REINSURANCE (Tables)

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Schedule Of Effect Of Reinsurance

The following table summarizes the effect of reinsurance. The impact of the reinsurance transaction described above results in an increase in reinsurance ceded.

	Year Ended December 31,
	2021		2020		2019
	(in millions)
Direct premiums	$	762	$	764	$	868
Reinsurance assumed	181		195		194
Reinsurance ceded	(193)		(153)		(126)
Premiums	$	750	$	806	$	936
Direct charges and fee income	$	3,962	$	2,684	$	2,721
Reinsurance ceded	(571)		780		766
Policy charges and fee income	$	3,391	$	3,464	$	3,487
Direct policyholders’ benefits	$	3,553	$	5,233	$	4,298
Reinsurance assumed	243		218		217
Reinsurance ceded	(814)		(500)		(427)
Policyholders’ benefits	$	2,982	$	4,951	$	4,088

Ceded Credit Risk

The following table summarizes the ceded reinsurance GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves..

	December 31,
	2021		2020
	(in millions)
Ceded Reinsurance:
Estimated net fair values of ceded GMIB reinsurance contracts, considered derivatives (1)	$	2,068	$	2,859
Estimated net fair values of ceded GMIB NLG ceded reserves to Venerable (2)	5,813		—
Third-party reinsurance recoverables related to insurance contracts	12,459		2,245
Top reinsurers:
Venerable Insurance and Annuity Company (A- KBRA (IFRS) rating)	10,335		N/A
Zurich Life Insurance Company, Ltd. (AA- SAP rating)	1,318		1,421
Ceded group health reserves	40		48
Third-party reinsurance payables related to insurance contracts	127		113
Top reinsurers:
Venerable Insurance and Annuity Company	27		N/A
Assumed Reinsurance:
Reinsurance assumed reserves	758		721

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(1)The estimated fair values increased $(791) million $393 million and $475 million for the years ended December 31, 2021, 2020 and 2019, respectively.

(2)Reported in amounts due from reinsurers. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable transaction.