| Schedule of Reinsurance |
The effect of reinsurance on the applicable line items on our Condensed Consolidated Statements of Operations is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (Dollars in millions) | | Premiums earned: | | | | | | | | | Gross amounts, including reinsurance assumed | $ | 201 | | | $ | 438 | | | $ | 422 | | | $ | 952 | | | Reinsurance ceded | (59) | | | (84) | | | (135) | | | (140) | | | Net amount | $ | 142 | | | $ | 354 | | | $ | 287 | | | $ | 812 | | | | | | | | | | | Other policy revenue: | | | | | | | | | Gross amounts, including reinsurance assumed | $ | 242 | | | $ | 252 | | | $ | 456 | | | $ | 480 | | | Reinsurance ceded | (52) | | | (80) | | | (104) | | | (159) | | | Net amount | $ | 190 | | | $ | 172 | | | $ | 352 | | | $ | 321 | | | | | | | | | | | Policyholder benefits and claims incurred: | | | | | | | | | Gross amounts, including reinsurance assumed | $ | 360 | | | $ | 683 | | | $ | 773 | | | $ | 1,393 | | | Reinsurance ceded | (116) | | | (173) | | | (298) | | | (281) | | | Net amount | $ | 244 | | | $ | 510 | | | $ | 475 | | | $ | 1,112 | | | | | | | | | | | Change in fair value of market risk benefits: | | | | | | | | | Gross amounts, including reinsurance assumed | $ | 119 | | | $ | (26) | | | $ | 247 | | | $ | 366 | | | Reinsurance ceded | (10) | | | (21) | | | 1 | | | (52) | | | Net amount | $ | 109 | | | $ | (47) | | | $ | 248 | | | $ | 314 | | | | | | | | | | | Interest sensitive contract benefits: | | | | | | | | | Gross amounts, including reinsurance assumed | $ | 865 | | | $ | 544 | | | $ | 1,447 | | | $ | 1,094 | | | Reinsurance ceded | (103) | | | (59) | | | (140) | | | (97) | | | Net amount | $ | 762 | | | $ | 485 | | | $ | 1,307 | | | $ | 997 | |
The following summarizes our significant life and annuity reinsurance treaties and related recoverables: | | | | | | | | | | | | | | | | | | | | | | | | | Reinsurance Recoverable | | Agreement Type | | Products Covered | | June 30, 2026 | | December 31, 2025 | | | | | | (Dollars in millions) | | | | | | Principal Reinsurers: | | | | | | | | | Athene Life Re Ltd. | $ | 1,150 | | | $ | 1,367 | | | Coinsurance Funds Withheld, Modified Coinsurance | | Certain Fixed Annuities and Multi-Year Guaranteed Annuities | | AeBe ISA LTD | 3,633 | | | 3,860 | | | Coinsurance Funds Withheld, Coinsurance | | Certain Fixed Index and Fixed Rate Annuities | | Reinsurance Group of America Inc. (RGA) | 3,642 | | | 3,569 | | | Coinsurance | | Certain Term, Whole, Indexed Universal, Universal, and Universal with Secondary Guarantee Life Insurance Policies | | $ | 8,425 | | | $ | 8,796 | | | | | |
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