Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Effect of Reinsurance on Premiums Earned and Benefits Incurred and Reserve Changes

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2023, 2022, and 2021 respectively, were as follows (in millions):

	Year Ended December 31,
	2023				2022				2021
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
Direct	$	2,112	$	3,728	$	1,522	$	3,640	$	1,314	$	3,070
Ceded	(105)		(175)		(128)		(2,514)		(137)		(1,138)
Net	$	2,007	$	3,553	$	1,394	$	1,126	$	1,177	$	1,932

Schedule of Reinsurance Recoverable

The following summarizes our reinsurance recoverable (in millions):

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	December 31, 2023		December 31, 2022
Aspida Life Re Ltd	$	6,128	$	3,121	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Wilton Reassurance Company	1,092		1,231		Coinsurance	Block of traditional, IUL and UL (c)	Reinsurance
Somerset Reinsurance Ltd	716		570		Coinsurance Funds Withheld	Certain MYGA (b) and DA	Deposit
Everlake Life Insurance Company	509		—		Coinsurance (d)	Certain MYGA (b) (d)	Deposit
Other (e)	536		505
Reinsurance recoverable, gross of allowance for credit losses	8,981		5,427
Allowance for expected credit loss	(21)		(10)
Reinsurance recoverable, net of allowance for credit losses	$	8,960	$	5,417
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) As of the years ended December 31, 2023 and 2022, the combined quota share flow reinsurance amongst all reinsurers was 90% and 75%, respectively.
(c) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

Reinsurance Expected Credit Loss Reserves

The expected credit loss reserves were as follows (in millions):

	Year Ended
	December 31, 2023		December 31, 2022
Balance at Beginning of Period	$	(10)	$	(20)
Provision for losses	(11)		10
Charge offs	—		—
Balance at End of Period	$	(21)	$	(10)

Schedule of Credit Ratings of Principal Reinsurers

The following table presents financial strength ratings as of December 31, 2023:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Life Re Ltd	A-	not rated	not rated	not rated
Wilton Re	A+	not rated	A	not rated
Somerset Reinsurance Ltd	A-	BBB+	not rated	not rated
Everlake	A+	not rated	not rated	not rated