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Related Party Transactions (Tables) | 6 Months Ended
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Jun. 30, 2025
Related Party Transactions [Abstract] |
Schedule of Reinsurance | 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 |  |  |  |  |
Below is a table showing a summary of the impact of the reinsurance agreement prior to recapture:
| 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-1 + Details
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