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Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2017
Reinsurance Disclosures [Abstract]  
Reinsurance Impact On Balance Sheet
Reinsurance amounts included in the Company’s Consolidated Statements of Financial Position as of December 31, were as follows:
 
 
2017
 
2016
 
 
(in thousands)
Reinsurance recoverables
 
$
32,555,500

 
$
28,674,226

Policy loans
 
(124,843
)
 
(87,112
)
Deferred policy acquisition costs
 
(6,832,729
)
 
(6,482,889
)
Deferred sales inducements
 
(638,065
)
 
(615,117
)
Other assets(1)
 
205,430

 
226,347

Policyholders’ account balances
 
5,004,885

 
4,978,859

Future policy benefits
 
3,301,841

 
2,833,327

Other liabilities(2)
 
626,306

 
410,376


(1)
"Other assets" includes $0.1 million of unaffiliated activity as of both December 31, 2017 and 2016.
(2)
"Other liabilities" includes $73 million and $28 million of unaffiliated activity as of December 31, 2017 and 2016, respectively.
Reinsurance Table By Affiliate
The reinsurance recoverables by counterparty are broken out below:
 
 
December 31, 2017
 
December 31, 2016
 
 
(in thousands)
PAR U
 
$
11,111,272

 
$
10,514,125

PALAC
 
8,388,988

 
7,706,860

PURC
 
3,577,962

 
3,153,449

PARCC
 
2,546,673

 
2,589,397

GUL Re
 
1,772,950

 
0

PAR Term
 
1,559,618

 
1,403,738

Prudential of Taiwan
 
1,406,686

 
1,246,241

Prudential Insurance
 
1,152,241

 
976,652

Term Re
 
966,509

 
593,084

UPARC
 
0

 
467,904

Unaffiliated
 
72,601

 
22,776

Total reinsurance recoverables
 
$
32,555,500

 
$
28,674,226
Reinsurance Impact On Income Statement
Reinsurance amounts, included in the Company’s Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, were as follows:
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Premiums:
 
 
 
 
 
 
Direct
 
$
1,720,896

 
$
1,621,531

 
$
1,519,992

Assumed(1)
 
194

 
359

 
0

Ceded(2)
 
(1,666,384
)
 
(2,447,832
)
 
(1,442,358
)
Net premiums
 
54,706

 
(825,942
)
 
77,634

Policy charges and fee income:
 
 
 
 
 
 
Direct
 
3,459,134

 
2,804,446

 
2,933,271

Assumed
 
473,573

 
533,648

 
434,560

Ceded(3)
 
(3,678,165
)
 
(2,550,899
)
 
(1,211,444
)
Net policy charges and fee income
 
254,542

 
787,195

 
2,156,387

Net investment income:
 
 
 
 
 
 
Direct
 
356,291

 
378,969

 
419,357

Assumed
 
1,484

 
1,411

 
1,394

Ceded
 
(5,365
)
 
(4,430
)
 
(4,164
)
Net investment income
 
352,410

 
375,950

 
416,587

Asset administration fees:
 
 
 
 
 
 
Direct
 
340,461

 
310,178

 
362,321

Assumed
 
0

 
0

 
0

Ceded
 
(322,868
)
 
(225,735
)
 
0

Net asset administration fees
 
17,593

 
84,443

 
362,321

Other income:
 
 
 
 
 
 
Direct
 
62,830

 
50,475

 
44,223

Assumed(4)
 
390

 
(161
)
 
0

Ceded
 
(77
)
 
21

 
0

Amortization of reinsurance income
 
4,606

 
(19,228
)
 
11,292

Net other income
 
67,749

 
31,107

 
55,515

Realized investment gains (losses), net:
 
 
 
 
 
 
Direct
 
478,117

 
1,263,088

 
571,702

Assumed
 
0

 
0

 
0

Ceded(5)
 
(558,303
)
 
(504,639
)
 
(780,240
)
Realized investment gains (losses), net
 
(80,186
)
 
758,449

 
(208,538
)
Policyholders’ benefits (including change in reserves):
 
 
 
 
 
 
Direct
 
2,450,810

 
2,456,262

 
2,064,906

Assumed(6)
 
584,909

 
596,196

 
541,371

Ceded(7)
 
(3,074,099
)
 
(3,312,658
)
 
(2,307,127
)
Net policyholders’ benefits (including change in reserves)
 
(38,380
)
 
(260,200
)
 
299,150

Interest credited to policyholders’ account balances:
 
 
 
 
 
 
Direct
 
350,262

 
413,328

 
477,667

Assumed
 
135,123

 
131,953

 
124,954

Ceded
 
(316,994
)
 
(244,061
)
 
(228,410
)
Net interest credited to policyholders’ account balances
 
168,391

 
301,220

 
374,211

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(8)
 
(1,302,020
)
 
(840,010
)
 
(354,372
)

(1)
"Premiums assumed" includes $0.2 million, $0.4 million and $0 million of unaffiliated activity for the years ended December 31, 2017, 2016 and 2015, respectively.
(2)
"Premiums ceded" includes $0.0 million of unaffiliated activity for the year ended December 31, 2017.
(3)
"Policy charges ceded" includes $(8) million, $(4) million and $(4) million of unaffiliated activity for the years ended December 31, 2017, 2016 and 2015, respectively.
(4)
"Other income assumed" includes $0.4 million, $(0.2) million and $0.0 million of unaffiliated activity for the years ended December 31, 2017, 2016 and 2015, respectively.
(5)
"Realized investment gains (losses), net ceded" includes $(20) million, $(30) million and $2 million of unaffiliated activity for the years ended December 31, 2017, 2016 and 2015, respectively.
(6)
"Policyholders' benefits (including change in reserves) assumed" includes $0.4 million of unaffiliated activity for the year ended December 31, 2017.
(7)
"Policyholders' benefits (including change in reserves) ceded" includes $4 million, $5 million and $(14) million of unaffiliated activity for the years ended December 31, 2017, 2016 and 2015, respectively.
(8)
Prior period amount for the year ended December 31, 2015 has been corrected to exclude non-reinsurance expenses.
Gross And Net Life Insurance In Force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Direct gross life insurance face amount in force
 
$
882,333,743

 
$
827,832,976

 
$
770,427,543

Assumed gross life insurance face amount in force
 
41,782,959

 
42,566,514

 
43,552,313

Reinsurance ceded
 
(854,053,110
)
 
(805,796,078
)
 
(752,647,594
)
Net life insurance face amount in force
 
$
70,063,592

 
$
64,603,412

 
$
61,332,262