| Reinsurance Amounts Recorded on Consolidated Statements of Income (Loss) |
The following summarizes reinsurance amounts (in millions) recorded on the Consolidated Statements of Comprehensive Income (Loss), excluding amounts attributable to the indemnity reinsurance agreements with Protective and Swiss Re:
| | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | 2024 | | 2023 | | 2022 | | Direct insurance premiums and fee income | $ | 14,160 | | | $ | 13,782 | | | $ | 13,607 | | | Reinsurance assumed | 86 | | | 90 | | | 98 | | Reinsurance ceded (1) | (2,419) | | | (4,733) | | | (2,015) | | | Total insurance premiums and fee income | $ | 11,827 | | | $ | 9,139 | | | $ | 11,690 | | | | | | | | | Direct insurance benefits | $ | 10,857 | | | $ | 10,829 | | | $ | 10,345 | | Reinsurance ceded (1) | (2,939) | | | (4,691) | | | (1,866) | | | Total benefits | $ | 7,918 | | | $ | 6,138 | | | $ | 8,479 | | | | | | | | | Direct market risk benefit (gain) loss | $ | (2,818) | | | $ | (2,309) | | | $ | (3,517) | | | Reinsurance ceded | 141 | | | 45 | | 271 | | | Total market risk benefit (gain) loss | $ | (2,677) | | | $ | (2,264) | | | $ | (3,246) | | | | | | | | | Direct policyholder liability remeasurement (gain) loss | $ | 86 | | | $ | (224) | | | $ | 3,294 | | | Reinsurance ceded | (276) | | | 72 | | | (528) | | | Total policyholder liability remeasurement (gain) loss | $ | (190) | | | $ | (152) | | | $ | 2,766 | |
(1) Includes impacts related to the fourth quarter 2023 reinsurance transaction.
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| Schedule of Assets in Support of Reserves |
We held investments with a carrying value of $9.3 billion and $9.9 billion in support of reserves associated with the Fortitude Re transaction in a funds withheld arrangement as of December 31, 2024 and 2023, respectively, which consisted of the following (in millions):
| | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | Fixed maturity AFS securities | $ | 7,764 | | | $ | 8,867 | | | Derivative investments | 30 | | | – | | | Other investments | 1,419 | | | 759 | | | Cash and invested cash | 28 | | | 141 | | | Accrued investment income | 96 | | | 103 | | | Other assets | – | | | 1 | | | Total | $ | 9,337 | | | $ | 9,871 | |
| | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | Fixed maturity AFS securities | $ | 142 | | | $ | 177 | | | Trading securities | 1,385 | | | 1,556 | | | Equity securities | 42 | | | 58 | | | Mortgage loans on real estate | 232 | | | 288 | | | Derivative investments | 46 | | | 43 | | | Other investments | 54 | | | 41 | | | Cash and invested cash | 147 | | | 582 | | | Accrued investment income | 18 | | | 23 | | | Other assets | 1 | | | 6 | | | Total | $ | 2,067 | | | $ | 2,774 | |
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