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Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance Recoverables by Range of External Credit Rating and Collateral Level
The Company's reinsurance recoverables as of March 31, 2024 are presented at amount due by range of external credit rating and collateral level in the following table, with reinsurance recoverables that are market risk benefits separately presented at fair value:
(In millions)
Fair value of collateral contractually required to meet or exceed carrying value of recoverable
Collateral provisions exist that may mitigate risk of credit loss (1)
No collateralTotal
Ongoing Operations
A- equivalent and higher current ratings (2)
$— $— $85 $85 
BBB- to BBB+ equivalent current credit ratings (2)
— — 60 60 
Not rated145 7 188 340 
Total recoverables related to ongoing operations145 7 333 485 
Acquisition, disposition or run-off activities
BBB+ equivalent and higher current ratings (2)
Lincoln National Life and Lincoln Life & Annuity of New York— 2,619 — 2,619 
Empower Annuity Insurance Company— — 128 128 
Prudential Insurance Company of America351 — — 351 
Life Insurance Company of North America— 334 — 334 
Other167 23 14 204 
Not rated— 6 4 10 
Total recoverables related to acquisition, disposition or run-off activities518 2,982 146 3,646 
Total reinsurance recoverables before market risk benefits$663 $2,989 $479 $4,131 
Allowance for uncollectible reinsurance(35)
Market risk benefits951 
Total reinsurance recoverables (3)
$5,047 
(1)Includes collateral provisions requiring the reinsurer to fully collateralize its obligation if its external credit rating is downgraded to a specified level.
(2)Certified by an NRSRO.
(3)Includes $166 million of current reinsurance recoverables that are reported in Other current assets and $209 million of reinsurance recoverables classified as assets of businesses held for sale.
Reinsurance Recoverables for Variable Annuity Business
Market risk benefits activity was as follows:
Three Months Ended March 31,
(Dollars in millions)20242023
Balance, beginning of year$1,003 $1,268 
Balance, beginning of year, before the effect of nonperformance risk (own credit risk)1,085 1,379 
Changes due to expected run-off(3)(6)
Changes due to capital markets versus expected(113)(41)
Changes due to policyholder behavior versus expected(14)6 
Assumption changes— (33)
Balance, end of period, before the effect of changes in nonperformance risk (own credit risk)955 1,305 
Nonperformance risk (own credit risk), end of period(64)(85)
Balance, end of period$891 $1,220 
Reinsured market risk benefit, end of period$951 $1,301 
(In millions)
Reinsurer (1)
March 31, 2024December 31, 2023
Collateral and Other Terms
at March 31, 2024
Berkshire$777 $873 
100% were secured by assets in a trust.
Sun Life Assurance Company of Canada79 92 
Liberty Re (Bermuda) Ltd.91 104 
100% were secured by assets in a trust.
SCOR SE27 31 
75% were secured by a letter of credit.
Market risk benefits (2)
$974 $1,100 
(1)All reinsurers are rated A- equivalent and higher by an NRSRO.
(2)Includes incurred but not reported ("IBNR") and outstanding claims of $23 million as of March 31, 2024 and $19 million as of December 31, 2023. These amounts are excluded from market risk benefits at of March 31, 2024 in Note 9 and Note 10A to the Consolidated Financial Statements.