Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

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: