v3.26.1
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2026
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,
2026202520262025
(in millions)
Direct premiums$5,808 $5,824 $12,990 $11,846 
Reinsurance assumed1,773 1,757 3,609 3,351 
Reinsurance ceded(701)(599)(1,357)(1,215)
Premiums$6,880 $6,982 $15,242 $13,982 
Direct policy charges and fee income$1,213 $1,146 $2,428 $2,329 
Reinsurance assumed285 290 573 579 
Reinsurance ceded(251)(187)(622)(502)
Policy charges and fee income$1,247 $1,249 $2,379 $2,406 
Direct change in value of market risk benefits, net of related hedging gains (losses)$(100)$(471)$(412)$(838)
Reinsurance assumed46 39 29 11 
Reinsurance ceded(17)6 17 50 
Change in value of market risk benefits, net of related hedging gains (losses)$(71)$(426)$(366)$(777)
Direct policyholders’ benefits$6,826 $7,034 $15,324 $14,294 
Reinsurance assumed2,133 2,074 4,356 4,044 
Reinsurance ceded(1,208)(927)(2,396)(2,017)
Policyholders’ benefits$7,751 $8,181 $17,284 $16,321 
Direct change in estimates of liability for future policy benefits$315 $(17)$326 $(64)
Reinsurance assumed61 (10)71 (10)
Reinsurance ceded137 (148)155 (151)
Change in estimates of liability for future policy benefits$513 $(175)$552 $(225)
Reinsurance recoverables and deposit receivables
Reinsurance recoverables and deposit receivables are as follows:
 
June 30, 2026December 31, 2025
(in millions)
Reinsurance recoverables:
FLIAC$1,333 $1,381 
Prismic Re(1)5,402 5,475 
Other301 171 
Individual and group annuities7,036 7,027 
Hartford Life Business(2)2,054 2,022 
Somerset Re(3)1,675 1,667 
Wilton Re8,179 8,013 
Other9,180 8,887 
Life insurance21,088 20,589 
Other reinsurance414 415 
Total reinsurance recoverables28,538 28,031 
Deposit receivables:
Somerset Re(4)2,524 2,491 
Empower856 2,471 
Prismic Re(1)3,629 3,684 
Prismic Re International6,723 6,422 
Resolution Re(5)1,599 849 
Other349 129 
Total deposit receivables15,680 16,046 
Total reinsurance recoverables and deposit receivables(6)$44,218 $44,077 
__________
(1)The Company has also recorded funds withheld and other payables related to the reinsurance agreement with Prismic Re of $7,876 million and $7,980 million as of June 30, 2026 and December 31, 2025, respectively.
(2)The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $1,371 million and $1,366 million as of June 30, 2026 and December 31, 2025, respectively.
(3)Represents reinsurance recoverables of $8,296 million and $8,192 million as of June 30, 2026 and December 31, 2025, respectively that are netted with reinsurance payables of $6,621 million and $6,525 million as of June 30, 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 $2,629 million and $2,602 million as of June 30, 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 $1,572 million and $851 million as of June 30, 2026 and December 31, 2025, respectively.
(6)Net of $14 million of allowance for credit losses as of both June 30, 2026 and December 31, 2025, respectively.