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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2016
Insurance [Abstract]  
Effects of Reinsurance
The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of income:
 
Years ended December 31,
(In millions)
2016
 
2015
 
2014
Premiums
 
 
 
 
 
Direct
$
448

 
$
445

 
$
387

Reinsurance assumed
20

 
24

 
28

Reinsurance ceded
(228
)
 
(274
)
 
(315
)
Total premiums
$
240

 
$
195

 
$
100

 
 
 
 
 
 
Future policy and other policy benefits
 
 
 
 
 
Direct
$
1,418

 
$
1,041

 
$
1,320

Reinsurance assumed
82

 
30

 
(134
)
Reinsurance ceded
(457
)
 
(554
)
 
(490
)
Total future policy and other policy benefits
$
1,043

 
$
517

 
$
696
Schedule of Novated Balances
The following summarizes the decreases in amounts on the consolidated balance sheets as a result of the novations:
 
Years ended December 31,
(In millions)
2016
 
2015
Interest sensitive contract liabilities
$
1,006

 
$
4,179

Future policy benefits
188

 
67

Policy loans
33

 
129

Reinsurance recoverable
1,161

 
4,117
Ceded Reinsurance Transactions
The following summarizes our reinsurance recoverable from the following:
 
December 31,
(In millions)
2016
 
2015
Global Atlantic
$
3,914

 
$
5,090

Protective
1,723

 
1,760

Other1
364

 
407

Reinsurance recoverable
$
6,001

 
$
7,257

 
 
 
 
1Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total recoverable.