
	Years ended December 31,
(In millions)	2023		2022
Premiums
Direct	$	10,525	$	11,373
Reinsurance assumed	2,313		377
Reinsurance ceded	(89)		(112)
Total premiums	$	12,749	$	11,638
Future policy and other policy benefits
Direct	$	12,321	$	12,142
Reinsurance assumed	2,389		416
Reinsurance ceded	(276)		(93)
Total future policy and other policy benefits	$	14,434	$	12,465

Reinsurance typically provides for recapture rights on the part of the ceding company for certain events of default. Additionally, some agreements require placement of assets in trust accounts for the benefit of the ceding entity. The required minimum assets are equal to or greater than statutory reserves, as defined by the agreement, and were $21.6 billion and $12.6 billion as of December 31, 2023 and 2022, respectively. Although Athene owns assets placed in trust, their use is restricted based on the trust agreement terms. If the statutory book value of the assets, or in certain cases fair value, in a trust declines because of impairments or other reasons, additional contributions of assets to the trust may be required. In addition, the assets within a trust may be subject to a pledge in favor of the applicable reinsurance company.

Athene entered into a coinsurance agreement to reinsure a block of whole life policies during the fourth quarter of 2023. There were no block reinsurance transactions during the year ended December 31, 2022. The following summarizes the block reinsurance agreement at inception:


(In millions)	Year ended December 31, 2023
Liabilities assumed	$	1,975
Less: Assets received	2,158
Deferred profit liability1	$	(183)

1 Included within future policy benefits on the consolidated statements of financial condition.

Athene has a 100% coinsurance and assumption agreement with Global Atlantic. The agreement ceded all existing open block life insurance business issued by Athene Annuity and Life Company (“AAIA”), with the exception of enhanced guarantee universal life insurance products. Athene also entered into a 100% coinsurance agreement with Global Atlantic to cede all policy liabilities of the ILICO Closed Block. The ILICO Closed Block consists primarily of participating whole life insurance policies. Athene also has an excess of loss arrangement with Global Atlantic to be reimbursed for any payments required from Athene’s general assets to meet the contractual obligations of the AmerUs Closed Block not covered by existing reinsurance through Athene Re USA IV. The AmerUs Closed Block consists primarily of participating whole life insurance policies. Since all liabilities were covered by the existing reinsurance at close, no reinsurance premiums were ceded. The assets backing the AmerUs Closed Block are managed, on AAIA’s behalf, by Goldman Sachs Asset Management.

As of December 31, 2023 and 2022, Global Atlantic maintained a series of trust and custody accounts under the terms of these agreements with assets equal to or greater than a required aggregate statutory balance of $2.5 billion and $2.7 billion, respectively.

Athene reinsured substantially all of the existing life and health business of Athene Annuity & Life Assurance Company (“AADE”) to Protective under a coinsurance agreement in 2011. As of December 31, 2023 and 2022, Protective maintained a trust for Athene’s benefit with assets having a fair value of $1.2 billion and $1.2 billion, respectively.


	December 31,
(In millions)	2023		2022
Global Atlantic	$	2,435	$	2,452
Protective	1,559		1,581
Brighthouse Financial	50		226
Other1	110		99
Reinsurance recoverable	$	4,154	$	4,358

1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of the total recoverable.