Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Net Domestic Life Insurance In-Force

The following table sets forth net domestic life insurance in-force as of December 31:

(Amounts in millions)	2021			2020			2019
Direct life insurance in-force	$	471,147		$	509,670		$	555,252
Amounts assumed from other companies		573			624			673
Amounts ceded to other companies(1)		(427,464	)		(458,999	)		(500,965	)
Net life insurance in-force	$	44,256		$	51,295		$	54,960
Percentage of amount assumed to net		1	%		1	%		1	%

(1) Includes amounts accounted for under the deposit method.

Schedule of Effects of Reinsurance on Premiums Written and Earned

The following table sets forth the effects of reinsurance on premiums written and earned for the years ended December 31:

	Written									Earned
(Amounts in millions)	2021			2020			2019			2021			2020			2019
Direct:
Life insurance	$	774		$	795		$	845		$	775		$	795		$	845
Accident and health insurance(1)		2,797			2,836			2,792			2,834			2,860			2,821
Mortgage insurance		990			947			844			1,050			1,023			882
Total direct		4,561			4,578			4,481			4,659			4,678			4,548
Assumed:
Life insurance		2			1			1			2			2			1
Accident and health insurance(1)		300			313			321			304			322			326
Mortgage insurance		3			3			4			3			4			4
Total assumed		305			317			326			309			328			331
Ceded:
Life insurance(2)		(913	)		(558	)		(568	)		(913	)		(559	)		(568	)
Accident and health insurance(1)		(541	)		(550	)		(557	)		(548	)		(562	)		(564	)
Mortgage insurance		(72	)		(49	)		(22	)		(72	)		(49	)		(22	)
Total ceded		(1,526	)		(1,157	)		(1,147	)		(1,533	)		(1,170	)		(1,154	)
Net premiums	$	3,340		$	3,738		$	3,660		$	3,435		$	3,836		$	3,725
Percentage of amount assumed to net											9%			9%			9%

(1) Accident and health insurance is comprised almost entirely of our long-term care insurance products.

(2) Effective December 1, 2021 and included in the year ended December 31, 2021, we entered into a reinsurance agreement with SCOR Global Life USA Reinsurance Company, under which we ceded premiums of $360 million associated with certain term life insurance policies in connection with a life block transaction.

Schedule of Reinsurance Recoverable in Allowance for Credit Losses

The following table sets forth the changes in the allowance for credit losses related to reinsurance recoverables as of or for the years ended December 31:

(Amounts in millions)	2021		2020
Allowance for credit losses:
Beginning balance	$	45	$	—
Cumulative effect of change in accounting		—		40
Provision		10		5
Write-offs		—		—
Recoveries		—		—
Ending balance	$	55	$	45

Schedule Of Credit Ratings on Reinsurance Recoverable

The following tables set forth A.M. Best Company, Inc.’s (“A.M. Best”) credit ratings related to our reinsurance recoverables, gross of the allowance for credit losses, as of December 31:

	2021
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	543	$	543
A+		1,581		1,510		3,091
A		18		41		59
Not rated		13,099		76		13,175
Total reinsurance recoverable	$	14,698	$	2,170	$	16,868

	2020
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	519	$	519
A+		1,437		1,343		2,780
A		19		45		64
B+		—		1		1
Not rated		13,419		81		13,500
Total reinsurance recoverable	$	14,875	$	1,989	$	16,864