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Reinsurance (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Reinsurance | The effect of reinsurance on net premiums earned and claims incurred and policyholder benefits paid are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (Dollars in millions)
Premiums earned: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 1,387 |  |  | $ | 1,344 |  |  | $ | 2,871 |  |  | $ | 2,411 |
Reinsurance ceded |  | (382) |  |  | (342) |  |  | (722) |  |  | (628) |
Net premiums earned |  | $ | 1,005 |  |  | $ | 1,002 |  |  | $ | 2,149 |  |  | $ | 1,783 |
Other policy revenue: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 203 |  |  | $ | 103 |  |  | $ | 315 |  |  | $ | 200 |
Reinsurance ceded |  | (19) |  |  | — |  |  | (19) |  |  | — |
Net other policy revenue |  | $ | 184 |  |  | $ | 103 |  |  | $ | 296 |  |  | $ | 200 |
Policyholder benefits paid and claims incurred: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 1,296 |  |  | $ | 1,171 |  |  | $ | 2,588 |  |  | $ | 2,029 |
Reinsurance ceded |  | (266) |  |  | (182) |  |  | (472) |  |  | (340) |
Net benefits paid and claims incurred |  | $ | 1,030 |  |  | $ | 989 |  |  | $ | 2,116 |  |  | $ | 1,689 |
Change in fair value of market risk benefits: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 148 |  |  | $ | (24) |  |  | $ | 186 |  |  | $ | (14) |
Reinsurance ceded |  | (9) |  |  | 12 |  |  | (28) |  |  | 7 |
Net change in fair value of market risk benefits |  | $ | 139 |  |  | $ | (12) |  |  | $ | 158 |  |  | $ | (7) |
Interest sensitive contract benefits: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 506 |  |  | $ | 175 |  |  | $ | 765 |  |  | $ | 365 |
Reinsurance ceded |  | (116) |  |  | (59) |  |  | (220) |  |  | (160) |
Net interest sensitive contract benefits |  | $ | 390 |  |  | $ | 116 |  |  | $ | 545 |  |  | $ | 205 |
The following summarizes our annuity reinsurance treaties and related recoverable (in millions):
|  | Reinsurance Recoverable |  | Agreement Type |  | Products Covered
|  | June 30, 2024 |  |  |  |  |  |
|  | (Dollars in millions) |  |  |  |  |  |
Principal Reinsurers: |  |  |  |  |  |  |  |
EquiTrust Life Insurance Company |  | $ | 245 |  |  |  |  | Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Athene Life Re Ltd. |  | 2,044 |  |  |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities and Multi-Year Guaranteed Annuities
North End Re (Cayman) SPC |  | 8,075 |  |  |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities
AeBe ISA LTD |  | 4,397 |  |  |  |  | Coinsurance Funds Withheld, Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
|  | $ | 14,761 |  |  |  |  |  |  |
Below is a table showing a summary of the impact of the reinsurance agreement:
| June 30, 2024
| (Dollars in millions)
Total assets | $ | 8,082 |
Total liabilities | 5,564 |
| Three Months Ended June 30,2024
| (Dollars in millions)
Net (loss) | $ | (78) |

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- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 605 -Topic 944 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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- References No definition available. + Details
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