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Investments (Tables)
 3 Months Ended
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]  
Available-for-Sale Securities
The Company’s consolidated investments are summarized as follows:
 
December 31, 2014
 
Cost or Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Carrying Value
 
 
 
 
 
 
 
 
 
 
Fixed-maturity securities, available-for sale
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
1,862.9

 
$
8.3

 
$
(32.1
)
 
$
1,839.1

 
$
1,839.1

Commercial mortgage-backed securities
649.4

 
20.0

 
(1.0
)
 
668.4

 
668.4

Corporates
9,265.8

 
550.6

 
(95.0
)
 
9,721.4

 
9,721.4

Hybrids
1,268.7

 
55.6

 
(22.8
)
 
1,301.5

 
1,301.5

Municipals
1,221.5

 
143.2

 
(2.8
)
 
1,361.9

 
1,361.9

Residential mortgage-backed securities
2,095.4

 
124.6

 
(18.1
)
 
2,201.9

 
2,201.9

U.S. Government
576.1

 
8.3

 
(0.8
)
 
583.6

 
583.6

Total fixed maturities
16,939.8

 
910.6

 
(172.6
)
 
17,677.8

 
17,677.8

Equity securities
 
 
 
 
 
 
 
 
 
Available-for-sale
607.4

 
25.3

 
(6.8
)
 
625.9

 
625.9

Held for trading
112.8

 
30.4

 
(51.7
)
 
91.5

 
91.5

Total equity securities
720.2

 
55.7

 
(58.5
)
 
717.4

 
717.4

Derivatives
191.4

 
124.0

 
(9.2
)
 
306.2

 
306.2

Asset-based loans
791.9

 
—

 
—

 
791.9

 
791.9

Other invested assets
247.0

 
—

 
—

 
247.0

 
247.0

Total investments
$
18,890.3

 
$
1,090.3

 
$
(240.3
)
 
$
19,740.3

 
$
19,740.3


 
September 30, 2014
 
Cost or Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Carrying Value
 
 
 
 
 
 
 
 
 
 
Fixed-maturity securities, available-for-sale
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
1,800.8

 
$
10.9

 
$
(18.8
)
 
$
1,792.9

 
$
1,792.9

Commercial mortgage-backed securities
617.6

 
21.3

 
(2.0
)
 
636.9

 
636.9

Corporates
9,345.5

 
499.2

 
(48.9
)
 
9,795.8

 
9,795.8

Hybrids
1,279.1

 
52.2

 
(15.2
)
 
1,316.1

 
1,316.1

Municipals
1,149.9

 
116.2

 
(6.3
)
 
1,259.8

 
1,259.8

Residential mortgage-backed securities
1,984.8

 
140.3

 
(11.1
)
 
2,114.0

 
2,114.0

U.S. Government
291.0

 
6.4

 
(1.4
)
 
296.0

 
296.0

Total fixed-maturity securities
16,468.7

 
846.5

 
(103.7
)
 
17,211.5

 
17,211.5

Equity securities
 
 
 
 
 
 
 
 
 
Available-for-sale
645.7

 
23.0

 
(5.1
)
 
663.6

 
663.6

Held for trading
141.2

 
8.2

 
(44.9
)
 
104.5

 
104.5

Total equity securities
786.9

 
31.2

 
(50.0
)
 
768.1

 
768.1

Derivatives
177.7

 
123.3

 
(4.7
)
 
296.3

 
296.3

Asset-based loans
811.6

 
—

 
—

 
811.6

 
811.6

Other invested assets
164.9

 
0.1

 
—

 
165.0

 
165.0

Total investments
$
18,409.8

 
$
1,001.1

 
$
(158.4
)
 
$
19,252.5

 
$
19,252.5
Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities
The amortized cost and fair value of fixed maturity available-for-sale securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or pre-pay obligations.
 
December 31, 2014
 
Amortized Cost
 
 Fair Value
Corporates, Non-structured Hybrids, Municipal and U.S. Government securities:
 
 
 
Due in one year or less
$
302.3

 
$
304.4

Due after one year through five years
2,786.2

 
2,830.0

Due after five years through ten years
2,899.6

 
2,990.6

Due after ten years
5,840.6

 
6,341.5

Subtotal
11,828.7

 
12,466.5

Other securities which provide for periodic payments:
 
 
 
Asset-backed securities
1,862.9

 
1,839.1

Commercial-mortgage-backed securities
649.4

 
668.4

Structured hybrids
503.4

 
501.9

Residential mortgage-backed securities
2,095.4

 
2,201.9

Total fixed maturity available-for-sale securities
$
16,939.8

 
$
17,677.8
Fair Value and Gross Unrealized Losses of Available-for-Sale-Securities
The fair value and gross unrealized losses of available-for-sale securities, aggregated by investment category, were as follows:
 
December 31, 2014
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
834.2

 
$
(16.1
)
 
$
499.2

 
$
(16.0
)
 
$
1,333.4

 
$
(32.1
)
Commercial-mortgage-backed securities
57.9

 
(0.5
)
 
0.3

 
(0.5
)
 
58.2

 
(1.0
)
Corporates
898.1

 
(32.0
)
 
1,339.0

 
(63.0
)
 
2,237.1

 
(95.0
)
Equities
117.2

 
(3.6
)
 
50.9

 
(3.2
)
 
168.1

 
(6.8
)
Hybrids
270.8

 
(4.9
)
 
234.4

 
(17.9
)
 
505.2

 
(22.8
)
Municipals
9.4

 
(0.1
)
 
194.3

 
(2.7
)
 
203.7

 
(2.8
)
Residential mortgage-backed securities
454.5

 
(10.2
)
 
227.0

 
(7.9
)
 
681.5

 
(18.1
)
U.S. Government
—

 
—

 
58.8

 
(0.8
)
 
58.8

 
(0.8
)
Total available-for-sale securities
$
2,642.1

 
$
(67.4
)
 
$
2,603.9

 
$
(112.0
)
 
$
5,246.0

 
$
(179.4
)
Total number of available-for-sale securities in an unrealized loss position
 
 
378

 
 
 
328

 
 
 
706


 
September 30, 2014
 
Less than 12 months
 
12 months or longer
 
Total
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
Available-for-sale securities
 
 
 
 
 
 
 
 
 
 
 
Asset-backed securities
$
825.8

 
$
(11.8
)
 
$
288.2

 
$
(7.0
)
 
$
1,114.0

 
$
(18.8
)
Commercial mortgage-backed securities
160.3

 
(0.9
)
 
0.4

 
(1.1
)
 
160.7

 
(2.0
)
Corporates
816.6

 
(16.3
)
 
1,127.8

 
(32.6
)
 
1,944.4

 
(48.9
)
Equities
180.4

 
(2.2
)
 
54.9

 
(2.9
)
 
235.3

 
(5.1
)
Hybrids
258.2

 
(2.3
)
 
290.0

 
(12.9
)
 
548.2

 
(15.2
)
Municipals
—

 
—

 
264.9

 
(6.3
)
 
264.9

 
(6.3
)
Residential mortgage-backed securities
298.5

 
(5.8
)
 
177.6

 
(5.3
)
 
476.1

 
(11.1
)
U.S. Government
37.3

 
(0.1
)
 
81.7

 
(1.3
)
 
119.0

 
(1.4
)
Total available-for-sale securities
$
2,577.1

 
$
(39.4
)
 
$
2,285.5

 
$
(69.4
)
 
$
4,862.6

 
$
(108.8
)
Total number of available-for-sale securities in an unrealized loss position
 
 
319

 
 
 
310

 
 
 
629
Portfolio of Asset-Backed Loans and Other Invested Assets
portfolio of asset-based loans receivable, included in “Asset-based loans” in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2014 and September 30, 2014, consisted of the following:
 
December 31,
2014
 
September 30,
2014
Asset-based loans, net of deferred fees, by major industry:
 
 
 
Electronics
$
245.7

 
$
245.4

Apparel
198.2

 
191.6

Jewelry
89.6

 
100.1

Home Furnishings
57.2

 
71.7

Manufacturing
54.1

 
56.9

Transportation
45.3

 
44.3

Sporting Goods
11.0

 
13.9

Other
98.3

 
94.9

Total asset-based loans
799.4

 
818.8

Less: Allowance for credit losses
7.5

 
7.2

Total asset-based loans, net
$
791.9

 
$
811.6
Schedule of Allowance for Credit Losses
The following table presents the activity in its allowance for credit losses for the three months ended December 31, 2014 and 2013:
 
Three months ended December 31,
 
2014
 
2013
Allowance for credit losses:
 
 
 
Balance at beginning of period
$
7.2

 
$
5.2

Provision for credit losses
0.3

 
1.8

Balance at end of period
$
7.5

 
$
7.0
Schedule of Credit Quality of Asset-Based Loan Portfolio
As of December 31, 2014 and September 30, 2014, there were no outstanding loans that had been individually considered impaired, as all loans were in current payment status.
 
Internal Risk Rating
 
Pass
 
Special Mention
 
Substandard
 
Doubtful
 
Total
December 31, 2014
$
209.1

 
$
108.5

 
$
481.8

 
$
—

 
$
799.4

September 30, 2014
$
195.3

 
$
372.7

 
$
250.8

 
$
—

 
$
818.8
Net Investment Income
The major sources of “Net investment income” on the accompanying Condensed Consolidated Statements of Operations were as follows:
 
Three months ended December 31,
 
2014
 
2013
Fixed maturity available-for-sale securities
$
212.8

 
$
191.8

Equity available-for-sale securities
9.9

 
4.5

Policy loans
0.2

 
0.2

Invested cash and short-term investments
—

 
0.1

Asset-based loans
9.3

 
7.4

Other investments
3.1

 
0.8

Gross investment income
235.3

 
204.8

External investment expense
(4.5
)
 
(3.6
)
Net investment income
$
230.8

 
$
201.2
Net Investment Gains
“Net investment gains” reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
 
Three months ended December 31,
 
2014
 
2013
Net realized (losses) gains on fixed maturity available-for-sale securities
$
(1.8
)
 
$
9.8

Realized gains on equity securities
3.2

 
5.4

Net realized gains on securities
1.4

 
15.2

Realized gains on certain derivative instruments
45.0

 
66.8

Unrealized gains on certain derivative instruments
0.5

 
60.6

Change in fair value of other embedded derivatives
0.6

 
—

Change in fair value of derivatives
46.1

 
127.4

Realized gains (losses) on other invested assets
4.5

 
(0.7
)
Net investment gains
$
52.0

 
$
141.9
Cash Flows from Consolidated Investing Activities by Security
Cash flows from consolidated investing activities by security classification were as follows:
 
Three months ended December 31,
 
2014
 
2013
Proceeds from investments sold, matured or repaid:
 
 
 
Available-for-sale
$
854.1

 
$
1,705.9

Derivatives and other
128.1

 
114.4

 
$
982.2

 
$
1,820.3

Cost of investments acquired:
 
 
 
Available-for-sale
$
(1,371.8
)
 
$
(2,598.5
)
Trading (acquired for holding)
—

 
(4.4
)
Derivatives and other
(154.2
)
 
(125.3
)
 
$
(1,526.0
)
 
$
(2,728.2
)
Concentration Risk Disclosure [Text Block]
Concentrations of Investments
As of December 31, 2014 and September 30, 2014, the Company’s most significant investment in one industry, excluding U.S. Government securities, was the Company’s investment securities in the banking industry with a fair value of $2,217.7 or 11.2% and $2,240.3, or 11.6%, of the Company's invested assets portfolio, respectively. FGL’s holdings in this industry includes investments in 80 different issuers with the top ten investments accounting for 39.3% of the total holdings in this industry. As of December 31, 2014 and September 30, 2014, the Company had investments in 6 and 4 issuers that exceeded 10% of the Company's stockholders’ equity with a fair value of $1,011.0 and $768.5, or 5.1% and 4.0% of the invested assets portfolio, respectively. Additionally, the Company’s largest concentration in any single issuer as of December 31, 2014 and September 30, 2014, had a fair value of $250.0 or 1.3% of the Company's invested assets portfolio.