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Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2017
Reinsurance Disclosures [Abstract]  
Reinsurance Impact On Balance Sheet
Reinsurance amounts included in the Company's Unaudited Interim Statements of Financial Position as of June 30, 2017 and December 31, 2016 were as follows:
 
June 30, 2017
 
December 31, 2016
 
(in thousands)
Reinsurance recoverables
$
583,483

 
$
588,608

Deferred policy acquisition costs
3,873,306

 
3,557,248

Deferred sales inducements
580,729

 
520,182

Value of business acquired
(2,655
)
 
(2,357
)
Other assets
99,568

 
112,802

Policyholders’ account balances
2,689,017

 
2,576,357

Future policy benefits
6,360,118

 
5,130,753

Reinsurance payables(1)
260,755

 
275,822

Other liabilities(2)
351,772

 
335,713



(1)
"Reinsurance payables" includes $0.2 million and $0.1 million of unaffiliated activity as of June 30, 2017 and December 31, 2016, respectively.
(2)
"Other liabilities" includes $(0.1) million and $0.0 million of unaffiliated activity as of June 30, 2017 and December 31, 2016, respectively.
Reinsurance Recoverables by Affiliate
The reinsurance recoverables by counterparty are broken out below:
 
June 30, 2017
 
December 31, 2016
 
(in thousands)
Prudential Insurance
$
328,614

 
$
306,191

Pruco Life
254,778

 
282,326

Unaffiliated
91

 
91

Total reinsurance recoverables
$
583,483

 
$
588,608
Reinsurance Impact On Income Statement
Reinsurance amounts, included in the Company’s Unaudited Interim Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, were as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016(1)
 
2017
 
2016(1)
 
(in thousands)
Premiums:
 
 
 
 
 
 
 
Direct
$
8,763

 
$
11,260

 
$
18,188

 
$
17,048

Assumed
9,918

 
831,337

 
19,553

 
831,337

Ceded
(1,347
)
 
0

 
(1,580
)
 
(298
)
Net premiums
17,334

 
842,597

 
36,161

 
848,087

Policy charges and fee income:
 
 
 
 
 
 
 
Direct
159,622

 
163,088

 
315,293

 
324,292

Assumed
404,487

 
374,295

 
797,389

 
374,295

Ceded(2)
(11,012
)
 
(11,364
)
 
(22,279
)
 
(23,062
)
Net policy charges and fee income
553,097

 
526,019

 
1,090,403

 
675,525

Asset administration fees and other income:
 
 
 
 
 
 
 
Direct
35,984

 
37,726

 
67,399

 
67,431

Assumed
72,308

 
66,409

 
142,111

 
66,409

Ceded
(2,423
)
 
(2,440
)
 
(4,839
)
 
(4,814
)
Net asset administration fees and other income
105,869

 
101,695

 
204,671

 
129,026

Realized investment gains (losses), net:
 
 
 
 
 
 
 
Direct
(187,273
)
 
1,547,312

 
(746,836
)
 
917,202

Assumed
(1,358,844
)
 
(3,761,202
)
 
(767,422
)
 
(3,761,202
)
Ceded
39,043

 
(233,804
)
 
16,669

 
382,064

Realized investment gains (losses), net
(1,507,074
)
 
(2,447,694
)
 
(1,497,589
)
 
(2,461,936
)
Policyholders' benefits (including change in reserves):
 
 
 
 
 
 
 
Direct
11,359

 
14,301

 
26,566

 
38,636

Assumed
11,430

 
535,187

 
22,391

 
535,187

Ceded(3)
26,633

 
(9,885
)
 
17,238

 
(10,544
)
Net policyholders' benefits (including change in reserves)
49,422

 
539,603

 
66,195

 
563,279

Interest credited to policyholders’ account balances:
 
 
 
 
 
 
 
Direct
(64,046
)
 
8,867

 
(47,822
)
 
151,863

Assumed
(63,405
)
 
46,094

 
(43,451
)
 
46,094

Ceded
2,136

 
180

 
1,341

 
(11,157
)
Net interest credited to policyholders’ account balances
(125,315
)
 
55,141

 
(89,932
)
 
186,800

Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(4)
(62,356
)
 
539,958

 
172,847

 
519,446



(1)
Prior period amounts are presented on a basis consistent with the current period presentation.
(2)
"Policy charges and fee income ceded" includes $0.5 million and $0.4 million of unaffiliated activity for the three months ended June 30, 2017 and 2016, respectively, and $1 million for both the six months ended June 30, 2017 and 2016.
(3)
"Policyholders' benefits (including change in reserves) ceded" includes $0.0 million and $0.2 million of unaffiliated activity for both the three and six months ended June 30, 2017 and 2016, respectively.
(4)
Prior period amounts have been revised to correct previously reported numbers.