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Also included in Policyholders’ account balances for Institutional Retirement Strategies are collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) at December 31, 2024, 2023 and 2022 totaling $ 2,628 million, $ 2,628 million, and $ 2,628 million, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925 % to 4.510 % and original maturities of seven years . For additional details on the FHLBNY program, see Note 18. | text | 4.510 | percentItemType | text: <entity> 4.510 </entity> <entity type> percentItemType </entity type> <context> Also included in Policyholders’ account balances for Institutional Retirement Strategies are collateralized funding agreements issued to the Federal Home Loan Bank of New York (“FHLBNY”) at December 31, 2024, 2023 and 2022 totaling $ 2,628 million, $ 2,628 million, and $ 2,628 million, respectively. These obligations, which are carried at amortized cost, have fixed interest rates that range from 1.925 % to 4.510 % and original maturities of seven years . For additional details on the FHLBNY program, see Note 18. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
2022 includes $( 4,061 ) million | text | 4061 | monetaryItemType | text: <entity> 4061 </entity> <entity type> monetaryItemType </entity type> <context> 2022 includes $( 4,061 ) million </context> | us-gaap:GainLossOnSaleOfBusiness |
Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 40 % of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business as of September 30, 2024, following the close of the reinsurance transaction with Somerset Reinsurance Ltd. (“Somerset Re”), as discussed below. The transaction is structured on a coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 980 million deferred reinsurance loss at inception that is amortized into income over the estimated remaining life of the reinsured policies. | text | 40 | percentItemType | text: <entity> 40 </entity> <entity type> percentItemType </entity type> <context> Effective October 2024, the Company entered into an agreement with Wilton Reassurance Company and Wilton Reinsurance Bermuda Limited (collectively, “Wilton Re”) to reinsure certain guaranteed universal life policies issued by Pruco Life Insurance Company (“Pruco Life”) and Pruco Life Insurance Company of New Jersey (“PLNJ”), both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 40 % of the Company’s remaining statutory reserves on its in-force guaranteed universal life block of business as of September 30, 2024, following the close of the reinsurance transaction with Somerset Reinsurance Ltd. (“Somerset Re”), as discussed below. The transaction is structured on a coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 980 million deferred reinsurance loss at inception that is amortized into income over the estimated remaining life of the reinsured policies. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. | text | 30 | percentItemType | text: <entity> 30 </entity> <entity type> percentItemType </entity type> <context> Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. | text | 2795 | monetaryItemType | text: <entity> 2795 </entity> <entity type> monetaryItemType </entity type> <context> Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. | text | 1619 | monetaryItemType | text: <entity> 1619 </entity> <entity type> monetaryItemType </entity type> <context> Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. | text | 2595 | monetaryItemType | text: <entity> 2595 </entity> <entity type> monetaryItemType </entity type> <context> Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsurancePayable |
Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. | text | 1518 | monetaryItemType | text: <entity> 1518 </entity> <entity type> monetaryItemType </entity type> <context> Effective January 2024, the Company entered into an agreement with Somerset Re to reinsure certain guaranteed universal life policies issued by Pruco Life and PLNJ, both of which are wholly-owned subsidiaries of Prudential Financial. These policies represented approximately 30 % of the Company’s statutory reserves on its in-force guaranteed universal life block of business as of December 31, 2023. This transaction is structured on a modified coinsurance basis and follows reinsurance accounting. As a result of the transaction, the Company recognized a $ 363 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. The reinsurance payables, which represent the Company’s obligations under the modified coinsurance arrangement, are netted with the reinsurance recoverables in the Consolidated Statements of Financial Position. Separately, effective September 2019, PALAC, a previously wholly-owned subsidiary of Prudential Financial, entered into an agreement with Somerset Re, to coinsure business, on a quota share funds withheld basis, related to fixed indexed annuities. This agreement was subsequently novated from PALAC to Pruco Life effective October 2021, in connection with the sale of PALAC effective April 2022. Under this reinsurance agreement, which is accounted for under the deposit method of accounting, the Company cedes to Somerset Re its quota share of the insurance liabilities with respect to the reinsured contracts. The deposit receivables were $ 2,795 million and $ 1,619 million as of December 31, 2024 and 2023, respectively, and the funds withheld liabilities were $ 2,595 million and $ 1,518 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsurancePayable |
Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. | text | 9 | monetaryItemType | text: <entity> 9 </entity> <entity type> monetaryItemType </entity type> <context> Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. </context> | us-gaap:ReinsuranceRetentionExcessRetentionAmountReinsuredPerEvent |
Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. | text | 70 | percentItemType | text: <entity> 70 </entity> <entity type> percentItemType </entity type> <context> Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. | text | 90 | percentItemType | text: <entity> 90 </entity> <entity type> percentItemType </entity type> <context> Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. | text | 10 | percentItemType | text: <entity> 10 </entity> <entity type> percentItemType </entity type> <context> Effective September 2023, the Company entered into an agreement with Prismic Re to reinsure approximately $ 9 billion of reserves, representing approximately 70 % of the in-force structured settlement annuities business previously issued by PICA, 90 % of which is on a coinsurance with funds withheld basis and 10 % of which is on a coinsurance basis. The reinsurance of the structured settlement annuities that provide periodic payments for the lifetime of the annuitant follows reinsurance accounting. The reinsurance of structured settlement annuities that provide payments for a guaranteed period of time and do not include life contingency risk follows deposit accounting. As a result of the transaction, the Company recognized a $ 342 million deferred reinsurance loss at inception, including a post-closing true-up, that is amortized into income over the estimated remaining life of the reinsured contracts. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. </context> | us-gaap:ReinsuranceRetentionExcessRetentionAmountReinsuredPerEvent |
Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. | text | 10 | percentItemType | text: <entity> 10 </entity> <entity type> percentItemType </entity type> <context> Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. | text | 100 | percentItemType | text: <entity> 100 </entity> <entity type> percentItemType </entity type> <context> Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar, an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $ 10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life, a wholly-owned subsidiary of Prudential Financial. This block represents approximately 10 % of the Company’s remaining legacy in-force traditional variable annuity block by account value. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Pruco Life issued PDI traditional variable annuity contracts. The general account liabilities associated with PDI’s guaranteed living and death benefits and the corresponding reinsurance of those liabilities are accounted for as market risk benefits. As a result of the transaction, the Company recognized a $ 309 million deferred reinsurance gain at inception that is amortized into income over the estimated remaining life of the reinsured policies. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York, respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement. | text | 100 | percentItemType | text: <entity> 100 </entity> <entity type> percentItemType </entity type> <context> Effective April 2022, in connection with the sale of the Full Service Retirement business, the Company entered into separate agreements with external counterparties, Great-West and Great-West Life & Annuity Insurance Company of New York, now known as Empower Annuity Insurance Company of America and Empower Life & Annuity Insurance Company of New York, respectively, to reinsure a portion of its Full Service Retirement business. The Company ceded 100 % of separate account liabilities under modified coinsurance and 100 % of general account liabilities under coinsurance of its Full Service Retirement business. The Company’s Full Service Retirement business consists of market value and stable value separate accounts as well as general account products, including stable value accumulation funds and a stable value wrap product known as a synthetic guaranteed investment contract. The majority of these products are considered investment contracts as they do not contain significant insurance risk; therefore, the reinsurance of such products are accounted for under the deposit method of accounting. The reinsurance agreement offers the policyholders the opportunity to novate their contracts from the Company to Empower and any such novated contracts shall cease to be reinsured under this agreement. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50 % of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $ 2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits. | text | 50 | percentItemType | text: <entity> 50 </entity> <entity type> percentItemType </entity type> <context> Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50 % of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $ 2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50 % of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $ 2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits. | text | 2.9 | monetaryItemType | text: <entity> 2.9 </entity> <entity type> monetaryItemType </entity type> <context> Effective April 2015, the Company entered into an agreement with Union Hamilton Reinsurance, Ltd. (“Union Hamilton”) an external counterparty, to reinsure approximately 50 % of the Prudential Premier® Retirement Variable Annuity with Highest Daily Lifetime Income (“HDI”) v.3.0 business, a guaranteed benefit feature. This reinsurance agreement covered most new HDI v.3.0 variable annuity business issued between April 1, 2015 and December 31, 2016 on a quota share basis, with Union Hamilton’s cumulative quota share amounting to $ 2.9 billion of new rider premiums as of December 31, 2016. Reinsurance on business subject to this agreement remains in force for the duration of the underlying annuity contracts. New sales subsequent to December 31, 2016 are not covered by this external reinsurance agreement. This reinsurance agreement is accounted for as market risk benefits. </context> | us-gaap:ReinsuranceRetentionAmountRetainedPerEvent |
In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $ 141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of these changes in control of such counterparties. | text | 141 | monetaryItemType | text: <entity> 141 </entity> <entity type> monetaryItemType </entity type> <context> In January 2013, the Company acquired the Hartford Life Business through reinsurance transactions with three subsidiaries of Hartford Financial Services Group, Inc. (“Hartford Financial”). Under the related agreements, the Company provided reinsurance for approximately 700,000 life insurance policies with net retained face amount in force of approximately $ 141 billion. The Company acquired the general account business through a coinsurance arrangement and, for certain types of general account policies, a modified coinsurance arrangement. The Company acquired the separate account business through a modified coinsurance arrangement. In May 2018, Hartford Financial sold a group of operating subsidiaries, which included two of the Company’s counterparties to these reinsurance arrangements, to Talcott Resolution Life Insurance Company (“Talcott Resolution”). Talcott Resolution was acquired by Sixth Street in July 2021. There was no impact to the terms, rights or obligations of the Company, or operation of these reinsurance arrangements, as a result of these changes in control of such counterparties. </context> | us-gaap:ReinsuranceRetentionAmountRetainedPerEvent |
reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. | text | 30 | monetaryItemType | text: <entity> 30 </entity> <entity type> monetaryItemType </entity type> <context> reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. </context> | us-gaap:ReinsuranceRetentionAmountRetainedPerLife |
reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. | text | 20 | monetaryItemType | text: <entity> 20 </entity> <entity type> monetaryItemType </entity type> <context> reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. </context> | us-gaap:ReinsuranceRetentionAmountRetainedPerLife |
reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> reinsured a significant portion of the individual life mortality risk. Placement of reinsurance is accomplished primarily on an automatic basis with some specific risks reinsured on a facultative basis. The Company is authorized and has historically retained up to $ 30 million per life, but reduced its operating retention limit to $ 20 million per life in 2013 and then down to $ 10 million per life for new business starting in 2020. Retention in excess of the operating limit is on an exception basis. </context> | us-gaap:ReinsuranceRetentionAmountRetainedPerLife |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 5506 | monetaryItemType | text: <entity> 5506 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsuranceRecoverables |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 5981 | monetaryItemType | text: <entity> 5981 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsuranceRecoverables |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 7796 | monetaryItemType | text: <entity> 7796 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsurancePayable |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 8543 | monetaryItemType | text: <entity> 8543 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsurancePayable |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 1442 | monetaryItemType | text: <entity> 1442 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsuranceRecoverables |
Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. | text | 1485 | monetaryItemType | text: <entity> 1485 </entity> <entity type> monetaryItemType </entity type> <context> Primarily represents $ 5,506 million and $ 5,981 million of reinsurance recoverables as of December 31, 2024 and 2023, respectively, established under the reinsurance agreement with Prismic Re under which the Company reinsured a portion of its in-force structured settlement annuities business. The Company has also recorded a funds withheld payable related to the reinsurance agreement with Prismic Re of $ 7,796 million and $ 8,543 million as of December 31, 2024 and 2023, respectively. Also includes reinsurance recoverables representing the modified coinsurance receivable established under the reinsurance agreement with FLIAC in which the Company assumed all of FLIAC’s indexed variable annuities of $ 1,442 million and $ 1,485 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:ReinsuranceRecoverables |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 2033 | monetaryItemType | text: <entity> 2033 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsuranceRecoverables |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 2090 | monetaryItemType | text: <entity> 2090 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsuranceRecoverables |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 1387 | monetaryItemType | text: <entity> 1387 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsurancePayable |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 1396 | monetaryItemType | text: <entity> 1396 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsurancePayable |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 1591 | monetaryItemType | text: <entity> 1591 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsuranceRecoverables |
Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. | text | 7478 | monetaryItemType | text: <entity> 7478 </entity> <entity type> monetaryItemType </entity type> <context> Includes reinsurance recoverables established under the reinsurance arrangements associated with the acquisition of the Hartford Life Business of $ 2,033 million and $ 2,090 million as of December 31, 2024 and 2023, respectively. The Company has also recorded reinsurance payables related to the Hartford Life Business acquisition of $ 1,387 million and $ 1,396 million as of December 31, 2024 and 2023, respectively. Also includes net reinsurance recoverables of $ 1,591 million as of December 31, 2024 for the modified coinsurance receivable established under the reinsurance agreement with Somerset Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. Additionally, includes reinsurance recoverables of $ 7,478 million as of December 31, 2024 for the coinsurance receivable established under the reinsurance agreement with Wilton Re in which the Company reinsured a portion of its in-force guaranteed universal life block of business. </context> | us-gaap:ReinsuranceRecoverables |
Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. | text | 11194 | monetaryItemType | text: <entity> 11194 </entity> <entity type> monetaryItemType </entity type> <context> Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. | text | 10574 | monetaryItemType | text: <entity> 10574 </entity> <entity type> monetaryItemType </entity type> <context> Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. | text | 3578 | monetaryItemType | text: <entity> 3578 </entity> <entity type> monetaryItemType </entity type> <context> Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. | text | 3771 | monetaryItemType | text: <entity> 3771 </entity> <entity type> monetaryItemType </entity type> <context> Excludes deposit receivables of arrangements that are accounted for under the deposit method of accounting of $ 11,194 million and $ 10,574 million as of December 31, 2024 and 2023, respectively. Deposit receivables related to the reinsurance agreement with Prismic Re were $ 3,578 million and $ 3,771 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:DepositAssets |
Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 67 % of the Company’s reinsurance recoverables as of December 31, 2024. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the CECL allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 for additional details regarding CECL. Under the Company’s international longevity reinsurance transactions, the Company obtains collateral from its counterparties to mitigate counterparty default risk. | text | 67 | percentItemType | text: <entity> 67 </entity> <entity type> percentItemType </entity type> <context> Excluding the reinsurance recoverables associated with the acquisition of the Hartford Life Business, four major reinsurance companies account for approximately 67 % of the Company’s reinsurance recoverables as of December 31, 2024. The Company periodically reviews the financial condition of its reinsurers, amounts recoverable therefrom, and unearned reinsurance premium, in order to reduce its exposure to loss from reinsurer insolvencies. Any expected credit losses are reflected in the CECL allowance, after considering any collateral the Company obtained in the form of a trust, letter of credit, or funds withheld arrangement. See Note 2 for additional details regarding CECL. Under the Company’s international longevity reinsurance transactions, the Company obtains collateral from its counterparties to mitigate counterparty default risk. </context> | us-gaap:ReinsuranceRetentionPolicyReinsuredRiskPercentage |
As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. | text | 2096 | monetaryItemType | text: <entity> 2096 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. </context> | us-gaap:ClosedBlockLiabilitiesPolicyholderDividendObligation |
As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. | text | zero | monetaryItemType | text: <entity> zero </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. </context> | us-gaap:ClosedBlockLiabilitiesPolicyholderDividendObligation |
As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. | text | 2873 | monetaryItemType | text: <entity> 2873 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. </context> | us-gaap:ClosedBlockLiabilitiesPolicyholderDividendObligation |
As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. | text | 2081 | monetaryItemType | text: <entity> 2081 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company recognized a policyholder dividend obligation of $ 2,096 million to Closed Block policyholders for the excess of actual cumulative earnings over expected cumulative earnings; however, due to accumulated net unrealized investment losses in excess of this amount, the policyholder dividend obligation balance as of December 31, 2024 was reduced to zero . At December 31, 2023, the Company recognized a policyholder dividend obligation of $ 2,873 million to Closed Block policyholders for the excess of actual cumulative earnings over the expected cumulative earnings. Additionally, accumulated net unrealized investment gains (losses) were reflected as a policyholder dividend obligation of $( 2,081 ) million at December 31, 2023, with a corresponding amount reported in AOCI. </context> | us-gaap:ClosedBlockLiabilitiesPolicyholderDividendObligation |
In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. | text | 30 | monetaryItemType | text: <entity> 30 </entity> <entity type> monetaryItemType </entity type> <context> In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. </context> | us-gaap:ClosedBlockDividendObligationPeriodIncreaseDecrease |
In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. | text | 77 | monetaryItemType | text: <entity> 77 </entity> <entity type> monetaryItemType </entity type> <context> In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. </context> | us-gaap:ClosedBlockDividendObligationPeriodIncreaseDecrease |
In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. | text | 109 | monetaryItemType | text: <entity> 109 </entity> <entity type> monetaryItemType </entity type> <context> In December of each year, PICA’s Board of Directors takes actions to either increase, continue, or decrease the dividend scale that was in effect on Closed Block policies. These actions taken resulted in increases of approximately $ 30 million, $ 77 million and $ 109 million for the years ended December 31, 2022, 2023 and 2024, respectively, in the liability for policyholders’ dividends recognized. </context> | us-gaap:ClosedBlockDividendObligationPeriodIncreaseDecrease |
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: | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> 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: </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: | text | 15.8 | percentItemType | text: <entity> 15.8 </entity> <entity type> percentItemType </entity type> <context> The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: | text | 20.0 | percentItemType | text: <entity> 20.0 </entity> <entity type> percentItemType </entity type> <context> The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: | text | 14.7 | percentItemType | text: <entity> 14.7 </entity> <entity type> percentItemType </entity type> <context> The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> The effective tax rate is the ratio of “Total income tax expense (benefit)” divided by “Income before income taxes and equity in earnings of joint ventures and other operating entities.” The Company’s effective tax rate for fiscal years 2024, 2023 and 2022 was 15.8 %, 20.0 %, and 14.7 %, 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: </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. | text | 55 | monetaryItemType | text: <entity> 55 </entity> <entity type> monetaryItemType </entity type> <context> 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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. </context> | us-gaap:DividendIncomeSecuritiesOperatingTaxExempt |
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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. | text | 62 | monetaryItemType | text: <entity> 62 </entity> <entity type> monetaryItemType </entity type> <context> 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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. </context> | us-gaap:DividendIncomeSecuritiesOperatingTaxExempt |
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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. | text | 78 | monetaryItemType | text: <entity> 78 </entity> <entity type> monetaryItemType </entity type> <context> 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 $ 55 million of the total $ 168 million of 2024 non-taxable investment income, $ 62 million of the total $ 162 million of 2023 non-taxable investment income, and $ 78 million of the total $ 86 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. </context> | us-gaap:DividendIncomeSecuritiesOperatingTaxExempt |
The combined statutory income tax rate in the Company’s largest non-U.S. tax jurisdiction is approximately 28 % in Japan as compared to the U.S. federal income tax rate of 21 % applicable for 2024, 2023 and 2022. | text | 28 | percentItemType | text: <entity> 28 </entity> <entity type> percentItemType </entity type> <context> The combined statutory income tax rate in the Company’s largest non-U.S. tax jurisdiction is approximately 28 % in Japan as compared to the U.S. federal income tax rate of 21 % applicable for 2024, 2023 and 2022. </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The combined statutory income tax rate in the Company’s largest non-U.S. tax jurisdiction is approximately 28 % in Japan as compared to the U.S. federal income tax rate of 21 % applicable for 2024, 2023 and 2022. | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> The combined statutory income tax rate in the Company’s largest non-U.S. tax jurisdiction is approximately 28 % in Japan as compared to the U.S. federal income tax rate of 21 % applicable for 2024, 2023 and 2022. </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. | text | 40 | percentItemType | text: <entity> 40 </entity> <entity type> percentItemType </entity type> <context> The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. | text | 45 | percentItemType | text: <entity> 45 </entity> <entity type> percentItemType </entity type> <context> The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. | text | 12 | monetaryItemType | text: <entity> 12 </entity> <entity type> monetaryItemType </entity type> <context> The Company made a tax election, effective for the 2017 and later tax years, to subject earnings from its insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. This election has the effect of reducing the rate at which the Company will incur taxes on these earnings from the approximately 40 % tax rate in Brazil to the 21 % tax rate in the U.S. In conjunction with this election, the Company remeasured its related deferred tax assets from the previous 45 % rate in Brazil to the new rate of 21 % in the U.S., which resulted in additional income tax expense at the time of election. The net effect of the lower tax rate was a net increase / (decrease) in income tax expense of $( 12 ) million in 2021. As a result of the issuance of foreign tax credit regulations during 2022 and the uncertainty regarding the creditability of Brazil income taxes in years post-2021, the net effect of the 952 Election for tax years 2017 and after was reversed in 2022. See “Foreign Tax Credit Regulations” discussed below. </context> | us-gaap:TaxAdjustmentsSettlementsAndUnusualProvisions |
The Treasury Department and the IRS published Final Regulations in the Federal Register (Treasury Decision 9959) on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. Based on the Company’s interpretation of the Final Regulations, a net $ 11 million tax expense is reflected as part of the Company’s results for the year ended December 31, 2022, which reversed the net effect of the 952 Election for the tax years 2017 through 2021. The Company continues to assume that the election does not apply in tax years post 2021. | text | 11 | monetaryItemType | text: <entity> 11 </entity> <entity type> monetaryItemType </entity type> <context> The Treasury Department and the IRS published Final Regulations in the Federal Register (Treasury Decision 9959) on January 4, 2022, which affect the creditability of certain foreign taxes for U.S. federal income tax purposes. The Final Regulations created uncertainty as to whether a U.S. foreign tax credit could be claimed for taxes paid to Brazil. The ability to claim a foreign tax credit for taxes paid to Brazil impacted the benefit of the election made pursuant to Internal Revenue Code Section 952 to subject earnings from the Company’s insurance operations in Brazil to tax in the U.S. in the tax year earned, net of related foreign tax credits. Based on the Company’s interpretation of the Final Regulations, a net $ 11 million tax expense is reflected as part of the Company’s results for the year ended December 31, 2022, which reversed the net effect of the 952 Election for the tax years 2017 through 2021. The Company continues to assume that the election does not apply in tax years post 2021. </context> | us-gaap:TaxAdjustmentsSettlementsAndUnusualProvisions |
In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. | text | 15 | percentItemType | text: <entity> 15 </entity> <entity type> percentItemType </entity type> <context> In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. </context> | us-gaap:EffectiveIncomeTaxRateContinuingOperations |
In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. | text | 99 | monetaryItemType | text: <entity> 99 </entity> <entity type> monetaryItemType </entity type> <context> In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. </context> | us-gaap:IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability |
In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. | text | 50 | monetaryItemType | text: <entity> 50 </entity> <entity type> monetaryItemType </entity type> <context> In December 2023, the Government of Bermuda enacted a corporate income tax, which imposes a 15 % income tax, less applicable foreign tax credits, on companies that are organized or operate within Bermuda that are within the scope of the OECD Pillar Two rules. The Bermuda corporate income tax will be effective for tax years beginning on January 1, 2025. The Company intends to make an election to exclude the income of a Bermuda entity that is a controlled foreign corporation within the meaning of the U.S. tax rules from the Bermuda corporate income tax for fiscal years ending prior to January 1, 2027. There are several open items with respect to the possible application of the Bermuda corporate income tax. In 2023, the Company reflected a $ 99 million net tax benefit as a result of the change in Bermuda tax law, which was entirely offset by a corresponding change in valuation allowance. In 2024, the Company recorded an adjustment of $ 50 million net tax expense, which was entirely offset by a corresponding change in valuation allowance. </context> | us-gaap:IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability |
The GILTI provision applies a minimum U.S. tax to earnings of consolidated foreign subsidiaries in excess of a 10% deemed return on tangible assets of foreign subsidiaries by imposing the U.S. tax rate to 50% of earnings of such foreign affiliates and provides for a partial foreign tax credit for foreign income taxes. In years that the PFI consolidated federal income tax return reports a net operating loss or has a loss attributable to U.S. sources of operations, including as a result of loss carrybacks, the GILTI provision would limit the amount of deductions or credits permissible against GILTI. In 2022, the company incurred $ 101 million of tax primarily due to foreign tax credit limitations related to the GILTI provisions. These limitations did not have a material impact in 2023 or 2024. In 2024, the Company received IRS consent to change its tax accounting method for certain products in its Japan operations which resulted in a reduction of the 2022 GILTI tax liability. | text | 101 | monetaryItemType | text: <entity> 101 </entity> <entity type> monetaryItemType </entity type> <context> The GILTI provision applies a minimum U.S. tax to earnings of consolidated foreign subsidiaries in excess of a 10% deemed return on tangible assets of foreign subsidiaries by imposing the U.S. tax rate to 50% of earnings of such foreign affiliates and provides for a partial foreign tax credit for foreign income taxes. In years that the PFI consolidated federal income tax return reports a net operating loss or has a loss attributable to U.S. sources of operations, including as a result of loss carrybacks, the GILTI provision would limit the amount of deductions or credits permissible against GILTI. In 2022, the company incurred $ 101 million of tax primarily due to foreign tax credit limitations related to the GILTI provisions. These limitations did not have a material impact in 2023 or 2024. In 2024, the Company received IRS consent to change its tax accounting method for certain products in its Japan operations which resulted in a reduction of the 2022 GILTI tax liability. </context> | us-gaap:EffectiveIncomeTaxRateReconciliationGiltiAmount |
On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allow an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21 %) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI. Therefore, while many of the countries, including Japan and Brazil, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company made the high-tax exception election for the 2022 and 2023 tax years and anticipates to make the high-tax exception election for the 2024 tax year. | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> On July 20, 2020, the U.S. Treasury and the Internal Revenue Service issued Final Regulations (Treasury Decision 9902) pursuant to Internal Revenue Code Section 951A which allow an annual election to exclude from the U.S. tax return certain GILTI amounts when the taxes paid by a foreign affiliate exceed 18.9% (90% of U.S. statutory rate of 21 %) of the GILTI amount for that foreign affiliate (the “high-tax exception”). These regulations are effective for the 2021 taxable year with an election to apply to any taxable year beginning after 2017. In many of the countries in which the Company operates, including Japan and Brazil, there are differences between local tax rules used to determine the tax base and the U.S. tax principles used to determine GILTI. Also, the Company’s Japan affiliates have a different tax year than the U.S. calendar tax year used to determine GILTI. Therefore, while many of the countries, including Japan and Brazil, have a statutory tax rate above the 18.9% threshold, separate affiliates may not meet the 18.9% threshold each year and, as such, may not qualify for this annual exclusion. The Company made the high-tax exception election for the 2022 and 2023 tax years and anticipates to make the high-tax exception election for the 2024 tax year. </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. | text | 840 | monetaryItemType | text: <entity> 840 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. </context> | us-gaap:DeferredTaxAssetsTaxDeferredExpense |
As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. | text | 401 | monetaryItemType | text: <entity> 401 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. </context> | us-gaap:DeferredTaxAssetsTaxDeferredExpense |
As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. | text | 542 | monetaryItemType | text: <entity> 542 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. </context> | us-gaap:DeferredTaxAssetsTaxDeferredExpense |
As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. | text | 403 | monetaryItemType | text: <entity> 403 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, includes net deferred tax assets of $ 840 million and $ 401 million related to the Company’s U.S. operations and Bermuda operations, respectively. As of December 31, 2023, includes a net deferred tax asset of $ 542 million and $ 403 million, related to the Company’s U.S. operations and Bermuda operations, respectively. </context> | us-gaap:DeferredTaxAssetsTaxDeferredExpense |
$ 37 million expires between 2025 and 2041 and $ 870 million has an unlimited carryforward. | text | 37 | monetaryItemType | text: <entity> 37 </entity> <entity type> monetaryItemType </entity type> <context> $ 37 million expires between 2025 and 2041 and $ 870 million has an unlimited carryforward. </context> | us-gaap:OperatingLossCarryforwards |
$ 37 million expires between 2025 and 2041 and $ 870 million has an unlimited carryforward. | text | 870 | monetaryItemType | text: <entity> 870 </entity> <entity type> monetaryItemType </entity type> <context> $ 37 million expires between 2025 and 2041 and $ 870 million has an unlimited carryforward. </context> | us-gaap:OperatingLossCarryforwards |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 2077 | monetaryItemType | text: <entity> 2077 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 1341 | monetaryItemType | text: <entity> 1341 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 2262 | monetaryItemType | text: <entity> 2262 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 1132 | monetaryItemType | text: <entity> 1132 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 1731 | monetaryItemType | text: <entity> 1731 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign |
The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. | text | 369 | monetaryItemType | text: <entity> 369 </entity> <entity type> monetaryItemType </entity type> <context> The Company’s “Income (loss) before income taxes and equity in earnings of joint ventures and other operating entities” includes income (loss) from domestic operations of $ 2,077 million, $ 1,341 million, and $( 2,262 ) million and income (loss) from foreign operations of $ 1,132 million, $ 1,731 million, and $ 369 million for the years ended December 31, 2024, 2023 and 2022, respectively. </context> | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign |
It is possible the Company will pay the unrecognized tax benefit attributable to the Section 952 election described above of approximately $ 86 million for prior year audit cycles within the next 12 months as it pursues resolution of the matter. The Company cannot predict with reasonable accuracy whether there will be 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. | text | 86 | monetaryItemType | text: <entity> 86 </entity> <entity type> monetaryItemType </entity type> <context> It is possible the Company will pay the unrecognized tax benefit attributable to the Section 952 election described above of approximately $ 86 million for prior year audit cycles within the next 12 months as it pursues resolution of the matter. The Company cannot predict with reasonable accuracy whether there will be 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. </context> | us-gaap:DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible |
PICA is a member of the FHLBNY. Membership allows PICA access to the FHLBNY’s financial services, including the ability to obtain collateralized loans and to issue collateralized funding agreements. Under applicable law, the funding agreements issued to the FHLBNY have priority claim status above debt holders of PICA. FHLBNY borrowings and funding agreements are collateralized by qualifying mortgage-related assets or U.S. Treasury securities, the fair value of which must be maintained at certain specified levels relative to outstanding borrowings. FHLBNY membership requires PICA to own member stock and borrowings require the purchase of activity-based stock in an amount equal to 4.5 % of outstanding borrowings. Under FHLBNY guidelines, if any of PICA’s financial strength ratings decline below A-/A3/A- Negative by S&P/Moody’s/Fitch, respectively, and the FHLBNY does not receive written assurances from the NJDOBI regarding PICA’s solvency, new borrowings from the FHLBNY would be limited to a term of 90 days or less. Currently there are no restrictions on the term of borrowings from the FHLBNY. All FHLBNY stock purchased by PICA is classified as restricted general account investments within “Other invested assets,” and the carrying value of these investments was $ 142 million and $ 169 million as of December 31, 2024 and 2023, respectively. | text | 142 | monetaryItemType | text: <entity> 142 </entity> <entity type> monetaryItemType </entity type> <context> PICA is a member of the FHLBNY. Membership allows PICA access to the FHLBNY’s financial services, including the ability to obtain collateralized loans and to issue collateralized funding agreements. Under applicable law, the funding agreements issued to the FHLBNY have priority claim status above debt holders of PICA. FHLBNY borrowings and funding agreements are collateralized by qualifying mortgage-related assets or U.S. Treasury securities, the fair value of which must be maintained at certain specified levels relative to outstanding borrowings. FHLBNY membership requires PICA to own member stock and borrowings require the purchase of activity-based stock in an amount equal to 4.5 % of outstanding borrowings. Under FHLBNY guidelines, if any of PICA’s financial strength ratings decline below A-/A3/A- Negative by S&P/Moody’s/Fitch, respectively, and the FHLBNY does not receive written assurances from the NJDOBI regarding PICA’s solvency, new borrowings from the FHLBNY would be limited to a term of 90 days or less. Currently there are no restrictions on the term of borrowings from the FHLBNY. All FHLBNY stock purchased by PICA is classified as restricted general account investments within “Other invested assets,” and the carrying value of these investments was $ 142 million and $ 169 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:OtherLongTermInvestments |
PICA is a member of the FHLBNY. Membership allows PICA access to the FHLBNY’s financial services, including the ability to obtain collateralized loans and to issue collateralized funding agreements. Under applicable law, the funding agreements issued to the FHLBNY have priority claim status above debt holders of PICA. FHLBNY borrowings and funding agreements are collateralized by qualifying mortgage-related assets or U.S. Treasury securities, the fair value of which must be maintained at certain specified levels relative to outstanding borrowings. FHLBNY membership requires PICA to own member stock and borrowings require the purchase of activity-based stock in an amount equal to 4.5 % of outstanding borrowings. Under FHLBNY guidelines, if any of PICA’s financial strength ratings decline below A-/A3/A- Negative by S&P/Moody’s/Fitch, respectively, and the FHLBNY does not receive written assurances from the NJDOBI regarding PICA’s solvency, new borrowings from the FHLBNY would be limited to a term of 90 days or less. Currently there are no restrictions on the term of borrowings from the FHLBNY. All FHLBNY stock purchased by PICA is classified as restricted general account investments within “Other invested assets,” and the carrying value of these investments was $ 142 million and $ 169 million as of December 31, 2024 and 2023, respectively. | text | 169 | monetaryItemType | text: <entity> 169 </entity> <entity type> monetaryItemType </entity type> <context> PICA is a member of the FHLBNY. Membership allows PICA access to the FHLBNY’s financial services, including the ability to obtain collateralized loans and to issue collateralized funding agreements. Under applicable law, the funding agreements issued to the FHLBNY have priority claim status above debt holders of PICA. FHLBNY borrowings and funding agreements are collateralized by qualifying mortgage-related assets or U.S. Treasury securities, the fair value of which must be maintained at certain specified levels relative to outstanding borrowings. FHLBNY membership requires PICA to own member stock and borrowings require the purchase of activity-based stock in an amount equal to 4.5 % of outstanding borrowings. Under FHLBNY guidelines, if any of PICA’s financial strength ratings decline below A-/A3/A- Negative by S&P/Moody’s/Fitch, respectively, and the FHLBNY does not receive written assurances from the NJDOBI regarding PICA’s solvency, new borrowings from the FHLBNY would be limited to a term of 90 days or less. Currently there are no restrictions on the term of borrowings from the FHLBNY. All FHLBNY stock purchased by PICA is classified as restricted general account investments within “Other invested assets,” and the carrying value of these investments was $ 142 million and $ 169 million as of December 31, 2024 and 2023, respectively. </context> | us-gaap:OtherLongTermInvestments |
NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. | text | 5 | percentItemType | text: <entity> 5 </entity> <entity type> percentItemType </entity type> <context> NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. </context> | us-gaap:FederalHomeLoanBankRegulatoryCapitalRatioActual |
NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. | text | 7.4 | monetaryItemType | text: <entity> 7.4 </entity> <entity type> monetaryItemType </entity type> <context> NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. </context> | us-gaap:DebtInstrumentCollateralAmount |
NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. | text | 5.9 | monetaryItemType | text: <entity> 5.9 </entity> <entity type> monetaryItemType </entity type> <context> NJDOBI permits PICA to pledge collateral to the FHLBNY in an amount of up to 5 % of its prior year-end statutory net admitted assets, excluding separate account assets. Based on PICA’s statutory net admitted assets as of December 31, 2023, the 5 % limitation equates to a maximum amount of eligible assets of $ 7.4 billion and an estimated maximum borrowing capacity (after taking into account required collateralization levels) of $ 5.9 billion. Nevertheless, FHLBNY borrowings are subject to the FHLBNY’s discretion and to the availability of qualifying assets at PICA. </context> | us-gaap:DebtInstrumentUnusedBorrowingCapacityAmount |
As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. | text | 2.5 | monetaryItemType | text: <entity> 2.5 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. </context> | us-gaap:DeferredFinanceCostsNet |
As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. | text | 1.925 | percentItemType | text: <entity> 1.925 </entity> <entity type> percentItemType </entity type> <context> As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. | text | 4.510 | percentItemType | text: <entity> 4.510 </entity> <entity type> percentItemType </entity type> <context> As of December 31, 2024, $ 2.5 billion of funding agreements remain outstanding under this facility, with maturities ranging from February 2027 to November 2029 and rates ranging from 1.925 % to 4.510 %. These funding agreements are reflected as “Policyholders’ account balances” on the Consolidated Statements of Financial Position and as such are not included in the table above. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
In September 2023, as an additional source of liquidity, the Company entered into an agreement with the Federal Agricultural Mortgage Corporation (“Farmer Mac”), under which the Company can borrow up to $ 750 million by issuing funding agreements to a subsidiary of Farmer Mac, with borrowings secured by a pledge of certain eligible agricultural mortgage loans. | text | 750 | monetaryItemType | text: <entity> 750 </entity> <entity type> monetaryItemType </entity type> <context> In September 2023, as an additional source of liquidity, the Company entered into an agreement with the Federal Agricultural Mortgage Corporation (“Farmer Mac”), under which the Company can borrow up to $ 750 million by issuing funding agreements to a subsidiary of Farmer Mac, with borrowings secured by a pledge of certain eligible agricultural mortgage loans. </context> | us-gaap:DebtInstrumentFaceAmount |
In July 2024, the Company amended and restated its $ 4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under this facility are conditioned on the continued satisfaction of customary conditions, including Prudential Financial’s maintenance of consolidated net worth of at least $ 22.1 billion. For these purposes, consolidated net worth is calculated as U.S. GAAP equity excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of ASU 2018-12. The Company expects that it may borrow under the facility from time to time to fund its working capital needs. In addition, amounts under this credit facility may be drawn in the form of standby letters of credit that can be used to meet the Company’s operating needs. | text | 4.0 | monetaryItemType | text: <entity> 4.0 </entity> <entity type> monetaryItemType </entity type> <context> In July 2024, the Company amended and restated its $ 4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under this facility are conditioned on the continued satisfaction of customary conditions, including Prudential Financial’s maintenance of consolidated net worth of at least $ 22.1 billion. For these purposes, consolidated net worth is calculated as U.S. GAAP equity excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of ASU 2018-12. The Company expects that it may borrow under the facility from time to time to fund its working capital needs. In addition, amounts under this credit facility may be drawn in the form of standby letters of credit that can be used to meet the Company’s operating needs. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In July 2024, the Company amended and restated its $ 4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under this facility are conditioned on the continued satisfaction of customary conditions, including Prudential Financial’s maintenance of consolidated net worth of at least $ 22.1 billion. For these purposes, consolidated net worth is calculated as U.S. GAAP equity excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of ASU 2018-12. The Company expects that it may borrow under the facility from time to time to fund its working capital needs. In addition, amounts under this credit facility may be drawn in the form of standby letters of credit that can be used to meet the Company’s operating needs. | text | 22.1 | monetaryItemType | text: <entity> 22.1 </entity> <entity type> monetaryItemType </entity type> <context> In July 2024, the Company amended and restated its $ 4.0 billion five-year credit facility that has both Prudential Financial and Prudential Funding as borrowers and a syndicate of financial institutions as lenders, extending the term of the facility to July 2029. The credit facility contains customary representations and warranties, covenants and events of default, and borrowings are not contingent on the borrowers’ credit ratings nor subject to material adverse change clauses. Borrowings under this facility are conditioned on the continued satisfaction of customary conditions, including Prudential Financial’s maintenance of consolidated net worth of at least $ 22.1 billion. For these purposes, consolidated net worth is calculated as U.S. GAAP equity excluding AOCI, equity of noncontrolling interests, equity attributable to the Closed Block, and certain adjustments related to the Company’s adoption of ASU 2018-12. The Company expects that it may borrow under the facility from time to time to fund its working capital needs. In addition, amounts under this credit facility may be drawn in the form of standby letters of credit that can be used to meet the Company’s operating needs. </context> | us-gaap:MinimumNetWorthRequiredForCompliance |
In September 2024, the Company refinanced its ¥ 100 billion five-year credit facility, on which Prudential Holdings of Japan, Inc. (“PHJ”) is a borrower, extending the term of the facility to September 2029. This facility also contains customary representations and warranties, covenants, and events of default and borrowings are not contingent on the borrower’s credit ratings nor subject to material adverse change clauses. | text | 100 | monetaryItemType | text: <entity> 100 </entity> <entity type> monetaryItemType </entity type> <context> In September 2024, the Company refinanced its ¥ 100 billion five-year credit facility, on which Prudential Holdings of Japan, Inc. (“PHJ”) is a borrower, extending the term of the facility to September 2029. This facility also contains customary representations and warranties, covenants, and events of default and borrowings are not contingent on the borrower’s credit ratings nor subject to material adverse change clauses. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. | text | 223 | monetaryItemType | text: <entity> 223 </entity> <entity type> monetaryItemType </entity type> <context> In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. | text | 110 | monetaryItemType | text: <entity> 110 </entity> <entity type> monetaryItemType </entity type> <context> In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. | text | none | monetaryItemType | text: <entity> none </entity> <entity type> monetaryItemType </entity type> <context> In addition to the above credit facilities, the Company had access to $ 223 million of certain other lines of credit at December 31, 2024, of which $ 110 million was for the sole use of certain real estate separate accounts. The separate account facilities include loan-to-value ratio requirements and other financial covenants, and recourse on obligations under these facilities is limited to the assets of the applicable separate account. At December 31, 2024, none of these credit facilities were used. The Company also has access to uncommitted lines of credit from financial institutions. </context> | us-gaap:ProceedsFromLinesOfCredit |
In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. | text | 1.5 | monetaryItemType | text: <entity> 1.5 </entity> <entity type> monetaryItemType </entity type> <context> In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. </context> | us-gaap:DebtInstrumentFaceAmount |
In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. | text | 2.850 | percentItemType | text: <entity> 2.850 </entity> <entity type> percentItemType </entity type> <context> In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. | text | 2.175 | percentItemType | text: <entity> 2.175 </entity> <entity type> percentItemType </entity type> <context> In May 2020, Prudential Financial entered into a ten-year facility agreement with a Delaware trust upon the completion of the sale of $ 1.5 billion of trust securities by that Delaware trust in a Rule 144A private placement. The trust invested the proceeds from the sale of the trust securities in a portfolio of principal and/or interest strips of U.S. Treasury securities. The facility agreement provides Prudential Financial the right to issue and sell to the trust from time to time up to $ 1.5 billion of 2.850 % senior notes due May 15, 2030 and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trust. In return, the Company agreed to pay a semi-annual facility fee to the trust at a rate of 2.175 % per annum applied to the maximum amount of senior notes that the Company could issue and sell to the trust. Similar to the Company’s put option agreement, the facility agreement with the trust provides Prudential Financial with a source of liquid assets. </context> | us-gaap:DebtInstrumentInterestRateEffectivePercentage |
In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. | text | 1.5 | monetaryItemType | text: <entity> 1.5 </entity> <entity type> monetaryItemType </entity type> <context> In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. </context> | us-gaap:ProceedsFromSaleOfAvailableForSaleSecuritiesDebt |
In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. | text | 800 | monetaryItemType | text: <entity> 800 </entity> <entity type> monetaryItemType </entity type> <context> In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. </context> | us-gaap:DebtInstrumentFaceAmount |
In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. | text | 5.791 | percentItemType | text: <entity> 5.791 </entity> <entity type> percentItemType </entity type> <context> In March 2023, Prudential Financial entered into ten-year and thirty-year facility agreements with two Delaware trusts upon the completion of the sale of $ 1.5 billion of trust securities by the trusts in a Rule 144A private placement. The trusts invested the proceeds from the sale of the trust securities in portfolios of principal and/or interest strips of U.S. Treasury securities. The facility agreements provide Prudential Financial the right to issue and sell to the trusts from time to time up to $ 800 million of 5.791 % senior notes due February 15, 2033 and $ 700 million of 5.997 % senior notes due February 15, 2053, and receive in exchange a corresponding amount of the U.S. Treasury securities held by the trusts. In return, the Company agreed to pay semi-annual facility fees to the trusts at rates of 1.815 % and 2.066 % per annum for the ten-year and thirty-year facilities, respectively, applied to the maximum amount of senior notes that the Company could issue and sell to the trusts. </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
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