Reinsurance (Tables)

9 Months Ended

Sep. 30, 2020

Insurance [Abstract]

Effects of Reinsurance

The following summarizes the transaction:

(In millions)	Funds Withheld
Liabilities assumed	$	27,439
Less: Net consideration received	28,805
Unearned revenue reserve1	$	(1,366)
1 Included within interest sensitive contract liabilities on the condensed consolidated balance sheets.

The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the condensed consolidated statements of income:

	Three months ended September 30,				Nine months ended September 30,
(In millions)	2020		2019		2020		2019
Premiums
Direct	$	42	$	2,661	$	1,424	$	5,405
Reinsurance assumed	101		57		284		193
Reinsurance ceded	(31)		(30)		(101)		(123)
Total premiums	$	112	$	2,688	$	1,607	$	5,475
Future policy and other policy benefits
Direct	$	385	$	3,025	$	2,404	$	6,481
Reinsurance assumed	161		77		370		313
Reinsurance ceded	(107)		(147)		(305)		(399)
Total future policy and other policy benefits	$	439	$	2,955	$	2,469	$	6,395