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Reinsurance (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Reinsurance

The effect of reinsurance on the applicable line items on our Condensed Consolidated Statements of Operations are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in millions)
Premiums earned:
Gross amounts, including reinsurance assumed			$	725					$	1,253					$	2,713					$	4,124
Reinsurance ceded			(159)						(365)						(506)						(1,087)
Net amount			$	566					$	888					$	2,207					$	3,037
Other policy revenue:
Gross amounts, including reinsurance assumed			$	263					$	212					$	743					$	527
Reinsurance ceded			(82)						(4)						(241)						(23)
Net amount			$	181					$	208					$	502					$	504
Policyholder benefits and claims incurred:
Gross amounts, including reinsurance assumed			$	715					$	1,183					$	2,873					$	3,771
Reinsurance ceded			(188)						(337)						(630)						(809)
Net amount			$	527					$	846					$	2,243					$	2,962
Change in fair value of market risk benefits:
Gross amounts, including reinsurance assumed			$	328					$	110					$	694					$	296
Reinsurance ceded			(18)						24						(70)						(4)
Net amount			$	310					$	134					$	624					$	292
Interest sensitive contract benefits:
Gross amounts, including reinsurance assumed			$	585					$	629					$	1,679					$	1,394
Reinsurance ceded			(62)						(106)						(159)						(326)
Net amount			$	523					$	523					$	1,520					$	1,068

The following summarizes our significant life and annuity reinsurance treaties and related recoverable:

			Reinsurance Recoverable												Agreement Type						Products Covered
			September 30, 2025						December 31, 2024
			(Dollars in millions)
Principal Reinsurers:
EquiTrust Life Insurance Company			$	203					$	231					Coinsurance						Certain Fixed Index and Fixed Rate Annuities
Athene Life Re Ltd.			1,473						1,747						Coinsurance Funds Withheld, Modified Coinsurance						Certain Fixed Annuities and Multi-Year Guaranteed Annuities
AeBe ISA LTD			3,924						4,166						Coinsurance Funds Withheld, Coinsurance						Certain Fixed Index and Fixed Rate Annuities
Reinsurance Group of America Inc. (RGA)			3,568						3,420						Coinsurance						Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies
			$	9,168					$	9,564

Below is a table showing a summary of the impact of the reinsurance agreement prior to recapture:

									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://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

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X

- References

No definition available.

+ Details

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