Reinsurance (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31,
		2026		2025
		(in millions)
Direct premiums		$	7,182	$	6,022
Reinsurance assumed		1,836		1,594
Reinsurance ceded		(656)		(616)
Premiums		$	8,362	$	7,000

Direct policy charges and fee income		$	1,215	$	1,183
Reinsurance assumed		288		289
Reinsurance ceded		(371)		(315)
Policy charges and fee income		$	1,132	$	1,157

Direct change in value of market risk benefits, net of related hedging gains (losses)		$	(312)	$	(367)
Reinsurance assumed		(17)		(28)
Reinsurance ceded		34		44
Change in value of market risk benefits, net of related hedging gains (losses)		$	(295)	$	(351)

Direct policyholders’ benefits		$	8,498	$	7,260
Reinsurance assumed		2,223		1,970
Reinsurance ceded		(1,188)		(1,090)
Policyholders’ benefits		$	9,533	$	8,140

Direct change in estimates of liability for future policy benefits		$	11	$	(47)
Reinsurance assumed		10		0
Reinsurance ceded		18		(3)
Change in estimates of liability for future policy benefits		$	39	$	(50)

Reinsurance recoverables and deposit receivables

Reinsurance recoverables and deposit receivables are as follows:


	March 31, 2026		December 31, 2025
	(in millions)
Reinsurance recoverables:
FLIAC	$	1,366	$	1,381
Prismic Re(1)	5,349		5,475
Other	192		171
Individual and group annuities	6,907		7,027
Hartford Life Business(2)	2,034		2,022
Somerset Re(3)	1,758		1,667
Wilton Re	8,117		8,013
Other	9,095		8,887
Life insurance	21,004		20,589
Other reinsurance	422		415
Total reinsurance recoverables	28,333		28,031
Deposit receivables:
Somerset Re(4)	2,532		2,491
Empower	878		2,471
Prismic Re(1)	3,653		3,684
Prismic Re International	6,390		6,422
Resolution Re(5)	1,185		849
Other	242		129
Total deposit receivables	14,880		16,046
Total reinsurance recoverables and deposit receivables(6)	$	43,213	$	44,077

__________

(1)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Prismic Re of $7,851 million and $7,980 million as of March 31, 2026 and December 31, 2025, respectively.

(2)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,352 million and $1,366 million as of March 31, 2026 and December 31, 2025, respectively.

(3)Represents reinsurance recoverables of $8,244 million and $8,192 million as of March 31, 2026 and December 31, 2025, respectively that are netted with reinsurance payables of $6,486 million and $6,525 million as of March 31, 2026 and December 31, 2025, 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.

(4)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Somerset Re of $2,618 million and $2,602 million as of March 31, 2026 and December 31, 2025, respectively.

(5)The Company has also recorded funds withheld and other payables related to the reinsurance of annuity contracts in the Retirement business with Resolution Re, Ltd. (“Resolution Re”) of $1,166 million and $851 million as of March 31, 2026 and December 31, 2025, respectively.

(6)Net of $14 million of allowance for credit losses as of both March 31, 2026 and December 31, 2025, respectively.