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Reinsurance
 6 Months Ended
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:
DirectAssumedCededTotal,
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 agreements104 — — 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 agreements103 — — 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,

2024202320242023
Premiums:
Direct premiums$1,025 $902 $2,054 $1,810 
Reinsurance assumed4 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 assumed4 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 assumed17 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.