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Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Schedule of Reinsurance | The effect of reinsurance on net premiums earned and claims incurred and policyholder benefits paid are as follows:
| Successor |  |  | Predecessor
| Year Ended December 31, |  | Period From May 25 to December 31, |  |  | Period From January 1 to May 24,
| 2024 |  | 2023 |  | 2022 |  |  | 2022
| (Dollars in millions)
Premiums earned: |  |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 6,343 |  |  | $ | 4,907 |  |  | $ | 1,909 |  |  |  | $ | 1,282 |
Reinsurance ceded | (824) |  |  | (1,386) |  |  | (455) |  |  |  | (303) |
Net premiums earned | $ | 5,519 |  |  | $ | 3,521 |  |  | $ | 1,454 |  |  |  | $ | 979 |
Other policy revenue: |  |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 779 |  |  | $ | 414 |  |  | $ | 226 |  |  |  | $ | 159 |
Reinsurance ceded | (122) |  |  | — |  |  | — |  |  |  | — |
Net other policy revenue | $ | 657 |  |  | $ | 414 |  |  | $ | 226 |  |  |  | $ | 159 |
Policyholder benefits paid and claims incurred: |  |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 7,821 |  |  | $ | 4,103 |  |  | $ | 1,564 |  |  |  | $ | 1,089 |
Reinsurance ceded | (2,460) |  |  | (814) |  |  | (374) |  |  |  | (258) |
Net benefits paid and claims incurred | $ | 5,361 |  |  | $ | 3,289 |  |  | $ | 1,190 |  |  |  | $ | 831 |
Change in fair value of market risk benefits: |  |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 92 |  |  | $ | (69) |  |  | $ | (102) |  |  |  | $ | — |
Reinsurance ceded | (95) |  |  | — |  |  | — |  |  |  | — |
Net change in fair value of market risk benefits | $ | (3) |  |  | $ | (69) |  |  | $ | (102) |  |  |  | $ | — |
Interest sensitive contract benefits: |  |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 2,184 |  |  | $ | 480 |  |  | $ | 217 |  |  |  | $ | 150 |
Reinsurance ceded | (439) |  |  | — |  |  | — |  |  |  | — |
Net interest sensitive contract benefits | $ | 1,745 |  |  | $ | 480 |  |  | $ | 217 |  |  |  | $ | 150 |
The following summarizes our significant life and annuity reinsurance treaties and related recoverable:
| Reinsurance Recoverable |  |  |  | Agreement Type |  | Products Covered
| December 31, 2024 |  |  |  |  |  |
| (Dollars in millions) |  |  |  |  |  |
Principal Reinsurers: |  |  |  |  |  |  |
EquiTrust Life Insurance Company | $ | 231 |  |  |  |  | Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Athene Life Re Ltd. | 1,747 |  |  |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities and Multi-Year Guaranteed Annuities
AeBe ISA LTD | 4,166 |  |  |  |  | Coinsurance Funds Withheld, Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Reinsurance Group of America Inc. (RGA) | 3,420 |  |  |  |  | Coinsurance |  | Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies
| $ | 9,564 |  |  |  |  |  |  |

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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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