Direct

  
As of December 31, 2021 and 2020, traditional life and UL insurance policies in force were $198.6 billion and $195.7 billion, respectively, of which $145.1 billion and $143.6 billion as of December 31, 2021 and 2020 were reinsured at the respective year ends. The effect of reinsurance on premiums for the Company’s traditional long-duration contracts was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Years Ended December 31, |
| 2021 |  | 2020 |  | 2019 |
| (in millions) |
| Direct premiums | $ | 490  |  |  | $ | 565  |  |  | $ | 621  |  |
| Reinsurance ceded | (1,361) |  |  | (224) |  |  | (224) |  |
| Net premiums | $ | (871) |  |  | $ | 341  |  |  | $ | 397  |  |

Cost of insurance and administrative charges for non-traditional long-duration products are reflected in premiums, policy and contract charges and were net of reinsurance ceded of $152 million, $140 million and $132 million for the years ended December 31, 2021, 2020 and 2019, respectively.The effect of reinsurance on premiums for the Company’s short-duration contracts was as follows:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  | Year Ended December 31, |
|    2019 (1) |
| (in millions) |
| Written premiums |  |
| Direct | $ | 864  |  |
| Ceded | (23) |  |
| Total net written premiums | $ | 841  |  |
| Earned premiums |  |
| Direct | $ | 841  |  |
| Ceded | (24) |  |
| Total net earned premiums | $ | 817  |  |

(1) 2019 amounts include AAH premiums as of September 30, 2019 prior to the sale.The amount of claims recovered through reinsurance on all contracts was $404 million, $400 million and $407 million for the years ended December 31, 2021, 2020 and 2019, respectively. Receivables included $4.5 billion and $3.4 billion of reinsurance recoverables as of December 31, 2021 and 2020, respectively, including $2.6 billion and $2.7 billion related to LTC risk ceded to Genworth, respectively. Policyholder account balances, future policy benefits and claims include $413 million and $440 million related to previously assumed reinsurance arrangements as of December 31, 2021 and 2020, respectively.9. Goodwill and Other Intangible AssetsGoodwill and intangible assets deemed to have indefinite lives are not amortized but are instead subject to impairment tests. There were nil, $2 million and $5 million of impairments of indefinite-lived intangible assets recorded for the years ended December 31, 2021, 2020 and 2019, respectively.The changes in the carrying amount of goodwill reported in the Company’s main operating segments were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Advice & Wealth Management |  | AssetManagement |  | Retirement & Protection Solutions |  | Consolidated |
| (in millions) |
| Balance at January 1, 2020 | $ | 279  |  |  | $ | 797  |  |  | $ | 91  |  |  | $ | 1,167  |  |
|  |  |  |  |  |  |  |  |
| Foreign currency translation | —  |  |  | 10  |  |  | —  |  |  | 10  |  |
| Other adjustments | —  |  |  | (1) |  |  | —  |  |  | (1) |  |
| Balance at December 31, 2020 | 279  |  |  | 806  |  |  | 91  |  |  | 1,176  |  |
| Acquisitions | —  |  |  | 287  |  |  | —  |  |  | 287  |  |
| Foreign currency translation | —  |  |  | (4) |  |  | —  |  |  | (4) |  |
| Other adjustments | —  |  |  | (1) |  |  | —  |  |  | (1) |  |
| Balance at December 31, 2021 | $ | 279  |  |  | $ | 1,088  |  |  | $ | 91  |  |  | $ | 1,458  |  |

  
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