Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Net Domestic Life Insurance In-Force

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

(Amounts in millions)	2023			2022			2021
Direct life insurance in-force	$	397,276		$	430,151		$	471,147
Amounts assumed from other companies		487			527			573
Amounts ceded to other companies(1)		(352,901	)		(383,350	)		(427,464	)
Net life insurance in-force	$	44,862		$	47,328		$	44,256
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)	2023			2022			2021			2023			2022			2021
Direct:
Life insurance	$	699		$	738		$	774		$	699		$	738		$	775
Accident and health insurance(1)		2,712			2,739			2,802			2,712			2,739			2,802
Mortgage insurance		995			979			990			1,049			1,023			1,050
Total direct		4,406			4,456			4,566			4,460			4,500			4,627
Assumed:
Life insurance		1			1			2			1			1			2
Accident and health insurance(1)		288			294			302			288			294			302
Mortgage insurance		4			3			3			4			3			3
Total assumed		293			298			307			293			298			307
Ceded:
Life insurance(2)		(493	)		(505	)		(913	)		(493	)		(505	)		(913	)
Accident and health insurance(1)		(537	)		(533	)		(543	)		(537	)		(533	)		(543	)
Mortgage insurance		(87	)		(80	)		(72	)		(87	)		(80	)		(72	)
Total ceded		(1,117	)		(1,118	)		(1,528	)		(1,117	)		(1,118	)		(1,528	)
Net premiums	$	3,582		$	3,636		$	3,345		$	3,636		$	3,680		$	3,406
Percentage of amount assumed to net											8	%		8	%		9	%

(1)  Accident and health insurance is comprised 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.

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 and for the years ended December 31:

(Amounts in millions)	2023			2022		2021
Allowance for credit losses:
Beginning balance	$	63		$	58	$	45
Provision		35			5		13
Write-offs		(69	)		—		—
Recoveries		—			—		—
Ending balance	$	29		$	63	$	58

Schedule Of Credit Ratings on Reinsurance Recoverable

The following tables set forth A.M. Best Company, Inc.’s credit ratings related to our reinsurance recoverables at the locked-in discount rate, gross of the allowance for credit losses, as of December 31:

	2023
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	666	$	666
A+		1,322		1,719		3,041
A		33		350		383
Not rated(1)		13,021		16		13,037
Total reinsurance recoverable	$	14,376	$	2,751	$	17,127

	2022
(Amounts in millions)	Collateralized		Non-collateralized		Total
Credit rating:
A++	$	—	$	626	$	626
A+		1,268		2,050		3,318
A		20		33		53
Not rated(1)		13,506		86		13,592
Total reinsurance recoverable	$	14,794	$	2,795	$	17,589

(1)  Primarily relates to amounts associated with UFLIC, which is not rated. However, UFLIC has trust accounts and a guarantee from its parent, as discussed above, and is sufficiently collateralized and fully collectible; accordingly, no allowance for credit losses was recorded as of December 31, 2023 and 2022.