v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Effects of Reinsurance on Premiums and Future Policy and Other Policy Benefits
The following summarizes the effect of reinsurance on premiums and future policy and other policy benefits on the consolidated statements of operations:

Years ended December 31,
(In millions)202520242023
Premiums
Direct$1,054 $1,089 $10,525 
Reinsurance assumed1,661 313 2,313 
Reinsurance ceded(87)(84)(89)
Total premiums$2,628 $1,318 $12,749 
Future policy and other policy benefits
Direct$2,985 $2,779 $12,321 
Reinsurance assumed1,722 550 2,389 
Reinsurance ceded(274)(275)(276)
Total future policy and other policy benefits$4,433 $3,054 $14,434 
Schedule of Block Reinsurance Agreement The following summarizes the block reinsurance agreements at inception:
Years ended December 31,
(In millions)20252023
Liabilities assumed$1,057 $1,975 
Less: Assets received1,340 2,158 
Deferred profit liability1
$(283)$(183)
1 Included within future policy benefits on the consolidated statements of financial condition.
Schedule of Reinsurance Recoverable Balances
The following summarizes reinsurance recoverable balances:

(In millions)December 31, 2025December 31, 2024
Catalina$6,336 $4,309 
Global Atlantic2,330 2,328 
Protective1,506 1,435 
Other1
110 122 
Reinsurance recoverable$10,282 $8,194 
1 Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of the total recoverable.