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Related Party Transactions (Tables) | 9 Months Ended
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Sep. 30, 2024
Related Party Transactions [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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (Dollars in millions)
Premiums earned: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 1,253 |  |  | $ | 1,090 |  |  | $ | 4,124 |  |  | $ | 3,501 |
Reinsurance ceded |  | (365) |  |  | (306) |  |  | (1,087) |  |  | (934) |
Net premiums earned |  | $ | 888 |  |  | $ | 784 |  |  | $ | 3,037 |  |  | $ | 2,567 |
Other policy revenue: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 212 |  |  | $ | 106 |  |  | $ | 527 |  |  | $ | 306 |
Reinsurance ceded |  | (4) |  |  | — |  |  | (23) |  |  | — |
Net other policy revenue |  | $ | 208 |  |  | $ | 106 |  |  | $ | 504 |  |  | $ | 306 |
Policyholder benefits paid and claims incurred: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 1,183 |  |  | $ | 928 |  |  | $ | 3,771 |  |  | $ | 2,957 |
Reinsurance ceded |  | (337) |  |  | (211) |  |  | (809) |  |  | (551) |
Net benefits paid and claims incurred |  | $ | 846 |  |  | $ | 717 |  |  | $ | 2,962 |  |  | $ | 2,406 |
Change in fair value of market risk benefits: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 110 |  |  | $ | (27) |  |  | $ | 296 |  |  | $ | (41) |
Reinsurance ceded |  | 24 |  |  | 13 |  |  | (4) |  |  | 20 |
Net change in fair value of market risk benefits |  | $ | 134 |  |  | $ | (14) |  |  | $ | 292 |  |  | $ | (21) |
Interest sensitive contract benefits: |  |  |  |  |  |  |  |
Gross amounts |  | $ | 629 |  |  | $ | 238 |  |  | $ | 1,394 |  |  | $ | 603 |
Reinsurance ceded |  | (106) |  |  | (105) |  |  | (326) |  |  | (265) |
Net interest sensitive contract benefits |  | $ | 523 |  |  | $ | 133 |  |  | $ | 1,068 |  |  | $ | 338 |
The following summarizes our life and annuity reinsurance treaties and related recoverable (in millions):
|  | Reinsurance Recoverable |  | Agreement Type |  | Products Covered
|  | September 30, 2024 |  |  |  |  |  |
|  | (Dollars in millions) |  |  |  |  |  |
Principal Reinsurers: |  |  |  |  |  |  |  |
EquiTrust Life Insurance Company |  | $ | 237 |  |  |  |  | Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Athene Life Re Ltd. |  | 1,924 |  |  |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities and Multi-Year Guaranteed Annuities
North End Re (Cayman) SPC |  | 8,010 |  |  |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities
AeBe ISA LTD |  | 4,333 |  |  |  |  | Coinsurance Funds Withheld, Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Reinsurance Group of America Inc. (RGA) |  | 3,406 |  |  |  |  | Coinsurance |  | Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies
|  | $ | 17,910 |  |  |  |  |  |  |
Below is a table showing a summary of the impact of the reinsurance agreement:
|  |  | September 30, 2024
|  |  | (Dollars in millions)
Total assets |  |  | $ | 8,020 |
Total liabilities |  |  | 5,660 |
| Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
| (Dollars in millions)
Effect of reinsurance agreement on net income (loss) | $ | (138) |  |  | $ | (216) |

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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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