Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance amounts included in the Consolidated Statement of Operations

Reinsurance amounts included in the Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits” for the years ended December 31, are as follows:


	2023		2022		2021
	(in millions)
Direct premiums	$	29,475	$	34,721	$	30,668
Reinsurance assumed	5,005		4,072		5,699
Reinsurance ceded	(7,116)		(2,318)		(2,417)
Premiums	$	27,364	$	36,475	$	33,950

Direct policy charges and fee income	$	3,933	$	3,916	$	4,750
Reinsurance assumed	1,228		1,247		1,204
Reinsurance ceded	(634)		(548)		(521)
Policy charges and fee income	$	4,527	$	4,615	$	5,433

Direct change in value of market risk benefits, net of related hedging gains (losses)	$	123	$	(308)	$	3,645
Reinsurance assumed	120		21		84
Reinsurance ceded	(187)		(122)		(132)
Change in value of market risk benefits, net of related hedging gains (losses)	$	56	$	(409)	$	3,597

Direct policyholders’ benefits	$	32,044	$	38,081	$	34,425
Reinsurance assumed	7,128		5,900		6,896
Reinsurance ceded	(8,241)		(3,165)		(3,330)
Policyholders’ benefits	$	30,931	$	40,816	$	37,991

Direct change in estimates of liability for Future policy benefits	$	447	$	1,504	$	(66)
Reinsurance assumed	(147)		471		(17)
Reinsurance ceded	37		(1,321)		48
Change in estimates of liability for future policy benefits	$	337	$	654	$	(35)

Reinsurance Recoverables

Reinsurance recoverables at December 31, are as follows:


	2023		2022
	(in millions)
Individual and group annuities(1)	$	7,516	$	2,078
Life insurance(2)	8,806		7,981
Other reinsurance	415		358
Total reinsurance recoverables(3)(4)	$	16,737	$	10,417

__________

(1)Primarily represents $5,981 million of reinsurance recoverables as of December 31, 2023 established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $8,543 million as of December 31, 2023. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $1,485 million and $1,986 million as of December 31, 2023 and 2022, respectively.

(2)Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $2,090 million and $2,041 million as of December 31, 2023 and 2022, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,396 million and $1,327 million as of December 31, 2023 and 2022, respectively.

(3)Net of $(12) million and $(15) million of allowance for credit losses as of December 31, 2023 and 2022, respectively.

(4)Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $10,574 million and $8,576 million as of December 31, 2023 and 2022, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $3,771 million as of December 31, 2023.