| Effects of Reinsurance |
Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Direct | | Assumed (1) | | Ceded | | Total, Net of Reinsurance | | June 30, 2025 | | | | | | | | | Assets | | | | | | | | | Premium receivable | $ | 197 | | | $ | 11 | | | $ | (217) | | | $ | (9) | | | Reinsurance recoverable, net of allowance for credit losses | — | | | — | | | 10,974 | | | 10,974 | | | Total | $ | 197 | | | $ | 11 | | | $ | 10,757 | | | $ | 10,965 | | | Liabilities | | | | | | | | Future policy benefits and contract owner account balances | $ | 45,377 | | | $ | 4,288 | |
| $ | — | | | $ | 49,665 | | | Total | $ | 45,377 | | | $ | 4,288 | | | $ | — | | | $ | 49,665 | | | | | | | | | | | December 31, 2024 | | | | | | | | | Assets | | | | | | | | | Premium receivable | $ | 205 | | | $ | 10 | | | $ | (238) | | | $ | (23) | | | Reinsurance recoverable, net of allowance for credit losses | — | | | — | | | 11,307 | | | 11,307 | | | Total | $ | 205 | | | $ | 10 | | | $ | 11,069 | | | $ | 11,284 | | | Liabilities | | | | | | | | | Future policy benefits and contract owner account balances | $ | 45,540 | | | $ | 896 | | | $ | — | | | $ | 46,436 | | | Total | $ | 45,540 | | | $ | 896 | | | $ | — | | | $ | 46,436 | |
(1) As of June 30, 2025, Future policy benefits and contract owner account balances include $3.4 billion of investment contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Premiums: | | | | | | | | | Direct premiums | $ | 956 | | | $ | 1,025 | | | $ | 1,914 | | | $ | 2,054 | | | Reinsurance assumed | 3 | | | 4 | | | 11 | | | 11 | | | Reinsurance ceded | (241) | | | (239) | | | (470) | | | (475) | | | Net premiums | $ | 718 | | | $ | 790 | | | $ | 1,455 | | | $ | 1,590 | | | | | | | | | | | Fee income: | | | | | | | | Direct fee Income | $ | 651 | | | $ | 612 | | | $ | 1,296 | | | $ | 1,220 | | | Reinsurance assumed | 24 | | | 4 | | | 50 | | | 8 | | | Reinsurance ceded | (98) | | | (99) | | | (199) | | | (198) | | | Net fee income | $ | 577 | | | $ | 517 | | | $ | 1,147 | | | $ | 1,030 | | | | | | | | | | Interest credited and other benefits to contract owners / policyholders: | Direct interest credited and other benefits to contract owners / policyholders | $ | 1,098 | | | $ | 1,157 | | | $ | 2,252 | | | $ | 2,338 | | | Reinsurance assumed | 35 | | | 17 | | | 60 | | | 36 | | | Reinsurance ceded | (332) | | | (331) | | | (676) | | | (680) | | Net interest credited and other benefits to contract owners / policyholders | $ | 801 | | | $ | 843 | | | $ | 1,636 | | | $ | 1,694 | |
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