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Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Insurance [Abstract]

Effects of Reinsurance

The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income (loss):

			Successor									Predecessor
(In millions)			Year Ended December 31, 2022									Year Ended December 31, 2021						Year Ended December 31, 2020
Premiums
Direct			$	11,373								$	13,989					$	5,691
Reinsurance assumed			377									388						413
Reinsurance ceded			(112)									(115)						(141)
Total premiums			$	11,638								$	14,262					$	5,963
Future policy and other policy benefits
Direct			$	12,018								$	15,482					$	7,016
Reinsurance assumed			398									503						522
Reinsurance ceded			(106)									(251)						(351)
Total future policy and other policy benefits			$	12,310								$	15,734					$	7,187

e did not have any block reinsurance transactions during the years ended December 31, 2022 or 2021. The following summarizes our block reinsurance agreements at inception:

															Predecessor
(In millions)															Year Ended December 31, 2020
Liabilities assumed															$	27,439
Less: Assets received															28,805
Net cost of reinsurance															$	(1,366)
Unearned revenue reserve1															(1,366)
1 Included within interest sensitive contract liabilities on the consolidated balance sheets.

Ceded Credit Risk

The following summarizes our reinsurance recoverable:

			Successor									Predecessor
(In millions)			December 31, 2022									December 31, 2021
Global Atlantic			$	2,461								$	2,916
Protective			1,581									1,515
Brighthouse Financial			226									—
Other1			99									163
Reinsurance recoverable			$	4,367								$	4,594
1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable.

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

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- References

No definition available.

+ Details

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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

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