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Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Details on in-force life insurance were as follows:


	June 30, 2023			December 31, 2022
	(Dollars in thousands)
Direct life insurance in-force	$	937,072,279		$	919,081,738
Amounts ceded to other companies		(802,052,480	)		(787,907,229	)
Net life insurance in-force	$	135,019,799		$	131,174,509
Percentage of reinsured life insurance in-force		86	%		86	%

Reinsurance Recoverable Estimated by Reinsurer and Financial Strength Ratings of Reinsurer

Reinsurance recoverables as of June 30, 2023 and December 31, 2022 include ceded reserve balances, ceded claim liabilities, and ceded claims paid. Reinsurance recoverables estimated by reinsurer and the financial strength ratings of those reinsurers were as follows:


	June 30, 2023				December 31, 2022
	Reinsurance recoverables			A.M. Best rating	Reinsurance recoverables			A.M. Best rating
	(In thousands)
Swiss Re Life and Health America, Inc. (Novated from Pecan Re Inc.) (1)	$	2,314,583		A+	$	2,428,232		A+
Munich Re of Malta (1) (2)		244,325		NR		248,080		N/R
American Health and Life Insurance Company (1)		143,612		B++		150,121		B++
SCOR Global Life Reinsurance Companies (3)		121,991		A+		122,674		A+
Swiss Re Life & Health America Inc. (4)		56,726		A+		58,037		A+
RGA Reinsurance Company		49,238		A+		47,601		A+
Korean Reinsurance Company		41,759		A		42,609		A
Munich American Reassurance Company		40,779		A+		41,882		A+
Hannover Life Reassurance Company		21,210		A+		18,697		A+
TOA Reinsurance Company		19,927		A		18,231		A
All other reinsurers		35,969		-		36,312		-
Allowance for credit losses		(5,599	)			(2,936	)
Reinsurance recoverables	$	3,084,520			$	3,209,540

NR – not rated

(1)

Reinsurance recoverables includes balances ceded under coinsurance transactions of term life insurance policies that were in-force as of December 31, 2009. Amounts shown are net of their share of the reinsurance recoverables from other reinsurers. Arrangements with these reinsurers include collateral trust agreements held in support of reinsurance recoverables.

(2)

Entity is rated AA- by S&P.

(3)

Includes amounts ceded to Transamerica Reinsurance Companies and fully retroceded to SCOR Global Life Reinsurance Companies.

(4)

Includes amounts ceded to Lincoln National Life Insurance and fully retroceded to Swiss Re Life & Health America Inc.

Allowance for Credit Loss on Reinsurance Recoverable

The rollforward of the allowance for credit losses on reinsurance recoverables were as follows:


	Three months ended June 30,					Six months ended June 30,
	2023		2022			2023		2022
	(In thousands)
Balance, beginning of period	$	3,563	$	3,083		$	2,936	$	2,942
Current period provision for expected credit losses		2,036		51			2,663		192
Less: Collections from expected credit losses previously recorded		-		(170	)		-		(170	)
Balance, at the end of period	$	5,599	$	2,964		$	5,599	$	2,964