v3.25.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance [Abstract]  
Reinsurance amounts included in the Consolidated Statement of Operations
Reinsurance amounts included in the Unaudited Interim Consolidated Statements of Operations for “Premiums,” “Policy charges and fee income,” “Change in value of market risk benefits, net of related hedging gains (losses),” “Policyholders’ benefits” and “Change in estimates of liability for future policy benefits,” are as follows:
 
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Direct premiums$5,824 $6,851 $11,846 $21,673 
Reinsurance assumed1,757 1,545 3,351 2,996 
Reinsurance ceded(599)(576)(1,215)(1,312)
Premiums$6,982 $7,820 $13,982 $23,357 
Direct policy charges and fee income$1,146 $949 $2,329 $1,813 
Reinsurance assumed290 299 579 599 
Reinsurance ceded(187)(163)(502)(271)
Policy charges and fee income$1,249 $1,085 $2,406 $2,141 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(471)$(339)$(838)$(189)
Reinsurance assumed39 8 11 79 
Reinsurance ceded6 34 50 (64)
Change in value of market risk benefits, net of related hedging gains (losses)$(426)$(297)$(777)$(174)
Direct policyholders’ benefits$7,034 $7,961 $14,294 $23,826 
Reinsurance assumed2,074 1,938 4,044 3,781 
Reinsurance ceded(927)(1,035)(2,017)(2,149)
Policyholders’ benefits$8,181 $8,864 $16,321 $25,458 
Direct change in estimates of liability for future policy benefits$(17)$(213)$(64)$(67)
Reinsurance assumed(10)63 (10)58 
Reinsurance ceded(148)(26)(151)(184)
Change in estimates of liability for future policy benefits$(175)$(176)$(225)$(193)
Reinsurance recoverables
Reinsurance recoverables and deposit receivables are as follows:
 
June 30, 2025December 31, 2024
(in millions)
Reinsurance recoverables:
Prismic Re(1)$5,443 $5,506 
FLIAC1,429 1,442 
Other39 39 
Individual and group annuities6,911 6,987 
Wilton Re7,690 7,478 
Somerset Re(2)1,687 1,591 
Hartford Life Business(3)2,018 2,033 
Other8,271 7,996 
Life insurance19,666 19,098 
Other reinsurance415 401 
Total reinsurance recoverables
26,992 26,486 
Deposit receivables:
Prismic Re(1)3,481 3,578 
Prismic Re International
6,391 0 
Somerset Re(4)
2,556 2,795 
Empower
4,732 4,821 
Total deposit receivables
17,160 11,194 
Total reinsurance recoverables and deposit receivables(5)
$44,152 $37,680 
__________
(1)The Company has also recorded funds withheld payables related to the reinsurance agreement with Prismic Re of $7,776 million and $7,796 million as of June 30, 2025 and December 31, 2024, respectively.
(2)Represents reinsurance recoverables of $8,088 million and $7,979 million as of June 30, 2025 and December 31, 2024, respectively that are netted with reinsurance payables of $6,401 million and $6,388 million as of June 30, 2025 and December 31, 2024, respectively, related to the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business under modified coinsurance.
(3)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,335 million and $1,387 million as of June 30, 2025 and December 31, 2024, respectively.
(4)The Company has also recorded funds withheld payables related to the reinsurance agreement with Somerset Re of $2,609 million and $2,595 million as of June 30, 2025 and December 31, 2024, respectively.
(5)Net of $13 million and $12 million of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively.