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Reinsurance | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Reinsurance | 12. Reinsurance The Company reinsures its business through a diversified group of reinsurers. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances is evaluated by monitoring ratings and the financial strength of its reinsurers. The effect of reinsurance on the applicable line items on our Consolidated Statements of Operations are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Premiums earned: |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 943 |  |  | $ | 1,387 |  |  | $ | 1,988 |  |  | $ | 2,871 |
Reinsurance ceded | (191) |  |  | (382) |  |  | (347) |  |  | (722) |
Net amount | $ | 752 |  |  | $ | 1,005 |  |  | $ | 1,641 |  |  | $ | 2,149 |
Other policy revenue: |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 252 |  |  | $ | 203 |  |  | $ | 480 |  |  | $ | 315 |
Reinsurance ceded | (80) |  |  | (19) |  |  | (159) |  |  | (19) |
Net amount | $ | 172 |  |  | $ | 184 |  |  | $ | 321 |  |  | $ | 296 |
Policyholder benefits and claims incurred: |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 1,074 |  |  | $ | 1,296 |  |  | $ | 2,158 |  |  | $ | 2,588 |
Reinsurance ceded | (246) |  |  | (266) |  |  | (442) |  |  | (472) |
Net amount | $ | 828 |  |  | $ | 1,030 |  |  | $ | 1,716 |  |  | $ | 2,116 |
Change in fair value of market risk benefits: |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | (26) |  |  | $ | 148 |  |  | $ | 366 |  |  | $ | 186 |
Reinsurance ceded | (21) |  |  | (9) |  |  | (52) |  |  | (28) |
Net amount | $ | (47) |  |  | $ | 139 |  |  | $ | 314 |  |  | $ | 158 |
Interest sensitive contract benefits: |  |  |  |  |  |  |
Gross amounts, including reinsurance assumed | $ | 544 |  |  | $ | 506 |  |  | $ | 1,094 |  |  | $ | 765 |
Reinsurance ceded | (59) |  |  | (116) |  |  | (97) |  |  | (220) |
Net amount | $ | 485 |  |  | $ | 390 |  |  | $ | 997 |  |  | $ | 545 |
The following summarizes our significant life and annuity reinsurance treaties and related recoverable:
| Reinsurance Recoverable |  | Agreement Type |  | Products Covered
| June 30, 2025 |  | December 31, 2024 |  |  |  |
| (Dollars in millions) |  |  |  |
Principal Reinsurers: |  |  |  |  |  |  |
EquiTrust Life Insurance Company | $ | 210 |  |  | $ | 231 |  |  | Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Athene Life Re Ltd. | 1,570 |  |  | 1,747 |  |  | Coinsurance Funds Withheld, Modified Coinsurance |  | Certain Fixed Annuities and Multi-Year Guaranteed Annuities
AeBe ISA LTD | 4,023 |  |  | 4,166 |  |  | Coinsurance Funds Withheld, Coinsurance |  | Certain Fixed Index and Fixed Rate Annuities
Reinsurance Group of America Inc. (RGA) | 3,533 |  |  | 3,420 |  |  | Coinsurance |  | Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies
| $ | 9,336 |  |  | $ | 9,564 |  |  |  |  |
There were no significant changes to third party or intercompany reinsurance agreements for the three and six months ended June 30, 2025.

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 + Details
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