deposit asset net of the allowance for credit losses of $1.1 billion and $1.2 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 + Details
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