PRUCO LIFE INSURANCE OF NEW JERSEY, 10-K filed on 3/26/2025
Annual Report
v3.25.1
Document and Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Mar. 26, 2025
Cover [Abstract]    
Document Type 10-K  
Amendment Flag false  
Document Annual Report true  
Document Period End Date Dec. 31, 2024  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Transition Report false  
Document Fiscal Period Focus FY  
Entity File Number 333-18053  
Entity Registrant Name PRUCO LIFE INSURANCE OF NEW JERSEY  
Entity Central Index Key 0001038509  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2426091  
Entity Address, Address Line One 213 Washington Street,  
Entity Address, City or Town Newark  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07102  
City Area Code 973  
Local Phone Number 802-6000  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag false  
Document Financial Statement Error Correction [Flag] false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   400,000
Entity Public Float $ 0  
Documents Incorporated by Reference
The information required to be furnished pursuant to Part III of this Form 10-K is set forth in, and is hereby incorporated by reference herein from, Prudential Financial, Inc.’s Definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 13, 2025, to be filed by Prudential Financial, Inc. with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the year ended December 31, 2024.
  
v3.25.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location New York, New York
Auditor Firm ID 238
v3.25.1
Consolidated Statements of Financial Position - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Fixed maturities, available-for-sale, at fair value (allowance for credit losses: 2024 – $0; 2023 – $4) (amortized cost: 2024 – $3,024,155; 2023 – $2,559,973) $ 2,716,937 $ 2,362,095
Fixed maturities, trading, at fair value (amortized cost: 2024 – $23,955; 2023 – $25,745) 21,252 23,440
Equity securities, at fair value (cost: 2024 – $353; 2023 – $4,653) 62 4,615
Policy loans 1,118,589 1,115,096
Short-term Investments 11,394 5,959
Commercial mortgage and other loans (net of $1,713 and $1,162 allowance for credit losses at December 31, 2024 and 2023, respectively) 477,328 239,629
Other invested assets (includes $55,624 and $4,387 of assets measured at fair value at December 31, 2024 and 2023, respectively) 233,212 153,885
Total investments 4,578,774 3,904,719
Cash and cash equivalents 170,825 186,383
Deferred policy acquisition costs 417,316 393,139
Accrued investment income 60,368 53,906
Reinsurance recoverables and deposit receivables (includes $265,611 and $69,745 of embedded derivatives at fair value at December 31, 2024 and December 31, 2023, respectively) 4,929,428 3,622,903 [1]
Receivables from parent and affiliates 70,766 24,502
Income tax assets 113,718 68,079
Market risk benefit assets 492,444 537,659
Other assets 76,876 29,332 [1]
Separate account assets 14,507,553 14,077,103
TOTAL ASSETS 25,418,068 22,897,725
LIABILITIES    
Policyholders' account balances 4,928,299 4,036,184
Future Policy Benefits 2,517,483 2,398,443
Market risk benefit liabilities 492,444 537,659
Reinsurance payables 1,440,264 412,919 [1]
Payables to parent and affiliates 462 9,380
Other liabilities 281,973 57,911 [1]
Separate account liabilities 14,507,553 14,077,103
Total liabilities 24,168,478 21,529,599
EQUITY    
Common stock ($5 par value; 400,000 shares authorized; issued and outstanding) 2,000 2,000
Additional paid-in capital 1,032,513 1,032,513
Retained earnings 350,494 381,140
Accumulated other comprehensive income (Loss) (135,417) (47,527)
Total equity 1,249,590 1,368,126
TOTAL LIABILITIES AND EQUITY $ 25,418,068 $ 22,897,725
[1] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed Maturities, Available-for-sale, at fair value (AFS), Allowance for Credit Losses $ 0 $ 4
Fixed Maturities, Available-for-sale, amortized cost 3,024,155 2,559,973
Fixed Maturities, Trading, Amortized Cost 23,955 25,745
Equity securities, at cost 353 4,653
Commercial mtg and other loans, allowance for credit losses 1,713 1,162
Other invested assets, at fair value 55,624 4,387
Reinsurance Recoverable, Fair Value Disclosure $ 265,611 $ 69,745
Common stock, par value (in dollars per share) $ 5 $ 5
Common stock, shares authorized 400,000 400,000
Common stock, shares issued 400,000 400,000
Common stock, shares outstanding 400,000 400,000
v3.25.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Premiums (includes $50, $681 and $169 of gains from changes in estimates of deferred profit liability amortization for the years ended December 31, 2024, 2023 and 2022, respectively $ 48,744 $ 39,553 $ 33,708
Policy charges and fee income 705,053 59,679 57,734
Net investment income 219,428 166,024 98,392
Asset administration fees 11,235 9,147 8,480
Other income (loss) 15,401 3,576 (2,153)
Realized investment gains (losses), net (38,990) (44,310) 13,835
Change in value of market risk benefits, net of related hedging gain (loss) 39,254 62,792 (142,046)
TOTAL REVENUES 1,000,125 296,461 67,950
BENEFITS AND EXPENSES      
Policyholders' benefits 1,014,273 55,503 28,189
Change in estimates of liability for future policy benefits (6,049) (2,115) 16,631
Interest credited to policyholders’ account balances 80,868 64,135 47,578
Amortization of deferred policy acquisition costs (86,524) 20,572 19,290
General, administrative and other expenses 48,047 50,789 56,865
TOTAL BENEFITS AND EXPENSES 1,050,615 188,884 168,553
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (50,490) 107,577 (100,603)
Income tax expense (benefit) (19,844) 11,870 (30,774)
Net income (loss) (30,646) 95,707 (69,829)
Other comprehensive income (loss), before tax:      
Foreign currency translation adjustments (246) 225 (336)
Net unrealized investment gains (losses) (84,934) 58,515 (376,485)
Interest rate remeasurement of future policy benefits 13,215 (10,299) 59,867
Gain (loss) from changes in non-performance risk on market risk benefits (39,254) (62,792) 142,046
Total (111,219) (14,351) (174,908)
Less: Income tax expense (benefit) related to other comprehensive income (loss) (23,329) (3,014) (36,731)
Other comprehensive income (loss), net of taxes (87,890) (11,337) (138,177)
Comprehensive income (loss) $ (118,536) $ 84,370 $ (208,006)
v3.25.1
Consolidated Statements of Stockholder’s Equity - USD ($)
$ in Thousands
Total
  Common   Stock
  Additional   Paid-in Capital
Retained Earnings
Accumulated Other   Comprehensive  Income (Loss)
Total Equity
Beginning Balance at Dec. 31, 2021   $ 2,000 $ 450,102 $ 355,262 $ 101,987 $ 909,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Contributed capital     326,700     326,700
Contributed (distributed) capital- parent/child asset transfers     (1,390)     (1,390)
Comprehensive income (loss):            
Net income (loss) $ (69,829)     (69,829)   (69,829)
Other comprehensive income (loss), net of tax (138,177)       (138,177) (138,177)
Total comprehensive income (loss)       (69,829) (138,177) (208,006)
Ending Balance at Dec. 31, 2022   2,000 775,412 285,433 (36,190) 1,026,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Contributed capital     256,600     256,600
Contributed (distributed) capital- parent/child asset transfers     501     501
Comprehensive income (loss):            
Net income (loss) 95,707     95,707   95,707
Other comprehensive income (loss), net of tax (11,337)       (11,337) (11,337)
Total comprehensive income (loss)       95,707 (11,337) 84,370
Ending Balance at Dec. 31, 2023   2,000 1,032,513 381,140 (47,527) 1,368,126
Comprehensive income (loss):            
Net income (loss) (79,390)     (79,390)   (79,390)
Total comprehensive income (loss)       (79,390)   (125,428)
Ending Balance at Mar. 31, 2024       301,750   1,242,698
Beginning Balance at Dec. 31, 2023   2,000 1,032,513 381,140 (47,527) 1,368,126
Comprehensive income (loss):            
Net income (loss) (30,646)     (30,646)   (30,646)
Other comprehensive income (loss), net of tax $ (87,890)       (87,890) (87,890)
Total comprehensive income (loss)       (30,646) (87,890) (118,536)
Ending Balance at Dec. 31, 2024   $ 2,000 $ 1,032,513 $ 350,494 $ (135,417) $ 1,249,590
v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (30,646) $ 95,707 $ (69,829)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Policy charges and fee income (19,988) (9,491) (3,182)
Interest credited to policyholders’ account balances 80,868 64,135 47,578
Realized investment (gains) losses, net 38,990 44,310 (13,835)
Change in value of market risk benefits, net of related hedging (gains) losses (39,254) (62,792) 142,046
Change in:      
Future policy benefits and other insurance liabilities 274,314 290,389 422,975
Reinsurance related-balances [1] (233,018) (240,564) (464,359)
Accrued investment income (7,191) (28,684) (2,683)
Net payables to (receivables from) parent and affiliates 17,320 (8,270) 3,073
Deferred policy acquisition costs (58,050) (41,264) (43,130)
Income taxes (22,310) 2,416 (8,362)
Derivatives, net 44,676 14,217 4,514
Other, net [1] 5,790 (27,599) (4,022)
Cash flows from (used in) operating activities 51,501 92,510 10,784
Proceeds from the sale/maturity/prepayment of:      
Fixed maturities, available-for-sale 122,345 114,300 101,647
Fixed maturities, trading 1,790 1,821 6,251
Equity securities 3,771 27 45
Policy loans 30,675 30,698 28,786
Ceded policy loans (25,627) (2,198) (1,687)
Short-term investments 23,300 12,000 9,997
Commercial mortgage and other loans 6,881 10,772 18,108
Other invested assets 26,220 2,288 3,014
Notes receivable from parent and affiliates(1) [1] 0 642 1
Payments for the purchase/origination of:      
Fixed maturities, available-for-sale (586,350) (681,930) (335,123)
Equity securities (273) (57) (182)
Policy loans (33,087) (926,073) (21,782)
Ceded policy loans 8,243 3,058 2,033
Short-term investments (28,658) (10,949) (7,000)
Commercial mortgage and other loans (246,288) (102,277) (51,654)
Other invested assets (54,690) (16,146) (16,508)
Notes receivable from parent and affiliates(1) [1] (30,135) (13) (37)
Derivatives, net 942 458 3,806
Other, net 0 0 4,053
Cash flows from (used in) investing activities (780,941) (1,563,579) (256,232)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Policyholders’ account deposits 1,116,501 1,592,494 496,074
Ceded policyholders’ account deposits (342,609) (319,300) (313,962)
Policyholders’ account withdrawals (380,486) (408,084) (384,210)
Ceded policyholders’ account withdrawals 309,633 265,027 240,291
Contributed capital 0 255,000 325,400
Contributed (distributed) capital - parent/child asset transfers 0 634 (1,759)
Drafts outstanding (4,138) 202 5,501
Other, net 14,981 15,712 (2,436)
Cash flows from (used in) financing activities 713,882 1,401,685 364,899
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (15,558) (69,384) 119,451
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 186,383 255,767 136,316
CASH AND CASH EQUIVALENTS, END OF YEAR 170,825 186,383 255,767
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes paid (refunded), net 2,466 9,454  
Income taxes paid (refunded), net     (22,412)
Interest paid $ 0 $ 156 $ 0
[1] Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Unaudited Interim Statements of Operations and Comprehensive Income (Loss) (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Gain (loss) from changes in estimates on deferred profit liability amortization $ 50 $ 681 $ 169
v3.25.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Non-cash activity   $ 0 $ 0
Affiliated Entity | PURE and Prudential Insurance | Reinsurance agreement      
Non-cash activity $ 193    
Affiliated Entity | PAR U | Reinsurance agreement      
Non-cash activity 753    
Non-cash activity (642)    
Affiliated Entity | Pruco Life | Reinsurance agreement      
Non-cash activity 642    
Non-cash activity (724)    
Affiliated Entity | PARCC | Reinsurance agreement      
Non-cash activity $ (24)    
v3.25.1
Business and Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation BUSINESS AND BASIS OF PRESENTATION
Pruco Life Insurance Company of New Jersey (the "Company" or "PLNJ") is a wholly-owned subsidiary of Pruco Life Insurance Company (“Pruco Life”), which in turn is a wholly-owned subsidiary of The Prudential Insurance Company of America (“Prudential Insurance”). Prudential Insurance is a direct wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”). PLNJ is a stock life insurance company organized in 1982 under the laws of the State of New Jersey. It is licensed to sell life insurance and annuities in New Jersey and New York only, and sells such products primarily through affiliated and unaffiliated distributors.

Basis of Presentation

The Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.

Segment Information

Although there are separate products within PLNJ, the Company is organized as a single reportable segment and manages the business activities on a total entity basis. The accounting policies are the same as those described in Note 2.

The company analyzes operating performance using “Income (loss) from operations before income taxes”, as determined in accordance with U.S. GAAP. This is the measure of profit or loss used by the Company’s chief operating decision maker to evaluate performance and allocate resources. The measure of segment assets is reported as “Total Assets” on the Statements of Financial Position. Segment revenue is reported as “Total Revenues” on the Statements of Operations and Comprehensive Income (Loss). As the Company has one reportable segment, there are no intersegment revenues. The Company discloses all significant expense categories separately on the Statements of Operations and Comprehensive Income (Loss).

The Company’s chief operating decision maker is a group of Prudential Financial executives that include the chief financial officer, controller, treasurer, and business leaders, which include the Company’s chief executive officer and chief financial officer. Overall business decisions for the Company are made by this group of executives. Such business decisions include the allocation of capital, distribution/sale of products, and allocation/deployment of overall Prudential Financial resources.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Revision to Prior Period Interim Financial Statements

The Company identified misstatements in the previously issued interim Financial Statements for the three months ended March 31, 2024. Prior period amounts have been revised in the Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Financial Statements. See Note 17 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.
v3.25.1
Significant Accounting Policies and Pronouncements
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies and Pronouncements SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS
ASSETS

Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans and other collateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.
Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.
Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

Prior to the adoption of ASU 2022-02, when restructurings occurred, they were evaluated individually to determine whether the restructuring or modification constituted a TDR as defined by authoritative accounting guidance. If the borrower was experiencing financial difficulty and the Company granted a concession, the restructuring, including those that involved a partial payoff or the receipt of assets in full satisfaction of the debt was deemed to be a TDR. If a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.

Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.

Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.

Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.
DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.
•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC.
Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).

Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.

Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.
Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis and premiums due.

Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.

LIABILITIES

Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.
If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.
For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.

Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.
Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income”.

Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”

Reinsurance payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments"

Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), which are amortized over the expected life of the reinsured contracts on a constant-level basis, accrued expenses and technical overdrafts. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.

Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
REVENUES, BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.

Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.

Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value.

Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.
OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within "Other invested assets", or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.
If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within “Other invested assets” and "Reinsurance recoverable and deposit receivables", or as liabilities within “Payables to parent and affiliates” or "Reinsurance payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits” and “Reinsurance recoverables and deposit receivables”. Changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.

Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance payables.” “Reinsurance recoverables and deposit receivables” also includes receivables from modified coinsurance arrangements where the Company is the cedant, and are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. The receivables and payables associated with these modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.
For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".

Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance payables” and deposits made are included in “Reinsurance recoverables and deposit receivables.” As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses,” as appropriate.

Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.
As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.

RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the FASB in the form of ASUs to the FASB Accounting Standards Codification ("ASC"). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2024, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.Adoption of the ASU did not have an impact on the Company’s Financial Statements but resulted in expanded disclosures in the Notes to the Financial Statements.

ASUs issued but not yet adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively.The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.Effective for fiscal years beginning after December 15, 2024, and permits early adoption. The Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
v3.25.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Investments INVESTMENTS
Fixed Maturity Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$51,847 $0 $3,041 $0 $48,806 
Obligations of U.S. states and their political subdivisions156,065 23 9,308 0 146,780 
Foreign government securities85,052 10 19,308 0 65,754 
U.S. public corporate securities1,759,560 4,794 217,474 0 1,546,880 
U.S. private corporate securities297,278 1,963 10,499 0 288,742 
Foreign public corporate securities258,728 799 30,374 0 229,153 
Foreign private corporate securities256,820 2,059 20,465 0 238,414 
Asset-backed securities(1)46,956 196 532 0 46,620 
Commercial mortgage-backed securities96,459 0 5,437 0 91,022 
Residential mortgage-backed securities(2)15,390 148 772 0 14,766 
Total fixed maturities, available-for-sale$3,024,155 $9,992 $317,210 $0 $2,716,937 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$52,196 $0 $1,154 $0 $51,042 
Obligations of U.S. states and their political subdivisions184,419 952 2,833 0 182,538 
Foreign government securities95,189 248 14,693 0 80,744 
U.S. public corporate securities1,485,406 13,428 147,901 0 1,350,933 
U.S. private corporate securities227,342 1,978 8,884 0 220,436 
Foreign public corporate securities185,601 1,173 21,989 0 164,785 
Foreign private corporate securities190,545 5,102 14,791 0 180,856 
Asset-backed securities(1)19,440 40 969 0 18,511 
Commercial mortgage-backed securities104,055 0 7,356 0 96,699 
Residential mortgage-backed securities(2)15,780 195 420 4 15,551 
Total fixed maturities, available-for-sale$2,559,973 $23,116 $220,990 $4 $2,362,095 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
December 31, 2024
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair Value  Gross
  Unrealized  
Losses		Fair Value  Gross
  Unrealized  
Losses		Fair Value  Gross
  Unrealized  
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$383 3$48,423 $3,038 $48,806 $3,041 
Obligations of U.S. states and their political subdivisions67,690 2,057 74,006 7,251 141,696 9,308 
Foreign government securities3,464 129 61,163 19,179 64,627 19,308 
U.S. public corporate securities427,698 12,874 894,799 204,600 1,322,497 217,474 
U.S. private corporate securities68,806 1,038 107,275 9,461 176,081 10,499 
Foreign public corporate securities68,181 2,154 108,111 28,220 176,292 30,374 
Foreign private corporate securities78,262 2,590 84,669 17,875 162,931 20,465 
Asset-backed securities2,143 12 6,914 520 9,057 532 
Commercial mortgage-backed securities0 0 91,022 5,437 91,022 5,437 
Residential mortgage-backed securities148 4 10,729 768 10,877 772 
Total fixed maturities, available-for-sale$716,775 $20,861 $1,487,111 $296,349 $2,203,886 $317,210 

December 31, 2023
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$49,081 $936 $1,962 $218 $51,043 $1,154 
Obligations of U.S. states and their political subdivisions22,856 186 61,445 2,647 84,301 2,833 
Foreign government securities5,656 91 69,066 14,602 74,722 14,693 
U.S. public corporate securities86,203 1,688 913,776 146,213 999,979 147,901 
U.S. private corporate securities27,883 366 117,409 8,518 145,292 8,884 
Foreign public corporate securities5,029 135 115,462 21,854 120,491 21,989 
Foreign private corporate securities5,007 51 98,159 14,740 103,166 14,791 
Asset-backed securities7,899 914 4,775 55 12,674 969 
Commercial mortgage-backed securities0 0 96,699 7,356 96,699 7,356 
Residential mortgage-backed securities146 2 10,722 418 10,868 420 
Total fixed maturities, available-for-sale$209,760 $4,369 $1,489,475 $216,621 $1,699,235 $220,990 
As of December 31, 2024 and 2023, the gross unrealized losses on fixed maturity, available-for-sale securities without an allowance of $313 million and $218 million, respectively, related to “1” highest quality or “2” high quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $4 million and $3 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. As of December 31, 2024, the $296 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, consumer non-cyclical and finance sectors. As of December 31, 2023, the $217 million of gross unrealized losses of twelve months or more were concentrated in the Company’s corporate securities within the utility, finance and consumer non-cyclical sectors.

In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for credit losses related to these fixed maturity securities was not warranted at December 31, 2024. This conclusion was based on a detailed analysis of the underlying credit and cash flows for each security. Gross unrealized losses are primarily attributable to increases in interest rates, general credit spread widening and foreign currency exchange rate movements. As of December 31, 2024, the Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
December 31, 2024
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$61,300 $59,692 
Due after one year through five years531,785 523,178 
Due after five years through ten years570,806 559,247 
Due after ten years1,701,459 1,422,412 
Asset-backed securities46,956 46,620 
Commercial mortgage-backed securities96,459 91,022 
Residential mortgage-backed securities15,390 14,766 
     Total fixed maturities, available-for-sale$3,024,155 $2,716,937 
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above, as they do not have a single maturity date.
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$21,403 $11,103 $37,605 
Proceeds from maturities/prepayments100,925 103,064 64,177 
Gross investment gains from sales and maturities1,525 86 224 
Gross investment losses from sales and maturities(5,269)(2,014)(5,451)
(Addition to) release of allowance for credit losses4 359 1,195 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $0.1 million, $0.1 million and $(0.1) million for the years ended December 31, 2024, 2023 and 2022, respectively.
The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as
of and for the periods indicated:

Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $4 $4 
Additions to allowance for credit losses not previously recorded0 0 208 0 0 2 210 
Additions (reductions) on securities with previous allowance0 0 (208)0 0 (6)(214)
Balance, end of period$0 $0 $0 $0 $0 $0 $0 

Year Ended December 31, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $358 $0 $0 $5 $363 
Reductions for securities sold during the period0 0 (358)0 0 0 (358)
Additions (reductions) on securities with previous allowance0 0 0 0 0 (1)(1)
Balance, end of period$0 $0 $0 $0 $0 $4 $4 

See Note 2 for additional information about the Company’s methodology for developing its allowance and expected losses.

For the year ended December 31, 2024, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to a minimal reduction within residential mortgage-backed securities.

For the year ended December 31, 2023, the net decrease in the allowance for credit losses on available-for-sale securities was primarily related to restructuring in the transportation sector within corporate securities.

The Company did not have any fixed maturity securities purchased with credit deterioration as of both December 31, 2024 and 2023.

Fixed Maturities, Trading
The net change in unrealized gains (losses) from fixed maturities, trading still held at period end, recorded within “Other income (loss)” was $(0.4) million, $1.5 million and $(3.4) million during the years ended December 31, 2024, 2023 and 2022, respectively.
Equity Securities
The net change in unrealized gains (losses) from equity securities still held at period end, recorded within “Other income (loss)” was $(1.2) million, $0.2 million and $(1.5) million during the years ended December 31, 2024, 2023 and 2022, respectively.
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated: 
December 31, 2024December 31, 2023
Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$136,607 28.5 %$71,289 29.6 %
Hospitality11,981 2.5 14,070 5.8 
Industrial166,012 34.6 70,633 29.3 
Office6,706 1.4 8,122 3.4 
Other45,355 9.5 24,587 10.2 
Retail51,092 10.7 23,327 9.7 
Total commercial mortgage loans417,753 87.2 212,028 88.0 
Agricultural property loans61,288 12.8 28,763 12.0 
Total commercial mortgage and agricultural property loans479,041 100.0 %240,791 100.0 %
Allowance for credit losses(1,713)(1,162)
Total net commercial mortgage and agricultural property loans$477,328 $239,629 

As of December 31, 2024, the commercial mortgage and agricultural property loans were secured by properties geographically dispersed throughout the United States with the largest concentrations in Florida (18%), California (12%) and Washington (9%) and included loans secured by properties in Europe (6%) and Mexico (2%).
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended: 
Commercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Balance at December 31, 2021$246 $0 $246 
Addition to (release of) allowance for expected losses159 3 162 
Balance at December 31, 2022$405 $3 $408 
Addition to (release of) allowance for expected losses702 52 754 
Balance at December 31, 2023$1,107 $55 $1,162 
Addition to (release of) allowance for expected losses563 (12)551 
Balance at December 31, 2024$1,670 $43 $1,713 
See Note 2 for additional information about the Company's methodology for developing the allowance and expected losses.
For the year ended December 31, 2024, net additions to the allowance for credit losses on commercial mortgage and other loans was in the general reserve primarily related to loan originations.
For the year ended December 31, 2023, net additions to the allowance for credit losses on commercial mortgage and other loans was primarily related to loan originations and increases to the portfolio reserve to reflect declining market conditions within the office sector.
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$65,002 $9,312 $19,739 $2,367 $2,198 $68,971 $0 $167,589 
60%-69.99%115,394 62,665 15,000 347 0 20,157 0 213,563 
70%-79.99%19,060 6,355 0 0 0 6,416 0 31,831 
80% or greater0 0 0 0 0 4,770 0 4,770 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Debt Service Coverage Ratio:
Greater than 1.2x$195,535 $71,280 $34,739 $2,714 $2,198 $95,444 $0 $401,910 
1.0 - 1.2x3,921 7,052 0 0 0 4,870 0 15,843 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$32,130 $10,875 $992 $1,002 $0 $904 $1,040 $46,943 
60%-69.99%0 2,000 12,345 0 0 0 $0 14,345 
70%-79.99%0 0 0 0 0 0 $0 0 
80% or greater0 0 0 0 0 0 $0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 
Debt Service Coverage Ratio:
Greater than 1.2x$31,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $60,288 
1.0 - 1.2x1,000 0 0 0 0 0 $0 1,000 
Less than 1.0x0 0 0 0 0 0 $0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 

December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$9,444 $19,879 $772 $0 $17,239 $42,159 $89,493 
60%-69.99%37,809 15,000 1,962 2,198 15,091 5,836 77,896 
70%-79.99%32,105 0 0 0 3,885 1,595 37,585 
80% or greater0 0 0 0 1,007 6,047 7,054 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Debt Service Coverage Ratio:
Greater than 1.2x$76,929 $34,879 $2,734 $2,198 $36,293 $48,677 $201,710 
1.0 - 1.2x2,429 0 0 0 0 6,047 8,476 
Less than 1.0x0 0 0 0 929 913 1,842 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$11,358 $1,035 $1,047 $0 $0 $978 $14,418 
60%-69.99%2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
Debt Service Coverage Ratio:
Greater than 1.2x$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 

See Note 2 for additional information about the Company's commercial mortgage and other loans credit quality monitoring process.

The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$417,753 $0 $0 $0 $417,753 $0 
Agricultural property loans61,288 0 0 0 61,288 0 
Total$479,041 $0 $0 $0 $479,041 $0 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2023
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$212,028 $0 $0 $0 $212,028 $0 
Agricultural property loans28,763 0 0 0 28,763 0 
Total$240,791 $0 $0 $0 $240,791 $0 
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
For the year ended December 31, 2024, there were $12.6 million commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

For the year ended December 31, 2023, there were no commercial mortgage and other loans acquired, other than those through direct origination, and there were no commercial mortgage and other loans sold.

The Company did not have any commercial mortgage and other loans purchased with credit deterioration as of both December 31, 2024 and 2023.

Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated: 
 December 31,
20242023
(in thousands)
LPs/LLCs:
Equity method:
Private equity$112,001 $90,107 
Hedge funds58,312 48,488 
Real estate-related(1)
7,118 6,809 
Subtotal equity method177,431 145,404 
Fair value:
Private equity200 249 
Hedge funds2 19 
Real estate-related3,492 4,119 
Subtotal fair value3,694 4,387 
Total LPs/LLCs181,125 149,791 
Derivative instruments51,930 0 
Other (1) (2)
157 4,094 
Total other invested assets$233,212 $153,885 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes tax advantaged investments.
Equity Method Investments
The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method. Changes between periods in the tables below reflect changes in the activities within the LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20242023
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$7,151,416 $5,661,409 
Total liabilities(2)$65,973 $772,289 
Partners’ capital7,085,443 4,889,120 
Total liabilities and partners’ capital$7,151,416 $5,661,409 
Equity in LP/LLC interests included above$91,944 $68,852 
Equity in LP/LLC interests not included above85,643 76,708 
Carrying value$177,587 $145,560 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202420232022
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$480,497 $1,295,488 $51,084 
Total expenses(2)(4,495)(259,435)0 
Net earnings (losses)$476,002 $1,036,053 $51,084 
Equity in net earnings (losses) included above$6,884 $10,278 $955 
Equity in net earnings (losses) of LP/LLC interests not included above7,349 3,908 5,836 
Total equity in net earnings (losses)$14,233 $14,186 $6,791 
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20242023
(in thousands)
Fixed maturities$32,587 $26,672 
Equity securities0 1 
Commercial mortgage and other loans1,980 948 
Policy loans25,110 25,675 
Short-term investments and cash equivalents691 610 
Total accrued investment income$60,368 $53,906 

There were no significant write-downs on accrued investment income for both the years ended December 31, 2024 and 2023.
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities, available-for-sale$120,820 $101,605 $73,656 
Fixed maturities, trading586 622 1,012 
Equity securities1,322 364 364 
Commercial mortgage and other loans17,536 8,746 4,609 
Policy loans52,406 36,027 10,427 
Other invested assets17,870 16,183 8,873 
Short-term investments and cash equivalents14,570 6,862 3,384 
Gross investment income225,110 170,409 102,325 
Less: investment expenses(5,682)(4,385)(3,933)
Net investment income$219,428 $166,024 $98,392 
There were no non-income producing assets as of December 31, 2024. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2024.

Realized Investment Gains (Losses), Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: 
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities(1)$(3,740)$(1,569)$(4,032)
Commercial mortgage and other loans(551)(746)(153)
LPs/LLCs(2)(35)(14)(51)
Derivatives10,188 (42,046)18,123 
Short-term investments and cash equivalents(34)65 (52)
Ceded income on modified coinsurance assets(3)(44,809)0 0 
Other(2)(9)0 0 
Realized investment gains (losses), net$(38,990)$(44,310)$13,835 
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables, primarily reflecting the impact of net investment income on modified coinsurance assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains (Losses) on Investments within AOCI
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
December 31,
202420232022
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$(19)$0 $0 
Fixed maturity securities, available-for-sale without an allowance(307,199)(197,874)(270,867)
Derivatives designated as cash flow hedges(1)12,310 5,246 14,102 
Affiliated notes0 0 59 
Other investments288 357 122 
Net unrealized gains (losses) on investments$(294,620)$(192,271)$(256,584)
(1)For additional information regarding cash flow hedges, see Note 4.

Repurchase Agreements and Securities Lending
In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of both December 31, 2024 and 2023, the Company had no repurchase agreements or cash collateral for loaned securities.

Securities Pledged, Restricted Assets and Special Deposits
The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties.
In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral are securities purchased under agreements to resell. As of both December 31, 2024 and 2023, there was no collateral that could be sold or repledged.
As of December 31, 2024 and 2023, there were $0.4 million and $0.0 million available-for-sale fixed maturities, respectively, on deposit with governmental authorities or trustees as required by certain insurance laws.
v3.25.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
4. DERIVATIVES AND HEDGING
Types of Derivative Instruments and Derivative Strategies
Interest Rate Contracts
Interest rate swaps are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in the values it owns or anticipates acquiring or selling.
Swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. Under interest rate swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount.
Equity Contracts
Equity options and equity total return swaps are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.
Equity index options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.
Equity total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and Secured Overnight Financing Rate (“SOFR”) plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.
Foreign Exchange Contracts
Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.
Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.
Under currency swaps, the Company agrees with counterparties to exchange, at specified intervals, the difference between one currency and another at an exchange rate and calculated by reference to an agreed principal amount. Generally, the principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party.
Credit Contracts
The Company writes credit protection to gain exposure similar to investment in public fixed maturity cash instruments. With these credit derivatives the Company sells credit protection on a single name reference, or certain index reference, and in return receives a quarterly premium. This premium or credit spread generally corresponds to the difference between the yield on the referenced name (or an index’s referenced names) public fixed maturity cash instruments and swap rates, at the time the agreement is executed. If there is an event of default by the referenced name or one of the referenced names in the index, as defined by the agreement, then the Company is obligated to pay the referenced amount of the contract to the counterparty and receive in return the referenced defaulted security or similar security or (in the case of a credit default index) pay the referenced amount less the auction recovery rate.
In addition to selling credit protection, the Company purchases credit protection using credit derivatives in order to hedge specific credit exposures in the Company’s investment portfolio.
Embedded Derivatives
The Company offers certain products (for example, index-linked universal life), which may include features that are accounted for as embedded derivatives. Related to certain of these derivatives, the Company has entered into reinsurance agreements with an affiliate, Prudential Insurance, effective April 1, 2016. See Note 11 for additional information on the reinsurance agreements.
These embedded derivatives and reinsurance agreements, also accounted for as derivatives, are carried at fair value and marked to market through “Realized investment gains (losses), net” based on the change in value of the underlying contractual guarantees, which are determined using valuation models, as described in Note 5.
Primary Risks Managed by Derivatives
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
December 31, 2024December 31, 2023
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$225,884 $13,344 $(1,391)$169,101 $7,865 $(4,257)
Total Derivatives Designated as Hedge Accounting Instruments:$225,884 $13,344 $(1,391)$169,101 $7,865 $(4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$484,200 $2,649 $(6,417)$88,200 $36 $(2,063)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps33,693 2,782 (216)39,965 1,563 (597)
Foreign Currency
Foreign Currency Forwards12,198 527 0 9,550 7 (290)
Equity
Equity Total Return Swaps
450,000 28,166 (28,166)0 0 0 
Equity Options$2,930,701 $107,964 $(70,799)$1,288,555 $30,679 $(43,354)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$3,910,792 $142,088 $(105,598)$1,426,270 $32,285 $(46,304)
Total Derivatives(1)(2)$4,136,676 $155,432 $(106,989)$1,595,371 $40,150 $(50,561)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $241 million and $168 million as of December 31, 2024 and 2023, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables and deposit receivables".
(2)Recorded in "Other invested assets" and "Payables to parent and affiliates" on the Statements of Financial Position.
Offsetting Assets and Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Statements of Financial Position. 
December 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$155,432 $(103,502)$51,930 $(51,421)$509 
Total Assets$155,432 $(103,502)$51,930 $(51,421)$509 
Offsetting of Financial Liabilities:
Derivatives$106,989 $(106,989)$0 $0 $0 
Total Liabilities$106,989 $(106,989)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
For information regarding the rights of offset associated with the derivative assets and liabilities in the table above see “Credit Risk” below and Note 15.

Cash Flow Hedges
The primary derivative instruments used by the Company in its cash flow hedge accounting relationships are currency swaps. These instruments are only designated for hedge accounting in instances where the appropriate criteria are met. The Company does not use futures, options, credit or equity derivatives in any of its cash flow hedge accounting relationships.
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship. 
Year Ended December 31, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$556 $0 $2,282 $1,660 $7,064 
Total cash flow hedges556 0 2,282 1,660 7,064 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,613)0 0 0 0 
Currency587 0 0 0 0 
Currency/Interest Rate1,973 0 0 20 0 
Credit0 0 0 0 0 
Equity95,877 0 0 0 0 
Embedded Derivatives(87,192)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments9,632 0 0 20 0 
Total$10,188 $0 $2,282 $1,680 $7,064 
Year Ended December 31, 2023
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(6)$0 $1,878 $(697)$(8,856)
Total cash flow hedges(6)0 1,878 (697)(8,856)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(2,236)0 0 0 0 
Currency(120)0 0 0 0 
Currency/Interest Rate(1,622)0 0 (18)0 
Credit0 0 0 0 0 
Equity23,279 0 0 0 0 
Embedded Derivatives(61,341)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(42,040)0 0 (18)0 
Total$(42,046)$0 $1,878 $(715)$(8,856)
Year Ended December 31, 2022
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1,802 $0 $1,891 $1,202 $8,695 
Total cash flow hedges1,802 0 1,891 1,202 8,695 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(2,666)0 0 0 0 
Currency493 0 0 0 0 
Currency/Interest Rate2,100 0 0 35 0 
Credit0 0 0 0 0 
Equity(13,420)0 0 0 0 
Embedded Derivatives29,814 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments16,321 0 0 35 0 
Total$18,123 $0 $1,891 $1,237 $8,695 
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: 
(in thousands)
Balance, December 31, 2021$5,407 
Amount recorded in AOCI
Currency/Interest Rate13,590 
Total amount recorded in AOCI13,590 
Amount reclassified from AOCI to income
Currency/Interest Rate(4,895)
Total amount reclassified from AOCI to income(4,895)
Balance, December 31, 2022$14,102 
Amount recorded in AOCI
Currency/Interest Rate(7,681)
Total amount recorded in AOCI(7,681)
Amount reclassified from AOCI to income
Currency/Interest Rate(1,175)
Total amount reclassified from AOCI to income(1,175)
Balance, December 31, 2023$5,246 
Amount recorded in AOCI
Currency/Interest Rate11,562 
Total amount recorded in AOCI11,562 
Amount reclassified from AOCI to income
Currency/Interest Rate(4,498)
Total amount reclassified from AOCI to income(4,498)
Balance, December 31, 2024$12,310 

The changes in fair value of cash flow hedges are deferred in AOCI and are included in “Net unrealized investment gains (losses)” in the Statements of Operations and Comprehensive Income (Loss); these amounts are then reclassified to earnings when the hedged item affects earnings. Using December 31, 2024 values, it is estimated that a pre-tax gain of $2.9 million is expected to be reclassified from AOCI to earnings during the subsequent twelve months ending December 31, 2025.
The exposures the Company is hedging with these qualifying cash flow hedges include the variability of the payment or receipt of interest or foreign currency amounts on existing financial instruments.
There were no material amounts reclassified from AOCI into earnings relating to instances in which the Company discontinued cash flow hedge accounting because the forecasted transaction did not occur by the anticipated date or within the additional time period permitted by the authoritative guidance for the accounting for derivatives and hedging.
Credit Derivatives
The Company has no exposure from credit derivative positions where it has written or purchased credit protection as of December 31, 2024 and 2023.
Counterparty Credit Risk
The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by entering into derivative transactions with regulated derivatives exchanges for exchange traded derivatives and its affiliate, Prudential Global Funding LLC (“PGF”), related to its OTC derivatives. PGF, in turn, manages its credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreement, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review.
Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.
v3.25.1
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities FAIR VALUE OF ASSETS AND LIABILITIES
Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:
Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities. The Company’s Level 1 assets primarily includes certain cash equivalents. There are no Level 1 liabilities as of December 31, 2024 and 2023.
Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs. The Company’s Level 2 assets and liabilities include: fixed maturities (corporate public and private bonds, most government securities, certain asset-backed and mortgage-backed securities, etc.), certain equity securities (mutual funds, which do not trade in active markets because they are not publicly available), certain cash equivalents (primarily commercial paper), short-term investments, certain OTC derivatives and separate account assets.
Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value. The Company’s Level 3 assets and liabilities primarily include: certain asset-backed securities and commercial mortgage-backed securities, certain private fixed maturities and equity securities, certain manually priced public equity securities, contracts or contract features pertaining to living benefit features (market risk benefits) of the Company's variable annuity contracts, embedded derivatives associated with the index-linked features of certain universal life and annuity products, receivables from parent and affiliates, and short-term investments.
Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
December 31, 2024
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $48,806 $0 $$48,806 
Obligations of U.S. states and their political subdivisions0 146,780 0 146,780 
Foreign government securities0 65,754 0 65,754 
U.S. corporate public securities0 1,546,880 0 1,546,880 
U.S. corporate private securities0 275,923 12,819 288,742 
Foreign corporate public securities0 229,153 0 229,153 
Foreign corporate private securities0 232,200 6,214 238,414 
Asset-backed securities(2)0 41,070 5,550 46,620 
Commercial mortgage-backed securities0 72,544 18,478 91,022 
Residential mortgage-backed securities0 14,766 0 14,766 
Subtotal0 2,673,876 43,061 2,716,937 
Market risk benefit assets00492,444 492,444 
Fixed maturities, trading 0 21,252 0 21,252 
Equity securities0 62 0 62 
Short-term investments0 10,222 172 10,394 
Cash equivalents0 167,579 0 167,579 
Other invested assets(3)0 155,432 0 (103,502)51,930 
Reinsurance recoverables and deposit receivables0 0 265,611 265,611 
Receivables from parent and affiliates0 0 30,136 30,136 
Subtotal excluding separate account assets0 3,028,423 831,424 (103,502)3,756,345 
Separate account assets(4)(5)0 13,251,913 0 13,251,913 
Total assets$0 $16,280,336 $831,424 $(103,502)$17,008,258 
Market risk benefit liabilities$0 $0 $492,444 $$492,444 
Policyholders' account balances0 0 506,305 506,305 
Payables to parent and affiliates0 106,989 0 (106,989)0 
Total liabilities$0 $106,989 $998,749 $(106,989)$998,749 
December 31, 2023
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $51,042 $0 $$51,042 
Obligations of U.S. states and their political subdivisions0 182,538 0 182,538 
Foreign government securities0 80,744 0 80,744 
U.S. corporate public securities0 1,350,933 0 1,350,933 
U.S. corporate private securities0 205,814 14,622 220,436 
Foreign corporate public securities0 164,785 0 164,785 
Foreign corporate private securities0 175,849 5,007 180,856 
Asset-backed securities(2)0 18,511 0 18,511 
Commercial mortgage-backed securities0 77,495 19,204 96,699 
Residential mortgage-backed securities0 15,551 0 15,551 
Subtotal0 2,323,262 38,833 2,362,095 
Market risk benefit assets0 0 537,659 537,659 
Fixed maturities, trading0 23,440 0 23,440 
Equity securities0 74 4,541 4,615 
Short-term investments0 3,459 0 3,459 
Cash equivalents24,928 160,330 0 185,258 
Other invested assets(3)0 40,150 0 (40,150)0 
Reinsurance recoverables and deposit receivables(6)0 0 69,745 69,745 
Subtotal excluding separate account assets24,928 2,550,715 650,778 (40,150)3,186,271 
Separate account assets(4)(5)0 12,914,412 0 12,914,412 
Total assets$24,928 $15,465,127 $650,778 $(40,150)$16,100,683 
Market risk benefit liabilities$0 $0 $537,659 $$537,659 
Policyholders' account balances0 0 237,316 237,316 
Payables to parent and affiliates0 50,561 0 (42,247)8,314 
Total liabilities$0 $50,561 $774,975 $(42,247)$783,289 
(1)“Netting” amounts represent cash collateral of $(3) million and $(2) million as of December 31, 2024 and 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2024 and 2023, the fair value of such investments was $3.7 million and $4.4 million, respectively.
(4)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. At December 31, 2024 and 2023, the fair value of such investments was $1,256 million and $1,163 million, respectively.
(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Statements of Financial Position.
(6)Prior period amounts have been updated to conform to current period presentation.
The methods and assumptions the Company uses to estimate the fair value of assets and liabilities measured at fair value on a recurring basis are summarized below.
Fixed Maturity Securities – The fair values of the Company’s public fixed maturity securities are generally based on prices obtained from independent pricing services. Prices for each security are generally sourced from multiple pricing vendors, and a vendor hierarchy is maintained by asset type based on historical pricing experience and vendor expertise. The Company ultimately uses the price from the pricing service highest in the vendor hierarchy based on the respective asset type. The pricing hierarchy is updated for new financial products and recent pricing experience with various vendors. Consistent with the fair value hierarchy described above, securities with validated quotes from pricing services are generally reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs. Typical inputs used by these pricing services include but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, and/or estimated cash flow, prepayment speeds, and default rates. If the pricing information received from third-party pricing services is deemed not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service or classify the securities as Level 3. If the pricing service updates the price to be more consistent with the presented market observations, the security remains within Level 2.
Internally-developed valuations or indicative broker quotes are also used to determine fair value in circumstances where vendor pricing is not available, or where the Company ultimately concludes that pricing information received from the independent pricing services is not reflective of market activity. If the Company concludes the values from both pricing services and brokers are not reflective of market activity, it may override the information with an internally-developed valuation. As of December 31, 2024 and 2023, overrides on a net basis were not material. Pricing service overrides, internally-developed valuations and indicative broker quotes are generally included in Level 3 in the fair value hierarchy.
The Company conducts several specific price monitoring activities. Daily analyses identify price changes over predetermined thresholds defined at the financial instrument level. Various pricing integrity reports are reviewed on a daily and monthly basis to determine if pricing is reflective of market activity or if it would warrant any adjustments. Other procedures performed include, but are not limited to, reviews of third-party pricing services methodologies, reviews of pricing trends and back testing.
The fair values of private fixed maturities, which are originated by internal private asset managers, are primarily determined using discounted cash flow models. These models primarily use observable inputs that include Treasury or similar base rates plus estimated credit spreads to value each security. The credit spreads are obtained through a survey of private market intermediaries who are active in both primary and secondary transactions, and consider, among other factors, the credit quality and the reduced liquidity associated with private placements. Internal adjustments are made to reflect variation in observed sector spreads. Since most private placements are valued using standard market observable inputs and inputs derived from, or corroborated by, market observable data including, but not limited to observed prices and spreads for similar publicly or privately traded issues, they have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model may incorporate significant unobservable inputs, which reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the price of a security, a Level 3 classification is made.
Equity Securities – Equity securities consist principally of investments in common and preferred stock of publicly traded companies, privately traded securities, as well as mutual fund shares. The fair values of most publicly traded equity securities are based on quoted prices in active markets for identical assets and are classified within Level 1 in the fair value hierarchy. Estimated fair values for most privately traded equity securities are determined using discounted cash flow, earnings multiple and other valuation models that require a substantial level of judgment around inputs and therefore are classified within Level 3. The fair values of mutual fund shares that transact regularly (but do not trade in active markets because they are not publicly available) are based on transaction prices of identical fund shares and are classified within Level 2 in the fair value hierarchy.
Derivative Instruments – Derivatives are recorded at fair value either as assets within “Other invested assets”, or as liabilities within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The fair values of derivative contracts can be affected by changes in interest rates, foreign exchange rates, credit spreads, market volatility, expected returns, NPR, liquidity and other factors.
The Company's exchange-traded futures and options include treasury and equity futures. Exchange-traded futures and options are valued using quoted prices in active markets and are classified within Level 1 in the fair value hierarchy.
The majority of the Company’s derivative positions are traded in the OTC derivative market and are classified within Level 2 in the fair value hierarchy. OTC derivatives classified within Level 2 are valued using models that utilize actively quoted or observable market inputs from external market data providers, third-party pricing vendors and/or recent trading activity. The Company’s policy is to use mid-market pricing in determining its best estimate of fair value. The fair values of most OTC derivatives, including interest rate and cross-currency swaps, currency forward contracts and credit default swaps are determined using discounted cash flow models. The fair values of European style option contracts are determined using Black-Scholes option pricing models. These models’ key inputs include the contractual terms of the respective contract, along with significant observable inputs, including interest rates, currency rates, credit spreads, equity prices, index dividend yields, NPR, volatility and other factors.
The Company’s cleared interest rate swaps and credit derivatives linked to an index are valued using models that utilize actively quoted or observable market inputs, including SOFR, obtained from external market data providers, third-party pricing vendors and/or recent trading activity. These derivatives are classified as Level 2 in the fair value hierarchy.
Cash Equivalents and Short-Term Investments – Cash equivalents and short-term investments include money market instruments, commercial paper and other highly liquid debt instruments. Certain money market instruments are valued using unadjusted quoted prices in active markets that are accessible for identical assets and are primarily classified as Level 1. The remaining instruments in this category are generally fair valued based on market observable inputs, and these investments have primarily been classified within Level 2.
Separate Account Assets – Separate account assets include fixed maturity securities, treasuries, equity securities, real estate, mutual funds and commercial mortgage loans for which values are determined consistent with similar instruments described above under “Fixed Maturity Securities” and “Equity Securities”.
Reinsurance Recoverables and Deposit Receivables – Reinsurance recoverables and deposit receivables primarily include an embedded derivative associated with receivables from modified coinsurance arrangements where the Company is the cedant.
Receivables from Parent and Affiliates – Receivables from parent and affiliates carried at fair value include affiliated bonds within the Company’s legal entity where fair value is determined consistent with similar securities described above under “Fixed Maturity Securities” managed by affiliated asset managers.
Market Risk Benefits – As a result of the adoption of ASU 2018-12 in the first quarter of 2023, the Company is required to measure all market risk benefits (e.g., living benefit and death benefit guarantees associated with variable annuities) at fair value. Market risk benefit liabilities (or assets) represent contracts or contract features that provide protection to the contractholder and expose the insurance entity to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits in the annuities products including GMDB, GMIB, GMAB, GMWB and GMIWB. The benefits are bundled together and accounted for as single compound market risk benefits using a fair value measurement framework.
The fair value of these market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of these benefit features is based on assumptions a market participant would use in valuing market risk benefits. This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions. Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally-developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management’s judgment.
The significant inputs to the valuation models for these market risk benefits include capital market assumptions, such as interest rate levels and volatility assumptions, the Company’s market-perceived NPR, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Since many of these assumptions are unobservable and are considered to be significant inputs to the valuations, the assets and liabilities included in market risk benefits have been reflected within Level 3 in the fair value hierarchy.
Capital market inputs and actual policyholders’ account values are updated each quarter based on capital market conditions as of the end of the quarter, including interest rates, equity markets and volatility. In the risk neutral valuation, the initial swap curve drives the total return used to grow the policyholders’ account values. The Company’s discount rate assumption is based on the SOFR swap curve adjusted for an additional spread relative to SOFR to reflect the Company’s market-perceived NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with the Company issued funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.
Actuarial assumptions, including contractholder behavior and mortality, are reviewed at least annually, and updated based upon Company emerging experience and industry studies, future expectations and other data, including any observable market data. These assumptions are generally updated annually unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period.
Policyholders' Account Balances – The liability for policyholders’ account balances is related to certain embedded derivative instruments associated with certain universal life and annuity products that provide policyholders with index-linked interest credited over contract specified term periods. The fair values of these liabilities are determined using discounted cash flow models which include capital market assumptions such as interest rates and equity index volatility assumptions, the Company’s market-perceived NPR and actuarially determined assumptions for mortality, lapses and projected hedge costs.
As there is no observable active market for these liabilities, the fair value is determined as the present value of account balances paid to policyholders in excess of contractually guaranteed minimums using option pricing techniques for index term periods that contain deposits as of the valuation date, and the expected option cost for future index term periods, where the terms of index crediting rates have not yet been declared by the Company. Premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows are also incorporated in the fair value of these liabilities. Since the valuation of these liabilities requires the use of management’s judgment to determine these risk premiums and the use of unobservable inputs, these liabilities are reflected within Level 3 in the fair value hierarchy.
Capital market inputs, including interest rates and equity markets volatility, and actual policyholders’ account values are updated each quarter. Actuarial assumptions are reviewed at least annually and updated based upon emerging Company experience, future expectations and other data, including any observable market data. Aside from these annual updates, assumptions are generally updated only if a material change is observed in an interim period that the Company believes is indicative of a long-term trend.
Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities – The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
December 31, 2024
Fair ValueValuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Corporate securities(3)$16,803 Discounted cash flowDiscount rate8.74 %13.91 %11.72 %Decrease
Commercial mortgage-backed securities$18,478 Discounted cash flowLiquidity premium1.00 %1.00 %1.00%Decrease
Market risk benefit assets(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.29 %1.71 %Increase
Utilization rate(7)37 %94 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables$265,611 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Option budget(11)(1)%7 %Increase
Receivables from parent and affiliates$30,136 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Utilization rate(7)37 %94 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(10)$506,305 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.73 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
December 31, 2023
Fair ValueValuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Commercial mortgage-backed securities$19,204 Discounted cash flowLiquidity premium0.60 %0.75 %0.69%Decrease
Market risk benefit assets(4)$537,659 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.41 %1.91 %Increase
Utilization rate(7)38 %95 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Liabilities:
Market risk benefit liabilities(4)$537,659 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.41 %1.91 %Decrease
Utilization rate(7)38 %95 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$237,316 Discounted cash flowLapse rate(5)1 %80 %Decrease
Spread over SOFR(6)0.41 %1.85 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale.
(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(6)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2024 and 2023, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt.
(7)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2024 and 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of December 31, 2024 and 2023, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(9)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(10)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:
Corporate Securities - The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increase, credit spreads widen, which results in a decrease in fair value.
Commercial Mortgage-backed Securities - Interrelationships may exist between the prepayment rate, the default rate and/or loss severity, depending on specific market conditions. In stronger economic cycles, prepayment rates are generally driven by underlying property appreciation and subsequent cash-out refinances, while default rates and loss severity may be lower. During weaker economic cycles, prepayment rates may decline, while default rates and loss severity increase. Generally, a change in the assumption used for the probability of default would be accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for prepayment rates. The impact of these factors on average life and economics varies with the deal structure and tranche subordination.
Market Risk Benefits – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is generally highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.
Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2024(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$19,629 $(210)$8,040 $(88)$0 $(2,788)$(5,550)$0 $0 $19,033 $(232)
Structured securities(4)19,204 (254)0 (8)0 (464)5,550 0 0 24,028 (230)
Other assets:
Equity securities4,541 (1,241)273 0 0 (3,573)0 0 0 0 (167)
Short-term investments0 35 137 0 0 0 0 0 0 172 35 
Reinsurance recoverables and deposit receivables(6)69,745 2,367 188,316 0 0 0 5,183 0 0 265,611 (111,244)
Receivables from parent and affiliates0 0 34,825 (4,689)0 0 0 0 0 30,136 0 
Liabilities:
Policyholders' account balances(6)(237,316)(89,307)0 0 (179,682)0 0 0 0 (506,305)31,398 

Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$9 $0 $(441)$(32)$0 $0 $(462)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 
Equity securities0 (1,241)0 0 0 (167)0 
Short-term investments0 0 35 0 0 0 35 
Reinsurance recoverables and deposit receivables2,367 0 0 0 (111,244)0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(89,307)0 0 0 31,398 0 0 
Year Ended December 31, 2023(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$3,803 $(43)$18,146 $0 $0 $(4,064)$0 $5,550 $(3,763)$19,629 $(86)
Structured securities(4)20,701 (1,057)0 (9)0 (431)0 0 0 19,204 (1,022)
Other assets:
Equity securities4,291 219 31 0 0 0 0 0 0 4,541 219 
Reinsurance recoverables and deposit receivables(6)(8)0 (3,034)75,143 0 0 0 (2,364)0 0 69,745 (3,034)
Liabilities:
Policyholders' account balances(6)(108,144)(56,368)0 0 (72,804)0 0 0 0 (237,316)(32,218)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$7 $0 $(1,072)$(35)$0 $0 $(1,108)
Other assets:
Equity securities0 219 0 0 0 219 0 
Reinsurance recoverables and deposit receivables(8)(3,034)0 0 0 (3,034)0 0 
Liabilities:
Policyholders' account balances(56,368)0 0 0 (32,218)0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$1,198 $0 $(9,008)$(23)$1,200 $0 $(8,966)
Other assets:
Equity securities0 (1,521)0 0 0 (1,522)0 
Liabilities:
Policyholders' account balances29,130 0 0 0 24,845 0 0 
 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private securities and foreign corporate private securities.
(4)Includes asset backed and commercial mortgage-backed securities.
(5)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(6)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(7)Excludes MRB assets of $492 million and $538 million and MRB liabilities of $492 million and $538 million for the periods ended December 31, 2024 and 2023, respectively. See Note 10 for additional information.
(8)Prior period amounts have been updated to conform to current period presentation.

Fair Value of Financial Instruments
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company's Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
December 31, 2024
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $473,122 $473,122 $477,328 
Policy loans0 0 1,118,589 1,118,589 1,118,589 
Short-term investments1,000 0 0 1,000 1,000 
Cash and cash equivalents3,246 0 0 3,246 3,246 
Accrued investment income0 60,368 0 60,368 60,368 
Reinsurance recoverables and deposit receivables0 0 24,111 24,111 25,915 
Receivables from parent and affiliates0 40,630 0 40,630 40,630 
Other assets0 3,396 0 3,396 3,396 
Total assets$4,246 $104,394 $1,615,822 $1,724,462 $1,730,472 
Liabilities:
Policyholders’ account balances - investment contracts$0 $126,224 $32,028 $158,252 $160,056 
Payables to parent and affiliates0 462 0 462 462 
Other liabilities0 67,206 0 67,206 67,206 
Total liabilities$0 $193,892 $32,028 $225,920 $227,724 
December 31, 2023
Fair ValueCarrying Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $237,993 $237,993 $239,629 
Policy loans0 0 1,115,096 1,115,096 1,115,096 
Short-term investments2,500 0 0 2,500 2,500 
Cash and cash equivalents1,125 0 0 1,125 1,125 
Accrued investment income0 53,906 0 53,906 53,906 
Reinsurance recoverables and deposit receivables(2)0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 24,502 0 24,502 24,502 
Other assets0 4,363 0 4,363 4,363 
Total assets$3,625 $82,771 $1,375,244 $1,461,640 $1,464,658 
Liabilities:
Policyholders’ account balances - investment contracts$0 $148,542 $30,945 $179,487 $180,868 
Payables to parent and affiliates0 1,066 0 1,066 1,066 
Other liabilities0 52,027 0 52,027 52,027 
Total liabilities$0 $201,635 $30,945 $232,580 $233,961 
(1)Carrying values presented herein differ from those in the Company’s Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Prior period amounts have been updated to conform to current period presentation.
The fair values presented above have been determined by using available market information and by applying market valuation methodologies, as described in more detail below.
Commercial Mortgage and Other Loans
The fair value of most commercial mortgage loans is based upon the present value of the expected future cash flows discounted at the appropriate U.S. Treasury rate or foreign government bond rate (for non-U.S. dollar-denominated loans) plus an appropriate credit spread for loans of similar quality, average life, and currency. The quality ratings for these loans, a primary determinant of the credit spreads and a significant component of the pricing process, are based on an internally-developed methodology. Certain commercial mortgage loans are valued incorporating other factors, including the terms of the loans, the relative strength of the underlying collateral, the principal exit strategies for the loans, prevailing interest rates and credit risk.
Policy Loans
The Company's valuation technique for policy loans is to discount cash flows at the current policy loan coupon rate. Policy loans are fully collateralized by the cash surrender value of underlying insurance policies. As a result, the carrying value of the policy loans approximates the fair value.
Short-Term Investments, Cash and Cash Equivalents, Accrued Investment Income, Receivables from Parent and Affiliates and Other Assets
The Company believes that due to the short-term nature of certain assets, the carrying value approximates fair value. These assets include: certain short-term investments, which are not securities, recorded at amortized cost, cash and cash equivalent instruments; accrued investment income; receivables from parent and affiliates; and other assets that meet the definition of financial instruments, including receivables, unsettled trades and accounts receivable.
Reinsurance Recoverables and Deposit Receivables
Reinsurance recoverables and deposit receivables include corresponding receivables from modified coinsurance arrangements and other reinsurance arrangements between the Company and related parties. See Note 11 for additional information about the Company's reinsurance arrangements.
Policyholders’ Account Balances - Investment Contracts
Only the portion of policyholders’ account balances related to products that are investment contracts (those without significant mortality or morbidity risk) are reflected in the table above. For fixed deferred annuities, payout annuities and other similar contracts without life contingencies, fair values are generally derived using discounted projected cash flows based on interest rates that are representative of the Company’s financial strength ratings, and hence reflect the Company’s NPR. For those balances that can be withdrawn by the customer at any time without prior notice or penalty, the fair value is the amount estimated to be payable to the customer as of the reporting date, which is generally the carrying value.
Payables to Parent and Affiliates and Other Liabilities
Payables to parent and affiliates and other liabilities are primarily payables, such as unsettled trades, drafts, escrow deposits and accrued expense payables. Due to the short term until settlement of most of these liabilities, the Company believes that carrying value approximates fair value.
v3.25.1
Deferred Policy Acquisition Costs and Deferred Reinsurance
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs and Deferred Reinsurance DEFERRED POLICY ACQUISITION COSTS AND DEFERRED REINSURANCE
Deferred Policy Acquisition Costs
The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, December 31, 2021$62,091 $246,653 $308,744 
Capitalization14,911 47,531 62,442 
Amortization expense(6,737)(12,553)(19,290)
Other(52)30 (22)
Balance, December 31, 202270,213 281,661 351,874 
Capitalization19,004 42,833 61,837 
Amortization expense(7,209)(13,363)(20,572)
Balance, December 31, 202382,008 311,131 393,139 
Capitalization20,565 56,123 76,688 
Amortization expense(6,696)(14,527)(21,223)
Other(1)(2)(28,554)(2,734)(31,288)
Balance, December 31, 2024$67,323 $349,993 $417,316 
(1)    Includes the impact of the Universal Life reinsurance transaction with PAR U and PURE. See Note 11 for additional information.
(2)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 11 for additional information
Deferred Reinsurance Losses
The following table shows a rollforward for the lines of business that contain DRL balances, which is included in Other assets, along with a reconciliation to the Company's total DRL balance:
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, December 31, 2021$18,977 $0 $18,977 
Amortization expense(1,547)0 (1,547)
Other(5)0 (5)
Balance, December 31, 202217,425 0 17,425 
Amortization expense(1,456)0 (1,456)
Other(1)0 (1)
Balance, December 31, 202315,968 0 15,968 
Amortization expense(1,393)(1,200)(2,593)
Other(1)3 52,000 52,003 
Balance, December 31, 2024$14,578 $50,800 $65,378 
(1)    Includes $52 million DRL related to the reinsurance transaction with PARCC. See Note 11 for additional informatio
Deferred Reinsurance Gains

The following table shows a rollforward of DRG balances, which is included in Other liabilities, for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

Year Ended December 31,
20242023
(in thousands)
Balance, beginning of period$0 $0 
Amortization expense(8,171)0 
Other(1)(2)216,815 0 
Balance, end of period$208,644 $0 
(1)    Includes $188 million DRG related to the reinsurance transactions with PAR U, PURE and Prudential Insurance effective January 1, 2024. See Note 11 for additional information.
(2)    Includes the impact of the Universal Life reinsurance transactions with PAR U and Pruco Life effective October 2024, including $37 million DRG, partially offset by a $8 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
v3.25.1
Separate Accounts
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Separate Accounts SEPARATE ACCOUNTS
The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within "Future policy benefits" or "Market risk benefit liabilities" (or "assets," if applicable). Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Change in value of market risk benefits, net of related hedging gains (losses)”.
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31, 2024December 31, 2023
(in thousands)
Asset Type:
Mutual funds:
Equity$8,454,468 $8,299,099 
Fixed Income4,030,334 3,901,137 
Other767,111 714,176 
Other invested assets1,255,640 1,162,691 
Total$14,507,553 $14,077,103 

For the periods ended December 31, 2024, 2023 and 2022, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.
Separate Account Liabilities
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$9,064,177 $5,012,926 $14,077,103 
Deposits79,493 250,990 330,483 
Investment performance801,416 889,291 1,690,707 
Policy charges(214,825)(111,841)(326,666)
Surrenders and withdrawals(1,105,790)(67,685)(1,173,475)
Benefit payments(10,750)(36,677)(47,427)
Net transfers (to) from general account(35,667)(47,437)(83,104)
Other573 39,359 39,932 
Balance, end of period$8,578,627 $5,928,926 $14,507,553 
Cash surrender value(1)$8,479,445 $5,808,933 $14,288,378 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
Deposits43,211 199,895 243,106 
Investment performance1,180,443 875,388 2,055,831 
Policy charges(218,915)(103,013)(321,928)
Surrenders and withdrawals(855,504)(54,781)(910,285)
Benefit payments(5,986)(41,615)(47,601)
Net transfers (to) from general account(2)(8,826)(886,762)(895,588)
Other1,186 25,424 26,610 
Balance, end of period$9,064,177 $5,012,926 $14,077,103 
Cash surrender value(1)$8,929,016 $4,902,698 $13,831,714 
Year Ended December 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$11,982,322 $5,940,045 $17,922,367 
Deposits67,216 200,686 267,902 
Investment performance(2,113,606)(925,970)(3,039,576)
Policy charges(238,173)(100,968)(339,141)
Surrenders and withdrawals(764,069)(42,118)(806,187)
Benefit payments(5,622)(42,934)(48,556)
Net transfers (to) from general account(895)(37,577)(38,472)
Other1,395 7,226 8,621 
Balance, end of period$8,928,568 $4,998,390 $13,926,958 
Cash surrender value(1)$8,747,915 $4,897,409 $13,645,324 
(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
v3.25.1
Liability for Future Policy Benefits
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability; and
•Additional Insurance Reserves

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
Benefit Reserves
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of assumption update9,001 0 9,001 
Effect of actual variances from expected experience and other activity(73,528)(352)(73,880)
Adjusted balance, beginning of period1,354,207 (352)1,353,855 
Issuances98,799 4,422 103,221 
Net premiums / considerations collected(155,036)(4,070)(159,106)
Interest accrual64,610 0 64,610 
Balance at original discount rate, end of period1,362,580 0 1,362,580 
Effect of cumulative changes in discount rate assumptions, end of period(75,036)0 (75,036)
Balance, end of period$1,287,544 $0 $1,287,544 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of assumption update10,368 (241)10,127 
Effect of actual variances from expected experience and other activity(105,332)(96)(105,428)
Adjusted balance, beginning of period2,568,927 19,662 2,588,589 
Issuances98,799 4,421 103,220 
Interest accrual128,325 767 129,092 
Benefit payments(131,485)(2,859)(134,344)
Other adjustments(345)2 (343)
Balance at original discount rate, end of period2,664,221 21,993 2,686,214 
Effect of cumulative changes in discount rate assumptions, end of period(164,980)(1,477)(166,457)
Balance, end of period$2,499,241 $20,516 $2,519,757 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,697 $20,516 $1,232,213 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring1,211,711 20,516 1,232,227 
Less: Reinsurance recoverables1,154,638 20,516 1,175,154 
Balance after reinsurance recoverables, end of period, post-flooring$57,073 $0 $57,073 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of assumption update(152)0 (152)
Effect of actual variances from expected experience and other activity(62,690)(554)(63,244)
Adjusted balance, beginning of period1,427,528 (554)1,426,974 
Issuances88,929 2,998 91,927 
Net premiums / considerations collected(165,337)(2,444)(167,781)
Interest accrual67,614 0 67,614 
Balance at original discount rate, end of period1,418,734 0 1,418,734 
Effect of cumulative changes in discount rate assumptions, end of period(29,313)0 (29,313)
Balance, end of period$1,389,421 $0 $1,389,421 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of assumption update(202)0 (202)
Effect of actual variances from expected experience and other activity(82,200)482 (81,718)
Adjusted balance, beginning of period2,606,751 18,841 2,625,592 
Issuances88,929 2,998 91,927 
Interest accrual129,375 673 130,048 
Benefit payments(160,052)(2,463)(162,515)
Other adjustments(1,112)(50)(1,162)
Balance at original discount rate, end of period2,663,891 19,999 2,683,890 
Effect of cumulative changes in discount rate assumptions, end of period(44,322)(1,510)(45,832)
Balance, end of period$2,619,569 $18,489 $2,638,058 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,230,148 $18,489 $1,248,637 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,230,148 18,489 1,248,637 
Less: Reinsurance recoverables1,054,226 18,489 1,072,715 
Balance after reinsurance recoverables, end of period, post-flooring$175,922 $0 $175,922 
Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of assumption update174,263 0 174,263 
Effect of actual variances from expected experience and other activity(29,416)(746)(30,162)
Adjusted balance, beginning of period1,533,028 (746)1,532,282 
Issuances58,215 2,110 60,325 
Net premiums / considerations collected(170,297)(1,364)(171,661)
Interest accrual69,424 0 69,424 
Balance at original discount rate, end of period1,490,370 0 1,490,370 
Effect of cumulative changes in discount rate assumptions, end of period(73,563)0 (73,563)
Balance, end of period$1,416,807 $0 $1,416,807 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of assumption update255,336 0 255,336 
Effect of actual variances from expected experience and other activity(60,049)149 (59,900)
Adjusted balance, beginning of period2,675,394 18,004 2,693,398 
Issuances58,215 2,111 60,326 
Interest accrual129,657 627 130,284 
Benefit payments(173,998)(2,308)(176,306)
Other adjustments(115)(75)(190)
Balance at original discount rate, end of period2,689,153 18,359 2,707,512 
Effect of cumulative changes in discount rate assumptions, end of period(137,962)(1,899)(139,861)
Balance, end of period$2,551,191 $16,460 $2,567,651 
Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,134,384 $16,460 $1,150,844 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,134,384 16,460 1,150,844 
Less: Reinsurance recoverables1,002,277 16,460 1,018,737 
Balance after reinsurance recoverables, end of period, post-flooring$132,107 $0 $132,107 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,010,001 $0 
Discounted expected future gross premiums (at original discount rate)$2,003,188 $0 
Discounted expected future gross premiums (at current discount rate)$1,902,990 $0 
Undiscounted expected future benefits and expenses$4,307,529 $28,661 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.22 %3.97 %
Weighted-average interest rate (at current discount rate)5.61 %5.41 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,017,106 $0 
Discounted expected future gross premiums (at original discount rate)$2,021,858 $0 
Discounted expected future gross premiums (at current discount rate)$1,988,469 $0 
Undiscounted expected future benefits and expenses$4,298,438 $25,823 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.27 %3.59 %
Weighted-average interest rate (at current discount rate)5.00 %4.90 %
Year Ended December 31, 2022
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,073,048 $0 
Discounted expected future gross premiums (at original discount rate)$2,069,441 $0 
Discounted expected future gross premiums (at current discount rate)$1,973,031 $0 
Undiscounted expected future benefits and expenses$4,352,500 $24,056 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.33 %3.56 %
Weighted-average interest rate (at current discount rate)5.40 %5.30 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2023, there was a $3 million gain in to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $11 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $10 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.
Deferred Profit Liability
The balances of and changes in DPL for the years ended December 31, are as follows:
202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 $1,726 
Effect of assumption update106 0 0 
Effect of actual variances from expected experience and other activity(156)(681)(169)
Adjusted balance, beginning of period1,315 1,003 1,557 
Profits deferred364 511 309 
Interest accrual53 49 60 
Amortization(217)(196)(222)
Other adjustments(2)(2)(20)
Balance, end of period, post-flooring1,513 1,365 1,684 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$0 $0 $0 
Additional Insurance Reserves
AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

202420232022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 $703,968 
Flooring impact and amounts in AOCI56,487 91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 632,501 
Effect of assumption update14,446 9,713 180,404 
Effect of actual variances from expected experience and other activity(13,348)(8,234)(39,475)
Adjusted balance, beginning of period1,043,751 920,072 773,430 
Assessments collected(1)104,297 99,311 134,822 
Interest accrual37,014 32,814 27,479 
Benefits paid(17,632)(9,544)(17,138)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,167,430 1,042,653 918,593 
Flooring impact and amounts in AOCI(32,954)(56,487)(91,115)
Balance, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Less: Reinsurance recoverables1,103,059 943,991 793,577 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$31,417 $42,175 $33,901 
(1)Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)262728
Weighted-average interest rate (at original discount rate)3.36 %3.40 %3.41 %
Future Policy Benefits Reconciliation
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$1,232,227 $1,248,637 $1,150,844 
Deferred profit liability, end of period, post-flooring1,513 1,365 1,684 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Subtotal of amounts disclosed above2,368,216 2,236,168 1,980,006 
Other Future policy benefits reserves(1)149,267 162,275 150,036 
Total Future policy benefits$2,517,483 $2,398,443 $2,130,042 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Statement of Operations for the periods indicated:
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$241,117 $0 $4,460 $245,577 
Deferred profit liability0 0 (148)(148)
Additional insurance reserves0 260,211 0 260,211 
Total$241,117 $260,211 $4,312 $505,640 
Year Ended December 31, 2023
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$236,148 $0 $2,974 $239,122 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 245,024 0 245,024 
Total$236,148 $245,024 $3,293 $484,465 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$242,406 $0 $1,700 $244,106 
Deferred profit liability0 0 42 42 
Additional insurance reserves0 303,979 0 303,979 
Total$242,406 $303,979 $1,742 $548,127 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Year Ended December 31, 2024
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$63,716 $0 $767 $64,483 
Deferred profit liability0 0 53 53 
Additional insurance reserves0 37,014 0 37,014 
Total$63,716 $37,014 $820 $101,550 
Year Ended December 31, 2023
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$61,760 $0 $673 $62,433 
Deferred profit liability0 0 49 49 
Additional insurance reserves0 32,814 0 32,814 
Total$61,760 $32,814 $722 $95,296 
Year Ended December 31, 2022
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$60,233 $0 $627 $60,860 
Deferred profit liability0 0 60 60 
Additional insurance reserves0 27,479 0 27,479 
Total$60,233 $27,479 $687 $88,399 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected102,255 (102,255)0 
Claims paid(2,133)2,133 0 
Interest accrual18,876 (18,876)0 
Actual in force different from expected3,079 (3,079)0 
Effect of changes in interest rates(132,946)132,946 0 
Effect of changes in equity markets(146,025)146,025 0 
Effect of assumption update7,091 (7,091)0 
Issuances5,113 (5,113)0 
Other adjustments(5,648)5,648 0 
Effect of changes in current period counterparty non-performance risk0 (39,254)(39,254)
Balance, end of period, before effect of changes in non-performance risk251,810 (190,687)61,123 
Effect of cumulative changes in non-performance risk(61,123)0 (61,123)
Balance, end of period$190,687 $(190,687)$0 
Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected107,951 (107,951)0 
Claims paid(5,336)5,336 0 
Interest accrual25,736 (25,736)0 
Actual in force different from expected6,889 (6,889)0 
Effect of changes in interest rates(156,526)156,526 0 
Effect of changes in equity markets(158,653)158,653 0 
Effect of assumption update30,269 (30,269)0 
Issuances(9,499)9,499 0 
Other adjustments(106)106 0 
Effect of changes in current period counterparty non-performance risk0 (62,792)(62,792)
Balance, end of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Effect of cumulative changes in non-performance risk(100,377)0 (100,377)
Balance, end of period$301,771 $(301,771)$0 

Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected117,867 (117,867)0 
Claims paid(3,456)3,456 0 
Interest accrual12,950 (12,950)0 
Actual in force different from expected10,199 (10,199)0 
Effect of changes in interest rates(642,920)642,920 0 
Effect of changes in equity markets266,177 (266,177)0 
Effect of assumption update(17,430)17,430 0 
Effect of changes in current period counterparty non-performance risk0 142,046 142,046 
Balance, end of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Effect of cumulative changes in non-performance risk(163,169)0 (163,169)
Balance, end of period$398,254 $(398,254)$0 
In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.
In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.
The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.
The following table presents accompanying information to the rollforward table above.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$728,831 $739,353 $1,050,063 
Weighted-average attained age of contractholders716968
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$150,879 $117,944 $80,185 
Ceded341,565 419,715 478,439 
Total market risk benefit assets$492,444 $537,659 $558,624 
Direct and assumed$341,565 $419,715 $478,439 
Ceded150,879 117,944 80,185 
Total market risk benefit liabilities$492,444 $537,659 $558,624 
Net balance$0 $0 $0 
v3.25.1
Policyholders' Liabilities
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholders' Liabilities POLICYHOLDERS' ACCOUNT BALANCES
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025$592,581$3,028,746 $3,656,352 
Deposits7,662683,422218,864 909,948 
Interest credited1,05224,829 63,262 89,143 
Policy charges(54)(267)(146,521)(146,842)
Surrenders and withdrawals(6,321)(40,509)(134,340)(181,170)
Benefit payments(911)(3,684)(206)(4,801)
Net transfers (to) from separate account035,667 47,437 83,104 
Change in market value and other adjustments(1)078,524 10,862 89,386 
Balance, end of period$36,453$1,370,563 $3,088,104 $4,495,120 
Unearned revenue reserve423,240 
Other9,939 
Total Policyholders' account balance$4,928,299 
Weighted-average crediting rate2.94 %2.53 %2.07 %2.19 %
Net amount at risk(3)$0 $0 $35,490,878 $35,490,878 
Cash surrender value(4)$7,810 $1,318,302 $2,769,819 $4,095,931 
Year Ended December 31, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits3,326 267,216 218,774 489,316 
Interest credited953 9,057 59,335 69,345 
Policy charges(58)(146)(145,551)(145,755)
Surrenders and withdrawals(7,670)(36,703)(111,973)(156,346)
Benefit payments(932)(2,488)45 (3,375)
Net transfers (to) from separate account(2)0 8,826 886,762 895,588 
Change in market value and other adjustments(1)0 19,695 36,674 56,369 
Balance, end of period$35,025 $592,581 $3,028,746 $3,656,352 
Unearned revenue reserve370,258 
Other9,574 
Total Policyholders' account balance$4,036,184 
Weighted-average crediting rate2.56 %1.97 %2.32 %2.27 %
Net amount at risk(3)$0 $0 $34,400,806 $34,400,806 
Cash surrender value(4)$8,413 $573,787 $2,691,933 $3,274,133 
Year Ended December 31, 2022
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$42,070 $344,945 $2,052,065 $2,439,080 
Deposits4,414 1,066 227,017 232,497 
Interest credited1,111 6,174 64,979 72,264 
Policy charges(62)(234)(145,194)(145,490)
Surrenders and withdrawals(829)(22,412)(125,011)(148,252)
Benefit payments(7,298)(3,310)2,378 (8,230)
Net transfers (to) from separate account0 895 37,577 38,472 
Change in market value and other adjustments(1)0 0 (29,131)(29,131)
Balance, end of period$39,406 $327,124 $2,084,680 $2,451,210 
Unearned revenue reserve313,710 
Other9,395 
Total Policyholders' account balance$2,774,315 
Weighted-average crediting rate2.73 %1.84 %3.14 %2.96 %
Net amount at risk(3)$0 $0 $33,702,745 $33,702,745 
Cash surrender value(4)$11,112 $305,239 $1,750,451 $2,066,802 
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
(3)The net amount at risk calculation includes both general and separate account balances.
(4)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.


The Company issues variable life and universal life insurance contracts which may also include a “no-lapse guarantee” where the Company contractually guarantees to the contractholder a death benefit even when the account value drops to zero, as long as the “no-lapse guarantee” premium is paid.

The net amount at risk is generally defined as the current death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including contractholder mortality, contract lapses, and premium pattern, as well as interest rate and equity market returns.

The Company also issues annuity contracts that provide certain death benefit and/or living benefit guarantees and are accounted for as MRBs. See Note 10 for additional information, including the net amount at risk associated with these guarantees.
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
December 31, 2024
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00%- 1.99%
794 0 0 0 794 
2.00%- 2.99%
21,403 0 0 0 21,403 
3.00% - 4.00%
7,123 0 0 0 7,123 
Greater than 4.00%
0 0 0 0 0 
Total$29,320 $0 $0 $0 $29,320 
Variable Annuities
Less than 1.00%
$6,832 $0 $0 $0 $6,832 
1.00% - 1.99%
84,001 75,533 1,529 0 161,063 
2.00% - 2.99%
1,245 2 0 0 1,247 
3.00% - 4.00%
97,407 312 0 0 97,719 
Greater than 4.00%
135 0 0 0 135 
Total$189,620 $75,847 $1,529 $0 $266,996 
Variable Life / Universal Life
Less than 1.00%
$59 $0 $0 $23,744 $23,803 
1.00% - 1.99%
30,421 0 312,756 186,830 530,007 
2.00% - 2.99%
4,356 164,828 174,658 43,481 387,323 
3.00% - 4.00%
323,288 165,614 915,954 0 1,404,856 
Greater than 4.00%
364,228 0 0 0 364,228 
Total$722,352 $330,442 $1,403,368 $254,055 $2,710,217 
December 31, 2023
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,034 0 0 0 1,034 
2.00%- 2.99%
18,552 0 0 0 18,552 
3.00% - 4.00%
7,756 0 0 0 7,756 
Greater than 4.00%
0 0 0 0 0 
Total$27,342 $0 $0 $0 $27,342 
Variable Annuities
Less than 1.00%
$1,490 $0 $0 $0 $1,490 
1.00% - 1.99%
177,730 1,576 0 0 179,306 
2.00% - 2.99%
1,462 0 0 0 1,462 
3.00% - 4.00%
113,616 1,180 0 0 114,796 
Greater than 4.00%
130 0 0 0 130 
Total$294,428 $2,756 $0 $0 $297,184 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $30,597 $30,597 
1.00% - 1.99%
21,709 0 409,406 53,613 484,728 
2.00% - 2.99%
3,958 157,256 184,475 28,519 374,208 
3.00% - 4.00%
244,318 248,808 917,572 0 1,410,698 
Greater than 4.00%
371,165 0 0 0 371,165 
Total$641,150 $406,064 $1,511,453 $112,729 $2,671,396 
December 31, 2022
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,277 0 0 0 1,277 
2.00%- 2.99%
21,208 0 0 0 21,208 
3.00% - 4.00%
10,342 0 0 0 10,342 
Greater than 4.00%
0 0 0 0 0 
Total$32,827 $0 $0 $0 $32,827 
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
192,551 1,593 0 0 194,144 
2.00% - 2.99%
1,812 0 0 0 1,812 
3.00% - 4.00%
132,969 231 0 0 133,200 
Greater than 4.00%
125 0 0 0 125 
Total$327,457 $1,824 $0 $0 $329,281 
Variable Life / Universal Life
Less than 1.00%
$705 $0 $0 $0 $705 
1.00% - 1.99%
56,396 0 105,883 286,496 448,775 
2.00% - 2.99%
4,433 15,602 203,101 136,109 359,245 
3.00% - 4.00%
156,567 633 435,220 0 592,420 
Greater than 4.00%
377,674 0 0 0 377,674 
Total$595,775 $16,235 $744,204 $422,605 $1,778,819 
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Unearned Revenue Reserve
The balances of and changes in URR as of and for the periods ended are as follows:
Years Ended December 31,
202420232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,710 $251,573 
Unearned revenue71,120 72,640 75,757 
Amortization expense(18,138)(16,092)(13,681)
Other adjustments0 0 61 
Balance, end of period$423,240 $370,258 $313,710 
v3.25.1
Market Risk Benefits
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Market Risk Benefits LIABILITY FOR FUTURE POLICY BENEFITS
Liability for Future Policy Benefits primarily consists of the following sub-components, which are discussed in greater detail below.

•Benefit Reserves;
•Deferred Profit Liability; and
•Additional Insurance Reserves

In 2024, the Company recognized an impact to net income attributable to our annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
In 2023, the Company recognized an impact to net income attributable to the annual reviews and update of assumptions and other refinements. Overall impact is immaterial for direct and assumed Benefit Reserves and DPL, net of the impact of flooring these liabilities at zero for each issue year cohort. Additionally, for direct and assumed AIR, the Company recognized an unfavorable impact primarily due to unfavorable model refinements, partially offset by updates to economic assumptions, including expected future rates of returns on universal life policies with secondary guarantees.

In 2022, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed benefit reserves, primarily due to updates to mortality assumptions on individual term life insurance. Additionally, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update and other refinements for direct and assumed additional insurance reserves, primarily due to updates to policyholder behavior assumptions on universal life policies with secondary guarantees.
Benefit Reserves
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of assumption update9,001 0 9,001 
Effect of actual variances from expected experience and other activity(73,528)(352)(73,880)
Adjusted balance, beginning of period1,354,207 (352)1,353,855 
Issuances98,799 4,422 103,221 
Net premiums / considerations collected(155,036)(4,070)(159,106)
Interest accrual64,610 0 64,610 
Balance at original discount rate, end of period1,362,580 0 1,362,580 
Effect of cumulative changes in discount rate assumptions, end of period(75,036)0 (75,036)
Balance, end of period$1,287,544 $0 $1,287,544 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of assumption update10,368 (241)10,127 
Effect of actual variances from expected experience and other activity(105,332)(96)(105,428)
Adjusted balance, beginning of period2,568,927 19,662 2,588,589 
Issuances98,799 4,421 103,220 
Interest accrual128,325 767 129,092 
Benefit payments(131,485)(2,859)(134,344)
Other adjustments(345)2 (343)
Balance at original discount rate, end of period2,664,221 21,993 2,686,214 
Effect of cumulative changes in discount rate assumptions, end of period(164,980)(1,477)(166,457)
Balance, end of period$2,499,241 $20,516 $2,519,757 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,697 $20,516 $1,232,213 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring1,211,711 20,516 1,232,227 
Less: Reinsurance recoverables1,154,638 20,516 1,175,154 
Balance after reinsurance recoverables, end of period, post-flooring$57,073 $0 $57,073 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of assumption update(152)0 (152)
Effect of actual variances from expected experience and other activity(62,690)(554)(63,244)
Adjusted balance, beginning of period1,427,528 (554)1,426,974 
Issuances88,929 2,998 91,927 
Net premiums / considerations collected(165,337)(2,444)(167,781)
Interest accrual67,614 0 67,614 
Balance at original discount rate, end of period1,418,734 0 1,418,734 
Effect of cumulative changes in discount rate assumptions, end of period(29,313)0 (29,313)
Balance, end of period$1,389,421 $0 $1,389,421 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of assumption update(202)0 (202)
Effect of actual variances from expected experience and other activity(82,200)482 (81,718)
Adjusted balance, beginning of period2,606,751 18,841 2,625,592 
Issuances88,929 2,998 91,927 
Interest accrual129,375 673 130,048 
Benefit payments(160,052)(2,463)(162,515)
Other adjustments(1,112)(50)(1,162)
Balance at original discount rate, end of period2,663,891 19,999 2,683,890 
Effect of cumulative changes in discount rate assumptions, end of period(44,322)(1,510)(45,832)
Balance, end of period$2,619,569 $18,489 $2,638,058 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,230,148 $18,489 $1,248,637 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,230,148 18,489 1,248,637 
Less: Reinsurance recoverables1,054,226 18,489 1,072,715 
Balance after reinsurance recoverables, end of period, post-flooring$175,922 $0 $175,922 
Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of assumption update174,263 0 174,263 
Effect of actual variances from expected experience and other activity(29,416)(746)(30,162)
Adjusted balance, beginning of period1,533,028 (746)1,532,282 
Issuances58,215 2,110 60,325 
Net premiums / considerations collected(170,297)(1,364)(171,661)
Interest accrual69,424 0 69,424 
Balance at original discount rate, end of period1,490,370 0 1,490,370 
Effect of cumulative changes in discount rate assumptions, end of period(73,563)0 (73,563)
Balance, end of period$1,416,807 $0 $1,416,807 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of assumption update255,336 0 255,336 
Effect of actual variances from expected experience and other activity(60,049)149 (59,900)
Adjusted balance, beginning of period2,675,394 18,004 2,693,398 
Issuances58,215 2,111 60,326 
Interest accrual129,657 627 130,284 
Benefit payments(173,998)(2,308)(176,306)
Other adjustments(115)(75)(190)
Balance at original discount rate, end of period2,689,153 18,359 2,707,512 
Effect of cumulative changes in discount rate assumptions, end of period(137,962)(1,899)(139,861)
Balance, end of period$2,551,191 $16,460 $2,567,651 
Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,134,384 $16,460 $1,150,844 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,134,384 16,460 1,150,844 
Less: Reinsurance recoverables1,002,277 16,460 1,018,737 
Balance after reinsurance recoverables, end of period, post-flooring$132,107 $0 $132,107 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,010,001 $0 
Discounted expected future gross premiums (at original discount rate)$2,003,188 $0 
Discounted expected future gross premiums (at current discount rate)$1,902,990 $0 
Undiscounted expected future benefits and expenses$4,307,529 $28,661 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.22 %3.97 %
Weighted-average interest rate (at current discount rate)5.61 %5.41 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,017,106 $0 
Discounted expected future gross premiums (at original discount rate)$2,021,858 $0 
Discounted expected future gross premiums (at current discount rate)$1,988,469 $0 
Undiscounted expected future benefits and expenses$4,298,438 $25,823 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.27 %3.59 %
Weighted-average interest rate (at current discount rate)5.00 %4.90 %
Year Ended December 31, 2022
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,073,048 $0 
Discounted expected future gross premiums (at original discount rate)$2,069,441 $0 
Discounted expected future gross premiums (at current discount rate)$1,973,031 $0 
Undiscounted expected future benefits and expenses$4,352,500 $24,056 
Weighted-average duration of the liability in years (at original discount rate)117
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.33 %3.56 %
Weighted-average interest rate (at current discount rate)5.40 %5.30 %
For additional information regarding observable market information and the techniques used to determine the interest rate assumptions seen above, see Note 2.
For non-participating traditional and limited-payment products, if a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for the present value of expected future policy benefits and non-level claim settlement expenses, then the liability for future policy benefits is adjusted at that time, and thereafter such that all changes, both favorable and unfavorable, in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately as a gain or loss, respectively.

In 2024, there was an immaterial impact to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts.

In 2023, there was a $3 million gain in to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $3 million charge, reflecting the impact of ceded reinsurance on the affected cohorts.

In 2022, there was an $11 million charge to net income for non-participating traditional and limited-payment products, where net premiums exceeded gross premiums for certain issue-year cohorts, mostly offset by a $10 million gain, reflecting the impact of ceded reinsurance on the affected cohorts.
Deferred Profit Liability
The balances of and changes in DPL for the years ended December 31, are as follows:
202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 $1,726 
Effect of assumption update106 0 0 
Effect of actual variances from expected experience and other activity(156)(681)(169)
Adjusted balance, beginning of period1,315 1,003 1,557 
Profits deferred364 511 309 
Interest accrual53 49 60 
Amortization(217)(196)(222)
Other adjustments(2)(2)(20)
Balance, end of period, post-flooring1,513 1,365 1,684 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$0 $0 $0 
Additional Insurance Reserves
AIR represents the additional liability for annuitization, death, or other insurance benefits, including guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") contract features, that are above and beyond the contractholder's account balance for certain long-duration life contracts.

The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

202420232022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 $703,968 
Flooring impact and amounts in AOCI56,487 91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 632,501 
Effect of assumption update14,446 9,713 180,404 
Effect of actual variances from expected experience and other activity(13,348)(8,234)(39,475)
Adjusted balance, beginning of period1,043,751 920,072 773,430 
Assessments collected(1)104,297 99,311 134,822 
Interest accrual37,014 32,814 27,479 
Benefits paid(17,632)(9,544)(17,138)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,167,430 1,042,653 918,593 
Flooring impact and amounts in AOCI(32,954)(56,487)(91,115)
Balance, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Less: Reinsurance recoverables1,103,059 943,991 793,577 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$31,417 $42,175 $33,901 
(1)Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)262728
Weighted-average interest rate (at original discount rate)3.36 %3.40 %3.41 %
Future Policy Benefits Reconciliation
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$1,232,227 $1,248,637 $1,150,844 
Deferred profit liability, end of period, post-flooring1,513 1,365 1,684 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Subtotal of amounts disclosed above2,368,216 2,236,168 1,980,006 
Other Future policy benefits reserves(1)149,267 162,275 150,036 
Total Future policy benefits$2,517,483 $2,398,443 $2,130,042 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
Revenue and Interest Expense
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Statement of Operations for the periods indicated:
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$241,117 $0 $4,460 $245,577 
Deferred profit liability0 0 (148)(148)
Additional insurance reserves0 260,211 0 260,211 
Total$241,117 $260,211 $4,312 $505,640 
Year Ended December 31, 2023
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$236,148 $0 $2,974 $239,122 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 245,024 0 245,024 
Total$236,148 $245,024 $3,293 $484,465 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$242,406 $0 $1,700 $244,106 
Deferred profit liability0 0 42 42 
Additional insurance reserves0 303,979 0 303,979 
Total$242,406 $303,979 $1,742 $548,127 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Year Ended December 31, 2024
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$63,716 $0 $767 $64,483 
Deferred profit liability0 0 53 53 
Additional insurance reserves0 37,014 0 37,014 
Total$63,716 $37,014 $820 $101,550 
Year Ended December 31, 2023
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$61,760 $0 $673 $62,433 
Deferred profit liability0 0 49 49 
Additional insurance reserves0 32,814 0 32,814 
Total$61,760 $32,814 $722 $95,296 
Year Ended December 31, 2022
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$60,233 $0 $627 $60,860 
Deferred profit liability0 0 60 60 
Additional insurance reserves0 27,479 0 27,479 
Total$60,233 $27,479 $687 $88,399 
MARKET RISK BENEFITS
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected102,255 (102,255)0 
Claims paid(2,133)2,133 0 
Interest accrual18,876 (18,876)0 
Actual in force different from expected3,079 (3,079)0 
Effect of changes in interest rates(132,946)132,946 0 
Effect of changes in equity markets(146,025)146,025 0 
Effect of assumption update7,091 (7,091)0 
Issuances5,113 (5,113)0 
Other adjustments(5,648)5,648 0 
Effect of changes in current period counterparty non-performance risk0 (39,254)(39,254)
Balance, end of period, before effect of changes in non-performance risk251,810 (190,687)61,123 
Effect of cumulative changes in non-performance risk(61,123)0 (61,123)
Balance, end of period$190,687 $(190,687)$0 
Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected107,951 (107,951)0 
Claims paid(5,336)5,336 0 
Interest accrual25,736 (25,736)0 
Actual in force different from expected6,889 (6,889)0 
Effect of changes in interest rates(156,526)156,526 0 
Effect of changes in equity markets(158,653)158,653 0 
Effect of assumption update30,269 (30,269)0 
Issuances(9,499)9,499 0 
Other adjustments(106)106 0 
Effect of changes in current period counterparty non-performance risk0 (62,792)(62,792)
Balance, end of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Effect of cumulative changes in non-performance risk(100,377)0 (100,377)
Balance, end of period$301,771 $(301,771)$0 

Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected117,867 (117,867)0 
Claims paid(3,456)3,456 0 
Interest accrual12,950 (12,950)0 
Actual in force different from expected10,199 (10,199)0 
Effect of changes in interest rates(642,920)642,920 0 
Effect of changes in equity markets266,177 (266,177)0 
Effect of assumption update(17,430)17,430 0 
Effect of changes in current period counterparty non-performance risk0 142,046 142,046 
Balance, end of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Effect of cumulative changes in non-performance risk(163,169)0 (163,169)
Balance, end of period$398,254 $(398,254)$0 
In both 2024 and 2023, the Company recognized an unfavorable impact to net income attributable to the actuarial assumption update for direct and assumed MRBs, primarily due to updates to policyholder behavior assumptions on certain variable annuities.
In 2022, the Company recognized a favorable impact to net income attributable to the actuarial assumption update for direct MRBs, primarily due to updates to mortality and policyholder behavior assumptions on certain variable annuities.
The Company issues certain variable annuity insurance contracts where the Company contractually guarantees to the contractholder a return of no less than (1) total deposits made to the contract adjusted for any partial withdrawals plus a minimum return, and/or (2) the highest anniversary contract value on a specified date adjusted for any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates during the accumulation period and withdrawal and income benefits payable during specified periods.
The Company also issues indexed variable annuity contracts for which the return is tied to the return of specific indices where the Company contractually guarantees to the contractholder a return of no less than total deposits made to the contract adjusted for any partial withdrawals upon death.

For guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at annuitization, the net amount at risk is generally defined as the present value of the minimum guaranteed annuity payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including fixed income and equity market returns, timing of annuitization, contract lapses and contractholder mortality.

For guarantees of benefits that are payable at withdrawal, the net amount at risk is generally defined as the present value of the minimum guaranteed withdrawal payments available to the contractholder determined in accordance with the terms of the contract in excess of the current account balance.

For guarantees of accumulation balances, the net amount at risk is generally defined as the guaranteed minimum accumulation balance minus the current account balance. The Company’s primary risk exposures for these contracts relates to actual deviations from, or changes to, the assumptions used in the original pricing of these products, including equity market returns, interest rates, market volatility and contractholder behavior.
The following table presents accompanying information to the rollforward table above.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$728,831 $739,353 $1,050,063 
Weighted-average attained age of contractholders716968
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$150,879 $117,944 $80,185 
Ceded341,565 419,715 478,439 
Total market risk benefit assets$492,444 $537,659 $558,624 
Direct and assumed$341,565 $419,715 $478,439 
Ceded150,879 117,944 80,185 
Total market risk benefit liabilities$492,444 $537,659 $558,624 
Net balance$0 $0 $0 
v3.25.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance REINSURANCE
The Company participates in reinsurance with its affiliates PARCC, PAR U, PURE, its parent companies, Pruco Life and Prudential Insurance, and prior to October 1, 2024 with its affiliates Prudential Arizona Reinsurance Term Company (“PAR Term”), Prudential Term Reinsurance Company (“Term Re”) and Dryden Arizona Reinsurance Term Company (“DART”). The Company also participates in reinsurance with third-parties. The reinsurance agreements provide risk diversification and additional capacity for future growth, limit the maximum net loss potential, manage statutory capital, and facilitate the Company's capital market hedging program. Life reinsurance is accomplished through various plans of reinsurance, primarily YRT and coinsurance. Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. The Company believes a material reinsurance liability resulting from such inability of reinsurers to meet their obligations is unlikely.
Effective January 2024, the Company entered into an agreement with Somerset Reinsurance Ltd. (“Somerset Re”) to coinsure a closed block of guaranteed universal life (“GUL”) policies to PURE, a wholly-owned subsidiary of Prudential Insurance, with retrocession by PURE of such liabilities on a modified coinsurance basis, to Somerset Re. This transaction is effective as of January 1, 2024, whereby, the Company recaptured all risks associated with the subject GUL policies from PAR U and subsequently established YRT reinsurance for the subject GUL business with Prudential Insurance. As a result of these transactions, the Company recognized a $173 million pre-tax recapture loss and a $188 million DRG, respectively. The DRG will be amortized into income over the estimated remaining life of the reinsured policies.
Reserves related to reinsured long-duration contracts are accounted for using assumptions consistent with those used to account for the underlying contracts. Amounts recoverable from reinsurers for long-duration reinsurance arrangements are estimated in a manner consistent with the claim liabilities and policy benefits associated with the reinsured policies. Reinsurance policy charges and fee income ceded for universal life and variable annuity products are accounted for as a reduction of policy charges and fee income. Reinsurance premiums ceded for term insurance products are accounted for as a reduction of premiums.
"Change in value of market risk benefits, net of related hedging gains (losses)" include the impact of reinsurance agreements, particularly reinsurance agreements involving living benefit guarantees. The Company has entered into a reinsurance agreement to transfer the risk related to living benefit guarantees on variable annuities to Prudential Insurance. These reinsurance agreements are market risk benefits and have been accounted for in the same manner.
Reinsurance amounts included in the Company’s Statements of Financial Position as of December 31, were as follows:
20242023
(in thousands)
Reinsurance recoverables and deposit receivables(1)$4,929,428 $3,622,903 
Policy loans(32,760)(24,518)
Deferred policy acquisition costs(647,934)(620,878)
Deferred sales inducements(32,573)(35,313)
Market risk benefit assets341,565 419,715 
Other assets(1)70,934 20,590 
Market risk benefit liabilities150,878 117,944 
Reinsurance payables(1)1,440,264 412,919 
Other liabilities(1)208,543 0 
(1)Prior period amounts have been updated to conform to current period presentation.
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:

20242023
(in thousands)
Prudential Insurance(1)$1,856,410 $743,975 
PAR U380 1,725,753 
PARCC1,173,578 432,554 
PAR Term0 279,990 
Term Re0 275,721 
DART0 102,611 
Pruco Life914,840 57,509 
PURE981,917 0 
Unaffiliated2,303 4,790 
Total reinsurance recoverables and deposit receivables(1)$4,929,428 $3,622,903 
(1)Prior period amounts have been updated to conform to current period presentation.
Reinsurance amounts, included in the Company’s Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202420232022
(in thousands)
Premiums:
Direct$239,239 $240,044 $245,525 
Ceded(190,495)(200,491)(211,817)
Net premiums48,744 39,553 33,708 
Policy charges and fee income:
Direct373,124 349,046 370,855 
Assumed47,213 0 0 
Ceded(1)284,716 (289,367)(313,121)
Net policy charges and fee income705,053 59,679 57,734 
Net investment income:
Direct220,701 166,850 99,164 
Ceded(1,273)(826)(772)
Net investment income219,428 166,024 98,392 
Asset administration fees:
Direct37,686 35,744 38,061 
Ceded(26,451)(26,597)(29,581)
Net asset administration fees11,235 9,147 8,480 
Other income (loss):
Direct250 3,577 (2,174)
Ceded15,151 (1)21 
Net other income15,401 3,576 (2,153)
Realized investment gains (losses), net:
Direct3,594 (39,823)12,855 
Ceded(42,584)(4,487)980 
Realized investment gains (losses), net(38,990)(44,310)13,835 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct252,457 266,390 256,613 
Ceded(213,203)(203,598)(398,659)
Net change in value of market risk benefits, net of related hedging gains (losses)39,254 62,792 (142,046)
Policyholders’ benefits (including change in reserves):
Direct425,927 451,981 472,033 
Assumed466 0 0 
Ceded(2)587,880 (396,478)(443,844)
Net policyholders’ benefits (including change in reserves)1,014,273 55,503 28,189 
Change in estimates of liability for future policy benefits:
Direct11,929 (17,014)208,188 
Ceded(17,978)14,899 (191,557)
Net change in estimates of liability for future policy benefits(6,049)(2,115)16,631 
202420232022
Interest credited to policyholders’ account balances:
Direct134,096 98,807 82,469 
Ceded(53,228)(34,672)(34,891)
Net interest credited to policyholders’ account balances80,868 64,135 47,578 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(227,655)(130,475)(128,013)
(1)Includes $(5) million of unaffiliated activity for each of the years ended December 31, 2024, 2023 and 2022.
(2)Includes $(2) million, $(2) million and $2 million of unaffiliated activity for the years ended December 31, 2024, 2023 and 2022, respectively.
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202420232022
(in thousands)
Direct gross life insurance face amount in force$156,436,734 $154,561,817 $154,382,891 
Reinsurance ceded(147,337,155)(141,002,931)(140,370,532)
Net life insurance face amount in force$9,099,579 $13,558,886 $14,012,359 
Significant Affiliated Reinsurance Agreements
Prudential Insurance
The Company has a YRT reinsurance agreement with Prudential Insurance and reinsures the majority of all mortality risks not otherwise reinsured. Effective July 1, 2017, this agreement was terminated for certain new business, primarily universal life business, and such business was reinsured to Pruco Life under a YRT reinsurance agreement. As of January 1, 2020, the remaining portions of new business (specifically term policies) ceased being reinsured by the Company to Prudential Insurance, and a separate YRT reinsurance agreement was established with Pruco Life for term policies. Effective January 1, 2024, the Company recaptured all GUL policies with Prudential Insurance and subsequently entered into a YRT reinsurance agreement with Prudential Insurance to reinsure the mortality risk for the totality of GUL policies reinsured to PURE. Effective October 1, 2024, the Company recaptured the term business from Prudential Insurance in which the policies are ceded to PARCC. As a result of the recapture, the Company recognized a $6 million pre-tax recapture loss.
Effective April 1, 2016, the Company entered into a reinsurance agreement with Prudential Insurance to reinsure its variable annuity base contracts, along with the living benefit guarantees. As of December 31, 2020, the Company discontinued the sales of traditional variable annuities guaranteed living benefit riders. This discontinuation has no impact on the reinsurance agreement between Prudential Insurance and the Company. Effective February 1, 2023, the Company began selling indexed variable annuities products, which is reinsured to Prudential Insurance through the existing reinsurance agreement. The reinsurance of the indexed variable annuities transfers all significant risks, including mortality risk, embedded in the reinsured contracts to Prudential Insurance. As a result of the agreement, reinsurance payables includes the ceded modified coinsurance arrangement, which reflects the value of the invested assets retained by the Company and the associated asset returns.
PAR U
Effective July 1, 2012, the Company reinsures 95% of all risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies, with effective dates through December 31, 2019, excluding those policies that are subject to principle-based reserving.
Effective January 1, 2024, the Company recaptured the policies previously reinsured by PAR U with effective dates prior to January 1, 2015. Effective January 1, 2024, the Company reinsures 100% of the risks associated with universal life policies with effective dates from January 1, 2015 to December 31, 2019.
Effective October 1, 2024, the Company recaptured 100% of the risks associated with the remaining universal life policies with effective dates from January 1, 2015 to December 31, 2019. As a result of the recapture, the Company recognized a $29 million pre-tax recapture loss, which includes the recognition of a prior $8 million DRG related to the previous reinsurance agreement. Following the result of this recapture, PLNJ no longer cedes to PAR U as of December 31, 2024.
PURE
Effective January 1, 2024, the Company reinsures 100% of the risks associated with Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates prior to January 1, 2015.
PARCC
The Company reinsures 90% of the risks under its term life insurance policies, with effective dates prior to January 1, 2010 through an automatic coinsurance agreement with PARCC.
Effective October 1, 2024, the Company revised the existing coinsurance terms with PARCC, increasing the quota share of reinsured policies to 100% which includes policies which were previously reinsured to PAR Term, Term Re and DART. As a result of the revised terms, the Company recognized a $52 million DRL that will be amortized into income over the estimated remaining life of the reinsured policies.
On November 20, 2024, PAR Term, Term Re and DART merged into PARCC.
PAR Term
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates January 1, 2010 through December 31, 2013, through an automatic coinsurance agreement with PAR Term.
On November 20, 2024, PAR Term merged into PARCC.
Term Re
The Company reinsures 95% of the risks under its term life insurance policies, with effective dates on or after January 1, 2014 through December 31, 2017, through an automatic coinsurance agreement with Term Re.
On November 20, 2024, Term Re merged into PARCC.
Pruco Life
Effective July 1, 2017, the Company entered into a YRT reinsurance agreement with Pruco Life for new business, primarily covering universal life policies. Effective January 1, 2020, the Company entered in a similar YRT reinsurance agreement with Pruco Life for new business relating to term policies. Under these agreements the majority of all mortality risk is ceded to Pruco Life. The Company also reinsures certain Corporate Owned Life Insurance (“COLI”) policies with Pruco Life. Through March 31, 2016, the Company reinsured Prudential Defined Income (“PDI”) living benefit guarantees with Pruco Life. Effective April 1, 2016, the Company recaptured PDI living benefit guarantees from Pruco Life and reinsured them, together with the related variable annuity base contracts, with Prudential Insurance.
Effective October 1, 2024, the Company entered into an agreement with Pruco Life to reinsure the Universal Protector policies having no-lapse guarantees as well as certain other universal life policies with effective dates from January 1, 2015 to December 31, 2019, that were previously reinsured to PAR U. As a result of the transaction, the Company recognized a $37 million DRG that will be amortized into income over the estimated remaining life of the reinsured policies.
DART
Effective January 1, 2018, the Company entered into an automatic coinsurance agreement with DART to reinsure 95% of the risks associated with its term life insurance policies with effective dates on or after January 1, 2018 through December 31, 2019, excluding those policies that are subject to principle-based reserving.
On November 20, 2024, DART merged into PARCC.
v3.25.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The following schedule discloses significant components of income tax expense (benefit) for each year presented: 
Years Ended December 31,
202420232022
(in thousands)
Current tax expense (benefit):
U.S. federal$21,426 $22,608 $(22,713)
State and local0 0 (103)
Total21,426 22,608 (22,816)
Deferred tax expense (benefit):
U.S. federal(41,270)(10,738)(7,958)
Total(41,270)(10,738)(7,958)
Income tax expense (benefit) from operations(19,844)11,870 (30,774)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(23,329)(3,014)(36,731)
Total income tax expense (benefit)$(43,173)$8,856 $(67,505)

Reconciliation of Expected Tax at Statutory Rates to Reported Income Tax Expense (Benefit)
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
202420232022
($ in thousands)
Expected federal income tax expense (benefit)$(10,603)$22,591 $(21,126)
Non-taxable investment income(5,895)(6,452)(6,259)
Tax credits(3,338)(4,301)(3,393)
Other(8)32 4 
Reported income tax expense (benefit)$(19,844)$11,870 $(30,774)
Effective tax rate39.3 %11.0 %30.6 %
The effective tax rate is the ratio of “Income tax expense (benefit)” divided by “Income (loss) from operations before income taxes.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 39.3%, 11% and 30.6%, respectively. The following is a description of items that had a significant impact on the difference between the Company’s statutory U.S. federal income tax rate of 21% applicable for 2024, 2023 and 2022, and the Company's effective tax rate during the periods presented:
Non-Taxable Investment Income. The U.S. Dividends Received Deduction (“DRD”) reduces the amount of dividend income subject to U.S. tax and is included in the non-taxable investment income shown in the table above. More specifically, the U.S. DRD constitutes $5 million of the total $6 million of 2024 non-taxable investment income, $6 million of the total $6 million of 2023 non-taxable investment income, and $6 million of the total $6 million of 2022 non-taxable investment income. The DRD for the current period was estimated using information from 2023, current year investment results, and current year’s equity market performance. The actual current year DRD can vary based on factors such as, but not limited to, changes in the amount of dividends received that are eligible for the DRD, changes in the amount of distributions received from fund investments, changes in the account balances of variable life and annuity contracts, and the Company’s taxable income before the DRD.
Tax credits. These amounts primarily represent tax credits relating to foreign taxes withheld on the Company’s separate account investments.
Other. This line item represents reconciling items that are individually less than 5% of the computed expected federal income tax expense (benefit) and have therefore been aggregated for purposes of this reconciliation in accordance with relevant disclosure guidance.
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20242023
(in thousands)
Deferred tax assets:
Insurance reserves$80,578 $32,685 
Investments18,593 0 
Net unrealized loss on securities64,437 41,482 
Other1,544 1,766 
Deferred tax assets165,152 75,933 
Deferred tax liabilities:
Deferred policy acquisition cost47,216 21,540 
Investments0 1,054 
Deferred tax liabilities47,216 22,594 
Net deferred tax asset (liability)$117,936 $53,339 
The application of U.S. GAAP requires the Company to evaluate the recoverability of deferred tax assets and establish a valuation allowance if necessary to reduce the deferred tax asset to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) in which tax jurisdictions they were generated and the timing of their reversal; (4) taxable income in prior carryback years as well as projected taxable earnings exclusive of reversing temporary differences and carryforwards; (5) the length of time that carryovers can be utilized in the various taxing jurisdictions; (6) any unique tax rules that would impact the utilization of the deferred tax assets; and (7) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.
Changes in market conditions, including the significant rise in interest rates since the beginning of 2022, resulted in the recording of deferred tax assets related to net unrealized tax capital losses in the Company. When assessing recoverability of these deferred tax assets, the Company considers its ability and intent to hold the underlying securities to recovery in value, if necessary, as well as other factors as noted above. As of December 31, 2024, based on all available evidence, including capital loss carryback capacity, the Company concluded that the deferred tax assets related to the unrealized tax capital losses on the available-for-sale securities portfolios are, more likely than not, expected to be realized.
The Company had no valuation allowance as of December 31, 2024, and 2023. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of deferred tax asset that is realizable.
The Company’s "Income (loss) from operations before income taxes" includes income from domestic operations of $(50) million, $108 million and $(101) million for the years ended December 31, 2024, 2023 and 2022, respectively.
Tax Audit and Unrecognized Tax Benefits
The Company’s liability for income taxes includes the liability for unrecognized tax benefits and interest that relate to tax years still subject to review by the IRS or other taxing authorities. The completion of review or the expiration of the Federal statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.
The Company had no unrecognized tax benefits as of December 31, 2024, 2023, and 2022. The Company does not anticipate any significant changes within the next twelve months to its total unrecognized tax benefits related to tax years for which the statute of limitations has not expired.
The Company classifies all interest and penalties related to tax uncertainties as income tax expense (benefit). The Company did not recognize tax related interest and penalties.
At December 31, 2024, the Company remains subject to examination in the U.S. for tax years 2014 through 2024.
The Company participates in the IRS’s Compliance Assurance Program. Under this program, the IRS assigns an examination team to review completed transactions as they occur in order to reach agreement with the Company on how they should be reported in the relevant tax returns. If disagreements arise, accelerated resolutions programs are available to resolve the disagreements in a timely manner.
v3.25.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity EQUITY
Accumulated Other Comprehensive Income (Loss)
AOCI represents the cumulative OCI items that are reported separate from net income and detailed on the Statements of Operations and Comprehensive Income (Loss). Net unrealized investment gains (losses) are described in further detail in Note 2, Note 8 (Interest rate remeasurement of Liability for Future Policy Benefits) and Note 10 (Gains (losses) from Changes in Nonperformance Risk on Market Risk Benefits). The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
(in thousands)
Balance, December 31, 2021$(988)$121,075 $(34,788)$16,688 $101,987 
Change in OCI before reclassifications(336)(375,622)59,865 142,048 (174,045)
Amounts reclassified from AOCI0 (863)0 0 (863)
Income tax benefit (expense)110 79,024 (12,573)(29,830)36,731 
Balance, December 31, 2022(1,214)(176,386)12,504 128,906 (36,190)
Change in OCI before reclassifications225 58,121 (10,299)(62,792)(14,745)
Amounts reclassified from AOCI0 394 0 0 394 
Income tax benefit (expense)(90)(12,246)2,164 13,186 3,014 
Balance, December 31, 2023(1,079)(130,117)4,369 79,300 (47,527)
Change in OCI before reclassifications(246)(84,176)13,215 (39,254)(110,461)
Amounts reclassified from AOCI0 (758)0 0 (758)
Income tax benefit (expense)46 17,815 (2,775)8,243 23,329 
Balance, December 31, 2024$(1,279)$(197,236)$14,809 $48,289 $(135,417)
(1)Includes cash flow hedges of $12 million, $5 million and $14 million as of December 31, 2024, 2023 and 2022, respectively.
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Years Ended December 31,
202420232022
(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$4,498 $1,175 $4,895 
Net unrealized investment gains (losses) on available-for-sale securities(3,740)(1,569)(4,032)
Total net unrealized investment gains (losses)(4)758 (394)863 
Total reclassifications for the period$758 $(394)$863 
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.
Net Unrealized Investment Gains (Losses)
Net unrealized investment gains (losses) on available-for-sale fixed maturity securities and certain other invested assets and other assets are included in the Company’s Statements of Financial Position as a component of AOCI. Changes in these amounts include reclassification adjustments to exclude from OCI those items that are included as part of “Net income (loss)” for a period that had been part of OCI in earlier periods. There are no amounts related to net unrealized investment gains (losses) on available-for-sale fixed maturity securities on which an allowance for credit losses has been recognized as of December 31, 2024. The amounts for the periods indicated below represent all other net unrealized investment gains (losses), are as follows:
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized
Gains (Losses)
on All Other 
Investments(1)		Other Costs(2)Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		AOCI
Related to Net
Unrealized
Investment
Gains (Losses)
(in thousands)
Balance, December 31, 2021$0 $180,806 $64,772 $(92,319)$(32,184)$121,075 
Net investment gains (losses) on investments arising during the period0 (436,527)0 0 91,638 (344,889)
Reclassification adjustment for (gains) losses included in net income0 (863)0 0 181 (682)
Impact of net unrealized investment (gains) losses0 0 (148,484)209,389 (12,795)48,110 
Balance, December 31, 20220 (256,584)(83,712)117,070 46,840 (176,386)
Net investment gains (losses) on investments arising during the period0 63,919 0 0 (13,381)50,538 
Reclassification adjustment for (gains) losses included in net income0 394 0 0 (82)312 
Impact of net unrealized investment (gains) losses0 0 31,446 (37,244)1,217 (4,581)
Balance, December 31, 20230 (192,271)(52,266)79,826 34,594 (130,117)
Net investment gains (losses) on investments arising during the period38 (101,629)0 0 21,313 (80,278)
Reclassification adjustment for (gains) losses included in net income(57)(701)0 0 159 (599)
Impact of net unrealized investment (gains) losses0 0 24,133 (6,718)(3,657)13,758 
Balance, December 31, 2024$(19)$(294,601)$(28,133)$73,108 $52,409 $(197,236)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables.
v3.25.1
Statutory Net Income and Surplus and Dividend Restrictions
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividend Restrictions STATUTORY NET INCOME AND SURPLUS AND DIVIDEND RESTRICTIONS
The Company is required to prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the New Jersey Department of Insurance and Banking. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis.
The following table summarizes certain statutory financial information for the Company for the periods indicated:
Years Ended December 31,
202420232022
(in millions)
Statutory net income (loss)$(722)$152 $(134)
Statutory capital and surplus1,320 1,080 851 
The Company does not utilize prescribed or permitted practices that vary materially from the statutory accounting practices prescribed by the NAIC.
The Company is subject to New Jersey law, which limits the amount of dividends that insurance companies can pay to stockholders without approval of the New Jersey Department of Banking and Insurance. The maximum dividend, which may be paid in any twelve-month period without notification or approval, is limited to the greater of 10% of statutory surplus as of December 31 of the preceding year or the net gain from operations of the preceding calendar year. Cash dividends may only be paid out of surplus derived from realized net profits. Based on     these limitations, there is a capacity to pay a dividend of $132 million in 2025 without prior approval. The Company did not pay dividends to Pruco Life in 2024, 2023, and 2022.
v3.25.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions RELATED PARTY TRANSACTIONS
The Company has extensive transactions and relationships with Prudential Insurance and other affiliates. Although we seek to ensure that these transactions and relationships are fair and reasonable, it is possible that the terms of these transactions are not the same as those that would result from transactions among unrelated parties.
Expense Charges and Allocations
The majority of the Company’s expenses are allocations or charges from Prudential Insurance or other affiliates. These expenses can be grouped into general and administrative expenses and agency distribution expenses.
The Company’s general and administrative expenses are charged to the Company using allocation methodologies based on business production processes. Management believes that the methodology is reasonable and reflects costs incurred by Prudential Insurance to process transactions on behalf of the Company. The Company operates under service and lease agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Prudential Insurance. The Company reviews its allocation methodology periodically which it may adjust accordingly. General and administrative expenses include allocations of stock compensation expenses related to a stock-based awards program and a deferred compensation program issued by Prudential Financial. The expense charged to the Company for the stock based-awards program was $0.1 million for each of the years ended December 31, 2024, 2023 and 2022. The expense charged to the Company for the deferred compensation program was $0.6 million, $0.5 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company is charged for its share of employee benefit expenses. These expenses include costs for funded and non-funded, non-contributory defined benefit pension plans. Some of these benefits are based on final earnings and length of service while others are based on an account balance, which takes into consideration age, service and earnings during a career. The Company’s share of net expense for the pension plans was $1 million for each of the years ended December 31, 2024, 2023 and 2022.
The Company is also charged for its share of the costs associated with welfare plans issued by Prudential Insurance. These expenses include costs related to medical, dental, life insurance and disability. The Company's share of net expense for the welfare plans was $1 million for each of the years ended December 31, 2024, 2023 and 2022.
Prudential Insurance sponsors voluntary savings plans for its employee 401(k) plans. The plans provide for salary reduction contributions by employees and matching contributions by the Company of up to 4% of annual salary. The Company’s expense for its share of the voluntary savings plan was $0.6 million, $0.6 million and $0.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company is charged distribution expenses from Prudential’s proprietary nationwide sales organization, “Prudential Advisors” through a transfer pricing agreement, which is intended to reflect a market-based pricing arrangement. Prudential Advisors distributes Prudential life insurance, annuities, and investment products with proprietary and non-proprietary product options. In November 2024, the Company, along with three other affiliated entities, entered into several agreements with a third-party, LPL Financial Holdings Inc. (“LPL”). Under these agreements, the Company pays distribution expenses to LPL, of which 98% are returned to Prudential Advisors. Distribution expenses paid by the Company to LPL and subsequently returned to Prudential Advisors were $4 million for the year ended December 31, 2024.
The Company pays commissions and certain other fees to Prudential Annuities Distributors, Inc. (“PAD”) in consideration for PAD’s marketing and underwriting of the Company’s annuity products. Commissions and fees are paid by PAD to broker-dealers who sell the Company’s annuity products. Commissions and fees paid by the Company to PAD were $75 million, $42 million and $29 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company is charged for its share of corporate expenses incurred by Prudential Financial to benefit its businesses, such as advertising, executive oversight, external affairs and philanthropic activity. The Company’s share of corporate expenses was $15 million, $16 million and $12 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Corporate-Owned Life Insurance
The Company has sold three COLI policies to Prudential Insurance and one to Prudential Financial. The cash surrender value included in separate accounts for these COLI policies was $2,861 million and $2,452 million as of December 31, 2024 and 2023, respectively. Fees related to these COLI policies were $27 million, $25 million and $27 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company retains 10% of the mortality risk associated with these COLI policies up to $0.1 million per individual policy.
In May 2023, the Company funded a policy loan from the Prudential Financial COLI policy noted above in an amount of $900 million to an affiliated irrevocable trust, commonly referred to as a “rabbi trust”, which Prudential Financial created to support certain non-qualified retirement plans. The outstanding balance of the policy loan with the rabbi trust was $897 million and $898 million as of December 31, 2024 and 2023, respectively. Interest income related to the policy loan was $42 million and $26 million for the years ended December 31, 2024 and 2023, respectively.
Affiliated Investment Management Expenses
In accordance with an agreement with PGIM, Inc. (“PGIM”), the Company pays investment management expenses to PGIM who acts as investment manager to certain Company general account and separate account assets. Investment management expenses paid to PGIM related to this agreement were $3 million for each of the years ended December 31, 2024, 2023 and 2022. These expenses are recorded as “Net investment income” in the Statements of Operations and Comprehensive Income.
Derivative Trades
In its ordinary course of business, the Company enters into OTC derivative contracts with an affiliate, PGF. For these OTC derivative contracts, PGF has a substantially equal and offsetting position with an external counterparty. See Note 4 for additional information.
Joint Ventures
The Company has made investments in joint ventures with certain subsidiaries of Prudential Financial. "Other invested assets" includes $71 million and $58 million of investments in joint ventures as of December 31, 2024 and 2023, respectively. "Net investment income" related to these ventures includes gains of $5 million, $2 million and $2 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Affiliated Asset Administration Fee Income
The Company has a revenue sharing agreement with AST Investment Services, Inc. ("ASTISI") and PGIM Investments LLC ("PGIM Investments") whereby the Company receives fee income based on policyholders' separate account balances invested in the Advanced Series Trust. Income received from ASTISI and PGIM Investments related to this agreement was $27 million, $27 million and $30 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income.
The Company has a revenue sharing agreement with PGIM Investments, whereby the Company receives fee income based on policyholders’ separate account balances invested in The Prudential Series Fund. Income received from PGIM Investments related to this agreement was $10 million, $8 million and $7 million for the years ended December 31, 2024, 2023 and 2022, respectively. These revenues are recorded as “Asset administration fees” in the Statements of Operations and Comprehensive Income (Loss).
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20242023
(in thousands)
U.S. dollar fixed rate notes20320.00%-10.33 %$30,135 $0 
Total notes receivable - affiliated(1)$30,135 $0 
(1) All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
The affiliated notes receivable shown above are classified as available-for-sale securities and other trading assets carried at fair value. The Company monitors the internal and external credit ratings of these loans and loan performance. The Company also considers any guarantees made by Prudential Insurance for loans due from affiliates.
Accrued interest receivable related to these loan was $0.0 million at December 31, 2024, and is included in "Other assets". There was no accrued interest receivable related to these loans at December 31, 2023. Revenues were $0.0 million for each of the years ended December 31, 2024, 2023 and 2022, and are included in “Other income (loss).”
Affiliated Asset Transfers
The Company participates in affiliated asset trades with parent and sister companies. Book and market value differences for trades with a parent and sister are recognized within "Additional paid-in capital" ("APIC") and "Realized investment gains (losses), net," respectively. The table below shows affiliated asset trades for the years ended December 31, 2024 and 2023:
AffiliateDateTransactionSecurity Type  Fair ValueBook ValueAPIC, Net of Tax Increase/(Decrease)Realized Investment Gain (Loss)
(in thousands)
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $501 $0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$632,927 $632,927 $0 $0 
Pruco LifeOctober 2024Transfer outFixed Maturities$632,927 $632,927 $0 $0 
Debt Agreements
The Company is authorized to borrow funds up to $250 million from affiliates to meet its capital and other funding needs. There was no debt outstanding for both 2024 and 2023.
The total interest expense to the Company related to loans payable to affiliates was $0.0 million, $0.2 million and $0.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Contributed Capital and Dividends
In February and December 2023, the Company received capital contributions in the amount of $175 million and $82 million from Pruco Life, respectively. In February, March, September and December 2022, the Company received capital contributions in the amount of $100 million, $2 million, $100 million and $125 million from Pruco Life, respectively.
There was no return of capital in 2024, 2023 and 2022.
The Company did not pay any dividends in 2024, 2023 and 2022.
Reinsurance with Affiliates
As discussed in Note 11, the Company participates in reinsurance transactions with certain affiliates.
v3.25.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities COMMITMENTS AND CONTINGENT LIABILITIES
Commitments
The Company has made commitments to fund commercial mortgage loans. As of December 31, 2024 and 2023, the outstanding balances on these commitments were $24 million and $20 million, respectively. These amounts include unfunded commitments that are not unconditionally cancellable. For related credit exposure, there was an allowance for credit losses of $0.0 million as of December 31, 2024, and no allowance for credit losses as of December 31, 2023. There was a change in allowance of $0.0 million for the year ended December 31, 2024, and no change in allowance for the year ended December 31, 2023. The Company also made commitments to purchase or fund investments, mostly fund investments and private fixed maturities, some of which are contingent upon events or circumstances not under the Company’s control, including those at the discretion of the Company’s counterparties. The Company anticipates a portion of these commitments will ultimately be funded from its separate accounts. As of December 31, 2024 and 2023, $127 million and $135 million, respectively, of these commitments were outstanding. These amounts include unfunded commitments that are not unconditionally cancellable. There were no related charges for credit losses for both the years ended December 31, 2024 and 2023.
Contingent Liabilities
On an ongoing basis, the Company and its regulators review its operations including, but not limited to, sales and other customer interface procedures and practices, and procedures for meeting obligations to its customers and other parties. These reviews may result in the modification or enhancement of processes or the imposition of other action plans, including concerning management oversight, sales and other customer interface procedures and practices, and the timing or computation of payments to customers and other parties. In certain cases, if appropriate, the Company may offer customers or other parties remediation and may incur charges, including the cost of such remediation, administrative costs and regulatory fines.
The Company is subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and is subject to audit and examination for compliance with these requirements.
It is possible that the results of operations or the cash flows of the Company in a particular quarterly or annual period could be materially affected as a result of payments in connection with the matters discussed above or other matters depending, in part, upon the results of operations or cash flows for such period. Management believes, however, that ultimate payments in connection with these matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on the Company’s financial position.
Litigation and Regulatory Matters
The Company is subject to legal and regulatory actions in the ordinary course of its business. Pending legal and regulatory actions include proceedings specific to the Company and proceedings generally applicable to business practices in the industry in which it operates. The Company is subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. The Company is also subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, the Company, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus. In some of the Company’s pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. The outcome of litigation or a regulatory matter, and the amount or range of potential loss at any particular time, is often inherently uncertain.
The Company establishes accruals for litigation and regulatory matters when it is probable that a loss has been incurred and the amount of that loss can be reasonably estimated. For litigation and regulatory matters where a loss may be reasonably possible, but not probable, or is probable but not reasonably estimable, no accrual is established, but the matter, if material, is disclosed. The Company estimates that as of December 31, 2024, the aggregate range of reasonably possible losses in excess of accruals established for those litigation and regulatory matters for which such an estimate currently can be made is less than $10 million. This estimate is not an indication of expected loss, if any, or the Company's maximum possible loss exposure on such matters. The Company reviews relevant information with respect to its litigation and regulatory matters on a quarterly and annual basis and updates its accruals, disclosures and estimates of reasonably possible loss based on such reviews.
Regulatory

Variable Products
The Company has received regulatory inquiries and requests for information from state and federal regulators, including subpoenas from the U.S. Securities and Exchange Commission (the “SEC”), concerning the appropriateness of variable product sales and replacement activity. The Company is cooperating with regulators and may become subject to additional regulatory inquiries and other actions related to this matter. In September 2024, the SEC notified the Company that the SEC has concluded its investigation and is not recommending an enforcement action.
Summary
The Company’s litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. It is possible that the Company’s results of operations or cash flows in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flows for such period. In light of the unpredictability of the Company’s litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on the Company’s financial statements. Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on the Company’s financial statements.
v3.25.1
Revision to Prior Period Financial Statements
 12 Months Ended
Dec. 31, 2024
Prior Period Adjustment [Abstract]  
Revision to Prior Period Financial Statements REVISION TO PRIOR PERIOD FINANCIAL STATEMENTS (UNAUDITED)
Revision to Financial Statements as of and for the Three Months Ended March 31, 2024
The Company identified errors which impacted the previously issued interim Financial Statements for the three months ended March 31, 2024. Certain life insurance reserves and a reinsurance recoverable balance associated with the modified coinsurance agreement with Prudential Insurance were not properly accounted for. Prior period amounts have been revised in the Financial Statements to correct these errors as shown below.
Management assessed the materiality of the misstatements described above on prior period financial statements in accordance with SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections ("ASC 250"), and concluded that these misstatements were not material to any prior interim periods. However, management determined it was appropriate to correctly present the financial statements as of and for the three months ended June 30, 2024. Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), the Financial Statements for the three months ended March 31, 2024, will be revised when they are presented within the Quarterly Report on Form 10-Q for the period ended March 31, 2025.

The following are selected line items from the Financial Statements illustrating the effects of these adjustments:

Unaudited Interim Statements of Financial Position
March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
ASSETS
Reinsurance recoverables$4,008,437 $(38,689)$3,969,748 
Income tax assets133,862 (4,633)129,229 
TOTAL ASSETS$23,829,953 $(43,322)$23,786,631 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$2,389,895 $(30,838)$2,359,057 
Other liabilities1,002,953 (20,008)982,945 
Total liabilities22,594,779 (50,846)22,543,933 
EQUITY
Total equity1,235,174 7,524 1,242,698 
TOTAL LIABILITIES AND EQUITY$23,829,953 $(43,322)$23,786,631 
Unaudited Interim Statements of Operations and Comprehensive Income (Loss)
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Policy charges and fee income$329,584 $7,557 $337,141 
Realized investment gains (losses), net(4,591)443 (4,148)
TOTAL REVENUES411,468 8,000 419,468 
BENEFITS AND EXPENSES
Policyholders’ benefits547,458 (3,365)544,093 
General, administrative and other expenses13,831 (792)13,039 
TOTAL BENEFITS AND EXPENSES551,898 (4,157)547,741 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES(140,430)12,157 (128,273)
Income tax expense (benefit)(53,516)4,633 (48,883)
NET INCOME (LOSS)$(86,914)$7,524 $(79,390)
Comprehensive income (loss)$(132,952)$7,524 $(125,428)
Unaudited Interim Statements of Equity
Retained EarningsTotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2023$381,140 $0 $381,140 $1,368,126 $0 $1,368,126 
Comprehensive income (loss):
Net income (loss)(86,914)7,524 (79,390)(86,914)7,524 (79,390)
Total comprehensive income (loss)(86,914)7,524 (79,390)(132,952)7,524 (125,428)
Balance, March 31, 2024$294,226 $7,524 $301,750 $1,235,174 $7,524 $1,242,698 
    

Unaudited Interim Statements of Cash Flows
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(86,914)$7,524 $(79,390)
Policy charges and fee income(377,781)(6,192)(383,973)
Realized investment (gains) losses, net4,591 (443)4,148 
Change in:
Future policy benefits and other insurance liabilities98,729 (30,838)67,891 
Reinsurance recoverables(29,618)37,048 7,430 
Income taxes(53,545)4,633 (48,912)
Other, net464,674 (11,732)452,942 
Cash flows from (used in) operating activities(18,869)0 (18,869)
v3.25.1
Schedule I - Summary of Investments Other Than investments in Related Parties
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I - Summary of Investments Other Than investments in Related Parties
Type of InvestmentAmortized Cost or CostFair
Value		Amount
Shown in the
Balance Sheet
Fixed maturities, available-for-sale:
Bonds:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$51,847 $48,806 $48,806 
Obligations of U.S. states and their political subdivisions156,065 146,780 146,780 
Foreign governments85,052 65,754 65,754 
Asset-backed securities46,956 46,620 46,620 
Commercial mortgage-backed securities96,459 91,022 91,022 
Residential mortgage-backed securities15,390 14,766 14,766 
Public utilities465,028 407,569 407,569 
All other corporate bonds2,107,358 1,895,620 1,895,620 
Total fixed maturities, available-for-sale$3,024,155 $2,716,937 $2,716,937 
Equity securities:
Common stocks:
Other common stocks $304 $0 $0 
Mutual funds 49 62 62 
Perpetual preferred stocks 0 0 0 
Total equity securities, at fair value$353 $62 $62 
Fixed maturities, trading$23,955 $21,252 $21,252 
Commercial mortgage and other loans477,328 477,328 
Policy loans1,118,589 1,118,589 
Short-term investments11,394 11,394 
Other invested assets 233,212 233,212 
Total investments$4,888,986 $4,578,774 
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Because of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors— Operational Risk” for a discussion of such risks.

Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.

In order to respond to the threat of security breaches and cyber-attacks, Prudential Financial has developed an information security program designed to protect and preserve the confidentiality, integrity, and continued availability of information owned by, or in the care of, the Company. This information security program provides for the coordination of various corporate functions and governance groups, including global technology, risk, legal, compliance and corporate audit, and serves as a framework for the execution of responsibilities across businesses and operational roles. Among other things, the information security program establishes security standards for our technological resources and includes training for employees, contractors and third-parties. Employees with access to our Company’s systems are subject to comprehensive annual training on responsible information security, data security, and cybersecurity practices and how to protect data against cyber threats.

As part of the information security program, we conduct periodic exercises with independent outside advisors to assess the effectiveness of our program and our internal response preparedness. We regularly engage with the broader cybersecurity community and monitor cyber threat information.

To address risks associated with third-parties, Prudential Financial has established an enterprise-wide Third-Party Risk Management Program. This program’s features include, among other things, identifying, assessing and managing cybersecurity risks throughout the life of our third-party relationships.

We also maintain an incident response plan, which specifies escalation and evaluation processes for cyber events. This plan is executed in close coordination with our corporate functions, including a dedicated cyber and privacy law function, external affairs, and risk management, and is designed to ensure, among other things, appropriate and timely reporting and disclosure.
During the period covered by this Report, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. See “Item 1A. Risk Factors—Operational Risk” for a discussion of risks related to cybersecurity.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Cybersecurity risk management is integrated within our risk management framework. We conduct risk identification through several processes at the business unit, corporate, senior management, and Board levels. This framework includes escalation points to Prudential's risk committees, allowing cyber risk and control matters to be elevated to the Board of Directors or its Audit Committee for oversight.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.

Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness. To the extent cybersecurity controls are related to internal control over financial reporting, such controls are considered in the context of Prudential Financial's annual external integrated audit.
Cybersecurity Risk Role of Management [Text Block] Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”). The CISO and Information Security Office are responsible for monitoring for, and informing management of, cybersecurity incidents impacting Prudential’s systems.Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Prudential Financial's information security program is overseen by the Chief Information Security Officer (“CISO”) and Information Security Office, as well as the Head of Global Technology and Operations (“HGTO”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO has served in various roles in information technology and information security for over 25 years, including serving as the head of information technology risk at two large public companies. The CISO holds a graduate degree in technology management and has attained the professional certifications of Certified Information Systems Security Professional and Certified Information Privacy Professional.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Prudential Financial's Audit Committee of the Board of Directors which is responsible for oversight of certain risk issues, including cybersecurity, receives reports from the CISO, the HGTO and Operational Risk Management throughout the year. At least annually, Prudential Financial's Board and the Audit Committee also receive updates about the results of program reviews, including exercises and response readiness assessments led by outside advisors who provide a third-party independent assessment of our technical program and internal response preparedness.
Prudential Financial's Audit Committee regularly briefs the full Board of Directors on these matters, and the full Board of Directors also receives periodic briefings on cyber threats in order to enhance our directors’ literacy on cyber issues.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.1
Significant Accounting Policies and Pronouncements (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Intercompany balances and transactions have been eliminated.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The most significant estimates include those used in determining future policy benefits; policyholders' account balances and reinsurance related to the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products; market risk benefits; the valuation of investments including derivatives, the measurement of allowance for credit losses, and the recognition of other-than-temporary impairments; reinsurance recoverables; any provision for income taxes and valuation of deferred tax assets; and accruals for contingent liabilities, including estimates for losses in connection with unresolved legal and regulatory matters.
Annual Assumptions Review

Annually, the Company performs a comprehensive review of the assumptions set for purposes of estimating future premiums, benefits, and other cash flows. Assumptions include those that are economic and those that are insurance related. Insurance related assumptions are based on the Company’s best estimates of future rates of mortality, morbidity, lapse, surrender, annuitization, expenses and other items. The Company generally looks to relevant Company experience as the primary basis for these assumptions. If relevant Company experience is not available or does not have sufficient credibility, the Company may look to experience of similar blocks of business, either in the Company or the industry. Mortality rate assumptions are generally based on Company experience, sometimes blending Company experience with an industry table where the Company experience alone is not sufficiently credible. The Company sets mortality and morbidity assumptions that vary by major type of business. Within type of business, rates vary by age and gender. The Company applies an adjustment for future mortality improvement, consistent with observed long-term trends of population mortality over time. Lapse and surrender assumptions are based on Company and industry experience, where available. The Company sets rates that vary by product type, taking into account features specific to the product.
As part of this review, the Company may update these assumptions and make refinements to its models based upon emerging experience, future expectations and other data, including any observable market data it feels is indicative of a long-term trend. These assumptions are generally updated annually, unless a material change is observed in an interim period that the Company feels is also indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, it expects such changes to be gradual over the long-term.

The Company also performs a comprehensive review of the economic assumptions, including long-term interest rate assumptions and equity return assumptions that impact reserve calculations. The Company generally utilizes relevant economic outlook information and industry surveys as the primary basis for these assumptions, which may be used to project future rates of return on investments.
Reclassifications
Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Revision to Prior Period Interim Financial Statements

The Company identified misstatements in the previously issued interim Financial Statements for the three months ended March 31, 2024. Prior period amounts have been revised in the Financial Statements and related disclosures to correct this error. Management evaluated these adjustments and concluded they were not material to any previously reported quarterly Financial Statements. See Note 17 for a more detailed description of the revisions and for comparisons of amounts previously reported to the revised amounts.
Investments and Investment-Related Liabilities
Fixed maturities, available-for-sale, at fair value ("AFS debt securities") includes bonds, notes and redeemable preferred stock that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. The purchased cost of fixed maturities is adjusted for amortization of premiums and accretion of discounts to maturity or, if applicable, call date.

AFS debt securities, where fair value is below amortized cost, are reviewed quarterly to determine whether the amortized cost basis of the security is recoverable. For mortgage-backed and asset-backed AFS debt securities, a credit impairment will be recognized in earnings as an allowance for credit losses and reported in “Realized investment gains (losses), net,” to the extent the amortized cost exceeds the net present value of projected future cash flows (the “net present value”) for the security. A credit impairment recorded cannot exceed the difference between the amortized cost and fair value of the respective security. The net present value used to measure a credit impairment is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the AFS debt security at the date of acquisition. Once the Company has deemed all or a portion of the amortized cost uncollectible, the allowance is removed from the balance sheet by writing down the amortized cost basis of the AFS debt security. Any amount of an AFS debt security’s change in fair value not recorded as an allowance for credit losses will be recorded in Other Comprehensive Income (loss) (“OCI”).

For all other AFS debt securities, qualitative factors are first considered including, but not limited to, the extent of the decline and the reasons for the decline in value (e.g., credit events, currency or interest-rate related, including general credit spread widening), and the financial condition of the issuer. If analysis of these qualitative factors results in the security needing to be impaired, a credit impairment will be recognized and measured using the same process for mortgage-backed and asset-backed AFS debt securities.

When an AFS debt security's fair value is below amortized cost and the Company has the intent to sell the AFS debt security, or it is more likely than not the Company will be required to sell the AFS debt security before its anticipated recovery, the amortized cost basis of the AFS debt security is written down to fair value and any previously recognized allowance is reversed. The write-down is reported in "Realized investment gains (losses), net".

Interest income, including amortization of premium and accretion of discount, are included in “Net investment income” under the effective yield method. Prepayment premiums are also included in “Net investment income”.

For high credit quality mortgage-backed and asset-backed AFS debt securities (those rated AA or above), the amortized cost and effective yield of the securities are adjusted as necessary to reflect historical prepayment experience and changes in estimated future prepayments. The adjustments to amortized cost are recorded as a charge or credit to “Net investment income” in accordance with the retrospective method.

For mortgage-backed and asset-backed AFS debt securities rated below AA, the effective yield is adjusted prospectively for any changes in the estimated timing and amount of cash flows unless the investment is purchased with credit deterioration or an allowance is currently recorded for the respective security. If an investment is impaired, any changes in the estimated timing and amount of cash flows will be recorded as the credit impairment, as opposed to a yield adjustment. If the asset is purchased with credit deterioration (or previously impaired), the effective yield will be adjusted if there are favorable changes in cash flows subsequent to the allowance being reduced to zero.
For mortgage-backed and asset-backed AFS debt securities, cash flow estimates consider the payment terms of the underlying assets backing a particular security, including interest rate and prepayment assumptions based on data from widely accepted third-party data sources or internal estimates. In addition to interest rate and prepayment assumptions, cash flow estimates also include other assumptions regarding the underlying collateral including default rates and recoveries, which vary based on the asset type and geographic location, as well as the vintage year of the security. These assumptions can significantly impact income recognition, unrealized gains and loss recorded in OCI, and the amount of impairment recognized in earnings. The payment priority of the respective security is also considered. For all other AFS debt securities, cash flow estimates are driven by assumptions regarding probability of default and estimates regarding timing and amount of recoveries associated with a default. The Company has developed these estimates using information based on its historical experience as well as using market observable data, such as industry analyst reports and forecasts, sector credit ratings and other data relevant to the collectability of a security, such as the general payment terms of the security and the security’s position within the capital structure of the issuer.

Fixed maturities, trading, at fair value ("Trading debt securities") includes debt securities that are carried at fair value. See Note 5 for additional information regarding the determination of fair value. Realized and unrealized gains and losses for these investments are reported in “Other income (loss),” and interest income from these investments is reported in “Net investment income”.

Equity securities, at fair value consists of common stock and mutual fund shares carried at fair value. Realized and unrealized gains and losses on these investments are reported in “Other income (loss),” and dividend income is reported in “Net investment income” on the ex-dividend date.

Policy loans represents funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Short-term investments primarily consists of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are generally carried at fair value or amortized cost that approximates fair value and include certain money market investments, funds managed similar to regulated money market funds, short-term debt securities issued by government sponsored entities and other highly liquid debt instruments.

Commercial mortgage and other loans consist of commercial mortgage loans and agricultural property loans. Commercial mortgage and other loans held for investment are generally carried at unpaid principal balance, net of unamortized deferred loan origination fees and expenses and net of any current expected credit loss ("CECL") allowance. Certain off-balance sheet credit exposures (e.g., indemnification of serviced mortgage loans, and certain unfunded mortgage loan commitments where the Company cannot unconditionally cancel the commitment) are also subject to a CECL allowance. See Note 16 for additional information.

Commercial mortgage and other loans acquired, including those related to the acquisition of a business, are recorded at fair value when purchased, reflecting any premiums or discounts to unpaid principal balances. Interest income, and the amortization of the related premiums or discounts, are included in “Net investment income” under the effective yield method. Prepayment fees are also included in “Net investment income”.

The CECL allowance represents the Company’s best estimate of expected credit losses over the remaining life of the assets or off-balance sheet credit exposures. The determination of the allowance considers historical credit loss experience, current conditions, and reasonable and supportable forecasts.

The allowance is calculated separately for commercial mortgage loans, agricultural mortgage loans and other collateralized loans. For commercial mortgage and agricultural mortgage loans, the allowance is calculated using an internally developed CECL model that pools together loans that share similar risk characteristics. Similar risk characteristics used to create the pools include, but are not limited to, vintage, maturity, credit rating, and collateral type.
Key inputs to the CECL model include unpaid principal balances, internal credit ratings, annual expected loss factors, average lives of the loans adjusted for prepayment considerations, current and historical interest rate assumptions, and other factors influencing the Company’s view of the current stage of the economic cycle and future economic conditions. Subjective considerations include a review of whether historical loss experience is representative of current market conditions and the Company’s view of the credit cycle. Model assumptions and factors are reviewed and updated as appropriate. Information about certain key inputs is detailed below.

Key factors in determining the internal credit ratings for commercial mortgage and agricultural mortgage loans include loan-to-value and debt-service-coverage ratios. Other factors include amortization, loan term, and estimated market value growth rate and volatility for the property type and region. The loan-to-value ratio compares the carrying amount of the loan to the fair value of the underlying property or properties collateralizing the loan, and is commonly expressed as a percentage. Loan-to-value ratios greater than 100% indicate that the carrying amount of the loan exceeds the collateral value. A loan-to-value ratio less than 100% indicates an excess of collateral value over the carrying amount of the loan. The debt service coverage ratio is a property’s net operating income as a percentage of its debt service payments. Debt service coverage ratios less than 1.0 indicates that property operations do not generate enough income to cover the loan’s current debt payments. A debt service coverage ratio greater than 1.0 indicates an excess of net operating income over the debt service payments. The values utilized in calculating these ratios are developed as part of the Company’s periodic review of the commercial mortgage loan and agricultural property loan portfolios, which includes an internal appraisal of the underlying collateral value. The Company’s periodic review also includes a quality re-rating process, whereby the internal quality rating originally assigned at underwriting is updated based on current loan, property and market information using a proprietary quality rating system. See Note 3 for additional information related to the loan-to-value ratios and debt service coverage ratios related to the Company’s commercial mortgage and agricultural loan portfolios.

Annual expected loss rates are based on historical default and loss experience factors. Using average lives, the annual expected loss rates are converted into life-of-loan loss expectations.

When individual loans no longer have the credit risk characteristics of the commercial or agricultural mortgage loan pools, they are removed from the pools and are evaluated individually for an allowance. The allowance is determined based on the outstanding loan balance less the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.

The CECL allowance on commercial mortgage and other loans can increase or decrease from period to period based on the factors noted above. The change in allowance is reported in “Realized investment gains (losses), net.” As it relates to unfunded commitments that are in scope of this guidance, the CECL allowance is reported in “Other liabilities,” and the change in the allowance is reported in “Realized investment gains (losses), net.”

The CECL allowance for other collateralized loans carried at amortized cost is determined based on probability of default and loss given default assumptions by sector, credit quality and average lives of the loans. Additions to or releases of the allowance are reported in “Realized investment gains (losses), net.”

Once the Company has deemed a portion of the amortized cost to be uncollectible, the uncollectible portion of allowance is removed from the balance sheet by writing down the amortized cost basis of the loan. The carrying amount of the loan is not adjusted for subsequent recoveries in value.

Interest received on loans that are past due is either applied against the principal or reported as net investment income based on the Company’s assessment as to the collectability of the principal. The Company defines “past due” as principal or interest not collected at least 30 days past the scheduled contractual due date. See Note 3 for additional information about the Company’s past due loans.

The Company discontinues accruing interest on loans after the loans become 90 days delinquent as to principal or interest payments, or earlier when the Company has doubts about collectability. When the Company discontinues accruing interest on a loan, any accrued but uncollectible interest on the loan and other loans backed by the same collateral, if any, is charged against interest income in the same period. Generally, a loan is restored to accrual status only after all delinquent interest and principal are brought current and, in the case of loans where the payment of interest has been interrupted for a substantial period, or the loan has been modified, a regular payment performance has been established.
Commercial mortgage and other loans are occasionally restructured. These restructurings generally include one or more of the following: full or partial payoffs outside of the original contract terms; changes to interest rates; extensions of maturity; or additions or modifications to covenants. Additionally, the Company may accept assets in full or partial satisfaction of the debt. Effective January 1, 2023, the Company adopted Accounting Standard Update ("ASU") 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure, on a prospective basis. This ASU eliminates the accounting guidance for Troubled Debt Restructurings (“TDR”) for creditors and requires all loan restructurings to follow the modification guidance in ASC 310-20.

Prior to the adoption of ASU 2022-02, when restructurings occurred, they were evaluated individually to determine whether the restructuring or modification constituted a TDR as defined by authoritative accounting guidance. If the borrower was experiencing financial difficulty and the Company granted a concession, the restructuring, including those that involved a partial payoff or the receipt of assets in full satisfaction of the debt was deemed to be a TDR. If a loan modification was a TDR, the CECL allowance of the loan was remeasured using the modified terms and the loan’s original effective yield.

Post adoption of ASU 2022-02, all restructurings are evaluated under the modification guidance in ASC 310-20. When a loan is modified, the Company evaluates whether the restructuring results in a continuation of the existing loan or a new loan. For modifications that result in a continuation of the existing loan, the CECL allowance of the loan is remeasured using the modified terms, including the loan’s post-modification effective yield, and the allowance is adjusted accordingly.

For modifications that result in a new loan, any CECL allowance is reversed and a direct write-down of the loan is recorded for the amount of the allowance, and any additional loss, net of recoveries, or any gain is recorded for the difference between the fair value of the new loan and the recorded investment in the loan. The new loan is evaluated prospectively for credit impairment based on the CECL allowance process noted above.

Other invested assets consist of the Company’s non-coupon investments in limited partnerships and limited liability companies ("LPs/LLCs"), other than operating joint ventures, as well as derivative assets. LPs/LLCs interests are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, other than the Company’s investments in operating joint ventures, is included in “Net investment income”. The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for OTTI), the Company uses financial information provided by the investee, generally on a one to three-month lag. For the investments reported at fair value with changes in fair value reported in current earnings, the associated realized and unrealized gains and losses are reported in “Other income (loss)”.

Realized investment gains (losses) are computed using the specific identification method. Realized investment gains and losses are generated from numerous sources, including the sales of fixed maturity securities, investments in joint ventures and limited partnerships and other types of investments, as well as changes to the allowance for credit losses recognized in earnings. Realized investment gains and losses also reflect fair value changes on commercial mortgage loans carried at fair value, and fair value changes on embedded derivatives and free-standing derivatives that do not qualify for hedge accounting treatment. See “Derivative Financial Instruments” below for additional information regarding the accounting for derivatives.
Realized investment gains (losses), net includes realized gains or losses from sales and maturities of investments, changes to the allowance for credit losses, other impairments, fair value changes on mortgage loans where the fair value option has been elected, and derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations and changes in fair value of the derivative instruments, including embedded derivatives, and other hedging instruments. Realized investment gains (losses) from the sales of securities are generally calculated using the specific identification method.
Cash and cash equivalents
Cash and cash equivalents includes cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, other debt instruments with maturities of three months or less when purchased, other than cash equivalents that are included in "Fixed maturities, available-for-sale, at fair value,” and receivables related to securities purchased under agreements to resell (see also "Securities sold under agreements to repurchase" below.) The Company also engages in overnight borrowing and lending of funds with Prudential Financial and affiliates which are considered cash and cash equivalents. These assets are generally carried at fair value or amortized cost which approximates fair value.
Deferred policy acquisition costs
Deferred policy acquisition costs ("DAC") represents costs directly related to the successful acquisition of new and renewal insurance and annuity business. Such DAC primarily includes commissions, costs of policy issuance and underwriting, and certain other expenses that are directly related to successfully acquired contracts. In each reporting period, previously capitalized DAC is amortized and included in “Amortization of deferred policy acquisition costs”. Upon the adoption of ASU 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, the carrying amount of DAC for long-duration contracts is no longer subject to recoverability testing.
DAC for most long-duration contracts is amortized on a constant-level basis at a grouped contract level over the expected life of the underlying insurance contracts. Contracts are grouped consistent with the groupings used to estimate the liability for future policy benefits (or other related balances) for the corresponding contracts. Since contracts within a grouping may be of different sizes, contracts within a group are weighted to achieve appropriate amortization and to ensure that DAC is derecognized when a policy is no longer in force. The constant-level basis used to weight contracts within a grouping and amortize DAC is generally defined as follows:

•Life insurance contracts – DAC associated with life insurance contracts is generally amortized in proportion to the initial face amount of life insurance in force. This is applicable to traditional and universal life insurance products.
•Payout annuity contracts – DAC associated with payout annuity contracts is amortized in proportion to annual benefit payments.
•Deferred annuity contracts – DAC associated with fixed and variable deferred annuity contracts is amortized in proportion to deposits.

For single premium immediate annuities without life contingencies, acquisition expenses are deferred and amortized over the expected life of the contracts using the interest method.

Current period DAC amortization reflects the impact of changes in actual insurance in force during the period and changes in future assumptions effected as of the end of the quarter, where applicable. The Company typically updates actuarial assumptions annually in the second quarter, (see "Annual Assumptions Review" below), unless a material change is observed in an interim period that is indicative of a long-term trend. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term.

Assumptions used for DAC are consistent with those used in estimating the liability for future policy benefits (or any other related balance) for the corresponding contract. Determining the level of aggregation and actuarial assumptions used in projecting in force terminations requires judgment. Internal criteria are developed to determine the level of aggregation by considering both qualitative and quantitative materiality thresholds. The assumptions used in projecting in force terminations are mortality, mortality improvement, and lapse assumptions. These assumptions are generally based on the Company’s experience, industry experience and/or other factors, as applicable. For variable deferred annuity contracts, lapse rates are adjusted at the contract level based on the in-the-moneyness of the living benefits and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.
For some products, policyholders can elect to modify product benefits, features, rights or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacements. If policyholders surrender traditional life insurance policies in exchange for life insurance policies that do not have fixed and guaranteed terms, the Company immediately charges to expense the remaining unamortized DAC on the surrendered policies. For other internal replacement transactions, except those that involve the addition of a non-integrated contract feature that does not change the existing base contract, the unamortized DAC is immediately charged to expense if the terms of the new policies are not substantially similar to those of the former policies. If the new terms are substantially similar to those of the earlier policies, the DAC is retained with respect to the new policies and amortized over the expected life of the new policies. See Note 6 for additional information regarding DAC
Accrued investment income
Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.
Reinsurance
Reinsurance recoverables and deposit receivables includes amounts recoverable under reinsurance agreements and receivables that follow the deposit method of accounting (see “Reinsurance” below).
Reinsurance payables represents amounts payable under reinsurance agreements (see “Reinsurance” below). Reinsurance payables may also include derivative instruments for which fair values are determined as described below under "Derivative Financial Instruments"
Reinsurance

The Company participates in reinsurance arrangements in various capacities as either the ceding entity or as the reinsurer (i.e., assuming entity). See Note 11 for additional information regarding the Company’s reinsurance arrangements. Reinsurance assumed business is generally accounted for consistent with direct business. Amounts currently recoverable under reinsurance agreements are included in “Reinsurance recoverables and deposit receivables” and amounts payable are included in “Reinsurance payables.” “Reinsurance recoverables and deposit receivables” also includes receivables from modified coinsurance arrangements where the Company is the cedant, and are net of the payables under these arrangements which generally reflect the fair value of the invested assets retained by the cedant. The receivables and payables associated with these modified coinsurance arrangements each contain an embedded derivative that is bifurcated and accounted for at fair value separately from the host contract, with changes in fair value recorded through “Realized investment gains (losses), net”, and are ultimately presented net within “Reinsurance recoverables and deposit receivables”. Revenues and benefits and expenses include amounts assumed under reinsurance agreements and are reflected net of reinsurance ceded.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements. Reinsurance recoverables are reported on the Statements of Financial Position net of the CECL allowance. The CECL allowance considers the credit quality of the reinsurance counterparty and is generally determined based on the probability of default and loss given default assumptions, after considering any applicable collateral arrangements. The CECL allowance does not apply to reinsurance recoverables with affiliated counterparties under common control. Additions to or releases of the allowance are reported in “Policyholders’ benefits”. Reinsurance premiums, commissions, expense reimbursements, benefits and reserves related to reinsured long-duration contracts under coinsurance arrangements are accounted for over the life of the underlying reinsured contracts using assumptions consistent with those used to account for the underlying contracts. For reinsurance of in force blocks of non-participating traditional and limited-payment contracts, the current value of the direct liability as of inception of the reinsurance agreement is used to calculate the reinsurance recoverable and cost of reinsurance such that there is no immediate other comprehensive income or loss from recognition of the reinsurance recoverable at inception. Consistent with the direct liability, the reinsurance recoverable for non-participating traditional and limited-payment contracts is remeasured each period using current single A rates with the effect on the reinsurance recoverable resulting from such updates recorded in "Interest rate remeasurement of future policy benefits" in OCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset relating to the direct DPL and amortizes this balance through “Premiums” using the same methodology and assumptions used to amortize the direct DPL.
For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference between the fair value of the net consideration exchanged and the net liabilities ceded related to the underlying reinsured contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. This initial net cost of reinsurance is deferred and amortized into income over the remaining life of the reinsured policies on a basis consistent with the methodologies and assumptions used for amortizing DAC. This initial net cost of reinsurance may result in a deferred reinsurance gain which is recorded in "Other liabilities" and amortized through "Other income (loss)", or a deferred reinsurance loss which is recorded in "Other assets" and amortized through "General, administrative and other expenses".

Consistent with direct contracts, reinsurance agreements may also include features that meet the definition of an MRB and, if so, are accounted for at fair value. The fair value of direct or assumed MRBs reflects the Company's NPR, while the fair value of ceded MRBs reflects the counterparty credit risk of the reinsurer. Changes in the fair value of ceded MRBs, including the impact of changes in counterparty credit risk, are recorded in net income in "Change in value of market risk benefits, net of related hedging gains (losses)".

Coinsurance arrangements contrast with the Company’s yearly renewable term ("YRT") arrangements, where only mortality risk is transferred to the reinsurer and premiums are paid to the reinsurer to reinsure that risk. The mortality risk that is reinsured under YRT arrangements represents the difference between the stated death benefits in the underlying reinsured contracts and the corresponding reserves or account value carried by the Company on those same contracts. The premiums paid to the reinsurer are based upon negotiated amounts, not on the actual premiums paid by the underlying contractholders to the Company. As YRT arrangements are usually entered into by the Company with the expectation that the contracts will be in force for the lives of the underlying policies, they are considered to be long-duration reinsurance contracts. The cost of reinsurance for universal life products is generally recognized based on the gross assessments of the underlying direct policies. The cost of reinsurance for term insurance products is generally recognized in proportion to direct premiums over the life of the underlying policies.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in “Reinsurance payables” and deposits made are included in “Reinsurance recoverables and deposit receivables.” As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as “Other income (loss)” or “General, administrative and other expenses,” as appropriate.
Market risk benefit (assets and liabilities)
Market risk benefit assets represents market risk benefits ("MRBs") in an asset position and are presented separately from MRBs in a liability position. See “Market risk benefit liabilities” below. MRB assets also reflect ceded MRBs resulting from reinsurance of the Company's Prudential Defined Income ("PDI") traditional variable annuity contracts. See Note 11 for additional information regarding the reinsurance of PDI.
Market risk benefit liabilities represents contracts or contract features that provide protection to the contractholder and exposes the Company to other than nominal capital market risk, primarily related to deferred annuities with guaranteed minimum benefits associated with annuities products including guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). The benefits are accounted for using a fair value measurement framework. If a contract contains multiple market risk benefits, the benefits are bundled together and accounted for as a single compound market risk benefit. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contractholders less the present value of expected future rider fees attributable to the market risk benefits. The fair value of market risk benefits is based on assumptions a market participant would use in valuing market risk benefits. For additional information regarding the valuation of market risk benefits, see Note 5. On a quarterly basis, changes in the fair value of market risk benefits are recorded in net income, net of related hedges, in "Change in value of market risk benefits, net of related hedging gains (losses)", except for the portion of the change attributable to changes in the Company’s non-performance risk ("NPR") which is recorded in OCI. See Note 10 for additional information regarding market risk benefits. See "Reinsurance" below for information regarding the reinsurance of MRBs.
Income taxes assets
Income tax assets primarily represents the net deferred tax asset and the Company’s estimated taxes receivable for the current year and open audit years.

The Company is a member of the federal income tax return of Prudential Financial and primarily files separate company state and local tax returns. Pursuant to the tax allocation arrangement with Prudential Financial, total federal income tax expense is determined on a separate company basis. Members record tax benefits to the extent tax losses or tax credits are recognized in the consolidated federal tax provision.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the Company’s Statements of Operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

Deferred income taxes are recognized, based on enacted rates, when assets and liabilities have different values for financial statement and tax reporting purposes. The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance if necessary to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. See Note 12 for a discussion of factors considered when evaluating the need for a valuation allowance.

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date.

The Company accrues a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes. The Company classifies all interest and penalties related to tax uncertainties as income tax expense. See Note 12 for additional information regarding income taxes.
Other assets and Other liabilities
Other assets consists primarily of deferred reinsurance losses ("DRL") (see "Reinsurance" below) which are amortized over the expected life of the reinsured contracts on a constant-level basis and premiums due.
Other liabilities consists primarily of deferred reinsurance gains ("DRG") (see "Reinsurance" below), which are amortized over the expected life of the reinsured contracts on a constant-level basis, accrued expenses and technical overdrafts. The amortization method for DRG is amortized over the expected life of the reinsured contracts on a constant-level basis.
Separate account assets and Separate account liabilities
Separate account assets represents segregated funds that are invested for certain policyholders, and other customers. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, real estate mortgage loans, short-term investments and derivative instruments and are reported at fair value. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. The investment income and realized investment gains or losses from separate account assets generally accrue to the policyholders and are not included in the Company’s results of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income”. Asset administration fees charged to the accounts are included in “Asset administration fees”. Seed money that the Company invests in separate accounts is reported in the appropriate general account asset line. Investment income and realized investment gains or losses from seed money invested in separate accounts accrue to the Company and are included in the Company’s results of operations. See Note 7 for additional information regarding separate account arrangements with contractual guarantees. See also “Separate account liabilities” below.
Separate account liabilities primarily represents the contractholders’ account balances in separate account assets and to a lesser extent borrowings of the separate account, and will be equal and offsetting to total separate account assets. See also “Separate account assets” above.
Future policy benefits
Future policy benefits primarily consists of the present value of expected future payments to or on behalf of policyholders, where the timing and amount of such payments depend on policyholder mortality or morbidity, less the present value of expected future net premiums (where net premiums are gross premiums multiplied by the Net-To-Gross ("NTG") ratio discussed below). The liability for future policy benefits is accrued over time as premium revenue is recognized. See Note 8 for additional information regarding future policy benefits.

The reserving methodology used for non-participating traditional and limited-payment contracts include the following:

•Cash Flow Assumptions. In measuring the liability for future policy benefits, the net premium valuation methodology is utilized. Under this methodology, a liability for future policy benefits is established using current best estimate insurance assumptions and interest rate assumptions locked-in at contract issuance date. The NTG ratio is calculated as the ratio of the present value of expected policy benefits and non-level claim settlement expenses divided by the present value of expected gross premiums. The NTG ratio is applied to gross premiums, as premium revenue is recognized, to determine net premiums. The liability is then determined as the present value of expected future policy benefits and non-level claim settlement expenses less the present value of expected future net premiums. For purposes of liability measurement, contracts are grouped into cohorts based primarily on issue year and major product line.

The NTG ratio is generally updated quarterly for actual experience and annually in the second quarter of each year for future cash flow assumption updates during the Company’s annual assumptions review process unless a material change is observed in an interim period that is indicative of a long-term trend (see “Annual Assumptions Review” below), with the exception of claim settlement expense assumptions which the Company has made an entity-wide election to lock-in as of contract issuance. The NTG ratio is subject to a retrospective unlocking method whereby the Company updates its best estimate of cash flows expected over the life of the cohort using actual historical experience and updated future cash flow assumptions. These updated cash flows are used to calculate the revised NTG ratio, which is used to derive an updated liability for future policy benefits as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. The updated liability for future policy benefit amount as of the beginning of the quarter is then compared to the carrying amount of the liability as of that same date, before the updates for actual experience or future cash flow assumptions, to determine the current period change in liability estimate. This current period change in the liability is the liability remeasurement gain or loss that is recorded through current period earnings in “Change in estimates of liability for future policy benefits”. In subsequent periods, the revised NTG ratio is used to measure the liability for future policy benefits, subject to future revisions.
If a cohort is in a loss position where the liability for future policy benefits plus the present value of expected future gross premiums are determined to be insufficient to provide for expected future policy benefits and non-level claim settlement expenses, the NTG ratio is capped at 100%. In these instances, all changes in expected benefits resulting from both actual experience deviations and changes in future assumptions are recognized immediately. While the liability for future policy benefits cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”), the NTG ratio may be negative. This would be the case whereby conditions have improved such that the present value of future net premiums plus the existing liability for future policy benefits as of the valuation date exceed the present value of expected future policy benefits and non-level claim settlement expenses. In this case, the negative NTG ratio would be applied going forward to gross premiums received, effectively amortizing the gain into income and reducing the liability over time.

In addition, for limited-payment contracts, the liability for future policy benefits also includes a Deferred Profit Liability ("DPL") representing gross premiums received in excess of net premiums and is generally recognized in revenue in a constant relationship with insurance in force for life contracts or with the amount of expected future benefit payments for annuity contracts. The DPL is subject to a retrospective unlocking adjustment consistent with the liability for future policy benefits discussed above. The DPL cannot be less than zero (i.e., a contra-liability) at the cohort level and thus the balance is floored at zero (i.e., “flooring”).

For contracts issued prior to January 1, 2021, the modified retrospective transition method was used to transition to ASU 2018-12. Under this method, the transition date of January 1, 2021 serves as the new issue date of the contracts in force for purposes of retrospectively unlocking the NTG ratio and DPL as described above.

•Discount Rate Assumption. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., global single A) at contract inception for contracts issued on or after January 1, 2021. The discount rate in effect at contract inception is locked-in for the calculation of the NTG ratio and accretion of interest cost on the liability through net income. However, for balance sheet remeasurement purposes, the discount rate is updated using the current single A rate at each reporting period, with the effect on the liability resulting from such update recorded in “Interest rate remeasurement of future policy benefits" in OCI.

The methodology used in constructing the single A discount rate curve for discounting cash flows used to calculate the liability for future policy benefits is intended to be reflective of the characteristics of the applicable insurance liabilities. The single A discount rate curve is developed by reference to upper medium grade (low credit risk) fixed income instrument yields that reflect the duration characteristics of the applicable insurance liabilities. The single A discount curve for the United States is developed using government bond rates plus public corporate A spreads in the observable periods. The definition of upper medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). Liquidity is considered in defining the observable period and linear extrapolation is performed to the Company's ultimate long-term economic assumptions. See “Annual Assumptions Review” below for further discussion regarding the Company’s long-term economic assumption setting process.

The Company’s liability for future policy benefits also includes net liabilities for guaranteed benefits related to certain long-duration life contracts, such as no-lapse guarantee contract features (Additional Insurance Reserves or "AIR" liability), for which a liability is established when associated assessments are recognized (which include investment margin on policyholders' account balances deposited to fixed and indexed funds and all policy charges including charges for administration, mortality, expense, surrender, and other charges). This liability is established using current best estimate assumptions and is based on the ratio of the present value of total expected excess payments (i.e., payments in excess of account value) over the life of the contract divided by the present value of total expected assessments (i.e., benefit ratio). Any adjustments to this liability related to net unrealized gains (losses) on securities classified as available-for-sale are included in AOCI.
For universal life type contracts and participating contracts, the Company performs premium deficiency tests using best estimate assumptions as of the testing date. If the liabilities determined based on these best estimate assumptions are greater than the net reserves (i.e., GAAP reserves including unearned revenue reserves ("URR"), net of reinsurance), the existing net reserves are adjusted by first reducing these assets by the amount of the deficiency or to zero through a charge to current period earnings. If the deficiency is more than these asset balances for insurance contracts, the net reserves are increased by the excess through a charge to current period earnings included in "Policyholders' benefits". Since investment yields are used as the discount rate, the premium deficiency test is also performed using a discount rate based on the market yield (i.e., assuming what would be the impact if any unrealized gains (losses) were realized as of the testing date). In the event that by using the market yield a deficiency occurs, an adjustment is established for the deficiency and is included in AOCI.

The Company’s liability for future policy benefits also includes a liability for unpaid claims and claim adjustment expenses. The Company does not establish claim liabilities until a loss has been incurred. However, unpaid claims and claim adjustment expenses include estimates of claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.
Policyholders' account balances Policyholders’ account balances represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date. This liability is primarily associated with the accumulated account deposits, plus interest credited, less policyholder withdrawals and other charges assessed against the account balance, as applicable. These policyholders’ account balances also include provision for benefits under non-life contingent payout annuities and certain unearned revenues. The unearned revenue liability represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumption used to amortize DAC. See Note 9 for additional information regarding policyholders’ account balances. Policyholders' account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products. For additional information regarding the valuation of these embedded derivatives, see Note 5.
Cash collateral for loaned securities Cash collateral for loaned securities represents liabilities to return cash proceeds from security lending transactions. Securities lending transactions are used primarily to earn spread income. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income”.
Securities sold under agreements to repurchase
Securities sold under agreements to repurchase represents liabilities associated with securities repurchase agreements that are used primarily to earn spread income. As part of securities repurchase agreements, the Company transfers U.S. government and government agency securities to a third-party, and receives cash as collateral. For securities repurchase agreements, the cash received is typically invested in cash equivalents, short-term investments or fixed maturities. Receivables associated with securities purchased under agreements to resell are generally reflected as cash equivalents. As part of securities resale agreements, the Company invests cash and receives as collateral U.S. government securities or other debt securities.

Securities repurchase and resale agreements that satisfy certain criteria are treated as secured borrowing or secured lending arrangements. These agreements are carried at the amounts at which the securities will be subsequently resold or reacquired, as specified in the respective transactions. For securities purchased under agreements to resell, the Company’s policy is to take possession or control of the securities either directly or through a third-party custodian. These securities are valued daily, and additional securities or cash collateral is received, or returned, when appropriate to protect against credit exposure. Securities to be resold are the same, or substantially the same, as the securities received. The majority of these transactions are with large brokerage firms and large banks. For securities sold under agreements to repurchase, the market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. Securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated money market funds. Income and expenses related to these transactions executed within the insurance companies used to earn spread income are reported as “Net investment income.”
Commitments and contingent liabilities
Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.
Insurance Revenue and Expense Recognition
Insurance Revenue and Expense Recognition

Premiums from individual life products, other than universal and variable life contracts, are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future policy benefits and non-level claim settlement expenses) is generally deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Premiums from single premium immediate annuities with life contingencies are recognized when due. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium is generally deferred and recognized into revenue based on expected future benefit payments. Benefits are recorded as an expense when they are incurred. A liability for future policy benefits is recorded when premiums are recognized as described in "Future policy benefits" above.

Certain individual annuity contracts provide the contractholder a guarantee that the benefit received upon death or annuitization will be no less than a minimum prescribed amount. These benefits are generally accounted for as market risk benefits (see “Market risk benefits” above).

Amounts received from policyholders as payment for universal or variable individual life contracts, deferred fixed or variable annuities and other contracts without life contingencies are reported as deposits to “Policyholders’ account balances” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” consisting primarily of fees assessed during the period against the policyholders’ account balances for mortality and other benefit charges, policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investment of deposits in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally deferred and amortized into revenue over the life of the related contracts using the same methodology, factors, and assumption used to amortize DAC as described above. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, interest credited to policyholders’ account balances and amortization of DAC.

Policyholders’ account balances also include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain universal life and annuity products where changes in the value of the embedded derivatives are recorded through "Realized investment gains (losses), net". For additional information regarding the valuation of these embedded derivatives, see Note 5.
Asset administration fees
Asset administration fees primarily include asset administration fee income received on contractholders’ account balances invested in The Prudential Series Funds, which are a portfolio of mutual fund investments related to the Company’s separate account products. Also, the Company receives fee income calculated on contractholder separate account balances invested in the Advanced Series Trust ("AST") (see Note 15). In addition, the Company receives fees from contractholders’ account balances invested in funds managed by companies other than affiliates of Prudential Insurance. Asset administration fees are recognized as income when earned.
Other income (loss)
Other income (loss) includes realized and unrealized gains or losses from investments reported as “Fixed maturities, trading, at fair value”, “Equity securities, at fair value”, and “Other invested assets” that are measured at fair value.
Derivative financial instruments
Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and NPR used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between two counterparties. Derivative positions are carried at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to risks such as interest rate, credit, foreign currency and equity associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred. As discussed in detail below and in Note 4, all realized and unrealized changes in fair value of derivatives are recorded in current earnings, with the exception of cash flow hedges. Cash flows from derivatives are reported in the operating, investing or financing activities sections in the Statements of Cash Flows based on the nature and purpose of the derivative.

Derivatives are recorded either as assets, within "Other invested assets", or as liabilities, within “Payables to parent and affiliates”, except for embedded derivatives which are recorded with the associated host contract. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed.

The Company designates derivatives as either (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow” hedge); or (2) a derivative that does not qualify for hedge accounting.

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and throughout the life of the hedging relationship.

The Company formally documents at inception all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in its fair value are recorded in AOCI until earnings are affected by the variability of cash flows being hedged (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). At that time, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in the Statements of Operations line item associated with the hedged item.

If it is determined that a derivative no longer qualifies as an effective cash flow hedge or management removes the hedge designation, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. The component of AOCI related to discontinued cash flow hedges is reclassified to the Statements of Operations line associated with the hedged cash flows consistent with the earnings impact of the original hedged cash flows.

When hedge accounting is discontinued because the hedged item no longer meets the definition of a firm commitment, or because it is probable that the forecasted transaction will not occur by the end of the specified time period, the derivative will continue to be carried on the balance sheet at its fair value, with changes in fair value recognized currently in “Realized investment gains (losses), net”. Any asset or liability that was recorded pursuant to recognition of the firm commitment is removed from the balance sheet and recognized currently in “Realized investment gains (losses), net”. Gains and losses that were in AOCI pursuant to the hedge of a forecasted transaction are recognized immediately in “Realized investment gains (losses), net”.
If a derivative does not qualify for hedge accounting, all changes in its fair value, including net receipts and payments, are included in “Realized investment gains (losses), net” without considering changes in the fair value of the economically associated assets or liabilities.

The Company is a party to financial instruments that contain derivative instruments that are “embedded” in the financial instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that (1) the embedded instrument possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and (2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded instrument qualifies as an embedded derivative that is separated from the host contract, carried at fair value, and changes in its fair value are included in “Realized investment gains (losses), net.” For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company may elect to carry the entire instrument at fair value and report it within “Other invested assets” and "Reinsurance recoverable and deposit receivables", or as liabilities within “Payables to parent and affiliates” or "Reinsurance payables".

The Company sells variable annuity contracts that include optional living benefit features that may be treated from an accounting perspective as embedded derivatives. The embedded derivatives related to the living benefit features and the related reinsurance agreements are carried at fair value and included in “Future policy benefits” and “Reinsurance recoverables and deposit receivables”. Changes in the fair value are determined using valuation models as described in Note 5 and are recorded in “Realized investment gains (losses), net”.
New accounting pronouncements including the Adoption of ASU 2018-12
ASUs adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresThis ASU requires entities, including those with a single operating or reportable segment, to provide more detailed information about significant segment expenses that are regularly provided to the chief operating decision maker. The ASU also clarifies that all of the disclosures required in the guidance apply to all public entities, including those with a single operating or reportable segment.Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, using the retrospective method.Adoption of the ASU did not have an impact on the Company’s Financial Statements but resulted in expanded disclosures in the Notes to the Financial Statements.
Future Adoption Of New Accounting Pronouncements
ASUs issued but not yet adopted as of December 31, 2024

StandardDescriptionEffective date and method of adoptionEffect on the financial statements or other significant matters
ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement ExpensesThis ASU requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted, and should be applied either prospectively or retrospectively.The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax DisclosuresThis ASU requires entities to provide additional information primarily related to the effective tax rate reconciliation and income taxes paid.Effective for fiscal years beginning after December 15, 2024, and permits early adoption. The Company plans to adopt the ASU for the annual reporting period beginning on January 1, 2025.The Company is currently assessing the impact of the ASU on the Company’s Financial Statements and Notes to the Financial Statements.
v3.25.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Fixed Maturities, Available-for-sale Securities
The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:


December 31, 2024
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$51,847 $0 $3,041 $0 $48,806 
Obligations of U.S. states and their political subdivisions156,065 23 9,308 0 146,780 
Foreign government securities85,052 10 19,308 0 65,754 
U.S. public corporate securities1,759,560 4,794 217,474 0 1,546,880 
U.S. private corporate securities297,278 1,963 10,499 0 288,742 
Foreign public corporate securities258,728 799 30,374 0 229,153 
Foreign private corporate securities256,820 2,059 20,465 0 238,414 
Asset-backed securities(1)46,956 196 532 0 46,620 
Commercial mortgage-backed securities96,459 0 5,437 0 91,022 
Residential mortgage-backed securities(2)15,390 148 772 0 14,766 
Total fixed maturities, available-for-sale$3,024,155 $9,992 $317,210 $0 $2,716,937 
(1)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.

December 31, 2023
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair
Value
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$52,196 $0 $1,154 $0 $51,042 
Obligations of U.S. states and their political subdivisions184,419 952 2,833 0 182,538 
Foreign government securities95,189 248 14,693 0 80,744 
U.S. public corporate securities1,485,406 13,428 147,901 0 1,350,933 
U.S. private corporate securities227,342 1,978 8,884 0 220,436 
Foreign public corporate securities185,601 1,173 21,989 0 164,785 
Foreign private corporate securities190,545 5,102 14,791 0 180,856 
Asset-backed securities(1)19,440 40 969 0 18,511 
Commercial mortgage-backed securities104,055 0 7,356 0 96,699 
Residential mortgage-backed securities(2)15,780 195 420 4 15,551 
Total fixed maturities, available-for-sale$2,559,973 $23,116 $220,990 $4 $2,362,095 
(1)Includes credit-tranched securities collateralized by loan obligations and education loans.
(2)Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.
Duration of Gross Unrealized Losses on Fixed Maturity Securities
The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had been in a continuous unrealized loss position, as of the dates indicated:
December 31, 2024
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair Value  Gross
  Unrealized  
Losses		Fair Value  Gross
  Unrealized  
Losses		Fair Value  Gross
  Unrealized  
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$383 3$48,423 $3,038 $48,806 $3,041 
Obligations of U.S. states and their political subdivisions67,690 2,057 74,006 7,251 141,696 9,308 
Foreign government securities3,464 129 61,163 19,179 64,627 19,308 
U.S. public corporate securities427,698 12,874 894,799 204,600 1,322,497 217,474 
U.S. private corporate securities68,806 1,038 107,275 9,461 176,081 10,499 
Foreign public corporate securities68,181 2,154 108,111 28,220 176,292 30,374 
Foreign private corporate securities78,262 2,590 84,669 17,875 162,931 20,465 
Asset-backed securities2,143 12 6,914 520 9,057 532 
Commercial mortgage-backed securities0 0 91,022 5,437 91,022 5,437 
Residential mortgage-backed securities148 4 10,729 768 10,877 772 
Total fixed maturities, available-for-sale$716,775 $20,861 $1,487,111 $296,349 $2,203,886 $317,210 

December 31, 2023
Less Than Twelve MonthsTwelve Months or MoreTotal
Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$49,081 $936 $1,962 $218 $51,043 $1,154 
Obligations of U.S. states and their political subdivisions22,856 186 61,445 2,647 84,301 2,833 
Foreign government securities5,656 91 69,066 14,602 74,722 14,693 
U.S. public corporate securities86,203 1,688 913,776 146,213 999,979 147,901 
U.S. private corporate securities27,883 366 117,409 8,518 145,292 8,884 
Foreign public corporate securities5,029 135 115,462 21,854 120,491 21,989 
Foreign private corporate securities5,007 51 98,159 14,740 103,166 14,791 
Asset-backed securities7,899 914 4,775 55 12,674 969 
Commercial mortgage-backed securities0 0 96,699 7,356 96,699 7,356 
Residential mortgage-backed securities146 2 10,722 418 10,868 420 
Total fixed maturities, available-for-sale$209,760 $4,369 $1,489,475 $216,621 $1,699,235 $220,990 
Fixed Maturities Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
December 31, 2024
Amortized CostFair Value
(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less$61,300 $59,692 
Due after one year through five years531,785 523,178 
Due after five years through ten years570,806 559,247 
Due after ten years1,701,459 1,422,412 
Asset-backed securities46,956 46,620 
Commercial mortgage-backed securities96,459 91,022 
Residential mortgage-backed securities15,390 14,766 
     Total fixed maturities, available-for-sale$3,024,155 $2,716,937 
Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments
The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)$21,403 $11,103 $37,605 
Proceeds from maturities/prepayments100,925 103,064 64,177 
Gross investment gains from sales and maturities1,525 86 224 
Gross investment losses from sales and maturities(5,269)(2,014)(5,451)
(Addition to) release of allowance for credit losses4 359 1,195 
(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of less than $0.1 million, $0.1 million and $(0.1) million for the years ended December 31, 2024, 2023 and 2022, respectively.
Allowance for Credit Losses for Fixed Maturity Securities The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as
of and for the periods indicated:

Year Ended December 31, 2024
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $0 $0 $0 $4 $4 
Additions to allowance for credit losses not previously recorded0 0 208 0 0 2 210 
Additions (reductions) on securities with previous allowance0 0 (208)0 0 (6)(214)
Balance, end of period$0 $0 $0 $0 $0 $0 $0 

Year Ended December 31, 2023
U.S. Treasury Securities and Obligations of U.S. StatesForeign Government SecuritiesU.S. and Foreign Corporate SecuritiesAsset-Backed SecuritiesCommercial Mortgage-Backed SecuritiesResidential Mortgage-Backed SecuritiesTotal
(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period$0 $0 $358 $0 $0 $5 $363 
Reductions for securities sold during the period0 0 (358)0 0 0 (358)
Additions (reductions) on securities with previous allowance0 0 0 0 0 (1)(1)
Balance, end of period$0 $0 $0 $0 $0 $4 $4 
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated: 
December 31, 2024December 31, 2023
Amount% of
Total		Amount% of
Total
($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family$136,607 28.5 %$71,289 29.6 %
Hospitality11,981 2.5 14,070 5.8 
Industrial166,012 34.6 70,633 29.3 
Office6,706 1.4 8,122 3.4 
Other45,355 9.5 24,587 10.2 
Retail51,092 10.7 23,327 9.7 
Total commercial mortgage loans417,753 87.2 212,028 88.0 
Agricultural property loans61,288 12.8 28,763 12.0 
Total commercial mortgage and agricultural property loans479,041 100.0 %240,791 100.0 %
Allowance for credit losses(1,713)(1,162)
Total net commercial mortgage and agricultural property loans$477,328 $239,629 
Allowance for Credit Losses
The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended: 
Commercial Mortgage LoansAgricultural Property LoansTotal
(in thousands)
Balance at December 31, 2021$246 $0 $246 
Addition to (release of) allowance for expected losses159 3 162 
Balance at December 31, 2022$405 $3 $408 
Addition to (release of) allowance for expected losses702 52 754 
Balance at December 31, 2023$1,107 $55 $1,162 
Addition to (release of) allowance for expected losses563 (12)551 
Balance at December 31, 2024$1,670 $43 $1,713 
Financing Receivable Credit Quality Indicators
The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
December 31, 2024
Amortized Cost by Origination Year
20242023202220212020PriorRevolving LoansTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$65,002 $9,312 $19,739 $2,367 $2,198 $68,971 $0 $167,589 
60%-69.99%115,394 62,665 15,000 347 0 20,157 0 213,563 
70%-79.99%19,060 6,355 0 0 0 6,416 0 31,831 
80% or greater0 0 0 0 0 4,770 0 4,770 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Debt Service Coverage Ratio:
Greater than 1.2x$195,535 $71,280 $34,739 $2,714 $2,198 $95,444 $0 $401,910 
1.0 - 1.2x3,921 7,052 0 0 0 4,870 0 15,843 
Less than 1.0x0 0 0 0 0 0 0 0 
Total$199,456 $78,332 $34,739 $2,714 $2,198 $100,314 $0 $417,753 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$32,130 $10,875 $992 $1,002 $0 $904 $1,040 $46,943 
60%-69.99%0 2,000 12,345 0 0 0 $0 14,345 
70%-79.99%0 0 0 0 0 0 $0 0 
80% or greater0 0 0 0 0 0 $0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 
Debt Service Coverage Ratio:
Greater than 1.2x$31,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $60,288 
1.0 - 1.2x1,000 0 0 0 0 0 $0 1,000 
Less than 1.0x0 0 0 0 0 0 $0 0 
Total$32,130 $12,875 $13,337 $1,002 $0 $904 $1,040 $61,288 

December 31, 2023
Amortized Cost by Origination Year
20232022202120202019PriorTotal
(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%$9,444 $19,879 $772 $0 $17,239 $42,159 $89,493 
60%-69.99%37,809 15,000 1,962 2,198 15,091 5,836 77,896 
70%-79.99%32,105 0 0 0 3,885 1,595 37,585 
80% or greater0 0 0 0 1,007 6,047 7,054 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Debt Service Coverage Ratio:
Greater than 1.2x$76,929 $34,879 $2,734 $2,198 $36,293 $48,677 $201,710 
1.0 - 1.2x2,429 0 0 0 0 6,047 8,476 
Less than 1.0x0 0 0 0 929 913 1,842 
Total$79,358 $34,879 $2,734 $2,198 $37,222 $55,637 $212,028 
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%$11,358 $1,035 $1,047 $0 $0 $978 $14,418 
60%-69.99%2,000 12,345 0 0 0 0 14,345 
70%-79.99%0 0 0 0 0 0 0 
80% or greater0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
Debt Service Coverage Ratio:
Greater than 1.2x$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
1.0 - 1.2x0 0 0 0 0 0 0 
Less than 1.0x0 0 0 0 0 0 0 
Total$13,358 $13,380 $1,047 $0 $0 $978 $28,763 
Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
December 31, 2024
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$417,753 $0 $0 $0 $417,753 $0 
Agricultural property loans61,288 0 0 0 61,288 0 
Total$479,041 $0 $0 $0 $479,041 $0 
(1)As of December 31, 2024, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
December 31, 2023
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due(1)Total LoansNon-Accrual Status(2)
(in thousands)
Commercial mortgage loans$212,028 $0 $0 $0 $212,028 $0 
Agricultural property loans28,763 0 0 0 28,763 0 
Total$240,791 $0 $0 $0 $240,791 $0 
(1)As of December 31, 2023, there were no loans in this category accruing interest.
(2)For additional information regarding the Company’s policies for accruing interest on loans, see Note 2.
Other Invested Assets
The following table sets forth the composition of “Other invested assets,” as of the dates indicated: 
 December 31,
20242023
(in thousands)
LPs/LLCs:
Equity method:
Private equity$112,001 $90,107 
Hedge funds58,312 48,488 
Real estate-related(1)
7,118 6,809 
Subtotal equity method177,431 145,404 
Fair value:
Private equity200 249 
Hedge funds2 19 
Real estate-related3,492 4,119 
Subtotal fair value3,694 4,387 
Total LPs/LLCs181,125 149,791 
Derivative instruments51,930 0 
Other (1) (2)
157 4,094 
Total other invested assets$233,212 $153,885 
(1)Prior period amounts have been updated to conform to current period presentation.
(2)Includes tax advantaged investments.
Equity Method Investments
The following tables set forth summarized combined financial information for significant LP/LLC interests accounted for under the equity method. Changes between periods in the tables below reflect changes in the activities within the LPs/LLCs, as well as changes in the Company’s level of investment in such entities:
 December 31,
 20242023
 (in thousands)
STATEMENTS OF FINANCIAL POSITION
Total assets(1)$7,151,416 $5,661,409 
Total liabilities(2)$65,973 $772,289 
Partners’ capital7,085,443 4,889,120 
Total liabilities and partners’ capital$7,151,416 $5,661,409 
Equity in LP/LLC interests included above$91,944 $68,852 
Equity in LP/LLC interests not included above85,643 76,708 
Carrying value$177,587 $145,560 
(1)Amount represents gross assets of each fund where the Company has a significant investment. These assets consist primarily of investments in securities and other miscellaneous assets.
(2)Amount represents gross liabilities of each fund where the Company has a significant investment. These liabilities consist primarily of third-party-borrowed funds and other miscellaneous liabilities.
 Years Ended December 31,
 202420232022
 (in thousands)
STATEMENTS OF OPERATIONS
Total revenue(1)$480,497 $1,295,488 $51,084 
Total expenses(2)(4,495)(259,435)0 
Net earnings (losses)$476,002 $1,036,053 $51,084 
Equity in net earnings (losses) included above$6,884 $10,278 $955 
Equity in net earnings (losses) of LP/LLC interests not included above7,349 3,908 5,836 
Total equity in net earnings (losses)$14,233 $14,186 $6,791 
(1)Amount represents gross revenue of each fund where the Company has a significant investment. This revenue consists of income from investments in securities and other income.
(2)Amount represents gross expenses of each fund where the Company has a significant investment. These expenses consist primarily of interest expense, investment management fees, salary expenses and other expenses.
Accrued Investment Income
The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:
December 31,
20242023
(in thousands)
Fixed maturities$32,587 $26,672 
Equity securities0 1 
Commercial mortgage and other loans1,980 948 
Policy loans25,110 25,675 
Short-term investments and cash equivalents691 610 
Total accrued investment income$60,368 $53,906 
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated:
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities, available-for-sale$120,820 $101,605 $73,656 
Fixed maturities, trading586 622 1,012 
Equity securities1,322 364 364 
Commercial mortgage and other loans17,536 8,746 4,609 
Policy loans52,406 36,027 10,427 
Other invested assets17,870 16,183 8,873 
Short-term investments and cash equivalents14,570 6,862 3,384 
Gross investment income225,110 170,409 102,325 
Less: investment expenses(5,682)(4,385)(3,933)
Net investment income$219,428 $166,024 $98,392 
Realized Investment Gains (Loss) on Investments, Net
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated: 
Years Ended December 31,
202420232022
(in thousands)
Fixed maturities(1)$(3,740)$(1,569)$(4,032)
Commercial mortgage and other loans(551)(746)(153)
LPs/LLCs(2)(35)(14)(51)
Derivatives10,188 (42,046)18,123 
Short-term investments and cash equivalents(34)65 (52)
Ceded income on modified coinsurance assets(3)(44,809)0 0 
Other(2)(9)0 0 
Realized investment gains (losses), net$(38,990)$(44,310)$13,835 
(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.
(2)Prior period amounts have been updated to conform to current period presentation.
(3)Includes changes in the value of reinsurance payables, primarily reflecting the impact of net investment income on modified coinsurance assets that are ceded to certain reinsurance counterparties.
Net Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:
December 31,
202420232022
(in thousands)
Fixed maturity securities, available-for-sale with an allowance$(19)$0 $0 
Fixed maturity securities, available-for-sale without an allowance(307,199)(197,874)(270,867)
Derivatives designated as cash flow hedges(1)12,310 5,246 14,102 
Affiliated notes0 0 59 
Other investments288 357 122 
Net unrealized gains (losses) on investments$(294,620)$(192,271)$(256,584)
(1)For additional information regarding cash flow hedges, see Note 4.
v3.25.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below provides a summary of the gross notional amount and fair value of derivative contracts by the primary underlying risks, excluding embedded derivatives and associated reinsurance recoverables and deposit receivables. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.
December 31, 2024December 31, 2023
Primary Underlying Risk/Instrument TypeGross
Notional		Fair ValueGross
Notional		Fair Value
AssetsLiabilitiesAssetsLiabilities
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Currency/Interest Rate
Foreign Currency Swaps$225,884 $13,344 $(1,391)$169,101 $7,865 $(4,257)
Total Derivatives Designated as Hedge Accounting Instruments:$225,884 $13,344 $(1,391)$169,101 $7,865 $(4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate
Interest Rate Swaps$484,200 $2,649 $(6,417)$88,200 $36 $(2,063)
Credit
Credit Default Swaps0 0 0 0 0 0 
Currency/Interest Rate
Foreign Currency Swaps33,693 2,782 (216)39,965 1,563 (597)
Foreign Currency
Foreign Currency Forwards12,198 527 0 9,550 7 (290)
Equity
Equity Total Return Swaps
450,000 28,166 (28,166)0 0 0 
Equity Options$2,930,701 $107,964 $(70,799)$1,288,555 $30,679 $(43,354)
Total Derivatives Not Qualifying as Hedge Accounting Instruments:$3,910,792 $142,088 $(105,598)$1,426,270 $32,285 $(46,304)
Total Derivatives(1)(2)$4,136,676 $155,432 $(106,989)$1,595,371 $40,150 $(50,561)
(1)Excludes embedded derivatives which contain multiple underlying risks. The fair value of these embedded derivatives was a net liability of $241 million and $168 million as of December 31, 2024 and 2023, respectively included in “Policyholders’ account balances" and "Reinsurance recoverables and deposit receivables".
(2)Recorded in "Other invested assets" and "Payables to parent and affiliates" on the Statements of Financial Position.
Offsetting of Financial Assets
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Statements of Financial Position. 
December 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$155,432 $(103,502)$51,930 $(51,421)$509 
Total Assets$155,432 $(103,502)$51,930 $(51,421)$509 
Offsetting of Financial Liabilities:
Derivatives$106,989 $(106,989)$0 $0 $0 
Total Liabilities$106,989 $(106,989)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Offsetting of Financial Liabilities
The following table presents recognized derivative instruments (excluding embedded derivatives and associated reinsurance recoverables and deposit receivables), and repurchase and reverse repurchase agreements that are offset in the Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Statements of Financial Position. 
December 31, 2024
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the
Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$155,432 $(103,502)$51,930 $(51,421)$509 
Total Assets$155,432 $(103,502)$51,930 $(51,421)$509 
Offsetting of Financial Liabilities:
Derivatives$106,989 $(106,989)$0 $0 $0 
Total Liabilities$106,989 $(106,989)$0 $0 $0 

December 31, 2023
Gross
Amounts of
Recognized
Financial
Instruments		Gross
Amounts
Offset in the Statements of
Financial
Position		Net
Amounts
Presented in
the Statements
of Financial
Position		Financial
Instruments/
Collateral(1)		Net
Amount
(in thousands)
Offsetting of Financial Assets:
Derivatives$40,150 $(40,150)$0 $0 $0 
Total Assets$40,150 $(40,150)$0 $0 $0 
Offsetting of Financial Liabilities:
Derivatives$50,561 $(42,247)$8,314 $(8,314)$0 
Total Liabilities$50,561 $(42,247)$8,314 $(8,314)$0 
(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
The following tables provide the financial statement classification and impact of derivatives used in qualifying and non-qualifying hedge relationships, excluding the offset of the hedged item in an effective hedge relationship. 
Year Ended December 31, 2024
Realized
Investment
Gains (Losses)		Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$556 $0 $2,282 $1,660 $7,064 
Total cash flow hedges556 0 2,282 1,660 7,064 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(1,613)0 0 0 0 
Currency587 0 0 0 0 
Currency/Interest Rate1,973 0 0 20 0 
Credit0 0 0 0 0 
Equity95,877 0 0 0 0 
Embedded Derivatives(87,192)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments9,632 0 0 20 0 
Total$10,188 $0 $2,282 $1,680 $7,064 
Year Ended December 31, 2023
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$(6)$0 $1,878 $(697)$(8,856)
Total cash flow hedges(6)0 1,878 (697)(8,856)
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(2,236)0 0 0 0 
Currency(120)0 0 0 0 
Currency/Interest Rate(1,622)0 0 (18)0 
Credit0 0 0 0 0 
Equity23,279 0 0 0 0 
Embedded Derivatives(61,341)0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments(42,040)0 0 (18)0 
Total$(42,046)$0 $1,878 $(715)$(8,856)
Year Ended December 31, 2022
Realized
Investment
Gains (Losses)
Change in Value of Market Risk Benefits, Net of Related Hedging Gains (Losses)Net
Investment
Income		Other Income (Loss)Change in AOCI
(in thousands)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate$1,802 $0 $1,891 $1,202 $8,695 
Total cash flow hedges1,802 0 1,891 1,202 8,695 
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate(2,666)0 0 0 0 
Currency493 0 0 0 0 
Currency/Interest Rate2,100 0 0 35 0 
Credit0 0 0 0 0 
Equity(13,420)0 0 0 0 
Embedded Derivatives29,814 0 0 0 0 
Total Derivatives Not Qualifying as Hedge Accounting Instruments16,321 0 0 35 0 
Total$18,123 $0 $1,891 $1,237 $8,695 
Schedule of Derivative Instruments Recognized in Accumulated Other Comprehensive Income(Loss) Before Taxes
Presented below is a rollforward of current period cash flow hedges in AOCI before taxes: 
(in thousands)
Balance, December 31, 2021$5,407 
Amount recorded in AOCI
Currency/Interest Rate13,590 
Total amount recorded in AOCI13,590 
Amount reclassified from AOCI to income
Currency/Interest Rate(4,895)
Total amount reclassified from AOCI to income(4,895)
Balance, December 31, 2022$14,102 
Amount recorded in AOCI
Currency/Interest Rate(7,681)
Total amount recorded in AOCI(7,681)
Amount reclassified from AOCI to income
Currency/Interest Rate(1,175)
Total amount reclassified from AOCI to income(1,175)
Balance, December 31, 2023$5,246 
Amount recorded in AOCI
Currency/Interest Rate11,562 
Total amount recorded in AOCI11,562 
Amount reclassified from AOCI to income
Currency/Interest Rate(4,498)
Total amount reclassified from AOCI to income(4,498)
Balance, December 31, 2024$12,310 
v3.25.1
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.
December 31, 2024
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $48,806 $0 $$48,806 
Obligations of U.S. states and their political subdivisions0 146,780 0 146,780 
Foreign government securities0 65,754 0 65,754 
U.S. corporate public securities0 1,546,880 0 1,546,880 
U.S. corporate private securities0 275,923 12,819 288,742 
Foreign corporate public securities0 229,153 0 229,153 
Foreign corporate private securities0 232,200 6,214 238,414 
Asset-backed securities(2)0 41,070 5,550 46,620 
Commercial mortgage-backed securities0 72,544 18,478 91,022 
Residential mortgage-backed securities0 14,766 0 14,766 
Subtotal0 2,673,876 43,061 2,716,937 
Market risk benefit assets00492,444 492,444 
Fixed maturities, trading 0 21,252 0 21,252 
Equity securities0 62 0 62 
Short-term investments0 10,222 172 10,394 
Cash equivalents0 167,579 0 167,579 
Other invested assets(3)0 155,432 0 (103,502)51,930 
Reinsurance recoverables and deposit receivables0 0 265,611 265,611 
Receivables from parent and affiliates0 0 30,136 30,136 
Subtotal excluding separate account assets0 3,028,423 831,424 (103,502)3,756,345 
Separate account assets(4)(5)0 13,251,913 0 13,251,913 
Total assets$0 $16,280,336 $831,424 $(103,502)$17,008,258 
Market risk benefit liabilities$0 $0 $492,444 $$492,444 
Policyholders' account balances0 0 506,305 506,305 
Payables to parent and affiliates0 106,989 0 (106,989)0 
Total liabilities$0 $106,989 $998,749 $(106,989)$998,749 
December 31, 2023
Level 1Level 2Level 3Netting(1)Total
(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$0 $51,042 $0 $$51,042 
Obligations of U.S. states and their political subdivisions0 182,538 0 182,538 
Foreign government securities0 80,744 0 80,744 
U.S. corporate public securities0 1,350,933 0 1,350,933 
U.S. corporate private securities0 205,814 14,622 220,436 
Foreign corporate public securities0 164,785 0 164,785 
Foreign corporate private securities0 175,849 5,007 180,856 
Asset-backed securities(2)0 18,511 0 18,511 
Commercial mortgage-backed securities0 77,495 19,204 96,699 
Residential mortgage-backed securities0 15,551 0 15,551 
Subtotal0 2,323,262 38,833 2,362,095 
Market risk benefit assets0 0 537,659 537,659 
Fixed maturities, trading0 23,440 0 23,440 
Equity securities0 74 4,541 4,615 
Short-term investments0 3,459 0 3,459 
Cash equivalents24,928 160,330 0 185,258 
Other invested assets(3)0 40,150 0 (40,150)0 
Reinsurance recoverables and deposit receivables(6)0 0 69,745 69,745 
Subtotal excluding separate account assets24,928 2,550,715 650,778 (40,150)3,186,271 
Separate account assets(4)(5)0 12,914,412 0 12,914,412 
Total assets$24,928 $15,465,127 $650,778 $(40,150)$16,100,683 
Market risk benefit liabilities$0 $0 $537,659 $$537,659 
Policyholders' account balances0 0 237,316 237,316 
Payables to parent and affiliates0 50,561 0 (42,247)8,314 
Total liabilities$0 $50,561 $774,975 $(42,247)$783,289 
(1)“Netting” amounts represent cash collateral of $(3) million and $(2) million as of December 31, 2024 and 2023, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.
(2)Includes credit-tranched securities collateralized by loan obligations, education loans and auto loans.
(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. At December 31, 2024 and 2023, the fair value of such investments was $3.7 million and $4.4 million, respectively.
(4)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. At December 31, 2024 and 2023, the fair value of such investments was $1,256 million and $1,163 million, respectively.
(5)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Statements of Financial Position.
(6)Prior period amounts have been updated to conform to current period presentation.
Fair Value Inputs, Assets and Liabilities, Quantitative Information The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.
December 31, 2024
Fair ValueValuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Corporate securities(3)$16,803 Discounted cash flowDiscount rate8.74 %13.91 %11.72 %Decrease
Commercial mortgage-backed securities$18,478 Discounted cash flowLiquidity premium1.00 %1.00 %1.00%Decrease
Market risk benefit assets(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.29 %1.71 %Increase
Utilization rate(7)37 %94 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Increase
Equity volatility curve16 %25 %Decrease
Reinsurance recoverables and deposit receivables$265,611 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Option budget(11)(1)%7 %Increase
Receivables from parent and affiliates$30,136 LiquidationLiquidation value100 %100 %100 %Increase
Liabilities:
Market risk benefit liabilities(4)$492,444 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.29 %1.71 %Decrease
Utilization rate(7)37 %94 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %16 %Decrease
Equity volatility curve16 %25 %Increase
Policyholders' account balances(10)$506,305 Discounted cash flowLapse rate(5)0 %80 %Decrease
Spread over SOFR(6)0.29 %1.73 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
December 31, 2023
Fair ValueValuation 
Techniques		Unobservable InputsMinimumMaximumWeighted
Average		Impact of Increase
in Input on Fair
Value(1)(2)
(in thousands)
Assets:
Commercial mortgage-backed securities$19,204 Discounted cash flowLiquidity premium0.60 %0.75 %0.69%Decrease
Market risk benefit assets(4)$537,659 Discounted cash flowLapse rate(5)1 %20 %Increase
Spread over SOFR(6)0.41 %1.91 %Increase
Utilization rate(7)38 %95 %Decrease
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %15 %Increase
Equity volatility curve15 %25 %Decrease
Liabilities:
Market risk benefit liabilities(4)$537,659 Discounted cash flowLapse rate(5)1 %20 %Decrease
Spread over SOFR(6)0.41 %1.91 %Decrease
Utilization rate(7)38 %95 %Increase
Withdrawal rateSee table footnote (8) below.
Mortality rate(9)0 %15 %Decrease
Equity volatility curve15 %25 %Increase
Policyholders' account balances(10)$237,316 Discounted cash flowLapse rate(5)1 %80 %Decrease
Spread over SOFR(6)0.41 %1.85 %Decrease
Mortality rate(9)0 %23 %Decrease
Option budget(11)(1)%7 %Increase
(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.
(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.
(3)Includes assets classified as fixed maturities, available-for-sale.
(4)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(5)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.
(6)The spread over the SOFR swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of December 31, 2024 and 2023, respectively. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt.
(7)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.
(8)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of December 31, 2024 and 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of December 31, 2024 and 2023, the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.
(9)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.
(10)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.
(11)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2024(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$19,629 $(210)$8,040 $(88)$0 $(2,788)$(5,550)$0 $0 $19,033 $(232)
Structured securities(4)19,204 (254)0 (8)0 (464)5,550 0 0 24,028 (230)
Other assets:
Equity securities4,541 (1,241)273 0 0 (3,573)0 0 0 0 (167)
Short-term investments0 35 137 0 0 0 0 0 0 172 35 
Reinsurance recoverables and deposit receivables(6)69,745 2,367 188,316 0 0 0 5,183 0 0 265,611 (111,244)
Receivables from parent and affiliates0 0 34,825 (4,689)0 0 0 0 0 30,136 0 
Liabilities:
Policyholders' account balances(6)(237,316)(89,307)0 0 (179,682)0 0 0 0 (506,305)31,398 

Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$9 $0 $(441)$(32)$0 $0 $(462)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 
Equity securities0 (1,241)0 0 0 (167)0 
Short-term investments0 0 35 0 0 0 35 
Reinsurance recoverables and deposit receivables2,367 0 0 0 (111,244)0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(89,307)0 0 0 31,398 0 0 
Year Ended December 31, 2023(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$3,803 $(43)$18,146 $0 $0 $(4,064)$0 $5,550 $(3,763)$19,629 $(86)
Structured securities(4)20,701 (1,057)0 (9)0 (431)0 0 0 19,204 (1,022)
Other assets:
Equity securities4,291 219 31 0 0 0 0 0 0 4,541 219 
Reinsurance recoverables and deposit receivables(6)(8)0 (3,034)75,143 0 0 0 (2,364)0 0 69,745 (3,034)
Liabilities:
Policyholders' account balances(6)(108,144)(56,368)0 0 (72,804)0 0 0 0 (237,316)(32,218)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$7 $0 $(1,072)$(35)$0 $0 $(1,108)
Other assets:
Equity securities0 219 0 0 0 219 0 
Reinsurance recoverables and deposit receivables(8)(3,034)0 0 0 (3,034)0 0 
Liabilities:
Policyholders' account balances(56,368)0 0 0 (32,218)0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$1,198 $0 $(9,008)$(23)$1,200 $0 $(8,966)
Other assets:
Equity securities0 (1,521)0 0 0 (1,522)0 
Liabilities:
Policyholders' account balances29,130 0 0 0 24,845 0 0 
 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private securities and foreign corporate private securities.
(4)Includes asset backed and commercial mortgage-backed securities.
(5)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(6)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(7)Excludes MRB assets of $492 million and $538 million and MRB liabilities of $492 million and $538 million for the periods ended December 31, 2024 and 2023, respectively. See Note 10 for additional information.
(8)Prior period amounts have been updated to conform to current period presentation.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.
Year Ended December 31, 2024(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$19,629 $(210)$8,040 $(88)$0 $(2,788)$(5,550)$0 $0 $19,033 $(232)
Structured securities(4)19,204 (254)0 (8)0 (464)5,550 0 0 24,028 (230)
Other assets:
Equity securities4,541 (1,241)273 0 0 (3,573)0 0 0 0 (167)
Short-term investments0 35 137 0 0 0 0 0 0 172 35 
Reinsurance recoverables and deposit receivables(6)69,745 2,367 188,316 0 0 0 5,183 0 0 265,611 (111,244)
Receivables from parent and affiliates0 0 34,825 (4,689)0 0 0 0 0 30,136 0 
Liabilities:
Policyholders' account balances(6)(237,316)(89,307)0 0 (179,682)0 0 0 0 (506,305)31,398 

Year Ended December 31, 2024
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$9 $0 $(441)$(32)$0 $0 $(462)
Other assets:
Fixed maturities, trading0 0 0 0 0 0 0 
Equity securities0 (1,241)0 0 0 (167)0 
Short-term investments0 0 35 0 0 0 35 
Reinsurance recoverables and deposit receivables2,367 0 0 0 (111,244)0 0 
Receivables from parent and affiliates0 0 0 0 0 0 0 
Liabilities:
Policyholders' account balances(89,307)0 0 0 31,398 0 0 
Year Ended December 31, 2023(7)
Fair Value, beginning of periodTotal realized and unrealized gains (losses)PurchasesSalesIssuancesSettlementsOther(1)Transfers into Level 3(5)Transfers out of Level 3(5)Fair Value, end of periodUnrealized gains (losses) for assets still held(2)
(in thousands)
Fixed maturities, available-for-sale:
Corporate securities(3)$3,803 $(43)$18,146 $0 $0 $(4,064)$0 $5,550 $(3,763)$19,629 $(86)
Structured securities(4)20,701 (1,057)0 (9)0 (431)0 0 0 19,204 (1,022)
Other assets:
Equity securities4,291 219 31 0 0 0 0 0 0 4,541 219 
Reinsurance recoverables and deposit receivables(6)(8)0 (3,034)75,143 0 0 0 (2,364)0 0 69,745 (3,034)
Liabilities:
Policyholders' account balances(6)(108,144)(56,368)0 0 (72,804)0 0 0 0 (237,316)(32,218)
Year Ended December 31, 2023
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$7 $0 $(1,072)$(35)$0 $0 $(1,108)
Other assets:
Equity securities0 219 0 0 0 219 0 
Reinsurance recoverables and deposit receivables(8)(3,034)0 0 0 (3,034)0 0 
Liabilities:
Policyholders' account balances(56,368)0 0 0 (32,218)0 0 
Year Ended December 31, 2022
Total realized and unrealized gains (losses)Unrealized gains (losses) for assets still held(2)
Realized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)Net investment incomeRealized investment gains (losses), netOther income (loss)Included in other comprehensive income (loss)
(in thousands)
Fixed maturities, available-for-sale$1,198 $0 $(9,008)$(23)$1,200 $0 $(8,966)
Other assets:
Equity securities0 (1,521)0 0 0 (1,522)0 
Liabilities:
Policyholders' account balances29,130 0 0 0 24,845 0 0 
 
(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.
(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.
(3)Includes U.S. corporate private securities and foreign corporate private securities.
(4)Includes asset backed and commercial mortgage-backed securities.
(5)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.
(6)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.
(7)Excludes MRB assets of $492 million and $538 million and MRB liabilities of $492 million and $538 million for the periods ended December 31, 2024 and 2023, respectively. See Note 10 for additional information.
(8)Prior period amounts have been updated to conform to current period presentation.
Fair Value Disclosure Financial Instruments Not Carried at Fair Value
The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company's Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.
December 31, 2024
Fair ValueCarrying
Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $473,122 $473,122 $477,328 
Policy loans0 0 1,118,589 1,118,589 1,118,589 
Short-term investments1,000 0 0 1,000 1,000 
Cash and cash equivalents3,246 0 0 3,246 3,246 
Accrued investment income0 60,368 0 60,368 60,368 
Reinsurance recoverables and deposit receivables0 0 24,111 24,111 25,915 
Receivables from parent and affiliates0 40,630 0 40,630 40,630 
Other assets0 3,396 0 3,396 3,396 
Total assets$4,246 $104,394 $1,615,822 $1,724,462 $1,730,472 
Liabilities:
Policyholders’ account balances - investment contracts$0 $126,224 $32,028 $158,252 $160,056 
Payables to parent and affiliates0 462 0 462 462 
Other liabilities0 67,206 0 67,206 67,206 
Total liabilities$0 $193,892 $32,028 $225,920 $227,724 
December 31, 2023
Fair ValueCarrying Amount(1)
Level 1Level 2Level 3TotalTotal
(in thousands)
Assets:
Commercial mortgage and other loans$0 $0 $237,993 $237,993 $239,629 
Policy loans0 0 1,115,096 1,115,096 1,115,096 
Short-term investments2,500 0 0 2,500 2,500 
Cash and cash equivalents1,125 0 0 1,125 1,125 
Accrued investment income0 53,906 0 53,906 53,906 
Reinsurance recoverables and deposit receivables(2)0 0 22,155 22,155 23,537 
Receivables from parent and affiliates0 24,502 0 24,502 24,502 
Other assets0 4,363 0 4,363 4,363 
Total assets$3,625 $82,771 $1,375,244 $1,461,640 $1,464,658 
Liabilities:
Policyholders’ account balances - investment contracts$0 $148,542 $30,945 $179,487 $180,868 
Payables to parent and affiliates0 1,066 0 1,066 1,066 
Other liabilities0 52,027 0 52,027 52,027 
Total liabilities$0 $201,635 $30,945 $232,580 $233,961 
(1)Carrying values presented herein differ from those in the Company’s Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.
(2)Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Charges, Insurers [Abstract]  
Deferred Policy Acquisition Costs
The following table shows a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:
Term LifeVariable / Universal LifeTotal
(in thousands)
Balance, December 31, 2021$62,091 $246,653 $308,744 
Capitalization14,911 47,531 62,442 
Amortization expense(6,737)(12,553)(19,290)
Other(52)30 (22)
Balance, December 31, 202270,213 281,661 351,874 
Capitalization19,004 42,833 61,837 
Amortization expense(7,209)(13,363)(20,572)
Balance, December 31, 202382,008 311,131 393,139 
Capitalization20,565 56,123 76,688 
Amortization expense(6,696)(14,527)(21,223)
Other(1)(2)(28,554)(2,734)(31,288)
Balance, December 31, 2024$67,323 $349,993 $417,316 
(1)    Includes the impact of the Universal Life reinsurance transaction with PAR U and PURE. See Note 11 for additional information.
(2)    Includes the impacts of the Term Life reinsurance transaction with PARCC. See Note 11 for additional information.
Deferred Reinsurance Losses
The following table shows a rollforward for the lines of business that contain DRL balances, which is included in Other assets, along with a reconciliation to the Company's total DRL balance:
Variable AnnuitiesTerm LifeTotal
(in thousands)
Balance, December 31, 2021$18,977 $0 $18,977 
Amortization expense(1,547)0 (1,547)
Other(5)0 (5)
Balance, December 31, 202217,425 0 17,425 
Amortization expense(1,456)0 (1,456)
Other(1)0 (1)
Balance, December 31, 202315,968 0 15,968 
Amortization expense(1,393)(1,200)(2,593)
Other(1)3 52,000 52,003 
Balance, December 31, 2024$14,578 $50,800 $65,378 
(1)    Includes $52 million DRL related to the reinsurance transaction with PARCC. See Note 11 for additional information.
Deferred Insurance Gains
The following table shows a rollforward of DRG balances, which is included in Other liabilities, for variable and universal life products, which are the only lines of business that contain a DRG balance, along with a reconciliation to the Company's total DRG balance:

Year Ended December 31,
20242023
(in thousands)
Balance, beginning of period$0 $0 
Amortization expense(8,171)0 
Other(1)(2)216,815 0 
Balance, end of period$208,644 $0 
(1)    Includes $188 million DRG related to the reinsurance transactions with PAR U, PURE and Prudential Insurance effective January 1, 2024. See Note 11 for additional information.
(2)    Includes the impact of the Universal Life reinsurance transactions with PAR U and Pruco Life effective October 2024, including $37 million DRG, partially offset by a $8 million write-off of the DRG that was recognized with the previous reinsurance agreement. See Note 11 for additional information.
v3.25.1
Separate Accounts (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31, 2024December 31, 2023
(in thousands)
Asset Type:
Mutual funds:
Equity$8,454,468 $8,299,099 
Fixed Income4,030,334 3,901,137 
Other767,111 714,176 
Other invested assets1,255,640 1,162,691 
Total$14,507,553 $14,077,103 
Separate Account Liability
The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:
Year Ended December 31, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$9,064,177 $5,012,926 $14,077,103 
Deposits79,493 250,990 330,483 
Investment performance801,416 889,291 1,690,707 
Policy charges(214,825)(111,841)(326,666)
Surrenders and withdrawals(1,105,790)(67,685)(1,173,475)
Benefit payments(10,750)(36,677)(47,427)
Net transfers (to) from general account(35,667)(47,437)(83,104)
Other573 39,359 39,932 
Balance, end of period$8,578,627 $5,928,926 $14,507,553 
Cash surrender value(1)$8,479,445 $5,808,933 $14,288,378 
Year Ended December 31, 2023
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$8,928,568 $4,998,390 $13,926,958 
Deposits43,211 199,895 243,106 
Investment performance1,180,443 875,388 2,055,831 
Policy charges(218,915)(103,013)(321,928)
Surrenders and withdrawals(855,504)(54,781)(910,285)
Benefit payments(5,986)(41,615)(47,601)
Net transfers (to) from general account(2)(8,826)(886,762)(895,588)
Other1,186 25,424 26,610 
Balance, end of period$9,064,177 $5,012,926 $14,077,103 
Cash surrender value(1)$8,929,016 $4,902,698 $13,831,714 
Year Ended December 31, 2022
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$11,982,322 $5,940,045 $17,922,367 
Deposits67,216 200,686 267,902 
Investment performance(2,113,606)(925,970)(3,039,576)
Policy charges(238,173)(100,968)(339,141)
Surrenders and withdrawals(764,069)(42,118)(806,187)
Benefit payments(5,622)(42,934)(48,556)
Net transfers (to) from general account(895)(37,577)(38,472)
Other1,395 7,226 8,621 
Balance, end of period$8,928,568 $4,998,390 $13,926,958 
Cash surrender value(1)$8,747,915 $4,897,409 $13,645,324 
(1)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
v3.25.1
Liability for Future Policy Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Liability for Future Policy Benefit
The balances of and changes in Benefit Reserves as of and for the periods indicated consist of the three tables presented below: Present Value of Expected Net Premiums rollforward, Present Value of Expected Future Policy Benefits rollforward, and Net Liability for Future Policy Benefits.

Year Ended December 31, 2024
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,389,421 $0 $1,389,421 
Effect of cumulative changes in discount rate assumptions, beginning of period29,313 0 29,313 
Balance at original discount rate, beginning of period1,418,734 0 1,418,734 
Effect of assumption update9,001 0 9,001 
Effect of actual variances from expected experience and other activity(73,528)(352)(73,880)
Adjusted balance, beginning of period1,354,207 (352)1,353,855 
Issuances98,799 4,422 103,221 
Net premiums / considerations collected(155,036)(4,070)(159,106)
Interest accrual64,610 0 64,610 
Balance at original discount rate, end of period1,362,580 0 1,362,580 
Effect of cumulative changes in discount rate assumptions, end of period(75,036)0 (75,036)
Balance, end of period$1,287,544 $0 $1,287,544 
Year Ended December 31, 2024
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,619,569 $18,489 $2,638,058 
Effect of cumulative changes in discount rate assumptions, beginning of period44,322 1,510 45,832 
Balance at original discount rate, beginning of period2,663,891 19,999 2,683,890 
Effect of assumption update10,368 (241)10,127 
Effect of actual variances from expected experience and other activity(105,332)(96)(105,428)
Adjusted balance, beginning of period2,568,927 19,662 2,588,589 
Issuances98,799 4,421 103,220 
Interest accrual128,325 767 129,092 
Benefit payments(131,485)(2,859)(134,344)
Other adjustments(345)2 (343)
Balance at original discount rate, end of period2,664,221 21,993 2,686,214 
Effect of cumulative changes in discount rate assumptions, end of period(164,980)(1,477)(166,457)
Balance, end of period$2,499,241 $20,516 $2,519,757 

Year Ended December 31, 2024
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,211,697 $20,516 $1,232,213 
Flooring impact, end of period14 0 14 
Balance, end of period, post-flooring1,211,711 20,516 1,232,227 
Less: Reinsurance recoverables1,154,638 20,516 1,175,154 
Balance after reinsurance recoverables, end of period, post-flooring$57,073 $0 $57,073 

Year Ended December 31, 2023
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,416,807 $0 $1,416,807 
Effect of cumulative changes in discount rate assumptions, beginning of period73,563 0 73,563 
Balance at original discount rate, beginning of period1,490,370 0 1,490,370 
Effect of assumption update(152)0 (152)
Effect of actual variances from expected experience and other activity(62,690)(554)(63,244)
Adjusted balance, beginning of period1,427,528 (554)1,426,974 
Issuances88,929 2,998 91,927 
Net premiums / considerations collected(165,337)(2,444)(167,781)
Interest accrual67,614 0 67,614 
Balance at original discount rate, end of period1,418,734 0 1,418,734 
Effect of cumulative changes in discount rate assumptions, end of period(29,313)0 (29,313)
Balance, end of period$1,389,421 $0 $1,389,421 
Year Ended December 31, 2023
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$2,551,191 $16,460 $2,567,651 
Effect of cumulative changes in discount rate assumptions, beginning of period137,962 1,899 139,861 
Balance at original discount rate, beginning of period2,689,153 18,359 2,707,512 
Effect of assumption update(202)0 (202)
Effect of actual variances from expected experience and other activity(82,200)482 (81,718)
Adjusted balance, beginning of period2,606,751 18,841 2,625,592 
Issuances88,929 2,998 91,927 
Interest accrual129,375 673 130,048 
Benefit payments(160,052)(2,463)(162,515)
Other adjustments(1,112)(50)(1,162)
Balance at original discount rate, end of period2,663,891 19,999 2,683,890 
Effect of cumulative changes in discount rate assumptions, end of period(44,322)(1,510)(45,832)
Balance, end of period$2,619,569 $18,489 $2,638,058 

Year Ended December 31, 2023
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,230,148 $18,489 $1,248,637 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,230,148 18,489 1,248,637 
Less: Reinsurance recoverables1,054,226 18,489 1,072,715 
Balance after reinsurance recoverables, end of period, post-flooring$175,922 $0 $175,922 
Year Ended December 31, 2022
Present Value of Expected Net Premiums
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$1,641,933 $0 $1,641,933 
Effect of cumulative changes in discount rate assumptions, beginning of period(253,752)0 (253,752)
Balance at original discount rate, beginning of period1,388,181 0 1,388,181 
Effect of assumption update174,263 0 174,263 
Effect of actual variances from expected experience and other activity(29,416)(746)(30,162)
Adjusted balance, beginning of period1,533,028 (746)1,532,282 
Issuances58,215 2,110 60,325 
Net premiums / considerations collected(170,297)(1,364)(171,661)
Interest accrual69,424 0 69,424 
Balance at original discount rate, end of period1,490,370 0 1,490,370 
Effect of cumulative changes in discount rate assumptions, end of period(73,563)0 (73,563)
Balance, end of period$1,416,807 $0 $1,416,807 
Year Ended December 31, 2022
Present Value of Expected Future Policy Benefits
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, beginning of period$3,041,562 $19,314 $3,060,876 
Effect of cumulative changes in discount rate assumptions, beginning of period(561,455)(1,459)(562,914)
Balance at original discount rate, beginning of period2,480,107 17,855 2,497,962 
Effect of assumption update255,336 0 255,336 
Effect of actual variances from expected experience and other activity(60,049)149 (59,900)
Adjusted balance, beginning of period2,675,394 18,004 2,693,398 
Issuances58,215 2,111 60,326 
Interest accrual129,657 627 130,284 
Benefit payments(173,998)(2,308)(176,306)
Other adjustments(115)(75)(190)
Balance at original discount rate, end of period2,689,153 18,359 2,707,512 
Effect of cumulative changes in discount rate assumptions, end of period(137,962)(1,899)(139,861)
Balance, end of period$2,551,191 $16,460 $2,567,651 
Year Ended December 31, 2022
Net Liability for Future Policy Benefits (Benefit Reserves)
Term LifeFixed AnnuitiesTotal
(in thousands)
Balance, end of period, pre-flooring$1,134,384 $16,460 $1,150,844 
Flooring impact, end of period0 0 0 
Balance, end of period, post-flooring1,134,384 16,460 1,150,844 
Less: Reinsurance recoverables1,002,277 16,460 1,018,737 
Balance after reinsurance recoverables, end of period, post-flooring$132,107 $0 $132,107 
The following tables provide supplemental information related to the balances of and changes in Benefit Reserves included in the disaggregated tables above, on a gross (direct and assumed) basis, as of and for the periods indicated:
Year Ended December 31, 2024
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,010,001 $0 
Discounted expected future gross premiums (at original discount rate)$2,003,188 $0 
Discounted expected future gross premiums (at current discount rate)$1,902,990 $0 
Undiscounted expected future benefits and expenses$4,307,529 $28,661 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)105
Weighted-average interest rate (at original discount rate)5.22 %3.97 %
Weighted-average interest rate (at current discount rate)5.61 %5.41 %
Year Ended December 31, 2023
Term LifeFixed Annuities
($ in thousands)
Undiscounted expected future gross premiums$3,017,106 $0 
Discounted expected future gross premiums (at original discount rate)$2,021,858 $0 
Discounted expected future gross premiums (at current discount rate)$1,988,469 $0 
Undiscounted expected future benefits and expenses$4,298,438 $25,823 
Weighted-average duration of the liability in years (at original discount rate)106
Weighted-average duration of the liability in years (at current discount rate)106
Weighted-average interest rate (at original discount rate)5.27 %3.59 %
Weighted-average interest rate (at current discount rate)5.00 %4.90 %
The balances of and changes in DPL for the years ended December 31, are as follows:
202420232022
Fixed Annuities
(in thousands)
Balance, beginning of period, post flooring$1,365 $1,684 $1,726 
Effect of assumption update106 0 0 
Effect of actual variances from expected experience and other activity(156)(681)(169)
Adjusted balance, beginning of period1,315 1,003 1,557 
Profits deferred364 511 309 
Interest accrual53 49 60 
Amortization(217)(196)(222)
Other adjustments(2)(2)(20)
Balance, end of period, post-flooring1,513 1,365 1,684 
Less: Reinsurance recoverables1,513 1,365 1,684 
Balance after reinsurance recoverables, end of period$0 $0 $0 
The following table shows a rollforward of AIR balances for variable and universal life products, for the years ended December 31,:

202420232022
(in thousands)
Balance including amounts in AOCI, beginning of period, post-flooring$986,166 $827,478 $703,968 
Flooring impact and amounts in AOCI56,487 91,115 (71,467)
Balance, excluding amounts in AOCI, beginning of period, pre-flooring1,042,653 918,593 632,501 
Effect of assumption update14,446 9,713 180,404 
Effect of actual variances from expected experience and other activity(13,348)(8,234)(39,475)
Adjusted balance, beginning of period1,043,751 920,072 773,430 
Assessments collected(1)104,297 99,311 134,822 
Interest accrual37,014 32,814 27,479 
Benefits paid(17,632)(9,544)(17,138)
Balance, excluding amounts in AOCI, end of period, pre-flooring1,167,430 1,042,653 918,593 
Flooring impact and amounts in AOCI(32,954)(56,487)(91,115)
Balance, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Less: Reinsurance recoverables1,103,059 943,991 793,577 
Balance after reinsurance recoverables, including amounts in AOCI, end of period$31,417 $42,175 $33,901 
(1)Represents the portion of gross assessments required to fund the future policy benefits.
202420232022
($ in thousands)
Weighted-average duration of the liability in years (at original discount rate)262728
Weighted-average interest rate (at original discount rate)3.36 %3.40 %3.41 %
The following table presents the reconciliation of the ending balances from the above rollforwards, Benefit Reserves, DPL, and AIR, including other liabilities, gross of related reinsurance recoverables, to the total liability for Future Policy Benefits as reported on the Company's Statements of Financial Position for the years ended December 31,:
202420232022
(in thousands)
Benefit reserves, end of period, post-flooring$1,232,227 $1,248,637 $1,150,844 
Deferred profit liability, end of period, post-flooring1,513 1,365 1,684 
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring1,134,476 986,166 827,478 
Subtotal of amounts disclosed above2,368,216 2,236,168 1,980,006 
Other Future policy benefits reserves(1)149,267 162,275 150,036 
Total Future policy benefits$2,517,483 $2,398,443 $2,130,042 
(1)Primarily represents balances for which disaggregated rollforward disclosures are not required, including unpaid claims and claims expenses, and incurred but not reported and in course of settlement claim liabilities.
The following tables present revenue and interest expense related to Benefit Reserves, DPL, and AIR, as well as related revenue and interest expense not presented in the above supplemental tables, in the Company's Statement of Operations for the periods indicated:
Year Ended December 31, 2024
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$241,117 $0 $4,460 $245,577 
Deferred profit liability0 0 (148)(148)
Additional insurance reserves0 260,211 0 260,211 
Total$241,117 $260,211 $4,312 $505,640 
Year Ended December 31, 2023
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$236,148 $0 $2,974 $239,122 
Deferred profit liability0 0 319 319 
Additional insurance reserves0 245,024 0 245,024 
Total$236,148 $245,024 $3,293 $484,465 
Year Ended December 31, 2022
Revenues(1)
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$242,406 $0 $1,700 $244,106 
Deferred profit liability0 0 42 42 
Additional insurance reserves0 303,979 0 303,979 
Total$242,406 $303,979 $1,742 $548,127 
(1)Represents "Gross premiums" for benefit reserves; "Revenue" for DPL and "Gross assessments" for AIR.
Year Ended December 31, 2024
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$63,716 $0 $767 $64,483 
Deferred profit liability0 0 53 53 
Additional insurance reserves0 37,014 0 37,014 
Total$63,716 $37,014 $820 $101,550 
Year Ended December 31, 2023
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$61,760 $0 $673 $62,433 
Deferred profit liability0 0 49 49 
Additional insurance reserves0 32,814 0 32,814 
Total$61,760 $32,814 $722 $95,296 
Year Ended December 31, 2022
Interest Expense
Term LifeVariable and Universal LifeFixed AnnuitiesTotal
(in thousands)
Benefit reserves$60,233 $0 $627 $60,860 
Deferred profit liability0 0 60 60 
Additional insurance reserves0 27,479 0 27,479 
Total$60,233 $27,479 $687 $88,399 
v3.25.1
Policyholders' Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Policyholder Account Balances, Future Policy Benefits and Claims and Separate Account Liabilities [Abstract]  
Policyholder Account Balance
The balances of and changes in policyholders' account balances as of and for the periods ended are as follows:
Year Ended December 31, 2024
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$35,025$592,581$3,028,746 $3,656,352 
Deposits7,662683,422218,864 909,948 
Interest credited1,05224,829 63,262 89,143 
Policy charges(54)(267)(146,521)(146,842)
Surrenders and withdrawals(6,321)(40,509)(134,340)(181,170)
Benefit payments(911)(3,684)(206)(4,801)
Net transfers (to) from separate account035,667 47,437 83,104 
Change in market value and other adjustments(1)078,524 10,862 89,386 
Balance, end of period$36,453$1,370,563 $3,088,104 $4,495,120 
Unearned revenue reserve423,240 
Other9,939 
Total Policyholders' account balance$4,928,299 
Weighted-average crediting rate2.94 %2.53 %2.07 %2.19 %
Net amount at risk(3)$0 $0 $35,490,878 $35,490,878 
Cash surrender value(4)$7,810 $1,318,302 $2,769,819 $4,095,931 
Year Ended December 31, 2023
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$39,406 $327,124 $2,084,680 $2,451,210 
Deposits3,326 267,216 218,774 489,316 
Interest credited953 9,057 59,335 69,345 
Policy charges(58)(146)(145,551)(145,755)
Surrenders and withdrawals(7,670)(36,703)(111,973)(156,346)
Benefit payments(932)(2,488)45 (3,375)
Net transfers (to) from separate account(2)0 8,826 886,762 895,588 
Change in market value and other adjustments(1)0 19,695 36,674 56,369 
Balance, end of period$35,025 $592,581 $3,028,746 $3,656,352 
Unearned revenue reserve370,258 
Other9,574 
Total Policyholders' account balance$4,036,184 
Weighted-average crediting rate2.56 %1.97 %2.32 %2.27 %
Net amount at risk(3)$0 $0 $34,400,806 $34,400,806 
Cash surrender value(4)$8,413 $573,787 $2,691,933 $3,274,133 
Year Ended December 31, 2022
Fixed AnnuitiesVariable AnnuitiesVariable Life / Universal LifeTotal
($ in thousands)
Balance, beginning of period$42,070 $344,945 $2,052,065 $2,439,080 
Deposits4,414 1,066 227,017 232,497 
Interest credited1,111 6,174 64,979 72,264 
Policy charges(62)(234)(145,194)(145,490)
Surrenders and withdrawals(829)(22,412)(125,011)(148,252)
Benefit payments(7,298)(3,310)2,378 (8,230)
Net transfers (to) from separate account0 895 37,577 38,472 
Change in market value and other adjustments(1)0 0 (29,131)(29,131)
Balance, end of period$39,406 $327,124 $2,084,680 $2,451,210 
Unearned revenue reserve313,710 
Other9,395 
Total Policyholders' account balance$2,774,315 
Weighted-average crediting rate2.73 %1.84 %3.14 %2.96 %
Net amount at risk(3)$0 $0 $33,702,745 $33,702,745 
Cash surrender value(4)$11,112 $305,239 $1,750,451 $2,066,802 
(1)Primarily relates to changes in the value of embedded derivative instruments associated with the indexed options of certain products.
(2)Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.
(3)The net amount at risk calculation includes both general and separate account balances.
(4)Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums are as follows:
December 31, 2024
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00%- 1.99%
794 0 0 0 794 
2.00%- 2.99%
21,403 0 0 0 21,403 
3.00% - 4.00%
7,123 0 0 0 7,123 
Greater than 4.00%
0 0 0 0 0 
Total$29,320 $0 $0 $0 $29,320 
Variable Annuities
Less than 1.00%
$6,832 $0 $0 $0 $6,832 
1.00% - 1.99%
84,001 75,533 1,529 0 161,063 
2.00% - 2.99%
1,245 2 0 0 1,247 
3.00% - 4.00%
97,407 312 0 0 97,719 
Greater than 4.00%
135 0 0 0 135 
Total$189,620 $75,847 $1,529 $0 $266,996 
Variable Life / Universal Life
Less than 1.00%
$59 $0 $0 $23,744 $23,803 
1.00% - 1.99%
30,421 0 312,756 186,830 530,007 
2.00% - 2.99%
4,356 164,828 174,658 43,481 387,323 
3.00% - 4.00%
323,288 165,614 915,954 0 1,404,856 
Greater than 4.00%
364,228 0 0 0 364,228 
Total$722,352 $330,442 $1,403,368 $254,055 $2,710,217 
December 31, 2023
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,034 0 0 0 1,034 
2.00%- 2.99%
18,552 0 0 0 18,552 
3.00% - 4.00%
7,756 0 0 0 7,756 
Greater than 4.00%
0 0 0 0 0 
Total$27,342 $0 $0 $0 $27,342 
Variable Annuities
Less than 1.00%
$1,490 $0 $0 $0 $1,490 
1.00% - 1.99%
177,730 1,576 0 0 179,306 
2.00% - 2.99%
1,462 0 0 0 1,462 
3.00% - 4.00%
113,616 1,180 0 0 114,796 
Greater than 4.00%
130 0 0 0 130 
Total$294,428 $2,756 $0 $0 $297,184 
Variable Life / Universal Life
Less than 1.00%
$0 $0 $0 $30,597 $30,597 
1.00% - 1.99%
21,709 0 409,406 53,613 484,728 
2.00% - 2.99%
3,958 157,256 184,475 28,519 374,208 
3.00% - 4.00%
244,318 248,808 917,572 0 1,410,698 
Greater than 4.00%
371,165 0 0 0 371,165 
Total$641,150 $406,064 $1,511,453 $112,729 $2,671,396 
December 31, 2022
Range of Guaranteed Minimum
Crediting Rate(1)		At guaranteed minimum
1 - 50 bps above guaranteed minimum
51 - 150 bps above guaranteed minimum
Greater than 150 bps above guaranteed minimum
Total
(in thousands)
Fixed Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
1,277 0 0 0 1,277 
2.00%- 2.99%
21,208 0 0 0 21,208 
3.00% - 4.00%
10,342 0 0 0 10,342 
Greater than 4.00%
0 0 0 0 0 
Total$32,827 $0 $0 $0 $32,827 
Variable Annuities
Less than 1.00%
$0 $0 $0 $0 $0 
1.00% - 1.99%
192,551 1,593 0 0 194,144 
2.00% - 2.99%
1,812 0 0 0 1,812 
3.00% - 4.00%
132,969 231 0 0 133,200 
Greater than 4.00%
125 0 0 0 125 
Total$327,457 $1,824 $0 $0 $329,281 
Variable Life / Universal Life
Less than 1.00%
$705 $0 $0 $0 $705 
1.00% - 1.99%
56,396 0 105,883 286,496 448,775 
2.00% - 2.99%
4,433 15,602 203,101 136,109 359,245 
3.00% - 4.00%
156,567 633 435,220 0 592,420 
Greater than 4.00%
377,674 0 0 0 377,674 
Total$595,775 $16,235 $744,204 $422,605 $1,778,819 
(1)Excludes contracts without minimum guaranteed crediting rates, such as funds with indexed-linked crediting options.
Additional Liability, Long-Duration Insurance
The balances of and changes in URR as of and for the periods ended are as follows:
Years Ended December 31,
202420232022
Variable Life / Universal Life
(in thousands)
Balance, beginning of period$370,258 $313,710 $251,573 
Unearned revenue71,120 72,640 75,757 
Amortization expense(18,138)(16,092)(13,681)
Other adjustments0 0 61 
Balance, end of period$423,240 $370,258 $313,710 
v3.25.1
Market Risk Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Market Risk Benefits
The following tables show a rollforward of MRB balances for variable annuity products, along with a reconciliation to the Company’s total net MRB positions as of the following dates:
Year Ended December 31, 2024
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$301,771 $(301,771)$0 
Effect of cumulative changes in non-performance risk100,377 0 100,377 
Balance, beginning of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Attributed fees collected102,255 (102,255)0 
Claims paid(2,133)2,133 0 
Interest accrual18,876 (18,876)0 
Actual in force different from expected3,079 (3,079)0 
Effect of changes in interest rates(132,946)132,946 0 
Effect of changes in equity markets(146,025)146,025 0 
Effect of assumption update7,091 (7,091)0 
Issuances5,113 (5,113)0 
Other adjustments(5,648)5,648 0 
Effect of changes in current period counterparty non-performance risk0 (39,254)(39,254)
Balance, end of period, before effect of changes in non-performance risk251,810 (190,687)61,123 
Effect of cumulative changes in non-performance risk(61,123)0 (61,123)
Balance, end of period$190,687 $(190,687)$0 
Year Ended December 31, 2023
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$398,254 $(398,254)$0 
Effect of cumulative changes in non-performance risk163,169 0 163,169 
Balance, beginning of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Attributed fees collected107,951 (107,951)0 
Claims paid(5,336)5,336 0 
Interest accrual25,736 (25,736)0 
Actual in force different from expected6,889 (6,889)0 
Effect of changes in interest rates(156,526)156,526 0 
Effect of changes in equity markets(158,653)158,653 0 
Effect of assumption update30,269 (30,269)0 
Issuances(9,499)9,499 0 
Other adjustments(106)106 0 
Effect of changes in current period counterparty non-performance risk0 (62,792)(62,792)
Balance, end of period, before effect of changes in non-performance risk402,148 (301,771)100,377 
Effect of cumulative changes in non-performance risk(100,377)0 (100,377)
Balance, end of period$301,771 $(301,771)$0 

Year Ended December 31, 2022
Variable AnnuitiesLess: Reinsured Market Risk BenefitsTotal, Net of Reinsurance
(in thousands)
Balance, beginning of period$796,913 $(796,913)$0 
Effect of cumulative changes in non-performance risk21,123 0 21,123 
Balance, beginning of period, before effect of changes in non-performance risk818,036 (796,913)21,123 
Attributed fees collected117,867 (117,867)0 
Claims paid(3,456)3,456 0 
Interest accrual12,950 (12,950)0 
Actual in force different from expected10,199 (10,199)0 
Effect of changes in interest rates(642,920)642,920 0 
Effect of changes in equity markets266,177 (266,177)0 
Effect of assumption update(17,430)17,430 0 
Effect of changes in current period counterparty non-performance risk0 142,046 142,046 
Balance, end of period, before effect of changes in non-performance risk561,423 (398,254)163,169 
Effect of cumulative changes in non-performance risk(163,169)0 (163,169)
Balance, end of period$398,254 $(398,254)$0 
The following table presents accompanying information to the rollforward table above.
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
($ in thousands)
Net amount at risk(1)$728,831 $739,353 $1,050,063 
Weighted-average attained age of contractholders716968
(1)For contracts with multiple benefit features, the highest net amount at risk for each contract is included.
The table below reconciles MRB asset and liability positions as of the following dates:
December 31, 2024December 31, 2023December 31, 2022
Variable Annuities
(in thousands)
Direct and assumed$150,879 $117,944 $80,185 
Ceded341,565 419,715 478,439 
Total market risk benefit assets$492,444 $537,659 $558,624 
Direct and assumed$341,565 $419,715 $478,439 
Ceded150,879 117,944 80,185 
Total market risk benefit liabilities$492,444 $537,659 $558,624 
Net balance$0 $0 $0 
v3.25.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Reinsurance Disclosures [Abstract]  
Reinsurance impact on balance sheet
Reinsurance amounts included in the Company’s Statements of Financial Position as of December 31, were as follows:
20242023
(in thousands)
Reinsurance recoverables and deposit receivables(1)$4,929,428 $3,622,903 
Policy loans(32,760)(24,518)
Deferred policy acquisition costs(647,934)(620,878)
Deferred sales inducements(32,573)(35,313)
Market risk benefit assets341,565 419,715 
Other assets(1)70,934 20,590 
Market risk benefit liabilities150,878 117,944 
Reinsurance payables(1)1,440,264 412,919 
Other liabilities(1)208,543 0 
(1)Prior period amounts have been updated to conform to current period presentation.
Reinsurance recoverables and deposit receivables by counterparty
Reinsurance recoverables and deposit receivables by counterparty as of December 31, were as follows:

20242023
(in thousands)
Prudential Insurance(1)$1,856,410 $743,975 
PAR U380 1,725,753 
PARCC1,173,578 432,554 
PAR Term0 279,990 
Term Re0 275,721 
DART0 102,611 
Pruco Life914,840 57,509 
PURE981,917 0 
Unaffiliated2,303 4,790 
Total reinsurance recoverables and deposit receivables(1)$4,929,428 $3,622,903 
(1)Prior period amounts have been updated to conform to current period presentation.
Reinsurance impact on income statement
Reinsurance amounts, included in the Company’s Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, were as follows:
202420232022
(in thousands)
Premiums:
Direct$239,239 $240,044 $245,525 
Ceded(190,495)(200,491)(211,817)
Net premiums48,744 39,553 33,708 
Policy charges and fee income:
Direct373,124 349,046 370,855 
Assumed47,213 0 0 
Ceded(1)284,716 (289,367)(313,121)
Net policy charges and fee income705,053 59,679 57,734 
Net investment income:
Direct220,701 166,850 99,164 
Ceded(1,273)(826)(772)
Net investment income219,428 166,024 98,392 
Asset administration fees:
Direct37,686 35,744 38,061 
Ceded(26,451)(26,597)(29,581)
Net asset administration fees11,235 9,147 8,480 
Other income (loss):
Direct250 3,577 (2,174)
Ceded15,151 (1)21 
Net other income15,401 3,576 (2,153)
Realized investment gains (losses), net:
Direct3,594 (39,823)12,855 
Ceded(42,584)(4,487)980 
Realized investment gains (losses), net(38,990)(44,310)13,835 
Change in value of market risk benefits, net of related hedging gains (losses):
Direct252,457 266,390 256,613 
Ceded(213,203)(203,598)(398,659)
Net change in value of market risk benefits, net of related hedging gains (losses)39,254 62,792 (142,046)
Policyholders’ benefits (including change in reserves):
Direct425,927 451,981 472,033 
Assumed466 0 0 
Ceded(2)587,880 (396,478)(443,844)
Net policyholders’ benefits (including change in reserves)1,014,273 55,503 28,189 
Change in estimates of liability for future policy benefits:
Direct11,929 (17,014)208,188 
Ceded(17,978)14,899 (191,557)
Net change in estimates of liability for future policy benefits(6,049)(2,115)16,631 
202420232022
Interest credited to policyholders’ account balances:
Direct134,096 98,807 82,469 
Ceded(53,228)(34,672)(34,891)
Net interest credited to policyholders’ account balances80,868 64,135 47,578 
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization(227,655)(130,475)(128,013)
(1)Includes $(5) million of unaffiliated activity for each of the years ended December 31, 2024, 2023 and 2022.
(2)Includes $(2) million, $(2) million and $2 million of unaffiliated activity for the years ended December 31, 2024, 2023 and 2022, respectively.
Gross and net life insurance in force
The gross and net amounts of life insurance face amount in force as of December 31, were as follows:
202420232022
(in thousands)
Direct gross life insurance face amount in force$156,436,734 $154,561,817 $154,382,891 
Reinsurance ceded(147,337,155)(141,002,931)(140,370,532)
Net life insurance face amount in force$9,099,579 $13,558,886 $14,012,359 
v3.25.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following schedule discloses significant components of income tax expense (benefit) for each year presented: 
Years Ended December 31,
202420232022
(in thousands)
Current tax expense (benefit):
U.S. federal$21,426 $22,608 $(22,713)
State and local0 0 (103)
Total21,426 22,608 (22,816)
Deferred tax expense (benefit):
U.S. federal(41,270)(10,738)(7,958)
Total(41,270)(10,738)(7,958)
Income tax expense (benefit) from operations(19,844)11,870 (30,774)
Income tax expense (benefit) reported in equity related to:
Other comprehensive income (loss)(23,329)(3,014)(36,731)
Total income tax expense (benefit)$(43,173)$8,856 $(67,505)
Schedule of Effective Income Tax Rate Reconciliation
The differences between income taxes expected at the U.S. federal statutory income tax rate of 21% applicable for 2024, 2023 and 2022, and the reported income tax expense (benefit) are summarized as follows:
Years Ended December 31,
202420232022
($ in thousands)
Expected federal income tax expense (benefit)$(10,603)$22,591 $(21,126)
Non-taxable investment income(5,895)(6,452)(6,259)
Tax credits(3,338)(4,301)(3,393)
Other(8)32 4 
Reported income tax expense (benefit)$(19,844)$11,870 $(30,774)
Effective tax rate39.3 %11.0 %30.6 %
Schedule of Deferred Tax Assets and Liabilities
Schedule of Deferred Tax Assets and Deferred Tax Liabilities
December 31,
20242023
(in thousands)
Deferred tax assets:
Insurance reserves$80,578 $32,685 
Investments18,593 0 
Net unrealized loss on securities64,437 41,482 
Other1,544 1,766 
Deferred tax assets165,152 75,933 
Deferred tax liabilities:
Deferred policy acquisition cost47,216 21,540 
Investments0 1,054 
Deferred tax liabilities47,216 22,594 
Net deferred tax asset (liability)$117,936 $53,339 
v3.25.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss) The balance of and changes in each component of AOCI as of and for the years ended December 31, are as follows:
Accumulated Other Comprehensive Income (Loss)
Foreign Currency
Translation
Adjustment		Net Unrealized
Investment Gains
(Losses)(1)		Interest Rate Remeasurement of Future Policy BenefitsGain (Loss) from Changes in Non-Performance Risk on Market Risk BenefitsTotal Accumulated
Other
Comprehensive
Income (Loss)
(in thousands)
Balance, December 31, 2021$(988)$121,075 $(34,788)$16,688 $101,987 
Change in OCI before reclassifications(336)(375,622)59,865 142,048 (174,045)
Amounts reclassified from AOCI0 (863)0 0 (863)
Income tax benefit (expense)110 79,024 (12,573)(29,830)36,731 
Balance, December 31, 2022(1,214)(176,386)12,504 128,906 (36,190)
Change in OCI before reclassifications225 58,121 (10,299)(62,792)(14,745)
Amounts reclassified from AOCI0 394 0 0 394 
Income tax benefit (expense)(90)(12,246)2,164 13,186 3,014 
Balance, December 31, 2023(1,079)(130,117)4,369 79,300 (47,527)
Change in OCI before reclassifications(246)(84,176)13,215 (39,254)(110,461)
Amounts reclassified from AOCI0 (758)0 0 (758)
Income tax benefit (expense)46 17,815 (2,775)8,243 23,329 
Balance, December 31, 2024$(1,279)$(197,236)$14,809 $48,289 $(135,417)
(1)Includes cash flow hedges of $12 million, $5 million and $14 million as of December 31, 2024, 2023 and 2022, respectively.
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Reclassifications out of Accumulated Other Comprehensive Income (Loss)
Years Ended December 31,
202420232022
(in thousands)
Amounts reclassified from AOCI(1)(2):
Net unrealized investment gains (losses):
Cash flow hedges - Currency/Interest rate(3)$4,498 $1,175 $4,895 
Net unrealized investment gains (losses) on available-for-sale securities(3,740)(1,569)(4,032)
Total net unrealized investment gains (losses)(4)758 (394)863 
Total reclassifications for the period$758 $(394)$863 
(1)All amounts are shown before tax.
(2)Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.
(3)See Note 4 for additional information on cash flow hedges.
(4)See table below for additional information on unrealized investment gains (losses), including the impact on future policy benefits and policyholders’ account balances.
OTTI, Allowance and All Other Net Unrealized Investment Gains (Losses) AOCI Rollforward
Net Unrealized Investment Gains (Losses) on AFS Fixed Maturity Securities on Which an Allowance for Credit Losses has been RecognizedNet Unrealized
Gains (Losses)
on All Other 
Investments(1)		Other Costs(2)Future Policy Benefits, Policyholders' Account Balances and Reinsurance Payables
Income Tax
Benefit (Expense)		AOCI
Related to Net
Unrealized
Investment
Gains (Losses)
(in thousands)
Balance, December 31, 2021$0 $180,806 $64,772 $(92,319)$(32,184)$121,075 
Net investment gains (losses) on investments arising during the period0 (436,527)0 0 91,638 (344,889)
Reclassification adjustment for (gains) losses included in net income0 (863)0 0 181 (682)
Impact of net unrealized investment (gains) losses0 0 (148,484)209,389 (12,795)48,110 
Balance, December 31, 20220 (256,584)(83,712)117,070 46,840 (176,386)
Net investment gains (losses) on investments arising during the period0 63,919 0 0 (13,381)50,538 
Reclassification adjustment for (gains) losses included in net income0 394 0 0 (82)312 
Impact of net unrealized investment (gains) losses0 0 31,446 (37,244)1,217 (4,581)
Balance, December 31, 20230 (192,271)(52,266)79,826 34,594 (130,117)
Net investment gains (losses) on investments arising during the period38 (101,629)0 0 21,313 (80,278)
Reclassification adjustment for (gains) losses included in net income(57)(701)0 0 159 (599)
Impact of net unrealized investment (gains) losses0 0 24,133 (6,718)(3,657)13,758 
Balance, December 31, 2024$(19)$(294,601)$(28,133)$73,108 $52,409 $(197,236)
(1)Includes cash flow hedges. See Note 4 for information on cash flow hedges.
(2)"Other costs" primarily includes reinsurance recoverables.
v3.25.1
Statutory Net Income and Surplus and Dividends Restrictions (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Net Income and Surplus and Dividends Restrictions
The following table summarizes certain statutory financial information for the Company for the periods indicated:
Years Ended December 31,
202420232022
(in millions)
Statutory net income (loss)$(722)$152 $(134)
Statutory capital and surplus1,320 1,080 851 
v3.25.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Affiliated Notes Receivable
Affiliated notes receivable included in “Receivables from parent and affiliates” at December 31, were as follows:
Maturity DatesInterest Rates20242023
(in thousands)
U.S. dollar fixed rate notes20320.00%-10.33 %$30,135 $0 
Total notes receivable - affiliated(1)$30,135 $0 
(1) All notes receivable may be called for prepayment prior to the respective maturity dates under specified circumstances.
Affiliated Asset Transfers The table below shows affiliated asset trades for the years ended December 31, 2024 and 2023:
AffiliateDateTransactionSecurity Type  Fair ValueBook ValueAPIC, Net of Tax Increase/(Decrease)Realized Investment Gain (Loss)
(in thousands)
Prudential InsuranceJune 2023PurchaseFixed Maturities$14,452 $15,086 $501 $0 
PURCDecember 2023SaleCommercial Mortgage and Other Loans$762 $754 $0 $8 
PAR UJanuary 2024Transfer inFixed Maturities$778,745 $778,745 $0 $0 
PUREJanuary 2024Transfer outFixed Maturities$778,745 $778,745 $0 $0 
PAR UJune 2024PurchaseCommercial Mortgage and Other Loans$12,555 $12,555 $0 $0 
HirakataOctober 2024PurchaseFixed Maturities$3,901 $3,901 $0 $0 
PAR UOctober 2024Transfer inFixed Maturities$632,927 $632,927 $0 $0 
Pruco LifeOctober 2024Transfer outFixed Maturities$632,927 $632,927 $0 $0 
v3.25.1
Revision to Prior Year Financial Statement (Tables)
 12 Months Ended
Dec. 31, 2024
Prior Period Adjustment [Abstract]  
Revision to Prior Period Financial Statements
The following are selected line items from the Financial Statements illustrating the effects of these adjustments:

Unaudited Interim Statements of Financial Position
March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
ASSETS
Reinsurance recoverables$4,008,437 $(38,689)$3,969,748 
Income tax assets133,862 (4,633)129,229 
TOTAL ASSETS$23,829,953 $(43,322)$23,786,631 
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits$2,389,895 $(30,838)$2,359,057 
Other liabilities1,002,953 (20,008)982,945 
Total liabilities22,594,779 (50,846)22,543,933 
EQUITY
Total equity1,235,174 7,524 1,242,698 
TOTAL LIABILITIES AND EQUITY$23,829,953 $(43,322)$23,786,631 
Unaudited Interim Statements of Operations and Comprehensive Income (Loss)
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
REVENUES
Policy charges and fee income$329,584 $7,557 $337,141 
Realized investment gains (losses), net(4,591)443 (4,148)
TOTAL REVENUES411,468 8,000 419,468 
BENEFITS AND EXPENSES
Policyholders’ benefits547,458 (3,365)544,093 
General, administrative and other expenses13,831 (792)13,039 
TOTAL BENEFITS AND EXPENSES551,898 (4,157)547,741 
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES(140,430)12,157 (128,273)
Income tax expense (benefit)(53,516)4,633 (48,883)
NET INCOME (LOSS)$(86,914)$7,524 $(79,390)
Comprehensive income (loss)$(132,952)$7,524 $(125,428)
Unaudited Interim Statements of Equity
Retained EarningsTotal Equity
As Previously ReportedAdjustmentsAs RevisedAs Previously ReportedAdjustmentsAs Revised
(in thousands)
Balance, December 31, 2023$381,140 $0 $381,140 $1,368,126 $0 $1,368,126 
Comprehensive income (loss):
Net income (loss)(86,914)7,524 (79,390)(86,914)7,524 (79,390)
Total comprehensive income (loss)(86,914)7,524 (79,390)(132,952)7,524 (125,428)
Balance, March 31, 2024$294,226 $7,524 $301,750 $1,235,174 $7,524 $1,242,698 
    

Unaudited Interim Statements of Cash Flows
Three Months Ended March 31, 2024
As Previously ReportedAdjustmentsAs Revised
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(86,914)$7,524 $(79,390)
Policy charges and fee income(377,781)(6,192)(383,973)
Realized investment (gains) losses, net4,591 (443)4,148 
Change in:
Future policy benefits and other insurance liabilities98,729 (30,838)67,891 
Reinsurance recoverables(29,618)37,048 7,430 
Income taxes(53,545)4,633 (48,912)
Other, net464,674 (11,732)452,942 
Cash flows from (used in) operating activities(18,869)0 (18,869)
v3.25.1
Business and Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 1
v3.25.1
Significant Accounting Policies and Pronouncements (Narrative) (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Policies [Abstract]      
Commercial mortgage and other loans, Loan-to-value ratios (greater than) 100.00%    
Commercial mortgage and other loans, Loan-to-value ratios (less than) 100.00%    
Commercial mortgage and other loans, Debt service coverage ratios (less than) 1.0    
Commercial mortgage and other loans, Debt service coverage ratios (greater than) 1.0    
Securities Loaned Transactions Collateral Fair Value of Domestic Securities 102.00%    
Securities Loaned Transactions Collateral Fair Value of Foreign Securities 105.00%    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Total equity $ 1,249,590,000 $ 1,242,698,000 $ 1,368,126,000
Minimum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Equity method investment, financial information, lag period 1 month    
Repurchase and Resale Agreements, Collateral, Percentage 95.00%    
Minimum | Liability for Future Policy Benefit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Liability for Future Policy Benefits, cohort level and balance floored $ 0    
Minimum | Deferred Profit Liability      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Liability for Future Policy Benefits, cohort level and balance floored $ 0    
Maximum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Equity method investment, financial information, lag period 3 months    
Net To Gross Ratio 1    
v3.25.1
Investments (Fixed Maturities Securities Excluding Investments Classified as Trading) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost $ 3,024,155 $ 2,559,973  
Gross Unrealized Gains 9,992 23,116  
Gross Unrealized Losses 317,210 220,990  
Allowance for Credit Loss 0 4 $ 363
Fair Value 2,716,937 2,362,095  
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 51,847 52,196  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses 3,041 1,154  
Allowance for Credit Loss 0 0 0
Fair Value 48,806 51,042  
Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 156,065 184,419  
Gross Unrealized Gains 23 952  
Gross Unrealized Losses 9,308 2,833  
Allowance for Credit Loss 0 0  
Fair Value 146,780 182,538  
Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 85,052 95,189  
Gross Unrealized Gains 10 248  
Gross Unrealized Losses 19,308 14,693  
Allowance for Credit Loss 0 0 0
Fair Value 65,754 80,744  
U.S. public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 1,759,560 1,485,406  
Gross Unrealized Gains 4,794 13,428  
Gross Unrealized Losses 217,474 147,901  
Allowance for Credit Loss 0 0  
Fair Value 1,546,880 1,350,933  
U.S. private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 297,278 227,342  
Gross Unrealized Gains 1,963 1,978  
Gross Unrealized Losses 10,499 8,884  
Allowance for Credit Loss 0 0  
Fair Value 288,742 220,436  
Foreign public corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 258,728 185,601  
Gross Unrealized Gains 799 1,173  
Gross Unrealized Losses 30,374 21,989  
Allowance for Credit Loss 0 0  
Fair Value 229,153 164,785  
Foreign private corporate securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 256,820 190,545  
Gross Unrealized Gains 2,059 5,102  
Gross Unrealized Losses 20,465 14,791  
Allowance for Credit Loss 0 0  
Fair Value 238,414 180,856  
Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 46,956 19,440  
Gross Unrealized Gains 196 40  
Gross Unrealized Losses 532 969  
Allowance for Credit Loss 0 0 0
Fair Value 46,620 18,511  
Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 96,459 104,055  
Gross Unrealized Gains 0 0  
Gross Unrealized Losses 5,437 7,356  
Allowance for Credit Loss 0 0 0
Fair Value 91,022 96,699  
Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 15,390 15,780  
Gross Unrealized Gains 148 195  
Gross Unrealized Losses 772 420  
Allowance for Credit Loss 0 4 $ 5
Fair Value 14,766 $ 15,551  
Fixed maturities | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 51,847    
Fair Value 48,806    
Fixed maturities | Obligations of U.S. states and their political subdivisions      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 156,065    
Fair Value 146,780    
Fixed maturities | Foreign government securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 85,052    
Fair Value 65,754    
Fixed maturities | Asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 46,956    
Fair Value 46,620    
Fixed maturities | Commercial mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 96,459    
Fair Value 91,022    
Fixed maturities | Residential mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Amortized Cost 15,390    
Fair Value $ 14,766    
v3.25.1
Investments (Fair Value and Losses by Investment Category and Length of Time in a Loss Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value $ 716,775 $ 209,760
Less than Twelve Months, Gross Unrealized Losses 20,861 4,369
Twelve Months or More, Fair Value 1,487,111 1,489,475
Twelve Months or More, Gross Unrealized Losses 296,349 216,621
Total, Fair Value 2,203,886 1,699,235
Total, Gross Unrealized Losses 317,210 220,990
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 383 49,081
Less than Twelve Months, Gross Unrealized Losses 3 936
Twelve Months or More, Fair Value 48,423 1,962
Twelve Months or More, Gross Unrealized Losses 3,038 218
Total, Fair Value 48,806 51,043
Total, Gross Unrealized Losses 3,041 1,154
Obligations of U.S. states and their political subdivisions    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 67,690 22,856
Less than Twelve Months, Gross Unrealized Losses 2,057 186
Twelve Months or More, Fair Value 74,006 61,445
Twelve Months or More, Gross Unrealized Losses 7,251 2,647
Total, Fair Value 141,696 84,301
Total, Gross Unrealized Losses 9,308 2,833
Foreign government securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 3,464 5,656
Less than Twelve Months, Gross Unrealized Losses 129 91
Twelve Months or More, Fair Value 61,163 69,066
Twelve Months or More, Gross Unrealized Losses 19,179 14,602
Total, Fair Value 64,627 74,722
Total, Gross Unrealized Losses 19,308 14,693
U.S. public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 427,698 86,203
Less than Twelve Months, Gross Unrealized Losses 12,874 1,688
Twelve Months or More, Fair Value 894,799 913,776
Twelve Months or More, Gross Unrealized Losses 204,600 146,213
Total, Fair Value 1,322,497 999,979
Total, Gross Unrealized Losses 217,474 147,901
U.S. private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 68,806 27,883
Less than Twelve Months, Gross Unrealized Losses 1,038 366
Twelve Months or More, Fair Value 107,275 117,409
Twelve Months or More, Gross Unrealized Losses 9,461 8,518
Total, Fair Value 176,081 145,292
Total, Gross Unrealized Losses 10,499 8,884
Foreign public corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 68,181 5,029
Less than Twelve Months, Gross Unrealized Losses 2,154 135
Twelve Months or More, Fair Value 108,111 115,462
Twelve Months or More, Gross Unrealized Losses 28,220 21,854
Total, Fair Value 176,292 120,491
Total, Gross Unrealized Losses 30,374 21,989
Foreign private corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 78,262 5,007
Less than Twelve Months, Gross Unrealized Losses 2,590 51
Twelve Months or More, Fair Value 84,669 98,159
Twelve Months or More, Gross Unrealized Losses 17,875 14,740
Total, Fair Value 162,931 103,166
Total, Gross Unrealized Losses 20,465 14,791
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 2,143 7,899
Less than Twelve Months, Gross Unrealized Losses 12 914
Twelve Months or More, Fair Value 6,914 4,775
Twelve Months or More, Gross Unrealized Losses 520 55
Total, Fair Value 9,057 12,674
Total, Gross Unrealized Losses 532 969
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 0 0
Less than Twelve Months, Gross Unrealized Losses 0 0
Twelve Months or More, Fair Value 91,022 96,699
Twelve Months or More, Gross Unrealized Losses 5,437 7,356
Total, Fair Value 91,022 96,699
Total, Gross Unrealized Losses 5,437 7,356
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than Twelve Months, Fair Value 148 146
Less than Twelve Months, Gross Unrealized Losses 4 2
Twelve Months or More, Fair Value 10,729 10,722
Twelve Months or More, Gross Unrealized Losses 768 418
Total, Fair Value 10,877 10,868
Total, Gross Unrealized Losses $ 772 $ 420
v3.25.1
Investments (Amortized Cost and Fair Value of Fixed Maturities by Contractual Maturities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Due in one year or less $ 61,300  
Due after one year through five years 531,785  
Due after five years through ten years 570,806  
Due after ten years 1,701,459  
Amortized Cost 3,024,155 $ 2,559,973
Fair value    
Due in one year or less 59,692  
Due after one year through five years 523,178  
Due after five years through ten years 559,247  
Due after ten years 1,422,412  
Fair Value 2,716,937 2,362,095
Asset-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 46,956  
Amortized Cost 46,956 19,440
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 46,620  
Fair Value 46,620 18,511
Commercial mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 96,459  
Amortized Cost 96,459 104,055
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 91,022  
Fair Value 91,022 96,699
Residential mortgage-backed securities    
Amortized Cost    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost 15,390  
Amortized Cost 15,390 15,780
Fair value    
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value 14,766  
Fair Value $ 14,766 $ 15,551
v3.25.1
Investments (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 317,210 $ 220,990  
Gross unrealized losses of twelve months or more concentrated in various sectors 296,349 216,621  
Fixed Maturity Purchased with Credit Deterioration 0 0  
Commercial Mortgage and other loans with credit deterioration 0 0  
Loans acquired 12,600 0  
Loans sold 0 0  
Accrued Investment Income Write Down 0 0  
Fixed maturities, available-for-sale 2,716,937 2,362,095  
Securities Sold under Agreements to Repurchase 0 0  
Fair value of collateral that could be sold or repledged $ 0 $ 0  
Commercial mortgage loans, Percentage 100.00% 100.00%  
Fixed maturities      
Schedule of Investments [Line Items]      
Gross unrealized losses of twelve months or more concentrated in various sectors $ 296,000 $ 217,000  
Assets Deposited With Governmental Authorities 400 0  
Other Income | Fixed maturities | Trading      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (400) 1,500 $ (3,400)
Other Income | Equity securities      
Schedule of Investments [Line Items]      
Unrealized Gain (Loss) on Investments (1,200) 200 $ (1,500)
Carrying value of non-income producing assets      
Schedule of Investments [Line Items]      
Fixed maturities, available-for-sale $ 0    
Florida      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 18.00%    
CALIFORNIA      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 12.00%    
Washington      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 9.00%    
Europe      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 6.00%    
Mexico      
Schedule of Investments [Line Items]      
Commercial mortgage loans, Percentage 2.00%    
NAIC High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 313,000 218,000  
NAIC Other Than High or Highest Quality Rating | Fixed maturities      
Schedule of Investments [Line Items]      
Gross Unrealized Loss $ 4,000 $ 3,000  
v3.25.1
Investments (Fixed Maturities Securities Proceeds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]      
Proceeds from maturities/prepayments $ 122,345 $ 114,300 $ 101,647
Fixed maturities | Available-for-sale      
Debt Securities, Available-for-sale [Line Items]      
Proceeds from sales 21,403 11,103 37,605
Proceeds from maturities/prepayments 100,925 103,064 64,177
Gross investment gains from sales and maturities 1,525 86 224
Gross investment losses from sales and maturities (5,269) (2,014) (5,451)
(Addition to) release of allowance for credit losses 4 359 1,195
Noncash or Part Noncash Divestiture, Amount of Consideration Received $ 100 $ 100 $ (100)
v3.25.1
Investments (Credit Losses Recognized In Earnings on Fixed Maturity Securities Held by the Company) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period $ 4 $ 363
Reductions for securities sold during the period   (358)
Additions (reductions) on securities with previous allowance (214) (1)
Additions to allowance for credit losses not previously recorded 210  
Balance, end of period 0 4
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Reductions for securities sold during the period   0
Additions (reductions) on securities with previous allowance 0 0
Additions to allowance for credit losses not previously recorded 0  
Balance, end of period 0 0
Foreign government securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Reductions for securities sold during the period   0
Additions (reductions) on securities with previous allowance 0 0
Additions to allowance for credit losses not previously recorded 0  
Balance, end of period 0 0
U.S. and Foreign Corporate Securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 358
Reductions for securities sold during the period   (358)
Additions (reductions) on securities with previous allowance (208) 0
Additions to allowance for credit losses not previously recorded 208  
Balance, end of period 0 0
Asset-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Reductions for securities sold during the period   0
Additions (reductions) on securities with previous allowance 0 0
Additions to allowance for credit losses not previously recorded 0  
Balance, end of period 0 0
Commercial mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 0
Reductions for securities sold during the period   0
Additions (reductions) on securities with previous allowance 0 0
Additions to allowance for credit losses not previously recorded 0  
Balance, end of period 0 0
Residential mortgage-backed securities    
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 4 5
Reductions for securities sold during the period   0
Additions (reductions) on securities with previous allowance (6) (1)
Additions to allowance for credit losses not previously recorded 2  
Balance, end of period $ 0 $ 4
v3.25.1
Investments (Commercial Mortgage and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 479,041 $ 240,791
Commercial mortgage loans, Percentage 100.00% 100.00%
Allowance for Credit Losses $ (1,713) $ (1,162)
Total net commercial mortgage and agricultural property loans 477,328 239,629
Apartments and multi-family    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 136,607 $ 71,289
Commercial mortgage loans, Percentage 28.50% 29.60%
Hospitality    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 11,981 $ 14,070
Commercial mortgage loans, Percentage 2.50% 5.80%
Industrial    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 166,012 $ 70,633
Commercial mortgage loans, Percentage 34.60% 29.30%
Office    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 6,706 $ 8,122
Commercial mortgage loans, Percentage 1.40% 3.40%
Other    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 45,355 $ 24,587
Commercial mortgage loans, Percentage 9.50% 10.20%
Retail    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 51,092 $ 23,327
Commercial mortgage loans, Percentage 10.70% 9.70%
Commercial mortgage loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 417,753 $ 212,028
Commercial mortgage loans, Percentage 87.20% 88.00%
Agricultural property loans    
Commercial Mortgage and Other Loans [Line Items]    
Commercial mortgage and agricultural property loans $ 61,288 $ 28,763
Commercial mortgage loans, Percentage 12.80% 12.00%
v3.25.1
Investments (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year $ 1,162 $ 408 $ 246
Addition to (release of) allowance for expected losses 551 754 162
Total ending balance 1,713 1,162 408
Commercial mortgage loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 1,107 405 246
Addition to (release of) allowance for expected losses 563 702 159
Total ending balance 1,670 1,107 405
Agricultural property loans      
Allowance for Loan and Lease Losses [Roll Forward]      
Balance, beginning of year 55 3 0
Addition to (release of) allowance for expected losses (12) 52 3
Total ending balance $ 43 $ 55 $ 3
v3.25.1
Investments (Credit Quality Indicators) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Credit Quality Indicator [Line Items]    
Recording investment gross of allowance for credit losses $ 479,041 $ 240,791
Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 199,456 79,358
One Year Prior 78,332 34,879
Two Year Prior 34,739 2,734
Three Year Prior 2,714 2,198
Four Year Prior 2,198 37,222
Prior 100,314 55,637
Revolving Loans 0  
Recording investment gross of allowance for credit losses 417,753 212,028
Commercial mortgage loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 195,535 76,929
One Year Prior 71,280 34,879
Two Year Prior 34,739 2,734
Three Year Prior 2,714 2,198
Four Year Prior 2,198 36,293
Prior 95,444 48,677
Revolving Loans 0  
Recording investment gross of allowance for credit losses 401,910 201,710
Commercial mortgage loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 3,921 2,429
One Year Prior 7,052 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 4,870 6,047
Revolving Loans 0  
Recording investment gross of allowance for credit losses 15,843 8,476
Commercial mortgage loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 929
Prior 0 913
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 1,842
Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 32,130 13,358
One Year Prior 12,875 13,380
Two Year Prior 13,337 1,047
Three Year Prior 1,002 0
Four Year Prior 0 0
Prior 904 978
Revolving Loans 1,040  
Recording investment gross of allowance for credit losses 61,288 28,763
Agricultural property loans | ≥ 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 31,130 13,358
One Year Prior 12,875 13,380
Two Year Prior 13,337 1,047
Three Year Prior 1,002 0
Four Year Prior 0 0
Prior 904 978
Revolving Loans 1,040  
Recording investment gross of allowance for credit losses 60,288 28,763
Agricultural property loans | 1.0X to 1.2X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 1,000 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 1,000 0
Agricultural property loans | Less than 1.0X    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 0
0% to 59.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 65,002 9,444
One Year Prior 9,312 19,879
Two Year Prior 19,739 772
Three Year Prior 2,367 0
Four Year Prior 2,198 17,239
Prior 68,971 42,159
Revolving Loans 0  
Recording investment gross of allowance for credit losses 167,589 89,493
0% to 59.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 32,130 11,358
One Year Prior 10,875 1,035
Two Year Prior 992 1,047
Three Year Prior 1,002 0
Four Year Prior 0 0
Prior 904 978
Revolving Loans 1,040  
Recording investment gross of allowance for credit losses 46,943 14,418
60% to 69.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 115,394 37,809
One Year Prior 62,665 15,000
Two Year Prior 15,000 1,962
Three Year Prior 347 2,198
Four Year Prior 0 15,091
Prior 20,157 5,836
Revolving Loans 0  
Recording investment gross of allowance for credit losses 213,563 77,896
60% to 69.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 2,000
One Year Prior 2,000 12,345
Two Year Prior 12,345 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 14,345 14,345
70% to 79.99% | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 19,060 32,105
One Year Prior 6,355 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 3,885
Prior 6,416 1,595
Revolving Loans 0  
Recording investment gross of allowance for credit losses 31,831 37,585
70% to 79.99% | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses 0 0
80% or greater | Commercial mortgage loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 1,007
Prior 4,770 6,047
Revolving Loans 0  
Recording investment gross of allowance for credit losses 4,770 7,054
80% or greater | Agricultural property loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current Year 0 0
One Year Prior 0 0
Two Year Prior 0 0
Three Year Prior 0 0
Four Year Prior 0 0
Prior 0 0
Revolving Loans 0  
Recording investment gross of allowance for credit losses $ 0 $ 0
v3.25.1
Investments (Analysis of Past Due Commercial Mortgage, Agricultural and Other Loans) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status $ 0 $ 0
Recording investment gross of allowance for credit losses 479,041 240,791
Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 479,041 240,791
30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
90 Days or More Past Due | Commercial mortgage and other loans    
Financing Receivable, Past Due [Line Items]    
Accruing Interest 0 0
Commercial mortgage loans    
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status 0 0
Recording investment gross of allowance for credit losses 417,753 212,028
Commercial mortgage loans | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 417,753 212,028
Commercial mortgage loans | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Commercial mortgage loans | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan    
Financing Receivable, Past Due [Line Items]    
Non-Accrual Status 0 0
Recording investment gross of allowance for credit losses 61,288 28,763
Agricultural Loan | Current    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 61,288 28,763
Agricultural Loan | 30-59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 60-89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses 0 0
Agricultural Loan | 90 Days or More Past Due    
Financing Receivable, Past Due [Line Items]    
Recording investment gross of allowance for credit losses $ 0 $ 0
v3.25.1
Investments (Other Invested Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Invested Assets [Line Items]    
Other Invested assets $ 233,212 $ 153,885
LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 181,125 149,791
Derivatives    
Other Invested Assets [Line Items]    
Other Invested assets 51,930 0
Other    
Other Invested Assets [Line Items]    
Other Invested assets 157 4,094
Equity method | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 177,431 145,404
Equity method | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 112,001 90,107
Equity method | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 58,312 48,488
Equity method | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 7,118 6,809
Fair Value | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 3,694 4,387
Fair Value | Private equity | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 200 249
Fair Value | Hedge funds | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets 2 19
Fair Value | Real estate-related | LPs/LLCs    
Other Invested Assets [Line Items]    
Other Invested assets $ 3,492 $ 4,119
v3.25.1
Investments (Equity Method Investments, Statement of Financial Position) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
TOTAL ASSETS $ 25,418,068 $ 23,786,631 $ 22,897,725
Total Liabilities 24,168,478 22,543,933 21,529,599
Partners' Capital 1,249,590 1,242,698 1,368,126
TOTAL LIABILITIES AND EQUITY 25,418,068 $ 23,786,631 22,897,725
LP/LLC interests      
Schedule of Equity Method Investments [Line Items]      
Total liabilities and partners' capital included above 91,944   68,852
Equity in LP/LLC interests not included above 85,643   76,708
Carrying value 177,587   145,560
Equity Method Investment      
Schedule of Equity Method Investments [Line Items]      
TOTAL ASSETS 7,151,416   5,661,409
Total Liabilities 65,973   772,289
Partners' Capital 7,085,443   4,889,120
TOTAL LIABILITIES AND EQUITY $ 7,151,416   $ 5,661,409
v3.25.1
Investments (Equity Method Investments, Statement of Operations) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Total Revenues $ 480,497 $ 1,295,488 $ 51,084
Total expenses(2) (4,495) (259,435) 0
Net earnings (losses) 476,002 1,036,053 51,084
Earnings in net earnings (losses) included above 6,884 10,278 955
Equity in net earnings (losses) of LP/LLC interests not included above 7,349 3,908 5,836
Total equity in net earnings (losses) $ 14,233 $ 14,186 $ 6,791
v3.25.1
Investments (Accrued Investment Income) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Net Investment Income [Line Items]    
Accrued investment income $ 60,368 $ 53,906
Fixed maturities    
Net Investment Income [Line Items]    
Accrued investment income 32,587 26,672
Equity securities    
Net Investment Income [Line Items]    
Accrued investment income 0 1
Commercial mortgage and other loans    
Net Investment Income [Line Items]    
Accrued investment income 1,980 948
Policy loans    
Net Investment Income [Line Items]    
Accrued investment income 25,110 25,675
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Accrued investment income $ 691 $ 610
v3.25.1
Investments (Net Investment Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 225,110 $ 170,409 $ 102,325
Less: investment expenses (5,682) (4,385) (3,933)
Net investment income 219,428 166,024 98,392
Equity securities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 1,322 364 364
Commercial mortgage and other loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 17,536 8,746 4,609
Policy loans      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 52,406 36,027 10,427
Other invested assets      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 17,870 16,183 8,873
Short-term investments and cash equivalents      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 14,570 6,862 3,384
Available-for-sale | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income 120,820 101,605 73,656
Trading | Fixed maturities      
Schedule of Investment Income, Reported Amounts, by Category [Line Items]      
Gross investment income $ 586 $ 622 $ 1,012
v3.25.1
Investments (Realized Investment Gains Losses Net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net $ (4,148) $ (38,990) $ (44,310) $ 13,835
Fixed maturities        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   (3,740) (1,569) (4,032)
Commercial mortgage and other loans        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   (551) (746) (153)
LPs/LLCs(2)        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   (35) (14) (51)
Derivatives        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   10,188 (42,046) 18,123
Short-term investments and cash equivalents        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   (34) 65 (52)
Other investments        
Schedule Of Gain Loss On Investments [Line Items]        
Realized investment gains (losses), net   $ (9) $ 0 $ 0
v3.25.1
Investments (Net Unrealized Gains Losses on Investments by Asset Class) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments $ (294,620) $ (192,271) $ (256,584)
Fixed maturities | Available-for-sale | Without an allowance      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (307,199) (197,874) (270,867)
Fixed maturities | Available-for-sale | With an allowance      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments (19) 0 0
Derivatives designated as cash flow hedges      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments 12,310 5,246 14,102
Affiliated notes      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments 0 0 59
Other investments      
Gain (Loss) on Securities [Line Items]      
Net unrealized gains (losses) on investments $ 288 $ 357 $ 122
v3.25.1
Derivative Instruments (Gross Notional Amount and Fair Value of Derivatives Contracts) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional $ 4,136,676 $ 1,595,371
Gross Fair Value Assets 155,432 40,150
Gross Fair Value Liabilities (106,989) (50,561)
Policyholders' account balances    
Derivative [Line Items]    
Embedded Derivative, Fair Value of Embedded Derivative, Net Liability (241,000) (168,000)
Derivatives Designated as Hedge Accounting Instruments:    
Derivative [Line Items]    
Notional 225,884 169,101
Gross Fair Value Assets 13,344 7,865
Gross Fair Value Liabilities (1,391) (4,257)
Derivatives Designated as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Notional 225,884 169,101
Gross Fair Value Assets 13,344 7,865
Gross Fair Value Liabilities (1,391) (4,257)
Derivatives Not Qualifying as Hedge Accounting Instruments:    
Derivative [Line Items]    
Notional 3,910,792 1,426,270
Gross Fair Value Assets 142,088 32,285
Gross Fair Value Liabilities (105,598) (46,304)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate Swaps    
Derivative [Line Items]    
Notional 484,200 88,200
Gross Fair Value Assets 2,649 36
Gross Fair Value Liabilities (6,417) (2,063)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Default Swaps    
Derivative [Line Items]    
Notional 0 0
Gross Fair Value Assets 0 0
Gross Fair Value Liabilities 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Swaps    
Derivative [Line Items]    
Notional 33,693 39,965
Gross Fair Value Assets 2,782 1,563
Gross Fair Value Liabilities (216) (597)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Foreign Currency Forwards    
Derivative [Line Items]    
Notional 12,198 9,550
Gross Fair Value Assets 527 7
Gross Fair Value Liabilities 0 (290)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Options    
Derivative [Line Items]    
Notional 2,930,701 1,288,555
Gross Fair Value Assets 107,964 30,679
Gross Fair Value Liabilities (70,799) (43,354)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Return Swap    
Derivative [Line Items]    
Notional 450,000 0
Gross Fair Value Assets 28,166 0
Gross Fair Value Liabilities $ (28,166) $ 0
v3.25.1
Derivative Instruments (Offsetting Balance Sheet) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Offsetting of Financial Assets, Derivatives    
Gross Fair Value Assets $ 155,432 $ 40,150
Gross Amounts Offset in the Consolidated Statement of Financial Position (103,502) (40,150)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 51,930 0
Financial Instruments / Collateral (51,421) 0
Derivatives, Net Amount 509 0
Offsetting of Financial Assets, Total Assets    
Total Assets, Gross Amounts of Recognized Financial Instruments 155,432 40,150
Total Assets, Gross Amounts Offset in the Consolidated Statement of Financial Position (103,502) (40,150)
Total Assets, Net Amounts Presented in the Consolidated Statements of Financial Position 51,930 0
Total Assets, Financial Instruments/Collateral (51,421) 0
Total Assets, Net Amount 509 0
Offsetting of Financial Liabilities, Derivatives    
Derivatives, Gross Amounts of Recognized Financial Instruments 106,989 50,561
Gross Amounts Offset in the Consolidated Statement of Financial Position (106,989) (42,247)
Derivatives, Net Amounts Presented in the Consolidated Statements of Financial Position 0 8,314
Financial Instruments / Collateral 0 (8,314)
Derivatives, Net Amount 0 0
Total Liabilities    
Total Liabilities, Gross Amounts of Recognized Financial Instruments 106,989 50,561
Total Liabilities, Gross Amounts Offset in the Consolidated Statement of Financial Position (106,989) (42,247)
Total Liabilities, Net Amounts Presented in the Consolidated Statements of Financial Position 0 8,314
Total Liabilities, Financial Instruments/Collateral 0 (8,314)
Total Liabilities, Net Amount $ 0 $ 0
v3.25.1
Derivative Instruments (Financial Statement Classification and Impact of Derivatives Used in Qualifying and Non-qualifying Hedge Relationships) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 10,188 $ (42,046) $ 18,123
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Realized investment gains (losses), net Realized investment gains (losses), net Realized investment gains (losses), net
Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Change in value of market risk benefits, net of related hedging gain (loss) Change in value of market risk benefits, net of related hedging gain (loss) Change in value of market risk benefits, net of related hedging gain (loss)
Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 2,282 $ 1,878 $ 1,891
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net Investment Income Net Investment Income Net Investment Income
Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 1,680 $ (715) $ 1,237
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Income Other Income Other Income
Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 7,064 $ (8,856) $ 8,695
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other comprehensive income (loss), net of tax Other comprehensive income (loss), net of tax Other comprehensive income (loss), net of tax
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 556 $ (6) $ 1,802
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 2,282 1,878 1,891
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 1,660 (697) 1,202
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 7,064 (8,856) 8,695
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 556 (6) 1,802
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 2,282 1,878 1,891
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 1,660 (697) 1,202
Derivatives Designated as Hedge Accounting Instruments: | Cash flow hedges | Currency/Interest Rate | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 7,064 (8,856) 8,695
Derivatives Not Qualifying as Hedge Accounting Instruments: | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 9,632 (42,040) 16,321
Derivatives Not Qualifying as Hedge Accounting Instruments: | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 20 (18) 35
Derivatives Not Qualifying as Hedge Accounting Instruments: | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (1,613) (2,236) (2,666)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Interest Rate | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 587 (120) 493
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 1,973 (1,622) 2,100
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 20 (18) 35
Derivatives Not Qualifying as Hedge Accounting Instruments: | Currency/Interest Rate | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Risk Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Risk Contract | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Risk Contract | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Risk Contract | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Credit Risk Contract | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Contract | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 95,877 23,279 (13,420)
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Contract | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Contract | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Contract | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Equity Contract | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Realized investment gains (losses), net      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net (87,192) (61,341) 29,814
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Change in Value of Market Risk Benefits, Net of Related Hedging Gain (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Net Investment Income      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Other income (loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net 0 0 0
Derivatives Not Qualifying as Hedge Accounting Instruments: | Embedded Derivative Financial Instruments | Total Accumulated Other Comprehensive Income (Loss)      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative Instruments Gain (Loss) Recognized In Income Net $ 0 $ 0 $ 0
v3.25.1
Derivative Instruments (Current Period Cash Flow Hedges in AOCI (loss) before Taxes) (Details) - Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 5,246 $ 14,102 $ 5,407
Total amount recorded in AOCI 11,562 (7,681) 13,590
Total amount reclassified from AOCI to income (4,498) (1,175) (4,895)
Ending Balance 12,310 5,246 14,102
Currency/Interest Rate      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Total amount recorded in AOCI 11,562 (7,681) 13,590
Total amount reclassified from AOCI to income $ (4,498) $ (1,175) $ (4,895)
v3.25.1
Derivative Instruments (Narrative) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months (less than) $ 2,900,000  
Credit Derivative, Maximum Exposure, Purchased Credit Protection $ 0 $ 0
v3.25.1
Fair Value of Assets and Liabilities (Narrative) (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities $ 24,168,478,000 $ 22,543,933,000 $ 21,529,599,000
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities 998,749,000   783,289,000
Level 1 | Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Liabilities $ 0   $ 0
v3.25.1
Fair Value of Assets and Liabilities (Balances of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale $ 2,716,937,000   $ 2,362,095,000
Market risk benefit assets 492,444,000   537,659,000
Fixed maturities, trading 21,252,000   23,440,000
Equity securities 62,000   4,615,000
Short-term investments 11,394,000    
Other invested assets 233,212,000   153,885,000
Receivables from parent and affiliates 70,766,000   24,502,000
Separate account assets 14,507,553,000   14,077,103,000
TOTAL ASSETS 25,418,068,000 $ 23,786,631,000 22,897,725,000
Market risk benefit liabilities 492,444,000   537,659,000
Payables to parent and affiliates 462,000   9,380,000
Total liabilities 24,168,478,000 $ 22,543,933,000 21,529,599,000
U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 48,806,000   51,042,000
Obligations of U.S. states and their political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 146,780,000   182,538,000
Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 65,754,000   80,744,000
U.S. corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,546,880,000   1,350,933,000
U.S. corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 288,742,000   220,436,000
Foreign corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 229,153,000   164,785,000
Foreign corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 238,414,000   180,856,000
Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 46,620,000   18,511,000
Commercial mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 91,022,000   96,699,000
Residential mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 14,766,000   15,551,000
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 2,716,937,000   2,362,095,000
Market risk benefit assets 492,444,000   537,659,000
Fixed maturities, trading 21,252,000   23,440,000
Equity securities 62,000   4,615,000
Short-term investments 10,394,000   3,459,000
Cash equivalents 167,579,000   185,258,000
Other invested assets 51,930,000   0
Reinsurance recoverables and deposit receivables 265,611,000   69,745,000
Receivables from parent and affiliates 30,136,000    
Subtotal excluding separate account assets 3,756,345,000   3,186,271,000
Separate account assets 13,251,913,000   12,914,412,000
TOTAL ASSETS 17,008,258,000   16,100,683,000
Market risk benefit liabilities 492,444,000   537,659,000
Policyholders' account balances 506,305,000   237,316,000
Payables to parent and affiliates 0   8,314,000
Total liabilities 998,749,000   783,289,000
Assets netting (103,502,000)   (40,150,000)
Liabilities netting (106,989,000)   (42,247,000)
Derivative liability, cash collateral 3,000,000   2,000,000
Fair Value, Measurements, Recurring | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 48,806,000   51,042,000
Fair Value, Measurements, Recurring | Obligations of U.S. states and their political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 146,780,000   182,538,000
Fair Value, Measurements, Recurring | Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 65,754,000   80,744,000
Fair Value, Measurements, Recurring | U.S. corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,546,880,000   1,350,933,000
Fair Value, Measurements, Recurring | U.S. corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 288,742,000   220,436,000
Fair Value, Measurements, Recurring | Foreign corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 229,153,000   164,785,000
Fair Value, Measurements, Recurring | Foreign corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 238,414,000   180,856,000
Fair Value, Measurements, Recurring | Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 46,620,000   18,511,000
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 91,022,000   96,699,000
Fair Value, Measurements, Recurring | Residential mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 14,766,000   15,551,000
Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Market risk benefit assets 0   0
Fixed maturities, trading 0   0
Equity securities 0   0
Short-term investments 0   0
Cash equivalents 0   24,928,000
Other invested assets 0   0
Reinsurance recoverables and deposit receivables 0   0
Receivables from parent and affiliates 0    
Subtotal excluding separate account assets 0   24,928,000
Separate account assets 0   0
TOTAL ASSETS 0   24,928,000
Market risk benefit liabilities 0   0
Policyholders' account balances 0   0
Payables to parent and affiliates 0   0
Total liabilities 0   0
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Obligations of U.S. states and their political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | U.S. corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Foreign corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 2,673,876,000   2,323,262,000
Market risk benefit assets 0   0
Fixed maturities, trading 21,252,000   23,440,000
Equity securities 62,000   74,000
Short-term investments 10,222,000   3,459,000
Cash equivalents 167,579,000   160,330,000
Other invested assets 155,432,000   40,150,000
Reinsurance recoverables and deposit receivables 0   0
Receivables from parent and affiliates 0    
Subtotal excluding separate account assets 3,028,423,000   2,550,715,000
Separate account assets 13,251,913,000   12,914,412,000
TOTAL ASSETS 16,280,336,000   15,465,127,000
Market risk benefit liabilities 0   0
Policyholders' account balances 0   0
Payables to parent and affiliates 106,989,000   50,561,000
Total liabilities 106,989,000   50,561,000
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 48,806,000   51,042,000
Fair Value, Measurements, Recurring | Level 2 | Obligations of U.S. states and their political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 146,780,000   182,538,000
Fair Value, Measurements, Recurring | Level 2 | Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 65,754,000   80,744,000
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 1,546,880,000   1,350,933,000
Fair Value, Measurements, Recurring | Level 2 | U.S. corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 275,923,000   205,814,000
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 229,153,000   164,785,000
Fair Value, Measurements, Recurring | Level 2 | Foreign corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 232,200,000   175,849,000
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 41,070,000   18,511,000
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 72,544,000   77,495,000
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 14,766,000   15,551,000
Fair Value, Measurements, Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 43,061,000   38,833,000
Market risk benefit assets 492,444,000   537,659,000
Fixed maturities, trading 0   0
Equity securities 0   4,541,000
Short-term investments 172,000   0
Cash equivalents 0   0
Other invested assets 0   0
Reinsurance recoverables and deposit receivables 265,611,000   69,745,000
Receivables from parent and affiliates 30,136,000    
Subtotal excluding separate account assets 831,424,000   650,778,000
Separate account assets 0   0
TOTAL ASSETS 831,424,000   650,778,000
Market risk benefit liabilities 492,444,000   537,659,000
Policyholders' account balances 506,305,000   237,316,000
Payables to parent and affiliates 0   0
Total liabilities 998,749,000   774,975,000
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities and obligations of U.S. government authorities and agencies      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 3 | Obligations of U.S. states and their political subdivisions      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 3 | Foreign government securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 3 | U.S. corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 12,819,000   14,622,000
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate public securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Fair Value, Measurements, Recurring | Level 3 | Foreign corporate private securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 6,214,000   5,007,000
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 5,550,000   0
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 18,478,000   19,204,000
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fixed maturities, available-for-sale 0   0
Other invested assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share 3,700,000   4,400,000
Separate account assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value investment measured at NAV per share $ 1,256,000,000   $ 1,163,000,000
v3.25.1
Fair Value of Assets and Liabilities (Quantitative Info for Level 3 Inputs) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities $ 353 $ 4,653
Market risk benefit assets 492,444 537,659
Receivables from parent and affiliates 70,766 24,502
Market risk benefit liabilities 492,444 537,659
Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets 492,444 537,659
Reinsurance recoverables and deposit receivables 265,611 69,745
Receivables from parent and affiliates 30,136  
Market risk benefit liabilities 492,444 537,659
Policyholders' account balances $ 506,305 237,316
Level 3 | Minimum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Fair Value Inputs, Policyholder Age 50 years  
Level 3 | Minimum | Market risk benefit liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Mortality rate 0.00%  
Level 3 | Maximum    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Fair Value Inputs, Policyholder Age 90 years  
Level 3 | Fair Value, Measurements, Recurring    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets $ 492,444 537,659
Reinsurance recoverables and deposit receivables 265,611 69,745
Receivables from parent and affiliates 30,136  
Market risk benefit liabilities 492,444 537,659
Policyholders' account balances $ 506,305 $ 237,316
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 1.00% 1.00%
Spread over SOFR 0.29% 0.41%
Utilization rate 37.00% 38.00%
Withdrawal rate (greater than maximum) 78.00% 81.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 16.00% 15.00%
Level 3 | Internal | Minimum | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 0.00% 1.00%
Spread over SOFR 0.29% 0.41%
Mortality rate 0.00% 0.00%
Option budget (1.00%) (1.00%)
Level 3 | Internal | Minimum | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 8.74%  
Level 3 | Internal | Minimum | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.60%
Level 3 | Internal | Minimum | Discounted cash flow | Market risk benefit assets    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 1.00% 1.00%
Spread over SOFR 0.29% 0.41%
Utilization rate 37.00% 38.00%
Withdrawal rate (greater than maximum) 78.00% 81.00%
Mortality rate 0.00% 0.00%
Equity volatility curve 16.00% 15.00%
Level 3 | Internal | Minimum | Discounted cash flow | Reinsurance recoverables and deposit receivables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 0.00%  
Spread over SOFR 0.29%  
Option budget (1.00%)  
Level 3 | Internal | Minimum | Liquidation | Receivable from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 20.00% 20.00%
Spread over SOFR 1.71% 1.91%
Utilization rate 94.00% 95.00%
Withdrawal rate (greater than maximum) 100.00% 100.00%
Mortality rate 16.00% 15.00%
Equity volatility curve 25.00% 25.00%
Level 3 | Internal | Maximum | Discounted cash flow | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 80.00% 80.00%
Spread over SOFR 1.73% 1.85%
Mortality rate 23.00% 23.00%
Option budget 7.00% 7.00%
Level 3 | Internal | Maximum | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 13.91%  
Level 3 | Internal | Maximum | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.75%
Level 3 | Internal | Maximum | Discounted cash flow | Market risk benefit assets    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 20.00% 20.00%
Spread over SOFR 1.71% 1.91%
Utilization rate 94.00% 95.00%
Withdrawal rate (greater than maximum) 100.00% 100.00%
Mortality rate 16.00% 15.00%
Equity volatility curve 25.00% 25.00%
Level 3 | Internal | Maximum | Discounted cash flow | Reinsurance recoverables and deposit receivables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Lapse rate 80.00%  
Spread over SOFR 1.71%  
Option budget 7.00%  
Level 3 | Internal | Maximum | Liquidation | Receivable from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Discount rate 11.72%  
Level 3 | Internal | Weighted Average | Discounted cash flow | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidity premium 1.00% 0.69%
Level 3 | Internal | Weighted Average | Liquidation | Receivable from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Liquidation value 100.00%  
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit liabilities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit liabilities $ 492,444 $ 537,659
Level 3 | Internal | Fair Value, Measurements, Recurring | Policyholders' account balances    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Policyholders' account balances 506,305 237,316
Level 3 | Internal | Fair Value, Measurements, Recurring | Corporate securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Corporate securities 16,803  
Level 3 | Internal | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Commercial mortgage-backed securities 18,478 19,204
Level 3 | Internal | Fair Value, Measurements, Recurring | Market risk benefit assets    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Market risk benefit assets 492,444 $ 537,659
Level 3 | Internal | Fair Value, Measurements, Recurring | Reinsurance recoverables and deposit receivables    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Reinsurance recoverables and deposit receivables 265,611  
Level 3 | Internal | Fair Value, Measurements, Recurring | Receivable from parent and affiliates    
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]    
Receivables from parent and affiliates $ 30,136  
v3.25.1
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 492,444 $ 537,659  
Market risk benefit liabilities 492,444 537,659  
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 4,541 4,291  
Purchases 273 31  
Sales 0 0  
Issuances 0 0  
Settlements (3,573) 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 4,541 $ 4,291
Total gains (losses) (realized/unrealized):      
Included in earnings (1,241) 219  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (167) 219  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (1,241) 219 (1,521)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (167) 219 (1,522)
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 137    
Sales 0    
Issuances 0    
Settlements 0    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 172 0  
Total gains (losses) (realized/unrealized):      
Included in earnings 35    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 35    
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 35    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 35    
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Reinsurance recoverables and deposit receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 69,745 0  
Purchases 188,316 75,143  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 5,183 (2,364)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 265,611 69,745 0
Total gains (losses) (realized/unrealized):      
Included in earnings 2,367 (3,034)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (111,244) (3,034)  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 2,367 (3,034)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (111,244) (3,034)  
Reinsurance recoverables and deposit receivables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Receivables from parents and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 34,825    
Sales (4,689)    
Issuances 0    
Settlements 0    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 30,136 0  
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Receivables from parents and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (237,316) (108,144)  
Purchases 0 0  
Sales 0 0  
Issuances (179,682) (72,804)  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (506,305) (237,316) (108,144)
Total gains (losses) (realized/unrealized):      
Included in earnings (89,307) (56,368)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31,398 (32,218)  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (89,307) (56,368) 29,130
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31,398 (32,218) 24,845
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 9 7 1,198
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 1,200
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (441) (1,072) (9,008)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (462) (1,108) (8,966)
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings (32) (35) (23)
Available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 19,629 3,803  
Purchases 8,040 18,146  
Sales (88) 0  
Issuances 0 0  
Settlements (2,788) (4,064)  
Other (5,550) 0  
Transfers into Level 3 0 5,550  
Transfers out of Level 3 0 (3,763)  
Fair Value, end of period 19,033 19,629 3,803
Total gains (losses) (realized/unrealized):      
Included in earnings (210) (43)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (232) (86)  
Available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 19,204 20,701  
Purchases 0 0  
Sales (8) (9)  
Issuances 0 0  
Settlements (464) (431)  
Other 5,550 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 24,028 19,204 $ 20,701
Total gains (losses) (realized/unrealized):      
Included in earnings (254) (1,057)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings $ (230) $ (1,022)  
v3.25.1
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Policy loans $ 1,118,589 $ 1,115,096
Short-term investments 11,394  
Cash and cash equivalents 170,825 186,383
Accrued investment income 60,368 53,906
Receivables from parent and affiliates 70,766 24,502
Fair Value    
Assets:    
Commercial mortgage and other loans 473,122 237,993
Policy loans 1,118,589 1,115,096
Short-term investments 1,000 2,500
Cash and cash equivalents 3,246 1,125
Accrued investment income 60,368 53,906
Reinsurance recoverables and deposit receivables 24,111 22,155
Receivables from parent and affiliates 40,630 24,502
Other assets 3,396 4,363
Total assets 1,724,462 1,461,640
Liabilities    
Policyholders’ account balances - investment contracts 158,252 179,487
Payables to parent and affiliates 462 1,066
Other liabilities 67,206 52,027
Total liabilities 225,920 232,580
Carrying Amount    
Assets:    
Commercial mortgage and other loans 477,328 239,629
Policy loans 1,118,589 1,115,096
Short-term investments 1,000 2,500
Cash and cash equivalents 3,246 1,125
Accrued investment income 60,368 53,906
Reinsurance recoverables and deposit receivables 25,915 23,537
Receivables from parent and affiliates 40,630 24,502
Other assets 3,396 4,363
Total assets 1,730,472 1,464,658
Liabilities    
Policyholders’ account balances - investment contracts 160,056 180,868
Payables to parent and affiliates 462 1,066
Other liabilities 67,206 52,027
Total liabilities 227,724 233,961
Level 1 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 1,000 2,500
Cash and cash equivalents 3,246 1,125
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 4,246 3,625
Liabilities    
Policyholders’ account balances - investment contracts 0 0
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities 0 0
Level 2 | Fair Value    
Assets:    
Commercial mortgage and other loans 0 0
Policy loans 0 0
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 60,368 53,906
Reinsurance recoverables and deposit receivables 0 0
Receivables from parent and affiliates 40,630 24,502
Other assets 3,396 4,363
Total assets 104,394 82,771
Liabilities    
Policyholders’ account balances - investment contracts 126,224 148,542
Payables to parent and affiliates 462 1,066
Other liabilities 67,206 52,027
Total liabilities 193,892 201,635
Level 3 | Fair Value    
Assets:    
Commercial mortgage and other loans 473,122 237,993
Policy loans 1,118,589 1,115,096
Short-term investments 0 0
Cash and cash equivalents 0 0
Accrued investment income 0 0
Reinsurance recoverables and deposit receivables 24,111 22,155
Receivables from parent and affiliates 0 0
Other assets 0 0
Total assets 1,615,822 1,375,244
Liabilities    
Policyholders’ account balances - investment contracts 32,028 30,945
Payables to parent and affiliates 0 0
Other liabilities 0 0
Total liabilities $ 32,028 $ 30,945
v3.25.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in DAC) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, beginning of period $ 393,139    
Amortization expense 86,524 $ (20,572) $ (19,290)
Balance, end of period 417,316 393,139  
Term Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, beginning of period 82,008 70,213 62,091
Capitalization 20,565 19,004 14,911
Amortization expense (6,696) (7,209) (6,737)
Other (28,554)   (52)
Balance, end of period 67,323 82,008 70,213
Variable / Universal Life      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, beginning of period 311,131 281,661 246,653
Capitalization 56,123 42,833 47,531
Amortization expense (14,527) (13,363) (12,553)
Other (2,734)   30
Balance, end of period 349,993 311,131 281,661
Total      
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]      
Balance, beginning of period 393,139 351,874 308,744
Capitalization 76,688 61,837 62,442
Amortization expense (21,223) (20,572) (19,290)
Other (31,288)   (22)
Balance, end of period $ 417,316 $ 393,139 $ 351,874
v3.25.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in Deferred Reinsurance Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 15,968 $ 17,425 $ 18,977
Amortization Expense (2,593) (1,456) (1,547)
Other 52,003 (1) (5)
Balance, end of period 65,378 15,968 17,425
PARCC      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Other 52,000    
Variable Annuities      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 15,968 17,425 18,977
Amortization Expense (1,393) (1,456) (1,547)
Other 3 (1) (5)
Balance, end of period 14,578 15,968 17,425
Term Life      
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 0 0 0
Amortization Expense (1,200) 0 0
Other 52,000 0 0
Balance, end of period $ 50,800 $ 0 $ 0
v3.25.1
Deferred Policy Acquisition Costs and Deferred Reinsurance (Balance of and Changes in Deferred Reinsurance Gains) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Somerset Re    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Other $ 188,000  
PAR U    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Other 37,000  
Variable / Universal Life    
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]    
Balance, beginning of period 0 $ 0
Amortization expense (8,171) 0
Other 216,815 0
Balance, end of period $ 208,644 $ 0
v3.25.1
Separate Accounts (Separate Account Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 14,507,553 $ 14,077,103
Equity    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 8,454,468 8,299,099
Fixed Income    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 4,030,334 3,901,137
Other    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 767,111 714,176
Other invested assets    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 1,255,640 $ 1,162,691
v3.25.1
Separate Accounts (Separate Account Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Separate Account, Liability [Roll Forward]      
Balance, beginning of period $ 14,077,103 $ 13,926,958 $ 17,922,367
Deposits 330,483 243,106 267,902
Investment performance 1,690,707 2,055,831 (3,039,576)
Policy charges (326,666) (321,928) (339,141)
Surrenders and withdrawals (1,173,475) (910,285) (806,187)
Benefit payments (47,427) (47,601) (48,556)
Net transfers (to) from general account (83,104) (895,588) (38,472)
Other 39,932 26,610 8,621
Balance, end of period 14,507,553 14,077,103 13,926,958
Cash surrender value 14,288,378 13,831,714 13,645,324
Variable Annuities      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 9,064,177 8,928,568 11,982,322
Deposits 79,493 43,211 67,216
Investment performance 801,416 1,180,443 (2,113,606)
Policy charges (214,825) (218,915) (238,173)
Surrenders and withdrawals (1,105,790) (855,504) (764,069)
Benefit payments (10,750) (5,986) (5,622)
Net transfers (to) from general account (35,667) (8,826) (895)
Other 573 1,186 1,395
Balance, end of period 8,578,627 9,064,177 8,928,568
Cash surrender value 8,479,445 8,929,016 8,747,915
Variable Life      
Separate Account, Liability [Roll Forward]      
Balance, beginning of period 5,012,926 4,998,390 5,940,045
Deposits 250,990 199,895 200,686
Investment performance 889,291 875,388 (925,970)
Policy charges (111,841) (103,013) (100,968)
Surrenders and withdrawals (67,685) (54,781) (42,118)
Benefit payments (36,677) (41,615) (42,934)
Net transfers (to) from general account (47,437) (886,762) (37,577)
Other 39,359 25,424 7,226
Balance, end of period 5,928,926 5,012,926 4,998,390
Cash surrender value $ 5,808,933 4,902,698 $ 4,897,409
Policy Loans | Variable Life      
Separate Account, Liability [Roll Forward]      
Net transfers (to) from general account   $ (900,000)  
v3.25.1
Liability for Future Policy Benefits (Benefit Reserves) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 6,049 $ 2,115 $ (16,631)  
Term Life        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 1,389,421 1,416,807 1,641,933  
Effect of cumulative changes in discount rate assumptions, beginning of period 29,313 73,563 (253,752)  
Balance at original discount rate, beginning of period 1,418,734 1,490,370 1,388,181  
Effect of assumption update   9,001 (152) $ 174,263
Effect of actual variances from expected experience and other activity   (73,528) (62,690) (29,416)
Adjusted balance, beginning of period 1,354,207 1,427,528 1,533,028  
Issuances 98,799 88,929 58,215  
Net Premiums/Consideration Collected (155,036) (165,337) (170,297)  
Interest accrual 64,610 67,614 69,424  
Balance at original discount rate, end of period 1,362,580 1,418,734 1,490,370  
Effect of cumulative changes in discount rate assumptions, end of period (75,036) (29,313) (73,563)  
Balance, end of period 1,287,544 1,389,421 1,416,807  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,619,569 2,551,191 3,041,562  
Effect of cumulative changes in discount rate assumptions, beginning of period 44,322 137,962 (561,455)  
Balance at original discount rate, beginning of period 2,663,891 2,689,153 2,480,107  
Effect of assumption update   10,368 (202) 255,336
Effect of actual variance from expected experience and other activity   (105,332) (82,200) (60,049)
Adjusted balance, beginning of period 2,568,927 2,606,751 2,675,394  
Issuances 98,799 88,929 58,215  
Interest accrual 128,325 129,375 129,657  
Benefit Payments (131,485) (160,052) (173,998)  
Other adjustments (345) (1,112) (115)  
Balance at original discount rate, end of period 2,664,221 2,663,891 2,689,153  
Effect of cumulative changes in discount rate assumptions, end of period (164,980) (44,322) (137,962)  
Balance, end of period 2,499,241 2,619,569 2,551,191  
Balance, end of period, pre-flooring 1,211,697 1,230,148 1,134,384  
Flooring impact, end of period 14 0 0  
Balance, end of period, post-flooring 1,211,711 1,230,148 1,134,384  
Less: Reinsurance recoverable 1,154,638 1,054,226 1,002,277  
Balance after reinsurance recoverable, end of period, post-flooring 57,073 175,922 132,107  
Term Life | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 3,010,001 3,017,106 3,073,048  
Discounted expected future gross premiums (at original discount rate) 2,003,188 2,021,858 2,069,441  
Discounted expected future gross premiums (at current discount rate) 1,902,990 1,988,469 1,973,031  
Undiscounted expected future benefits and expenses $ 4,307,529 $ 4,298,438 $ 4,352,500  
Weighted-average duration of the liability in years (at original discount rate) 10 years 10 years 11 years  
Weighted-average duration of the liability in years (at current discount rate) 10 years 10 years 10 years  
Weighted-average interest rate (at original discount rate) 5.22% 5.27% 5.33%  
Weighted-average interest rate (at current discount rate) 5.61% 5.00% 5.40%  
Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period $ 0 $ 0 $ 0  
Effect of cumulative changes in discount rate assumptions, beginning of period 0 0 0  
Balance at original discount rate, beginning of period 0 0 0  
Effect of assumption update   0 0 0
Effect of actual variances from expected experience and other activity   (352) (554) (746)
Issuances 4,422 2,998 2,110  
Net Premiums/Consideration Collected (4,070) (2,444) (1,364)  
Interest accrual 0 0 0  
Balance at original discount rate, end of period 0 0 0  
Effect of cumulative changes in discount rate assumptions, end of period 0 0 0  
Balance, end of period 0 0 0  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 18,489 16,460 19,314  
Effect of cumulative changes in discount rate assumptions, beginning of period 1,510 1,899 (1,459)  
Balance at original discount rate, beginning of period 19,999 18,359 17,855  
Effect of assumption update   (241) 0 0
Effect of actual variance from expected experience and other activity   (96) 482 149
Adjusted balance, beginning of period 19,662 18,841 18,004  
Issuances 4,421 2,998 2,111  
Interest accrual 767 673 627  
Benefit Payments (2,859) (2,463) (2,308)  
Other adjustments 2 (50) (75)  
Balance at original discount rate, end of period 21,993 19,999 18,359  
Effect of cumulative changes in discount rate assumptions, end of period (1,477) (1,510) (1,899)  
Balance, end of period 20,516 18,489 16,460  
Balance, end of period, pre-flooring 20,516 18,489 16,460  
Flooring impact, end of period 0 0 0  
Balance, end of period, post-flooring 20,516 18,489 16,460  
Less: Reinsurance recoverable 20,516 18,489 16,460  
Balance after reinsurance recoverable, end of period, post-flooring 0 0 0  
Fixed Annuities | Gross Basis        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Undiscounted expected future gross premiums 0 0 0  
Discounted expected future gross premiums (at original discount rate) 0 0 0  
Discounted expected future gross premiums (at current discount rate) 0 0 0  
Undiscounted expected future benefits and expenses $ 28,661 $ 25,823 $ 24,056  
Weighted-average duration of the liability in years (at original discount rate) 6 years 6 years 7 years  
Weighted-average duration of the liability in years (at current discount rate) 5 years 6 years 6 years  
Weighted-average interest rate (at original discount rate) 3.97% 3.59% 3.56%  
Weighted-average interest rate (at current discount rate) 5.41% 4.90% 5.30%  
Fixed Annuity        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Adjusted balance, beginning of period $ (352) $ (554) $ (746)  
Term Life and Fixed Annuities        
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]        
Balance, beginning of period 1,389,421 1,416,807 1,641,933  
Effect of cumulative changes in discount rate assumptions, beginning of period 29,313 73,563 (253,752)  
Balance at original discount rate, beginning of period 1,418,734 1,490,370 1,388,181  
Effect of assumption update   9,001 (152) 174,263
Effect of actual variances from expected experience and other activity   (73,880) (63,244) (30,162)
Adjusted balance, beginning of period 1,353,855 1,426,974 1,532,282  
Issuances 103,221 91,927 60,325  
Net Premiums/Consideration Collected (159,106) (167,781) (171,661)  
Interest accrual 64,610 67,614 69,424  
Balance at original discount rate, end of period 1,362,580 1,418,734 1,490,370  
Effect of cumulative changes in discount rate assumptions, end of period (75,036) (29,313) (73,563)  
Balance, end of period 1,287,544 1,389,421 1,416,807  
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 2,638,058 2,567,651 3,060,876  
Effect of cumulative changes in discount rate assumptions, beginning of period 45,832 139,861 (562,914)  
Balance at original discount rate, beginning of period 2,683,890 2,707,512 2,497,962  
Effect of assumption update   10,127 (202) 255,336
Effect of actual variance from expected experience and other activity   (105,428) (81,718) $ (59,900)
Adjusted balance, beginning of period 2,588,589 2,625,592 2,693,398  
Issuances 103,220 91,927 60,326  
Interest accrual 129,092 130,048 130,284  
Benefit Payments (134,344) (162,515) (176,306)  
Other adjustments (343) (1,162) (190)  
Balance at original discount rate, end of period 2,686,214 2,683,890 2,707,512  
Effect of cumulative changes in discount rate assumptions, end of period (166,457) (45,832) (139,861)  
Balance, end of period 2,519,757 2,638,058 2,567,651  
Balance, end of period, pre-flooring 1,232,213 1,248,637 1,150,844  
Flooring impact, end of period 14 0 0  
Balance, end of period, post-flooring 1,232,227 1,248,637 1,150,844  
Less: Reinsurance recoverable 1,175,154 1,072,715 1,018,737  
Balance after reinsurance recoverable, end of period, post-flooring $ 57,073 175,922 132,107  
Nonparticipating Traditional and Limited-Pay Business        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Loss in net income   3,000 11,000  
Gain in net income   $ 3,000 $ 10,000  
v3.25.1
Liability for Future Policy Benefits (Deferred Profit Liability) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Other adjustments $ 6,049 $ 2,115 $ (16,631)  
Fixed Annuities | Deferred Profit Liaibility        
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]        
Balance, beginning of period 1,365 1,684 1,726  
Effect of assumption update   106 0 $ 0
Effect of actual variance from expected experience and other activity   (156) (681) (169)
Adjusted balance, beginning of period   1,315 1,003 $ 1,557
Profits deferred 364 511 309  
Interest accrual 53 49 60  
Amortization (217) (196) (222)  
Other adjustments (2) (2) (20)  
Balance, end of period 1,513 1,365 1,684  
Less: Reinsurance recoverable 1,513 1,365 1,684  
Balance after reinsurance recoverable $ 0 $ 0 $ 0  
v3.25.1
Liability for Future Policy Benefits (Additional Insurance Reserve) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
Balance including amounts in AOCI, beginning of period, post-flooring $ 986,166 $ 827,478 $ 703,968  
Flooring impact and amounts in AOCI 56,487 91,115 (71,467)  
Balance, excluding amounts in AOCI, beginning of period, pre-flooring   1,042,653 918,593 $ 632,501
Effect of assumption updates   14,446 9,713 180,404
Effect of actual variance from expected experience and other activity   (13,348) (8,234) (39,475)
Adjusted balance, beginning of period   1,043,751 920,072 $ 773,430
Assessments collected 104,297 99,311 134,822  
Interest accrual 37,014 32,814 27,479  
Benefits paid (17,632) (9,544) (17,138)  
Balance, excluding amounts in AOCI, end of period, pre-flooring 1,167,430 1,042,653 918,593  
Flooring impact and amounts in AOCI (32,954) (56,487) (91,115)  
Balance, including amounts in AOCI, end of period, post-flooring 1,134,476 986,166 827,478  
Less: Reinsurance recoverable 1,103,059 943,991 793,577  
Balance after reinsurance recoverable, including amounts in AOCI, end of period $ 31,417 $ 42,175 $ 33,901  
Weighted-average duration of the liability in years (at original discount rate) 26 years 27 years 28 years  
Weighted-average interest rate (at original discount rate) 3.36% 3.40% 3.41%  
v3.25.1
Liability for Future Policy Benefits (Future Policy Benefits Reconciliation) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]        
Benefit reserves, end of period, post-flooring $ 1,232,227   $ 1,248,637 $ 1,150,844
Deferred profit liability, end of period, post-flooring 1,513   1,365 1,684
Additional insurance reserves, including amounts in AOCI, end of period, post-flooring 1,134,476   986,166 827,478
Subtotal of amounts disclosed above 2,368,216   2,236,168 1,980,006
Other future policy benefit reserves 149,267   162,275 150,036
Future Policy Benefits $ 2,517,483 $ 2,359,057 $ 2,398,443 $ 2,130,042
v3.25.1
Liability for Future Policy Benefits (Revenue and Interest Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Benefit Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue $ 241,117 $ 236,148 $ 242,406
Interest Expense 63,716 61,760 60,233
Benefit Reserves | Variable and Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Benefit Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 4,460 2,974 1,700
Interest Expense 767 673 627
Benefit Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 245,577 239,122 244,106
Interest Expense 64,483 62,433 60,860
Deferred Profit Liability | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Deferred Profit Liability | Variable and Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue   319 42
Interest Expense 53 49 60
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue   319 42
Interest Expense 53 49 60
Deferred Profit Liability | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (148)    
Deferred Profit Liability | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue (148)    
Additional Insurance Reserves | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Additional Insurance Reserves | Variable and Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 260,211 245,024 303,979
Interest Expense 37,014 32,814 27,479
Additional Insurance Reserves | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 0 0 0
Interest Expense 0 0 0
Additional Insurance Reserves | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 260,211 245,024 303,979
Interest Expense 37,014 32,814 27,479
Revenues | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 241,117 236,148 242,406
Revenues | Variable and Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 260,211 245,024 303,979
Revenues | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 4,312 3,293 1,742
Revenues | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Revenue 505,640 484,465 548,127
Interest Expense | Term Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 63,716 61,760 60,233
Interest Expense | Variable and Universal Life      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 37,014 32,814 27,479
Interest Expense | Fixed Annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense 820 722 687
Interest Expense | Total      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Expense $ 101,550 $ 95,296 $ 88,399
v3.25.1
Policyholders' Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period $ 4,036,184 $ 2,774,315  
Transfer (to) from separate account 83,104 895,588 $ 38,472
Unearned revenue reserve 423,240 370,258 313,710
Other 9,939 9,574 9,395
Policyholder Account Balance, Total $ 4,928,299 $ 4,036,184 $ 2,774,315
Weighted-average crediting rate 2.19% 2.27% 2.96%
Net amount at risk $ 35,490,878 $ 34,400,806 $ 33,702,745
Cash surrender value 4,095,931 3,274,133 2,066,802
Total      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 3,656,352 2,451,210 2,439,080
Deposits 909,948 489,316 232,497
Interest credited 89,143 69,345 72,264
Policy charges (146,842) (145,755) (145,490)
Surrenders and withdrawals (181,170) (156,346) (148,252)
Benefit payments (4,801) (3,375) (8,230)
Transfer (to) from separate account 83,104 895,588 38,472
Change in market value and other adjustments 89,386 56,369 (29,131)
Balance, end of period 4,495,120 3,656,352 2,451,210
Policyholder Account Balance, Total   3,656,352 2,451,210
Fixed Annuities      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 35,025 39,406 42,070
Deposits 7,662 3,326 4,414
Interest credited 1,052 953 1,111
Policy charges (54) (58) (62)
Surrenders and withdrawals (6,321) (7,670) (829)
Benefit payments (911) (932) (7,298)
Transfer (to) from separate account 0 0 0
Change in market value and other adjustments 0 0 0
Balance, end of period $ 36,453 35,025 39,406
Policyholder Account Balance, Total   $ 35,025 $ 39,406
Weighted-average crediting rate 2.94% 2.56% 2.73%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 7,810 8,413 11,112
Variable Annuities      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 592,581 327,124 344,945
Deposits 683,422 267,216 1,066
Interest credited 24,829 9,057 6,174
Policy charges (267) (146) (234)
Surrenders and withdrawals (40,509) (36,703) (22,412)
Benefit payments (3,684) (2,488) (3,310)
Transfer (to) from separate account 35,667 8,826 895
Change in market value and other adjustments 78,524 19,695 0
Balance, end of period $ 1,370,563 592,581 327,124
Policyholder Account Balance, Total   $ 592,581 $ 327,124
Weighted-average crediting rate 2.53% 1.97% 1.84%
Net amount at risk $ 0 $ 0 $ 0
Cash surrender value 1,318,302 573,787 305,239
Variable / Universal Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Balance, beginning of period 3,028,746 2,084,680 2,052,065
Deposits 218,864 218,774 227,017
Interest credited 63,262 59,335 64,979
Policy charges (146,521) (145,551) (145,194)
Surrenders and withdrawals (134,340) (111,973) (125,011)
Benefit payments (206)   (2,378)
Transfer (to) from separate account 47,437 886,762 37,577
Change in market value and other adjustments 10,862 36,674 (29,131)
Balance, end of period $ 3,088,104 3,028,746 2,084,680
Policyholder Account Balance, Total   $ 3,028,746 $ 2,084,680
Weighted-average crediting rate 2.07% 2.32% 3.14%
Net amount at risk $ 35,490,878 $ 34,400,806 $ 33,702,745
Cash surrender value 2,769,819 2,691,933 1,750,451
Variable Life / Universal Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Benefit payments   45  
Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account $ 47,437 886,762 $ 37,577
Policy Loans | Variable Life      
Additional Liability, Long-Duration Insurance [Roll Forward]      
Transfer (to) from separate account   $ 900,000  
v3.25.1
Policyholders' Liabilities (Guaranteed Minimum Crediting Rate) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,928,299 $ 4,036,184 $ 2,774,315  
1 - 50 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate (in bps) 50 50 50  
1 - 50 bps above guaranteed minimum | Minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate (in bps) 1 1 1  
51 - 150 bps above guaranteed minimum | Maximum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate (in bps) 150 150 150  
51 - 150 bps above guaranteed minimum | Minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate (in bps) 51 51 51  
Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Policyholder account balance, above guaranteed minimum crediting rate (in bps) 150 150 150  
Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates   $ 35,025 $ 39,406 $ 42,070
Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates   592,581 327,124 344,945
Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates   3,028,746 2,084,680 $ 2,052,065
Less than 1.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0 $ 0 $ 0  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0 $ 0 $ 0  
Less than 1.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 6,832 $ 1,490 $ 0  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 6,832 $ 1,490 $ 0  
Less than 1.00% | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 23,803 $ 30,597 $ 705  
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
Less than 1.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 59 $ 0 $ 705  
Less than 1.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Less than 1.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 23,744 30,597 0  
1.00% - 1.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 794 $ 1,034 $ 1,277  
1.00% - 1.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 794 $ 1,034 $ 1,277  
1.00% - 1.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
1.00% - 1.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
1.00% - 1.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
1.00% - 1.99% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 161,063 $ 179,306 $ 194,144  
1.00% - 1.99% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 84,001 $ 177,730 $ 192,551  
1.00% - 1.99% | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 75,533 1,576 1,593  
1.00% - 1.99% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,529 0 0  
1.00% - 1.99% | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
1.00% - 1.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 530,007 $ 484,728 $ 448,775  
1.00% - 1.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.99% 1.99% 1.99%  
1.00% - 1.99% | Variable / Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 1.00% 1.00% 1.00%  
1.00% - 1.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 30,421 $ 21,709 $ 56,396  
1.00% - 1.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
1.00% - 1.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 312,756 409,406 105,883  
1.00% - 1.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 186,830 53,613 286,496  
2.00% - 2.99% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 21,403 $ 18,552 $ 21,208  
2.00% - 2.99% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 21,403 $ 18,552 $ 21,208  
2.00% - 2.99% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
2.00% - 2.99% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
2.00% - 2.99% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
2.00% - 2.99% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,247 $ 1,462 $ 1,812  
2.00% - 2.99% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,245 $ 1,462 $ 1,812  
2.00% - 2.99% | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2 0 0  
2.00% - 2.99% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
2.00% - 2.99% | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
2.00% - 2.99% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 387,323 $ 374,208 $ 359,245  
2.00% - 2.99% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.99% 2.99% 2.99%  
2.00% - 2.99% | Variable / Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 2.00% 2.00% 2.00%  
2.00% - 2.99% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 4,356 $ 3,958 $ 4,433  
2.00% - 2.99% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 164,828 157,256 15,602  
2.00% - 2.99% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 174,658 184,475 203,101  
2.00% - 2.99% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 43,481 28,519 136,109  
3.00% - 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 7,123 $ 7,756 $ 10,342  
3.00% - 4.00% | Fixed Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Fixed Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 7,123 $ 7,756 $ 10,342  
3.00% - 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
3.00% - 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
3.00% - 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
3.00% - 4.00% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 97,719 $ 114,796 $ 133,200  
3.00% - 4.00% | Variable Annuities | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Variable Annuities | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 97,407 $ 113,616 $ 132,969  
3.00% - 4.00% | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 312 1,180 231  
3.00% - 4.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
3.00% - 4.00% | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
3.00% - 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 1,404,856 $ 1,410,698 $ 592,420  
3.00% - 4.00% | Variable / Universal Life | Maximum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
3.00% - 4.00% | Variable / Universal Life | Minimum        
Policyholder Account Balance [Line Items]        
Range of Guaranteed Minimum Crediting Rates 3.00% 3.00% 3.00%  
3.00% - 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 323,288 $ 244,318 $ 156,567  
3.00% - 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 165,614 248,808 633  
3.00% - 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 915,954 917,572 435,220  
3.00% - 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0 $ 0 $ 0  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 0 $ 0 $ 0  
Greater than 4.00% | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 135 $ 130 $ 125  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 135 $ 130 $ 125  
Greater than 4.00% | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 364,228 $ 371,165 $ 377,674  
Range of Guaranteed Minimum Crediting Rates 4.00% 4.00% 4.00%  
Greater than 4.00% | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 364,228 $ 371,165 $ 377,674  
Greater than 4.00% | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Greater than 4.00% | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Total | Fixed Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 29,320 27,342 32,827  
Total | Fixed Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 29,320 27,342 32,827  
Total | Fixed Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Total | Fixed Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Total | Fixed Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Total | Variable Annuities        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 266,996 297,184 329,281  
Total | Variable Annuities | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 189,620 294,428 327,457  
Total | Variable Annuities | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 75,847 2,756 1,824  
Total | Variable Annuities | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,529 0 0  
Total | Variable Annuities | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 0 0 0  
Total | Variable / Universal Life        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 2,710,217 2,671,396 1,778,819  
Total | Variable / Universal Life | At guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 722,352 641,150 595,775  
Total | Variable / Universal Life | 1 - 50 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 330,442 406,064 16,235  
Total | Variable / Universal Life | 51 - 150 bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates 1,403,368 1,511,453 744,204  
Total | Variable / Universal Life | Greater than 150bps above guaranteed minimum        
Policyholder Account Balance [Line Items]        
Account Values with Crediting Rates $ 254,055 $ 112,729 $ 422,605  
v3.25.1
Policyholders' Liabilities (Additional Insurance Reserves) (Details) - Variable / Universal Life - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]      
Balance, beginning of period $ 370,258 $ 313,710 $ 251,573
Unearned revenue 71,120 72,640 75,757
Amortization expense (18,138) (16,092) (13,681)
Other adjustments 0 0 61
Balance, end of period $ 423,240 $ 370,258 $ 313,710
v3.25.1
Market Risk Benefits - Rollforward of Balances for Variable Annuity Products (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Annuities      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period $ 301,771 $ 398,254 $ 796,913
Effect of cumulative changes in non-performance risk 100,377 163,169 21,123
Balance, beginning of period, before effect of changes in non-performance risk 402,148 561,423 818,036
Attributed fees collected 102,255 107,951 117,867
Claims paid (2,133) (5,336) (3,456)
Interest accrual 18,876 25,736 12,950
Actual in force different from expected 3,079 6,889 10,199
Effect of changes in interest rates (132,946) (156,526) (642,920)
Effect of changes in equity markets (146,025) (158,653) 266,177
Effect of assumption update 7,091 30,269 (17,430)
Issuances 5,113 (9,499)  
Other Adjustments (5,648) (106)  
Effect of changes in current period counterparty non-performance risk 0 0 0
Balance, end of period, before effect of changes in non-performance risk 251,810 402,148 561,423
Effect of cumulative changes in non-performance risk (61,123) (100,377) (163,169)
Balance, end of period 190,687 301,771 398,254
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period (301,771) (398,254) (796,913)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, beginning of period, before effect of changes in non-performance risk (301,771) (398,254) (796,913)
Interest accrual (18,876) (25,736) (12,950)
Actual in force different from expected (3,079) (6,889) (10,199)
Effect of changes in interest rates 132,946 156,526 642,920
Effect of changes in equity markets 146,025 158,653 (266,177)
Effect of assumption update (7,091) (30,269) 17,430
Issuances (5,113) 9,499  
Other Adjustments 5,648 106  
Effect of changes in current period counterparty non-performance risk (39,254) (62,792) 142,046
Balance, end of period, before effect of changes in non-performance risk (190,687) (301,771) (398,254)
Effect of cumulative changes in non-performance risk 0 0 0
Balance, end of period (190,687) (301,771) (398,254)
Less: Reinsured Market Risk Benefits      
Market Risk Benefit [Roll Forward]      
Attributed fees collected (102,255) (107,951) (117,867)
Claims paid 2,133 5,336 3,456
Total, Net of Reinsurance      
Market Risk Benefit [Roll Forward]      
Balance, beginning of period 0 0 0
Effect of cumulative changes in non-performance risk 100,377 163,169 21,123
Balance, beginning of period, before effect of changes in non-performance risk 100,377 163,169 21,123
Attributed fees collected 0 0 0
Claims paid 0 0 0
Interest accrual 0 0 0
Actual in force different from expected 0 0 0
Effect of changes in interest rates 0 0 0
Effect of changes in equity markets 0 0 0
Effect of assumption update 0 0 0
Issuances 0 0  
Other Adjustments 0 0  
Effect of changes in current period counterparty non-performance risk (39,254) (62,792) 142,046
Balance, end of period, before effect of changes in non-performance risk 61,123 100,377 163,169
Effect of cumulative changes in non-performance risk (61,123) (100,377) (163,169)
Balance, end of period $ 0 $ 0 $ 0
v3.25.1
Market Risk Benefits - Market Risk Benefits In Asset and Liability Positions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]        
Total market risk benefit assets $ 492,444 $ 537,659    
Total market risk benefit liabilities 492,444 537,659    
Variable Annuities        
Liability for Future Policy Benefit, Activity [Line Items]        
Net amount at risk $ 728,831 $ 739,353 $ 1,050,063  
Weighted-average attained age of contractholders 71 years 69 years 68 years  
Direct and assumed $ 150,879 $ 117,944 $ 80,185  
Ceded 341,565 419,715 478,439  
Total market risk benefit assets 492,444 537,659 558,624  
Direct and assumed 341,565 419,715 478,439  
Ceded 150,879 117,944 80,185  
Total market risk benefit liabilities 492,444 537,659 558,624  
Net balance   301,771 398,254 $ 796,913
Total, Net of Reinsurance        
Liability for Future Policy Benefit, Activity [Line Items]        
Net balance $ 0 $ 0 $ 0 $ 0
v3.25.1
Reinsurance (Balance Sheet Reinsurance Results) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]      
Reinsurance recoverables and deposit receivables $ 4,929,428 $ 3,969,748 $ 3,622,903
Policy loans (1,118,589)   (1,115,096)
Deferred policy acquisition costs (417,316)   (393,139)
Market risk benefit assets 492,444   537,659
Other assets 76,876   29,332 [1]
Market risk benefit liabilities 492,444   537,659
Reinsurance and funds withheld payables 1,440,264   412,919 [1]
Other liabilities 281,973 $ 982,945 57,911 [1]
Impacts of Reinsurance      
Effects of Reinsurance [Line Items]      
Reinsurance recoverables and deposit receivables 4,929,428   3,622,903
Policy loans (32,760)   (24,518)
Deferred policy acquisition costs (647,934)   (620,878)
Deferred sales inducements (32,573)   (35,313)
Market risk benefit assets 341,565   419,715
Other assets 70,934   20,590
Market risk benefit liabilities 150,878   117,944
Reinsurance and funds withheld payables 1,440,264   412,919
Other liabilities $ 208,543   $ 0
[1] Prior period amounts have been reclassified to conform to current period presentation.
v3.25.1
Reinsurance (Reinsurance Recoverable and Deposit Receivables by Counterparty) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables $ 4,929,428 $ 3,969,748 $ 3,622,903
Prudential Insurance      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 1,856,410   743,975
PAR U      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 380   1,725,753
PARCC      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 1,173,578   432,554
PAR Term      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 0   279,990
Term Re      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 0   275,721
DART      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 0   102,611
Pruco Life      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 914,840   57,509
PURE      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables 981,917   0
Unaffiliated activity      
Effects of Reinsurance [Line Items]      
Total reinsurance recoverables and deposit receivables $ 2,303   $ 4,790
v3.25.1
Reinsurance (Income Statement Reinsurance Results) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Premiums:        
Direct   $ 239,239 $ 240,044 $ 245,525
Ceded   (190,495) (200,491) (211,817)
Net premiums   48,744 39,553 33,708
Policy charges and fee income:        
Direct   373,124 349,046 370,855
Assumed   47,213 0 0
Ceded   284,716 (289,367) (313,121)
Net policy charges and fee income $ 337,141 705,053 59,679 57,734
Net investment income:        
Direct   220,701 166,850 99,164
Ceded   (1,273) (826) (772)
Net investment income   219,428 166,024 98,392
Asset administration fees:        
Direct   37,686 35,744 38,061
Ceded   (26,451) (26,597) (29,581)
Net asset administration fees   11,235 9,147 8,480
Other income (loss):        
Direct   250 3,577 (2,174)
Ceded   15,151 (1) 21
Net Other Income   15,401 3,576 (2,153)
Realized investment gains (losses), net:        
Direct   3,594 (39,823) 12,855
Ceded   (42,584) (4,487) 980
Realized investment gains (losses), net (4,148) (38,990) (44,310) 13,835
Change in vale of market risk benefits, net of related hedging gains (losses):        
Direct   252,457 266,390 256,613
Ceded   (213,203) (203,598) (398,659)
Net change in value of market risk benefits, net of related hedging gains (losses)   39,254 62,792 (142,046)
Policyholders’ benefits (including change in reserves):        
Direct   425,927 451,981 472,033
Assumed   466 0 0
Ceded   587,880 (396,478) (443,844)
Net policyholders’ benefits (including change in reserves) $ 544,093 1,014,273 55,503 28,189
Change in estimates of liability for future policy benefits:        
Direct   11,929 (17,014) 208,188
Ceded   (17,978) 14,899 (191,557)
Net change in estimates of liability for future policy benefits   (6,049) (2,115) 16,631
Interest credited to policyholders’ account balances:        
Direct   134,096 98,807 82,469
Ceded   (53,228) (34,672) (34,891)
Net interest credited to policyholders’ account balances   80,868 64,135 47,578
Reinsurance expense allowances and general and administrative expenses, net of capitalization and amortization   (227,655) (130,475) (128,013)
Unaffiliated activity        
Policy charges and fee income:        
Ceded   (5,000) (5,000) (5,000)
Policyholders’ benefits (including change in reserves):        
Ceded   $ (2,000) $ (2,000)  
Unaffiliated activity        
Policyholders’ benefits (including change in reserves):        
Ceded       $ 2,000
v3.25.1
Reinsurance (Life Insurance In Force) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Disclosures [Abstract]      
Direct gross life insurance face amount in force $ 156,436,734 $ 154,561,817 $ 154,382,891
Reinsurance ceded (147,337,155) (141,002,931) (140,370,532)
Net life insurance face amount in force $ 9,099,579 $ 13,558,886 $ 14,012,359
v3.25.1
Reinsurance (Narrative) (Details) - USD ($)
$ in Thousands
 24 Months Ended 48 Months Ended 60 Months Ended
Oct. 01, 2024
Dec. 31, 2014
Jul. 01, 2012
Dec. 31, 2009
Dec. 31, 2019
Dec. 31, 2017
Dec. 31, 2013
Dec. 31, 2019
Dec. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effects of Reinsurance [Line Items]                          
Deferred reinsurance loss                 $ 65,378   $ 15,968 $ 17,425 $ 18,977
Somerset Re                          
Effects of Reinsurance [Line Items]                          
Recapture loss                   $ 173,000      
Deferred reinsurance gain                   $ 188,000      
Prudential Insurance | PARCC                          
Effects of Reinsurance [Line Items]                          
Recapture loss $ 6,000                        
Affiliated Entity | PARCC                          
Effects of Reinsurance [Line Items]                          
Reinsurance Retention Policy, Reinsured Risk, Percentage 100.00%     90.00%                  
Deferred reinsurance loss $ (52,000)                        
Affiliated Entity | PAR U                          
Effects of Reinsurance [Line Items]                          
Recapture loss 29,000                        
Deferred reinsurance gain 8,000                        
Reinsurance Retention Policy, Reinsured Risk, Percentage     95.00%         100.00%          
Affiliated Entity | PURE                          
Effects of Reinsurance [Line Items]                          
Reinsurance Retention Policy, Reinsured Risk, Percentage   100.00%                      
Affiliated Entity | PAR Term                          
Effects of Reinsurance [Line Items]                          
Reinsurance Retention Policy, Reinsured Risk, Percentage             95.00%            
Affiliated Entity | Term Re                          
Effects of Reinsurance [Line Items]                          
Reinsurance Retention Policy, Reinsured Risk, Percentage           95.00%              
Affiliated Entity | Pruco Life                          
Effects of Reinsurance [Line Items]                          
Deferred reinsurance gain $ 37,000                        
Affiliated Entity | DART                          
Effects of Reinsurance [Line Items]                          
Reinsurance Retention Policy, Reinsured Risk, Percentage         95.00%                
v3.25.1
Income Taxes (Components of Income Tax Expense (Benefit)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current tax expense (benefit):        
U.S. federal   $ 21,426 $ 22,608 $ (22,713)
State and local   0 0 (103)
Total   21,426 22,608 (22,816)
Deferred tax expense (benefit):        
U.S. federal   (41,270) (10,738) (7,958)
Total   (41,270) (10,738) (7,958)
Income tax expense (benefit) $ (48,883) (19,844) 11,870 (30,774)
Income tax expense (benefit) reported in equity related to:        
Other comprehensive income (loss)   (23,329) (3,014) (36,731)
Total income tax expense (benefit)   $ (43,173) $ 8,856 $ (67,505)
v3.25.1
Income Taxes (Reconciliation To Effective Rate) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]        
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent   21.00% 21.00% 21.00%
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Expected federal income tax expense (benefit)   $ (10,603) $ 22,591 $ (21,126)
Non-taxable investment income   (5,895) (6,452) (6,259)
Tax credits   (3,338) (4,301) (3,393)
Other   (8) 32 4
Reported income tax expense (benefit) $ (48,883) $ (19,844) $ 11,870 $ (30,774)
Effective tax rate   39.30% 11.00% 30.60%
v3.25.1
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Insurance reserves $ 80,578 $ 32,685
Investments 18,593 0
Net unrealized loss on securities 64,437 41,482
Other 1,544 1,766
Deferred tax assets 165,152 75,933
Deferred tax liabilities:    
Deferred policy acquisition cost 47,216 21,540
Investments 0 1,054
Deferred tax liabilities 47,216 22,594
Net deferred tax asset (liability) $ 117,936 $ 53,339
v3.25.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Statutory federal income tax rate 21.00% 21.00% 21.00%
Effective tax rate 39.30% 11.00% 30.60%
Percent of income tax expense (benefit) 5.00%    
Deferred Tax Assets, Valuation Allowance $ 0 $ 0  
Income (loss) from domestic operations (50) 108 $ (101)
Unrecognized Tax Benefits 0 0 0
DRD constituting non-taxable investment income 5 6 6
Non-taxable investment income $ 6 $ 6 $ 6
v3.25.1
Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance $ (47,527) $ (47,527)    
Income tax benefit (expense) 48,883 19,844 $ (11,870) $ 30,774
Ending Balance   (135,417) (47,527)  
Foreign Currency Translation Adjustment        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance (1,079) (1,079) (1,214) (988)
Change in OCI before reclassifications   (246) 225 (336)
Amounts reclassified from AOCI   0 0 0
Income tax benefit (expense)   46 (90) 110
Ending Balance   (1,279) (1,079) (1,214)
Net Unrealized Investment Gains (Losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance (130,117) (130,117) (176,386) 121,075
Change in OCI before reclassifications   (84,176) 58,121 (375,622)
Amounts reclassified from AOCI   (758) 394 (863)
Income tax benefit (expense)   17,815 (12,246) 79,024
Ending Balance   (197,236) (130,117) (176,386)
AOCI, Liability for Future Policy Benefit, Parent        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance 4,369 4,369 12,504 (34,788)
Change in OCI before reclassifications   13,215 (10,299) 59,865
Amounts reclassified from AOCI   0 0 0
Income tax benefit (expense)   (2,775) 2,164 (12,573)
Ending Balance   14,809 4,369 12,504
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance 79,300 79,300 128,906 16,688
Change in OCI before reclassifications   (39,254) (62,792) 142,048
Amounts reclassified from AOCI   0 0 0
Income tax benefit (expense)   8,243 13,186 (29,830)
Ending Balance   48,289 79,300 128,906
Total Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance (47,527) (47,527) (36,190) 101,987
Change in OCI before reclassifications   (110,461) (14,745) (174,045)
Amounts reclassified from AOCI   (758) 394 (863)
Income tax benefit (expense)   23,329 3,014 36,731
Ending Balance   (135,417) (47,527) (36,190)
Cash flow hedges | Net Unrealized Investment Gains (Losses)        
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance $ 5,000 5,000 14,000  
Ending Balance   $ 12,000 $ 5,000 $ 14,000
v3.25.1
Equity (Reclassification out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Total net unrealized investment gains (losses)(4)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI $ (758) $ 394 $ (863)
Total Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI (758) 394 (863)
Reclassification out of Accumulated Other Comprehensive Income | Total net unrealized investment gains (losses)(4)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 758 (394) 863
Reclassification out of Accumulated Other Comprehensive Income | Total Accumulated Other Comprehensive Income (Loss)      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Amounts reclassified from AOCI 758 (394) 863
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized investment gains (losses) on available-for-sale securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments (3,740) (1,569) (4,032)
Reclassification out of Accumulated Other Comprehensive Income | Currency/Interest Rate | Cash flow hedges      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Unrealized Gain (Loss) on Investments $ 4,498 $ 1,175 $ 4,895
v3.25.1
Equity (Net Unrealized Investment Gains (Losses) in AOCI) on AFS Fixed Maturity Securities with OTTI, Allowance for Credit Losses and All Other Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance $ (47,527)    
Ending Balance (135,417) $ (47,527)  
Net Unrealized Gains (Losses) on AFS Fixed Maturity Securities on which an OTTI Loss has been Recognized      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 0 0 $ 0
Net unrealized investment gains (losses) on investments arising during the period 38 0 0
Reclassification adjustment for (gains) losses included in net income (57) 0 0
Impact of net unrealized investment (gains) losses 0 0 0
Ending Balance (19) 0 0
Accumulated Net Unrealized Investment Gain (Loss) on All Other Investments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (192,271) (256,584) 180,806
Net unrealized investment gains (losses) on investments arising during the period (101,629) 63,919 (436,527)
Reclassification adjustment for (gains) losses included in net income (701) 394 (863)
Impact of net unrealized investment (gains) losses 0 0 0
Ending Balance (294,601) (192,271) (256,584)
DAC and Other Costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (52,266) (83,712) 64,772
Net unrealized investment gains (losses) on investments arising during the period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Impact of net unrealized investment (gains) losses 24,133 31,446 (148,484)
Ending Balance (28,133) (52,266) (83,712)
Future Policy Benefits, Policyholders' Account Balances and Other Liabilities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 79,826 117,070 (92,319)
Net unrealized investment gains (losses) on investments arising during the period 0 0 0
Reclassification adjustment for (gains) losses included in net income 0 0 0
Impact of net unrealized investment (gains) losses (6,718) (37,244) 209,389
Ending Balance 73,108 79,826 117,070
Income Tax Benefit (Expense)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 34,594 46,840 (32,184)
Net unrealized investment gains (losses) on investments arising during the period 21,313 (13,381) 91,638
Reclassification adjustment for (gains) losses included in net income 159 (82) 181
Impact of net unrealized investment (gains) losses (3,657) 1,217 (12,795)
Ending Balance 52,409 34,594 46,840
Accumulated Other Comprehensive Income (Loss) Related to Net Unrealized Investment Gains (Losses)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (130,117) (176,386) 121,075
Net unrealized investment gains (losses) on investments arising during the period (80,278) 50,538 (344,889)
Reclassification adjustment for (gains) losses included in net income (599) 312 (682)
Impact of net unrealized investment (gains) losses 13,758 (4,581) 48,110
Ending Balance $ (197,236) $ (130,117) $ (176,386)
v3.25.1
Statutory Net Income and Surplus and Dividend Restrictions (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statutory Accounting Practices [Line Items]      
Statutory net income $ (722) $ 152 $ (134)
Statutory capital and surplus 1,320 1,080 851
Statutory surplus capacity to pay dividend without prior approval in 2025 132    
Statutory dividend paid to Pruco Life $ 0 $ 0 $ 0
Pruco Life      
Statutory Accounting Practices [Line Items]      
Statutory Accounting Practices Dividends And Distributions Surplus Restriction 10.00%    
v3.25.1
Related Party Transactions (Narrative) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 30, 2024
entity
Dec. 31, 2023
USD ($)
May 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Dec. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Feb. 28, 2022
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
policy
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]                        
Commissions and fees                 $ 337,141 $ 705,053 $ 59,679 $ 57,734
Company's share of corporate expenses                   4,495 259,435 0
Payments to Fund Policy Loans                   33,087 926,073 21,782
Policy loans   $ 1,115,096               1,118,589 1,115,096  
Net investment income                   219,428 166,024 98,392
Pruco Life                        
Related Party Transaction [Line Items]                        
Return of Capital                   0 0 0
Dividend                   0 0 0
Pruco Life                        
Related Party Transaction [Line Items]                        
Proceeds from Contributions from Affiliates   82,000   $ 175,000 $ 125,000 $ 100,000 $ 2,000 $ 100,000        
Prudential Insurance                        
Related Party Transaction [Line Items]                        
Stock option program plan expense                   100 100 100
Deferred compensation program expense                   600 500 400
Pension plan expense                   1,000 1,000 1,000
Welfare plan expense                   $ 1,000 1,000 1,000
Defined contribution plan employer matching contribution percent                   4.00%    
Defined contribution plan, cost recognized                   $ 600 600 500
Number of corporate owned life insurance policies sold | policy                   3    
Affiliated Entity                        
Related Party Transaction [Line Items]                        
Number of other affiliated entities | entity 3                      
Accrued interest receivable related to long-term notes   0               $ 0 0  
Revenue related to long-term notes receivables                   0 0 0
Line of credit facility, maximum borrowing capacity                   250,000    
Outstanding Debt   0               0 0  
Interest expense related to loans payable, Related Party                   0 200 0
Affiliated Entity | PAD                        
Related Party Transaction [Line Items]                        
Commissions and fees                   75,000 42,000 29,000
Affiliated Entity | ASTISI and Prudential Investments                        
Related Party Transaction [Line Items]                        
Revenue administrative sharing agreement                   27,000 27,000 30,000
Affiliated Entity | PGIM Investments                        
Related Party Transaction [Line Items]                        
Revenue administrative sharing agreement                   10,000 8,000 7,000
Affiliated Entity | PGIM                        
Related Party Transaction [Line Items]                        
Net investment income                   $ 3,000 3,000 3,000
Affiliated Entity | Prudential Advisors                        
Related Party Transaction [Line Items]                        
Selling expenses - Percentage return to Related Party                   98.00%    
Distribution expenses                   $ 4,000    
Prudential Financial                        
Related Party Transaction [Line Items]                        
Company's share of corporate expenses                   $ 15,000 16,000 12,000
Number of corporate owned life insurance policies sold | policy                   1    
Payments to Fund Policy Loans     $ 900,000                  
Policy loans   898,000               $ 897,000 898,000  
Interest and Fee Income, Other Loans                   42,000 26,000  
Prudential Insurance and Prudential FInancial                        
Related Party Transaction [Line Items]                        
Life Insurance, Corporate or Bank Owned, amount   2,452,000               2,861,000 2,452,000  
Fees related to Life Insurance, Corporate or Bank Owned, amount                   $ 27,000 25,000 27,000
Company owned life policies mortality risk percentage assumed                   10.00%    
Company owned life policies mortality risk value assumed                   $ 100    
Prudential Financial Joint Venture                        
Related Party Transaction [Line Items]                        
Net investment income                   5,000 2,000 $ 2,000
Other invested assets   $ 58,000               $ 71,000 $ 58,000  
v3.25.1
Related Party Transactions (Affiliated Notes Receivable) (Details) - Affiliated Entity - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 30,135 $ 0
U.S. Dollar fixed rate notes    
Related Party Transaction [Line Items]    
Total long-term notes receivable - affiliated $ 30,135 $ 0
U.S. Dollar fixed rate notes | Minimum    
Related Party Transaction [Line Items]    
Interest Rates 0.00%  
U.S. Dollar fixed rate notes | Maximum    
Related Party Transaction [Line Items]    
Interest Rates 10.33%  
v3.25.1
Related Party Transactions (Affiliated Asset Transfers) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]        
Realized investment gains (losses), net $ (4,148) $ (38,990) $ (44,310) $ 13,835
Affiliated Entity | Prudential Insurance June 2023 Purchase - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   14,452    
Book Value   15,086    
APIC, Net of Tax Increase/(Decrease)   501    
Realized investment gains (losses), net   0    
Affiliated Entity | PURC December 2023 Sale CM&OL        
Related Party Transaction [Line Items]        
Fair Value   762    
Book Value   754    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   8    
Affiliated Entity | PAR U January 2024 Transfer in - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   778,745    
Book Value   778,745    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   0    
Affiliated Entity | PURE January 2024 Transfer out - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   778,745    
Book Value   778,745    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   0    
Affiliated Entity | PAR U June 2024 Purchase - Commercial Mortgage and Other Loans        
Related Party Transaction [Line Items]        
Fair Value   12,555    
Book Value   12,555    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   0    
Affiliated Entity | Hirakata October 2024 Purchase - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   3,901    
Book Value   3,901    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   0    
Affiliated Entity | PAR U October 2024 Transfer in - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   632,927    
Book Value   632,927    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   0    
Affiliated Entity | Pruco Life October 2024 Transfer out - Fixed Maturities        
Related Party Transaction [Line Items]        
Fair Value   632,927    
Book Value   632,927    
APIC, Net of Tax Increase/(Decrease)   0    
Realized investment gains (losses), net   $ 0    
v3.25.1
Commitments and Contingent Liabilities (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingent Liabilities [Line Items]    
Litigation and regulatory matters loss contingency, range of possible loss, maximum (less than) $ 10.0  
Commitments | Commercial mortgage loans    
Commitments and Contingent Liabilities [Line Items]    
Total outstanding mortgage loan commitments 24.0 $ 20.0
Allowance for credit losses 0.0 0.0
Change in allowance for credit loss expense (reversal) 0.0 0.0
Commitments | Investments    
Commitments and Contingent Liabilities [Line Items]    
Commitments to purchase investment (excluding commercial mortgage loans) 127.0 135.0
Purchase Commitment    
Commitments and Contingent Liabilities [Line Items]    
Change in allowance for credit loss expense (reversal) $ 0.0 $ 0.0
v3.25.1
Revision to Prior Year Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets:        
Reinsurance recoverables $ 3,969,748 $ 4,929,428 $ 3,622,903  
Income tax assets 129,229 113,718 68,079  
TOTAL ASSETS 23,786,631 25,418,068 22,897,725  
Liabilities        
Future policy benefits 2,359,057 2,517,483 2,398,443 $ 2,130,042
Other Liabilities 982,945 281,973 57,911 [1]  
Total Liabilities 22,543,933 24,168,478 21,529,599  
EQUITY        
Total equity 1,242,698 1,249,590 1,368,126  
TOTAL LIABILITIES AND EQUITY 23,786,631 25,418,068 22,897,725  
REVENUES        
Policy charges and fee income 337,141 705,053 59,679 57,734
Realized investment gains (losses), net (4,148) (38,990) (44,310) 13,835
TOTAL REVENUES 419,468 1,000,125 296,461 67,950
BENEFITS AND EXPENSES        
Policyholders' benefits 544,093 1,014,273 55,503 28,189
General, administrative and other expenses 13,039 48,047 50,789 56,865
TOTAL BENEFITS AND EXPENSES 547,741 1,050,615 188,884 168,553
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (128,273) (50,490) 107,577 (100,603)
Income tax expense (benefit) (48,883) (19,844) 11,870 (30,774)
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Comprehensive income (loss):        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Policy charges and fee income   (19,988) (9,491) (3,182)
Realized investment (gains) losses, net 4,148 38,990 44,310 (13,835)
Change in:        
Future policy benefits and other insurance liabilities 67,891 274,314 290,389 422,975
Reinsurance recoverables 7,430      
Income taxes (48,912) (22,310) 2,416 (8,362)
Other, net 452,942 5,790 [2] (27,599) [2] (4,022) [2]
Cash flows from (used in) operating activities (18,869) 51,501 92,510 10,784
Scenario, Adjustment        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Policy charges and fee income (383,973)      
Retained Earnings        
BENEFITS AND EXPENSES        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 381,140 381,140 285,433 355,262
Comprehensive income (loss):        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Total comprehensive income (loss) (79,390) (30,646) 95,707 (69,829)
Ending Balance 301,750 350,494 381,140 285,433
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Total Equity        
BENEFITS AND EXPENSES        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 1,368,126 1,368,126 1,026,655 909,351
Comprehensive income (loss):        
Net income (loss) (79,390) (30,646) 95,707 (69,829)
Total comprehensive income (loss) (125,428) (118,536) 84,370 (208,006)
Ending Balance 1,242,698 1,249,590 1,368,126 1,026,655
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (79,390) (30,646) 95,707 $ (69,829)
As Previously Reported        
Assets:        
Reinsurance recoverables 4,008,437      
Income tax assets 133,862      
TOTAL ASSETS 23,829,953      
Liabilities        
Future policy benefits 2,389,895      
Other Liabilities 1,002,953      
Total Liabilities 22,594,779      
EQUITY        
Total equity 1,235,174      
TOTAL LIABILITIES AND EQUITY 23,829,953      
REVENUES        
Policy charges and fee income 329,584      
Realized investment gains (losses), net (4,591)      
TOTAL REVENUES 411,468      
BENEFITS AND EXPENSES        
Policyholders' benefits 547,458      
General, administrative and other expenses 13,831      
TOTAL BENEFITS AND EXPENSES 551,898      
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES (140,430)      
Income tax expense (benefit) (53,516)      
Net income (loss) (86,914)      
Comprehensive income (loss):        
Net income (loss) (86,914)      
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (86,914)      
Policy charges and fee income (377,781)      
Realized investment (gains) losses, net 4,591      
Change in:        
Future policy benefits and other insurance liabilities 98,729      
Reinsurance recoverables (29,618)      
Income taxes (53,545)      
Other, net 464,674      
Cash flows from (used in) operating activities (18,869)      
As Previously Reported | Retained Earnings        
BENEFITS AND EXPENSES        
Net income (loss) (86,914)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 381,140 381,140    
Comprehensive income (loss):        
Net income (loss) (86,914)      
Total comprehensive income (loss) (86,914)      
Ending Balance 294,226   381,140  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (86,914)      
As Previously Reported | Total Equity        
BENEFITS AND EXPENSES        
Net income (loss) (86,914)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 1,368,126 1,368,126    
Comprehensive income (loss):        
Net income (loss) (86,914)      
Total comprehensive income (loss) (132,952)      
Ending Balance 1,235,174   1,368,126  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) (86,914)      
Revision        
Assets:        
Reinsurance recoverables (38,689)      
Income tax assets (4,633)      
TOTAL ASSETS (43,322)      
Liabilities        
Future policy benefits (30,838)      
Other Liabilities (20,008)      
Total Liabilities (50,846)      
EQUITY        
Total equity 7,524      
TOTAL LIABILITIES AND EQUITY (43,322)      
REVENUES        
Policy charges and fee income 7,557      
Realized investment gains (losses), net 443      
TOTAL REVENUES 8,000      
BENEFITS AND EXPENSES        
Policyholders' benefits (3,365)      
General, administrative and other expenses (792)      
TOTAL BENEFITS AND EXPENSES (4,157)      
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 12,157      
Income tax expense (benefit) 4,633      
Net income (loss) 7,524      
Comprehensive income (loss):        
Net income (loss) 7,524      
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) 7,524      
Policy charges and fee income (6,192)      
Realized investment (gains) losses, net (443)      
Change in:        
Future policy benefits and other insurance liabilities (30,838)      
Reinsurance recoverables 37,048      
Income taxes 4,633      
Other, net (11,732)      
Cash flows from (used in) operating activities 0      
Revision | Retained Earnings        
BENEFITS AND EXPENSES        
Net income (loss) 7,524      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 0 0    
Comprehensive income (loss):        
Net income (loss) 7,524      
Total comprehensive income (loss) 7,524      
Ending Balance 7,524   0  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) 7,524      
Revision | Total Equity        
BENEFITS AND EXPENSES        
Net income (loss) 7,524      
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Beginning Balance 0 $ 0    
Comprehensive income (loss):        
Net income (loss) 7,524      
Total comprehensive income (loss) 7,524      
Ending Balance 7,524   $ 0  
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income (loss) $ 7,524      
[1] Prior period amounts have been reclassified to conform to current period presentation.
[2] Prior period amounts have been updated to conform to current period presentation.
v3.25.1
Schedule I - Summary of Investments Other Than investments in Related Parties (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Amortized Cost $ 3,024,155 $ 2,559,973
Fair Value 2,716,937 2,362,095
Equity securities, at cost 353 4,653
Equity securities, at fair value 62 4,615
Fixed Maturities, Trading, Amortized Cost 23,955 25,745
Fixed maturities, trading, at fair value 21,252 23,440
Commercial mortgage and other loans 477,328 239,629
Policy loans 1,118,589 1,115,096
Short-term Investments 11,394  
Other Invested assets 233,212 153,885
Total Investment at Cost 4,888,986  
Total investment per Balance Sheet 4,578,774 3,904,719
Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 353  
Equity securities, at fair value 62  
Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 3,024,155  
Fair Value 2,716,937  
Trading | Fixed maturities    
Schedule of Investments [Line Items]    
Fixed Maturities, Trading, Amortized Cost 23,955  
Fixed maturities, trading, at fair value 21,252  
U.S. Treasury securities and obligations of U.S. government authorities and agencies    
Schedule of Investments [Line Items]    
Amortized Cost 51,847 52,196
Fair Value 48,806 51,042
U.S. Treasury securities and obligations of U.S. government authorities and agencies | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 51,847  
Fair Value 48,806  
Obligations of U.S. states and their political subdivisions    
Schedule of Investments [Line Items]    
Amortized Cost 156,065 184,419
Fair Value 146,780 182,538
Obligations of U.S. states and their political subdivisions | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 156,065  
Fair Value 146,780  
Foreign government securities    
Schedule of Investments [Line Items]    
Amortized Cost 85,052 95,189
Fair Value 65,754 80,744
Foreign government securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 85,052  
Fair Value 65,754  
Asset-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost 46,956 19,440
Fair Value 46,620 18,511
Asset-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 46,956  
Fair Value 46,620  
Commercial mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost 96,459 104,055
Fair Value 91,022 96,699
Commercial mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 96,459  
Fair Value 91,022  
Residential mortgage-backed securities    
Schedule of Investments [Line Items]    
Amortized Cost 15,390 15,780
Fair Value 14,766 $ 15,551
Residential mortgage-backed securities | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 15,390  
Fair Value 14,766  
Public utilities | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 465,028  
Fair Value 407,569  
All other corporate bonds | Available-for-sale | Fixed maturities    
Schedule of Investments [Line Items]    
Amortized Cost 2,107,358  
Fair Value 1,895,620  
Other common stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 304  
Equity securities, at fair value 0  
Mutual funds | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 49  
Equity securities, at fair value 62  
Perpetual preferred stocks | Equity securities    
Schedule of Investments [Line Items]    
Equity securities, at cost 0  
Equity securities, at fair value $ 0