v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss)
The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:

For the Years Ended December 31,
202520242023
Direct insurance premiums and fee income$14,385 $14,052 $13,661 
Reinsurance assumed34 90 91 
Reinsurance ceded(4,567)(7,790)(5,168)
Total insurance premiums and fee income$9,852 $6,352 $8,584 
Direct insurance benefits$10,856 $10,845 $10,178 
Reinsurance ceded(5,405)(8,745)(5,150)
Total benefits$5,451 $2,100 $5,028 
Direct market risk benefit (gain) loss$(350)$(2,819)$(2,309)
Reinsurance ceded127 1,881 1,174 
Total market risk benefit (gain) loss$(223)$(938)$(1,135)
Direct policyholder liability remeasurement (gain) loss$(154)$35 $(234)
Reinsurance ceded55 (55)67 
Total policyholder liability remeasurement (gain) loss$(99)$(20)$(167)
Schedule of Assets in Support of Reserves
We held investments with a carrying value of $13.7 billion and $11.5 billion in support of reserves associated with the LPINE agreement in a funds withheld arrangement as of December 31, 2025 and 2024, respectively, which consisted of the following (in millions):

As of December 31,
20252024
Fixed maturity AFS securities$11,272 $9,287 
Mortgage loans on real estate2,115 1,941 
Derivative investments218190
Accrued investment income118 97 
Total$13,723 $11,515 
We held assets in support of reserves associated with the Athene transaction in a modified coinsurance investment portfolio, which consisted of the following (in millions):
As of December 31,
20252024
Fixed maturity AFS securities$124 $142 
Trading securities1,121 1,385 
Equity securities43 42 
Mortgage loans on real estate199 232 
Derivative investments24 46 
Other investments56 54 
Cash and invested cash100 147 
Accrued investment income14 18 
Other assets2 1 
Total$1,683 $2,067