10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-32630

FIDELITY NATIONAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	16-1725106
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

601 Riverside Avenue

Jacksonville, Florida, 32204

(Address of principal executive offices, including zip code)

(904) 854-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par value	FNF	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    or    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ or No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller reporting Company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   or    No  ☒

The number of shares outstanding of the Registrant's common stock as of April 30, 2025 were:    

FNF Common Stock    274,639,798

FORM 10-Q

QUARTERLY REPORT

Quarter Ended March 31, 2025

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:	2
Condensed Consolidated Balance Sheets (unaudited)	3
Condensed Consolidated Statements of Earnings (unaudited)	4
Condensed Consolidated Statements of Comprehensive Earnings (unaudited)	5
Condensed Consolidated Statements of Equity (unaudited)	6
Condensed Consolidated Statements of Cash Flows (unaudited)	7
Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3. Quantitative and Qualitative Disclosures about Market Risk	89
Item 4. Controls and Procedures	89
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	90
Item 1A. Risk Factors	90
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	90
Item 3. Defaults Upon Senior Securities	91
Item 4. Mine Safety Disclosures	91
Item 5. Other Information	91
Item 6. Exhibits	92
Signatures	93

1

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

2

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par values)

	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, as of March 31, 2025 and December 31, 2024, at an amortized cost of $52,973 and $51,681, respectively, net of allowance for credit losses of $85 and $67, respectively, and includes pledged fixed maturity securities of $462 and $495, respectively, related to secured trust deposits	$	49,824	$	48,218
Preferred securities, at fair value	429		443
Equity securities, at fair value	547		642
Derivative investments	705		794
Mortgage loans, net of allowance for credit losses of $73 and $70 as of March 31, 2025 and December 31, 2024, respectively	6,366		5,926
Investments in unconsolidated affiliates	4,302		3,731
Other long-term investments	833		811
Short-term investments	1,161		3,050
Total investments	64,167		63,615
Cash and cash equivalents, as of March 31, 2025 and December 31, 2024 includes $155 and $69, respectively, of pledged cash related to secured trust deposits	4,484		3,479
Trade and notes receivables, net of allowance for credit losses of $32 as of March 31, 2025 and December 31, 2024	421		471
Reinsurance recoverable, net of allowance for credit losses of $20 as of March 31, 2025 and December 31, 2024	14,756		13,380
Goodwill	5,271		5,271
Prepaid expenses and other assets	1,858		1,938
Market risk benefits asset	187		189
Lease assets	343		351
Other intangible assets, net	6,113		5,976
Title plants	421		420
Property and equipment, net	188		173
Total assets	$	98,209	$	95,263
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	57,823	$	56,404
Future policy benefits	9,065		8,749
Accounts payable and accrued liabilities	3,271		3,249
Market risk benefits liability	635		549
Notes payable	4,394		4,321
Reserve for title claim losses	1,695		1,713
Funds withheld for reinsurance liabilities	11,442		10,758
Secured trust deposits	628		551
Lease liabilities	376		385
Income taxes payable	83		52
Total liabilities	89,412		86,731
Equity:
FNF common stock, $0.0001 par value; authorized 600 shares as of March 31, 2025 and December 31, 2024; outstanding of 275 as of March 31, 2025 and December 31, 2024	—		—
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none	—		—
Additional paid-in capital	6,008		5,976
Retained earnings	5,928		5,982
Accumulated other comprehensive loss	(1,866)		(2,052)
Treasury stock, 57 and 56 shares as of March 31, 2025 and December 31, 2024, at cost	(2,177)		(2,152)
Total Fidelity National Financial, Inc. shareholders’ equity	7,893		7,754
Non-controlling interests	904		778
Total equity	8,797		8,532
Total liabilities and equity	$	98,209	$	95,263

See Notes to Condensed Consolidated Financial Statements

3

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In millions, except per share data)

	Three months ended March 31,
	2025		2024
	(Unaudited)
Revenues:
Direct title insurance premiums	$	510	$	440
Agency title insurance premiums	681		593
Escrow, title-related and other fees	1,065		1,281
Interest and investment income	760		710
Recognized gains and losses, net	(287)		275
Total revenues	2,729		3,299
Expenses:
Personnel costs	770		727
Agent commissions	528		460
Other operating expenses	377		369
Benefits and other changes in policy reserves	524		1,161
Market risk benefit losses (gains)	109		(11)
Depreciation and amortization	196		167
Provision for title claim losses	54		46
Interest expense	60		49
Total expenses	2,618		2,968
Earnings before income taxes and equity in earnings of unconsolidated affiliates	111		331
Income tax expense	29		63
Earnings before equity in earnings of unconsolidated affiliates	82		268
Equity in earnings of unconsolidated affiliates	1		1
Net earnings	83		269
Less: Net earnings attributable to non-controlling interests	—		21
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	83	$	248
Earnings per share
Net earnings per share attributable to common shareholders, basic	$	0.30	$	0.92
Net earnings per share attributable to common shareholders, diluted	$	0.30	$	0.91
Weighted average common shares outstanding - basic	273		271
Weighted average common shares outstanding - diluted	273		272

See Notes to Condensed Consolidated Financial Statements

4

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In millions)

	Three months ended March 31,
	2025		2024
	(Unaudited)
Net earnings	$	83	$	269
Other comprehensive earnings (loss):
Unrealized gain (loss) on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1)	267		(5)
Unrealized gain on investments in unconsolidated affiliates (2)	8		13
Unrealized gain (loss) on foreign currency translation (3)	6		(6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4)	(2)		13
Changes in current discount rate - future policy benefits (5)	(86)		91
Changes in instrument-specific credit risk - market risk benefits (6)	23		1
Other comprehensive loss attributable to non-controlling interest (7)	(30)		(17)
Other comprehensive earnings	186		90
Comprehensive earnings	269		359
Less: Comprehensive earnings attributable to non-controlling interests	—		21
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders	$	269	$	338

_______________________________________

(1)Net of income tax expense of $63 million for the three months ended March 31, 2025.

(2)Net of income tax expense of $2 million and $4 million for the three months ended March 31, 2025 and 2024, respectively.

(3)Net of income tax expense (benefit) of $1 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively.

(4)Net of income tax expense of $4 million for the three months ended March 31, 2024.

(5)Net of income tax (benefit) expense of $(21) million and $24 million for the three months ended March 31, 2025 and 2024, respectively.

(6)Net of income tax expense of $6 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.

(7)Net of income tax benefit of $8 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.

See Notes to Condensed Consolidated Financial Statements

5

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions, except per share data)

(Unaudited)

	Fidelity National Financial, Inc. Common Shareholders
	FNF							Accumulated
	Common			Additional				Other		Treasury			Non-
	Stock			Paid-in		Retained		Comprehensive		Stock			controlling		Total
	Shares	$		Capital		Earnings		Loss		Shares	$		Interests		Equity
Balance, January 1, 2024	329	$	—	$	5,913	$	5,244	$	(2,119)	56	$	(2,130)	$	552	$	7,460
Noncontrolling interest associated with current period acquisitions	—	—				—		—		—	—		136		136
Exercise of stock options	—	—		1		—		—		—	—		—		1
Purchase of incremental share in consolidated subsidiaries	—	—		(4)		—		—		—	—		(3)		(7)
Other comprehensive loss - unrealized loss on investments and other financial instruments	—	—		—		—		(5)		—	—		—		(5)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		13		—	—		—		13
Other comprehensive loss - unrealized loss on foreign currency translation	—	—		—		—		(6)		—	—		—		(6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		13		—	—		—		13
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		1		—	—		—		1
Change in current discount rate - liability for future policy benefits	—	—		—		—		91		—	—		—		91
Stock-based compensation	—	—		15		—		—		—	—		1		16
Shares withheld for taxes and in treasury	—	—		—		—		—		—	(1)		(6)		(7)
Dividends declared, $0.48 per common share	—	—		—		(131)		—		—	—		—		(131)
Other comprehensive loss associated with noncontrolling interests	—	—		(1)		—		(17)		—	—		18		—
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(7)		(7)
Net earnings	—	—		—		248		—		—	—		21		269
Balance, March 31, 2024	329	$	—	$	5,924	$	5,361	$	(2,029)	56	$	(2,131)	$	712	$	7,837
Balance, January 1, 2025	331	$	—	$	5,976	$	5,982	$	(2,052)	56	$	(2,152)	$	778	$	8,532
Exercise of stock options	—	—		4		—		—		—	—		—		4
F&G common stock offering	—	—		8		—		—		—	—		109		117
Other comprehensive earnings - unrealized gain on investments and other financial instruments	—	—		—		—		267		—	—		—		267
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		8		—	—		—		8
Other comprehensive earnings - unrealized gain on foreign currency translation	—	—		—		—		6		—	—		—		6
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		(2)		—	—		—		(2)
Change in current discount rate — liability for future policy benefits	—	—		—		—		(86)		—	—		—		(86)
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		23		—	—		—		23
Other comprehensive loss associated with noncontrolling interests	—	—		—		—		(30)		—	—		30		—
Stock-based compensation	—	—		20		—		—		—	—		1		21
Shares withheld for taxes and in treasury	—	—		—		—		—		—	—		(2)		(2)
Repurchases of treasury stock	—	—		—		—		—		1	(25)		—		(25)
Dividends declared, $0.50 per common share	—	—		—		(137)		—		—	—		—		(137)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(12)		(12)
Net earnings	—	—		—		83		—		—	—		—		83
Balance, March 31, 2025	331	$	—	$	6,008	$	5,928	$	(1,866)	57	$	(2,177)	$	904	$	8,797

See Notes to Condensed Consolidated Financial Statements

6

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

	Three months ended March 31,
	2025		2024
	(Unaudited)
Cash flows from operating activities:
Net earnings	$	83	$	269
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	196		167
Equity in earnings of unconsolidated affiliates	(1)		(1)
Loss (gain) on sales of investments and other assets and asset impairments, net	24		(25)
Interest credited/index credits to contractholder account balances	125		513
Change in market risk benefits, net	109		(11)
Deferred policy acquisition costs and deferred sales inducements	(287)		(311)
Charges assessed to contractholders for mortality and admin	(79)		(66)
Non-cash lease costs	33		33
Operating lease payments	(35)		(38)
Distributions from unconsolidated affiliates, return on investment	7		19
Stock-based compensation cost	21		16
Change in NAV of limited partnerships, net	(63)		(49)
Change in valuation of derivatives, equity securities, preferred securities, and other assets, net	259		(254)
Changes in assets and liabilities, net of effects from acquisitions:
Change in derivative collateral liabilities	(135)		151
Change in reinsurance recoverable	(13)		(22)
Change in future policy benefits	210		505
Change in funds withheld from reinsurers	648		940
Net decrease in trade receivables	34		8
Net decrease in reserve for title claim losses	(18)		(24)
Net change in income taxes	11		33
Net change in other assets and other liabilities	(14)		(262)
Net cash provided by operating activities	1,115		1,591
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	3,071		1,783
Additions to property and equipment, capitalized software and title plants	(37)		(35)
Purchases of investment securities	(5,128)		(3,819)
Net proceeds from sales and maturities of short-term investment securities	1,890		1,473
Acquisitions and dispositions	—		(284)
Additional investments in unconsolidated affiliates	(665)		(272)
Distributions from unconsolidated affiliates, return of investment	81		36
Net other investing activities	3		22
Net cash used in investing activities	(785)		(1,096)
Cash flows from financing activities:
Borrowings	10		7
Debt offering	375		—
Debt service payments	(300)		—
Dividends paid	(136)		(130)
Subsidiary dividends paid to non-controlling interest shareholders	(12)		(7)
Exercise of stock options	4		1
Net change in secured trust deposits	77		(38)
Payment of contingent consideration for prior period acquisitions	(18)		(5)
Contractholder account deposits	2,789		1,929
Contractholder account withdrawals	(2,194)		(1,483)
Purchases of treasury stock	(24)		—
F&G common stock offering	117		—
Other financing activities	(13)		(19)
Net cash provided by financing activities	675		255
Net increase in cash and cash equivalents	1,005		750
Cash and cash equivalents at beginning of period	3,479		2,767
Cash and cash equivalents at end of period	$	4,484	$	3,517

See Notes to Condensed Consolidated Financial Statements

7

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A — Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024.

Description of the Business

We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty, (ii) transaction services to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").

For information about our reportable segments refer to Note H Segment Information.

Recent Developments

F&G Common Stock Issuance

On March 24, 2025, F&G completed a public offering of 8,000,000 shares of F&G common stock, par value $0.001 per share. In connection with the offering, F&G entered into an underwriting agreement, pursuant to which they granted the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 shares of common stock. Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of F&G common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option subsequently expired unexercised. F&G intends to use the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

Redemption of 5.50% F&G Senior Notes

On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal amount of its 5.50% Senior Notes due May 1, 2025 (the "5.50% F&G Senior Notes"). The notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. For further information, refer to Note N Notes Payable.

7.30% F&G Junior Notes

On January 13, 2025, F&G completed its public offering of its 7.30% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the "7.30% F&G Notes"). F&G used the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. For further information, refer to Note N Notes Payable.

Income Tax

Income tax expense was $29 million and $63 million in the three months ended March 31, 2025 and 2024, respectively. Income tax expense as a percentage of earnings before income taxes was 26% and 19% in the three months ended March 31, 2025 and 2024, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2025 as compared to the corresponding period in 2024 is primarily attributable to more valuation allowance being recorded in the three months ended March 31, 2025 as compared to the corresponding period in 2024.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares

8

outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were no antidilutive instruments outstanding during the three months ended March 31, 2025. There were fewer than 1 million antidilutive instruments outstanding during the three months ended March 31, 2024.

Unconsolidated Owned Distribution Investments

We paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $15 million and $50 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization on the accompanying unaudited Condensed Consolidated Statements of Earnings.

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update enhance transparency of certain expense captions by disclosing more granular information of specific expenses within those captions such as personnel costs, depreciation, and amortization. The amendments also require disclosure of qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. The amendments in this update are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

Summary of Updated Significant Accounting Policies

Since our Annual Report on Form 10-K for the year ended December 31, 2024, we have updated the following significant accounting policies for Derivative Financial Instruments and Funds Withheld Arrangements which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements, primarily as a result of executing certain derivative transactions.

Derivative Financial Instruments

Freestanding Derivatives

We economically hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options). We also utilize certain interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. All such derivative instruments are recognized as either assets or liabilities in the unaudited Condensed Consolidated Balance Sheets at fair value. The changes in fair value of derivatives not designated to hedge relationships are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. The change in the fair value of these derivative instruments is included in operating activities in the unaudited Consolidated Statements of Cash Flows.

9

Hedge Accounting

We designate certain derivatives to fair value or cash flow hedge relationships that hedge exposures to interest rates, foreign currency, or both, associated with changes in the fair value of a recognized asset or liability (“fair value hedge”) or variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”).

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are reported in the same line on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are recorded in Accumulated Other Comprehensive Income ("AOCI") until earnings are affected by the variability of cash flows being hedged. At the time the variability of cash flows being hedged impacts net earnings, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net earnings in the same line item on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

Any portion of the change in fair value of a derivative designated to a fair value or cash flow hedge relationship that is excluded from the assessment of effectiveness will be recorded in AOCI and amortized into earnings over the life of the remaining term of the hedge relationship.

To qualify for hedge accounting, at hedge inception we formally document our risk management objective and strategy for entering into hedging relationships, as well as the designation of the hedge. In our hedge documentation, we explain how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will used to test for hedge effectiveness on both a prospective and retrospective basis. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and at least quarterly throughout the life of the hedging relationship.

We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met; (2) the derivative expires, is sold, terminated or is exercised; or (3) we de-designate the derivative from being the hedging instrument for a fair value or cash flow hedge.

If a fair value or cash flow hedge is discontinued, the derivative will continue to be carried at fair value on the unaudited Condensed Consolidated Balance Sheets, with changes in fair value recognized prospectively in Recognized gains and losses in the unaudited Condensed Consolidated Statements of Earnings.

For discontinued fair value hedges, the hedged item will no longer be adjusted for changes in the hedged risk and any existing basis adjustment will be amortized into the unaudited Condensed Consolidated Statements of Earnings within the same line item that is used to report other earnings effects of the hedged item. Any amounts remaining in AOCI associated with a component of the change in derivative fair value excluded from the assessment of effectiveness will be amortized into earnings in a manner consistent with how any basis adjustment associated with the hedged item would be amortized.

The component of AOCI related to discontinued cash flow hedges where it is probable the hedged forecasted transaction will not occur, will be immediately reclassified from AOCI into earnings. In all other cases any amounts remaining in AOCI will be amortized into earnings consistent with the earnings impacts expected from the original hedged cash flows.

Embedded Derivatives

We purchase financial instruments that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. For further information, refer to Note E Derivatives.

Funds Withheld Arrangements

F&G cedes certain business on a coinsurance funds withheld basis. Assets supporting the arrangements are reported within Funds withheld for reinsurance liabilities on our unaudited Condensed Consolidated Balance Sheets. All assets within Funds withheld for reinsurance liabilities are recorded in a manner consistent with each respective item of our accounting policies discussed in Note A Business and Summary of Significant Accounting Policies, of our Annual Report on Form 10-K for the year ended December 31, 2024. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These embedded derivatives are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps are based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025,

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these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified from Prepaid expenses and other assets to conform with the current presentation. The related gains or losses are reported in Recognized gains and losses, net, on our unaudited Condensed Consolidated Statements of Earnings. Refer to Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note E Derivatives, for additional information on these and other derivatives.

Note B — Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2025			2024
	(In millions)
Beginning balance	$	1,713		$	1,770
Change in insurance recoverable	(7)			—
Claim loss provision related to:
Current year	54			46
Total title claim loss provision	54			46
Claims paid, net of recoupments related to:
Current year	(1)			(2)
Prior years	(64)			(68)
Total title claims paid, net of recoupments	(65)			(70)
Ending balance of claim loss reserve for title insurance	$	1,695		$	1,746
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies.

Some of the non-joining investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). On February 20, 2025, the Ninth Circuit affirmed the district court’s Settlement and Bar Order, barring all ongoing and future litigation against CTC stemming from the scheme operated by Ms. Champion-Cain. On April 10, 2025, the appellants filed a petition for rehearing or rehearing en banc requesting the Ninth Circuit to reconsider its decision, but the petition was denied. The deadline for appellants to submit a petition for further review with the U.S. Supreme Court expires on August 5, 2025. Once the appellate decision is final, the remaining lawsuits pending in the Superior Court of San Diego County for the State of California involving claimants/investors who objected to CTC’s settlement with the receiver are expected to be dismissed as to CTC.

Chicago Title Company has also resolved a number of other pre-suit claims and previously disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses,

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which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims, and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, additional reserve adjustments may be required in future periods to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

Note C — Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability. We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The three-level hierarchy for fair value measurement is defined as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

Net Asset Value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate's financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period valuation and investment income.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.

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The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	4,484	$	—	$	—	$	—	$	4,484
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")	—		7,420		8,848		—		16,268
Commercial mortgage-backed securities	—		5,142		—		—		5,142
Corporates	40		19,702		3,006		—		22,748
Hybrids	35		471		6		—		512
Municipals	—		1,406		4		—		1,410
Residential mortgage-backed securities	—		2,745		3		—		2,748
U.S. Government	666		6		—		—		672
Foreign Governments	—		301		23		—		324
Preferred securities	179		242		8		—		429
Equity securities	515		—		10		22		547
Derivative investments	1		703		1		—		705
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	1,106		15		40		—		1,161
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Other assets	—		—		67		—		67
Total financial assets at fair value	$	7,026	$	38,153	$	12,518	$	22	$	57,719
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps	—		—		1		—		1
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	1	$	(78)	$	6,016	$	—	$	5,939

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	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,479	$	—	$	—	$	—	$	3,479
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,513		8,143		—		15,656
Commercial mortgage-backed securities	—		5,182		—		—		5,182
Corporates	41		18,698		2,957		—		21,696
Hybrids	35		546		—		—		581
Municipals	—		1,386		—		—		1,386
Residential mortgage-backed securities	—		2,793		3		—		2,796
U.S. Government	631		6		—		—		637
Foreign Governments	—		280		4		—		284
Preferred securities	189		246		8		—		443
Equity securities	575		—		10		57		642
Derivative investments	—		791		3		—		794
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,995		18		37		—		3,050
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Other assets	—		—		65		—		65
Total financial assets at fair value	$	7,945	$	37,459	$	11,734	$	57	$	57,195
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,220	$	—	$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities	—		10		—		—		10
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	1	$	(99)	$	5,843	$	—	$	5,745

Valuation Methodologies

Cash and Cash Equivalents

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.

Fixed Maturity Preferred and Equity Securities

We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.

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For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.

We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of March 31, 2025 or December 31, 2024.

Certain equity investments are measured using NAV as a practical expedient in determining fair value.

Derivative Financial Instruments

Derivative contracts can either be exchange traded or traded over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, foreign currency exchange rates and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs are not available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.

The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2.

The fair value measurement of the indexed annuities/IUL embedded derivatives included in Contractholder funds and the reinsured indexed crediting feature embedded derivatives recorded as a component of the Reinsurance recoverable is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase equity options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at March 31, 2025 and December 31, 2024 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

Investments in Unconsolidated affiliates

We have elected the fair value option (“FVO”) for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the FVO are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ earnings before interest, taxes, depreciation and amortization ("EBITDA"). The EBITDA is based on the affiliates’ financial information. The multiple is derived from market analysis of transactions involving comparable companies. The inputs are considered unobservable, as not all market participants have access to this data.

Other Long-term Investments

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to an equity option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the equity option regardless of the values used for the other inputs to the option pricing model. The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor

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would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments.

The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.

Short-term Investments

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Certain short-term investments are valued based on third-party pricing services or broker quotes and are classified as Level 2 or 3.

Contingent Consideration

The contingent consideration is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar's EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation.

Other Assets

Mortgage servicing rights are measured at fair value using a discounted cash flow model, which incorporates assumptions that market participants use in estimating future net servicing income cash flows. These assumptions include estimates of prepayment rates, discount rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income, and ancillary income.

Market Risk Benefits ("MRBs")

MRBs (inclusive of reinsured MRBs) are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder (or paid to the reinsurer) used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options, and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. Reinsured MRBs are valued using a methodology consistent with direct MRBs, with the exception of the non-performance spread, which reflects the credit of the reinsurer. See further discussion on MRBs in Note O Market Risk Benefits.    

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2025 and December 31, 2024, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows:

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	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2025
	(In millions)				March 31, 2025
Assets
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
Corporates	11		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (97.01%)
Corporates	688		Third-Party Valuation	Discount Rate	2.09% - 24.33% (6.55%)
Municipals	4		Third-Party Valuation	Discount Rate	5.63% - 5.63% (5.63%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.65% - 5.65% (5.65%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	10.86% - 10.86% (10.86%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	8.40% - 8.40% (8.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.4x - 5.4x (5.4x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	9.7x - 14.1x (11.8x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	6.94% - 6.94% (6.94%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Other assets	67		Discounted Cash Flow	Discount Rate	9.36% - 15.27% (12.32%)
				Conditional Prepayment Rate	6.33% -11.65% (8.99%)
Market risk benefits asset	187		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial assets at fair value (a)	$	1,396
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,316	Discounted Cash Flow	Market Value of Option	0.00% - 19.44% (1.98%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.70%)
				Partial Withdrawals	2.00% - 37.04% (2.71%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				Option Cost	0.07% - 5.70% (2.72%)
Accounts payable and accrued liabilities:
Contingent consideration	64		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.00% - 13.00% (13.00%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	635		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial liabilities at fair value	$	6,015

(a) Assets of $11,122 million and liabilities of $1 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

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	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2024
	(In millions)				December 31, 2024
Assets
Asset-backed securities	$	95	Third-Party Valuation	Discount Rate	4.83% - 7.15%% (6.33%)
Corporates	750		Third-Party Valuation	Discount Rate	2.00% - 22.53% (6.76%)
Corporates	7		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (96.45%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.89% - 5.89% (5.89%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	12.14% - 12.14% (12.14%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	4.80% - 14.10% (9.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.8x - 7.5x (7.0x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other assets	65		Discounted Cash Flow	Discount Rate	10.60% - 12.00% (11.30%)
				Conditional Prepayment Rate	6.24% - 11.99% (9.12%)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	7.22% - 7.22% (7.22%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Market risk benefits asset	189		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% -24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% -75.00% (61.77%)
Total financial assets at fair value (a)	$	1,433
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,220	Discounted Cash Flow	Market Value of Option	0.00% - 20.81% (2.92%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.94%)
				Partial Withdrawals	2.00% - 35.71% (2.72%)
				Non-Performance Spread	0.48% - 0.95% 0.75%)
				Option Cost	0.07% - 5.70% (2.68%)
Accounts payable and accrued liabilities:
Contingent consideration	74		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	549		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (61.77%)
Total financial liabilities at fair value	$	5,843

(a) Assets of $10,301 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

18

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended March 31, 2025
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	8,143	$	1	$	3	$	1,029	$	(143)	$	(185)	$	—	$	8,848	$	2
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—
Corporates	2,957		(13)		34		353		(314)		(11)		—		3,006		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	8		(1)		1		—		—		—		—		8		—
Equity securities	10		—		—		—		—		—		—		10		—
Interest rate swaps	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Short term investments	37		—		—		3		—		—		—		40		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Credit linked note	—		—		—		—		—		—		—		—		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Other assets	65		—		—		2		—		—		—		67		—
Subtotal Level 3 assets at fair value	$	11,545	$	(13)	$	36	$	1,416	$	(457)	$	(196)	$	—	$	12,331	$	33
Market risk benefits asset (b)	189														187
Total Level 3 assets at fair value	$	11,734													$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	5,220		(67)		—		256		—		(93)		—		5,316		—
Interest rate swaps	—		—		1		—		—		—		—		1		(1)
Accounts payable and accrued liabilities:
Contingent consideration	74		2		—		—		—		(12)		—		64		—
Subtotal Level 3 liabilities at fair value	$	5,294	$	(65)	$	1	$	256	$	—	$	(105)	$	—	$	5,381	$	(1)
Market risk benefits liability (b)	549														635
Total Level 3 liabilities at fair value	$	5,843													$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

19

	Three months ended March 31, 2024
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	$	4,258	$	200	$	—	$	288	$	—	$	(67)	$	—	$	4,679	$	—
Interest rate swaps	—		19		—		—		—		—		—		19
Accounts payable and accrued liabilities:
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

20

Mortgage Loans

The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity, and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.

Investments in Unconsolidated affiliates

In our F&G segment, the carrying value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting were $175 million and $166 million as of March 31, 2025 and December 31, 2024, respectively.

Policy Loans (included within Other long-term investments)

Policy loans are reported at the unpaid principal balance and are fully collateralized by the cash surrender value of underlying insurance policies. The carrying value of the policy loans approximates the fair value and are classified as Level 3 in the fair value hierarchy.

Company Owned Life Insurance

Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.

Other Invested Assets (included within Other long-term investments)

The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.

Investment Contracts

Investment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers ("PRT"), and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

Other

Federal Home Loan Bank of Atlanta (“FHLB”) common stock is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.

21

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	156	$	—	$	—	$	156	$	156
Commercial mortgage loans	—		—		2,534		—		2,534		2,788
Residential mortgage loans	—		—		3,338		—		3,338		3,578
Investments in unconsolidated affiliates	—		—		4		3,851		3,855		3,855
Policy loans	—		—		115		—		115		115
Other invested assets	45		—		—		50		95		95
Company-owned life insurance	—		—		436		—		436		436
Trade and notes receivables, net of allowance	—		—		421		—		421		421
Total	$	45	$	156	$	6,848	$	3,901	$	10,950	$	11,444
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Debt	—		4,110		—		—		4,110		4,394
Total	$	—	$	4,110	$	47,722	$	—	$	51,832	$	56,901

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	153	$	—	$	—	$	153	$	153
Commercial mortgage loans	—		—		2,404		—		2,404		2,705
Residential mortgage loans	—		—		2,916		—		2,916		3,221
Investments in unconsolidated affiliates	—		—		5		3,288		3,293		3,293
Policy loans	—		—		104		—		104		104
Other invested assets	42		—		—		48		90		90
Company-owned life insurance	—		—		431		—		431		431
Trade and notes receivables, net of allowance	—		—		471		—		471		471
Total	$	42	$	153	$	6,331	$	3,336	$	9,862	$	10,468
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Debt	—		3,781		—		—		3,781		4,321
Total	$	—	$	3,781	$	46,339	$	—	$	50,120	$	55,505

For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

22

Note D — Investments

Our fixed maturity securities investments have been designated as available-for-sale ("AFS"), and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in Accumulated Other Comprehensive Income ("AOCI"), net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments as of March 31, 2025 and December 31, 2024 are summarized as follows:

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	16,435	$	(15)	$	174	$	(326)	$	16,268
Commercial mortgage-backed securities	5,312		(50)		51		(171)		5,142
Corporates	25,223		(19)		156		(2,612)		22,748
Hybrids	537		—		3		(28)		512
Municipals	1,636		—		5		(231)		1,410
Residential mortgage-backed securities	2,787		(1)		41		(79)		2,748
U.S. Government	671		—		5		(4)		672
Foreign Governments	372		—		1		(49)		324
Total available-for-sale securities	$	52,973	$	(85)	$	436	$	(3,500)	$	49,824

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,784	$	(13)	$	202	$	(317)	$	15,656
Commercial mortgage-backed/asset-backed securities	5,379		(49)		53		(201)		5,182
Corporates	24,425		(5)		108		(2,832)		21,696
Hybrids	604		—		6		(29)		581
Municipals	1,638		—		3		(255)		1,386
Residential mortgage-backed securities	2,869		—		32		(105)		2,796
U.S. Government	645		—		2		(10)		637
Foreign Governments	337		—		—		(53)		284
Total available-for-sale securities	$	51,681	$	(67)	$	406	$	(3,802)	$	48,218

Securities held on deposit with various state regulatory authorities had a fair value of $149 million and $997 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and December 31, 2024, the Company held $33 million and $32 million, respectively, of investments that were non-income producing for a period greater than twelve months.

As of March 31, 2025 and December 31, 2024, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under "Mortgage Loans," was $484 million and $476 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $4,740 million and $4,289 million as of March 31, 2025 and December 31, 2024, respectively.

23

The amortized cost and fair value of fixed maturity 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 prepay obligations.

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	1,003	$	999	$	961	$	955
Due after one year through five years	5,118		5,086		4,616		4,544
Due after five years through ten years	5,519		5,404		5,311		5,126
Due after ten years	16,799		14,177		16,761		13,959
Subtotal	28,439		25,666		27,649		24,584
Other securities, which provide for periodic payments:
Asset-backed securities	16,435		16,268		15,784		15,656
Commercial mortgage-backed securities	5,312		5,142		5,379		5,182
Residential mortgage-backed securities	2,787		2,748		2,869		2,796
Subtotal	24,534		24,158		24,032		23,634
Total fixed maturity available-for-sale securities	$	52,973	$	49,824	$	51,681	$	48,218

Allowance for Expected Credit Loss

We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:

•The extent to which the fair value is less than the amortized cost basis;

•The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);

•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);

•Current delinquencies and non-performing assets of underlying collateral;

•Expected future default rates;

•Collateral value by vintage, geographic region, industry concentration or property type;

•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.

We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage-backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.

We consider the following in determining whether write-offs of a security’s amortized cost are necessary:

• We believe amounts related to securities have become uncollectible;

• We intend to sell a security; or

• It is more likely than not that we will be required to sell a security prior to recovery.

24

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible, an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI. As of March 31, 2025 and December 31, 2024, our allowance for expected credit losses for AFS securities was $85 million and $67 million, respectively.

25

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025
	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	(In millions)
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	707		(13)		1,341		(141)		2,048		(154)
Corporates	5,692		(141)		9,867		(2,471)		15,559		(2,612)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		1,025		(222)		1,204		(231)
Residential mortgage-backed securities	495		(4)		440		(69)		935		(73)
U.S. Government	80		—		104		(4)		184		(4)
Foreign Government	90		(3)		182		(47)		272		(50)
Total available-for-sale securities	$	12,708	$	(223)	$	15,887	$	(3,240)	$	28,595	$	(3,463)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,961
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,227
Total number of available-for-sale securities in an unrealized loss position											4,188

	December 31, 2024
	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	(In millions)
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	727		(11)		1,513		(175)		2,240		(186)
Corporates	6,831		(208)		9,866		(2,624)		16,697		(2,832)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		1,006		(243)		1,267		(255)
Residential mortgage-backed securities	899		(16)		460		(89)		1,359		(105)
U.S. Government	313		(4)		122		(5)		435		(9)
Foreign Government	120		(5)		157		(48)		277		(53)
Total available-for-sale securities	$	10,420	$	(290)	$	16,141	$	(3,485)	$	26,561	$	(3,775)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,005
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,305
Total number of available-for-sale securities in an unrealized loss position											4,310

The unrealized losses as of March 31, 2025 and December 31, 2024 were caused by higher treasury rates compared to those at the time of the F&G acquisition or the purchase of the security if later. For securities in an unrealized loss position as of March 31, 2025, our allowance for expected credit loss was $85 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2025 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

26

Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans (“CMLs”) represented approximately 4% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets for both March 31, 2025 and December 31, 2024. The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties, and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	17	1	%	$	17	1	%
Industrial	657		23		657		24
Mixed Use	11		—		11		—
Multifamily	1,024		37		1,006		37
Office	349		12		349		13
Retail	75		3		98		4
Student Housing	83		3		83		3
Other	589		21		501		18
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705
U.S. Region:
East North Central	$	99	4	%	$	98	4	%
East South Central	75		3		75		3
Middle Atlantic	348		12		354		13
Mountain	409		15		409		15
New England	164		6		164		6
Pacific	726		26		706		26
South Atlantic	742		26		683		25
West North Central	62		2		62		2
West South Central	180		6		171		6
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705

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An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs for CMLs during the three month period ended March 31, 2025 and for the year ended December 31, 2024. CMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	99	$	283	$	228	$	290	$	1,253	$	642	$	2,795
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		10		10
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	273	$	227	$	290	$	1,253	$	469	$	201	$	2,713
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.

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The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025	(In millions)
LTV Ratios:
Less than 50.00%	$	437	$	40	$	—	$	477	17	%	$	467	18	%
50.00% to 59.99%	853		141		12		1,006		36		909		36
60.00% to 74.99%	1,251		54		—		1,305		46		1,141		45
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,545	$	239	$	21	$	2,805	100	%	$	2,534	100	%
December 31, 2024
LTV Ratios:
Less than 50.00%	$	490	$	34	$	—	$	524	19	%	$	501	21	%
50.00% to 59.99%	803		112		12		927		34		826		34
60.00% to 74.99%	1,238		16		—		1,254		46		1,060		44
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,535	$	166	$	21	$	2,722	100	%	$	2,404	100	%

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	24	$	73	$	100	$	19	$	74	$	187	$	477
50.00% to 59.99%	—		115		53		149		346		343		1,006
60.00% to 74.99%	75		91		71		113		833		122		1,305
75.00% to 84.99%	—		4		4		9		—		—		17
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805
CMLs
DSCR
Greater than 1.25x	$	89	$	112	$	190	$	278	$	1,241	$	635	$	2,545
1.00x - 1.25x	10		171		38		3		—		17		239
Less than 1.00x	—		—		—		9		12		—		21
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

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	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	66	$	99	$	19	$	74	$	189	$	77	$	524
50.00% to 59.99%	112		53		149		321		159		133		927
60.00% to 74.99%	91		71		113		858		121		—		1,254
75.00% to 84.99%	4		4		9		—		—		—		17
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722
CMLs
DSCR
Greater than 1.25x	$	140	$	215	$	278	$	1,241	$	469	$	192	$	2,535
1.00x - 1.25x	133		12		3		—		—		18		166
Less than 1.00x	—		—		9		12		—		—		21
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of March 31, 2025 and December 31, 2024, we had one CML that was delinquent in principal or interest payments as shown in the tables above.

Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively. Our RMLs are primarily closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	176	5	%
All other states (a)	3,458		95
Total RMLs, gross of valuation allowance	3,634		100	%
Allowance for expected credit loss	(56)
Total RMLs, net of valuation allowance	$	3,578

(a)     The individual concentration of each state is less than 5% as of March 31, 2025.

	December 31, 2024
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	164	5	%
All other states (a)	3,110		95
Total RMLs, gross of valuation allowance	3,274		100	%
Allowance for expected credit loss	(53)
Total RMLs, net of valuation allowance	$	3,221

(a)     The individual concentration of each state is less than 5% as of December 31, 2024.

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RMLs have a primary credit quality indicator of either a performing or non-performing loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2025 and December 31, 2024, was as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	3,562	98	%	$	3,188	97	%
Non-performing	72		2		86		3
Total RMLs, gross of valuation allowance	3,634		100	%	3,274		100	%
Allowance for expected loan loss	(56)				(53)
Total RMLs, net of valuation allowance	$	3,578			$	3,221

An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs recorded by RMLs during the three months ended March 31, 2025 or during the year ended December 31, 2024. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	311	$	719	$	372	$	886	$	793	$	460	$	3,541
30-89 days past due	—		4		2		6		2		7		21
90 days or more past due	—		1		2		11		26		32		72
Total RMLs	$	311	$	724	$	376	$	903	$	821	$	499	$	3,634

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	610	$	368	$	911	$	805	$	162	$	312	$	3,168
30-89 days past due	1		6		4		6		1		3		21
90 days or more past due	3		2		13		29		13		25		85
Total RMLs	$	614	$	376	$	928	$	840	$	176	$	340	$	3,274

    Non-accrual loans by amortized cost as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025		December 31, 2024
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	85
Commercial mortgage:	10		9
Total non-accrual mortgages	$	82	$	94

    

Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2025 and 2024.

It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2025 and December 31, 2024, we had $82 million and $94 million, respectively, of mortgage loans that were over 90 days past due.

As of March 31, 2025 and December 31, 2024, we had $77 million and $81 million, respectively, of residential mortgage loans that were in the process of foreclosure.

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Allowance for Expected Credit Loss

We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three-year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.

The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended March 31, 2025
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(53)	$	(17)	$	(70)
Provision expense for loan losses	(3)		—		(3)
Ending Balance	$	(56)	$	(17)	$	(73)

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(54)	$	(12)	$	(66)
Provision expense for loan losses	—		(1)		(1)
Ending Balance	$	(54)	$	(13)	$	(67)

An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial for the three months ended March 31, 2025 and 2024.

As of March 31, 2025 and December 31, 2024, the accrued interest receivable balance on CMLs totaled $9 million and $8 million, respectively, and the accrued interest receivable on RMLs totaled $31 million and $28 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

Interest and Investment Income

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Fixed maturity securities, available-for-sale	$	569	$	534
Equity securities	8		10
Preferred securities	6		8
Mortgage loans	82		66
Invested cash and short-term investments	53		47
Limited partnerships	55		54
Tax deferred property exchange income	29		32
Other investments	22		29
Gross investment income	824		780
Investment expense	(64)		(70)
Interest and investment income	$	760	$	710

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Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $184 million and $127 million for the three months ended March 31, 2025 and 2024, respectively.

Recognized Gains and Losses, Net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Net realized (losses) gains on fixed maturity available-for-sale securities	$	(2)	$	(19)
Net realized/unrealized gains (losses) on equity securities (1)	(38)		54
Net realized/unrealized gains (losses) on preferred securities (2)	(2)		16
Net realized/unrealized gains (losses) on other invested assets	(1)		60
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	(25)		21
Unrealized gains (losses) on certain derivative instruments	(159)		156
Change in fair value of reinsurance related embedded derivatives (3)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	3		5
Net realized/unrealized (losses) gains on derivatives and embedded derivatives	(222)		164
Recognized gains and losses, net	$	(287)	$	275

(1) Includes net valuation (losses) gains of $(43) million and $22 million for the three months ended March 31, 2025 and 2024, respectively.

(2) Includes net valuation (losses) gains of $(1) million and $15 million for the three months ended March 31, 2025 and 2024, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, were $42 million and $(19) million for the three months ended March 31, 2025 and March 31, 2024, respectively.

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Proceeds	$	2,084	$	583
Gross gains	12		6
Gross losses	(14)		(25)

Unconsolidated Variable Interest Entities

We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary,’ a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.

We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically

33

invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities included in fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.

For limited partnerships, our maximum loss exposure with respect to these VIEs is limited to the investment carry amounts reported in our unaudited Condensed Consolidated Balance Sheets in addition to any required unfunded commitments. For fixed maturity securities, our maximum loss exposure with respect to these VIEs is limited to the amortized cost in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,276	$	5,451	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	28,050	$	30,198	$	26,807	$	28,945

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Note E — Derivative Financial Instruments

Refer to Note A Basis of Financial Statements, for a description of the Company’s accounting policies for derivative financial instruments and Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for derivative financial instruments.

The notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	350	$	9	$	—	$	—	$	—	$	—
Foreign currency swaps (a)	60		1		1		39		2		—
Total derivatives designated as hedging instruments	410		10		1		39		2		—
Derivatives not designated as hedging instruments
Equity options (a)	$	31,986	$	632	$	1	$	29,594	$	773	$	—
Interest rate swaps (a)	5,655		62		—		5,145		19		10
Futures contracts (a)	—		1		—		—		—		—
Other derivative investments (a)	88		—		—		118		1		—
Other embedded derivatives (b)	—		32		—		—		32		—
Indexed annuities/IUL embedded derivatives (c)	—		—		5,316		—		—		5,220
Reinsurance related embedded derivatives (d)	—		—		(78)		—		—		(109)
Total derivatives not designated as hedging instruments	37,729		727		5,239		34,857		825		5,121
Total derivatives	$	38,139	$	737	$	5,240	$	34,896	$	827	$	5,121

(a)The fair value of derivative assets are reported in Derivative investments, and the fair value of derivative liabilities are reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.

(c)The fair value is included in Contractholder funds on the unaudited Condensed Consolidated Balance Sheets.

(d)The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the unaudited Condensed Consolidated Balance Sheets.

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The amounts and locations of gains (losses) recognized for derivatives and gains (losses) recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:

	March 31, 2025
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	9	$	(10)
Foreign currency swaps	(1)		1		—		—
Total derivatives designated as hedging instruments	(1)		1		9		(10)
Derivatives not designated as hedging instruments
Equity options	(234)		—		—		—
Interest rate swaps	52		—		—		—
Futures contracts	5		—		—		—
Other derivative investments	(4)		—		—		—
Other embedded derivatives	—		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		(67)		—
Reinsurance related embedded derivatives	(41)		—		—		—
Total derivatives not designated as hedging instruments	(222)		—		(67)		—
Total derivatives	$	(223)	$	1	$	(58)	$	(10)

	March 31, 2024
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	—	$	—
Foreign currency swaps	—		—		—		—
Total derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments
Equity options	250		—		—		—
Interest rate swaps	(80)		—		—		—
Futures contracts	6		—		—		—
Other derivative investments	3		—		—		—
Other embedded derivatives	3		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		200		—
Reinsurance related embedded derivatives	(18)		—		—		—
Total derivatives not designated as hedging instruments	164		—		200		—
Total derivatives	$	164	$	—	$	200	$	—

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The following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges:

	March 31, 2025				December 31, 2024
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item	Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)		Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
	(In millions)
Fixed maturity securities, AFS, at amortized cost	$	21	$	—	$	—	$	—
Contractholder funds	(360)		(10)		—		—

For the three months ended March 31, 2025 and 2024, the derivative instruments’ gains (losses) excluded from the assessment of hedge effectiveness was immaterial.

There were no fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued in the three months ended March 31, 2025 and the year ended December 31, 2024.

Derivatives designated as hedging instruments

We utilize interest rate swaps and foreign currency swaps that are designated and accounted for as fair value hedges to reduce interest rate risk for certain funding agreements and to reduce the risk of certain exposures to foreign currency risk for foreign AFS fixed maturity securities. For fair value hedges of funding agreements, changes in fair value are reported in Benefits and other changes in policy reserves. For fair value hedges of AFS fixed maturity securities, these changes in fair value included in the assessment of effectiveness are reported in Recognized gains and losses, net in the unaudited Condensed Consolidated Statement of Earnings. The change in the fair value of excluded components is recorded in Other Comprehensive Income ("OCI") and is recognized in net income through periodic settlements.

We utilize foreign currency swaps that are designated and accounted for as cash flow hedges to reduce the variability in future cash flows due to changes in foreign currency exchange rates on certain AFS fixed maturity securities. For these hedges, changes in fair value of the derivative are recorded as a component of OCI and then reclassified in Interest and investment income or Recognized gains and losses, net in the unaudited Condensed Consolidated Statement of Earnings at the time the variability of cash flows being hedged impact net earnings. At March 31, 2025 and December 31, 2024, the balance of the cash flow hedges and changes in fair value were immaterial.

Derivatives not designated as hedging instruments

Indexed Annuities/IUL Embedded Derivative, Equity Options and Futures

We have indexed annuities and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, such as the S&P 500 Index. This feature represents an embedded derivative under GAAP. The indexed annuities/IUL embedded derivatives are valued at fair value and included in the liability for contractholder funds in the unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings.

We purchase derivatives consisting of a combination of equity options and futures contracts (specifically for indexed annuity contracts) on the applicable market indices to fund the index credits due to indexed annuity/IUL contractholders. The equity options are one, two, three, five and six year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new equity options to fund the next index credit. We manage the cost of these purchases through the terms of our indexed annuities/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the equity options and futures contracts is generally designed to offset the portion of the change in the fair value of the indexed annuities/IUL embedded derivatives related to index performance through the current credit period. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.

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Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our indexed annuities/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.

Interest Rate Swaps

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal.

The interest rate swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and (losses), net, in the unaudited Condensed Consolidated Statements of Earnings.

Reinsurance Related Embedded Derivatives

F&G cedes certain business on a coinsurance funds withheld basis. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These total return swaps are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025, these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified to conform with the current presentation. The related gains or losses are reported in Recognized gains and (losses), net, on the unaudited Condensed Consolidated Statements of Earnings.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties and reflect assumptions regarding this non-performance risk in the fair value of our derivatives. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.

We manage credit risk related to non-performance by our counterparties by (i) entering into derivative transactions with creditworthy counterparties; (ii) obtaining collateral, such as cash and securities when appropriate; and (iii) establishing counterparty exposure limits, which are subject to periodic management review.

Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:

		Fair Value		Collateral		Net Credit Risk
	(In millions)
March 31, 2025		$	700	$	621	$	79
December 31, 2024		782		771		34

Collateral Agreements

We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open derivative contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except one, the threshold is set to zero. As of March 31, 2025 and December 31, 2024 counterparties posted collateral of $621 million and $771 million, respectively, of which $544 million and $679 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the derivatives failed completely to perform according to the terms of the contracts was $79 million as of March 31, 2025 and $34 million at December 31, 2024.

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We are required to pay our counterparties the effective federal funds interest rate each day for cash collateral posted to us. Cash collateral is reinvested in overnight investment sweep products, which are included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets, to reduce the interest cost. Changes in cash collateral are included in the Change in derivative collateral liabilities in the unaudited Condensed Consolidated Statements of Cash Flow.

We held 472 and 527 futures contracts as of March 31, 2025 and December 31, 2024, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $7 million at both March 31, 2025 and December 31, 2024, respectively.

Note F — Commitments and Contingencies

Legal and Regulatory Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note C Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $17 million as of March 31, 2025 and December 31, 2024. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is an F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims for damages. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. Cooper also alleges that he is an F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract.

Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation (JPML) created a multidistrict litigation (MDL) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. Both Miller and Cooper have been transferred to the MDL and are consolidated under MDL Case No. 1:23-md-03083-ADB-PGL. The case is proceeding under a modified bellwether structure to decide critical issues and facilitate reciprocal discovery, and Plaintiffs’ consolidated class action complaint against all the bellwether Defendants was filed on December 6, 2024. F&G was not selected as a bellwether Defendant, and there is no schedule in place for further proceedings involving the non-bellwether Defendants like F&G. At this time, we do not believe the incident will have a material impact on our business, operations, or financial results.

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In connection with the cybersecurity incident initially reported on November 21, 2023, the Company and/or its subsidiaries is a party to a consolidated putative nationwide class action, In Re: LoanCare Data Security Breach Litigation, Case No. 3:23cv1508, pending in the U.S. District Court for the Middle District of Florida and originating from the consolidation of putative class actions filed in the U.S. District Courts for the Middle District of Florida, the Central District of California, and the Western District of Missouri. On March 19, 2024, plaintiffs filed their consolidated class action complaint on behalf of a nationwide class, along with a California subclass and a Florida subclass, alleging common law tort and contract claims and certain state statutory claims. The parties mediated the case on July 25, 2024, and reached an agreement in principle to resolve the case on a class-wide basis. On March 24, 2025, the court granted preliminary approval of the class-wide settlement, set class notice and claim form deadlines, and scheduled a final approval hearing for September 4, 2025. If approved, and once the settlement administrator disburses all the funds, the case will be dismissed.

On May 28, 2024, a lawsuit styled Roofers Local 149 Pension Fund v. Fidelity National Financial Inc., William P. Foley, F&G Annuities & Life Inc., C.A. No. 2024-0562-LWW, was filed in the Chancery Court of the State of Delaware against Fidelity National Financial, Inc. (“FNF”), in its capacity as F&G Annuities & Life Inc.’s (“F&G”) controlling stockholder, and William P. Foley, Executive Chairman of F&G and Chairman of FNF, alleging breach of fiduciary duty related to F&G’s January 11, 2024 sale of $250 million of 6.875% Series A Mandatory Convertible Preferred Stock to FNF. Plaintiff alleges that, based upon an unfair process and unfair price, the preferred stock investment was advantageous to FNF and unfair to F&G. Plaintiff seeks to recover damages on behalf of F&G for the alleged unfair preferred stock investment and the adoption of certain corporate governance measures. On July 24, 2024, F&G filed its answer, and the remaining defendants, including FNF, filed their motion to dismiss Plaintiff’s complaint. On September 23, 2024, Plaintiff voluntarily dismissed its action against William P. Foley, leaving FNF’s motion to dismiss fully briefed and a decision pending with the court. On February 4, 2025, FNF argued the motion to dismiss before the court. The remaining defendants will vigorously contest the Plaintiff’s claims in the action.

Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) is a defendant in a lawsuit filed in U.S. District Court for the Southern District of Texas styled, Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company, Case No. 3:23-cv-00126. Plaintiff, which provides consulting services to independent marketing organizations (IMOs), alleges FGL Insurance failed to pay commissions owed to Plaintiff and diverted commissions from one of Plaintiff’s IMO customers, Syncis, to another IMO, Freedom Equity Group, LLC (“Freedom Equity”). Further, Plaintiff alleges after FGL Insurance purportedly purchased a partial ownership interest in Syncis and Freedom Equity, Plaintiff offered to sell its interests in its contracts with Syncis but FGL Insurance declined, leading Plaintiff to allege a statutory violation of 42 U.S.C. §1981 for discrimination where Plaintiff’s sole member is a racial minority. Plaintiff claims its damages for breach of contract from FGL Insurance’s purported failure to pay commissions are more than $162 million and its damages from FGL Insurance’s declining to purchase Plaintiff’s interest in its contracts with Syncis are over $11 million. FGL Insurance denies the allegations and denies any contract or agreement existed with Plaintiff to pay commissions. FGL Insurance filed its motion for summary judgment, and briefing is in process. The case is expected to be set for trial in the summer of 2025. FGL Insurance will vigorously contest the Plaintiff’s claims in the action. As this case continues to evolve, it is not possible to reasonably estimate the probability that Plaintiff will ultimately prevail on its claims or that FGL Insurance will be held liable for the dispute. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.

From time to time, we receive inquiries and requests for information from state insurance departments, attorneys general, and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries, and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our business, operations, or financial results.

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In our F&G segment, we have unfunded commitments as of March 31, 2025 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2025 is included below:

	March 31, 2025
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, ABS	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
Other invested assets	—
Total	$	3,700

Concurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan matures on August 5, 2027. The principal balance outstanding as of March 31, 2025 and December 31, 2024 was $11 million, and the balance is included in “Prepaid expenses and other assets” on the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Earnings and recognized when earned. The remainder of the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item.

Note G — Dividends

On May 7, 2025, our Board of Directors declared cash dividends of $0.50 per share, payable on June 30, 2025, to FNF common shareholders of record as of June 16, 2025.

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Note H — Segment Information

The tables below summarize the result of operations by segment that are provided to the Chief Operating Decision Maker ("CODM"), who is the Company's Chief Executive Officer. The Company's primary methods of measuring profitability and performance on a reportable segment basis are Revenues and Net earnings from continuing operations which are also measures used by the CODM to evaluate segment results and are factors in determining capital allocation among the segments.

Summarized financial information concerning our reportable segments is shown in the following tables. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

As of and for the three months ended March 31, 2025:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	510		—		—		—		510
Agency title insurance premiums	681		—		—		—		681
Escrow, title related and other fees	525		505		35		—		1,065
Interest and investment income	83		666		39		(28)		760
Recognized gains and losses, net	(25)		(263)		1		—		(287)
Total segment revenues	1,774		908		75		(28)		2,729
Significant segment expenses:
Personnel costs	672		67		31		—		770
Agent commissions	528		—		—		—		528
Other operating expenses	313		41		23		—		377
Benefits and other changes in policy reserves	—		524		—		—		524
Total significant segment expenses	1,513		632		54		—		2,199
Other segment items:
Depreciation and amortization	36		153		7		—		196
Provision for title claim losses	54		—		—		—		54
Market risk benefit gains	—		109		—		—		109
Interest expense	—		40		20		—		60
Total other segment items	90		302		27		—		419
Total segment expenses	1,603		934		81		—		2,618
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	171		(26)		(6)		(28)		111
Income tax expense (benefit)	42		(5)		(8)		—		29
Earnings (loss) before equity in earnings of unconsolidated affiliates	129		(21)		2		(28)		82
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	130	$	(21)	$	2	$	(28)	$	83
Assets	$	7,723	$	88,013	$	2,473	$	—	$	98,209
Goodwill	2,799		2,179		293		—		5,271

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As of and for the three months ended March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	440		—		—		—		440
Agency title insurance premiums	593		—		—		—		593
Escrow, title related and other fees	484		741		56		—		1,281
Interest and investment income	83		616		38		(27)		710
Recognized gains and losses, net	63		212		—		—		275
Total segment revenues	1,663		1,569		94		(27)		3,299
Significant segment expenses:
Personnel costs	618		66		43		—		727
Agent commissions	460		—		—		—		460
Other operating expenses	285		58		26		—		369
Benefits and other changes in policy reserves	—		1,161		—		—		1,161
Total significant segment expenses	1,363		1,285		69		—		2,717
Other segment items:
Depreciation and amortization	36		123		8		—		167
Provision for title claim losses	46		—		—		—		46
Market risk benefit gains	—		(11)		—		—		(11)
Interest expense	—		30		19		—		49
Total other segment items	82		142		27		—		251
Total segment expenses	1,445		1,427		96		—		2,968
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

The activities in our segments include the following:

•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.

•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (indexed annuities and fixed rate annuities), immediate annuities and IUL. This segment also provides funding agreements and PRT solutions.

•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries, and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

•Elimination. This segment consists of the elimination of dividends paid from F&G to FNF, which are included in the Corporate and Other segment.

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Note I — Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Three months ended March 31,
	2025		2024
Cash paid for:	(In millions)
Interest	$	54	$	57
Income taxes	6		3
Deferred sales inducements	71		54
Non-cash investing and financing activities:
Investments transferred subject to reinsurance agreement	(500)		—
Change in proceeds of sales of investments available for sale receivable in period	1		(37)
Change in purchases of investments available for sale payable in period	52		173
Lease liabilities recognized in exchange for lease right-of-use assets	9		16
Remeasurement of lease liabilities	14		13
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	5		474
Less: Total Purchase price	3		284
Liabilities and noncontrolling interests assumed	$	2	$	190

Note J — Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2025		2024
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	510	$	440
Agency title insurance premiums	Agency title insurance premiums	Title	681		593
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	505		741
Home warranty	Escrow, title-related and other fees	Title	36		32
Total revenue from insurance contracts			1,732		1,806
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	187		167
Other title-related fees and income	Escrow, title-related and other fees	Title	152		145
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	83		74
Real estate technology	Escrow, title-related and other fees	Corporate and other	33		35
Total revenue from contracts with customers			455		421
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	67		66
Other	Escrow, title-related and other fees	Corporate and other	2		21
Interest and investment income	Interest and investment income	Various	760		710
Recognized gains and losses, net	Recognized gains and losses, net	Various	(287)		275
Total revenues	Total revenues		$	2,729	$	3,299

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated

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with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.

Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

F&G derives its revenue from external customers primarily located in the United States. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products, and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("FIA") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Contract Balances

The following table provides information about trade receivables and deferred revenue:

	March 31, 2025		December 31, 2024
	(In millions)
Trade receivables	$	327	$	362
Deferred revenue (contract liabilities)	92		92

Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three

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months ended March 31, 2025 and March 31, 2024, we recognized $35 million and $34 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

URL

The following table rolls forward URL for our universal life product for the three months ended March 31, 2025 and March 31, 2024 :

	Three months ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	401	$	270
Capitalization	41		35
Amortization	(6)		(4)
Balance at March 31,	$	436	$	301

For IUL, the cash flow assumptions used to amortize URL reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions, resulting in a revision to the IUL assumptions involving premium persistency and mortality improvement.

Note K —Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

	March 31, 2025		December 31, 2024
	(In millions)
Customer relationships and contracts	$	417	$	435
Value of business acquired	1,311		1,349
Deferred acquisition costs	3,172		3,036
Deferred sales inducements	682		625
Value of distribution asset	71		74
Computer software	276		277
Trademarks, tradenames, and other	184		180
Total Other intangible assets, net	$	6,113	$	5,976

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2025	$	892	$	22	$	184	$	126	$	125	$	1,349
Amortization	(31)		(1)		(2)		(1)		(3)		(38)
Balance at March 31, 2025	$	861	$	21	$	182	$	125	$	122	$	1,311
	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407

VOBA amortization expense of $38 million and $39 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively.

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The following tables roll forward DAC by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2025	$	1,874	$	376	$	781	$	3,031
Capitalization	126		21		69		216
Amortization	(45)		(25)		(12)		(82)
Balance at March 31, 2025	$	1,955	$	372	$	838	$	3,165
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408

(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.

DAC amortization expense of $82 million and $60 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively, excluding insignificant amounts related to FABN and PRT.

The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed Annuities	$	1,955	$	1,874
Fixed Rate Annuities	372		376
Universal Life	838		781
Funding Agreements	5		4
PRT	2		1
Total	$	3,172	$	3,036

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	625	$	346
Capitalization	71		54
Amortization	(14)		(8)
Balance at March 31,	$	682	$	392

DSI amortization expense of $14 million and $8 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefit ("FPB") for life contingent immediate annuities, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For indexed annuity contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities.

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F&G reviews cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2025, F&G updated the assumption for option budgets. For the year ended December 31, 2024, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, mortality improvement and option budgets. All updates to these assumptions brought F&G more in line with our Company and overall industry experience since the prior assumption update.

There has been no material change to the estimated future amortization expense of intangible assets since December 31, 2024.

Note L — F&G Reinsurance

The Company reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk and any acquisition cost reimbursements reduce policy acquisition costs deferred and maintenance expense reimbursements reduce direct expenses incurred. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk. As of March 31, 2025 and December 31, 2024, we had an immaterial amount of cost of reinsurance recorded on the unaudited Condensed Consolidated Balance Sheets.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2025 and 2024 were as follows:

	Three months ended March 31,
	2025				2024
	(In millions)
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
Direct	$	343	$	577	$	620	$	1,213
Ceded	(22)		(53)		(24)		(52)
Net	$	321	$	524	$	596	$	1,161

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.

Reinsurance Transactions

The following summarizes significant changes to third-party reinsurance agreements for the period ended March 31, 2025:

Everlake: Effective January 1, 2025, F&G amended the existing flow reinsurance agreement with Everlake Life Insurance Company (“Everlake”) to cede future additional MYGA business for agreed upon periods to Everlake pursuant to an offer and acceptance process, rather than on a flow basis. The amendment included a cession of an in force block of certain MYGA policies on a coinsurance quota share basis.

There have been no other significant changes to third party reinsurance agreements for the three months ended March 31, 2025.

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The following summarizes our reinsurance recoverable as of March 31, 2025 and December 31, 2024:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2025		December 31, 2024
	(In millions)
Aspida Life Re Ltd.	$	8,060	$	7,844	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd. (c)	3,316		2,822		Coinsurance Funds Withheld	Certain MYGA (b) and deferred annuities	Deposit
					Coinsurance Funds Withheld	Certain FIA	Reinsurance
Everlake	1,830		1,168		Coinsurance	Certain MYGA (b) (d)	Deposit
Wilton Reassurance Company	1,067		1,066		Coinsurance	Block of traditional, IUL and UL (e)	Reinsurance
Other (f)	493		489
Reinsurance recoverable, gross of allowance	14,766		13,389
Allowance for expected credit losses	(20)		(20)
Reinsurance recoverable, net of allowance for expected credit losses	$	14,746	$	13,369
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2025 was 90% for the majority of the first quarter of 2025. As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90%. Refer to Everlake amendment in first quarter of 2025 above.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

As of March 31, 2025 and December 31, 2024, F&G had a deposit asset of $12,038 million and $11,039 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the unaudited Condensed Consolidated Balance Sheets.

The Company incurred risk charge fees of $11 million and $10 million during the three months ended March 31, 2025 and 2024, respectively, in relation to reinsurance agreements.

Credit Losses

The Company estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. There was no material change in the expected credit loss reserve for the three months ended March 31, 2025 and 2024.

Concentration of Reinsurance Risk

As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida Life Re Ltd. (“Aspida Re”), Somerset Reinsurance Ltd. (“Somerset”), Everlake and Wilton Reassurance (“Wilton Re”) that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts, and irrevocable letters of credit. We believe that all amounts due from Aspida Re, Somerset, Everlake, and Wilton Re for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2025. The following table presents financial strength ratings as of March 31, 2025:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Everlake	A	—	—	—
Wilton Re	A+	—	A-	—

“—” indicates not rated

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Note M — F&G Insurance Subsidiary Financial Information and Regulatory Matters

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re, file financial statements with state insurance regulatory authorities and, except for Raven Re, with the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not prescribed but approved by state regulators. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

Our non-U.S. insurance subsidiaries, F&G Cayman Re Ltd (“F&G Cayman Re”) (Cayman) and F&G Life Re Ltd (“F&G Life Re”) (Bermuda), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2025 and 2024, and statutory capital and surplus as of March 31, 2025 and December 31, 2024, of our wholly owned U.S. regulated insurance subsidiaries, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	(127)	$	4	$	10	$	(52)
For the three months ended March 31, 2024	—		2		15		(134)
Statutory Capital and Surplus:
March 31, 2025	$	1,451	$	98	$	178	$	187
December 31, 2024	1,654		97		168		178

(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.

Prescribed and permitted practices

FGL Insurance - FGL Insurance applies Iowa-prescribed accounting practices prescribed by Iowa Administrative Code 191 Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,” for its indexed annuities and IUL products. Under these alternative accounting practices, the equity option derivative instruments that hedge the growth in interest credited on index products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and indexed annuity reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV assuming the market value of the equity options associated with the current index term is zero regardless of the observable market value for such options.

In addition, based on a permitted practice received from the Iowa Insurance Division, FGL Insurance carries one of its limited partnership interests, which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies,” on a net asset value per share basis. This is a departure from SSAP No. 48, which requires such investments to be carried based on the investees underlying GAAP equity (prior to any impairment considerations).This limited partnership investment was redeemed as of December 31, 2024 and subsequently repurchased during the first quarter of 2025. In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without these permitted practices, the carry value of these two entities would be zero.

The prescribed and permitted practices resulted in increases to statutory capital and surplus of $286 million and $454 million at March 31, 2025 and December 31, 2024, respectively.

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no other significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2025.

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Non-U.S. Companies

Our non-U.S. insurance subsidiaries, F&G Cayman Re and F&G Life Re, file financial statements with their respective regulators. F&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by such authorities, which may vary materially from GAAP. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re has two permitted practices, which have been approved by the Cayman Islands Monetary Authority (“CIMA”). F&G Cayman Re has a permitted practice approved by CIMA to include, as an admitted asset, the value of the letters of credit (“LOCs”) acquired to support reinsurance transactions. Also, F&G Cayman Re has a permitted practice, approved by CIMA, for PRT reinsurance transactions to use U.S. statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts). These reserve calculations will be subject to annual assumption reviews consistent with other GAAP liability balances. If F&G Cayman Re had not been permitted to calculate PRT assumed reserves using best estimate reserve calculations or include the value of the LOCs as an admitted asset, statutory surplus would be $(72) million and $(64) million as of March 31, 2025 and December 31, 2024, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would fall below the minimum regulatory requirements as of March 31, 2025 and December 31, 2024.

F&G Life Re files financial statements based on GAAP.

Net income and capital and surplus of our wholly owned Cayman Islands and Bermuda regulated insurance subsidiaries under SAP and GAAP, respectively, were as follows :

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	15	$	34
For the three months ended March 31, 2024	(17)		49
Statutory Capital and Surplus:
March 31, 2025	$	954	$	157
December 31, 2024	734		123

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Note N — Notes Payable

Notes payable consists of the following:

	March 31, 2025		December 31, 2024
	(In millions)
4.50% Notes, net of discount	$	447	$	447
3.40% Notes, net of discount	646		646
2.45% Notes, net of discount	595		595
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(4)		(4)
F&G Credit Agreement	—		—
6.50% F&G Notes, net of discount	545		545
7.40% F&G Notes, net of discount	497		497
5.50% F&G Notes, net of discount	—		301
7.95% F&G Notes, net of discount	336		336
6.25% F&G Notes, net of discount	492		492
7.30% F&G Notes, net of discount	364		—
Other	32		22
	$	4,394	$	4,321

On January 13, 2025, F&G completed its public offering of the “7.30% F&G Junior Notes. F&G used the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. The 7.30% F&G Junior Notes are junior, unsecured subordinated obligations of F&G. Interest is payable quarterly in arrears beginning on April 15, 2025, and the 7.30% F&G Junior Notes mature on January 15, 2065, unless earlier repurchased or redeemed. The 7.30% F&G Junior Notes become redeemable in whole or in part, any time and from time to time on or after January 15, 2030 or within 90 days of the occurrence of certain events as described in the indenture. The 7.30% F&G Junior Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

On October 4, 2024, F&G issued $500 million of its 6.25% Senior Notes due 2034. The 6.25% F&G Notes were issued at 99.36% of face value, net of deferred issuance costs of approximately $8 million. The 6.25% F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G's subsidiaries that are guarantors of F&G's obligations under its existing credit agreement. The 6.25% F&G Notes mature on October 4, 2034, and become callable on July 4, 2034. Interest is payable semi-annually at a fixed rate of 6.25%, and if the 6.25% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture. A portion of the net proceeds were used to pay off the outstanding balance of $365 million on the F&G Credit Agreement described below. F&G intends to use the remaining net proceeds of this offering for general corporate purposes, including the support of organic growth opportunities.

On June 4, 2024, F&G completed its public offering of $550 million aggregate principal amount of its 6.50% F&G Notes due 2029. The 6.50% F&G Notes were issued at 99.74% of face value net of deferred issuance costs of approximately $6 million. The 6.50% F&G Notes are guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 6.50% F&G Notes mature on June 4, 2029, and become callable on May 4, 2029. Interest is payable semi-annually at a fixed rate of 6.50%, and, if the 6.50% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture. A portion of the net proceeds were used to finance a cash tender offer by its wholly owned subsidiary Fidelity & Guaranty Life Holdings, Inc. (“FGLH”) for an aggregate principal amount of $250 million of FGLH’s 5.50% Senior Notes due 2025 (the “5.50% F&G Notes”). F&G intends to use the remaining net proceeds of this offering for general corporate purposes, which may include the repurchase, redemption or repayment at maturity of outstanding indebtedness.

On December 6, 2023, F&G issued $345 million of its 7.95% Senior Notes due 2053 ("7.95% F&G Notes"). The 7.95% F&G Notes were issued at par, net of deferred issuance costs of approximately $9 million. The 7.95% F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 7.95% F&G Notes mature on December 15, 2053, and become callable on December 15, 2028. Interest is payable quarterly at a fixed rate of 7.95%, and, if the 7.95% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture.

On January 13, 2023, F&G issued $500 million of its 7.40% Notes due 2028 ("the 7.40% F&G Notes"). The 7.40% F&G Notes were issued at par, net of deferred issuance costs of approximately $6 million. The 7.40% F&G Notes are senior, unsecured unsubordinated obligations of F&G and are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 7.40%

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F&G Notes mature on January 13, 2028, and become callable on or after December 13, 2027. Interest is payable semi-annually at a fixed rate of 7.40%, and if, the 7.40% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture.

On November 22, 2022, F&G entered into the F&G Credit Agreement pursuant to which the Lenders have made available the F&G Credit Facility in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes. On February 21, 2023, F&G entered into the Amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The Amended F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million. On February 16, 2024, F&G entered into a Second Amended and Restated F&G Credit Agreement. Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date to November 22, 2027, and increase the aggregate principal amount of commitments under the revolving credit facility to $750 million.

Revolving loans under the Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of 1% plus The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. In addition, F&G pays a facility fee of between 20.0 and 45.0 basis points on the entire facility, also depending on the non-credit-enhanced, senior unsecured long-term debt ratings, which is payable quarterly in arrears. As of March 31, 2025 and December 31, 2024, we had $750 million of remaining borrowing availability.

On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes due 2051 ("the 3.20% Notes"), pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20% Notes were approximately $443 million, after deducting underwriting discounts, commissions and offering expenses. We used the net proceeds from the offering for general corporate purposes.

On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). Among other changes, the Sixth Restated Credit Agreement amends the Amended Revolving Credit Facility to extend the maturity date from October 29, 2025, to February 16, 2029. As of March 31, 2025, there was no principal outstanding, $4 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Amended Revolving Credit Facility.

On September 15, 2020, we completed our underwritten public offering of $600 million aggregate principal amount of our 2.45% Notes due March 15, 2031 (the "2.45% Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45% Notes were approximately $593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $260 million outstanding indebtedness under our prior term loan credit agreement dated April 22, 2020, among us, as borrower, various lenders, and Bank of American N.A., as administrative agent (the "Term Loan"), which provided for an aggregate principal borrowing of $1.0 billion that we entered into to fund a portion of the acquisition of F&G and (ii) for general corporate purposes.

On June 12, 2020, we completed our underwritten public offering of $650 million aggregate principal amount of the 3.40% Notes due June 15, 2030 (the “3.40% Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40% Notes were approximately $642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes.

On April 20, 2018, Fidelity & Guaranty Life Holdings, Inc. (“FGLH”), F&G's indirect wholly owned subsidiary, completed a debt offering of $550 million of 5.50% F&G Notes due May 1, 2025 at 99.5% of face value for proceeds of $547 million. As a result of our acquisition of F&G in 2020, a premium of 39 million was established for these notes and is being amortized over the remaining life of the debt through 2025. In conjunction with the acquisition, we became a guarantor of FGLH's obligations under the 5.50% F&G Notes and agreed to fully and unconditionally guarantee the 5.50% F&G Notes, on a joint and several basis. A portion of the net proceeds of the 6.50% F&G Notes were used for a $250 million cash tender offer of the 5.50% F&G Notes in June 2024. On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal

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amount of its 5.50% Senior Notes due May 1, 2025 (the “5.50% F&G Senior Notes”). The notes 5.50% F&G Senior Notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. On and after the redemption date, interest ceased to accrue on the notes.

On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the "4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16, 2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the "4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange.

Gross principal maturities of notes payable as of March 31, 2025 are as follows:

	(In millions)
2025 (remaining)	$	—
2026	32
2027	—
2028	950
2029	550
Thereafter	2,920
	$	4,452

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Note O — Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2025 and the year ended December 31, 2024:

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	420	$	1	$	314	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	322	$	1	$	209	$	1
Issuances and benefit payments	26		—		109		—
Attributed fees collected and interest accrual	35		—		147		—
Actual policyholder behavior different from expected	22		—		(5)		—
Changes in assumptions and other	1		—		24		—
Effects of market related movements	58		—		(162)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	464		1		322		1
Effect of changes in the instrument-specific credit risk	69		—		98		—
Balance, end of period, net liability	533		1		420		1
Less: reinsured market risk benefits	86		—		61		—
Balance, end of period, net of reinsurance	$	447	$	1	$	359	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	67.95		72.74		67.98		72.58
Net amount at risk	$	1,519	$	2	$	1,327	$	2

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
	(In millions)
MRB asset
Indexed annuities	$	101	$	86	$	187	$	128	$	61	$	189
Fixed rate annuities	—		—		—		—		—		—
Total MRB asset	$	101	$	86	$	187	$	128	$	61	$	189
MRB liability
Indexed annuities	$	634	$	—	$	634	$	548	$	—	$	548
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	635	$	—	$	635	$	549	$	—	$	549

The net MRB liability increased for the three months ended March 31, 2025, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period and effects of market related movements, including the impacts of lower risk-free rates and decreases in equity market projections.

For the three months ended March 31, 2025, notable changes made to the inputs to the fair value estimates of MRBs calculations included a decrease in risk-free rates leading to an unfavorable change in the MRBs associated with indexed annuities and fixed rate annuities; and decreases in the equity market related projections resulted in an increase in the net amount at risk associated with indexed annuities, leading to an unfavorable change in the value of the associated MRBs.

The net MRB liability increased for the year ended December 31, 2024, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

55

For the year ended December 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and an increase in the rider benefit utilization assumption, leading to an unfavorable change in the value of the associated MRBs.

In addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the year ended December 31, 2024, we updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2024.

Note P — Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	1,463			564			54			350		1,025
Premiums received	617			—			141			—		—
Policy charges (a)	(660)			—			(90)			—		—
Surrenders and withdrawals	(251)			(59)			(8)			—		—
Benefit payments	(726)			(256)			(24)			(12)		(1,003)
Interest credited	200			195			45			25		27
Other	1			(1)			—			—		—
Balance, end of period	30,879			17,885			2,935			2,826		2,901
Reconciling items (c)	46			—			47			10		—
Gross liability, end of period	30,925			17,885			2,982			2,836		2,901
Less: Reinsurance	1,233			12,006			873			—		—
Net liability, after reinsurance	$	29,692		$	5,879		$	2,109		$	2,836	$	2,901
Weighted-average crediting rate	2.65		%	4.52		%	6.45		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	75,933		N/A		N/A
Cash surrender value (e)	$	28,462		$	16,712		$	2,265		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

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	December 31, 2024
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	6,649			5,125			208			600		1,804
Premiums received	120			1			495			—		—
Policy charges (a)	(195)			—			(315)			—		—
Surrenders and withdrawals	(3,832)			(1,479)			(101)			—		—
Benefit payments	(495)			(315)			(18)			(820)		(1,606)
Interest credited	821			667			157			71		117
Other	3			—			—			(1)		(2)
Balance, end of period	30,235			17,442			2,817			2,463		2,852
Embedded derivative adjustment (c)	219			—			79			—		—
Gross liability, end of period	30,454			17,442			2,896			2,463		2,852
Less: Reinsurance	861			11,009			877			—		—
Net liability, after reinsurance	$	29,593		$	6,433		$	2,019		$	2,463	$	2,852
Weighted-average crediting rate	2.90		%	4.42		%	6.20		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	74,279		N/A		N/A
Cash surrender value (e)	$	27,865		$	16,266		$	2,177		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed annuities	$	30,925	$	30,454
Fixed rate annuities	17,885		17,442
Immediate annuities	283		286
Universal life	2,982		2,896
Traditional life	5		5
Funding Agreement-FABN	2,836		2,463
FHLB	2,901		2,852
PRT	6		6
Total	$	57,823	$	56,404

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in contractholder funds of approximately $21 million for the three months ended March 31, 2025.

For the year ended December 31, 2024, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in in contractholder funds of approximately $89 million for the year ended December 31, 2024.

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The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	March 31, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,872	$	1,196	$	485	$	1,867	$	27,420
1.51%-2.50%	997		1		828		1,321		3,147
Greater than 2.50%	287		2		—		23		312
Total	$	25,156	$	1,199	$	1,313	$	3,211	$	30,879
Fixed rate annuities
0.00%-1.50%	$	72	$	19	$	737	$	14,798	$	15,626
1.51%-2.50%	4		7		19		463		493
Greater than 2.50%	788		2		5		971		1,766
Total	$	864	$	28	$	761	$	16,232	$	17,885
Universal life
0.00%-1.50%	$	2,539	$	7	$	—	$	26	$	2,572
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	362		—		1		—		363
Total	$	2,901	$	7	$	1	$	26	$	2,935

	December 31, 2024
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,540	$	1,236	$	492	$	1,846	$	27,114
1.51%-2.50%	875		1		684		1,242		2,802
Greater than 2.50%	303		2		—		14		319
Total	$	24,718	$	1,239	$	1,176	$	3,102	$	30,235
Fixed rate annuities
0.00%-1.50%	$	57	$	20	$	773	$	14,407	$	15,257
1.51%-2.50%	4		7		20		462		493
Greater than 2.50%	804		2		5		881		1,692
Total	$	865	$	29	$	798	$	15,750	$	17,442
Universal life
0.00%-1.50%	$	2,421	$	7	$	—	$	24	$	2,452
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	364		—		1		—		365
Total	$	2,785	$	7	$	1	$	24	$	2,817

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Note Q — Future Policy Benefits

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	631	$	722
Beginning balance at original discount rate	780		874
Effect of actual variances from expected experience	—		(4)
Balance adjusted for variances from expectation	780		870
Interest accrual	4		17
Net premiums collected	(25)		(107)
Ending balance at original discount rate	759		780
Effect of changes in discount rate assumptions	(137)		(149)
Balance, end of period	$	622	$	631
Expected FPB
Balance, beginning of year	$	1,933	$	2,071
Beginning balance at original discount rate	2,368		2,492
Effect of actual variances from expected experience	4		44
Balance adjusted for variances from expectation	2,372		2,536
Interest accrual	13		54
Benefits payments	(57)		(222)
Ending balance at original discount rate	2,328		2,368
Effect of changes in discount rate assumptions	(396)		(435)
Balance, end of period	$	1,932	$	1,933
Net liability for future policy benefits	$	1,310	$	1,302
Less: Reinsurance recoverable	525		513
Net liability for future policy benefits, after reinsurance recoverable	$	785	$	789
Weighted-average duration of liability for future policyholder benefits (years)	6.23		6.28

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The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	PRT
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	6,054	$	4,189
Beginning balance at original discount rate	6,417		4,351
Effect of changes in cash flow assumptions	(1)		(3)
Effect of actual variances from expected experience	(10)		(11)
Balance adjusted for variances from expectation	6,406		4,337
Issuances	323		2,324
Interest accrual	74		240
Benefits payments	(156)		(484)
Ending balance at original discount rate	6,647		6,417
Effect of changes in discount rate assumptions	(287)		(363)
Balance, end of period	$	6,360	$	6,054
Net liability for future policy benefits, after reinsurance recoverable	$	6,360	$	6,054
Weighted-average duration of liability for future policyholder benefits (years)	7.90		7.78

	Immediate annuities
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	1,297	$	1,415
Beginning balance at original discount rate	1,732		1,788
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(4)		(27)
Balance adjusted for variances from expectation	1,728		1,761
Issuances	5		30
Interest accrual	14		59
Benefits payments	(28)		(118)
Ending balance at original discount rate	1,719		1,732
Effect of changes in discount rate assumptions	(422)		(435)
Balance, end of period	$	1,297	$	1,297
Net liability for future policy benefits	$	1,297	$	1,297
Less: Reinsurance recoverable	109		109
Net liability for future policy benefits, after reinsurance recoverable	$	1,188	$	1,188
Weighted-average duration of liability for future policyholder benefits (years)	12.54		12.63

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The following tables summarize balances and changes in the liability for Deferred Profit Liability ("DPL") for limited-payment contracts:

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	90	$	6	$	87	$	10
Effect of modeling changes	—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(8)
Effect of actual variances from expected experience	2		1		8		—
Balance adjusted for variances from expectation	92		7		95		2
Issuances	1		—		3		1
Interest accrual	—		—		1		4
Amortization	(2)		—		(9)		(1)
Balance, end of period	$	91	$	7	$	90	$	6

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	March 31, 2025		December 31, 2024
	(In millions)
Traditional life	$	1,310	$	1,302
Immediate annuities	1,297		1,297
PRT	6,360		6,054
Immediate annuities DPL	91		90
PRT DPL	7		6
Total	$	9,065	$	8,749

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life	(In millions)
Expected future benefit payments	$	2,720	$	2,874	$	1,938	$	2,013
Expected future gross premiums	923		1,042		671		751
Immediate annuities
Expected future benefit payments	$	3,168	$	3,271	$	1,297	$	1,371
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	10,535	$	8,344	$	6,360	$	4,899
Expected future gross premiums	—		—		—		—

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
	(In millions)
Traditional life	$	26	$	28	$	9	$	10
Immediate annuities	6		8		14		14
PRT	311		584		74		49
Total	$	343	$	620	$	97	$	73

(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.

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The following table presents the weighted-average interest rate:

	March 31, 2025		December 31, 2024
Traditional life
Interest accretion rate	2.35	%	2.34	%
Current discount rate	5.21	%	5.44	%
Immediate annuities
Interest accretion rate	3.19	%	3.17	%
Current discount rate	5.38	%	5.45	%
PRT
Interest accretion rate	4.82	%	4.72	%
Current discount rate	5.39	%	5.54	%

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	March 31, 2025
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.8	%	3.0	%	3.4	%
Expected experience	1.6	%	1.7	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.6	%	—	%	—	%

	December 31, 2024
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	2.7	%	2.7	%
Expected experience	1.5	%	1.9	%	2.5	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.5	%	—	%	—	%

The following table provides additional information for periods in which a cohort has a net premium ratio ("NPR") greater than 100% (and therefore capped at 100%) (dollars in millions):

	March 31, 2025
	Cohort X			Description
NPR before capping	107		%	Term with return of premium Non-NY Cohort
Reserves before NPR capping	$	1,154		Term with return of premium Non-NY Cohort
Reserves after NPR capping	1,177			Term with return of premium Non-NY Cohort
Loss Expense	23			Term with return of premium Non-NY Cohort

F&G made changes to assumptions during the three months ended March 31, 2025 and the year ended December 31, 2024. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.

Traditional life

The traditional life line of business primarily consists of policies that were sold prior to 2010. As this line of business continues to age, benefit payments made from these contracts will be the primary driver of the emergence of reserves, decreasing the reserve balance.

Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. In 2025, no updates have been made to any significant assumptions used in the FPB liability. In 2024, F&G made an adjustment to the calculation to reflect additional actuarial precision, unrelated to the assumptions, driving an increase to the FPB liability.

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Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Immediate annuities (life contingent)

Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. In 2024, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

PRT (life contingent)

The PRT line of business has issued a significant volume of contracts for 2024, which is the primary impact in increasing the reserve balance in each of those periods.

Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). Additionally, for PRT contracts with deferred payment streams, retirement age and elected payment form are significant assumptions. We review the cash flow assumptions annually, typically in the third quarter. In 2024, F&G undertook a review of the significant cash flow assumptions and did not make any changes to any significant assumptions. Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Premium deficiency testing

F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. During 2024, F&G did not pass premium deficiency testing for the traditional life block of business, related to the recoverability of VOBA. Due to that result, F&G began accruing a liability in the fourth quarter of 2024 that increases the amortization of traditional life VOBA. The liability balance was immaterial at both March 31, 2025 and December 31, 2024.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets and geopolitical uncertainties associated with international conflict; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding, or a weak U.S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024 and other filings with the Securities Exchange Commission ("SEC").

Unless the context indicates otherwise, as used herein, the terms “we,” “us,” “our,” the “Company” or “FNF” refer collectively to Fidelity National Financial, Inc., and its subsidiaries.

The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

Overview

For a description of our business, including descriptions of segments and recent business developments, see the discussion in Note A Basis of Financial Statements in the accompanying unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.

Business Trends and Conditions

Title

Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.

We have found that residential real estate activity is generally dependent on the following factors:

•mortgage interest rates;

•mortgage funding supply;

•housing inventory and home prices;

•supply and demand for commercial real estate; and

•the strength of the United States economy, including employment levels.

The most recent forecast of the Mortgage Bankers Association ("MBA"), as of April 11, 2025, estimates (actual for fiscal year 2024) the size of the U.S. residential mortgage originations market as shown in the following table for 2024 - 2027 in its "Mortgage Finance Forecast" (in trillions):

	2027		2026		2025		2024
Purchase originations	$	1.7	$	1.6	$	1.4	$	1.3
Refinance originations	$	0.8	$	0.8	$	0.7	$	0.5
Total U.S. mortgage originations forecast	$	2.5	$	2.4	$	2.1	$	1.8

As of April 11, 2025, the MBA expects residential purchase transactions to increase in 2025, 2026, and 2027, and expects residential refinance transactions to increase in 2025 and 2026 but remain flat in 2027, and overall mortgage originations to increase in 2025, 2026, and 2027.

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Following a decline in inflation in 2024, the Federal Reserve reduced the benchmark rate to a range of 4.25% and 4.50% as of December 31, 2024. The Federal Reserve has held rates steady at the range of 4.25% and 4.50% in 2025. Average interest rates for a 30-year fixed rate mortgage were 6.8% for the three months ended March 31, 2025, as compared to 6.7% for the corresponding period in 2024.

A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2024 and the first quarter of 2025. Changes in United States trade policy, including tariffs, may create additional volatility in 2025. Existing-home sales decreased 2.4% in March 2025 as compared to the corresponding period in 2024 while median existing-home sales prices increased to $403,700, or approximately 3%, from the corresponding period in 2024.

Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 4.2% and 3.8% in March 2025 and 2024, respectively.

We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail, and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file increased in the three months ended March 31, 2025 as compared to the corresponding period in 2024.

We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.

Seasonality. Historically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates.

F&G

The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.

Market Conditions

Market conditions can change rapidly with significant positive or negative impacts on our results. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2025. These factors include, among others, consumer spending, business investment, government spending, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations and supply chain disruptions.

In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 28, 2025, for further discussion of risk factors that could affect market conditions.

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Interest Rate Environment

Some of our F&G products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of March 31, 2025 and December 31, 2024, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were both $6.0 billion and 5%. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

See Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024 for a more detailed discussion of interest rate risk.

Aging of the U.S. Population

We believe that the aging of the U.S. population will increase the demand for our indexed annuity and indexed universal life ("IUL") products. As the “baby boomer” generation prepares for retirement, we believe that demand for retirement savings, growth, and income products will grow. We serve a growing retirement population, with more than 10,000 Americans turning 65 every day and a projected 30% increase in people age 65 and older over the next 25 years. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.

Industry Factors and Trends Affecting Our Results of Operations

We operate in the sector of the insurance industry that focuses on the needs of middle-income Americans. The underserved middle-income market represents a major growth opportunity for us. As a tool for addressing the unmet need for retirement planning, we believe that many middle-income Americans have grown to appreciate the financial certainty that we believe annuities such as our indexed annuity products afford. For example, the fixed index annuity market grew from nearly $12 billion of sales in 2002 to $130 billion of sales in 2024 and the registered index-linked annuities ("RILA") market grew from $17 billion of sales in 2019 to $62 billion of sales in 2024. Additionally, this market demand has positively impacted the IUL market as it has expanded from $100 million of annual sales in 2002 to $2 billion of annual sales in 2024.

See Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024 for a more detailed discussion of industry factors and trends affecting our Results of Operations.

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Results of Operations

Consolidated Results of Operations

Net Earnings. The following table presents certain financial data for the periods indicated:

	Three months ended March 31,
	2025		2024
	(In millions)
Revenues:
Direct title insurance premiums	$	510	$	440
Agency title insurance premiums	681		593
Escrow, title-related and other fees	1,065		1,281
Interest and investment income	760		710
Recognized gains and losses, net	(287)		275
Total revenues	2,729		3,299
Expenses:
Benefits and other changes in policy reserves	524		1,161
Personnel costs	770		727
Agent commissions	528		460
Other operating expenses	377		369
Market risk benefit losses (gains)	109		(11)
Depreciation and amortization	196		167
Provision for title claim losses	54		46
Interest expense	60		49
Total expenses	2,618		2,968
Earnings before income taxes and equity in earnings of unconsolidated affiliates	111		331
Income tax expense	29		63
Equity in earnings of unconsolidated affiliates	1		1
Net earnings	$	83	$	269

 Revenues

Total revenues decreased by $570 million in the three months ended March 31, 2025 compared to the corresponding period in 2024.

Net earnings decreased by $186 million in the three months ended March 31, 2025 compared to corresponding period in 2024.

The change in revenue and net earnings from our reportable segments is discussed in further detail at the segment level below.    

Expenses

Our operating expenses consist primarily of Personnel costs; Other operating expenses, which in our title business are incurred as orders are received and processed; Agent commissions, which are incurred as title agency revenue is recognized; and Benefits and other changes in policy reserves, which in our F&G segment are charged to earnings in the period they are earned by the policyholder based on their selected strategy. For traditional life and immediate annuities, policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Title insurance premiums, escrow, and title-related fees are generally recognized as income at the time the underlying transaction closes or other service is provided. Direct title operations revenue often lags approximately 45-60 days behind expenses and therefore gross margins may fluctuate. The changes in the market environment, mix of business between direct and agency operations, and the contributions from our various business units have historically impacted margins and net earnings. We have implemented programs and have taken necessary actions to maintain expense levels consistent with revenue streams. However, a short-term lag exists in reducing controllable fixed costs and certain fixed costs are incurred regardless of revenue levels.

Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. 

Agent commissions represent the portion of premiums retained by our third-party agents pursuant to the terms of their respective agency contracts.

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Benefit expenses for deferred annuity, indexed annuity and IUL policies include index credits and interest credited to contractholder account balances and benefit claims in excess of contract account balances, net of reinsurance recoveries. Other changes in policy reserves include the change in the fair value of the indexed annuity embedded derivative and the change in the reserve for secondary guarantee benefit payments. Other changes in policy reserves also include the change in reserves for life insurance products.

Other operating expenses consist primarily of facilities expenses, title plant maintenance, premium taxes (which insurance underwriters are required to pay on title premiums in lieu of franchise and other state taxes), appraisal fees and other cost of sales on ServiceLink product offerings and other title-related products, postage and courier services, computer services, professional services, travel expenses, general insurance, and bad debt expense on our trade and notes receivable. 

The provision for title claim losses includes an estimate of anticipated title and title-related claims, and escrow losses.

The change in expenses attributable to our reportable segments is discussed in further detail at the segment level below. 

Income tax expense was $29 million and $63 million in the three months ended March 31, 2025 and 2024. Income tax expense as a percentage of earnings before income taxes was 26% and 19% in the three months ended March 31, 2025 and 2024, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2025 as compared to the corresponding periods in 2024 is primarily attributable to more valuation allowance being recorded in the three months ended March 31, 2025 as compared to the corresponding period in 2024.

The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to the U.S. income tax under an anti-deferral tax regime. Given our intent to reinvest these earnings for an indefinite period of time, the Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable.

Title

The following table presents the results from operations of our Title segment:

	Three months ended March 31,
	2025		2024
Revenues:	(In millions)
Direct title insurance premiums	$	510	$	440
Agency title insurance premiums	681		593
Escrow, title-related and other fees	525		484
Interest and investment income	83		83
Recognized gains and losses, net	(25)		63
Total revenues	1,774		1,663
Expenses:
Personnel costs	672		618
Agent commissions	528		460
Other operating expenses	313		285
Depreciation and amortization	36		36
Provision for title claim losses	54		46
Total expenses	1,603		1,445
Earnings before income taxes and equity in earnings of unconsolidated affiliates	$	171	$	218
Orders opened by direct title operations (in thousands)	343		315
Orders closed by direct title operations (in thousands)	201		186
Fee per file (in dollars)	$	3,761	$	3,555

Total revenues for the Title segment increased by $111 million, or 7%, in the three months ended March 31, 2025 from the corresponding period in 2024.

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The following table presents the percentages of title insurance premiums generated by our direct and agency operations:

	Three months ended March 31,
			% of				% of
	2025		Total		2024		Total
	(Dollars in millions)
Title premiums from direct operations	$	510	43	%	$	440	43	%
Title premiums from agency operations	681		57		593		57
Total title premiums	$	1,191	100	%	$	1,033	100	%

Title premiums increased by $158 million, or 15%, in the three months ended March 31, 2025 from the corresponding period in 2024. The increase was comprised of an increase in Title premiums from direct operations of $70 million, or 16%, and an increase in Title premiums from agency operations of $88 million, or 15%.

The following table presents the percentages of opened and closed title insurance orders generated by purchase and refinance transactions by our direct operations:

	Three months ended March 31,
	2025		2024
Opened title insurance orders from purchase transactions (1)	75	%	79	%
Opened title insurance orders from refinance transactions (1)	25		21
	100	%	100	%
Closed title insurance orders from purchase transactions (1)	75	%	79	%
Closed title insurance orders from refinance transactions (1)	25		21
	100	%	100	%

(1)    Percentages exclude consideration of an immaterial number of non-purchase and non-refinance orders.

Title premiums from direct operations increased in the three months ended March 31, 2025 from the corresponding period in 2024. The increase was attributable to an increase in the average fee per file and an increase in closed order volume.

We experienced an increase in closed title insurance order volumes from both purchase and refinance transactions in the three months ended March 31, 2025 from the corresponding period in 2024. Total closed order volume was 201,000 in the three months ended March 31, 2025 compared to 186,000 in the three months ended March 31, 2024. This represented an overall increase of 8% in the three months ended March 31, 2025, from the corresponding period in 2024. The increase was primarily attributable to higher housing inventory in the three months ended March 31, 2025 when compared to the corresponding period in 2024.

Total opened title insurance order volumes increased in the three months ended March 31, 2025 as compared to the corresponding periods in 2024.

The average fee per file in our direct operations was $3,761 in the three months ended March 31, 2025, compared to $3,555 three months ended March 31, 2024. The increase in average fee per file in the three months ended March 31, 2025 as compared to the corresponding period in 2024 is primarily attributable to home price appreciation. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.

Title premiums from agency operations increased $88 million, or 15%, in the three months ended March 31, 2025 from the corresponding period in 2024.

Escrow, title-related and other fees increased by $41 million, or 8%, in the three months ended March 31, 2025 from the corresponding period in 2024. Escrow and title-related fees increased by $19 million, or 11%, in the three months ended March 31, 2025 from the corresponding period in 2024. The increase in escrow and title-related fees in the three months ended March 31, 2025 as compared to the corresponding period in 2024 are relatively consistent with the increase in direct premiums. Other fees, excluding escrow and title-related fees, increased by $22 million, or 7%, in the three months ended March 31, 2025. The increase in Other fees, excluding escrow and title-related fees, in the three months ended March 31, 2025 as compared to the corresponding period in 2024 was attributable to various immaterial items.

Interest and investment income levels are primarily a function of securities markets, interest rates, and the amount of cash available for investment. There was no change in Interest and investment income in the three months ended March 31, 2025 from the corresponding period in 2024.

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Net recognized losses were $25 million in the three months ended March 31, 2025. Net recognized gains were $63 million in the three months ended March 31, 2024. The fluctuations in recognized gains and losses, net in the three months ended March 31, 2025 as compared to the corresponding period in 2024 are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.

Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $54 million, or 9%, in the three months ended March 31, 2025 compared to the corresponding period in 2024. The increase is due to inflationary salary increases and increased variable costs from a modest increase in revenues. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 65% and 67% for the three months ended March 31, 2025 and 2024, respectively. Average employee count in the Title segment was 21,399 and 20,516 in the three months ended March 31, 2025 and 2024, respectively.

Other operating expenses increased by $28 million, or 10%, in the three months ended March 31, 2025, from the corresponding period in 2024. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 30% and 31% in the three months ended March 31, 2025 and 2024, respectively.

Agent commissions represent the portion of premiums retained by agents pursuant to the terms of their respective agency contracts. Agent commissions and the resulting percentage of agent premiums that we retain vary according to regional differences in real estate closing practices and state regulations.

The following table illustrates the relationship of agent premiums and agent commissions, which has remained relatively consistent since 2023:

	Three months ended March 31,
	2025		%		2024		%
	(Dollars in millions)
Agent premiums	$	681	100	%	$	593	100	%
Agent commissions	528		78	%	460		78	%
Net retained agent premiums	$	153	22	%	$	133	22	%

The claim loss provision for title insurance was $54 million and $46 million for the three months ended March 31, 2025 and 2024, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.

F&G

Segment Overview

Through our majority-owned F&G subsidiary, we have five distribution channels across retail and institutional markets. Our three retail channels include agent-based Independent Marketing Organizations ("IMOs"), banks, and broker dealers. We have deep, long-tenured relationships with our network of leading IMOs and their agents to serve the needs of the middle-income market and develop competitive annuity and life products to align with their evolving needs. Upon FNF’s ownership and F&G’s subsequent rating upgrades in mid-2020, we launched into banks and broker dealers. Further, in 2021, we launched into two institutional markets to originate Funding Agreement Backed Notes ("FABN") and pension risk transfer ("PRT") transactions. The FABN Program offers funding agreements to institutional clients by means of capital markets transactions through investment banks. The funding agreements issued under the FABN Program are in addition to those issued to the Federal Home Loan Bank of Atlanta ("FHLB"). The PRT solutions business is supported by an experienced team, and we partner with brokers and institutional consultants for distribution. These markets leverage our existing team's spread-based capabilities as well as our strategic partnership with Blackstone ISG-I Advisors LLC (“Blackstone”).

In setting the features and pricing of our flagship indexed annuity products relative to our targeted net margin, we take into account our expectations regarding (1) the difference between the net investment income we earn and the sum of the interest credited to policyholders and the cost of hedging our risk on the policies; (2) fees, including surrender charges and rider fees, partly offset by vesting bonuses that we pay our policyholders; and (3) a number of related expenses, including benefits and changes in reserves, acquisition costs, and general and administrative expenses.

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Key Components of Our Historical Results of Operations

Through our insurance subsidiaries, we issue a broad portfolio of deferred annuities (indexed annuities and fixed rate annuities), IUL insurance, immediate annuities, funding agreements and PRT solutions. A deferred annuity is a type of contract that accumulates value on a tax deferred basis and typically begins making specified periodic or lump sum payments a certain number of years after the contract has been issued. IUL insurance is a complementary type of contract that accumulates value in a cash value account and provides a payment to designated beneficiaries upon the policyholder’s death. An immediate annuity is a type of contract that begins making specified payments within one annuity period (e.g., one month or one year) and typically makes payments of principal and interest earnings over a period of time. As defined by the Iowa Insurance Division, a funding agreement is an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the person to whom the funding agreement is issued. In essence, funding agreement providers issue fixed maturity contracts with fixed or floating interest rates in exchange for a single upfront premium. Our PRT products are comparable to income annuities, as we generally receive a single, upfront premium in exchange for paying a guaranteed stream of future income payments, which are typically fixed in nature but may vary in duration based on participant mortality experience.

Under GAAP, premium collections for deferred annuities (indexed annuities and fixed rate annuities), immediate annuities and PRT without life contingency, and deposits received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities are net investment income, surrender charges, cost of insurance and other charges deducted from contractholder funds (i.e., amortization of URL), and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC and DSI, and other operating costs and expenses.

F&G hedges certain portions of its exposure to product related equity market risk by entering into derivative transactions. We purchase derivatives consisting predominantly of equity options and, to a lesser degree, futures contracts (specifically for indexed annuity contracts) on the equity indices underlying the applicable policy. These derivatives are used to offset the reserve impact of the index credits due to policyholders under the indexed annuity and IUL contracts. The majority of all such equity options are one-year options purchased to match the funding requirements underlying the indexed annuity/IUL contracts. We attempt to manage the cost of these purchases through the terms of our indexed annuity/IUL contracts, which permit us to change caps, spread, or participation rates on each policy's annual anniversary, subject to certain guaranteed minimums that must be maintained. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of net investment gains (losses). The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instruments’ terms or upon early termination and the changes in fair value of open positions. In addition, to reduce market risks from interest rate changes on our earnings associated with our floating rate investments, during 2023, we began to execute pay-float and receive-fixed interest rate swaps.

Market risk benefits (“MRBs”) are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs (inclusive of reinsured MRBs) are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors. The change in fair value of MRBs generally reflects impacts from actual policyholder behavior (including surrenders of the benefit), changes in interest rates, and changes in equity market returns. Generally higher interest rates and equity returns result in gains whereas lower interest rates and equity returns result in losses. Reinsured MRBs are valued using a methodology consistent with direct MRBs, with the exception of the non-performance spread, which reflects the credit of the reinsurer.

Earnings from products accounted for as deposit liabilities are primarily generated from the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed annuity/IUL policies, which includes the expenses incurred to fund the index credit with respect to indexed annuities/IULs. Proceeds received upon expiration or early termination of equity options purchased to fund annual index credits are recorded as part of the change in fair value of derivatives and are largely offset by an expense for index credits earned on annuity contractholder fund balances.

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F&G Results of Operations

The results of operations of our F&G segment for the three months ended March 31, 2025 and 2024 were as follows:

	Three months ended March 31,
	2025		2024
Revenues	(In millions)
Life insurance premiums and other fees	$	489	$	718
Interest and investment income	666		616
Owned distribution revenues	16		23
Recognized gains and (losses), net	(263)		212
Total revenues	908		1,569
Benefits and expenses
Benefits and other changes in policy reserves	524		1,161
Market risk benefit (gains) losses	109		(11)
Depreciation and amortization	153		123
Personnel costs	67		66
Other operating expenses	41		58
Interest expense	40		30
Total benefits and expenses	934		1,427
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	$	(26)	$	142

Revenues

Life insurance premiums and other fees

Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies, and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Earnings, for the three months ended March 31, 2025 and 2024:

	Three months ended March 31,
	2025		2024
	(In millions)
Life-contingent pension risk transfer premiums	$	311	$	584
Traditional life insurance and life-contingent immediate annuity premiums	10		12
Surrender charges	57		43
Policyholder fees and other income	111		79
Life insurance premiums and other fees	$	489	$	718

•Life-contingent pension risk transfer premiums decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, reflecting the timing of PRT transactions. As noted above, PRT premiums are subject to fluctuation period to period.

•Surrender charges increased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting increases in withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities policies. The increase in termination activity is primarily due to the higher interest rate environment.

•Policyholder fees and other income increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily reflecting a reinsurance true-up adjustment, increased cost of insurance charges, net of changes in unearned revenue liabilities (“URL”) on IUL policies from growth in business and higher guaranteed minimum withdrawal benefit (“GMWB”) rider fees. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.

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Interest and investment income

Below is a summary of interest and investment income for the three months ended March 31, 2025 and 2024:

	Three months ended March 31,
	2025		2024
	(In millions)
Fixed maturity securities, available-for-sale	$	549	$	516
Equity securities	5		6
Preferred securities	3		6
Mortgage loans	82		66
Invested cash and short-term investments	34		28
Limited partnerships	54		54
Other investments	2		10
Gross investment income	$	729	$	686
Investment expense	(63)		(70)
Interest and investment income	$	666	$	616

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $184 million and $127 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Recognized gains and losses, net

Below is a summary of the major components included in recognized gains and losses, net for the three and three months ended March 31, 2025 and 2024:

	Three months ended March 31,
	2025		2024
	(In millions)
Net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets	$	(16)	$	48
Change in allowance for expected credit losses	(22)		—
Net realized and unrealized gains (losses) on certain derivatives instruments	(184)		179
Change in fair value of reinsurance related embedded derivatives	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	—		3
Recognized gains and losses, net	$	(263)	$	212

Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $(42) million for the three month period ended March 31, 2025, and $(19) million for the three month period ended March 31, 2024, respectively.

•For the three months ended March 31, 2025, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities.

•For the three months ended March 31, 2024, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of unrealized fair value option (“FVO”) gains on owned distribution investments and preferred securities, partially offset by realized losses on fixed maturity available-for-sale securities and mark-to-market losses on our equity securities.

•The change in allowance for expected credit losses primarily relates to available for sale securities.

•For all periods, net realized and unrealized gains (losses) on certain derivative instruments primarily relate to the net realized and unrealized gains (losses) on equity options and futures used to hedge indexed annuity and IUL products, including gains on option and futures expiration and changes in the fair value of interest rate swaps. See the table below for primary drivers of gains (losses) on certain derivatives.

•The fair value of reinsurance related embedded derivative is based on the change in fair value of the underlying assets held in the funds withheld (“FWH”) portfolio.

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We utilize a combination of static (equity options) and dynamic (long futures contracts) instruments in our product hedging strategy. Equity options and futures contracts are generally based upon the performance of various equity indices, such as the S&P 500 Index, as well as other bond and gold market indices.

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments.

The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuities, universal life products and floating rate investments are summarized in the table below for the three months ended March 31, 2025 and 2024:

	Three months ended March 31,
	2025			2024
	(In millions)
Equity options:
Realized gains (losses)	$	(20)		$	11
Change in unrealized (losses) gains	(214)			239
Futures contracts:
Gains (losses) on futures contracts expiration	(1)			7
Change in unrealized (losses) gains	6			(1)
Interest rate swap (losses) gains	49			(80)
Other derivative investments
Gains (losses) on other derivative investments	(4)			3
Total net change in fair value	$	(184)		$	179
Annual Point-to-Point Change in S&P 500 Index during the periods	6		%	28		%
Secured Overnight Financing Rates	4.41		%	5.34		%

•Realized gains and (losses) on certain derivative instruments are directly correlated to the performance of the indices upon which the equity options and futures contracts are based and the value of the derivatives at the time of expiration compared to the value at the time of purchase.

•The changes in unrealized gains (losses) due to the net changes in fair value of equity options and futures contracts are driven by the underlying performance of the indices, such as the S&P 500 Index, upon which the equity options and futures contracts are based during each respective period relative to the respective indices on the policyholder buy dates.

•The net change in fair value of the interest rate swaps was primarily driven by fluctuations in the interest rate index underlying the swap contracts.

The average index credits to policyholders are as follows:

	Three months ended March 31,
	2025		2024
Average Crediting Rate	5	%	3	%
S&P 500 Index:
Point-to-point strategy	5	%	3	%
Monthly average strategy	4	%	3	%
Monthly point-to-point strategy	4	%	3	%
3 year high water mark	2	%	5	%

•Actual amounts credited to contractholder fund balances may differ from the index appreciation due to contractual features in the indexed annuity contracts and certain IUL contracts (caps, spreads and participation rates), which allow us to manage the cost of the options purchased to fund the annual index credits.

•The credits for the periods presented were based on comparing the S&P 500 Index on each issue date in the period to the same issue date in the respective prior year periods.

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Benefits and expenses

Benefits and other changes in policy reserves

Below is a summary of the major components included in Benefits and other changes in policy reserves:

	Three months ended March 31,
	2025		2024
	(In millions)
PRT agreements	$	314	$	598
Indexed annuities/IUL market related liability movements	(240)		225
Index credits, interest credited and bonuses	438		327
Other changes in policy reserves	12		11
Benefits and other changes in policy reserves	$	524	$	1,161

•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.

•The indexed annuities/IUL market related liability movements during the three months ended March 31, 2025 and March 31, 2024, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads increased (decreased) the direct indexed annuities market related liability by $47 million and $(84) million during the three months ended March 31, 2025 and March 31, 2024, respectively. The remaining changes in market value of the market related liability movements for all periods were primarily driven by equity market impacts. See “Revenues — Recognized gains and (losses), net” above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.

•Annually, typically in the third quarter, F&G reviews assumptions associated with reserves for policy benefits and product guarantees.

◦During the three months ended March 31, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $21 million for the three months ended March 31, 2025.

◦During the three months ended March 31, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increase in total benefits and other changes in policy reserves of $57 million for the three months ended March 31, 2024.

•Index credits, interest credited and bonuses for the three months ended March 31, 2025, were higher compared to the three months ended March 31, 2024, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.

Market Risk Benefit losses (gains)

Below is a summary of market risk benefit losses (gains):

	Three months ended March 31,
	2025		2024
	(In millions)
Market risk benefit losses (gains)	$	109	$	(11)

•Market risk benefit losses (gains) is primarily driven by issuances, attributed fees collected, effects of market related movements (including changes in equity markets and risk-free rates), actual policyholder behavior as compared with expected changes in assumptions during the periods. Market risk benefit losses (gains) are reported net of reinsurance, reflecting an amended reinsurance agreement effective July 1, 2024.

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•Changes in market risk benefit losses (gains) for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily reflect unfavorable market related movements and unfavorable actual policyholder behavior as compared to expected.

Depreciation and Amortization

Below is a summary of the major components included in depreciation and amortization:

	Three months ended March 31,
	2025		2024
	(In millions)
Amortization of DAC, VOBA and DSI	$	134	$	107
Amortization of other intangible assets and fixed asset depreciation	19		16
Depreciation and amortization	$	153	$	123

•DAC, VOBA and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Amortization of DAC, VOBA and DSI increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily reflecting increased DAC and DSI associated with the growth of the business. In addition, as a result of our annual actuarial assumption update process during the three months ended September 30, 2024, amortization rates on some DAC and DSI balances increased primarily for indexed annuities.

Personnel Costs and Other Operating Expenses

Below is a summary of personnel costs and other operating expenses:

	Three months ended March 31,
	2025		2024
	(In millions)
Personnel costs	$	67	$	66
Other operating expenses	41		58
Total personnel costs and other operating expenses	$	108	$	124

•Personnel costs and other operating expenses for the three months ended March 31, 2025 were lower compared to the three months ended March 31, 2024, primarily reflecting disciplined expense management, costs in line with sales volumes and growth in assets, along with continued investments in our operating platform.

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Investment Portfolio

The types of assets in which we may invest are influenced by various state laws, which prescribe qualified investment assets applicable to insurance companies. Within the parameters of these laws, we invest in assets giving consideration to four primary investment objectives: (i) maintain robust absolute returns; (ii) provide reliable yield and investment income; (iii) preserve capital; and (iv) provide liquidity to meet policyholder and other corporate obligations.

Our investment portfolio is designed to contribute stable earnings, excluding short term mark to market effects, and balance risk across diverse asset classes and is primarily invested in high quality fixed income securities.

As of March 31, 2025 and December 31, 2024, the fair value of our investment portfolio was approximately $60 billion and $60 billion, respectively, and was divided among the following asset classes and sectors:

	March 31, 2025				December 31, 2024
	Fair Value		Percent		Fair Value		Percent
Fixed maturity securities, available for sale:	(Dollars in millions)
United States Government full faith and credit	$	209	—	%	$	158	—	%
United States Government sponsored entities	94		—		95		—
United States municipalities, states and territories	1,370		2		1,346		2
Foreign Governments	224		—		186		—
Corporate securities:
Finance, insurance and real estate	9,038		15		8,611		14
Manufacturing, construction and mining	1,451		3		1,139		2
Utilities, energy and related sectors	3,137		5		2,971		5
Wholesale/retail trade	3,236		5		3,210		5
Services, media and other	4,638		8		4,547		8
Hybrid securities	512		1		581		1
Non-agency residential mortgage-backed securities	2,647		4		2,693		5
Commercial mortgage-backed securities (a)	5,091		9		5,131		9
Asset-backed securities ("ABS") (a)	6,990		12		10,270		17
Collateral loan obligations and loan backed-private obligations ("CLO") (a)	9,272		15		5,379		9
Total fixed maturity available for sale securities	47,909		79		46,317		77
Equity securities (b)	354		1		415		1
Limited partnerships:
Private equity	1,947		3		1,830		3
Real assets	719		1		437		1
Credit	1,185		2		1,021		2
Limited partnerships	3,851		6		3,288		6
Commercial mortgage loans	2,534		4		2,404		4
Residential mortgage loans	3,338		6		2,916		5
Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments)	1,680		3		1,753		3
Short term investments	549		1		2,410		4
Total investments	$	60,215	100	%	$	59,503	100	%
(a) Balances at March 31, 2025 reflect classifications consistent with the NAIC Principles Based Bond Definition Project effective January 1, 2025.
(b) Includes investment grade non-redeemable preferred stocks ($203 million and $222 million as of March 31, 2025 and December 31, 2024, respectively).

Insurance statutes regulate the type of investments that our life insurance subsidiaries are permitted to make and limit the amount of funds that may be used for any one type of investment. In light of these statutes and regulations, and our business and investment strategy, we generally seek to invest in primarily high-grade fixed-income assets across a wide range of sectors, including Corporate securities, U.S. Government and government-sponsored agency securities, and Structured securities, among others.

The NAIC’s Securities Valuation Office ("SVO") is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for regulatory filings. The SVO conducts credit analysis on these securities for the purpose of assigning an NAIC designation or unit price. Typically, if a security has been rated by a nationally recognized statistical rating organization ("NRSRO"), the SVO utilizes that rating and assigns an NAIC designation based upon the NAIC published comparison of NRSRO ratings to NAIC designations.

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The NAIC determines ratings for non-agency residential mortgage backed securities (“RMBS”) and commercial mortgage backed securities using modeling that estimates security level expected losses under a variety of economic scenarios. For such assets issued prior to January 1, 2013, an insurer’s amortized cost basis in applicable assets can impact the assigned rating. In the tables below, we present the rating of structured securities based on ratings from the NAIC rating methodologies described above (which in some cases do not correspond to rating agency designations). All NAIC designations (e.g., NAIC 1-6) are based on the NAIC methodologies.

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our fixed income portfolio as of March 31, 2025 and December 31, 2024:

		March 31, 2025							December 31, 2024
NRSRO Rating	NAIC Designation		Amortized Cost		Fair Value		Fair Value Percent			Amortized Cost		Fair Value		Fair Value Percent
		(Dollars in millions)
AAA/AA/A	1		$	32,410	$	30,526	64	%		$	31,258	$	29,174	63	%
BBB	2		16,376		15,312		32			16,254		15,082		33
BB	3		1,570		1,516		3			1,591		1,538		3
B	4		415		388		1			375		353		1
CCC	5		98		62		—			100		68		—
CC and lower	6		157		105		—			151		102		—
Total			$	51,026	$	47,909	100	%		$	49,729	$	46,317	100	%

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Investment Concentrations

The tables below present the top ten structured security and industry categories of our fixed maturity and equity securities including the fair value and percent of total fixed maturity and equity securities fair value as of March 31, 2025 and December 31, 2024.

	March 31, 2025
Top 10 Concentrations	Fair Value (In millions)		Percent of Total Fair Value
CLO	$	9,272	19	%
ABS other	6,990		14
Commercial mortgage backed securities	5,091		11
Diversified financial services	4,255		9
Whole loan collateralized mortgage obligation	2,616		5
Banking	2,005		4
Insurance	1,831		4
Municipal	1,370		3
Electric	1,274		3
Telecommunications	815		2
Total	$	35,519	74	%
	December 31, 2024
Top 10 Concentrations	Fair Value (In millions)		Percent of Total Fair Value
ABS other	$	10,270	22	%
CLO	5,379		11
Commercial mortgage-backed securities	5,131		11
Diversified financial services	4,271		9
Whole loan collateralized mortgage obligation	2,635		6
Banking	1,988		4
Insurance	1,761		4
Municipal	1,363		3
Electric	1,229		3
Pharmaceuticals	738		1
Total	$	34,765	74	%

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities as of March 31, 2025 and December 31, 2024 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

	March 31, 2025
	Amortized Cost		Fair Value
Corporate, Non-structured Hybrids, Municipal and Government securities:	(In millions)
Due in one year or less	$	603	$	603
Due after one year through five years	4,117		4,103
Due after five years through ten years	5,124		5,011
Due after ten years	16,713		14,098
Subtotal	$	26,557	$	23,815
Other securities, which provide for periodic payments:
Asset-backed securities	$	16,429	$	16,262
Commercial-mortgage-backed securities	5,260		5,091
Residential mortgage-backed securities	2,780		2,741
Subtotal	$	24,469	$	24,094
Total fixed maturity available-for-sale securities	$	51,026	$	47,909

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Non-Agency RMBS Exposure

Our investment in non-agency RMBS securities is predicated on the conservative and adequate cushion between purchase price and NAIC 1 rating, general lack of sensitivity to interest rates, positive convexity to prepayment rates and correlation between the price of the securities and the unfolding recovery of the housing market.

The fair value of our investments in subprime securities and Alt-A RMBS securities were $5 million and $44 million as of March 31, 2025, respectively, and $29 million and $44 million as of December 31, 2024, respectively. As of March 31, 2025 and December 31, 2024, approximately 92% and 93%, respectively, of the subprime and Alt-A RMBS exposures were rated NAIC 2 or higher.

ABS and CLO Exposures

Our ABS exposures are largely diversified by underlying collateral and issuer type. Our CLO exposures are generally senior tranches of CLOs, which have leveraged loans as their underlying collateral.

As of March 31, 2025, the CLO and ABS positions were trading at a net unrealized gain of $55 million and a net unrealized loss of $207 million, respectively. As of December 31, 2024, the CLO and ABS positions were trading at a net unrealized gain of $92 million and a net unrealized loss of $207 million, respectively.

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS ABS portfolio as of March 31, 2025 and December 31, 2024. Balances as of March 31, 2025 reflect classifications consistent with the NAIC Principles Based Bond Definition Project effective January 1, 2025.

		March 31, 2025				December 31, 2024
		Fair Value		Percent		Fair Value		Percent
NRSRO Rating	NAIC Designation	(Dollars in millions)
AAA/AA/A	1	$	5,227	75	%	$	7,963	78	%
BBB	2	1,513		21		1,633		16
BB	3	187		3		445		4
B	4	7		—		183		2
CCC	5	7		—		8		—
CC and lower	6	49		1		38		—
Total		$	6,990	100%		$	10,270	100%

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS CLO portfolio as of March 31, 2025 and December 31, 2024. Balances as of March 31, 2025 reflect classifications consistent with the NAIC Principles Based Bond Definition Project effective January 1, 2025.

		March 31, 2025			December 31, 2024
		Fair Value		Percent	Fair Value		Percent
NRSRO Rating	NAIC Designation	(Dollars in millions)
AAA/AA/A	1	$	6,673	72%	$	3,411	63%
BBB	2	1,600		17	1,396		26
BB	3	800		9	524		10
B	4	162		2	10		—
CCC	5	—		—	—		—
CC and lower	6	37		—	38		1
Total		$	9,272	100%	$	5,379	100%

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Municipal Bond Exposure

The following table summarizes our municipal bond exposure as of March 31, 2025 and December 31, 2024.

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(Dollars in millions)
General obligation bonds	$	245	$	207	$	247	$	205
Special revenue bonds	1,330		1,149		1,329		1,128
Certificate participations	16		14		16		13
Total	$	1,591	$	1,370	$	1,592	$	1,346

Across all municipal bonds, the largest issuer represented 5% of the category and less than 1% of the total portfolio for both March 31, 2025 and December 31, 2024, and is rated NAIC 1 as of March 31, 2025. Our focus within municipal bonds is on NAIC 1 rated instruments, with 98% and 97% of our municipal bond exposure rated NAIC 1 as of March 31, 2025 and December 31, 2024, respectively.

Mortgage Loans

Commercial Mortgage Loans

We diversify our commercial mortgage loans ("CMLs") portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a level to secure the related debt. Loan-to value ("LTV") and debt-service coverage ("DSC") ratios are utilized to assess the risk and quality of CMLs. As of March 31, 2025 and December 31, 2024, our mortgage loans on real estate portfolio had a weighted average DSC ratio of 2.3 times, and a weighted average LTV ratio of 56% and 55%, respectively.

We consider a CML delinquent when a loan payment is greater than 30 days past due. For mortgage loans that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. As of March 31, 2025 and December 31, 2024, we had one CML that was delinquent in principal or interest payments. We had no CMLs in the process of foreclosure as of March 31, 2025 and December 31, 2024. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this report for additional information on our CMLs, including our distribution by property type, geographic region, LTV, and DSC ratios.

Residential Mortgage Loans

F&G's residential mortgage loans ("RMLs") are closed end, amortizing loans, and 100% of the properties are in the United States. F&G diversifies its RML portfolio by state to attempt to reduce concentration risk. RMLs have a primary credit quality indicator of either a performing or non-performing loan. F&G defines non-performing RMLs as those that are 90 or more days past due and/or in non-accrual status.

Loans are placed on non-accrual status when they are over 90 days delinquent. If a loan becomes over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current can be put in place. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our RMLs.

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Unrealized Losses

The amortized cost and fair value of the fixed maturity securities and the equity securities that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025
	Number of Securities	Amortized Cost		Allowance for Expected Credit Losses		Unrealized Losses		Fair Value
Fixed maturity securities, available for sale:	(Dollars in millions)
United States Government full faith and credit	10	$	17	$	—	$	(1)	$	16
United States Government sponsored agencies	51	24		—		(2)		22
United States municipalities, states and territories	164	1,390		—		(226)		1,164
Foreign Governments	42	218		—		(42)		176
Corporate securities:
Finance, insurance and real estate	705	6,056		(14)		(640)		5,402
Manufacturing, construction and mining	146	1,287		—		(148)		1,139
Utilities, energy and related sectors	443	2,821		—		(513)		2,308
Wholesale/retail trade	483	2,867		—		(463)		2,404
Services, media and other	591	4,322		—		(827)		3,495
Hybrid securities	35	435		—		(28)		407
Non-agency residential mortgage-backed securities	251	1,005		(1)		(77)		927
Commercial mortgage-backed securities	326	2,435		(49)		(170)		2,216
Asset-backed securities	726	8,352		(13)		(326)		8,013
Total fixed maturity available for sale securities	3,973	31,229		(77)		(3,463)		27,689
Equity securities	25	305		—		(82)		223
Total investments	3,998	$	31,534	$	(77)	$	(3,545)	$	27,912
	December 31, 2024
	Number of Securities	Amortized Cost		Allowance for Expected Credit Losses		Unrealized Losses		Fair Value
Fixed maturity securities, available for sale:	(Dollars in millions)
United States Government full faith and credit	29	$	106	$	—	$	(3)	$	103
United States Government sponsored agencies	64	92		—		(4)		88
United States municipalities, states and territories	176	1,476		—		(249)		1,227
Foreign Governments	43	224		—		(45)		179
Corporate securities:
Finance, insurance and real estate	840	6,596		—		(728)		5,868
Manufacturing, construction and mining	156	1,173		—		(161)		1,012
Utilities, energy and related sectors	477	3,000		—		(542)		2,458
Wholesale/retail trade	523	3,111		—		(497)		2,614
Services, media and other	640	4,679		—		(874)		3,805
Hybrid securities	31	515		—		(29)		486
Non-agency residential mortgage-backed securities	314	1,370		—		(101)		1,269
Commercial mortgage-backed securities	344	2,552		(41)		(200)		2,311
Asset-backed securities	355	4,148		(11)		(317)		3,820
Total fixed maturity available for sale securities	3,992	29,042		(52)		(3,750)		25,240
Equity securities	31	363		—		(87)		276
Total investments	4,023	$	29,405	$	(52)	$	(3,837)	$	25,516

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The gross unrealized loss position on the fixed maturity available-for-sale fixed and equity portfolio was $3,545 million and $3,837 million as of March 31, 2025 and December 31, 2024, respectively. Most components of the portfolio exhibited price appreciation caused primarily by lower treasury rates. The total amortized cost of all securities in an unrealized loss position was $31,534 million and $29,405 million as of March 31, 2025 and December 31, 2024, respectively. The average market value/book value of the investment category with the largest unrealized loss position was 81% for services, media and other for both March 31, 2025 and December 31, 2024. In the aggregate, services, media and other represented 23% of the total unrealized loss position for both March 31, 2025 and December 31, 2024.

The amortized cost and fair value of fixed maturity available for sale securities under watch list analysis and the number of months in a loss position with investment grade securities (NRSRO rating of BBB/Baa or higher) as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025
	Number of Securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:	(Dollars in millions)
Less than six months	6	$	18	$	17	$	—	$	(1)
Six months or more and less than twelve months	2	11		10		—		(1)
Twelve months or greater	95	1,236		811		—		(425)
Total investment grade	103	1,265		838		—		(427)
Below investment grade:
Less than six months	—	—		—		—		—
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	7	112		75		(14)		(23)
Total below investment grade	7	112		75		(14)		(23)
Total	110	$	1,377	$	913	$	(14)	$	(450)
	December 31, 2024
	Number of Securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:	(Dollars in Millions)
Less than six months	8	$	54	$	52	$	—	$	(2)
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	107	1,443		959		—		(484)
Total investment grade	115	1,497		1,011		—		(486)
Below investment grade:
Less than six months	—	—		—		—		—
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	5	82		51		—		(31)
Total below investment grade	5	82		51		—		(31)
Total	120	$	1,579	$	1,062	$	—	$	(517)

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Expected Credit Losses and Watch List

F&G prepares a watch list to identify securities to evaluate for expected credit losses. Factors used in preparing the watch list include fair values relative to amortized cost, ratings and negative ratings actions and other factors. Detailed analysis is performed for each security on the watch list to further assess the presence of credit impairment loss indicators and, where present, calculate an allowance for expected credit loss or direct write-down of a security’s amortized cost.

The watch list excludes structured securities as we have separate processes to evaluate the credit quality on the structured securities.

There were 72 and 45 structured securities with a fair value of $241 million and $146 million to which we had potential credit exposure as of March 31, 2025 and December 31, 2024, respectively. Our analysis of these structured securities, which included cash flow testing, resulted in allowances for expected credit losses of $66 million and $62 million as of March 31, 2025 and December 31, 2024, respectively.

Exposure to Sovereign Debt and Certain Other Exposures

Our investment portfolio had an immaterial amount of direct exposure to European sovereign debt as of March 31, 2025 and December 31, 2024, respectively. We have no exposure to investments in Russia or Ukraine and de minimis investments in peripheral countries in the region.

Interest and Investment Income

For discussion regarding our interest and investment income and recognized gains and (losses), net refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

AFS Securities

For additional information regarding our AFS securities, including the amortized cost, gross unrealized gains (losses), and fair value as well as the amortized cost and fair value of fixed maturity AFS securities by contractual maturities, as of March 31, 2025 and December 31, 2024, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Concentrations of Financial Instruments

For certain information regarding our concentrations of financial instruments, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Derivatives

We are exposed to credit loss in the event of non-performance by our counterparties on derivative instruments. We attempt to reduce this credit risk by purchasing such derivative instruments from large, well-established financial institutions.

We also hold cash and cash equivalents received from counterparties for derivative instrument collateral, as well as U.S. Government securities pledged as derivative instrument collateral, if our counterparty’s net exposures exceed pre-determined thresholds.

We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reduce the negative interest cost associated with cash collateral posted from counterparties under various ISDA agreements by reinvesting derivative cash collateral. This program permits collateral cash received to be invested in short term Treasury securities, bank deposits and commercial paper rated A1/P1, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.

See Note E Derivative Financial Instruments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information regarding our derivatives and our exposure to credit loss on derivatives.

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Corporate and Other

The Corporate and Other segment consists of the operations of the parent holding company and our real estate technology subsidiaries. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

The following table presents the results of operations of our Corporate and Other segment:

	Three months ended March 31,
	2025		2024
Revenues:	(In millions)
Escrow, title-related and other fees	$	35	$	56
Interest and investment income	39		38
Recognized gains and losses, net	1		—
Total revenues	75		94
Expenses:
Personnel costs	31		43
Other operating expenses	23		26
Depreciation and amortization	7		8
Interest expense	20		19
Total expenses	81		96
Loss from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates	$	(6)	$	(2)

The revenue in the Corporate and Other segment represents revenue generated by our non-title real estate technology subsidiaries as well as mark-to-market valuation changes on certain corporate deferred compensation plans.

Total revenues in the Corporate and Other segment decreased $19 million, or 20%, in the three months ended March 31, 2025 from the corresponding period in 2024. The decrease in the three months ended March 31, 2025 from the corresponding period in 2024 is primarily attributable to a decrease in valuations associated with our deferred compensation plan assets of $1 million in the three months ended March 31, 2025 as compared to an increase in valuations associated with our deferred compensation plan assets of $17 million in the corresponding period in 2024.

Personnel costs in the Corporate and Other segment decreased $12 million, or 28%, in the three months ended March 31, 2025, from the corresponding period in 2024. The decrease in the three months ended March 31, 2025 from the corresponding period in 2024 is primarily attributable to the aforementioned decrease in valuations associated with our deferred compensation plan assets of $18 million, which decreased both revenue and personnel costs.

Other operating expenses in the Corporate and Other segment decreased $3 million, or 12%, in the three months ended March 31, 2025 from the corresponding period in 2024. The decrease in the three months ended March 31, 2025 from the corresponding period in 2024 is attributable to various immaterial items.

Interest expense in the Corporate and Other segment increased $1 million in the three months ended March 31, 2025 from the corresponding period in 2024.

Liquidity and Capital Resources

Cash Requirements. Our current cash requirements include personnel costs, operating expenses, claim payments, taxes, payments of interest and principal on our debt, capital expenditures, business acquisitions, stock repurchases, and dividends on our common stock. We paid dividends of $0.50 per share in the first quarter of 2025, or approximately $136 million to our common shareholders. On May 7, 2025, our Board of Directors declared cash dividends of $0.50 per share, payable on June 30, 2025, to FNF common shareholders of record as of June 16, 2025. There are no restrictions on our retained earnings regarding our ability to pay dividends to our shareholders, although there are limits on the ability of certain subsidiaries to pay dividends to us, as described below. The declaration of any future dividends is at the discretion of our Board of Directors.

As of March 31, 2025, we had cash and cash equivalents of $4,484 million, short term investments of $1,161 million, available capacity under our Revolving Credit Facility of $800 million, and available capacity under the Amended F&G Credit agreement of $385 million. On January 13, 2025, F&G completed its public offering of its 7.30% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the "7.30% F&G Notes"). F&G used the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal amount of its 5.50% Senior Notes due May 1, 2025 (the "5.50% F&G Senior Notes"). The notes were redeemed for a redemption price equal to

85

100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. On March 24, 2025, F&G completed a public offering of 8,000,000 shares of F&G common stock, par value $0.001 per share. In connection with the offering, F&G entered into an underwriting agreement, pursuant to which F&G granted the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 shares of F&G common stock. Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of F&G common stock at the same price per share paid by the underwriters. F&G intends to use the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

We continually assess our capital allocation strategy, including decisions relating to the amount of our dividend, reducing debt, repurchasing our stock, investing in growth of our subsidiaries, making acquisitions, and/or conserving cash. We believe that all anticipated cash requirements for current operations will be met from internally generated funds, through cash dividends from subsidiaries, cash generated by investment securities, potential sales of non-strategic assets, potential issuances of additional debt or equity securities, and borrowings on our Revolving Credit Facility. Our short-term and long-term liquidity requirements are monitored regularly to ensure that we can meet our cash requirements. We forecast the needs of all of our subsidiaries and periodically review their short-term and long-term projected sources and uses of funds, as well as the asset, liability, investment, and cash flow assumptions underlying such forecasts. 

Our insurance subsidiaries generate cash from premiums earned and their respective investment portfolios, and these funds are adequate to satisfy the payments of claims and other liabilities. Due to the magnitude of our investment portfolio in relation to our title claim loss reserves, we do not specifically match durations of our investments to the cash outflows required to pay claims, but do manage outflows on a shorter time frame.

Our two significant sources of internally generated funds are dividends and other payments from our subsidiaries. As a holding company, we receive cash from our subsidiaries in the form of dividends and as reimbursement for operating and other administrative expenses we incur. The reimbursements are paid within the guidelines of management agreements among us and our subsidiaries. Our insurance subsidiaries are restricted by state regulation in their ability to pay dividends and make distributions. Each applicable state of domicile regulates the extent to which our title underwriters can pay dividends or make other distributions. As of December 31, 2024, $1,141 million of our net assets were restricted from dividend payments without prior approval from the relevant departments of insurance. We anticipate that our title insurance subsidiaries will pay or make dividends in the remainder of 2025 of approximately $375 million. Our underwritten title companies and non-insurance subsidiaries are not regulated to the same extent as our insurance subsidiaries.

The maximum dividend permitted by law is not necessarily indicative of an insurer’s actual ability to pay dividends, which may be constrained by business and regulatory considerations, such as the impact of dividends on surplus, which could affect an insurer’s ratings or competitive position, the amount of premiums that can be written, and the ability to pay future dividends. Further, depending on business and regulatory conditions, we may in the future need to retain cash in our underwriters or even contribute cash to one or more of them in order to maintain their ratings or their statutory capital position. Such a requirement could be the result of investment losses, reserve charges, adverse operating conditions in the current economic environment, or changes in statutory accounting requirements by regulators.

Cash flow from our operations will be used for general corporate purposes including to reinvest in operations, repay debt, pay dividends, repurchase stock, pursue other strategic initiatives, and/or conserve cash.

Operating Cash Flow. Our cash flows provided by operations for the three months ended March 31, 2025 and 2024 totaled $1,115 million and $1,591 million, respectively. The decrease in cash provided by operating activities in the 2025 period of $476 million is primarily attributable to net cash outflows associated with the change in derivative collateral liabilities of $135 million in the 2025 period as compared to net cash inflows of $151 million in the 2024 period, decreased net cash inflows associated with the change in future policy benefits of $295 million and decreased net cash inflows associated with the change in funds withheld by reinsurers of $292 million, partially offset decreased net cash outflows associated with the changes in other assets and other liabilities of $247 million.

Investing Cash Flows. Our cash flows used in investing activities for the three months ended March 31, 2025 and 2024 were $785 million and $1,096 million, respectively. The decrease in cash used in investing activities in the 2025 period of $311 million was primarily attributable to increased cash inflows from proceeds from sales, calls and maturities of investment securities of $1,288 million, increased net cash inflows associated with net proceeds from sales and maturities of short-term investment securities of $417 million and decreased net cash outflows associated with acquisitions of $284 million, partially offset by increased cash outflows associated with the purchases of investment securities of $1,309 million and increased cash outflows associated with additional investments in unconsolidated affiliates of $393 million.

Capital Expenditures. Total capital expenditures for property and equipment and capitalized software were $37 million and $35 million for the three months ended March 31, 2025 and 2024, respectively.

86

Financing Cash Flows. Our cash flows provided by financing activities for the three months ended March 31, 2025 and 2024 were $675 million and $255 million, respectively. The increase in cash provided by financing activities in the 2025 period of $420 million was primarily attributable to cash inflows associated with the public offering of the 7.30% F&G Notes of $375 million in the 2025 period, increased cash inflows associated with the change in contractholder account deposits of $860 million, net cash inflows associated with the change in secured trust deposits of $77 million in 2025 as compared to net cash outflows of $38 million in 2024 and cash inflows associated with F&G's common stock issuance of $117 million in 2025, partially offset by cash outflows associated with the change in contractholder account withdrawals of $711 million and cash outflows associated with the redemption of the 5.50% F&G Senior notes of $300 million in 2025.

Financing Arrangements. For a description of our financing arrangements see Note G Notes Payable included in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024.

Capital Stock Transactions. On August 3, 2021, our Board of Directors approved a three-year repurchase program (the "2021 Repurchase Program") under which we were authorized to purchase up to 25 million shares of our FNF common stock through July 31, 2024. Since the commencement of the 2021 Repurchase Program, we repurchased a total of 16,449,565 FNF common shares for approximately $701 million, at an average price of $42.60 per share. On July 31, 2024, our Board of Directors approved a new three-year stock repurchase program effective July 31, 2024 (the "2024 Repurchase Program") under which we are authorized to purchase up to 25 million shares of our FNF common stock through July 31, 2027. We repurchased 390,000 shares of FNF common stock under the 2024 Repurchase Program during the three months ended March 31, 2025 for approximately $25 million, at an average price of $63.42. Subsequent to March 31, 2025 and through market close on May 8, 2025, we repurchased a total of 60,000 shares for approximately $4 million, at an average price of $64.31 under this program.

Equity and Preferred Security Investments. Our equity and preferred security investments may be subject to significant volatility. Currently prevailing accounting standards require us to record the change in fair value of equity and preferred security investments held as of any given period end within earnings. Our results of operations in future periods are anticipated to be subject to such volatility.

Off-Balance Sheet Arrangements. Other than our unfunded investment commitments discussed below, there have been no significant changes to our off-balance sheet arrangements since our Annual Report on Form 10-K for the year ended December 31, 2024.

We have unfunded investment commitments as of March 31, 2025 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. Please refer to Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details on unfunded investment commitments.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the market risks described in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is: (a) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms; and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

87

PART II

Item 1. Legal Proceedings

See discussion of legal proceedings in Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.

Item 1A. Risk Factors

In addition to the information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the "Risk Factors" disclosed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.

There have been no material changes as of the date of this report to the risk factors disclosed in “Item IA. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

The following table summarizes repurchases of equity securities by FNF during the three months ended March 31, 2025:

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
1/1/2025 - 1/31/2025	—	$	—	—	25,000,000
2/1/2025 - 2/28/2025	75,000	61.71		75,000	24,925,000
3/1/2025 - 3/31/2025	315,000	63.83		315,000	24,610,000
Total	390,000	$	63.42	390,000

(1)    On July 31, 2024, our Board of Directors approved a three-year stock repurchase program effective July 31, 2024, under which we are authorized to purchase up to 25 million shares of our FNF common stock through July 31, 2027.

(2)    As of the last day of the applicable month.

88

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

89

Item 6. Exhibits

     (a) Exhibits:

4.1	Indenture, between F&G, and Citibank, N.A., as trustee (incorporated by reference to Exhibit No. 4.1 to the Company’s Current Report on Form 8-K, filed with the Commission on January 13, 2025).
4.2	Form of First Supplemental Indenture relating to the 7.300% Junior Subordinated Notes due 2065, between F&G Annuities and Life, Inc. and Citibank, N.A., as trustee (incorporated by reference to Exhibit No. 4.2 on the Company’s Current Report on Form 8-K, filed with the Commission on January 13, 2025).
4.3	Form of 7.300% Junior Subordinated Note due 2065 (included in Exhibit 4.2 and incorporated by reference to Exhibit No. 4.3 on the Company’s Current Report on Form 8-K, filed with the Commission on January 13, 2025).
31.1**	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2**	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1***	Certification by Chief Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
32.2***	Certification by Chief Financial Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
101.INS*	Inline XBRL Instance Document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
104	Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.
* The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

** Filed herewith.

***Furnished, not filed.

90

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	May 8, 2025	FIDELITY NATIONAL FINANCIAL, INC. (registrant)
		By:	/s/ Anthony J. Park
			Anthony J. Park
			Chief Financial Officer (Principal Financial and Accounting Officer)

91

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Michael J. Nolan, certify that:

1. I have reviewed this annual report on Form 10-Q of Fidelity National Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 8, 2025

By:	/s/ Michael J. Nolan
	Michael J. Nolan Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Anthony J. Park, certify that:

1. I have reviewed this annual report on Form 10-Q of Fidelity National Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 8, 2025

By:	/s/ Anthony J. Park
	Anthony J. Park Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO 18 U.S.C. §1350

     The undersigned hereby certifies that he is the duly appointed and acting Chief Executive Officer of Fidelity National Financial, Inc., a Delaware corporation (the “Company”), and hereby further certifies as follows.

1.The periodic report containing financial statements to which this certificate is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

2.The information contained in the periodic report to which this certificate is an exhibit fairly presents, in all material respects, the financial condition and results of operations of the Company.

     In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date: May 8, 2025

By:	/s/ Michael J. Nolan
	Michael J. Nolan
	Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO 18 U.S.C. §1350

     The undersigned hereby certifies that he is the duly appointed and acting Chief Financial Officer of Fidelity National Financial, Inc., a Delaware corporation (the “Company”), and hereby further certifies as follows.

1.The periodic report containing financial statements to which this certificate is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

2.The information contained in the periodic report to which this certificate is an exhibit fairly presents, in all material respects, the financial condition and results of operations of the Company.

     In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date: May 8, 2025

By:	/s/ Anthony J. Park
	Anthony J. Park
	Chief Financial Officer

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Cover - shares	3 Months Ended
	Mar. 31, 2025	Apr. 30, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-32630
Entity Registrant Name	FIDELITY NATIONAL FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1725106
Entity Address, Address Line One	601 Riverside Avenue
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32204
City Area Code	904
Local Phone Number	854-8100
Title of 12(b) Security	FNF Common Stock, $0.0001 par value
Trading Symbol	FNF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		274,639,798
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001331875
Current Fiscal Year End Date	--12-31

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities available for sale, at fair value, as of March 31, 2025 and December 31, 2024, at an amortized cost of $52,973 and $51,681, respectively, net of allowance for credit losses of $85 and $67, respectively, and includes pledged fixed maturity securities of $462 and $495, respectively, related to secured trust deposits	$ 49,824	$ 48,218
Derivative investments	705	794
Mortgage loans, net of allowance for credit losses of $73 and $70 as of March 31, 2025 and December 31, 2024, respectively	6,366	5,926
Investments in unconsolidated affiliates	4,302	3,731
Other long-term investments	833	811
Short-term investments	1,161	3,050
Total investments	64,167	63,615
Cash and cash equivalents, as of March 31, 2025 and December 31, 2024 includes $155 and $69, respectively, of pledged cash related to secured trust deposits	4,484	3,479
Trade and notes receivables, net of allowance for credit losses of $32 as of March 31, 2025 and December 31, 2024	421	471
Reinsurance recoverable, net of allowance for credit losses of $20 as of March 31, 2025 and December 31, 2024	14,756	13,380
Goodwill	5,271	5,271
Prepaid expenses and other assets	1,858	1,938
Market risk benefits asset	187	189
Lease assets	343	351
Other intangible assets, net	6,113	5,976
Title plants	421	420
Property and equipment, net	188	173
Total assets	98,209	95,263
Liabilities:
Contractholder funds	57,823	56,404
Future policy benefits	9,065	8,749
Accounts payable and accrued liabilities	3,271	3,249
Market risk benefits liability	635	549
Notes payable	4,394	4,321
Reserve for title claim losses	1,695	1,713
Funds withheld for reinsurance liabilities	11,442	10,758
Secured trust deposits	628	551
Lease liabilities	376	385
Income taxes payable	83	52
Total liabilities	89,412	86,731
Equity:
FNF common stock, $0.0001 par value; authorized 600 shares as of March 31, 2025 and December 31, 2024; outstanding of 275 as of March 31, 2025 and December 31, 2024	0	0
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none	0	0
Additional paid-in capital	6,008	5,976
Retained earnings	5,928	5,982
Accumulated other comprehensive loss	(1,866)	(2,052)
Treasury stock, 57 and 56 shares as of March 31, 2025 and December 31, 2024, at cost	(2,177)	(2,152)
Total Fidelity National Financial, Inc. shareholders’ equity	7,893	7,754
Non-controlling interests	904	778
Total equity	8,797	8,532
Total liabilities and equity	98,209	95,263
Preferred securities
Investments:
Securities, at fair value	429	443
Equity securities
Investments:
Securities, at fair value	$ 547	$ 642

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Fixed maturity securities, available-for-sale securities, amortized cost	$ 52,973	$ 51,681
Fixed maturity securities, available-for-sale securities, allowance for credit losses	85	67
Available-for-sale securities, pledged securities, secured trust deposits	462	495
Allowance for credit loss	73	70
Cash, pledged, secured trust deposits	155	69
Allowance for doubtful accounts, premiums and other receivables	32	32
Expected credit losses on reinsurance recoverable	$ 20	$ 20
Common stock, par or stated value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares, outstanding (in shares)	275,000,000	275,000,000
Preferred stock, par or stated value per share (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	57,000,000	56,000,000

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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues:
Direct title insurance premiums	$ 510	$ 440
Agency title insurance premiums	681	593
Escrow, title-related and other fees	1,065	1,281
Interest and investment income	760	710
Recognized gains and losses, net	(287)	275
Total revenues	2,729	3,299
Expenses:
Personnel costs	770	727
Agent commissions	528	460
Other operating expenses	377	369
Benefits and other changes in policy reserves	524	1,161
Market risk benefit losses (gains)	109	(11)
Depreciation and amortization	196	167
Provision for title claim losses	54	46
Interest expense	60	49
Total expenses	2,618	2,968
Earnings before income taxes and equity in earnings of unconsolidated affiliates	111	331
Income tax expense	29	63
Earnings before equity in earnings of unconsolidated affiliates	82	268
Equity in earnings of unconsolidated affiliates	1	1
Net earnings	83	269
Less: Net earnings attributable to non-controlling interests	0	21
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$ 83	$ 248
Earnings per share
Net earnings per share attributable to common shareholders, basic (in usd per share)	$ 0.30	$ 0.92
Net earnings per share attributable to common shareholders, diluted (in usd per share)	$ 0.30	$ 0.91
Weighted average common shares outstanding - basic (in shares)	273	271
Weighted average common shares outstanding - diluted (in shares)	273	272

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net earnings		$ 83	$ 269
Other comprehensive earnings (loss):
Unrealized gain (loss) on investments and other financial instruments (excluding investments in unconsolidated affiliates)	[1]	267	(5)
Unrealized gain on investments in unconsolidated affiliates	[2]	8	13
Unrealized gain (loss) on foreign currency translation	[3]	6	(6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	[4]	(2)	13
Changes in current discount rate - future policy benefits	[5]	(86)	91
Changes in instrument-specific credit risk - market risk benefits	[6]	23	1
Other comprehensive loss attributable to non-controlling interest	[7]	(30)	(17)
Other comprehensive earnings		186	90
Comprehensive earnings		269	359
Less: Comprehensive earnings attributable to non-controlling interests		0	21
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders		$ 269	$ 338

[1] Net of income tax expense of $63 million for the three months ended March 31, 2025.

[2] Net of income tax expense of $2 million and $4 million for the three months ended March 31, 2025 and 2024, respectively.

[3] Net of income tax expense (benefit) of $1 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively.

[4] Net of income tax expense of $4 million for the three months ended March 31, 2024.

[5] Net of income tax (benefit) expense of $(21) million and $24 million for the three months ended March 31, 2025 and 2024, respectively.

[6] Net of income tax expense of $6 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.

[7] Net of income tax benefit of $8 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on investments and other financial instruments, tax expense (benefit)	$ 63
Unrealized gain on investments in unconsolidated affiliates, tax expense	2	$ 4
Unrealized gain (loss) on foreign currency translation, tax expense (benefit)	1	(1)
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax expense		4
Changes in current discount rate - future policy benefits , tax (benefit) expense	(21)	24
Changes in instrument-specific credit risk - market risk benefits, tax expense (less than for 2024)	6	1
Other comprehensive loss attributable to non-controlling interest, tax benefit	$ 8	$ 5

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total		F&G	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital F&G	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock	Non-controlling Interests	Non-controlling Interests F&G
Beginning balance (in shares) at Dec. 31, 2023				329
Beginning balance at Dec. 31, 2023	$ 7,460			$ 0	$ 5,913		$ 5,244	$ (2,119)	$ (2,130)	$ 552
Beginning balance, Treasury stock (in shares) at Dec. 31, 2023									56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interest associated with current period acquisitions	136									136
Exercise of stock options	1				1
Purchase of incremental share in consolidated subsidiaries	(7)				(4)					(3)
Other comprehensive (loss) earnings- unrealized (loss) gain on investments and other financial instruments	(5)							(5)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	13	[1]						13
Other comprehensive earnings (loss) - unrealized gain (loss) on foreign currency translation	(6)	[2]						(6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	13	[3]						13
Change in instrument-specific credit risk - market risk benefits	1	[4]						1
Change in current discount rate — liability for future policy benefits	91	[5]						91
Other comprehensive loss associated with noncontrolling interests	(17)	[6]			(1)			(17)		18
Stock-based compensation	16				15					1
Shares withheld for taxes and in treasury	(7)								$ (1)	(6)
Dividends declared, per common share	(131)						(131)
Subsidiary dividends declared to non-controlling interests	(7)									(7)
Net earnings	269						248			21
Ending balance (in shares) at Mar. 31, 2024				329
Ending balance at Mar. 31, 2024	7,837			$ 0	5,924		5,361	(2,029)	$ (2,131)	712
Ending balance, Treasury stock (in shares) at Mar. 31, 2024									56
Beginning balance (in shares) at Dec. 31, 2024				331
Beginning balance at Dec. 31, 2024	$ 8,532			$ 0	5,976		5,982	(2,052)	$ (2,152)	778
Beginning balance, Treasury stock (in shares) at Dec. 31, 2024	56								56
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	$ 4				4
F&G common stock offering			$ 117			$ 8					$ 109
Other comprehensive (loss) earnings- unrealized (loss) gain on investments and other financial instruments	267							267
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	8	[1]						8
Other comprehensive earnings (loss) - unrealized gain (loss) on foreign currency translation	6	[2]						6
Reclassification adjustments for change in unrealized gains and losses included in net earnings	(2)	[3]						(2)
Change in instrument-specific credit risk - market risk benefits	23	[4]						23
Change in current discount rate — liability for future policy benefits	(86)	[5]						(86)
Other comprehensive loss associated with noncontrolling interests	(30)	[6]						(30)		30
Stock-based compensation	21				20					1
Shares withheld for taxes and in treasury	(2)									(2)
Repurchases of treasury stock	(25)								$ (25)
Repurchases of treasury stock (in shares)									1
Dividends declared, per common share	(137)						(137)
Subsidiary dividends declared to non-controlling interests	(12)									(12)
Net earnings	83						83
Ending balance (in shares) at Mar. 31, 2025				331
Ending balance at Mar. 31, 2025	$ 8,797			$ 0	$ 6,008		$ 5,928	$ (1,866)	$ (2,177)	$ 904
Ending balance, Treasury stock (in shares) at Mar. 31, 2025	57								57

[1] Net of income tax expense of $2 million and $4 million for the three months ended March 31, 2025 and 2024, respectively.

[2] Net of income tax expense (benefit) of $1 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively.

[3] Net of income tax expense of $4 million for the three months ended March 31, 2024.

[4] Net of income tax expense of $6 million and less than $1 million for the three months ended March 31, 2025 and 2024, respectively.

[5] Net of income tax (benefit) expense of $(21) million and $24 million for the three months ended March 31, 2025 and 2024, respectively.

[6] Net of income tax benefit of $8 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividend per common share (in usd per share)	$ 0.50	$ 0.48

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net earnings	$ 83	$ 269
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	196	167
Equity in earnings of unconsolidated affiliates	(1)	(1)
Loss (gain) on sales of investments and other assets and asset impairments, net	24	(25)
Interest credited/index credits to contractholder account balances	125	513
Change in market risk benefits, net	109	(11)
Deferred policy acquisition costs and deferred sales inducements	(287)	(311)
Charges assessed to contractholders for mortality and admin	(79)	(66)
Non-cash lease costs	33	33
Operating lease payments	(35)	(38)
Distributions from unconsolidated affiliates, return on investment	7	19
Stock-based compensation cost	21	16
Change in NAV of limited partnerships, net	(63)	(49)
Change in valuation of derivatives, equity securities, preferred securities, and other assets, net	259	(254)
Changes in assets and liabilities, net of effects from acquisitions:
Change in derivative collateral liabilities	(135)	151
Change in reinsurance recoverable	(13)	(22)
Change in future policy benefits	210	505
Change in funds withheld from reinsurers	648	940
Net decrease in trade receivables	34	8
Net decrease in reserve for title claim losses	(18)	(24)
Net change in income taxes	11	33
Net change in other assets and other liabilities	(14)	(262)
Net cash provided by operating activities	1,115	1,591
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	3,071	1,783
Additions to property and equipment, capitalized software and title plants	(37)	(35)
Purchases of investment securities	(5,128)	(3,819)
Net proceeds from sales and maturities of short-term investment securities	1,890	1,473
Acquisitions and dispositions	0	(284)
Additional investments in unconsolidated affiliates	(665)	(272)
Distributions from unconsolidated affiliates, return of investment	81	36
Net other investing activities	3	22
Net cash used in investing activities	(785)	(1,096)
Cash flows from financing activities:
Borrowings	10	7
Debt offering	375	0
Debt service payments	(300)	0
Dividends paid	(136)	(130)
Subsidiary dividends paid to non-controlling interest shareholders	(12)	(7)
Exercise of stock options	4	1
Net change in secured trust deposits	77	(38)
Payment of contingent consideration for prior period acquisitions	(18)	(5)
Contractholder account deposits	2,789	1,929
Contractholder account withdrawals	(2,194)	(1,483)
Purchases of treasury stock	(24)	0
F&G common stock offering	117	0
Other financing activities	(13)	(19)
Net cash provided by financing activities	675	255
Net increase in cash and cash equivalents	1,005	750
Cash and cash equivalents at beginning of period	3,479	2,767
Cash and cash equivalents at end of period	$ 4,484	$ 3,517

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Basis of Financial Statements

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024.

Description of the Business

We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty, (ii) transaction services to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").

For information about our reportable segments refer to Note H Segment Information.

Recent Developments

F&G Common Stock Issuance

On March 24, 2025, F&G completed a public offering of 8,000,000 shares of F&G common stock, par value $0.001 per share. In connection with the offering, F&G entered into an underwriting agreement, pursuant to which they granted the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 shares of common stock. Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of F&G common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option subsequently expired unexercised. F&G intends to use the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

Redemption of 5.50% F&G Senior Notes

On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal amount of its 5.50% Senior Notes due May 1, 2025 (the "5.50% F&G Senior Notes"). The notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. For further information, refer to Note N Notes Payable.

7.30% F&G Junior Notes

On January 13, 2025, F&G completed its public offering of its 7.30% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the "7.30% F&G Notes"). F&G used the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. For further information, refer to Note N Notes Payable.

Income Tax

Income tax expense was $29 million and $63 million in the three months ended March 31, 2025 and 2024, respectively. Income tax expense as a percentage of earnings before income taxes was 26% and 19% in the three months ended March 31, 2025 and 2024, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2025 as compared to the corresponding period in 2024 is primarily attributable to more valuation allowance being recorded in the three months ended March 31, 2025 as compared to the corresponding period in 2024.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares

outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were no antidilutive instruments outstanding during the three months ended March 31, 2025. There were fewer than 1 million antidilutive instruments outstanding during the three months ended March 31, 2024.

Unconsolidated Owned Distribution Investments

We paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $15 million and $50 million for the three months ended March 31, 2025 and March 31, 2024, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization on the accompanying unaudited Condensed Consolidated Statements of Earnings.

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update enhance transparency of certain expense captions by disclosing more granular information of specific expenses within those captions such as personnel costs, depreciation, and amortization. The amendments also require disclosure of qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. The amendments in this update are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

Summary of Updated Significant Accounting Policies

Since our Annual Report on Form 10-K for the year ended December 31, 2024, we have updated the following significant accounting policies for Derivative Financial Instruments and Funds Withheld Arrangements which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements, primarily as a result of executing certain derivative transactions.

Derivative Financial Instruments

Freestanding Derivatives

We economically hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options). We also utilize certain interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. All such derivative instruments are recognized as either assets or liabilities in the unaudited Condensed Consolidated Balance Sheets at fair value. The changes in fair value of derivatives not designated to hedge relationships are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. The change in the fair value of these derivative instruments is included in operating activities in the unaudited Consolidated Statements of Cash Flows.

Hedge Accounting

We designate certain derivatives to fair value or cash flow hedge relationships that hedge exposures to interest rates, foreign currency, or both, associated with changes in the fair value of a recognized asset or liability (“fair value hedge”) or variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”).

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are reported in the same line on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are recorded in Accumulated Other Comprehensive Income ("AOCI") until earnings are affected by the variability of cash flows being hedged. At the time the variability of cash flows being hedged impacts net earnings, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net earnings in the same line item on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

Any portion of the change in fair value of a derivative designated to a fair value or cash flow hedge relationship that is excluded from the assessment of effectiveness will be recorded in AOCI and amortized into earnings over the life of the remaining term of the hedge relationship.

To qualify for hedge accounting, at hedge inception we formally document our risk management objective and strategy for entering into hedging relationships, as well as the designation of the hedge. In our hedge documentation, we explain how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will used to test for hedge effectiveness on both a prospective and retrospective basis. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and at least quarterly throughout the life of the hedging relationship.

We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met; (2) the derivative expires, is sold, terminated or is exercised; or (3) we de-designate the derivative from being the hedging instrument for a fair value or cash flow hedge.

If a fair value or cash flow hedge is discontinued, the derivative will continue to be carried at fair value on the unaudited Condensed Consolidated Balance Sheets, with changes in fair value recognized prospectively in Recognized gains and losses in the unaudited Condensed Consolidated Statements of Earnings.

For discontinued fair value hedges, the hedged item will no longer be adjusted for changes in the hedged risk and any existing basis adjustment will be amortized into the unaudited Condensed Consolidated Statements of Earnings within the same line item that is used to report other earnings effects of the hedged item. Any amounts remaining in AOCI associated with a component of the change in derivative fair value excluded from the assessment of effectiveness will be amortized into earnings in a manner consistent with how any basis adjustment associated with the hedged item would be amortized.

The component of AOCI related to discontinued cash flow hedges where it is probable the hedged forecasted transaction will not occur, will be immediately reclassified from AOCI into earnings. In all other cases any amounts remaining in AOCI will be amortized into earnings consistent with the earnings impacts expected from the original hedged cash flows.

Embedded Derivatives

We purchase financial instruments that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. For further information, refer to Note E Derivatives.

Funds Withheld Arrangements

F&G cedes certain business on a coinsurance funds withheld basis. Assets supporting the arrangements are reported within Funds withheld for reinsurance liabilities on our unaudited Condensed Consolidated Balance Sheets. All assets within Funds withheld for reinsurance liabilities are recorded in a manner consistent with each respective item of our accounting policies discussed in Note A Business and Summary of Significant Accounting Policies, of our Annual Report on Form 10-K for the year ended December 31, 2024. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These embedded derivatives are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps are based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025,

these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified from Prepaid expenses and other assets to conform with the current presentation. The related gains or losses are reported in Recognized gains and losses, net, on our unaudited Condensed Consolidated Statements of Earnings. Refer to Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note E Derivatives, for additional information on these and other derivatives.

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Summary of Reserve for Title Claim Losses

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Summary of Reserve for Title Claim Losses

Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2025			2024
	(In millions)
Beginning balance	$	1,713		$	1,770
Change in insurance recoverable	(7)			—
Claim loss provision related to:
Current year	54			46
Total title claim loss provision	54			46
Claims paid, net of recoupments related to:
Current year	(1)			(2)
Prior years	(64)			(68)
Total title claims paid, net of recoupments	(65)			(70)
Ending balance of claim loss reserve for title insurance	$	1,695		$	1,746
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies.

Some of the non-joining investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). On February 20, 2025, the Ninth Circuit affirmed the district court’s Settlement and Bar Order, barring all ongoing and future litigation against CTC stemming from the scheme operated by Ms. Champion-Cain. On April 10, 2025, the appellants filed a petition for rehearing or rehearing en banc requesting the Ninth Circuit to reconsider its decision, but the petition was denied. The deadline for appellants to submit a petition for further review with the U.S. Supreme Court expires on August 5, 2025. Once the appellate decision is final, the remaining lawsuits pending in the Superior Court of San Diego County for the State of California involving claimants/investors who objected to CTC’s settlement with the receiver are expected to be dismissed as to CTC.

Chicago Title Company has also resolved a number of other pre-suit claims and previously disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses,

which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims, and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, additional reserve adjustments may be required in future periods to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

F&G Insurance Subsidiary Financial Information and Regulatory Matters

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re, file financial statements with state insurance regulatory authorities and, except for Raven Re, with the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not prescribed but approved by state regulators. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

Our non-U.S. insurance subsidiaries, F&G Cayman Re Ltd (“F&G Cayman Re”) (Cayman) and F&G Life Re Ltd (“F&G Life Re”) (Bermuda), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2025 and 2024, and statutory capital and surplus as of March 31, 2025 and December 31, 2024, of our wholly owned U.S. regulated insurance subsidiaries, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	(127)	$	4	$	10	$	(52)
For the three months ended March 31, 2024	—		2		15		(134)
Statutory Capital and Surplus:
March 31, 2025	$	1,451	$	98	$	178	$	187
December 31, 2024	1,654		97		168		178

(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.

Prescribed and permitted practices

FGL Insurance - FGL Insurance applies Iowa-prescribed accounting practices prescribed by Iowa Administrative Code 191 Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,” for its indexed annuities and IUL products. Under these alternative accounting practices, the equity option derivative instruments that hedge the growth in interest credited on index products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and indexed annuity reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV assuming the market value of the equity options associated with the current index term is zero regardless of the observable market value for such options.

In addition, based on a permitted practice received from the Iowa Insurance Division, FGL Insurance carries one of its limited partnership interests, which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies,” on a net asset value per share basis. This is a departure from SSAP No. 48, which requires such investments to be carried based on the investees underlying GAAP equity (prior to any impairment considerations).This limited partnership investment was redeemed as of December 31, 2024 and subsequently repurchased during the first quarter of 2025. In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without these permitted practices, the carry value of these two entities would be zero.

The prescribed and permitted practices resulted in increases to statutory capital and surplus of $286 million and $454 million at March 31, 2025 and December 31, 2024, respectively.

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no other significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2025.

Non-U.S. Companies

Our non-U.S. insurance subsidiaries, F&G Cayman Re and F&G Life Re, file financial statements with their respective regulators. F&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by such authorities, which may vary materially from GAAP. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re has two permitted practices, which have been approved by the Cayman Islands Monetary Authority (“CIMA”). F&G Cayman Re has a permitted practice approved by CIMA to include, as an admitted asset, the value of the letters of credit (“LOCs”) acquired to support reinsurance transactions. Also, F&G Cayman Re has a permitted practice, approved by CIMA, for PRT reinsurance transactions to use U.S. statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts). These reserve calculations will be subject to annual assumption reviews consistent with other GAAP liability balances. If F&G Cayman Re had not been permitted to calculate PRT assumed reserves using best estimate reserve calculations or include the value of the LOCs as an admitted asset, statutory surplus would be $(72) million and $(64) million as of March 31, 2025 and December 31, 2024, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would fall below the minimum regulatory requirements as of March 31, 2025 and December 31, 2024.

F&G Life Re files financial statements based on GAAP.

Net income and capital and surplus of our wholly owned Cayman Islands and Bermuda regulated insurance subsidiaries under SAP and GAAP, respectively, were as follows :

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	15	$	34
For the three months ended March 31, 2024	(17)		49
Statutory Capital and Surplus:
March 31, 2025	$	954	$	157
December 31, 2024	734		123

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability. We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The three-level hierarchy for fair value measurement is defined as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

Net Asset Value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate's financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period valuation and investment income.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.

The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	4,484	$	—	$	—	$	—	$	4,484
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")	—		7,420		8,848		—		16,268
Commercial mortgage-backed securities	—		5,142		—		—		5,142
Corporates	40		19,702		3,006		—		22,748
Hybrids	35		471		6		—		512
Municipals	—		1,406		4		—		1,410
Residential mortgage-backed securities	—		2,745		3		—		2,748
U.S. Government	666		6		—		—		672
Foreign Governments	—		301		23		—		324
Preferred securities	179		242		8		—		429
Equity securities	515		—		10		22		547
Derivative investments	1		703		1		—		705
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	1,106		15		40		—		1,161
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Other assets	—		—		67		—		67
Total financial assets at fair value	$	7,026	$	38,153	$	12,518	$	22	$	57,719
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps	—		—		1		—		1
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	1	$	(78)	$	6,016	$	—	$	5,939

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,479	$	—	$	—	$	—	$	3,479
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,513		8,143		—		15,656
Commercial mortgage-backed securities	—		5,182		—		—		5,182
Corporates	41		18,698		2,957		—		21,696
Hybrids	35		546		—		—		581
Municipals	—		1,386		—		—		1,386
Residential mortgage-backed securities	—		2,793		3		—		2,796
U.S. Government	631		6		—		—		637
Foreign Governments	—		280		4		—		284
Preferred securities	189		246		8		—		443
Equity securities	575		—		10		57		642
Derivative investments	—		791		3		—		794
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,995		18		37		—		3,050
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Other assets	—		—		65		—		65
Total financial assets at fair value	$	7,945	$	37,459	$	11,734	$	57	$	57,195
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,220	$	—	$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities	—		10		—		—		10
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	1	$	(99)	$	5,843	$	—	$	5,745

Valuation Methodologies

Cash and Cash Equivalents

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.

Fixed Maturity Preferred and Equity Securities

We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.

For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.

We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of March 31, 2025 or December 31, 2024.

Certain equity investments are measured using NAV as a practical expedient in determining fair value.

Derivative Financial Instruments

Derivative contracts can either be exchange traded or traded over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, foreign currency exchange rates and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs are not available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.

The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2.

The fair value measurement of the indexed annuities/IUL embedded derivatives included in Contractholder funds and the reinsured indexed crediting feature embedded derivatives recorded as a component of the Reinsurance recoverable is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase equity options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at March 31, 2025 and December 31, 2024 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

Investments in Unconsolidated affiliates

We have elected the fair value option (“FVO”) for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the FVO are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ earnings before interest, taxes, depreciation and amortization ("EBITDA"). The EBITDA is based on the affiliates’ financial information. The multiple is derived from market analysis of transactions involving comparable companies. The inputs are considered unobservable, as not all market participants have access to this data.

Other Long-term Investments

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to an equity option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the equity option regardless of the values used for the other inputs to the option pricing model. The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor

would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments.

The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.

Short-term Investments

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Certain short-term investments are valued based on third-party pricing services or broker quotes and are classified as Level 2 or 3.

Contingent Consideration

The contingent consideration is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar's EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation.

Other Assets

Mortgage servicing rights are measured at fair value using a discounted cash flow model, which incorporates assumptions that market participants use in estimating future net servicing income cash flows. These assumptions include estimates of prepayment rates, discount rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income, and ancillary income.

Market Risk Benefits ("MRBs")

MRBs (inclusive of reinsured MRBs) are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder (or paid to the reinsurer) used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options, and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. Reinsured MRBs are valued using a methodology consistent with direct MRBs, with the exception of the non-performance spread, which reflects the credit of the reinsurer. See further discussion on MRBs in Note O Market Risk Benefits.    

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2025 and December 31, 2024, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows:

	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2025
	(In millions)				March 31, 2025
Assets
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
Corporates	11		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (97.01%)
Corporates	688		Third-Party Valuation	Discount Rate	2.09% - 24.33% (6.55%)
Municipals	4		Third-Party Valuation	Discount Rate	5.63% - 5.63% (5.63%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.65% - 5.65% (5.65%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	10.86% - 10.86% (10.86%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	8.40% - 8.40% (8.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.4x - 5.4x (5.4x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	9.7x - 14.1x (11.8x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	6.94% - 6.94% (6.94%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Other assets	67		Discounted Cash Flow	Discount Rate	9.36% - 15.27% (12.32%)
				Conditional Prepayment Rate	6.33% -11.65% (8.99%)
Market risk benefits asset	187		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial assets at fair value (a)	$	1,396
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,316	Discounted Cash Flow	Market Value of Option	0.00% - 19.44% (1.98%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.70%)
				Partial Withdrawals	2.00% - 37.04% (2.71%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				Option Cost	0.07% - 5.70% (2.72%)
Accounts payable and accrued liabilities:
Contingent consideration	64		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.00% - 13.00% (13.00%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	635		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial liabilities at fair value	$	6,015

(a) Assets of $11,122 million and liabilities of $1 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2024
	(In millions)				December 31, 2024
Assets
Asset-backed securities	$	95	Third-Party Valuation	Discount Rate	4.83% - 7.15%% (6.33%)
Corporates	750		Third-Party Valuation	Discount Rate	2.00% - 22.53% (6.76%)
Corporates	7		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (96.45%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.89% - 5.89% (5.89%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	12.14% - 12.14% (12.14%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	4.80% - 14.10% (9.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.8x - 7.5x (7.0x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other assets	65		Discounted Cash Flow	Discount Rate	10.60% - 12.00% (11.30%)
				Conditional Prepayment Rate	6.24% - 11.99% (9.12%)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	7.22% - 7.22% (7.22%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Market risk benefits asset	189		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% -24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% -75.00% (61.77%)
Total financial assets at fair value (a)	$	1,433
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,220	Discounted Cash Flow	Market Value of Option	0.00% - 20.81% (2.92%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.94%)
				Partial Withdrawals	2.00% - 35.71% (2.72%)
				Non-Performance Spread	0.48% - 0.95% 0.75%)
				Option Cost	0.07% - 5.70% (2.68%)
Accounts payable and accrued liabilities:
Contingent consideration	74		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	549		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (61.77%)
Total financial liabilities at fair value	$	5,843

(a) Assets of $10,301 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended March 31, 2025
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	8,143	$	1	$	3	$	1,029	$	(143)	$	(185)	$	—	$	8,848	$	2
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—
Corporates	2,957		(13)		34		353		(314)		(11)		—		3,006		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	8		(1)		1		—		—		—		—		8		—
Equity securities	10		—		—		—		—		—		—		10		—
Interest rate swaps	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Short term investments	37		—		—		3		—		—		—		40		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Credit linked note	—		—		—		—		—		—		—		—		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Other assets	65		—		—		2		—		—		—		67		—
Subtotal Level 3 assets at fair value	$	11,545	$	(13)	$	36	$	1,416	$	(457)	$	(196)	$	—	$	12,331	$	33
Market risk benefits asset (b)	189														187
Total Level 3 assets at fair value	$	11,734													$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	5,220		(67)		—		256		—		(93)		—		5,316		—
Interest rate swaps	—		—		1		—		—		—		—		1		(1)
Accounts payable and accrued liabilities:
Contingent consideration	74		2		—		—		—		(12)		—		64		—
Subtotal Level 3 liabilities at fair value	$	5,294	$	(65)	$	1	$	256	$	—	$	(105)	$	—	$	5,381	$	(1)
Market risk benefits liability (b)	549														635
Total Level 3 liabilities at fair value	$	5,843													$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

	Three months ended March 31, 2024
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	$	4,258	$	200	$	—	$	288	$	—	$	(67)	$	—	$	4,679	$	—
Interest rate swaps	—		19		—		—		—		—		—		19
Accounts payable and accrued liabilities:
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans

The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity, and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.

Investments in Unconsolidated affiliates

In our F&G segment, the carrying value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting were $175 million and $166 million as of March 31, 2025 and December 31, 2024, respectively.

Policy Loans (included within Other long-term investments)

Policy loans are reported at the unpaid principal balance and are fully collateralized by the cash surrender value of underlying insurance policies. The carrying value of the policy loans approximates the fair value and are classified as Level 3 in the fair value hierarchy.

Company Owned Life Insurance

Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.

Other Invested Assets (included within Other long-term investments)

The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.

Investment Contracts

Investment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers ("PRT"), and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

Other

Federal Home Loan Bank of Atlanta (“FHLB”) common stock is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	156	$	—	$	—	$	156	$	156
Commercial mortgage loans	—		—		2,534		—		2,534		2,788
Residential mortgage loans	—		—		3,338		—		3,338		3,578
Investments in unconsolidated affiliates	—		—		4		3,851		3,855		3,855
Policy loans	—		—		115		—		115		115
Other invested assets	45		—		—		50		95		95
Company-owned life insurance	—		—		436		—		436		436
Trade and notes receivables, net of allowance	—		—		421		—		421		421
Total	$	45	$	156	$	6,848	$	3,901	$	10,950	$	11,444
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Debt	—		4,110		—		—		4,110		4,394
Total	$	—	$	4,110	$	47,722	$	—	$	51,832	$	56,901

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	153	$	—	$	—	$	153	$	153
Commercial mortgage loans	—		—		2,404		—		2,404		2,705
Residential mortgage loans	—		—		2,916		—		2,916		3,221
Investments in unconsolidated affiliates	—		—		5		3,288		3,293		3,293
Policy loans	—		—		104		—		104		104
Other invested assets	42		—		—		48		90		90
Company-owned life insurance	—		—		431		—		431		431
Trade and notes receivables, net of allowance	—		—		471		—		471		471
Total	$	42	$	153	$	6,331	$	3,336	$	9,862	$	10,468
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Debt	—		3,781		—		—		3,781		4,321
Total	$	—	$	3,781	$	46,339	$	—	$	50,120	$	55,505

For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

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Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our fixed maturity securities investments have been designated as available-for-sale ("AFS"), and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in Accumulated Other Comprehensive Income ("AOCI"), net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments as of March 31, 2025 and December 31, 2024 are summarized as follows:

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	16,435	$	(15)	$	174	$	(326)	$	16,268
Commercial mortgage-backed securities	5,312		(50)		51		(171)		5,142
Corporates	25,223		(19)		156		(2,612)		22,748
Hybrids	537		—		3		(28)		512
Municipals	1,636		—		5		(231)		1,410
Residential mortgage-backed securities	2,787		(1)		41		(79)		2,748
U.S. Government	671		—		5		(4)		672
Foreign Governments	372		—		1		(49)		324
Total available-for-sale securities	$	52,973	$	(85)	$	436	$	(3,500)	$	49,824

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,784	$	(13)	$	202	$	(317)	$	15,656
Commercial mortgage-backed/asset-backed securities	5,379		(49)		53		(201)		5,182
Corporates	24,425		(5)		108		(2,832)		21,696
Hybrids	604		—		6		(29)		581
Municipals	1,638		—		3		(255)		1,386
Residential mortgage-backed securities	2,869		—		32		(105)		2,796
U.S. Government	645		—		2		(10)		637
Foreign Governments	337		—		—		(53)		284
Total available-for-sale securities	$	51,681	$	(67)	$	406	$	(3,802)	$	48,218

Securities held on deposit with various state regulatory authorities had a fair value of $149 million and $997 million as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025 and December 31, 2024, the Company held $33 million and $32 million, respectively, of investments that were non-income producing for a period greater than twelve months.

As of March 31, 2025 and December 31, 2024, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under "Mortgage Loans," was $484 million and $476 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $4,740 million and $4,289 million as of March 31, 2025 and December 31, 2024, respectively.

The amortized cost and fair value of fixed maturity 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 prepay obligations.

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	1,003	$	999	$	961	$	955
Due after one year through five years	5,118		5,086		4,616		4,544
Due after five years through ten years	5,519		5,404		5,311		5,126
Due after ten years	16,799		14,177		16,761		13,959
Subtotal	28,439		25,666		27,649		24,584
Other securities, which provide for periodic payments:
Asset-backed securities	16,435		16,268		15,784		15,656
Commercial mortgage-backed securities	5,312		5,142		5,379		5,182
Residential mortgage-backed securities	2,787		2,748		2,869		2,796
Subtotal	24,534		24,158		24,032		23,634
Total fixed maturity available-for-sale securities	$	52,973	$	49,824	$	51,681	$	48,218

Allowance for Expected Credit Loss

We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:

•The extent to which the fair value is less than the amortized cost basis;

•The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);

•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);

•Current delinquencies and non-performing assets of underlying collateral;

•Expected future default rates;

•Collateral value by vintage, geographic region, industry concentration or property type;

•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.

We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage-backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.

We consider the following in determining whether write-offs of a security’s amortized cost are necessary:

• We believe amounts related to securities have become uncollectible;

• We intend to sell a security; or

• It is more likely than not that we will be required to sell a security prior to recovery.

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible, an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI. As of March 31, 2025 and December 31, 2024, our allowance for expected credit losses for AFS securities was $85 million and $67 million, respectively.

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025
	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	(In millions)
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	707		(13)		1,341		(141)		2,048		(154)
Corporates	5,692		(141)		9,867		(2,471)		15,559		(2,612)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		1,025		(222)		1,204		(231)
Residential mortgage-backed securities	495		(4)		440		(69)		935		(73)
U.S. Government	80		—		104		(4)		184		(4)
Foreign Government	90		(3)		182		(47)		272		(50)
Total available-for-sale securities	$	12,708	$	(223)	$	15,887	$	(3,240)	$	28,595	$	(3,463)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,961
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,227
Total number of available-for-sale securities in an unrealized loss position											4,188

	December 31, 2024
	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	(In millions)
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	727		(11)		1,513		(175)		2,240		(186)
Corporates	6,831		(208)		9,866		(2,624)		16,697		(2,832)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		1,006		(243)		1,267		(255)
Residential mortgage-backed securities	899		(16)		460		(89)		1,359		(105)
U.S. Government	313		(4)		122		(5)		435		(9)
Foreign Government	120		(5)		157		(48)		277		(53)
Total available-for-sale securities	$	10,420	$	(290)	$	16,141	$	(3,485)	$	26,561	$	(3,775)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,005
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,305
Total number of available-for-sale securities in an unrealized loss position											4,310

The unrealized losses as of March 31, 2025 and December 31, 2024 were caused by higher treasury rates compared to those at the time of the F&G acquisition or the purchase of the security if later. For securities in an unrealized loss position as of March 31, 2025, our allowance for expected credit loss was $85 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2025 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans (“CMLs”) represented approximately 4% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets for both March 31, 2025 and December 31, 2024. The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties, and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	17	1	%	$	17	1	%
Industrial	657		23		657		24
Mixed Use	11		—		11		—
Multifamily	1,024		37		1,006		37
Office	349		12		349		13
Retail	75		3		98		4
Student Housing	83		3		83		3
Other	589		21		501		18
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705
U.S. Region:
East North Central	$	99	4	%	$	98	4	%
East South Central	75		3		75		3
Middle Atlantic	348		12		354		13
Mountain	409		15		409		15
New England	164		6		164		6
Pacific	726		26		706		26
South Atlantic	742		26		683		25
West North Central	62		2		62		2
West South Central	180		6		171		6
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705

An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs for CMLs during the three month period ended March 31, 2025 and for the year ended December 31, 2024. CMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	99	$	283	$	228	$	290	$	1,253	$	642	$	2,795
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		10		10
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	273	$	227	$	290	$	1,253	$	469	$	201	$	2,713
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025	(In millions)
LTV Ratios:
Less than 50.00%	$	437	$	40	$	—	$	477	17	%	$	467	18	%
50.00% to 59.99%	853		141		12		1,006		36		909		36
60.00% to 74.99%	1,251		54		—		1,305		46		1,141		45
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,545	$	239	$	21	$	2,805	100	%	$	2,534	100	%
December 31, 2024
LTV Ratios:
Less than 50.00%	$	490	$	34	$	—	$	524	19	%	$	501	21	%
50.00% to 59.99%	803		112		12		927		34		826		34
60.00% to 74.99%	1,238		16		—		1,254		46		1,060		44
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,535	$	166	$	21	$	2,722	100	%	$	2,404	100	%

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	24	$	73	$	100	$	19	$	74	$	187	$	477
50.00% to 59.99%	—		115		53		149		346		343		1,006
60.00% to 74.99%	75		91		71		113		833		122		1,305
75.00% to 84.99%	—		4		4		9		—		—		17
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805
CMLs
DSCR
Greater than 1.25x	$	89	$	112	$	190	$	278	$	1,241	$	635	$	2,545
1.00x - 1.25x	10		171		38		3		—		17		239
Less than 1.00x	—		—		—		9		12		—		21
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	66	$	99	$	19	$	74	$	189	$	77	$	524
50.00% to 59.99%	112		53		149		321		159		133		927
60.00% to 74.99%	91		71		113		858		121		—		1,254
75.00% to 84.99%	4		4		9		—		—		—		17
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722
CMLs
DSCR
Greater than 1.25x	$	140	$	215	$	278	$	1,241	$	469	$	192	$	2,535
1.00x - 1.25x	133		12		3		—		—		18		166
Less than 1.00x	—		—		9		12		—		—		21
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of March 31, 2025 and December 31, 2024, we had one CML that was delinquent in principal or interest payments as shown in the tables above.

Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024, respectively. Our RMLs are primarily closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	176	5	%
All other states (a)	3,458		95
Total RMLs, gross of valuation allowance	3,634		100	%
Allowance for expected credit loss	(56)
Total RMLs, net of valuation allowance	$	3,578

(a)     The individual concentration of each state is less than 5% as of March 31, 2025.

	December 31, 2024
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	164	5	%
All other states (a)	3,110		95
Total RMLs, gross of valuation allowance	3,274		100	%
Allowance for expected credit loss	(53)
Total RMLs, net of valuation allowance	$	3,221

(a)     The individual concentration of each state is less than 5% as of December 31, 2024.

RMLs have a primary credit quality indicator of either a performing or non-performing loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2025 and December 31, 2024, was as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	3,562	98	%	$	3,188	97	%
Non-performing	72		2		86		3
Total RMLs, gross of valuation allowance	3,634		100	%	3,274		100	%
Allowance for expected loan loss	(56)				(53)
Total RMLs, net of valuation allowance	$	3,578			$	3,221

An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs recorded by RMLs during the three months ended March 31, 2025 or during the year ended December 31, 2024. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	311	$	719	$	372	$	886	$	793	$	460	$	3,541
30-89 days past due	—		4		2		6		2		7		21
90 days or more past due	—		1		2		11		26		32		72
Total RMLs	$	311	$	724	$	376	$	903	$	821	$	499	$	3,634

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	610	$	368	$	911	$	805	$	162	$	312	$	3,168
30-89 days past due	1		6		4		6		1		3		21
90 days or more past due	3		2		13		29		13		25		85
Total RMLs	$	614	$	376	$	928	$	840	$	176	$	340	$	3,274

    Non-accrual loans by amortized cost as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025		December 31, 2024
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	85
Commercial mortgage:	10		9
Total non-accrual mortgages	$	82	$	94

    

Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2025 and 2024.

It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2025 and December 31, 2024, we had $82 million and $94 million, respectively, of mortgage loans that were over 90 days past due.

As of March 31, 2025 and December 31, 2024, we had $77 million and $81 million, respectively, of residential mortgage loans that were in the process of foreclosure.

Allowance for Expected Credit Loss

We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three-year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.

The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended March 31, 2025
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(53)	$	(17)	$	(70)
Provision expense for loan losses	(3)		—		(3)
Ending Balance	$	(56)	$	(17)	$	(73)

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(54)	$	(12)	$	(66)
Provision expense for loan losses	—		(1)		(1)
Ending Balance	$	(54)	$	(13)	$	(67)

An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial for the three months ended March 31, 2025 and 2024.

As of March 31, 2025 and December 31, 2024, the accrued interest receivable balance on CMLs totaled $9 million and $8 million, respectively, and the accrued interest receivable on RMLs totaled $31 million and $28 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

Interest and Investment Income

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Fixed maturity securities, available-for-sale	$	569	$	534
Equity securities	8		10
Preferred securities	6		8
Mortgage loans	82		66
Invested cash and short-term investments	53		47
Limited partnerships	55		54
Tax deferred property exchange income	29		32
Other investments	22		29
Gross investment income	824		780
Investment expense	(64)		(70)
Interest and investment income	$	760	$	710

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $184 million and $127 million for the three months ended March 31, 2025 and 2024, respectively.

Recognized Gains and Losses, Net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Net realized (losses) gains on fixed maturity available-for-sale securities	$	(2)	$	(19)
Net realized/unrealized gains (losses) on equity securities (1)	(38)		54
Net realized/unrealized gains (losses) on preferred securities (2)	(2)		16
Net realized/unrealized gains (losses) on other invested assets	(1)		60
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	(25)		21
Unrealized gains (losses) on certain derivative instruments	(159)		156
Change in fair value of reinsurance related embedded derivatives (3)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	3		5
Net realized/unrealized (losses) gains on derivatives and embedded derivatives	(222)		164
Recognized gains and losses, net	$	(287)	$	275

(1) Includes net valuation (losses) gains of $(43) million and $22 million for the three months ended March 31, 2025 and 2024, respectively.

(2) Includes net valuation (losses) gains of $(1) million and $15 million for the three months ended March 31, 2025 and 2024, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, were $42 million and $(19) million for the three months ended March 31, 2025 and March 31, 2024, respectively.

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Proceeds	$	2,084	$	583
Gross gains	12		6
Gross losses	(14)		(25)

Unconsolidated Variable Interest Entities

We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary,’ a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.

We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically

invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities, and residential mortgage-backed securities included in fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.

For limited partnerships, our maximum loss exposure with respect to these VIEs is limited to the investment carry amounts reported in our unaudited Condensed Consolidated Balance Sheets in addition to any required unfunded commitments. For fixed maturity securities, our maximum loss exposure with respect to these VIEs is limited to the amortized cost in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,276	$	5,451	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	28,050	$	30,198	$	26,807	$	28,945

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Refer to Note A Basis of Financial Statements, for a description of the Company’s accounting policies for derivative financial instruments and Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for derivative financial instruments.

The notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	350	$	9	$	—	$	—	$	—	$	—
Foreign currency swaps (a)	60		1		1		39		2		—
Total derivatives designated as hedging instruments	410		10		1		39		2		—
Derivatives not designated as hedging instruments
Equity options (a)	$	31,986	$	632	$	1	$	29,594	$	773	$	—
Interest rate swaps (a)	5,655		62		—		5,145		19		10
Futures contracts (a)	—		1		—		—		—		—
Other derivative investments (a)	88		—		—		118		1		—
Other embedded derivatives (b)	—		32		—		—		32		—
Indexed annuities/IUL embedded derivatives (c)	—		—		5,316		—		—		5,220
Reinsurance related embedded derivatives (d)	—		—		(78)		—		—		(109)
Total derivatives not designated as hedging instruments	37,729		727		5,239		34,857		825		5,121
Total derivatives	$	38,139	$	737	$	5,240	$	34,896	$	827	$	5,121

(a)The fair value of derivative assets are reported in Derivative investments, and the fair value of derivative liabilities are reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.

(c)The fair value is included in Contractholder funds on the unaudited Condensed Consolidated Balance Sheets.

(d)The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the unaudited Condensed Consolidated Balance Sheets.

The amounts and locations of gains (losses) recognized for derivatives and gains (losses) recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:

	March 31, 2025
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	9	$	(10)
Foreign currency swaps	(1)		1		—		—
Total derivatives designated as hedging instruments	(1)		1		9		(10)
Derivatives not designated as hedging instruments
Equity options	(234)		—		—		—
Interest rate swaps	52		—		—		—
Futures contracts	5		—		—		—
Other derivative investments	(4)		—		—		—
Other embedded derivatives	—		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		(67)		—
Reinsurance related embedded derivatives	(41)		—		—		—
Total derivatives not designated as hedging instruments	(222)		—		(67)		—
Total derivatives	$	(223)	$	1	$	(58)	$	(10)

	March 31, 2024
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	—	$	—
Foreign currency swaps	—		—		—		—
Total derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments
Equity options	250		—		—		—
Interest rate swaps	(80)		—		—		—
Futures contracts	6		—		—		—
Other derivative investments	3		—		—		—
Other embedded derivatives	3		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		200		—
Reinsurance related embedded derivatives	(18)		—		—		—
Total derivatives not designated as hedging instruments	164		—		200		—
Total derivatives	$	164	$	—	$	200	$	—

The following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges:

	March 31, 2025				December 31, 2024
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item	Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)		Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
	(In millions)
Fixed maturity securities, AFS, at amortized cost	$	21	$	—	$	—	$	—
Contractholder funds	(360)		(10)		—		—

For the three months ended March 31, 2025 and 2024, the derivative instruments’ gains (losses) excluded from the assessment of hedge effectiveness was immaterial.

There were no fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued in the three months ended March 31, 2025 and the year ended December 31, 2024.

Derivatives designated as hedging instruments

We utilize interest rate swaps and foreign currency swaps that are designated and accounted for as fair value hedges to reduce interest rate risk for certain funding agreements and to reduce the risk of certain exposures to foreign currency risk for foreign AFS fixed maturity securities. For fair value hedges of funding agreements, changes in fair value are reported in Benefits and other changes in policy reserves. For fair value hedges of AFS fixed maturity securities, these changes in fair value included in the assessment of effectiveness are reported in Recognized gains and losses, net in the unaudited Condensed Consolidated Statement of Earnings. The change in the fair value of excluded components is recorded in Other Comprehensive Income ("OCI") and is recognized in net income through periodic settlements.

We utilize foreign currency swaps that are designated and accounted for as cash flow hedges to reduce the variability in future cash flows due to changes in foreign currency exchange rates on certain AFS fixed maturity securities. For these hedges, changes in fair value of the derivative are recorded as a component of OCI and then reclassified in Interest and investment income or Recognized gains and losses, net in the unaudited Condensed Consolidated Statement of Earnings at the time the variability of cash flows being hedged impact net earnings. At March 31, 2025 and December 31, 2024, the balance of the cash flow hedges and changes in fair value were immaterial.

Derivatives not designated as hedging instruments

Indexed Annuities/IUL Embedded Derivative, Equity Options and Futures

We have indexed annuities and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, such as the S&P 500 Index. This feature represents an embedded derivative under GAAP. The indexed annuities/IUL embedded derivatives are valued at fair value and included in the liability for contractholder funds in the unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings.

We purchase derivatives consisting of a combination of equity options and futures contracts (specifically for indexed annuity contracts) on the applicable market indices to fund the index credits due to indexed annuity/IUL contractholders. The equity options are one, two, three, five and six year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new equity options to fund the next index credit. We manage the cost of these purchases through the terms of our indexed annuities/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the equity options and futures contracts is generally designed to offset the portion of the change in the fair value of the indexed annuities/IUL embedded derivatives related to index performance through the current credit period. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.

Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our indexed annuities/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.

Interest Rate Swaps

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal.

The interest rate swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and (losses), net, in the unaudited Condensed Consolidated Statements of Earnings.

Reinsurance Related Embedded Derivatives

F&G cedes certain business on a coinsurance funds withheld basis. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These total return swaps are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025, these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified to conform with the current presentation. The related gains or losses are reported in Recognized gains and (losses), net, on the unaudited Condensed Consolidated Statements of Earnings.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties and reflect assumptions regarding this non-performance risk in the fair value of our derivatives. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.

We manage credit risk related to non-performance by our counterparties by (i) entering into derivative transactions with creditworthy counterparties; (ii) obtaining collateral, such as cash and securities when appropriate; and (iii) establishing counterparty exposure limits, which are subject to periodic management review.

Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:

		Fair Value		Collateral		Net Credit Risk
	(In millions)
March 31, 2025		$	700	$	621	$	79
December 31, 2024		782		771		34

Collateral Agreements

We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open derivative contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except one, the threshold is set to zero. As of March 31, 2025 and December 31, 2024 counterparties posted collateral of $621 million and $771 million, respectively, of which $544 million and $679 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the derivatives failed completely to perform according to the terms of the contracts was $79 million as of March 31, 2025 and $34 million at December 31, 2024.

We are required to pay our counterparties the effective federal funds interest rate each day for cash collateral posted to us. Cash collateral is reinvested in overnight investment sweep products, which are included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets, to reduce the interest cost. Changes in cash collateral are included in the Change in derivative collateral liabilities in the unaudited Condensed Consolidated Statements of Cash Flow.

We held 472 and 527 futures contracts as of March 31, 2025 and December 31, 2024, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $7 million at both March 31, 2025 and December 31, 2024, respectively.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal and Regulatory Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note C Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $17 million as of March 31, 2025 and December 31, 2024. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is an F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims for damages. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. Cooper also alleges that he is an F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract.

Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation (JPML) created a multidistrict litigation (MDL) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. Both Miller and Cooper have been transferred to the MDL and are consolidated under MDL Case No. 1:23-md-03083-ADB-PGL. The case is proceeding under a modified bellwether structure to decide critical issues and facilitate reciprocal discovery, and Plaintiffs’ consolidated class action complaint against all the bellwether Defendants was filed on December 6, 2024. F&G was not selected as a bellwether Defendant, and there is no schedule in place for further proceedings involving the non-bellwether Defendants like F&G. At this time, we do not believe the incident will have a material impact on our business, operations, or financial results.

In connection with the cybersecurity incident initially reported on November 21, 2023, the Company and/or its subsidiaries is a party to a consolidated putative nationwide class action, In Re: LoanCare Data Security Breach Litigation, Case No. 3:23cv1508, pending in the U.S. District Court for the Middle District of Florida and originating from the consolidation of putative class actions filed in the U.S. District Courts for the Middle District of Florida, the Central District of California, and the Western District of Missouri. On March 19, 2024, plaintiffs filed their consolidated class action complaint on behalf of a nationwide class, along with a California subclass and a Florida subclass, alleging common law tort and contract claims and certain state statutory claims. The parties mediated the case on July 25, 2024, and reached an agreement in principle to resolve the case on a class-wide basis. On March 24, 2025, the court granted preliminary approval of the class-wide settlement, set class notice and claim form deadlines, and scheduled a final approval hearing for September 4, 2025. If approved, and once the settlement administrator disburses all the funds, the case will be dismissed.

On May 28, 2024, a lawsuit styled Roofers Local 149 Pension Fund v. Fidelity National Financial Inc., William P. Foley, F&G Annuities & Life Inc., C.A. No. 2024-0562-LWW, was filed in the Chancery Court of the State of Delaware against Fidelity National Financial, Inc. (“FNF”), in its capacity as F&G Annuities & Life Inc.’s (“F&G”) controlling stockholder, and William P. Foley, Executive Chairman of F&G and Chairman of FNF, alleging breach of fiduciary duty related to F&G’s January 11, 2024 sale of $250 million of 6.875% Series A Mandatory Convertible Preferred Stock to FNF. Plaintiff alleges that, based upon an unfair process and unfair price, the preferred stock investment was advantageous to FNF and unfair to F&G. Plaintiff seeks to recover damages on behalf of F&G for the alleged unfair preferred stock investment and the adoption of certain corporate governance measures. On July 24, 2024, F&G filed its answer, and the remaining defendants, including FNF, filed their motion to dismiss Plaintiff’s complaint. On September 23, 2024, Plaintiff voluntarily dismissed its action against William P. Foley, leaving FNF’s motion to dismiss fully briefed and a decision pending with the court. On February 4, 2025, FNF argued the motion to dismiss before the court. The remaining defendants will vigorously contest the Plaintiff’s claims in the action.

Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) is a defendant in a lawsuit filed in U.S. District Court for the Southern District of Texas styled, Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company, Case No. 3:23-cv-00126. Plaintiff, which provides consulting services to independent marketing organizations (IMOs), alleges FGL Insurance failed to pay commissions owed to Plaintiff and diverted commissions from one of Plaintiff’s IMO customers, Syncis, to another IMO, Freedom Equity Group, LLC (“Freedom Equity”). Further, Plaintiff alleges after FGL Insurance purportedly purchased a partial ownership interest in Syncis and Freedom Equity, Plaintiff offered to sell its interests in its contracts with Syncis but FGL Insurance declined, leading Plaintiff to allege a statutory violation of 42 U.S.C. §1981 for discrimination where Plaintiff’s sole member is a racial minority. Plaintiff claims its damages for breach of contract from FGL Insurance’s purported failure to pay commissions are more than $162 million and its damages from FGL Insurance’s declining to purchase Plaintiff’s interest in its contracts with Syncis are over $11 million. FGL Insurance denies the allegations and denies any contract or agreement existed with Plaintiff to pay commissions. FGL Insurance filed its motion for summary judgment, and briefing is in process. The case is expected to be set for trial in the summer of 2025. FGL Insurance will vigorously contest the Plaintiff’s claims in the action. As this case continues to evolve, it is not possible to reasonably estimate the probability that Plaintiff will ultimately prevail on its claims or that FGL Insurance will be held liable for the dispute. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.

From time to time, we receive inquiries and requests for information from state insurance departments, attorneys general, and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries, and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our business, operations, or financial results.

In our F&G segment, we have unfunded commitments as of March 31, 2025 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2025 is included below:

	March 31, 2025
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, ABS	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
Other invested assets	—
Total	$	3,700

Concurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan matures on August 5, 2027. The principal balance outstanding as of March 31, 2025 and December 31, 2024 was $11 million, and the balance is included in “Prepaid expenses and other assets” on the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Earnings and recognized when earned. The remainder of the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item.

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Dividends

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Dividends

Dividends

On May 7, 2025, our Board of Directors declared cash dividends of $0.50 per share, payable on June 30, 2025, to FNF common shareholders of record as of June 16, 2025.

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Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The tables below summarize the result of operations by segment that are provided to the Chief Operating Decision Maker ("CODM"), who is the Company's Chief Executive Officer. The Company's primary methods of measuring profitability and performance on a reportable segment basis are Revenues and Net earnings from continuing operations which are also measures used by the CODM to evaluate segment results and are factors in determining capital allocation among the segments.

Summarized financial information concerning our reportable segments is shown in the following tables. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

As of and for the three months ended March 31, 2025:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	510		—		—		—		510
Agency title insurance premiums	681		—		—		—		681
Escrow, title related and other fees	525		505		35		—		1,065
Interest and investment income	83		666		39		(28)		760
Recognized gains and losses, net	(25)		(263)		1		—		(287)
Total segment revenues	1,774		908		75		(28)		2,729
Significant segment expenses:
Personnel costs	672		67		31		—		770
Agent commissions	528		—		—		—		528
Other operating expenses	313		41		23		—		377
Benefits and other changes in policy reserves	—		524		—		—		524
Total significant segment expenses	1,513		632		54		—		2,199
Other segment items:
Depreciation and amortization	36		153		7		—		196
Provision for title claim losses	54		—		—		—		54
Market risk benefit gains	—		109		—		—		109
Interest expense	—		40		20		—		60
Total other segment items	90		302		27		—		419
Total segment expenses	1,603		934		81		—		2,618
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	171		(26)		(6)		(28)		111
Income tax expense (benefit)	42		(5)		(8)		—		29
Earnings (loss) before equity in earnings of unconsolidated affiliates	129		(21)		2		(28)		82
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	130	$	(21)	$	2	$	(28)	$	83
Assets	$	7,723	$	88,013	$	2,473	$	—	$	98,209
Goodwill	2,799		2,179		293		—		5,271

As of and for the three months ended March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	440		—		—		—		440
Agency title insurance premiums	593		—		—		—		593
Escrow, title related and other fees	484		741		56		—		1,281
Interest and investment income	83		616		38		(27)		710
Recognized gains and losses, net	63		212		—		—		275
Total segment revenues	1,663		1,569		94		(27)		3,299
Significant segment expenses:
Personnel costs	618		66		43		—		727
Agent commissions	460		—		—		—		460
Other operating expenses	285		58		26		—		369
Benefits and other changes in policy reserves	—		1,161		—		—		1,161
Total significant segment expenses	1,363		1,285		69		—		2,717
Other segment items:
Depreciation and amortization	36		123		8		—		167
Provision for title claim losses	46		—		—		—		46
Market risk benefit gains	—		(11)		—		—		(11)
Interest expense	—		30		19		—		49
Total other segment items	82		142		27		—		251
Total segment expenses	1,445		1,427		96		—		2,968
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

The activities in our segments include the following:

•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.

•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (indexed annuities and fixed rate annuities), immediate annuities and IUL. This segment also provides funding agreements and PRT solutions.

•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries, and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

•Elimination. This segment consists of the elimination of dividends paid from F&G to FNF, which are included in the Corporate and Other segment.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Three months ended March 31,
	2025		2024
Cash paid for:	(In millions)
Interest	$	54	$	57
Income taxes	6		3
Deferred sales inducements	71		54
Non-cash investing and financing activities:
Investments transferred subject to reinsurance agreement	(500)		—
Change in proceeds of sales of investments available for sale receivable in period	1		(37)
Change in purchases of investments available for sale payable in period	52		173
Lease liabilities recognized in exchange for lease right-of-use assets	9		16
Remeasurement of lease liabilities	14		13
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	5		474
Less: Total Purchase price	3		284
Liabilities and noncontrolling interests assumed	$	2	$	190

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Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2025		2024
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	510	$	440
Agency title insurance premiums	Agency title insurance premiums	Title	681		593
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	505		741
Home warranty	Escrow, title-related and other fees	Title	36		32
Total revenue from insurance contracts			1,732		1,806
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	187		167
Other title-related fees and income	Escrow, title-related and other fees	Title	152		145
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	83		74
Real estate technology	Escrow, title-related and other fees	Corporate and other	33		35
Total revenue from contracts with customers			455		421
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	67		66
Other	Escrow, title-related and other fees	Corporate and other	2		21
Interest and investment income	Interest and investment income	Various	760		710
Recognized gains and losses, net	Recognized gains and losses, net	Various	(287)		275
Total revenues	Total revenues		$	2,729	$	3,299

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated

with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.

Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

F&G derives its revenue from external customers primarily located in the United States. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products, and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("FIA") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Contract Balances

The following table provides information about trade receivables and deferred revenue:

	March 31, 2025		December 31, 2024
	(In millions)
Trade receivables	$	327	$	362
Deferred revenue (contract liabilities)	92		92

Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three

months ended March 31, 2025 and March 31, 2024, we recognized $35 million and $34 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

URL

The following table rolls forward URL for our universal life product for the three months ended March 31, 2025 and March 31, 2024 :

	Three months ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	401	$	270
Capitalization	41		35
Amortization	(6)		(4)
Balance at March 31,	$	436	$	301

For IUL, the cash flow assumptions used to amortize URL reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions, resulting in a revision to the IUL assumptions involving premium persistency and mortality improvement.

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

	March 31, 2025		December 31, 2024
	(In millions)
Customer relationships and contracts	$	417	$	435
Value of business acquired	1,311		1,349
Deferred acquisition costs	3,172		3,036
Deferred sales inducements	682		625
Value of distribution asset	71		74
Computer software	276		277
Trademarks, tradenames, and other	184		180
Total Other intangible assets, net	$	6,113	$	5,976

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2025	$	892	$	22	$	184	$	126	$	125	$	1,349
Amortization	(31)		(1)		(2)		(1)		(3)		(38)
Balance at March 31, 2025	$	861	$	21	$	182	$	125	$	122	$	1,311
	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407

VOBA amortization expense of $38 million and $39 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively.

The following tables roll forward DAC by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2025	$	1,874	$	376	$	781	$	3,031
Capitalization	126		21		69		216
Amortization	(45)		(25)		(12)		(82)
Balance at March 31, 2025	$	1,955	$	372	$	838	$	3,165
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408

(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.

DAC amortization expense of $82 million and $60 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively, excluding insignificant amounts related to FABN and PRT.

The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed Annuities	$	1,955	$	1,874
Fixed Rate Annuities	372		376
Universal Life	838		781
Funding Agreements	5		4
PRT	2		1
Total	$	3,172	$	3,036

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	625	$	346
Capitalization	71		54
Amortization	(14)		(8)
Balance at March 31,	$	682	$	392

DSI amortization expense of $14 million and $8 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2025 and 2024, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefit ("FPB") for life contingent immediate annuities, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For indexed annuity contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities.

F&G reviews cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2025, F&G updated the assumption for option budgets. For the year ended December 31, 2024, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, mortality improvement and option budgets. All updates to these assumptions brought F&G more in line with our Company and overall industry experience since the prior assumption update.

There has been no material change to the estimated future amortization expense of intangible assets since December 31, 2024.

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F&G Reinsurance

3 Months Ended

Mar. 31, 2025

Reinsurance Disclosures [Abstract]

F&G Reinsurance

F&G Reinsurance

The Company reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk and any acquisition cost reimbursements reduce policy acquisition costs deferred and maintenance expense reimbursements reduce direct expenses incurred. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk. As of March 31, 2025 and December 31, 2024, we had an immaterial amount of cost of reinsurance recorded on the unaudited Condensed Consolidated Balance Sheets.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2025 and 2024 were as follows:

	Three months ended March 31,
	2025				2024
	(In millions)
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
Direct	$	343	$	577	$	620	$	1,213
Ceded	(22)		(53)		(24)		(52)
Net	$	321	$	524	$	596	$	1,161

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.

Reinsurance Transactions

The following summarizes significant changes to third-party reinsurance agreements for the period ended March 31, 2025:

Everlake: Effective January 1, 2025, F&G amended the existing flow reinsurance agreement with Everlake Life Insurance Company (“Everlake”) to cede future additional MYGA business for agreed upon periods to Everlake pursuant to an offer and acceptance process, rather than on a flow basis. The amendment included a cession of an in force block of certain MYGA policies on a coinsurance quota share basis.

There have been no other significant changes to third party reinsurance agreements for the three months ended March 31, 2025.

The following summarizes our reinsurance recoverable as of March 31, 2025 and December 31, 2024:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2025		December 31, 2024
	(In millions)
Aspida Life Re Ltd.	$	8,060	$	7,844	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd. (c)	3,316		2,822		Coinsurance Funds Withheld	Certain MYGA (b) and deferred annuities	Deposit
					Coinsurance Funds Withheld	Certain FIA	Reinsurance
Everlake	1,830		1,168		Coinsurance	Certain MYGA (b) (d)	Deposit
Wilton Reassurance Company	1,067		1,066		Coinsurance	Block of traditional, IUL and UL (e)	Reinsurance
Other (f)	493		489
Reinsurance recoverable, gross of allowance	14,766		13,389
Allowance for expected credit losses	(20)		(20)
Reinsurance recoverable, net of allowance for expected credit losses	$	14,746	$	13,369
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2025 was 90% for the majority of the first quarter of 2025. As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90%. Refer to Everlake amendment in first quarter of 2025 above.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

As of March 31, 2025 and December 31, 2024, F&G had a deposit asset of $12,038 million and $11,039 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the unaudited Condensed Consolidated Balance Sheets.

The Company incurred risk charge fees of $11 million and $10 million during the three months ended March 31, 2025 and 2024, respectively, in relation to reinsurance agreements.

Credit Losses

The Company estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. There was no material change in the expected credit loss reserve for the three months ended March 31, 2025 and 2024.

Concentration of Reinsurance Risk

As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida Life Re Ltd. (“Aspida Re”), Somerset Reinsurance Ltd. (“Somerset”), Everlake and Wilton Reassurance (“Wilton Re”) that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts, and irrevocable letters of credit. We believe that all amounts due from Aspida Re, Somerset, Everlake, and Wilton Re for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2025. The following table presents financial strength ratings as of March 31, 2025:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Everlake	A	—	—	—
Wilton Re	A+	—	A-	—

“—” indicates not rated

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F&G Insurance Subsidiary Financial Information and Regulatory Matters

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

F&G Insurance Subsidiary Financial Information and Regulatory Matters

Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2025			2024
	(In millions)
Beginning balance	$	1,713		$	1,770
Change in insurance recoverable	(7)			—
Claim loss provision related to:
Current year	54			46
Total title claim loss provision	54			46
Claims paid, net of recoupments related to:
Current year	(1)			(2)
Prior years	(64)			(68)
Total title claims paid, net of recoupments	(65)			(70)
Ending balance of claim loss reserve for title insurance	$	1,695		$	1,746
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies.

Some of the non-joining investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). On February 20, 2025, the Ninth Circuit affirmed the district court’s Settlement and Bar Order, barring all ongoing and future litigation against CTC stemming from the scheme operated by Ms. Champion-Cain. On April 10, 2025, the appellants filed a petition for rehearing or rehearing en banc requesting the Ninth Circuit to reconsider its decision, but the petition was denied. The deadline for appellants to submit a petition for further review with the U.S. Supreme Court expires on August 5, 2025. Once the appellate decision is final, the remaining lawsuits pending in the Superior Court of San Diego County for the State of California involving claimants/investors who objected to CTC’s settlement with the receiver are expected to be dismissed as to CTC.

Chicago Title Company has also resolved a number of other pre-suit claims and previously disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses,

which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims, and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, additional reserve adjustments may be required in future periods to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

F&G Insurance Subsidiary Financial Information and Regulatory Matters

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re, file financial statements with state insurance regulatory authorities and, except for Raven Re, with the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not prescribed but approved by state regulators. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

Our non-U.S. insurance subsidiaries, F&G Cayman Re Ltd (“F&G Cayman Re”) (Cayman) and F&G Life Re Ltd (“F&G Life Re”) (Bermuda), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2025 and 2024, and statutory capital and surplus as of March 31, 2025 and December 31, 2024, of our wholly owned U.S. regulated insurance subsidiaries, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	(127)	$	4	$	10	$	(52)
For the three months ended March 31, 2024	—		2		15		(134)
Statutory Capital and Surplus:
March 31, 2025	$	1,451	$	98	$	178	$	187
December 31, 2024	1,654		97		168		178

(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.

Prescribed and permitted practices

FGL Insurance - FGL Insurance applies Iowa-prescribed accounting practices prescribed by Iowa Administrative Code 191 Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,” for its indexed annuities and IUL products. Under these alternative accounting practices, the equity option derivative instruments that hedge the growth in interest credited on index products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and indexed annuity reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV assuming the market value of the equity options associated with the current index term is zero regardless of the observable market value for such options.

In addition, based on a permitted practice received from the Iowa Insurance Division, FGL Insurance carries one of its limited partnership interests, which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies,” on a net asset value per share basis. This is a departure from SSAP No. 48, which requires such investments to be carried based on the investees underlying GAAP equity (prior to any impairment considerations).This limited partnership investment was redeemed as of December 31, 2024 and subsequently repurchased during the first quarter of 2025. In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without these permitted practices, the carry value of these two entities would be zero.

The prescribed and permitted practices resulted in increases to statutory capital and surplus of $286 million and $454 million at March 31, 2025 and December 31, 2024, respectively.

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no other significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2025.

Non-U.S. Companies

Our non-U.S. insurance subsidiaries, F&G Cayman Re and F&G Life Re, file financial statements with their respective regulators. F&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by such authorities, which may vary materially from GAAP. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re has two permitted practices, which have been approved by the Cayman Islands Monetary Authority (“CIMA”). F&G Cayman Re has a permitted practice approved by CIMA to include, as an admitted asset, the value of the letters of credit (“LOCs”) acquired to support reinsurance transactions. Also, F&G Cayman Re has a permitted practice, approved by CIMA, for PRT reinsurance transactions to use U.S. statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts). These reserve calculations will be subject to annual assumption reviews consistent with other GAAP liability balances. If F&G Cayman Re had not been permitted to calculate PRT assumed reserves using best estimate reserve calculations or include the value of the LOCs as an admitted asset, statutory surplus would be $(72) million and $(64) million as of March 31, 2025 and December 31, 2024, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would fall below the minimum regulatory requirements as of March 31, 2025 and December 31, 2024.

F&G Life Re files financial statements based on GAAP.

Net income and capital and surplus of our wholly owned Cayman Islands and Bermuda regulated insurance subsidiaries under SAP and GAAP, respectively, were as follows :

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	15	$	34
For the three months ended March 31, 2024	(17)		49
Statutory Capital and Surplus:
March 31, 2025	$	954	$	157
December 31, 2024	734		123

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Notes Payable

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

Notes Payable

Notes payable consists of the following:

	March 31, 2025		December 31, 2024
	(In millions)
4.50% Notes, net of discount	$	447	$	447
3.40% Notes, net of discount	646		646
2.45% Notes, net of discount	595		595
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(4)		(4)
F&G Credit Agreement	—		—
6.50% F&G Notes, net of discount	545		545
7.40% F&G Notes, net of discount	497		497
5.50% F&G Notes, net of discount	—		301
7.95% F&G Notes, net of discount	336		336
6.25% F&G Notes, net of discount	492		492
7.30% F&G Notes, net of discount	364		—
Other	32		22
	$	4,394	$	4,321

On January 13, 2025, F&G completed its public offering of the “7.30% F&G Junior Notes. F&G used the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. The 7.30% F&G Junior Notes are junior, unsecured subordinated obligations of F&G. Interest is payable quarterly in arrears beginning on April 15, 2025, and the 7.30% F&G Junior Notes mature on January 15, 2065, unless earlier repurchased or redeemed. The 7.30% F&G Junior Notes become redeemable in whole or in part, any time and from time to time on or after January 15, 2030 or within 90 days of the occurrence of certain events as described in the indenture. The 7.30% F&G Junior Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

On October 4, 2024, F&G issued $500 million of its 6.25% Senior Notes due 2034. The 6.25% F&G Notes were issued at 99.36% of face value, net of deferred issuance costs of approximately $8 million. The 6.25% F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G's subsidiaries that are guarantors of F&G's obligations under its existing credit agreement. The 6.25% F&G Notes mature on October 4, 2034, and become callable on July 4, 2034. Interest is payable semi-annually at a fixed rate of 6.25%, and if the 6.25% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture. A portion of the net proceeds were used to pay off the outstanding balance of $365 million on the F&G Credit Agreement described below. F&G intends to use the remaining net proceeds of this offering for general corporate purposes, including the support of organic growth opportunities.

On June 4, 2024, F&G completed its public offering of $550 million aggregate principal amount of its 6.50% F&G Notes due 2029. The 6.50% F&G Notes were issued at 99.74% of face value net of deferred issuance costs of approximately $6 million. The 6.50% F&G Notes are guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 6.50% F&G Notes mature on June 4, 2029, and become callable on May 4, 2029. Interest is payable semi-annually at a fixed rate of 6.50%, and, if the 6.50% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture. A portion of the net proceeds were used to finance a cash tender offer by its wholly owned subsidiary Fidelity & Guaranty Life Holdings, Inc. (“FGLH”) for an aggregate principal amount of $250 million of FGLH’s 5.50% Senior Notes due 2025 (the “5.50% F&G Notes”). F&G intends to use the remaining net proceeds of this offering for general corporate purposes, which may include the repurchase, redemption or repayment at maturity of outstanding indebtedness.

On December 6, 2023, F&G issued $345 million of its 7.95% Senior Notes due 2053 ("7.95% F&G Notes"). The 7.95% F&G Notes were issued at par, net of deferred issuance costs of approximately $9 million. The 7.95% F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 7.95% F&G Notes mature on December 15, 2053, and become callable on December 15, 2028. Interest is payable quarterly at a fixed rate of 7.95%, and, if the 7.95% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture.

On January 13, 2023, F&G issued $500 million of its 7.40% Notes due 2028 ("the 7.40% F&G Notes"). The 7.40% F&G Notes were issued at par, net of deferred issuance costs of approximately $6 million. The 7.40% F&G Notes are senior, unsecured unsubordinated obligations of F&G and are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement. The 7.40%

F&G Notes mature on January 13, 2028, and become callable on or after December 13, 2027. Interest is payable semi-annually at a fixed rate of 7.40%, and if, the 7.40% F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture.

On November 22, 2022, F&G entered into the F&G Credit Agreement pursuant to which the Lenders have made available the F&G Credit Facility in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes. On February 21, 2023, F&G entered into the Amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The Amended F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million. On February 16, 2024, F&G entered into a Second Amended and Restated F&G Credit Agreement. Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date to November 22, 2027, and increase the aggregate principal amount of commitments under the revolving credit facility to $750 million.

Revolving loans under the Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of 1% plus The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. In addition, F&G pays a facility fee of between 20.0 and 45.0 basis points on the entire facility, also depending on the non-credit-enhanced, senior unsecured long-term debt ratings, which is payable quarterly in arrears. As of March 31, 2025 and December 31, 2024, we had $750 million of remaining borrowing availability.

On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes due 2051 ("the 3.20% Notes"), pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20% Notes were approximately $443 million, after deducting underwriting discounts, commissions and offering expenses. We used the net proceeds from the offering for general corporate purposes.

On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). Among other changes, the Sixth Restated Credit Agreement amends the Amended Revolving Credit Facility to extend the maturity date from October 29, 2025, to February 16, 2029. As of March 31, 2025, there was no principal outstanding, $4 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Amended Revolving Credit Facility.

On September 15, 2020, we completed our underwritten public offering of $600 million aggregate principal amount of our 2.45% Notes due March 15, 2031 (the "2.45% Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45% Notes were approximately $593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $260 million outstanding indebtedness under our prior term loan credit agreement dated April 22, 2020, among us, as borrower, various lenders, and Bank of American N.A., as administrative agent (the "Term Loan"), which provided for an aggregate principal borrowing of $1.0 billion that we entered into to fund a portion of the acquisition of F&G and (ii) for general corporate purposes.

On June 12, 2020, we completed our underwritten public offering of $650 million aggregate principal amount of the 3.40% Notes due June 15, 2030 (the “3.40% Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40% Notes were approximately $642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes.

On April 20, 2018, Fidelity & Guaranty Life Holdings, Inc. (“FGLH”), F&G's indirect wholly owned subsidiary, completed a debt offering of $550 million of 5.50% F&G Notes due May 1, 2025 at 99.5% of face value for proceeds of $547 million. As a result of our acquisition of F&G in 2020, a premium of 39 million was established for these notes and is being amortized over the remaining life of the debt through 2025. In conjunction with the acquisition, we became a guarantor of FGLH's obligations under the 5.50% F&G Notes and agreed to fully and unconditionally guarantee the 5.50% F&G Notes, on a joint and several basis. A portion of the net proceeds of the 6.50% F&G Notes were used for a $250 million cash tender offer of the 5.50% F&G Notes in June 2024. On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal

amount of its 5.50% Senior Notes due May 1, 2025 (the “5.50% F&G Senior Notes”). The notes 5.50% F&G Senior Notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date. On and after the redemption date, interest ceased to accrue on the notes.

On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the "4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16, 2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the "4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange.

Gross principal maturities of notes payable as of March 31, 2025 are as follows:

	(In millions)
2025 (remaining)	$	—
2026	32
2027	—
2028	950
2029	550
Thereafter	2,920
	$	4,452

XML

Market Risk Benefits

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Market Risk Benefits

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2025 and the year ended December 31, 2024:

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	420	$	1	$	314	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	322	$	1	$	209	$	1
Issuances and benefit payments	26		—		109		—
Attributed fees collected and interest accrual	35		—		147		—
Actual policyholder behavior different from expected	22		—		(5)		—
Changes in assumptions and other	1		—		24		—
Effects of market related movements	58		—		(162)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	464		1		322		1
Effect of changes in the instrument-specific credit risk	69		—		98		—
Balance, end of period, net liability	533		1		420		1
Less: reinsured market risk benefits	86		—		61		—
Balance, end of period, net of reinsurance	$	447	$	1	$	359	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	67.95		72.74		67.98		72.58
Net amount at risk	$	1,519	$	2	$	1,327	$	2

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
	(In millions)
MRB asset
Indexed annuities	$	101	$	86	$	187	$	128	$	61	$	189
Fixed rate annuities	—		—		—		—		—		—
Total MRB asset	$	101	$	86	$	187	$	128	$	61	$	189
MRB liability
Indexed annuities	$	634	$	—	$	634	$	548	$	—	$	548
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	635	$	—	$	635	$	549	$	—	$	549

The net MRB liability increased for the three months ended March 31, 2025, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period and effects of market related movements, including the impacts of lower risk-free rates and decreases in equity market projections.

For the three months ended March 31, 2025, notable changes made to the inputs to the fair value estimates of MRBs calculations included a decrease in risk-free rates leading to an unfavorable change in the MRBs associated with indexed annuities and fixed rate annuities; and decreases in the equity market related projections resulted in an increase in the net amount at risk associated with indexed annuities, leading to an unfavorable change in the value of the associated MRBs.

The net MRB liability increased for the year ended December 31, 2024, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

For the year ended December 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and an increase in the rider benefit utilization assumption, leading to an unfavorable change in the value of the associated MRBs.

In addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the year ended December 31, 2024, we updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2024.

Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	1,463			564			54			350		1,025
Premiums received	617			—			141			—		—
Policy charges (a)	(660)			—			(90)			—		—
Surrenders and withdrawals	(251)			(59)			(8)			—		—
Benefit payments	(726)			(256)			(24)			(12)		(1,003)
Interest credited	200			195			45			25		27
Other	1			(1)			—			—		—
Balance, end of period	30,879			17,885			2,935			2,826		2,901
Reconciling items (c)	46			—			47			10		—
Gross liability, end of period	30,925			17,885			2,982			2,836		2,901
Less: Reinsurance	1,233			12,006			873			—		—
Net liability, after reinsurance	$	29,692		$	5,879		$	2,109		$	2,836	$	2,901
Weighted-average crediting rate	2.65		%	4.52		%	6.45		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	75,933		N/A		N/A
Cash surrender value (e)	$	28,462		$	16,712		$	2,265		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

	December 31, 2024
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	6,649			5,125			208			600		1,804
Premiums received	120			1			495			—		—
Policy charges (a)	(195)			—			(315)			—		—
Surrenders and withdrawals	(3,832)			(1,479)			(101)			—		—
Benefit payments	(495)			(315)			(18)			(820)		(1,606)
Interest credited	821			667			157			71		117
Other	3			—			—			(1)		(2)
Balance, end of period	30,235			17,442			2,817			2,463		2,852
Embedded derivative adjustment (c)	219			—			79			—		—
Gross liability, end of period	30,454			17,442			2,896			2,463		2,852
Less: Reinsurance	861			11,009			877			—		—
Net liability, after reinsurance	$	29,593		$	6,433		$	2,019		$	2,463	$	2,852
Weighted-average crediting rate	2.90		%	4.42		%	6.20		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	74,279		N/A		N/A
Cash surrender value (e)	$	27,865		$	16,266		$	2,177		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed annuities	$	30,925	$	30,454
Fixed rate annuities	17,885		17,442
Immediate annuities	283		286
Universal life	2,982		2,896
Traditional life	5		5
Funding Agreement-FABN	2,836		2,463
FHLB	2,901		2,852
PRT	6		6
Total	$	57,823	$	56,404

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in contractholder funds of approximately $21 million for the three months ended March 31, 2025.

For the year ended December 31, 2024, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in in contractholder funds of approximately $89 million for the year ended December 31, 2024.

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	March 31, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,872	$	1,196	$	485	$	1,867	$	27,420
1.51%-2.50%	997		1		828		1,321		3,147
Greater than 2.50%	287		2		—		23		312
Total	$	25,156	$	1,199	$	1,313	$	3,211	$	30,879
Fixed rate annuities
0.00%-1.50%	$	72	$	19	$	737	$	14,798	$	15,626
1.51%-2.50%	4		7		19		463		493
Greater than 2.50%	788		2		5		971		1,766
Total	$	864	$	28	$	761	$	16,232	$	17,885
Universal life
0.00%-1.50%	$	2,539	$	7	$	—	$	26	$	2,572
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	362		—		1		—		363
Total	$	2,901	$	7	$	1	$	26	$	2,935

	December 31, 2024
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,540	$	1,236	$	492	$	1,846	$	27,114
1.51%-2.50%	875		1		684		1,242		2,802
Greater than 2.50%	303		2		—		14		319
Total	$	24,718	$	1,239	$	1,176	$	3,102	$	30,235
Fixed rate annuities
0.00%-1.50%	$	57	$	20	$	773	$	14,407	$	15,257
1.51%-2.50%	4		7		20		462		493
Greater than 2.50%	804		2		5		881		1,692
Total	$	865	$	29	$	798	$	15,750	$	17,442
Universal life
0.00%-1.50%	$	2,421	$	7	$	—	$	24	$	2,452
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	364		—		1		—		365
Total	$	2,785	$	7	$	1	$	24	$	2,817

XML

Contractholder Funds

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Contractholder Funds

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2025 and the year ended December 31, 2024:

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	420	$	1	$	314	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	322	$	1	$	209	$	1
Issuances and benefit payments	26		—		109		—
Attributed fees collected and interest accrual	35		—		147		—
Actual policyholder behavior different from expected	22		—		(5)		—
Changes in assumptions and other	1		—		24		—
Effects of market related movements	58		—		(162)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	464		1		322		1
Effect of changes in the instrument-specific credit risk	69		—		98		—
Balance, end of period, net liability	533		1		420		1
Less: reinsured market risk benefits	86		—		61		—
Balance, end of period, net of reinsurance	$	447	$	1	$	359	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	67.95		72.74		67.98		72.58
Net amount at risk	$	1,519	$	2	$	1,327	$	2

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
	(In millions)
MRB asset
Indexed annuities	$	101	$	86	$	187	$	128	$	61	$	189
Fixed rate annuities	—		—		—		—		—		—
Total MRB asset	$	101	$	86	$	187	$	128	$	61	$	189
MRB liability
Indexed annuities	$	634	$	—	$	634	$	548	$	—	$	548
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	635	$	—	$	635	$	549	$	—	$	549

The net MRB liability increased for the three months ended March 31, 2025, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period and effects of market related movements, including the impacts of lower risk-free rates and decreases in equity market projections.

For the three months ended March 31, 2025, notable changes made to the inputs to the fair value estimates of MRBs calculations included a decrease in risk-free rates leading to an unfavorable change in the MRBs associated with indexed annuities and fixed rate annuities; and decreases in the equity market related projections resulted in an increase in the net amount at risk associated with indexed annuities, leading to an unfavorable change in the value of the associated MRBs.

The net MRB liability increased for the year ended December 31, 2024, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

For the year ended December 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and an increase in the rider benefit utilization assumption, leading to an unfavorable change in the value of the associated MRBs.

In addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the year ended December 31, 2024, we updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2024.

Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	1,463			564			54			350		1,025
Premiums received	617			—			141			—		—
Policy charges (a)	(660)			—			(90)			—		—
Surrenders and withdrawals	(251)			(59)			(8)			—		—
Benefit payments	(726)			(256)			(24)			(12)		(1,003)
Interest credited	200			195			45			25		27
Other	1			(1)			—			—		—
Balance, end of period	30,879			17,885			2,935			2,826		2,901
Reconciling items (c)	46			—			47			10		—
Gross liability, end of period	30,925			17,885			2,982			2,836		2,901
Less: Reinsurance	1,233			12,006			873			—		—
Net liability, after reinsurance	$	29,692		$	5,879		$	2,109		$	2,836	$	2,901
Weighted-average crediting rate	2.65		%	4.52		%	6.45		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	75,933		N/A		N/A
Cash surrender value (e)	$	28,462		$	16,712		$	2,265		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

	December 31, 2024
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	6,649			5,125			208			600		1,804
Premiums received	120			1			495			—		—
Policy charges (a)	(195)			—			(315)			—		—
Surrenders and withdrawals	(3,832)			(1,479)			(101)			—		—
Benefit payments	(495)			(315)			(18)			(820)		(1,606)
Interest credited	821			667			157			71		117
Other	3			—			—			(1)		(2)
Balance, end of period	30,235			17,442			2,817			2,463		2,852
Embedded derivative adjustment (c)	219			—			79			—		—
Gross liability, end of period	30,454			17,442			2,896			2,463		2,852
Less: Reinsurance	861			11,009			877			—		—
Net liability, after reinsurance	$	29,593		$	6,433		$	2,019		$	2,463	$	2,852
Weighted-average crediting rate	2.90		%	4.42		%	6.20		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	74,279		N/A		N/A
Cash surrender value (e)	$	27,865		$	16,266		$	2,177		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed annuities	$	30,925	$	30,454
Fixed rate annuities	17,885		17,442
Immediate annuities	283		286
Universal life	2,982		2,896
Traditional life	5		5
Funding Agreement-FABN	2,836		2,463
FHLB	2,901		2,852
PRT	6		6
Total	$	57,823	$	56,404

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in contractholder funds of approximately $21 million for the three months ended March 31, 2025.

For the year ended December 31, 2024, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in a decrease in in contractholder funds of approximately $89 million for the year ended December 31, 2024.

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	March 31, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,872	$	1,196	$	485	$	1,867	$	27,420
1.51%-2.50%	997		1		828		1,321		3,147
Greater than 2.50%	287		2		—		23		312
Total	$	25,156	$	1,199	$	1,313	$	3,211	$	30,879
Fixed rate annuities
0.00%-1.50%	$	72	$	19	$	737	$	14,798	$	15,626
1.51%-2.50%	4		7		19		463		493
Greater than 2.50%	788		2		5		971		1,766
Total	$	864	$	28	$	761	$	16,232	$	17,885
Universal life
0.00%-1.50%	$	2,539	$	7	$	—	$	26	$	2,572
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	362		—		1		—		363
Total	$	2,901	$	7	$	1	$	26	$	2,935

	December 31, 2024
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,540	$	1,236	$	492	$	1,846	$	27,114
1.51%-2.50%	875		1		684		1,242		2,802
Greater than 2.50%	303		2		—		14		319
Total	$	24,718	$	1,239	$	1,176	$	3,102	$	30,235
Fixed rate annuities
0.00%-1.50%	$	57	$	20	$	773	$	14,407	$	15,257
1.51%-2.50%	4		7		20		462		493
Greater than 2.50%	804		2		5		881		1,692
Total	$	865	$	29	$	798	$	15,750	$	17,442
Universal life
0.00%-1.50%	$	2,421	$	7	$	—	$	24	$	2,452
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	364		—		1		—		365
Total	$	2,785	$	7	$	1	$	24	$	2,817

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Future Policy Benefits

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Future Policy Benefits

Future Policy Benefits

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	631	$	722
Beginning balance at original discount rate	780		874
Effect of actual variances from expected experience	—		(4)
Balance adjusted for variances from expectation	780		870
Interest accrual	4		17
Net premiums collected	(25)		(107)
Ending balance at original discount rate	759		780
Effect of changes in discount rate assumptions	(137)		(149)
Balance, end of period	$	622	$	631
Expected FPB
Balance, beginning of year	$	1,933	$	2,071
Beginning balance at original discount rate	2,368		2,492
Effect of actual variances from expected experience	4		44
Balance adjusted for variances from expectation	2,372		2,536
Interest accrual	13		54
Benefits payments	(57)		(222)
Ending balance at original discount rate	2,328		2,368
Effect of changes in discount rate assumptions	(396)		(435)
Balance, end of period	$	1,932	$	1,933
Net liability for future policy benefits	$	1,310	$	1,302
Less: Reinsurance recoverable	525		513
Net liability for future policy benefits, after reinsurance recoverable	$	785	$	789
Weighted-average duration of liability for future policyholder benefits (years)	6.23		6.28

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	PRT
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	6,054	$	4,189
Beginning balance at original discount rate	6,417		4,351
Effect of changes in cash flow assumptions	(1)		(3)
Effect of actual variances from expected experience	(10)		(11)
Balance adjusted for variances from expectation	6,406		4,337
Issuances	323		2,324
Interest accrual	74		240
Benefits payments	(156)		(484)
Ending balance at original discount rate	6,647		6,417
Effect of changes in discount rate assumptions	(287)		(363)
Balance, end of period	$	6,360	$	6,054
Net liability for future policy benefits, after reinsurance recoverable	$	6,360	$	6,054
Weighted-average duration of liability for future policyholder benefits (years)	7.90		7.78

	Immediate annuities
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	1,297	$	1,415
Beginning balance at original discount rate	1,732		1,788
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(4)		(27)
Balance adjusted for variances from expectation	1,728		1,761
Issuances	5		30
Interest accrual	14		59
Benefits payments	(28)		(118)
Ending balance at original discount rate	1,719		1,732
Effect of changes in discount rate assumptions	(422)		(435)
Balance, end of period	$	1,297	$	1,297
Net liability for future policy benefits	$	1,297	$	1,297
Less: Reinsurance recoverable	109		109
Net liability for future policy benefits, after reinsurance recoverable	$	1,188	$	1,188
Weighted-average duration of liability for future policyholder benefits (years)	12.54		12.63

The following tables summarize balances and changes in the liability for Deferred Profit Liability ("DPL") for limited-payment contracts:

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	90	$	6	$	87	$	10
Effect of modeling changes	—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(8)
Effect of actual variances from expected experience	2		1		8		—
Balance adjusted for variances from expectation	92		7		95		2
Issuances	1		—		3		1
Interest accrual	—		—		1		4
Amortization	(2)		—		(9)		(1)
Balance, end of period	$	91	$	7	$	90	$	6

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	March 31, 2025		December 31, 2024
	(In millions)
Traditional life	$	1,310	$	1,302
Immediate annuities	1,297		1,297
PRT	6,360		6,054
Immediate annuities DPL	91		90
PRT DPL	7		6
Total	$	9,065	$	8,749

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life	(In millions)
Expected future benefit payments	$	2,720	$	2,874	$	1,938	$	2,013
Expected future gross premiums	923		1,042		671		751
Immediate annuities
Expected future benefit payments	$	3,168	$	3,271	$	1,297	$	1,371
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	10,535	$	8,344	$	6,360	$	4,899
Expected future gross premiums	—		—		—		—

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
	(In millions)
Traditional life	$	26	$	28	$	9	$	10
Immediate annuities	6		8		14		14
PRT	311		584		74		49
Total	$	343	$	620	$	97	$	73

(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.

The following table presents the weighted-average interest rate:

	March 31, 2025		December 31, 2024
Traditional life
Interest accretion rate	2.35	%	2.34	%
Current discount rate	5.21	%	5.44	%
Immediate annuities
Interest accretion rate	3.19	%	3.17	%
Current discount rate	5.38	%	5.45	%
PRT
Interest accretion rate	4.82	%	4.72	%
Current discount rate	5.39	%	5.54	%

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	March 31, 2025
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.8	%	3.0	%	3.4	%
Expected experience	1.6	%	1.7	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.6	%	—	%	—	%

	December 31, 2024
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	2.7	%	2.7	%
Expected experience	1.5	%	1.9	%	2.5	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.5	%	—	%	—	%

The following table provides additional information for periods in which a cohort has a net premium ratio ("NPR") greater than 100% (and therefore capped at 100%) (dollars in millions):

	March 31, 2025
	Cohort X			Description
NPR before capping	107		%	Term with return of premium Non-NY Cohort
Reserves before NPR capping	$	1,154		Term with return of premium Non-NY Cohort
Reserves after NPR capping	1,177			Term with return of premium Non-NY Cohort
Loss Expense	23			Term with return of premium Non-NY Cohort

F&G made changes to assumptions during the three months ended March 31, 2025 and the year ended December 31, 2024. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.

Traditional life

The traditional life line of business primarily consists of policies that were sold prior to 2010. As this line of business continues to age, benefit payments made from these contracts will be the primary driver of the emergence of reserves, decreasing the reserve balance.

Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. In 2025, no updates have been made to any significant assumptions used in the FPB liability. In 2024, F&G made an adjustment to the calculation to reflect additional actuarial precision, unrelated to the assumptions, driving an increase to the FPB liability.

Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Immediate annuities (life contingent)

Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. In 2024, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

PRT (life contingent)

The PRT line of business has issued a significant volume of contracts for 2024, which is the primary impact in increasing the reserve balance in each of those periods.

Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). Additionally, for PRT contracts with deferred payment streams, retirement age and elected payment form are significant assumptions. We review the cash flow assumptions annually, typically in the third quarter. In 2024, F&G undertook a review of the significant cash flow assumptions and did not make any changes to any significant assumptions. Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB. Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Premium deficiency testing

F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. During 2024, F&G did not pass premium deficiency testing for the traditional life block of business, related to the recoverability of VOBA. Due to that result, F&G began accruing a liability in the fourth quarter of 2024 that increases the amortization of traditional life VOBA. The liability balance was immaterial at both March 31, 2025 and December 31, 2024.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 83	$ 248

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Financial Statements (Policies)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2024.

Earnings Per Share

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares

outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were no antidilutive instruments outstanding during the three months ended March 31, 2025. There were fewer than 1 million antidilutive instruments outstanding during the three months ended March 31, 2024.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update enhance transparency of certain expense captions by disclosing more granular information of specific expenses within those captions such as personnel costs, depreciation, and amortization. The amendments also require disclosure of qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. The amendments in this update are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

Derivative Financial Instruments

Derivative Financial Instruments

Freestanding Derivatives

We economically hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options). We also utilize certain interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. All such derivative instruments are recognized as either assets or liabilities in the unaudited Condensed Consolidated Balance Sheets at fair value. The changes in fair value of derivatives not designated to hedge relationships are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. The change in the fair value of these derivative instruments is included in operating activities in the unaudited Consolidated Statements of Cash Flows.

Hedge Accounting

We designate certain derivatives to fair value or cash flow hedge relationships that hedge exposures to interest rates, foreign currency, or both, associated with changes in the fair value of a recognized asset or liability (“fair value hedge”) or variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”).

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are reported in the same line on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are recorded in Accumulated Other Comprehensive Income ("AOCI") until earnings are affected by the variability of cash flows being hedged. At the time the variability of cash flows being hedged impacts net earnings, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net earnings in the same line item on the unaudited Condensed Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

Any portion of the change in fair value of a derivative designated to a fair value or cash flow hedge relationship that is excluded from the assessment of effectiveness will be recorded in AOCI and amortized into earnings over the life of the remaining term of the hedge relationship.

To qualify for hedge accounting, at hedge inception we formally document our risk management objective and strategy for entering into hedging relationships, as well as the designation of the hedge. In our hedge documentation, we explain how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will used to test for hedge effectiveness on both a prospective and retrospective basis. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and at least quarterly throughout the life of the hedging relationship.

We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met; (2) the derivative expires, is sold, terminated or is exercised; or (3) we de-designate the derivative from being the hedging instrument for a fair value or cash flow hedge.

If a fair value or cash flow hedge is discontinued, the derivative will continue to be carried at fair value on the unaudited Condensed Consolidated Balance Sheets, with changes in fair value recognized prospectively in Recognized gains and losses in the unaudited Condensed Consolidated Statements of Earnings.

For discontinued fair value hedges, the hedged item will no longer be adjusted for changes in the hedged risk and any existing basis adjustment will be amortized into the unaudited Condensed Consolidated Statements of Earnings within the same line item that is used to report other earnings effects of the hedged item. Any amounts remaining in AOCI associated with a component of the change in derivative fair value excluded from the assessment of effectiveness will be amortized into earnings in a manner consistent with how any basis adjustment associated with the hedged item would be amortized.

The component of AOCI related to discontinued cash flow hedges where it is probable the hedged forecasted transaction will not occur, will be immediately reclassified from AOCI into earnings. In all other cases any amounts remaining in AOCI will be amortized into earnings consistent with the earnings impacts expected from the original hedged cash flows.

Embedded Derivatives

We purchase financial instruments that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes.

Funds Withheld Arrangements

Funds Withheld Arrangements

F&G cedes certain business on a coinsurance funds withheld basis. Assets supporting the arrangements are reported within Funds withheld for reinsurance liabilities on our unaudited Condensed Consolidated Balance Sheets. All assets within Funds withheld for reinsurance liabilities are recorded in a manner consistent with each respective item of our accounting policies discussed in Note A Business and Summary of Significant Accounting Policies, of our Annual Report on Form 10-K for the year ended December 31, 2024. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These embedded derivatives are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps are based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025,

these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified from Prepaid expenses and other assets to conform with the current presentation. The related gains or losses are reported in Recognized gains and losses, net, on our unaudited Condensed Consolidated Statements of Earnings. Refer to Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note E Derivatives, for additional information on these and other derivatives.

Revenue Recognition

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated

with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.

Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Revenue Recognition, Services, Real Estate Transactions

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

F&G derives its revenue from external customers primarily located in the United States. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products, and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("FIA") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Revenue Recognition, Other

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

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Summary of Reserve for Title Claim Losses (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Summary of the Reserve for Claim Losses

A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2025			2024
	(In millions)
Beginning balance	$	1,713		$	1,770
Change in insurance recoverable	(7)			—
Claim loss provision related to:
Current year	54			46
Total title claim loss provision	54			46
Claims paid, net of recoupments related to:
Current year	(1)			(2)
Prior years	(64)			(68)
Total title claims paid, net of recoupments	(65)			(70)
Ending balance of claim loss reserve for title insurance	$	1,695		$	1,746
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

XML

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	4,484	$	—	$	—	$	—	$	4,484
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")	—		7,420		8,848		—		16,268
Commercial mortgage-backed securities	—		5,142		—		—		5,142
Corporates	40		19,702		3,006		—		22,748
Hybrids	35		471		6		—		512
Municipals	—		1,406		4		—		1,410
Residential mortgage-backed securities	—		2,745		3		—		2,748
U.S. Government	666		6		—		—		672
Foreign Governments	—		301		23		—		324
Preferred securities	179		242		8		—		429
Equity securities	515		—		10		22		547
Derivative investments	1		703		1		—		705
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	1,106		15		40		—		1,161
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Other assets	—		—		67		—		67
Total financial assets at fair value	$	7,026	$	38,153	$	12,518	$	22	$	57,719
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps	—		—		1		—		1
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	1	$	(78)	$	6,016	$	—	$	5,939

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,479	$	—	$	—	$	—	$	3,479
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,513		8,143		—		15,656
Commercial mortgage-backed securities	—		5,182		—		—		5,182
Corporates	41		18,698		2,957		—		21,696
Hybrids	35		546		—		—		581
Municipals	—		1,386		—		—		1,386
Residential mortgage-backed securities	—		2,793		3		—		2,796
U.S. Government	631		6		—		—		637
Foreign Governments	—		280		4		—		284
Preferred securities	189		246		8		—		443
Equity securities	575		—		10		57		642
Derivative investments	—		791		3		—		794
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,995		18		37		—		3,050
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Other assets	—		—		65		—		65
Total financial assets at fair value	$	7,945	$	37,459	$	11,734	$	57	$	57,195
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,220	$	—	$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities	—		10		—		—		10
Equity options	1		—		—		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration obligation, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	1	$	(99)	$	5,843	$	—	$	5,745

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	156	$	—	$	—	$	156	$	156
Commercial mortgage loans	—		—		2,534		—		2,534		2,788
Residential mortgage loans	—		—		3,338		—		3,338		3,578
Investments in unconsolidated affiliates	—		—		4		3,851		3,855		3,855
Policy loans	—		—		115		—		115		115
Other invested assets	45		—		—		50		95		95
Company-owned life insurance	—		—		436		—		436		436
Trade and notes receivables, net of allowance	—		—		421		—		421		421
Total	$	45	$	156	$	6,848	$	3,901	$	10,950	$	11,444
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Debt	—		4,110		—		—		4,110		4,394
Total	$	—	$	4,110	$	47,722	$	—	$	51,832	$	56,901

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	153	$	—	$	—	$	153	$	153
Commercial mortgage loans	—		—		2,404		—		2,404		2,705
Residential mortgage loans	—		—		2,916		—		2,916		3,221
Investments in unconsolidated affiliates	—		—		5		3,288		3,293		3,293
Policy loans	—		—		104		—		104		104
Other invested assets	42		—		—		48		90		90
Company-owned life insurance	—		—		431		—		431		431
Trade and notes receivables, net of allowance	—		—		471		—		471		471
Total	$	42	$	153	$	6,331	$	3,336	$	9,862	$	10,468
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Debt	—		3,781		—		—		3,781		4,321
Total	$	—	$	3,781	$	46,339	$	—	$	50,120	$	55,505

Schedule of Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2025 and December 31, 2024, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows:

	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2025
	(In millions)				March 31, 2025
Assets
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
Corporates	11		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (97.01%)
Corporates	688		Third-Party Valuation	Discount Rate	2.09% - 24.33% (6.55%)
Municipals	4		Third-Party Valuation	Discount Rate	5.63% - 5.63% (5.63%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.65% - 5.65% (5.65%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	10.86% - 10.86% (10.86%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	8.40% - 8.40% (8.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.4x - 5.4x (5.4x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	9.7x - 14.1x (11.8x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	6.94% - 6.94% (6.94%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Other assets	67		Discounted Cash Flow	Discount Rate	9.36% - 15.27% (12.32%)
				Conditional Prepayment Rate	6.33% -11.65% (8.99%)
Market risk benefits asset	187		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial assets at fair value (a)	$	1,396
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,316	Discounted Cash Flow	Market Value of Option	0.00% - 19.44% (1.98%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.70%)
				Partial Withdrawals	2.00% - 37.04% (2.71%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				Option Cost	0.07% - 5.70% (2.72%)
Accounts payable and accrued liabilities:
Contingent consideration	64		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.00% - 13.00% (13.00%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	635		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.01%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (62.06%)
Total financial liabilities at fair value	$	6,015

(a) Assets of $11,122 million and liabilities of $1 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

	Fair Value as of		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2024
	(In millions)				December 31, 2024
Assets
Asset-backed securities	$	95	Third-Party Valuation	Discount Rate	4.83% - 7.15%% (6.33%)
Corporates	750		Third-Party Valuation	Discount Rate	2.00% - 22.53% (6.76%)
Corporates	7		Discounted Cash Flow	Discount Rate	13.33% - 100.00% (96.45%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.89% - 5.89% (5.89%)
Foreign Governments	4		Third-Party Valuation	Discount Rate	12.14% - 12.14% (12.14%)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	4		Discounted Cash Flow	Discount rate	4.80% - 14.10% (9.40%)
			Market Comparable Company Analysis	EBITDA multiple	5.8x - 7.5x (7.0x)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other assets	65		Discounted Cash Flow	Discount Rate	10.60% - 12.00% (11.30%)
				Conditional Prepayment Rate	6.24% - 11.99% (9.12%)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	7.22% - 7.22% (7.22%)
				Collateral Volatility	35.00% - 35.00% (35.00%)
Market risk benefits asset	189		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% -24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% -75.00% (61.77%)
Total financial assets at fair value (a)	$	1,433
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,220	Discounted Cash Flow	Market Value of Option	0.00% - 20.81% (2.92%)
				Mortality Multiplier	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 50.00% (6.94%)
				Partial Withdrawals	2.00% - 35.71% (2.72%)
				Non-Performance Spread	0.48% - 0.95% 0.75%)
				Option Cost	0.07% - 5.70% (2.68%)
Accounts payable and accrued liabilities:
Contingent consideration	74		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty Discount Rate	6.50% - 6.50% (6.50%)
Market risk benefits liability	549		Discounted Cash Flow	Mortality	80.00% - 115.00% (100.00%)
				Surrender Rates	0.25% - 30.00% (5.05%)
				Partial Withdrawal Rates	2.00% - 24.39% (2.48%)
				Non-Performance Spread	0.48% - 0.95% (0.75%)
				GMWB Utilization	50.00% - 75.00% (61.77%)
Total financial liabilities at fair value	$	5,843

(a) Assets of $10,301 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

Schedule of Changes in Fair Value of Financial Instruments - Assets

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended March 31, 2025
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	8,143	$	1	$	3	$	1,029	$	(143)	$	(185)	$	—	$	8,848	$	2
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—
Corporates	2,957		(13)		34		353		(314)		(11)		—		3,006		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	8		(1)		1		—		—		—		—		8		—
Equity securities	10		—		—		—		—		—		—		10		—
Interest rate swaps	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Short term investments	37		—		—		3		—		—		—		40		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Credit linked note	—		—		—		—		—		—		—		—		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Other assets	65		—		—		2		—		—		—		67		—
Subtotal Level 3 assets at fair value	$	11,545	$	(13)	$	36	$	1,416	$	(457)	$	(196)	$	—	$	12,331	$	33
Market risk benefits asset (b)	189														187
Total Level 3 assets at fair value	$	11,734													$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	5,220		(67)		—		256		—		(93)		—		5,316		—
Interest rate swaps	—		—		1		—		—		—		—		1		(1)
Accounts payable and accrued liabilities:
Contingent consideration	74		2		—		—		—		(12)		—		64		—
Subtotal Level 3 liabilities at fair value	$	5,294	$	(65)	$	1	$	256	$	—	$	(105)	$	—	$	5,381	$	(1)
Market risk benefits liability (b)	549														635
Total Level 3 liabilities at fair value	$	5,843													$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

	Three months ended March 31, 2024
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	$	4,258	$	200	$	—	$	288	$	—	$	(67)	$	—	$	4,679	$	—
Interest rate swaps	—		19		—		—		—		—		—		19
Accounts payable and accrued liabilities:
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

Schedule of Changes in Fair Value of Financial Instruments - Liabilities

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended March 31, 2025
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	8,143	$	1	$	3	$	1,029	$	(143)	$	(185)	$	—	$	8,848	$	2
Commercial mortgage-backed securities	—		—		—		—		—		—		—		—		—
Corporates	2,957		(13)		34		353		(314)		(11)		—		3,006		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	8		(1)		1		—		—		—		—		8		—
Equity securities	10		—		—		—		—		—		—		10		—
Interest rate swaps	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Short term investments	37		—		—		3		—		—		—		40		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Credit linked note	—		—		—		—		—		—		—		—		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Other assets	65		—		—		2		—		—		—		67		—
Subtotal Level 3 assets at fair value	$	11,545	$	(13)	$	36	$	1,416	$	(457)	$	(196)	$	—	$	12,331	$	33
Market risk benefits asset (b)	189														187
Total Level 3 assets at fair value	$	11,734													$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	5,220		(67)		—		256		—		(93)		—		5,316		—
Interest rate swaps	—		—		1		—		—		—		—		1		(1)
Accounts payable and accrued liabilities:
Contingent consideration	74		2		—		—		—		(12)		—		64		—
Subtotal Level 3 liabilities at fair value	$	5,294	$	(65)	$	1	$	256	$	—	$	(105)	$	—	$	5,381	$	(1)
Market risk benefits liability (b)	549														635
Total Level 3 liabilities at fair value	$	5,843													$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

	Three months ended March 31, 2024
	Balance at Beginning of Period		Total (Losses) Gains				Purchases		Sales		Settlements		Net Transfer Out of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	$	4,258	$	200	$	—	$	288	$	—	$	(67)	$	—	$	4,679	$	—
Interest rate swaps	—		19		—		—		—		—		—		19
Accounts payable and accrued liabilities:
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

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Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Consolidated Investments

The Company’s consolidated investments as of March 31, 2025 and December 31, 2024 are summarized as follows:

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	16,435	$	(15)	$	174	$	(326)	$	16,268
Commercial mortgage-backed securities	5,312		(50)		51		(171)		5,142
Corporates	25,223		(19)		156		(2,612)		22,748
Hybrids	537		—		3		(28)		512
Municipals	1,636		—		5		(231)		1,410
Residential mortgage-backed securities	2,787		(1)		41		(79)		2,748
U.S. Government	671		—		5		(4)		672
Foreign Governments	372		—		1		(49)		324
Total available-for-sale securities	$	52,973	$	(85)	$	436	$	(3,500)	$	49,824

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,784	$	(13)	$	202	$	(317)	$	15,656
Commercial mortgage-backed/asset-backed securities	5,379		(49)		53		(201)		5,182
Corporates	24,425		(5)		108		(2,832)		21,696
Hybrids	604		—		6		(29)		581
Municipals	1,638		—		3		(255)		1,386
Residential mortgage-backed securities	2,869		—		32		(105)		2,796
U.S. Government	645		—		2		(10)		637
Foreign Governments	337		—		—		(53)		284
Total available-for-sale securities	$	51,681	$	(67)	$	406	$	(3,802)	$	48,218

Schedule of Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity 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 prepay obligations.

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	1,003	$	999	$	961	$	955
Due after one year through five years	5,118		5,086		4,616		4,544
Due after five years through ten years	5,519		5,404		5,311		5,126
Due after ten years	16,799		14,177		16,761		13,959
Subtotal	28,439		25,666		27,649		24,584
Other securities, which provide for periodic payments:
Asset-backed securities	16,435		16,268		15,784		15,656
Commercial mortgage-backed securities	5,312		5,142		5,379		5,182
Residential mortgage-backed securities	2,787		2,748		2,869		2,796
Subtotal	24,534		24,158		24,032		23,634
Total fixed maturity available-for-sale securities	$	52,973	$	49,824	$	51,681	$	48,218

Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Securities

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025
	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	(In millions)
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	707		(13)		1,341		(141)		2,048		(154)
Corporates	5,692		(141)		9,867		(2,471)		15,559		(2,612)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		1,025		(222)		1,204		(231)
Residential mortgage-backed securities	495		(4)		440		(69)		935		(73)
U.S. Government	80		—		104		(4)		184		(4)
Foreign Government	90		(3)		182		(47)		272		(50)
Total available-for-sale securities	$	12,708	$	(223)	$	15,887	$	(3,240)	$	28,595	$	(3,463)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,961
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,227
Total number of available-for-sale securities in an unrealized loss position											4,188

	December 31, 2024
	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	(In millions)
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	727		(11)		1,513		(175)		2,240		(186)
Corporates	6,831		(208)		9,866		(2,624)		16,697		(2,832)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		1,006		(243)		1,267		(255)
Residential mortgage-backed securities	899		(16)		460		(89)		1,359		(105)
U.S. Government	313		(4)		122		(5)		435		(9)
Foreign Government	120		(5)		157		(48)		277		(53)
Total available-for-sale securities	$	10,420	$	(290)	$	16,141	$	(3,485)	$	26,561	$	(3,775)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,005
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,305
Total number of available-for-sale securities in an unrealized loss position											4,310

Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region

The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	17	1	%	$	17	1	%
Industrial	657		23		657		24
Mixed Use	11		—		11		—
Multifamily	1,024		37		1,006		37
Office	349		12		349		13
Retail	75		3		98		4
Student Housing	83		3		83		3
Other	589		21		501		18
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705
U.S. Region:
East North Central	$	99	4	%	$	98	4	%
East South Central	75		3		75		3
Middle Atlantic	348		12		354		13
Mountain	409		15		409		15
New England	164		6		164		6
Pacific	726		26		706		26
South Atlantic	742		26		683		25
West North Central	62		2		62		2
West South Central	180		6		171		6
Total CMLs, gross of valuation allowance	$	2,805	100	%	$	2,722	100	%
Allowance for expected credit loss	(17)				(17)
Total CMLs, net of valuation allowance	$	2,788			$	2,705

Schedule of Loans Segregated by Risk Rating Exposure

CMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	99	$	283	$	228	$	290	$	1,253	$	642	$	2,795
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		10		10
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
Current (less than 30 days past due)	$	273	$	227	$	290	$	1,253	$	469	$	201	$	2,713
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

RMLs segregated by aging of the loans (by year of origination) as of March 31, 2025 and December 31, 2024, were as follows, gross of valuation allowances:

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	311	$	719	$	372	$	886	$	793	$	460	$	3,541
30-89 days past due	—		4		2		6		2		7		21
90 days or more past due	—		1		2		11		26		32		72
Total RMLs	$	311	$	724	$	376	$	903	$	821	$	499	$	3,634

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
RMLs	(In millions)
Current (less than 30 days past due)	$	610	$	368	$	911	$	805	$	162	$	312	$	3,168
30-89 days past due	1		6		4		6		1		3		21
90 days or more past due	3		2		13		29		13		25		85
Total RMLs	$	614	$	376	$	928	$	840	$	176	$	340	$	3,274

Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025	(In millions)
LTV Ratios:
Less than 50.00%	$	437	$	40	$	—	$	477	17	%	$	467	18	%
50.00% to 59.99%	853		141		12		1,006		36		909		36
60.00% to 74.99%	1,251		54		—		1,305		46		1,141		45
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,545	$	239	$	21	$	2,805	100	%	$	2,534	100	%
December 31, 2024
LTV Ratios:
Less than 50.00%	$	490	$	34	$	—	$	524	19	%	$	501	21	%
50.00% to 59.99%	803		112		12		927		34		826		34
60.00% to 74.99%	1,238		16		—		1,254		46		1,060		44
75.00% to 84.99%	4		4		9		17		1		17		1
CMLs	$	2,535	$	166	$	21	$	2,722	100	%	$	2,404	100	%

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	24	$	73	$	100	$	19	$	74	$	187	$	477
50.00% to 59.99%	—		115		53		149		346		343		1,006
60.00% to 74.99%	75		91		71		113		833		122		1,305
75.00% to 84.99%	—		4		4		9		—		—		17
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805
CMLs
DSCR
Greater than 1.25x	$	89	$	112	$	190	$	278	$	1,241	$	635	$	2,545
1.00x - 1.25x	10		171		38		3		—		17		239
Less than 1.00x	—		—		—		9		12		—		21
Total CMLs	$	99	$	283	$	228	$	290	$	1253	$	652	$	2,805

	December 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
CMLs	(In millions)
LTV Ratios:
Less than 50.00%	$	66	$	99	$	19	$	74	$	189	$	77	$	524
50.00% to 59.99%	112		53		149		321		159		133		927
60.00% to 74.99%	91		71		113		858		121		—		1,254
75.00% to 84.99%	4		4		9		—		—		—		17
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722
CMLs
DSCR
Greater than 1.25x	$	140	$	215	$	278	$	1,241	$	469	$	192	$	2,535
1.00x - 1.25x	133		12		3		—		—		18		166
Less than 1.00x	—		—		9		12		—		—		21
Total CMLs	$	273	$	227	$	290	$	1,253	$	469	$	210	$	2,722

Schedule of Residential Mortgage Loans by State

The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	176	5	%
All other states (a)	3,458		95
Total RMLs, gross of valuation allowance	3,634		100	%
Allowance for expected credit loss	(56)
Total RMLs, net of valuation allowance	$	3,578

(a)     The individual concentration of each state is less than 5% as of March 31, 2025.

	December 31, 2024
	Amortized Cost		% of Total
U.S. States:	(In millions)
Florida	$	164	5	%
All other states (a)	3,110		95
Total RMLs, gross of valuation allowance	3,274		100	%
Allowance for expected credit loss	(53)
Total RMLs, net of valuation allowance	$	3,221

(a)     The individual concentration of each state is less than 5% as of December 31, 2024.

Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming

The credit quality of RMLs as of March 31, 2025 and December 31, 2024, was as follows:

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	3,562	98	%	$	3,188	97	%
Non-performing	72		2		86		3
Total RMLs, gross of valuation allowance	3,634		100	%	3,274		100	%
Allowance for expected loan loss	(56)				(53)
Total RMLs, net of valuation allowance	$	3,578			$	3,221

Schedule of Nonaccrual Loans by Amortized Cost

Non-accrual loans by amortized cost as of March 31, 2025 and December 31, 2024, were as follows:

	March 31, 2025		December 31, 2024
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	85
Commercial mortgage:	10		9
Total non-accrual mortgages	$	82	$	94

Schedule of Allowance for Expected Credit Losses on Loans

The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended March 31, 2025
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(53)	$	(17)	$	(70)
Provision expense for loan losses	(3)		—		(3)
Ending Balance	$	(56)	$	(17)	$	(73)

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(54)	$	(12)	$	(66)
Provision expense for loan losses	—		(1)		(1)
Ending Balance	$	(54)	$	(13)	$	(67)

Schedule of Sources of Net Investment Income Reported

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Fixed maturity securities, available-for-sale	$	569	$	534
Equity securities	8		10
Preferred securities	6		8
Mortgage loans	82		66
Invested cash and short-term investments	53		47
Limited partnerships	55		54
Tax deferred property exchange income	29		32
Other investments	22		29
Gross investment income	824		780
Investment expense	(64)		(70)
Interest and investment income	$	760	$	710

Schedule of Recognized Gains and Losses, net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Net realized (losses) gains on fixed maturity available-for-sale securities	$	(2)	$	(19)
Net realized/unrealized gains (losses) on equity securities (1)	(38)		54
Net realized/unrealized gains (losses) on preferred securities (2)	(2)		16
Net realized/unrealized gains (losses) on other invested assets	(1)		60
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	(25)		21
Unrealized gains (losses) on certain derivative instruments	(159)		156
Change in fair value of reinsurance related embedded derivatives (3)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	3		5
Net realized/unrealized (losses) gains on derivatives and embedded derivatives	(222)		164
Recognized gains and losses, net	$	(287)	$	275

(1) Includes net valuation (losses) gains of $(43) million and $22 million for the three months ended March 31, 2025 and 2024, respectively.

(2) Includes net valuation (losses) gains of $(1) million and $15 million for the three months ended March 31, 2025 and 2024, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Schedule of Proceeds from Sale of Fixed Maturity Available-for-sale Securities

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended March 31,
	2025		2024
	(In millions)
Proceeds	$	2,084	$	583
Gross gains	12		6
Gross losses	(14)		(25)

Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2025 and December 31, 2024:

	March 31, 2025				December 31, 2024
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,276	$	5,451	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	28,050	$	30,198	$	26,807	$	28,945

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps (a)	$	350	$	9	$	—	$	—	$	—	$	—
Foreign currency swaps (a)	60		1		1		39		2		—
Total derivatives designated as hedging instruments	410		10		1		39		2		—
Derivatives not designated as hedging instruments
Equity options (a)	$	31,986	$	632	$	1	$	29,594	$	773	$	—
Interest rate swaps (a)	5,655		62		—		5,145		19		10
Futures contracts (a)	—		1		—		—		—		—
Other derivative investments (a)	88		—		—		118		1		—
Other embedded derivatives (b)	—		32		—		—		32		—
Indexed annuities/IUL embedded derivatives (c)	—		—		5,316		—		—		5,220
Reinsurance related embedded derivatives (d)	—		—		(78)		—		—		(109)
Total derivatives not designated as hedging instruments	37,729		727		5,239		34,857		825		5,121
Total derivatives	$	38,139	$	737	$	5,240	$	34,896	$	827	$	5,121

(a)The fair value of derivative assets are reported in Derivative investments, and the fair value of derivative liabilities are reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.

(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.

(c)The fair value is included in Contractholder funds on the unaudited Condensed Consolidated Balance Sheets.

(d)The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the unaudited Condensed Consolidated Balance Sheets.

Schedule of Change in Fair Value of Derivative Instruments

The amounts and locations of gains (losses) recognized for derivatives and gains (losses) recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:

	March 31, 2025
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	9	$	(10)
Foreign currency swaps	(1)		1		—		—
Total derivatives designated as hedging instruments	(1)		1		9		(10)
Derivatives not designated as hedging instruments
Equity options	(234)		—		—		—
Interest rate swaps	52		—		—		—
Futures contracts	5		—		—		—
Other derivative investments	(4)		—		—		—
Other embedded derivatives	—		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		(67)		—
Reinsurance related embedded derivatives	(41)		—		—		—
Total derivatives not designated as hedging instruments	(222)		—		(67)		—
Total derivatives	$	(223)	$	1	$	(58)	$	(10)

	March 31, 2024
	Recognized gains (losses) for derivatives		Recognized gains (losses) for hedged item		Benefits and other changes in policy reserves for derivatives		Benefits and other changes in policy reserves for hedged item
	(In millions)
Derivatives designated as hedging instruments
Interest rate swaps	$	—	$	—	$	—	$	—
Foreign currency swaps	—		—		—		—
Total derivatives designated as hedging instruments	—		—		—		—
Derivatives not designated as hedging instruments
Equity options	250		—		—		—
Interest rate swaps	(80)		—		—		—
Futures contracts	6		—		—		—
Other derivative investments	3		—		—		—
Other embedded derivatives	3		—		—		—
Indexed annuities/IUL embedded derivatives	—		—		200		—
Reinsurance related embedded derivatives	(18)		—		—		—
Total derivatives not designated as hedging instruments	164		—		200		—
Total derivatives	$	164	$	—	$	200	$	—

Carrying Amount of Derivative Instruments

	March 31, 2025				December 31, 2024
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item	Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)		Carrying Amount of Hedged Assets (Liabilities)		Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
	(In millions)
Fixed maturity securities, AFS, at amortized cost	$	21	$	—	$	—	$	—
Contractholder funds	(360)		(10)		—		—

Schedule of Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:

		Fair Value		Collateral		Net Credit Risk
	(In millions)
March 31, 2025		$	700	$	621	$	79
December 31, 2024		782		771		34

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Unfunded Commitments

A summary of unfunded commitments by commitment type as of March 31, 2025 is included below:

	March 31, 2025
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, ABS	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
Other invested assets	—
Total	$	3,700

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

As of and for the three months ended March 31, 2025:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	510		—		—		—		510
Agency title insurance premiums	681		—		—		—		681
Escrow, title related and other fees	525		505		35		—		1,065
Interest and investment income	83		666		39		(28)		760
Recognized gains and losses, net	(25)		(263)		1		—		(287)
Total segment revenues	1,774		908		75		(28)		2,729
Significant segment expenses:
Personnel costs	672		67		31		—		770
Agent commissions	528		—		—		—		528
Other operating expenses	313		41		23		—		377
Benefits and other changes in policy reserves	—		524		—		—		524
Total significant segment expenses	1,513		632		54		—		2,199
Other segment items:
Depreciation and amortization	36		153		7		—		196
Provision for title claim losses	54		—		—		—		54
Market risk benefit gains	—		109		—		—		109
Interest expense	—		40		20		—		60
Total other segment items	90		302		27		—		419
Total segment expenses	1,603		934		81		—		2,618
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	171		(26)		(6)		(28)		111
Income tax expense (benefit)	42		(5)		(8)		—		29
Earnings (loss) before equity in earnings of unconsolidated affiliates	129		(21)		2		(28)		82
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	130	$	(21)	$	2	$	(28)	$	83
Assets	$	7,723	$	88,013	$	2,473	$	—	$	98,209
Goodwill	2,799		2,179		293		—		5,271

As of and for the three months ended March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Direct title insurance premiums	440		—		—		—		440
Agency title insurance premiums	593		—		—		—		593
Escrow, title related and other fees	484		741		56		—		1,281
Interest and investment income	83		616		38		(27)		710
Recognized gains and losses, net	63		212		—		—		275
Total segment revenues	1,663		1,569		94		(27)		3,299
Significant segment expenses:
Personnel costs	618		66		43		—		727
Agent commissions	460		—		—		—		460
Other operating expenses	285		58		26		—		369
Benefits and other changes in policy reserves	—		1,161		—		—		1,161
Total significant segment expenses	1,363		1,285		69		—		2,717
Other segment items:
Depreciation and amortization	36		123		8		—		167
Provision for title claim losses	46		—		—		—		46
Market risk benefit gains	—		(11)		—		—		(11)
Interest expense	—		30		19		—		49
Total other segment items	82		142		27		—		251
Total segment expenses	1,445		1,427		96		—		2,968
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Three months ended March 31,
	2025		2024
Cash paid for:	(In millions)
Interest	$	54	$	57
Income taxes	6		3
Deferred sales inducements	71		54
Non-cash investing and financing activities:
Investments transferred subject to reinsurance agreement	(500)		—
Change in proceeds of sales of investments available for sale receivable in period	1		(37)
Change in purchases of investments available for sale payable in period	52		173
Lease liabilities recognized in exchange for lease right-of-use assets	9		16
Remeasurement of lease liabilities	14		13
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	5		474
Less: Total Purchase price	3		284
Liabilities and noncontrolling interests assumed	$	2	$	190

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2025		2024
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	510	$	440
Agency title insurance premiums	Agency title insurance premiums	Title	681		593
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	505		741
Home warranty	Escrow, title-related and other fees	Title	36		32
Total revenue from insurance contracts			1,732		1,806
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	187		167
Other title-related fees and income	Escrow, title-related and other fees	Title	152		145
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	83		74
Real estate technology	Escrow, title-related and other fees	Corporate and other	33		35
Total revenue from contracts with customers			455		421
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	67		66
Other	Escrow, title-related and other fees	Corporate and other	2		21
Interest and investment income	Interest and investment income	Various	760		710
Recognized gains and losses, net	Recognized gains and losses, net	Various	(287)		275
Total revenues	Total revenues		$	2,729	$	3,299

Schedule of Information about Trade Receivables and Deferred Revenue

The following table provides information about trade receivables and deferred revenue:

	March 31, 2025		December 31, 2024
	(In millions)
Trade receivables	$	327	$	362
Deferred revenue (contract liabilities)	92		92

Schedule of Rollforward of Unearned Revenue Liabilities (URL)

:

	Three months ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	401	$	270
Capitalization	41		35
Amortization	(6)		(4)
Balance at March 31,	$	436	$	301

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets, Finite

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

	March 31, 2025		December 31, 2024
	(In millions)
Customer relationships and contracts	$	417	$	435
Value of business acquired	1,311		1,349
Deferred acquisition costs	3,172		3,036
Deferred sales inducements	682		625
Value of distribution asset	71		74
Computer software	276		277
Trademarks, tradenames, and other	184		180
Total Other intangible assets, net	$	6,113	$	5,976

Schedule of Other Intangible Assets, Indefinite

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

	March 31, 2025		December 31, 2024
	(In millions)
Customer relationships and contracts	$	417	$	435
Value of business acquired	1,311		1,349
Deferred acquisition costs	3,172		3,036
Deferred sales inducements	682		625
Value of distribution asset	71		74
Computer software	276		277
Trademarks, tradenames, and other	184		180
Total Other intangible assets, net	$	6,113	$	5,976

Schedule of Rollforward of Value of Business Acquired

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2025	$	892	$	22	$	184	$	126	$	125	$	1,349
Amortization	(31)		(1)		(2)		(1)		(3)		(38)
Balance at March 31, 2025	$	861	$	21	$	182	$	125	$	122	$	1,311
	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407

Schedule of Rollforward of Deferred Policy Acquisition Costs

The following tables roll forward DAC by product for the three months ended March 31, 2025 and 2024.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2025	$	1,874	$	376	$	781	$	3,031
Capitalization	126		21		69		216
Amortization	(45)		(25)		(12)		(82)
Balance at March 31, 2025	$	1,955	$	372	$	838	$	3,165
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408

(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.

Schedule of Reconciliation of DAC to Condensed Consolidated Balance Sheets

The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed Annuities	$	1,955	$	1,874
Fixed Rate Annuities	372		376
Universal Life	838		781
Funding Agreements	5		4
PRT	2		1
Total	$	3,172	$	3,036

Schedule of Rollforward of Deferred Sale Inducement Cost

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
	(In millions)
Balance at January 1,	$	625	$	346
Capitalization	71		54
Amortization	(14)		(8)
Balance at March 31,	$	682	$	392

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F&G Reinsurance (Tables)

3 Months Ended

Mar. 31, 2025

Reinsurance Disclosures [Abstract]

Schedule of Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2025 and 2024 were as follows:

	Three months ended March 31,
	2025				2024
	(In millions)
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
Direct	$	343	$	577	$	620	$	1,213
Ceded	(22)		(53)		(24)		(52)
Net	$	321	$	524	$	596	$	1,161

Schedule of Reinsurance Recoverable

The following summarizes our reinsurance recoverable as of March 31, 2025 and December 31, 2024:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2025		December 31, 2024
	(In millions)
Aspida Life Re Ltd.	$	8,060	$	7,844	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd. (c)	3,316		2,822		Coinsurance Funds Withheld	Certain MYGA (b) and deferred annuities	Deposit
					Coinsurance Funds Withheld	Certain FIA	Reinsurance
Everlake	1,830		1,168		Coinsurance	Certain MYGA (b) (d)	Deposit
Wilton Reassurance Company	1,067		1,066		Coinsurance	Block of traditional, IUL and UL (e)	Reinsurance
Other (f)	493		489
Reinsurance recoverable, gross of allowance	14,766		13,389
Allowance for expected credit losses	(20)		(20)
Reinsurance recoverable, net of allowance for expected credit losses	$	14,746	$	13,369
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2025 was 90% for the majority of the first quarter of 2025. As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90%. Refer to Everlake amendment in first quarter of 2025 above.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

Schedule of Financial Strength Ratings of Principal Reinsurers

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Everlake	A	—	—	—
Wilton Re	A+	—	A-	—

“—” indicates not rated

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F&G Insurance Subsidiary Financial Information and Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Statutory Accounting Practices

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	(127)	$	4	$	10	$	(52)
For the three months ended March 31, 2024	—		2		15		(134)
Statutory Capital and Surplus:
March 31, 2025	$	1,451	$	98	$	178	$	187
December 31, 2024	1,654		97		168		178

(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
	(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2025	$	15	$	34
For the three months ended March 31, 2024	(17)		49
Statutory Capital and Surplus:
March 31, 2025	$	954	$	157
December 31, 2024	734		123

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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:

	March 31, 2025		December 31, 2024
	(In millions)
4.50% Notes, net of discount	$	447	$	447
3.40% Notes, net of discount	646		646
2.45% Notes, net of discount	595		595
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(4)		(4)
F&G Credit Agreement	—		—
6.50% F&G Notes, net of discount	545		545
7.40% F&G Notes, net of discount	497		497
5.50% F&G Notes, net of discount	—		301
7.95% F&G Notes, net of discount	336		336
6.25% F&G Notes, net of discount	492		492
7.30% F&G Notes, net of discount	364		—
Other	32		22
	$	4,394	$	4,321

Schedule of Principal Maturities of Notes Payable

Gross principal maturities of notes payable as of March 31, 2025 are as follows:

	(In millions)
2025 (remaining)	$	—
2026	32
2027	—
2028	950
2029	550
Thereafter	2,920
	$	4,452

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Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Balances and Changes in Market Risk Benefit

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2025 and the year ended December 31, 2024:

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	420	$	1	$	314	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	322	$	1	$	209	$	1
Issuances and benefit payments	26		—		109		—
Attributed fees collected and interest accrual	35		—		147		—
Actual policyholder behavior different from expected	22		—		(5)		—
Changes in assumptions and other	1		—		24		—
Effects of market related movements	58		—		(162)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	464		1		322		1
Effect of changes in the instrument-specific credit risk	69		—		98		—
Balance, end of period, net liability	533		1		420		1
Less: reinsured market risk benefits	86		—		61		—
Balance, end of period, net of reinsurance	$	447	$	1	$	359	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	67.95		72.74		67.98		72.58
Net amount at risk	$	1,519	$	2	$	1,327	$	2

Schedule of Reconciliation of Asset and Liability

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
	(In millions)
MRB asset
Indexed annuities	$	101	$	86	$	187	$	128	$	61	$	189
Fixed rate annuities	—		—		—		—		—		—
Total MRB asset	$	101	$	86	$	187	$	128	$	61	$	189
MRB liability
Indexed annuities	$	634	$	—	$	634	$	548	$	—	$	548
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	635	$	—	$	635	$	549	$	—	$	549

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Contractholder Funds (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Balances and Changes in Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	1,463			564			54			350		1,025
Premiums received	617			—			141			—		—
Policy charges (a)	(660)			—			(90)			—		—
Surrenders and withdrawals	(251)			(59)			(8)			—		—
Benefit payments	(726)			(256)			(24)			(12)		(1,003)
Interest credited	200			195			45			25		27
Other	1			(1)			—			—		—
Balance, end of period	30,879			17,885			2,935			2,826		2,901
Reconciling items (c)	46			—			47			10		—
Gross liability, end of period	30,925			17,885			2,982			2,836		2,901
Less: Reinsurance	1,233			12,006			873			—		—
Net liability, after reinsurance	$	29,692		$	5,879		$	2,109		$	2,836	$	2,901
Weighted-average crediting rate	2.65		%	4.52		%	6.45		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	75,933		N/A		N/A
Cash surrender value (e)	$	28,462		$	16,712		$	2,265		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

	December 31, 2024
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	6,649			5,125			208			600		1,804
Premiums received	120			1			495			—		—
Policy charges (a)	(195)			—			(315)			—		—
Surrenders and withdrawals	(3,832)			(1,479)			(101)			—		—
Benefit payments	(495)			(315)			(18)			(820)		(1,606)
Interest credited	821			667			157			71		117
Other	3			—			—			(1)		(2)
Balance, end of period	30,235			17,442			2,817			2,463		2,852
Embedded derivative adjustment (c)	219			—			79			—		—
Gross liability, end of period	30,454			17,442			2,896			2,463		2,852
Less: Reinsurance	861			11,009			877			—		—
Net liability, after reinsurance	$	29,593		$	6,433		$	2,019		$	2,463	$	2,852
Weighted-average crediting rate	2.90		%	4.42		%	6.20		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	74,279		N/A		N/A
Cash surrender value (e)	$	27,865		$	16,266		$	2,177		N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(e) These amounts are gross of reinsurance.

Schedule of Reconciliation of Policyholder Account Balances to Statement of Financial Position

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	March 31, 2025		December 31, 2024
	(In millions)
Indexed annuities	$	30,925	$	30,454
Fixed rate annuities	17,885		17,442
Immediate annuities	283		286
Universal life	2,982		2,896
Traditional life	5		5
Funding Agreement-FABN	2,836		2,463
FHLB	2,901		2,852
PRT	6		6
Total	$	57,823	$	56,404

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	March 31, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,872	$	1,196	$	485	$	1,867	$	27,420
1.51%-2.50%	997		1		828		1,321		3,147
Greater than 2.50%	287		2		—		23		312
Total	$	25,156	$	1,199	$	1,313	$	3,211	$	30,879
Fixed rate annuities
0.00%-1.50%	$	72	$	19	$	737	$	14,798	$	15,626
1.51%-2.50%	4		7		19		463		493
Greater than 2.50%	788		2		5		971		1,766
Total	$	864	$	28	$	761	$	16,232	$	17,885
Universal life
0.00%-1.50%	$	2,539	$	7	$	—	$	26	$	2,572
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	362		—		1		—		363
Total	$	2,901	$	7	$	1	$	26	$	2,935

	December 31, 2024
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,540	$	1,236	$	492	$	1,846	$	27,114
1.51%-2.50%	875		1		684		1,242		2,802
Greater than 2.50%	303		2		—		14		319
Total	$	24,718	$	1,239	$	1,176	$	3,102	$	30,235
Fixed rate annuities
0.00%-1.50%	$	57	$	20	$	773	$	14,407	$	15,257
1.51%-2.50%	4		7		20		462		493
Greater than 2.50%	804		2		5		881		1,692
Total	$	865	$	29	$	798	$	15,750	$	17,442
Universal life
0.00%-1.50%	$	2,421	$	7	$	—	$	24	$	2,452
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	364		—		1		—		365
Total	$	2,785	$	7	$	1	$	24	$	2,817

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Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Balances and Changes in the Present Value of Expected Net Premiums and Present Value

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	631	$	722
Beginning balance at original discount rate	780		874
Effect of actual variances from expected experience	—		(4)
Balance adjusted for variances from expectation	780		870
Interest accrual	4		17
Net premiums collected	(25)		(107)
Ending balance at original discount rate	759		780
Effect of changes in discount rate assumptions	(137)		(149)
Balance, end of period	$	622	$	631
Expected FPB
Balance, beginning of year	$	1,933	$	2,071
Beginning balance at original discount rate	2,368		2,492
Effect of actual variances from expected experience	4		44
Balance adjusted for variances from expectation	2,372		2,536
Interest accrual	13		54
Benefits payments	(57)		(222)
Ending balance at original discount rate	2,328		2,368
Effect of changes in discount rate assumptions	(396)		(435)
Balance, end of period	$	1,932	$	1,933
Net liability for future policy benefits	$	1,310	$	1,302
Less: Reinsurance recoverable	525		513
Net liability for future policy benefits, after reinsurance recoverable	$	785	$	789
Weighted-average duration of liability for future policyholder benefits (years)	6.23		6.28

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	PRT
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	6,054	$	4,189
Beginning balance at original discount rate	6,417		4,351
Effect of changes in cash flow assumptions	(1)		(3)
Effect of actual variances from expected experience	(10)		(11)
Balance adjusted for variances from expectation	6,406		4,337
Issuances	323		2,324
Interest accrual	74		240
Benefits payments	(156)		(484)
Ending balance at original discount rate	6,647		6,417
Effect of changes in discount rate assumptions	(287)		(363)
Balance, end of period	$	6,360	$	6,054
Net liability for future policy benefits, after reinsurance recoverable	$	6,360	$	6,054
Weighted-average duration of liability for future policyholder benefits (years)	7.90		7.78

	Immediate annuities
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Balance, beginning of year	$	1,297	$	1,415
Beginning balance at original discount rate	1,732		1,788
Effect of changes in cash flow assumptions	—		—
Effect of actual variances from expected experience	(4)		(27)
Balance adjusted for variances from expectation	1,728		1,761
Issuances	5		30
Interest accrual	14		59
Benefits payments	(28)		(118)
Ending balance at original discount rate	1,719		1,732
Effect of changes in discount rate assumptions	(422)		(435)
Balance, end of period	$	1,297	$	1,297
Net liability for future policy benefits	$	1,297	$	1,297
Less: Reinsurance recoverable	109		109
Net liability for future policy benefits, after reinsurance recoverable	$	1,188	$	1,188
Weighted-average duration of liability for future policyholder benefits (years)	12.54		12.63

Schedule of Changes in Liability for Deferred Profit Liability

The following tables summarize balances and changes in the liability for Deferred Profit Liability ("DPL") for limited-payment contracts:

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	90	$	6	$	87	$	10
Effect of modeling changes	—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(8)
Effect of actual variances from expected experience	2		1		8		—
Balance adjusted for variances from expectation	92		7		95		2
Issuances	1		—		3		1
Interest accrual	—		—		1		4
Amortization	(2)		—		(9)		(1)
Balance, end of period	$	91	$	7	$	90	$	6

Schedule of Reconciliation of Future Policy Benefits to Statement of Financial Position

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	March 31, 2025		December 31, 2024
	(In millions)
Traditional life	$	1,310	$	1,302
Immediate annuities	1,297		1,297
PRT	6,360		6,054
Immediate annuities DPL	91		90
PRT DPL	7		6
Total	$	9,065	$	8,749

Schedule of Liability for Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life	(In millions)
Expected future benefit payments	$	2,720	$	2,874	$	1,938	$	2,013
Expected future gross premiums	923		1,042		671		751
Immediate annuities
Expected future benefit payments	$	3,168	$	3,271	$	1,297	$	1,371
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	10,535	$	8,344	$	6,360	$	4,899
Expected future gross premiums	—		—		—		—

Schedule of Revenue from External Customers by Products and Services

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
	(In millions)
Traditional life	$	26	$	28	$	9	$	10
Immediate annuities	6		8		14		14
PRT	311		584		74		49
Total	$	343	$	620	$	97	$	73

(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.

Schedule of Liability for Future Policy Benefit, Weighted Average Discount Rates

The following table presents the weighted-average interest rate:

	March 31, 2025		December 31, 2024
Traditional life
Interest accretion rate	2.35	%	2.34	%
Current discount rate	5.21	%	5.44	%
Immediate annuities
Interest accretion rate	3.19	%	3.17	%
Current discount rate	5.38	%	5.45	%
PRT
Interest accretion rate	4.82	%	4.72	%
Current discount rate	5.39	%	5.54	%

Schedule of Liability for Future Policy Benefit, Mortality and Lapse, Actual and Expected Experience

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	March 31, 2025
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.8	%	3.0	%	3.4	%
Expected experience	1.6	%	1.7	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.6	%	—	%	—	%

	December 31, 2024
	Traditional life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	2.7	%	2.7	%
Expected experience	1.5	%	1.9	%	2.5	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.5	%	—	%	—	%

Schedule of Liability for Future Policy Benefits, Additional Information

The following table provides additional information for periods in which a cohort has a net premium ratio ("NPR") greater than 100% (and therefore capped at 100%) (dollars in millions):

	March 31, 2025
	Cohort X			Description
NPR before capping	107		%	Term with return of premium Non-NY Cohort
Reserves before NPR capping	$	1,154		Term with return of premium Non-NY Cohort
Reserves after NPR capping	1,177			Term with return of premium Non-NY Cohort
Loss Expense	23			Term with return of premium Non-NY Cohort

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Basis of Financial Statements - Recent Developments (Details) - USD ($)	Mar. 24, 2025	Mar. 31, 2025	Feb. 01, 2025	Jan. 13, 2025	Dec. 31, 2024	Jun. 04, 2024	Apr. 20, 2018
Business Acquisition [Line Items]
Common stock, par or stated value per share (in usd per share)		$ 0.0001			$ 0.0001
5.50% F&G Senior Notes due May 2025 | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage		5.50%	5.50%			5.50%	5.50%
Debt instrument, repurchased face amount			$ 300,000,000
Aggregate principal amount							$ 550,000,000
7.30% F&G Notes, net of discount | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage		7.30%		7.30%
Aggregate principal amount				$ 375,000,000
Equity securities | Public Stock Offering
Business Acquisition [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	8,000,000
Common stock, par or stated value per share (in usd per share)	$ 0.001
Sale of stock underwriter offering period	30 days
Equity securities | Public Stock Offering | Related Party
Business Acquisition [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4,500,000
Sale of stock, price per share (in usd per share)	$ 33.60
Equity securities | Over-Allotment Option
Business Acquisition [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,200,000

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Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense	$ 29	$ 63
Income tax expense as percentage of earnings before income taxes, percent	26.00%	19.00%

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Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of EPS, less than in 2024 (in shares)	0	1,000,000

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Basis of Financial Statements - Owned Distribution Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Distribution Investments And Affiliates | Commission Fees Paid
Business Acquisition [Line Items]
Payments for commissions	$ 15	$ 50

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Summary of Reserve for Title Claim Losses - Claim Loss Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Change in insurance recoverable	$ 13	$ 22
Title
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	1,713	1,770
Change in insurance recoverable	(7)	0
Claim loss provision related to:
Current year	54	46
Total title claim loss provision	54	46
Claims paid, net of recoupments related to:
Current year	(1)	(2)
Prior years	(64)	(68)
Total title claims paid, net of recoupments	(65)	(70)
Ending balance of claim loss reserve for title insurance	$ 1,695	$ 1,746
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%

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Fair Value of Financial Instruments - Schedule of Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Assets
Fixed maturity securities available for sale	$ 49,824	$ 48,218
Derivative investments and reinsurance related embedded derivative, included in other assets	705	794
Market risk benefits asset	187	189
Total financial assets at fair value	1,396	1,433
Derivatives:
Market risk benefits liability	635	549
Level 1
Assets
Cash and cash equivalents	4,484	3,479
Derivative investments and reinsurance related embedded derivative, included in other assets	1	0
Investment in unconsolidated affiliates	0	0
Short term investments	1,106	2,995
Loan receivable, included in Prepaid expenses and other assets	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	7,026	7,945
Derivatives:
Contingent consideration obligation, included in Accounts payable and accrued liabilities	0	0
Market risk benefits liability	0	0
Total financial liabilities at fair value	1	1
Level 2
Assets
Cash and cash equivalents	0	0
Derivative investments and reinsurance related embedded derivative, included in other assets	703	791
Investment in unconsolidated affiliates	0	0
Short term investments	15	18
Loan receivable, included in Prepaid expenses and other assets	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	38,153	37,459
Derivatives:
Contingent consideration obligation, included in Accounts payable and accrued liabilities	0	0
Market risk benefits liability	0	0
Total financial liabilities at fair value	(78)	(99)
Level 3
Assets
Cash and cash equivalents	0	0
Derivative investments and reinsurance related embedded derivative, included in other assets	1	3
Investment in unconsolidated affiliates	272	272
Short term investments	40	37
Loan receivable, included in Prepaid expenses and other assets	11	11
Market risk benefits asset	187	189
Total financial assets at fair value	12,518	11,734
Derivatives:
Contingent consideration obligation, included in Accounts payable and accrued liabilities	64	74
Market risk benefits liability	635	549
Total financial liabilities at fair value	6,016	5,843
NAV
Assets
Total financial assets at fair value	22	57
Fair Value
Assets
Cash and cash equivalents	4,484	3,479
Derivative investments and reinsurance related embedded derivative, included in other assets	705	794
Investment in unconsolidated affiliates	272	272
Short term investments	1,161	3,050
Loan receivable, included in Prepaid expenses and other assets	11	11
Market risk benefits asset	187	189
Total financial assets at fair value	57,719	57,195
Derivatives:
Contingent consideration obligation, included in Accounts payable and accrued liabilities	64	74
Market risk benefits liability	635	549
Total financial liabilities at fair value	5,939	5,745
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 1
Derivatives:
Derivative liability	0	0
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 2
Derivatives:
Derivative liability	0	0
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 3
Derivatives:
Derivative liability	5,316	5,220
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Fair Value
Derivatives:
Derivative liability	5,316	5,220
Interest rate swaps | Level 1
Derivatives:
Derivative liability	0	0
Interest rate swaps | Level 2
Derivatives:
Derivative liability	0	10
Interest rate swaps | Level 3
Derivatives:
Derivative liability	1	0
Interest rate swaps | Fair Value
Derivatives:
Derivative liability	1	10
Equity options | Level 1
Derivatives:
Derivative liability	1	1
Equity options | Level 2
Derivatives:
Derivative liability	0	0
Equity options | Level 3
Derivatives:
Derivative liability	0	0
Equity options | Fair Value
Derivatives:
Derivative liability	1	1
Reinsurance related embedded derivatives | Level 1
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	0	0
Reinsurance related embedded derivatives | Level 2
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	(78)	(109)
Reinsurance related embedded derivatives | Level 3
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	0	0
Reinsurance related embedded derivatives | Fair Value
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	(78)	(109)
Asset-backed securities ("ABS")
Assets
Fixed maturity securities available for sale	16,268	15,656
Asset-backed securities ("ABS") | Level 1
Assets
Fixed maturity securities available for sale	0	0
Asset-backed securities ("ABS") | Level 2
Assets
Fixed maturity securities available for sale	7,420	7,513
Asset-backed securities ("ABS") | Level 3
Assets
Fixed maturity securities available for sale	8,848	8,143
Asset-backed securities ("ABS") | Fair Value
Assets
Fixed maturity securities available for sale	16,268	15,656
Commercial mortgage-backed securities
Assets
Fixed maturity securities available for sale	5,142	5,182
Commercial mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Commercial mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	5,142	5,182
Commercial mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	0	0
Commercial mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	5,142	5,182
Corporates
Assets
Fixed maturity securities available for sale	22,748	21,696
Corporates | Level 1
Assets
Fixed maturity securities available for sale	40	41
Corporates | Level 2
Assets
Fixed maturity securities available for sale	19,702	18,698
Corporates | Level 3
Assets
Fixed maturity securities available for sale	3,006	2,957
Corporates | Fair Value
Assets
Fixed maturity securities available for sale	22,748	21,696
Hybrids
Assets
Fixed maturity securities available for sale	512	581
Hybrids | Level 1
Assets
Fixed maturity securities available for sale	35	35
Hybrids | Level 2
Assets
Fixed maturity securities available for sale	471	546
Hybrids | Level 3
Assets
Fixed maturity securities available for sale	6	0
Hybrids | Fair Value
Assets
Fixed maturity securities available for sale	512	581
Municipals
Assets
Fixed maturity securities available for sale	1,410	1,386
Municipals | Level 1
Assets
Fixed maturity securities available for sale	0	0
Municipals | Level 2
Assets
Fixed maturity securities available for sale	1,406	1,386
Municipals | Level 3
Assets
Fixed maturity securities available for sale	4	0
Municipals | Fair Value
Assets
Fixed maturity securities available for sale	1,410	1,386
Residential mortgage-backed securities
Assets
Fixed maturity securities available for sale	2,748	2,796
Residential mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Residential mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	2,745	2,793
Residential mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	3	3
Residential mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	2,748	2,796
U.S. Government
Assets
Fixed maturity securities available for sale	672	637
U.S. Government | Level 1
Assets
Fixed maturity securities available for sale	666	631
U.S. Government | Level 2
Assets
Fixed maturity securities available for sale	6	6
U.S. Government | Level 3
Assets
Fixed maturity securities available for sale	0	0
U.S. Government | Fair Value
Assets
Fixed maturity securities available for sale	672	637
Foreign Governments
Assets
Fixed maturity securities available for sale	324	284
Foreign Governments | Level 1
Assets
Fixed maturity securities available for sale	0	0
Foreign Governments | Level 2
Assets
Fixed maturity securities available for sale	301	280
Foreign Governments | Level 3
Assets
Fixed maturity securities available for sale	23	4
Foreign Governments | Fair Value
Assets
Fixed maturity securities available for sale	324	284
Preferred securities
Assets
Equity and preferred securities	429	443
Preferred securities | Level 1
Assets
Equity and preferred securities	179	189
Preferred securities | Level 2
Assets
Equity and preferred securities	242	246
Preferred securities | Level 3
Assets
Equity and preferred securities	8	8
Preferred securities | Fair Value
Assets
Equity and preferred securities	429	443
Equity securities | Level 1
Assets
Equity and preferred securities	515	575
Equity securities | Level 2
Assets
Equity and preferred securities	0	0
Equity securities | Level 3
Assets
Equity and preferred securities	10	10
Equity securities | NAV
Assets
Equity and preferred securities	22	57
Equity securities | Fair Value
Assets
Equity and preferred securities	547	642
Other long-term investments | Level 1
Assets
Other long-term investments	0	0
Other long-term investments | Level 2
Assets
Other long-term investments	0	0
Other long-term investments | Level 3
Assets
Other long-term investments	32	32
Other long-term investments | Fair Value
Assets
Other long-term investments	32	32
Other assets | Level 1
Assets
Other assets	0	0
Other assets | Level 2
Assets
Other assets	0	0
Other assets | Level 3
Assets
Other assets	67	65
Other assets | Fair Value
Assets
Other assets	$ 67	$ 65

XML

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2025 USD ($) $ / Contract	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 4,302	$ 3,731
Title
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 175	$ 166
Credit linked note | Valuation, Income Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price | $ / Contract	0

XML

Fair Value of Financial Instruments - Schedule of Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level 3 Fair Value Measurements of Financial Instruments (Details) $ in Millions	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1,396	$ 1,433
Liabilities, fair value	6,015	5,843
Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	11,122	10,301
Liabilities, fair value	1
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 5,316	$ 5,220
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0025	0.0025
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0200	0.0200
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0048	0.0048
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0000	0.0000
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.8000	0.8000
Minimum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0007	0.0007
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.5000	0.5000
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3704	0.3571
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0095	0.0095
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.1944	0.2081
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.1500	1.1500
Maximum | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0570	0.0570
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0670	0.0694
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0271	0.0272
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0075	0.0075
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0198	0.0292
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.0000	1.0000
Weighted Average | Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0272	0.0268
Asset-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 112	$ 95
Asset-backed securities | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0502	0.0483
Asset-backed securities | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0729	0.0715
Asset-backed securities | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0628	0.0633
Corporates | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 688	$ 750
Corporates | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 11	$ 7
Corporates | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0209	0.0200
Corporates | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.1333	0.1333
Corporates | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.2433	0.2253
Corporates | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0000	1.0000
Corporates | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0655	0.0676
Corporates | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9701	0.9645
Municipals | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4
Municipals | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0563
Municipals | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0563
Municipals | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0563
Residential mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 3	$ 3
Residential mortgage-backed securities | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0565	0.0589
Residential mortgage-backed securities | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0565	0.0589
Residential mortgage-backed securities | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0565	0.0589
Foreign Governments | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4	$ 4
Foreign Governments | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.1086	0.1214
Foreign Governments | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.1086	0.1214
Foreign Governments | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.1086	0.1214
Preferred securities | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 1
Preferred securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1
Preferred securities | Affiliated Entity | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000	1.0000
Preferred securities | Affiliated Entity | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000	1.0000
Preferred securities | Affiliated Entity | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000	1.0000
Equity securities | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 4
Equity securities | Minimum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.4	5.8
Equity securities | Maximum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.4	7.5
Equity securities | Weighted Average | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.4	7.0
Equity securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4
Equity securities | Affiliated Entity | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.0840	0.0480
Equity securities | Affiliated Entity | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.0840	0.1410
Equity securities | Affiliated Entity | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.0840	0.0940
Investment in unconsolidated affiliates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 272	$ 272
Investment in unconsolidated affiliates | Minimum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate	9.7	8.7
Investment in unconsolidated affiliates | Maximum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate	14.1	23.6
Investment in unconsolidated affiliates | Weighted Average | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate	11.8	14.6
Available-for-sale embedded derivative | Black Scholes model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 32	$ 32
Available-for-sale embedded derivative | Black Scholes model | Market Value of AnchorPath Fund
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset	1.0000	1.0000
Loan receivable | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 11	$ 11
Loan receivable | Minimum | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.0694	0.0722
Loan receivable | Minimum | Discounted Cash Flow | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.3500	0.3500
Loan receivable | Maximum | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.0694	0.0722
Loan receivable | Maximum | Discounted Cash Flow | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.3500	0.3500
Loan receivable | Weighted Average | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.0694	0.0722
Loan receivable | Weighted Average | Discounted Cash Flow | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable, measurement input	0.3500	0.3500
Other assets | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 67	$ 65
Other assets | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.0936	0.1060
Other assets | Minimum | Discounted Cash Flow | Conditional Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.0633	0.0624
Other assets | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.1527	0.1200
Other assets | Maximum | Discounted Cash Flow | Conditional Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.1165	0.1199
Other assets | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.1232	0.1130
Other assets | Weighted Average | Discounted Cash Flow | Conditional Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other assets	0.0899	0.0912
Market risk benefits asset | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 187	$ 189
Market risk benefits asset | Minimum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.8000	0.8000
Market risk benefits asset | Minimum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits asset | Minimum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits asset | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0048	0.0048
Market risk benefits asset | Minimum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5000	0.5000
Market risk benefits asset | Maximum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.1500	1.1500
Market risk benefits asset | Maximum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.3000	0.3000
Market risk benefits asset | Maximum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2439	0.2439
Market risk benefits asset | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0095	0.0095
Market risk benefits asset | Maximum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.7500	0.7500
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0501	0.0505
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0248	0.0248
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0075	0.0075
Market risk benefits asset | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.6206	0.6177
Contingent consideration | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 64	$ 74
Contingent consideration | Minimum | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1300	0.1350
Contingent consideration | Minimum | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500	0.3500
Contingent consideration | Minimum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0650	0.0650
Contingent consideration | Maximum | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1300	0.1350
Contingent consideration | Maximum | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500	0.3500
Contingent consideration | Maximum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0650	0.0650
Contingent consideration | Weighted Average | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1300	0.1350
Contingent consideration | Weighted Average | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500	0.3500
Contingent consideration | Weighted Average | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0650	0.0650
Market risk benefits liability | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 635	$ 549
Market risk benefits liability | Minimum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.8000	0.8000
Market risk benefits liability | Minimum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits liability | Minimum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits liability | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0048	0.0048
Market risk benefits liability | Minimum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5000	0.5000
Market risk benefits liability | Maximum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.1500	1.1500
Market risk benefits liability | Maximum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.3000	0.3000
Market risk benefits liability | Maximum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2439	0.2439
Market risk benefits liability | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0095	0.0095
Market risk benefits liability | Maximum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.7500	0.7500
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0501	0.0505
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0248	0.0248
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0075	0.0075
Market risk benefits liability | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.6206	0.6177

XML

Fair Value of Financial Instruments - Schedule of Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liabilities
Liabilities, Total (Losses) Gains Included in Earnings	$ (65)	$ 228
Liabilities, Total (Losses) Gains Included in AOCI	1	0
Liabilities, Purchases	256	336
Liabilities, Sales	0	0
Liabilities, Settlements	(105)	(67)
Liabilities, Net transfer In (Out) of Level 3	$ 0	$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Recognized gains and losses, net	Recognized gains and losses, net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Unrealized gain (loss) on investments and other financial instruments (excluding investments in unconsolidated affiliates)	Unrealized gain (loss) on investments and other financial instruments (excluding investments in unconsolidated affiliates)
Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	$ 11,734	$ 9,677
Balance at End of Period	12,518	10,476
Liabilities
Balance at Beginning of Period	5,843	4,661
Balance at End of Period	6,016	5,180
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds
Liabilities
Balance at Beginning of Period	5,220	4,258
Liabilities, Total (Losses) Gains Included in Earnings	(67)	200
Liabilities, Total (Losses) Gains Included in AOCI	0	0
Liabilities, Purchases	256	288
Liabilities, Sales	0	0
Liabilities, Settlements	(93)	(67)
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	5,316	4,679
Change in Unrealized Gains (Losses) Included in OCI	0	0
Interest rate swaps
Liabilities
Balance at Beginning of Period	0	0
Liabilities, Total (Losses) Gains Included in Earnings	0	19
Liabilities, Total (Losses) Gains Included in AOCI	1	0
Liabilities, Purchases	0	0
Liabilities, Sales	0	0
Liabilities, Settlements	0	0
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	1	19
Change in Unrealized Gains (Losses) Included in OCI	(1)
Contingent consideration
Liabilities
Balance at Beginning of Period	74	0
Liabilities, Total (Losses) Gains Included in Earnings	2	9
Liabilities, Total (Losses) Gains Included in AOCI	0	0
Liabilities, Purchases	0	48
Liabilities, Sales	0	0
Liabilities, Settlements	(12)	0
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	64	57
Change in Unrealized Gains (Losses) Included in OCI	0	0
Asset-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	8,143	7,122
Assets, Total (Losses) Gains Included in Earnings	1	(12)
Assets, Total (Losses) Gains Included in AOCI	3	104
Assets, Purchases	1,029	762
Assets, Sales	(143)	(19)
Assets, Settlements	(185)	(202)
Assets, Net transfer In (Out) of Level 3	0	(19)
Balance at End of Period	8,848	7,736
Change in Unrealized Included in OCI	2	104
Commercial mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0	18
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	0	1
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	(7)
Balance at End of Period	0	12
Change in Unrealized Included in OCI	0	0
Corporates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	2,957	1,979
Assets, Total (Losses) Gains Included in Earnings	(13)	0
Assets, Total (Losses) Gains Included in AOCI	34	13
Assets, Purchases	353	217
Assets, Sales	(314)	(3)
Assets, Settlements	(11)	(22)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	3,006	2,184
Change in Unrealized Included in OCI	33	13
Hybrids
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0
Assets, Total (Losses) Gains Included in Earnings	0
Assets, Total (Losses) Gains Included in AOCI	0
Assets, Purchases	6
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	6
Change in Unrealized Included in OCI	0
Municipals
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0	49
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	1
Assets, Purchases	4	0
Assets, Sales	0	(32)
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	4	18
Change in Unrealized Included in OCI	0	1
Residential mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	3	3
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	0	1
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	3	4
Change in Unrealized Included in OCI	0	0
Foreign Governments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	4	16
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	19	0
Assets, Sales	0	0
Assets, Settlements	0	(11)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	23	5
Change in Unrealized Included in OCI	0	0
Preferred securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	8	8
Assets, Total (Losses) Gains Included in Earnings	(1)	0
Assets, Total (Losses) Gains Included in AOCI	1	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	8	8
Change in Unrealized Included in OCI	0	0
Equity securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	10	15
Assets, Total (Losses) Gains Included in Earnings	0	(1)
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	10	14
Change in Unrealized Included in OCI	0	0
Interest rate swaps
Fixed maturity securities available-for-sale:
Balance at Beginning of Period		57
Assets, Total (Losses) Gains Included in Earnings		(48)
Assets, Total (Losses) Gains Included in AOCI		0
Assets, Purchases		0
Assets, Sales		0
Assets, Settlements		0
Assets, Net transfer In (Out) of Level 3		0
Balance at End of Period		9
Change in Unrealized Included in OCI		0
Interest rate swaps
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	3
Assets, Total (Losses) Gains Included in Earnings	0
Assets, Total (Losses) Gains Included in AOCI	(2)
Assets, Purchases	0
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	1
Change in Unrealized Included in OCI	(2)
Investment in unconsolidated affiliates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	272	285
Assets, Total (Losses) Gains Included in Earnings	0	58
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	272	343
Change in Unrealized Included in OCI	0	0
Short term investments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	37	0
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	3	9
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	40	9
Change in Unrealized Included in OCI	0	0
Available-for-sale embedded derivative
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	32	27
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	3
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	32	30
Change in Unrealized Included in OCI	0	3
Credit linked note
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0	10
Assets, Total (Losses) Gains Included in Earnings	0	0
Assets, Total (Losses) Gains Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	(1)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	0	9
Change in Unrealized Included in OCI	0	0
Loan receivable
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	11
Assets, Total (Losses) Gains Included in Earnings	0
Assets, Total (Losses) Gains Included in AOCI	0
Assets, Purchases	0
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	11
Change in Unrealized Included in OCI	0
Other assets
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	65
Assets, Total (Losses) Gains Included in Earnings	0
Assets, Total (Losses) Gains Included in AOCI	0
Assets, Purchases	2
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	67
Change in Unrealized Included in OCI	0
Subtotal Level 3 assets at fair value | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	11,545	9,589
Assets, Total (Losses) Gains Included in Earnings	(13)	(3)
Assets, Total (Losses) Gains Included in AOCI	36	121
Assets, Purchases	1,416	990
Assets, Sales	(457)	(54)
Assets, Settlements	(196)	(236)
Assets, Net transfer In (Out) of Level 3	0	(26)
Balance at End of Period	12,331	10,381
Change in Unrealized Included in OCI	33	121
Market risk benefits asset | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	189	88
Balance at End of Period	187	95
Subtotal Level 3 liabilities at fair value
Liabilities
Change in Unrealized Gains (Losses) Included in OCI	(1)	0
Subtotal Level 3 liabilities at fair value | Level 3
Liabilities
Balance at Beginning of Period	5,294	4,258
Balance at End of Period	5,381	4,755
Market risk benefits liability | Level 3
Liabilities
Balance at Beginning of Period	549	403
Balance at End of Period	$ 635	$ 425

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Fair Value of Financial Instruments - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Assets
Investments in unconsolidated affiliates	$ 4,302	$ 3,731
Trade and notes receivables, net of allowance	421	471
Total
Total Estimated Fair Value
Assets
FHLB common stock	156	153
Commercial mortgage loans	2,534	2,404
Residential mortgage loans	3,338	2,916
Investments in unconsolidated affiliates	3,855	3,293
Policy loans	115	104
Other invested assets	95	431
Company-owned life insurance	436	90
Trade and notes receivables, net of allowance	421	471
Total	10,950	9,862
Liabilities
Investment contracts, included in contractholder funds	47,722	46,339
Debt	4,110	3,781
Total	51,832	50,120
Carrying Amount
Assets
FHLB common stock	156	153
Commercial mortgage loans	2,788	2,705
Residential mortgage loans	3,578	3,221
Investments in unconsolidated affiliates	3,855	3,293
Policy loans	115	104
Other invested assets	95	431
Company-owned life insurance	436	90
Trade and notes receivables, net of allowance	421	471
Total	11,444	10,468
Liabilities
Investment contracts, included in contractholder funds	52,507	51,184
Debt	4,394	4,321
Total	56,901	55,505
Level 1
Assets
FHLB common stock	0	0
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	45	0
Company-owned life insurance	0	42
Trade and notes receivables, net of allowance	0	0
Total	45	42
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	0	0
Total	0	0
Level 2
Assets
FHLB common stock	156	153
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	0	0
Company-owned life insurance	0	0
Trade and notes receivables, net of allowance	0	0
Total	156	153
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	4,110	3,781
Total	4,110
Level 3
Assets
FHLB common stock	0	0
Commercial mortgage loans	2,534	2,404
Residential mortgage loans	3,338	2,916
Investments in unconsolidated affiliates	4	5
Policy loans	115	104
Other invested assets	0	431
Company-owned life insurance	436	0
Trade and notes receivables, net of allowance	421	471
Total	6,848	6,331
Liabilities
Investment contracts, included in contractholder funds	47,722	46,339
Debt	0	0
Total	47,722	46,339
NAV
Assets
Investments in unconsolidated affiliates	3,851	3,288
Other invested assets	50	48
Total	$ 3,901	$ 3,336

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Investments - Schedule of Consolidated Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Available-for-sale securities
Amortized Cost	$ 52,973	$ 51,681
Allowance for Expected Credit Losses	(85)	(67)
Gross Unrealized Gains	436	406
Gross Unrealized Losses	(3,500)	(3,802)
Fair Value/Carrying Value	49,824	48,218
Asset-backed securities
Available-for-sale securities
Amortized Cost	16,435	15,784
Allowance for Expected Credit Losses	(15)	(13)
Gross Unrealized Gains	174	202
Gross Unrealized Losses	(326)	(317)
Fair Value/Carrying Value	16,268	15,656
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	5,312	5,379
Allowance for Expected Credit Losses	(50)	(49)
Gross Unrealized Gains	51	53
Gross Unrealized Losses	(171)	(201)
Fair Value/Carrying Value	5,142	5,182
Corporates
Available-for-sale securities
Amortized Cost	25,223	24,425
Allowance for Expected Credit Losses	(19)	(5)
Gross Unrealized Gains	156	108
Gross Unrealized Losses	(2,612)	(2,832)
Fair Value/Carrying Value	22,748	21,696
Hybrids
Available-for-sale securities
Amortized Cost	537	604
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	3	6
Gross Unrealized Losses	(28)	(29)
Fair Value/Carrying Value	512	581
Municipals
Available-for-sale securities
Amortized Cost	1,636	1,638
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	5	3
Gross Unrealized Losses	(231)	(255)
Fair Value/Carrying Value	1,410	1,386
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	2,787	2,869
Allowance for Expected Credit Losses	(1)	0
Gross Unrealized Gains	41	32
Gross Unrealized Losses	(79)	(105)
Fair Value/Carrying Value	2,748	2,796
U.S. Government
Available-for-sale securities
Amortized Cost	671	645
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	5	2
Gross Unrealized Losses	(4)	(10)
Fair Value/Carrying Value	672	637
Foreign Governments
Available-for-sale securities
Amortized Cost	372	337
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(49)	(53)
Fair Value/Carrying Value	$ 324	$ 284

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Investments - Narrative (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2025 USD ($) loan	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-sale [Line Items]
Investment, non-income producing, greater than twelve months	$ 33,000,000			$ 32,000,000
Accrued interest receivable	484,000,000			476,000,000
FHLB collateral pledged	4,740,000,000			4,289,000,000
Fixed maturity securities, available-for-sale securities, allowance for credit losses	85,000,000			67,000,000
Allowance for credit loss for securities in an unrealized loss position	$ 0
Commercial mortgage loans, percentage of investments	4.00%
DSC ratio, amortization period	25 years
Amortized cost of loans on non-accrual	$ 82,000,000			94,000,000
Loans in process of foreclosure	77,000,000			81,000,000
Gross investment income	824,000,000	$ 780,000,000
Reinsurance agreement, recognized gains (losses)	(42,000,000)	(19,000,000)
Funds Withheld, Reinsurance Agreements
Debt Securities, Available-for-sale [Line Items]
Gross investment income	$ 184,000,000	$ 127,000,000
United States
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, location percentage	100.00%
Commercial Mortgage
Debt Securities, Available-for-sale [Line Items]
Mortgage loans delinquent in principal or interest | loan	1
Amortized cost of loans on non-accrual	$ 10,000,000			9,000,000
Interest receivable	$ 9,000,000			$ 8,000,000
Commercial Mortgage | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Allowance for expected credit loss, probability of loss/default model, projected loss, using reasonable forecast period	2 years
Allowance for credit loss, probability of loss/default, using market historical loss experience, period	3 years
Residential Mortgage
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, percentage of total investments	6.00%			5.00%
Charge offs	$ 0		$ 0
Amortized cost of loans on non-accrual	72,000,000			$ 85,000,000
Interest receivable	$ 31,000,000			28,000,000
Residential Mortgage | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Allowance for expected credit loss, probability of loss/default model, projected loss, using reasonable forecast period	2 years
Allowance for credit loss, probability of loss/default, using market historical loss experience, period	3 years
Fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 149,000,000			$ 997,000,000

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Investments - Schedule of Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	$ 24,534	$ 24,032
Amortized Cost	52,973	51,681
Fair Value
Other securities which provide for periodic payments, Fair Value	24,158	23,634
Total fixed maturity available-for-sale securities, Fair Value	49,824	48,218
Corporates, Non-structured Hybrids, Municipal and Government securities:
Amortized Cost
Due in one year or less	1,003	961
Due after one year through five years	5,118	4,616
Due after five years through ten years	5,519	5,311
Due after ten years	16,799	16,761
Subtotal, Amortized Cost	28,439	27,649
Fair Value
Due in one year or less	999	955
Due after one year through five years	5,086	4,544
Due after five years through ten years	5,404	5,126
Due after ten years	14,177	13,959
Subtotal, Fair Value	25,666	24,584
Asset-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	16,435	15,784
Amortized Cost	16,435	15,784
Fair Value
Other securities which provide for periodic payments, Fair Value	16,268	15,656
Total fixed maturity available-for-sale securities, Fair Value	16,268	15,656
Commercial mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	5,312	5,379
Amortized Cost	5,312	5,379
Fair Value
Other securities which provide for periodic payments, Fair Value	5,142	5,182
Total fixed maturity available-for-sale securities, Fair Value	5,142	5,182
Residential mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	2,787	2,869
Amortized Cost	2,787	2,869
Fair Value
Other securities which provide for periodic payments, Fair Value	2,748	2,796
Total fixed maturity available-for-sale securities, Fair Value	$ 2,748	$ 2,796

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Investments - Schedule of Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions	Mar. 31, 2025 USD ($) security	Dec. 31, 2024 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	$ 12,708	$ 10,420
Gross Unrealized Losses Less than 12 months	(223)	(290)
Fair Value, 12 months or longer	15,887	16,141
Gross Unrealized Losses, 12 months or longer	(3,240)	(3,485)
Total Fair Value	28,595	26,561
Total Gross Unrealized Losses	$ (3,463)	$ (3,775)
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security	1,961	2,005
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security	2,227	2,305
Total number of available-for-sale securities in an unrealized loss position | security	4,188	4,310
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	$ 5,365	$ 1,164
Gross Unrealized Losses Less than 12 months	(48)	(30)
Fair Value, 12 months or longer	2,622	2,637
Gross Unrealized Losses, 12 months or longer	(263)	(276)
Total Fair Value	7,987	3,801
Total Gross Unrealized Losses	(311)	(306)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	707	727
Gross Unrealized Losses Less than 12 months	(13)	(11)
Fair Value, 12 months or longer	1,341	1,513
Gross Unrealized Losses, 12 months or longer	(141)	(175)
Total Fair Value	2,048	2,240
Total Gross Unrealized Losses	(154)	(186)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	5,692	6,831
Gross Unrealized Losses Less than 12 months	(141)	(208)
Fair Value, 12 months or longer	9,867	9,866
Gross Unrealized Losses, 12 months or longer	(2,471)	(2,624)
Total Fair Value	15,559	16,697
Total Gross Unrealized Losses	(2,612)	(2,832)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	100	105
Gross Unrealized Losses Less than 12 months	(5)	(4)
Fair Value, 12 months or longer	306	380
Gross Unrealized Losses, 12 months or longer	(23)	(25)
Total Fair Value	406	485
Total Gross Unrealized Losses	(28)	(29)
Municipals
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	179	261
Gross Unrealized Losses Less than 12 months	(9)	(12)
Fair Value, 12 months or longer	1,025	1,006
Gross Unrealized Losses, 12 months or longer	(222)	(243)
Total Fair Value	1,204	1,267
Total Gross Unrealized Losses	(231)	(255)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	495	899
Gross Unrealized Losses Less than 12 months	(4)	(16)
Fair Value, 12 months or longer	440	460
Gross Unrealized Losses, 12 months or longer	(69)	(89)
Total Fair Value	935	1,359
Total Gross Unrealized Losses	(73)	(105)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	80	313
Gross Unrealized Losses Less than 12 months	0	(4)
Fair Value, 12 months or longer	104	122
Gross Unrealized Losses, 12 months or longer	(4)	(5)
Total Fair Value	184	435
Total Gross Unrealized Losses	(4)	(9)
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Value, Less than 12 months	90	120
Gross Unrealized Losses Less than 12 months	(3)	(5)
Fair Value, 12 months or longer	182	157
Gross Unrealized Losses, 12 months or longer	(47)	(48)
Total Fair Value	272	277
Total Gross Unrealized Losses	$ (50)	$ (53)

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Investments - Schedule of Commercial Mortgage Loan Investment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Allowance for expected loan loss	$ (73)	$ (70)	$ (67)	$ (66)
Total CMLs, net of valuation allowance	6,366	5,926
Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	2,805	2,722
Allowance for expected loan loss	(17)	(17)	$ (13)	$ (12)
Total CMLs, net of valuation allowance	$ 2,788	$ 2,705
% of Total	100.00%	100.00%
East North Central | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 99	$ 98
% of Total	4.00%	4.00%
East South Central | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 75	$ 75
% of Total	3.00%	3.00%
Middle Atlantic | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 348	$ 354
% of Total	12.00%	13.00%
Mountain | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 409	$ 409
% of Total	15.00%	15.00%
New England | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 164	$ 164
% of Total	6.00%	6.00%
Pacific | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 726	$ 706
% of Total	26.00%	26.00%
South Atlantic | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 742	$ 683
% of Total	26.00%	25.00%
West North Central | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 62	$ 62
% of Total	2.00%	2.00%
West South Central | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 180	$ 171
% of Total	6.00%	6.00%
Hotel | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 17	$ 17
% of Total	1.00%	1.00%
Industrial | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 657	$ 657
% of Total	23.00%	24.00%
Mixed Use | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 11	$ 11
% of Total	0.00%	0.00%
Multifamily | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 1,024	$ 1,006
% of Total	37.00%	37.00%
Office | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 349	$ 349
% of Total	12.00%	13.00%
Retail | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 75	$ 98
% of Total	3.00%	4.00%
Student Housing | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 83	$ 83
% of Total	3.00%	3.00%
Other | Commercial Mortgage
Schedule of Investments [Line Items]
Total CMLs, gross of valuation allowance	$ 589	$ 501
% of Total	21.00%	18.00%

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Investments - Schedule of Commercial Mortgage Loans Segregated By Aging of Loans and Charge Offs (Details) - Commercial Mortgage - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Credit Quality Indicator Current Year [Abstract]
Year one	$ 99	$ 273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	652	210
Total	2,805	2,722
Credit Quality Indicator Prior Year [Abstract]
Year one	99	273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	652	210
Total	2,805	2,722
Current (less than 30 days past due)
Credit Quality Indicator Current Year [Abstract]
Year one	99	273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	642	201
Total	2,795	2,713
Credit Quality Indicator Prior Year [Abstract]
Year one	99	273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	642	201
Total	2,795	2,713
30-89 days past due
Credit Quality Indicator Current Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	0	0
Total	0	0
90 days or more past due
Credit Quality Indicator Current Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	10	9
Total	10	9
Credit Quality Indicator Prior Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	0
Year four	0	0
Year five	0	0
Prior	10	9
Total	$ 10	$ 9

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Investments - Schedule of Investment in CMLs by Loan to Value and Debt Service Coverage Ratios (Details) - Commercial Mortgage - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Loans	$ 2,805	$ 2,722
% of Total	100.00%	100.00%
Credit Quality Indicator Current Year [Abstract]
Year one	$ 99	$ 273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	652	210
Total	2,805	2,722
Credit Quality Indicator Prior Year [Abstract]
Year one	99	273
Year two	283	227
Year three	228	290
Year four	290	1,253
Year five	1,253	469
Prior	652	210
Total	2,805	2,722
Fair Value
Schedule of Investments [Line Items]
Loans	$ 2,534	$ 2,404
% of Total	100.00%	100.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 2,534	$ 2,404
Credit Quality Indicator Prior Year [Abstract]
Total	2,534	2,404
Less than 50.00%
Schedule of Investments [Line Items]
Loans	$ 477	$ 524
% of Total	17.00%	19.00%
Credit Quality Indicator Current Year [Abstract]
Year one	$ 24	$ 66
Year two	73	99
Year three	100	19
Year four	19	74
Year five	74	189
Prior	187	77
Total	477	524
Credit Quality Indicator Prior Year [Abstract]
Year one	24	66
Year two	73	99
Year three	100	19
Year four	19	74
Year five	74	189
Prior	187	77
Total	477	524
Less than 50.00% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 467	$ 501
% of Total	18.00%	21.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 467	$ 501
Credit Quality Indicator Prior Year [Abstract]
Total	467	501
50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	$ 1,006	$ 927
% of Total	36.00%	34.00%
Credit Quality Indicator Current Year [Abstract]
Year one	$ 0	$ 112
Year two	115	53
Year three	53	149
Year four	149	321
Year five	346	159
Prior	343	133
Total	1,006	927
Credit Quality Indicator Prior Year [Abstract]
Year one	0	112
Year two	115	53
Year three	53	149
Year four	149	321
Year five	346	159
Prior	343	133
Total	1,006	927
50.00% to 59.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 909	$ 826
% of Total	36.00%	34.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 909	$ 826
Credit Quality Indicator Prior Year [Abstract]
Total	909	826
60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	$ 1,305	$ 1,254
% of Total	46.00%	46.00%
Credit Quality Indicator Current Year [Abstract]
Year one	$ 75	$ 91
Year two	91	71
Year three	71	113
Year four	113	858
Year five	833	121
Prior	122	0
Total	1,305	1,254
Credit Quality Indicator Prior Year [Abstract]
Year one	75	91
Year two	91	71
Year three	71	113
Year four	113	858
Year five	833	121
Prior	122	0
Total	1,305	1,254
60.00% to 74.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 1,141	$ 1,060
% of Total	45.00%	44.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 1,141	$ 1,060
Credit Quality Indicator Prior Year [Abstract]
Total	1,141	1,060
75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	$ 17	$ 17
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
Year one	$ 0	$ 4
Year two	4	4
Year three	4	9
Year four	9	0
Year five	0	0
Prior	0	0
Total	17	17
Credit Quality Indicator Prior Year [Abstract]
Year one	0	4
Year two	4	4
Year three	4	9
Year four	9	0
Year five	0	0
Prior	0	0
Total	17	17
75.00% to 84.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 17	$ 17
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 17	$ 17
Credit Quality Indicator Prior Year [Abstract]
Total	17	17
Greater than 1.25
Schedule of Investments [Line Items]
Loans	2,545	2,535
Credit Quality Indicator Current Year [Abstract]
Year one	89	140
Year two	112	215
Year three	190	278
Year four	278	1,241
Year five	1,241	469
Prior	635	192
Total	2,545	2,535
Credit Quality Indicator Prior Year [Abstract]
Year one	89	140
Year two	112	215
Year three	190	278
Year four	278	1,241
Year five	1,241	469
Prior	635	192
Total	2,545	2,535
Greater than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	437	490
Credit Quality Indicator Current Year [Abstract]
Total	437	490
Credit Quality Indicator Prior Year [Abstract]
Total	437	490
Greater than 1.25 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	853	803
Credit Quality Indicator Current Year [Abstract]
Total	853	803
Credit Quality Indicator Prior Year [Abstract]
Total	853	803
Greater than 1.25 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	1,251	1,238
Credit Quality Indicator Current Year [Abstract]
Total	1,251	1,238
Credit Quality Indicator Prior Year [Abstract]
Total	1,251	1,238
Greater than 1.25 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	4	4
Credit Quality Indicator Current Year [Abstract]
Total	4	4
Credit Quality Indicator Prior Year [Abstract]
Total	4	4
Greater than 1.00 but less than 1.25
Schedule of Investments [Line Items]
Loans	239	166
Credit Quality Indicator Current Year [Abstract]
Year one	10	133
Year two	171	12
Year three	38	3
Year four	3	0
Year five	0	0
Prior	17	18
Total	239	166
Credit Quality Indicator Prior Year [Abstract]
Year one	10	133
Year two	171	12
Year three	38	3
Year four	3	0
Year five	0	0
Prior	17	18
Total	239	166
Greater than 1.00 but less than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	40	34
Credit Quality Indicator Current Year [Abstract]
Total	40	34
Credit Quality Indicator Prior Year [Abstract]
Total	40	34
Greater than 1.00 but less than 1.25 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	141	112
Credit Quality Indicator Current Year [Abstract]
Total	141	112
Credit Quality Indicator Prior Year [Abstract]
Total	141	112
Greater than 1.00 but less than 1.25 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	54	16
Credit Quality Indicator Current Year [Abstract]
Total	54	16
Credit Quality Indicator Prior Year [Abstract]
Total	54	16
Greater than 1.00 but less than 1.25 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	4	4
Credit Quality Indicator Current Year [Abstract]
Total	4	4
Credit Quality Indicator Prior Year [Abstract]
Total	4	4
Less than 1.00
Schedule of Investments [Line Items]
Loans	21	21
Credit Quality Indicator Current Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	9
Year four	9	12
Year five	12	0
Prior	0	0
Total	21	21
Credit Quality Indicator Prior Year [Abstract]
Year one	0	0
Year two	0	0
Year three	0	9
Year four	9	12
Year five	12	0
Prior	0	0
Total	21	21
Less than 1.00 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Less than 1.00 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	12	12
Credit Quality Indicator Current Year [Abstract]
Total	12	12
Credit Quality Indicator Prior Year [Abstract]
Total	12	12
Less than 1.00 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Less than 1.00 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	9	9
Credit Quality Indicator Current Year [Abstract]
Total	9	9
Credit Quality Indicator Prior Year [Abstract]
Total	$ 9	$ 9

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Investments - Schedule of Distribution of Residential Mortgage Loans by State (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Allowance for expected loan loss	$ (73)	$ (70)	$ (67)	$ (66)
Total CMLs, net of valuation allowance	6,366	5,926
Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 3,634	$ 3,274
% of Total	100.00%	100.00%
Allowance for expected loan loss	$ (56)	$ (53)	$ (54)	$ (54)
Total CMLs, net of valuation allowance	3,578	3,221
Florida | Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 176	$ 164
% of Total	5.00%	5.00%
All other states | Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 3,458	$ 3,110
% of Total	95.00%	95.00%

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Investments - Schedule of Residential Mortgage Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Allowance for expected loan loss	$ (73)	$ (70)	$ (67)	$ (66)
Total CMLs, net of valuation allowance	6,366	5,926
Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 3,634	$ 3,274
% of Total	100.00%	100.00%
Allowance for expected loan loss	$ (56)	$ (53)	$ (54)	$ (54)
Total CMLs, net of valuation allowance	3,578	3,221
Performing | Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 3,562	$ 3,188
% of Total	98.00%	97.00%
Non-performing | Residential Mortgage
Schedule of Investments [Line Items]
Amortized Cost	$ 72	$ 86
% of Total	2.00%	3.00%

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Investments - Schedule of Residential Loans Segregated by Aging of Loans (By Year of Origination) and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	$ 82	$ 94
Residential Mortgage
Credit Quality Indicator Current Year [Abstract]
Year one	311	614
Year two	724	376
Year three	376	928
Year four	903	840
Year five	821	176
Prior	499	340
Credit Quality Indicator Prior Year [Abstract]
Year one	311	614
Year two	724	376
Year three	376	928
Year four	903	840
Year five	821	176
Prior	499	340
Total	3,634	3,274
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	72	85
Commercial Mortgage
Credit Quality Indicator Current Year [Abstract]
Total	2,805	2,722
Credit Quality Indicator Prior Year [Abstract]
Total	2,805	2,722
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	10	9
Current (less than 30 days past due) | Residential Mortgage
Credit Quality Indicator Current Year [Abstract]
Year one	311	610
Year two	719	368
Year three	372	911
Year four	886	805
Year five	793	162
Prior	460	312
Credit Quality Indicator Prior Year [Abstract]
Year one	311	610
Year two	719	368
Year three	372	911
Year four	886	805
Year five	793	162
Prior	460	312
Total	3,541	3,168
Current (less than 30 days past due) | Commercial Mortgage
Credit Quality Indicator Current Year [Abstract]
Total	2,795	2,713
30-89 days past due | Residential Mortgage
Credit Quality Indicator Current Year [Abstract]
Year one	0	1
Year two	4	6
Year three	2	4
Year four	6	6
Year five	2	1
Prior	7	3
Credit Quality Indicator Prior Year [Abstract]
Year one	0	1
Year two	4	6
Year three	2	4
Year four	6	6
Year five	2	1
Prior	7	3
Total	21	21
30-89 days past due | Commercial Mortgage
Credit Quality Indicator Current Year [Abstract]
Total	0	0
90 days or more past due | Residential Mortgage
Credit Quality Indicator Current Year [Abstract]
Year one	0	3
Year two	1	2
Year three	2	13
Year four	11	29
Year five	26	13
Prior	32	25
Credit Quality Indicator Prior Year [Abstract]
Year one	0	3
Year two	1	2
Year three	2	13
Year four	11	29
Year five	26	13
Prior	32	25
Total	72	85
90 days or more past due | Commercial Mortgage
Credit Quality Indicator Current Year [Abstract]
Total	$ 10	$ 9

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Investments - Schedule of Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (70)	$ (66)
Provision expense for loan losses	(3)	(1)
Ending Balance	(73)	(67)
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(53)	(54)
Provision expense for loan losses	(3)	0
Ending Balance	(56)	(54)
Commercial Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(17)	(12)
Provision expense for loan losses	0	(1)
Ending Balance	$ (17)	$ (13)

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Investments - Schedule of Interest and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Investments [Line Items]
Gross investment income	$ 824	$ 780
Investment expense	(64)	(70)
Interest and investment income	760	710
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	569	534
Equity securities
Schedule of Investments [Line Items]
Gross investment income	8	10
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	6	8
Mortgage loans
Schedule of Investments [Line Items]
Gross investment income	82	66
Invested cash and short-term investments
Schedule of Investments [Line Items]
Gross investment income	53	47
Limited partnerships
Schedule of Investments [Line Items]
Limited partnerships	55	54
Tax deferred property exchange income
Schedule of Investments [Line Items]
Gross investment income	29	32
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 22	$ 29

XML

Investments - Schedule of Recognized Gains (Losses), net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Investments [Line Items]
Net realized (losses) gains on fixed maturity available-for-sale securities	$ (2)	$ (19)
Net realized/unrealized gains (losses) on other invested assets	(1)	60
Change in allowance for expected credit losses	(22)	0
Realized gains (losses) on certain derivative instruments	(25)	21
Unrealized gains (losses) on certain derivative instruments	(159)	156
Change in fair value of reinsurance related embedded derivatives	(41)	(18)
Change in fair value of other derivatives and embedded derivatives	3	5
Net realized/unrealized (losses) gains on derivatives and embedded derivatives	(222)	164
Recognized gains and losses, net	(287)	275
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized gains (losses) on equity securities and gains (losses) on preferred securities	(38)	54
Valuation (losses) gains	(43)	22
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized gains (losses) on equity securities and gains (losses) on preferred securities	(2)	16
Valuation (losses) gains	$ (1)	$ 15

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Investments - Schedule of Proceeds From the Sale of Fixed-Maturity Available-For-Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 2,084	$ 583
Gross gains	12	6
Gross losses	$ (14)	$ (25)

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Investments - Schedule of VIE (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Carrying Value	$ 28,050	$ 26,807
Maximum Loss Exposure	30,198	28,945
Investment in unconsolidated affiliates
Schedule of Investments [Line Items]
Carrying Value	4,276	3,565
Maximum Loss Exposure	5,451	4,703
Fixed maturity securities
Schedule of Investments [Line Items]
Carrying Value	23,774	23,242
Maximum Loss Exposure	$ 24,747	$ 24,242

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Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 38,139	$ 34,896
Assets	737	827
Liabilities	5,240	5,121
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	410	39
Assets	10	2
Liabilities	1	0
Derivatives designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	350	0
Assets	9	0
Liabilities	0	0
Derivatives designated as hedging instruments | Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	60	39
Assets	1	2
Liabilities	1	0
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	37,729	34,857
Assets	727	825
Liabilities	5,239	5,121
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	5,655	5,145
Assets	62	19
Liabilities	0	10
Derivatives not designated as hedging instruments | Equity options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	31,986	29,594
Assets	632	773
Liabilities	1	0
Derivatives not designated as hedging instruments | Futures contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Assets	1	0
Liabilities	0	0
Derivatives not designated as hedging instruments | Other derivative investments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	88	118
Assets	0	1
Liabilities	0	0
Derivatives not designated as hedging instruments | Other embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Assets	32	32
Liabilities	0	0
Derivatives not designated as hedging instruments | Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Assets	0	0
Liabilities	5,316	5,220
Derivatives not designated as hedging instruments | Reinsurance related embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	0	0
Assets	0	0
Liabilities	$ (78)	$ (109)

XML

Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative [Line Items]
Recognized gains (losses) for derivatives	$ (223)	$ 164
Recognized gains (losses) for hedged item	$ 1	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Benefits and other changes in policy reserves	Benefits and other changes in policy reserves
Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	$ (58)	$ 200
Recognized gains (losses) for hedged item	(10)	0
Derivatives designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(1)	0
Recognized gains (losses) for hedged item	1	0
Derivatives designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	9	0
Recognized gains (losses) for hedged item	(10)	0
Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(222)	164
Recognized gains (losses) for hedged item	0	0
Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	(67)	200
Recognized gains (losses) for hedged item	0	0
Interest rate swaps | Derivatives designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Interest rate swaps | Derivatives designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	9	0
Recognized gains (losses) for hedged item	(10)	0
Interest rate swaps | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	52	(80)
Recognized gains (losses) for hedged item	0	0
Interest rate swaps | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Foreign currency swaps | Derivatives designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(1)	0
Recognized gains (losses) for hedged item	1	0
Foreign currency swaps | Derivatives designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Equity options | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(234)	250
Recognized gains (losses) for hedged item	0	0
Equity options | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Futures contracts | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	5	6
Recognized gains (losses) for hedged item	0	0
Futures contracts | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Other derivative investments | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(4)	3
Recognized gains (losses) for hedged item	0	0
Other derivative investments | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Other embedded derivatives | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	3
Recognized gains (losses) for hedged item	0	0
Other embedded derivatives | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Indexed annuities/IUL embedded derivatives increase (decrease) | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	0	0
Indexed annuities/IUL embedded derivatives increase (decrease) | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	(67)	200
Recognized gains (losses) for hedged item	0	0
Reinsurance related embedded derivatives | Derivatives not designated as hedging instruments
Derivative [Line Items]
Recognized gains (losses) for derivatives	(41)	(18)
Recognized gains (losses) for hedged item	0	0
Reinsurance related embedded derivatives | Derivatives not designated as hedging instruments | Fair Value Hedging
Derivative [Line Items]
Recognized gains (losses) for derivatives	0	0
Recognized gains (losses) for hedged item	$ 0	$ 0

XML

Derivative Financial Instruments - Carrying Amount and Cumulative Adjustment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Hedged Assets	$ 21	$ 0
Carrying Amount of Hedged (Liabilities)	(360)	0
Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets	0	0
Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged (Liabilities)	$ (10)	$ 0
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Fair Value/Carrying Value	Fair Value/Carrying Value
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Contractholder funds	Contractholder funds

XML

Derivative Financial Instruments - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 USD ($) counterparty contract	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($) contract
Derivative [Line Items]
Change in fair value of derivatives	$ (223,000,000)	$ 164,000,000
Fair value hedging adjustments for hedged assets	0		$ 0
Fair value hedging adjustments for hedged liabilities	$ 0
Number of counterparties, net exposure threshold set to zero | counterparty	1
Counterparties, collateral required threshold	0.00%
Derivatives not designated as hedging instruments
Derivative [Line Items]
Change in fair value of derivatives	$ (222,000,000)	164,000,000
Other embedded derivatives
Derivative [Line Items]
Term of contract, term one	1 year
Term of contract, term two	2 years
Term of contract, term three	3 years
Term of contract, term five	5 years
Term of contract, term six	6 years
Other embedded derivatives | Derivatives not designated as hedging instruments
Derivative [Line Items]
Change in fair value of derivatives	$ 0	3,000,000
Call options and interest rate swaps | Derivatives for Trading and Investment | Derivatives not designated as hedging instruments
Derivative [Line Items]
Collateral posted	621,000,000		771,000,000
Net Credit Risk	79,000,000		34,000,000
Call options and interest rate swaps | Cash and Cash Equivalents | Derivatives not designated as hedging instruments
Derivative [Line Items]
Collateral posted	$ 544,000,000		$ 679,000,000
Futures contracts
Derivative [Line Items]
Number of instruments held | contract	472		527
Collateral held	$ 7,000,000		$ 7,000,000
Futures contracts | Derivatives not designated as hedging instruments
Derivative [Line Items]
Change in fair value of derivatives	$ 5,000,000	$ 6,000,000

XML

Derivative Financial Instruments - Schedule of Exposure to Credit Loss on Call Options Held (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Fair Value	$ 737	$ 827
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value	727	825
Derivatives not designated as hedging instruments | Derivative instruments excluding futures contracts
Derivatives, Fair Value [Line Items]
Fair Value	700	782
Collateral	621	771
Net Credit Risk	$ 79	$ 34

XML

Commitments and Contingencies - Narrative (Details) $ in Millions			3 Months Ended
	Jan. 11, 2024 USD ($)	Sep. 07, 2023 defendant	Mar. 31, 2025 USD ($) lawsuit	Dec. 31, 2024 USD ($)	Jan. 02, 2024 USD ($)
Other Commitments [Line Items]
Estimated litigation liability			$ 17	$ 17
Maximum | Roar | Loan Commitment
Other Commitments [Line Items]
Unfunded investment commitment			$ 11		$ 40
6.875% Series A Mandatory Convertible Preferred Stock
Other Commitments [Line Items]
Issuance of preferred stock	$ 250
Preferred stock, dividend rate, percentage	6.875%
Cooper v. Progress Software Corp., No. 1:23-cv-12067
Other Commitments [Line Items]
Number of defendants | defendant		5
Damages from Product Defects
Other Commitments [Line Items]
Number of similar lawsuits filed against other entities (over) | lawsuit			150
Breach of Contract | Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company
Other Commitments [Line Items]
Plaintiffs claim losses amount			$ 162
Failure to Purchase Interest in Contracts | Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company
Other Commitments [Line Items]
Plaintiffs claim losses amount			$ 11
Pending Litigation | Damages from Product Defects
Other Commitments [Line Items]
Number of class action lawsuits | lawsuit			2

XML

Commitments and Contingencies - Schedule of Investment Commitments (Details) $ in Millions	Mar. 31, 2025 USD ($)
Commitment to Invest
Other Commitments [Line Items]
Total	$ 3,700
Residential mortgage loans
Other Commitments [Line Items]
Total	222
Limited partnerships | Commitment to Invest
Other Commitments [Line Items]
Total	1,157
Whole loans | Commitment to Invest
Other Commitments [Line Items]
Total	231
Fixed maturity securities, ABS | Commitment to Invest
Other Commitments [Line Items]
Total	382
Direct Lending | Commitment to Invest
Other Commitments [Line Items]
Total	1,263
Other fixed maturity securities, AFS | Commitment to Invest
Other Commitments [Line Items]
Total	148
Commercial mortgage loans | Commitment to Invest
Other Commitments [Line Items]
Total	94
Other assets | Commitment to Invest
Other Commitments [Line Items]
Total	203
Other invested assets | Commitment to Invest
Other Commitments [Line Items]
Total	$ 0

XML

Dividends (Details) - $ / shares		3 Months Ended
	May 07, 2025	Mar. 31, 2025	Mar. 31, 2024
Subsequent Event [Line Items]
Cash dividend per common share (in usd per share)		$ 0.50	$ 0.48
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per common share (in usd per share)	$ 0.50

XML

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Direct title insurance premiums	$ 510	$ 440
Agency title insurance premiums	681	593
Escrow, title-related and other fees	1,065	1,281
Interest and investment income	760	710
Recognized gains and losses, net	(287)	275
Total revenues	2,729	3,299
Personnel costs	770	727
Agent commissions	528	460
Other operating expenses	377	369
Benefits and other changes in policy reserves	524	1,161
Total significant segment expenses	2,199	2,717
Depreciation and amortization	196	167
Provision for title claim losses	54	46
Market risk benefit losses (gains)	109	(11)
Interest expense	60	49
Total other segment items	419	251
Total expenses	2,618	2,968
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	111	331
Income tax expense (benefit)	29	63
Earnings before equity in earnings of unconsolidated affiliates	82	268
Equity in earnings of unconsolidated affiliates	1	1
Net earnings from continuing operations	83	269
Assets	98,209	84,496	$ 95,263
Goodwill	5,271	5,107	$ 5,271
Operating Segments | Title
Segment Reporting Information [Line Items]
Direct title insurance premiums	510	440
Agency title insurance premiums	681	593
Escrow, title-related and other fees	525	484
Interest and investment income	83	83
Recognized gains and losses, net	(25)	63
Total revenues	1,774	1,663
Personnel costs	672	618
Agent commissions	528	460
Other operating expenses	313	285
Benefits and other changes in policy reserves	0	0
Total significant segment expenses	1,513	1,363
Depreciation and amortization	36	36
Provision for title claim losses	54	46
Market risk benefit losses (gains)	0	0
Interest expense	0	0
Total other segment items	90	82
Total expenses	1,603	1,445
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	171	218
Income tax expense (benefit)	42	45
Earnings before equity in earnings of unconsolidated affiliates	129	173
Equity in earnings of unconsolidated affiliates	1	1
Net earnings from continuing operations	130	174
Assets	7,723	7,905
Goodwill	2,799	2,797
Operating Segments | F&G
Segment Reporting Information [Line Items]
Direct title insurance premiums	0	0
Agency title insurance premiums	0	0
Escrow, title-related and other fees	505	741
Interest and investment income	666	616
Recognized gains and losses, net	(263)	212
Total revenues	908	1,569
Personnel costs	67	66
Agent commissions	0	0
Other operating expenses	41	58
Benefits and other changes in policy reserves	524	1,161
Total significant segment expenses	632	1,285
Depreciation and amortization	153	123
Provision for title claim losses	0	0
Market risk benefit losses (gains)	109	(11)
Interest expense	40	30
Total other segment items	302	142
Total expenses	934	1,427
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	(26)	142
Income tax expense (benefit)	(5)	26
Earnings before equity in earnings of unconsolidated affiliates	(21)	116
Equity in earnings of unconsolidated affiliates	0	0
Net earnings from continuing operations	(21)	116
Assets	88,013	74,417
Goodwill	2,179	2,017
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Direct title insurance premiums	0	0
Agency title insurance premiums	0	0
Escrow, title-related and other fees	35	56
Interest and investment income	39	38
Recognized gains and losses, net	1	0
Total revenues	75	94
Personnel costs	31	43
Agent commissions	0	0
Other operating expenses	23	26
Benefits and other changes in policy reserves	0	0
Total significant segment expenses	54	69
Depreciation and amortization	7	8
Provision for title claim losses	0	0
Market risk benefit losses (gains)	0	0
Interest expense	20	19
Total other segment items	27	27
Total expenses	81	96
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	(6)	(2)
Income tax expense (benefit)	(8)	(8)
Earnings before equity in earnings of unconsolidated affiliates	2	6
Equity in earnings of unconsolidated affiliates	0	0
Net earnings from continuing operations	2	6
Assets	2,473	2,174
Goodwill	293	293
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Direct title insurance premiums	0	0
Agency title insurance premiums	0	0
Escrow, title-related and other fees	0	0
Interest and investment income	(28)	(27)
Recognized gains and losses, net	0	0
Total revenues	(28)	(27)
Personnel costs	0	0
Agent commissions	0	0
Other operating expenses	0	0
Benefits and other changes in policy reserves	0	0
Total significant segment expenses	0	0
Depreciation and amortization	0	0
Provision for title claim losses	0	0
Market risk benefit losses (gains)	0	0
Interest expense	0	0
Total other segment items	0	0
Total expenses	0	0
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	(28)	(27)
Income tax expense (benefit)	0	0
Earnings before equity in earnings of unconsolidated affiliates	(28)	(27)
Equity in earnings of unconsolidated affiliates	0	0
Net earnings from continuing operations	(28)	(27)
Assets	0	0
Goodwill	$ 0	$ 0

XML

Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash paid for:
Interest	$ 54	$ 57
Income taxes	6	3
Deferred sales inducements	71	54
Non-cash investing and financing activities:
Investments transferred subject to reinsurance agreement	(500)	0
Change in proceeds of sales of investments available for sale receivable in period	1	(37)
Change in purchases of investments available for sale payable in period	52	173
Lease liabilities recognized in exchange for lease right-of-use assets	9	16
Remeasurement of lease liabilities	14	13
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	5	474
Less: Total Purchase price	3	284
Liabilities and noncontrolling interests assumed	$ 2	$ 190

XML

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 455	$ 421
Interest and investment income	760	710
Recognized gains and losses, net	(287)	275
Total revenues	2,729	3,299
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	67	66
Title | Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	510	440
Title | Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	681	593
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	36	32
Title | Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,732	1,806
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	187	167
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	152	145
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	83	74
F&G | Life insurance premiums, insurance and investment product fees, and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	505	741
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	33	35
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 2	$ 21

XML

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Home warranty contract, period	1 year
Policy period	1 year
Revenue recognized	$ 35	$ 34

XML

Revenue Recognition - Schedule of Information about Trade Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Trade receivables	$ 327	$ 362
Deferred revenue (contract liabilities)	$ 92	$ 92

XML

Revenue Recognition - Schedule of Rollforward of Unearned Revenue Liabilities (URL) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Contract With Customer Liability [Roll Forward]
Balance, beginning	$ 92
Balance, ending	92
URL
Contract With Customer Liability [Roll Forward]
Balance, beginning	401	$ 270
Capitalization	41	35
Amortization	(6)	(4)
Balance, ending	$ 436	$ 301

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Schedule of Reconciliation of Other Intangibles to Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Value of business acquired	$ 1,311	$ 1,349	$ 1,407	$ 1,446
Deferred acquisition costs	3,172	3,036
Deferred sales inducements	682	625
Total Other intangible assets, net	6,113	5,976
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Definite lived	417	435
Value of distribution asset
Finite-Lived Intangible Assets [Line Items]
Definite lived	71	74
Computer software
Finite-Lived Intangible Assets [Line Items]
Definite lived	276	277
Trademarks, tradenames, and other
Finite-Lived Intangible Assets [Line Items]
Definite lived	$ 184	$ 180

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Schedule of VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
VOBA
VOBA at beginning of period	$ 1,349	$ 1,446
Amortization	(38)	(39)
VOBA at end of period	1,311	1,407
Indexed Annuities
VOBA
VOBA at beginning of period	892	1,025
Amortization	(31)	(33)
VOBA at end of period	861	992
Fixed rate annuities
VOBA
VOBA at beginning of period	22	27
Amortization	(1)	(1)
VOBA at end of period	21	26
Immediate annuities
VOBA
VOBA at beginning of period	184	191
Amortization	(2)	(2)
VOBA at end of period	182	189
Universal Life
VOBA
VOBA at beginning of period	126	134
Amortization	(1)	(2)
VOBA at end of period	125	132
Traditional Life
VOBA
VOBA at beginning of period	125	69
Amortization	(3)	(1)
VOBA at end of period	$ 122	$ 68

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
VOBA amortization	$ 38	$ 39
DAC amortization	82	60
Indexed annuities
Finite-Lived Intangible Assets [Line Items]
VOBA amortization	31	33
DAC amortization	45	33
DSI amortization	$ 14	$ 8

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Schedule of DAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
DAC
DAC at beginning of period	$ 3,031	$ 2,211
Capitalization	216	257
Amortization	(82)	(60)
DAC at end of period	3,165	2,408
Indexed Annuities
DAC
DAC at beginning of period	1,874	1,378
Capitalization	126	147
Amortization	(45)	(33)
DAC at end of period	1,955	1,492
Fixed Rate Annuities
DAC
DAC at beginning of period	376	288
Capitalization	21	44
Amortization	(25)	(19)
DAC at end of period	372	313
Universal Life
DAC
DAC at beginning of period	781	545
Capitalization	69	66
Amortization	(12)	(8)
DAC at end of period	$ 838	$ 603

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements -Schedule of DAC Reconciliation to Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	$ 3,172	$ 3,036
Indexed Annuities
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	1,955	1,874
Fixed rate annuities
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	372	376
Universal Life
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	838	781
Funding Agreements
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	5	4
PRT
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs	$ 2	$ 1

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Schedule of DSI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
DSI
DSI at beginning of period	$ 625
DSI at end of period	682
Indexed annuities
DSI
DSI at beginning of period	625	$ 346
Capitalization	71	54
Amortization	(14)	(8)
DSI at end of period	$ 682	$ 392

XML

F&G Reinsurance - Schedule of Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Benefits Incurred
Net	$ 54	$ 46
Traditional Life Insurance Premiums
Net Premiums Earned
Direct	343	620
Ceded	(22)	(24)
Net	321	596
Net Benefits Incurred
Direct	577	1,213
Ceded	(53)	(52)
Net	$ 524	$ 1,161

XML

F&G Reinsurance - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) policy	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Reinsurance Disclosures [Abstract]
Number of policies reinsured by foreign company not engaged in insurance | policy	0
Deposit assets	$ 12,038		$ 11,039
Reinsurance risk charge fee	$ 11	$ 10

XML

F&G Reinsurance - Schedule of Reinsurance Recoverable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Allowance for expected credit losses	$ (20)	$ (20)
Reinsurance recoverable, net of allowance for expected credit losses	$ 14,756	$ 13,380
Reinsurance, retrocession, quota share basis, percentage	90.00%	90.00%
F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	$ 14,766	$ 13,389
Allowance for expected credit losses	(20)	(20)
Reinsurance recoverable, net of allowance for expected credit losses	14,746	13,369
Aspida Life Re Ltd. | Certain MYGA | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	8,060	7,844
Somerset Reinsurance Ltd | Certain MYGA And Deferred Annuities | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	3,316	2,822
Everlake | Certain MYGA | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	1,830	1,168
Wilton Reassurance Company | Block of traditional, IUL and UL | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	1,067	1,066
Other | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	$ 493	$ 489

XML

F&G Insurance Subsidiary Financial Information and Regulatory Matters - Schedule of Statutory Accounting Practices Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
IOWA
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus:	$ 1,451		$ 1,654
IOWA | F&G
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	(127)	$ 0
New York
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus:	98		97
New York | F&G
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	4	2
Vermont | Raven Re (VT)
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus:	178		168
Vermont | Raven Re (VT) | F&G
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	10	15
Vermont | Corbeau Re (VT)
Statutory Accounting Practices [Line Items]
Statutory Capital and Surplus:	187		178
Vermont | Corbeau Re (VT) | F&G
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	(52)	(134)
Cayman Islands
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	15	(17)
Statutory Capital and Surplus:	954		734
Bermuda
Statutory Accounting Practices [Line Items]
Statutory Net income (loss):	34	$ 49
Statutory Capital and Surplus:	$ 157		$ 123

XML

F&G Insurance Subsidiary Financial Information and Regulatory Matters - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 USD ($) permitted_practice entity	Dec. 31, 2024 USD ($)
Statutory Accounting Practices [Line Items]
Number of permitted practices | permitted_practice	2
Number Of Entities, Statutory Accounting Practices, Without Approved Permitted Practice | entity	2
Vermont
Statutory Accounting Practices [Line Items]
Carrying value without permitted practices	$ 0
Vermont | Raven Re (VT)
Statutory Accounting Practices [Line Items]
Permitted practice, statutory surplus	(72,000,000)	$ (64,000,000)
IOWA
Statutory Accounting Practices [Line Items]
Change in statutory capital surplus increase (decrease)	$ 286,000,000	$ 454,000,000

XML

Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Feb. 01, 2025	Jan. 13, 2025	Dec. 31, 2024	Oct. 04, 2024	Jun. 04, 2024	Dec. 06, 2023	Jan. 13, 2023	Sep. 17, 2021	Sep. 15, 2020	Jun. 12, 2020	Aug. 13, 2018	Apr. 20, 2018
Debt Instrument [Line Items]
Long-Term Debt	$ (4,394)			$ (4,321)
4.50% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage												4.50%
4.50% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (447)			(447)
Debt instrument, interest rate, stated percentage	4.50%											4.50%
3.40% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage											3.40%
3.40% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (646)			(646)
Debt instrument, interest rate, stated percentage	3.40%
2.45% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										2.45%
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (595)			(595)
Debt instrument, interest rate, stated percentage	2.45%
3.20% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage									3.20%
3.20% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (444)			(444)
Debt instrument, interest rate, stated percentage	3.20%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-Term Debt	$ (4)			(4)
F&G Credit Agreement
Debt Instrument [Line Items]
Long-Term Debt	0			0
6.50% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (545)			(545)
Debt instrument, interest rate, stated percentage	6.50%					6.50%
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (497)			(497)
Debt instrument, interest rate, stated percentage	7.40%							7.40%
5.50% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ 0			(301)
Debt instrument, interest rate, stated percentage	5.50%	5.50%				5.50%							5.50%
7.95% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (336)			(336)
Debt instrument, interest rate, stated percentage	7.95%						7.95%
6.25% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (492)			(492)
Debt instrument, interest rate, stated percentage	6.25%				6.25%
7.30% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Long-Term Debt	$ (364)			0
Debt instrument, interest rate, stated percentage	7.30%		7.30%
Other
Debt Instrument [Line Items]
Long-Term Debt	$ (32)			$ (22)

XML

Notes Payable - Narrative (Details) - USD ($)										3 Months Ended
	Feb. 01, 2025	Oct. 04, 2024	Jun. 04, 2024	Feb. 21, 2023	Nov. 22, 2022	Sep. 17, 2021	Sep. 15, 2020	Jun. 12, 2020	Apr. 20, 2018	Mar. 31, 2025	Mar. 31, 2024	Jan. 13, 2025	Dec. 31, 2024	Feb. 16, 2024	Dec. 06, 2023	Jan. 13, 2023	Apr. 22, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Debt service payments										$ 300,000,000	$ 0
Outstanding principal										$ 4,452,000,000
7.30% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										7.30%		7.30%
Aggregate principal amount												$ 375,000,000
6.25% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.25%								6.25%
Aggregate principal amount		$ 500,000,000
Price as percent of par on offering of unsecured notes		99.36%
Debt issuance costs, net		$ 8,000,000
Credit Agreement November 2022 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of remaining outstanding principal		$ 365,000,000
Credit Agreement November 2022 | Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Facility fee, rate					0.20%
Credit Agreement November 2022 | Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Facility fee, rate					0.45%
6.50% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			6.50%							6.50%
Aggregate principal amount			$ 550,000,000
Price as percent of par on offering of unsecured notes			99.74%
Debt issuance costs, net			$ 6,000,000
5.50% F&G Senior Notes due May 2025 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%		5.50%						5.50%	5.50%
Aggregate principal amount									$ 550,000,000
Price as percent of par on offering of unsecured notes									99.50%
Debt service payments			$ 250,000,000
Proceeds from issuance of senior notes									$ 547,000,000
Debt instrument, unamortized premium									$ 39,000,000
Debt instrument, repurchased face amount	$ 300,000,000
Interest rate, stated percentage	100.00%
7.95% F&G Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										7.95%					7.95%
Aggregate principal amount															$ 345,000,000
Debt issuance costs, net															$ 9,000,000
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										7.40%						7.40%
Aggregate principal amount																$ 500,000,000
Debt issuance costs, net																$ 6,000,000
F&G Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					1.00%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility				$ 665,000,000	$ 550,000,000									$ 750,000,000
Credit facility increase in borrowing capacity				$ 115,000,000
Remaining borrowing capacity													$ 750,000,000
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Debt Terms, Condition One | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					0.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Debt Terms, Condition One | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					0.80%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Debt Terms Condition Two | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					1.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Debt Terms Condition Two | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					1.80%
3.20% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						3.20%
Aggregate principal amount						$ 450,000,000
Proceeds from issuance debt						$ 443,000,000
3.20% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										3.20%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net										$ 4,000,000
Line of credit facility														$ 800,000,000
Remaining borrowing capacity										800,000,000
Outstanding principal										$ 0
2.45% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							2.45%
Aggregate principal amount							$ 600,000,000
Proceeds from issuance debt							593,000,000
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										2.45%
Term Loan | Term Loan
Debt Instrument [Line Items]
Line of credit facility																	$ 1,000,000,000
Repayments of all outstanding indebtedness under term loan credit agreement							$ 260,000,000
Repayment of principal borrowed								$ 640,000,000
3.40% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage								3.40%
Aggregate principal amount								$ 650,000,000
Proceeds from issuance debt								$ 642,000,000
3.40% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										3.40%
4.50% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage																		4.50%
Price as percent of par on offering of unsecured notes																		99.252%
Annual interest rate																		4.594%
4.50% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage										4.50%								4.50%
Aggregate principal amount																		$ 450,000,000
F&G Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)					0.50%

XML

Notes Payable - Schedule of Principal Maturities of Notes Payable (Details) $ in Millions	Mar. 31, 2025 USD ($)
Maturities of Long-term Debt [Abstract]
2025 (remaining)	$ 0
2026	32
2027	0
2028	950
2029	550
Thereafter	2,920
Total long term debt	$ 4,452

XML

Market Risk Benefits - Schedule of Balances and Changes in Market Risk Benefit (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Indexed annuities
Market Risk Benefit [Line Items]
Balance beginning of period	$ 420	$ 314
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	322	209
Issuances and benefit payments	26	109
Attributed fees collected and interest accrual	35	147
Actual policyholder behavior different from expected	22	(5)
Changes in assumptions and other	1	24
Effects of market related movements	58	(162)
Balance, end of period, before effect of changes in the instrument-specific credit risk	464	322
Issuances and benefit payments	26	109
Attributed fees collected and interest accrual	35	147
Actual policyholder behavior different from expected	22	(5)
Changes in assumptions and other	1	24
Effects of market related movements	58	(162)
Effect of changes in the instrument-specific credit risk	69	98
Balance, end of period	533	420
Less: reinsured market risk benefits	86	61
Balance, end of period, net of reinsurance	$ 447	$ 359
Weighted-average attained age of policyholders weighted by total AV (years)	67 years 11 months 12 days	67 years 11 months 23 days
Net amount at risk	$ 1,519	$ 1,327
Fixed rate annuities
Market Risk Benefit [Line Items]
Balance beginning of period	1	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	1
Issuances and benefit payments	0	0
Attributed fees collected and interest accrual	0	0
Actual policyholder behavior different from expected	0	0
Changes in assumptions and other	0	0
Effects of market related movements	0	0
Balance, end of period, before effect of changes in the instrument-specific credit risk	1	1
Issuances and benefit payments	0	0
Attributed fees collected and interest accrual	0	0
Actual policyholder behavior different from expected	0	0
Changes in assumptions and other	0	0
Effects of market related movements	0	0
Effect of changes in the instrument-specific credit risk	0	0
Balance, end of period	1	1
Less: reinsured market risk benefits	0	0
Balance, end of period, net of reinsurance	$ 1	$ 1
Weighted-average attained age of policyholders weighted by total AV (years)	72 years 8 months 26 days	72 years 6 months 29 days
Net amount at risk	$ 2	$ 2

XML

Market Risk Benefits - Schedule of Reconciliation of Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Market Risk Benefit [Line Items]
Market risk benefits asset	$ 187	$ 189
Market risk benefits liability	635	549
Direct
Market Risk Benefit [Line Items]
Market risk benefits asset	101	128
Market risk benefits liability	635	549
Reinsured
Market Risk Benefit [Line Items]
Market risk benefits asset	86	61
Market risk benefits liability	0	0
Indexed annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	187	189
Market risk benefits liability	634	548
Indexed annuities | Direct
Market Risk Benefit [Line Items]
Market risk benefits asset	101	128
Market risk benefits liability	634	548
Indexed annuities | Reinsured
Market Risk Benefit [Line Items]
Market risk benefits asset	86	61
Market risk benefits liability	0	0
Fixed rate annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	1	1
Fixed rate annuities | Direct
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	1	1
Fixed rate annuities | Reinsured
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	$ 0	$ 0

XML

Contractholder Funds - Schedule of Balances and Changes in Contractholder Funds (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	$ 56,404
Balance, end of period	57,823		$ 56,404
Embedded derivative adjustment	3	$ 5
Gross liability, end of period	57,823		56,404
Reinsurance recoverable, net of allowance for expected credit losses	14,756		13,380
Indexed annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	30,235	27,164	27,164
Issuances	1,463		6,649
Premiums received	617		120
Policy charges	(660)		(195)
Surrenders and withdrawals	(251)		(3,832)
Benefit payments	(726)		(495)
Interest credited	200		821
Other	1		3
Balance, end of period	30,879		30,235
Issuances	1,463		6,649
Premiums received	617		120
Policy charges	(660)		(195)
Surrenders and withdrawals	(251)		(3,832)
Benefit payments	(726)		(495)
Interest credited	200		821
Other	1		3
Reconciling items	46
Embedded derivative adjustment			219
Gross liability, end of period	30,925		30,454
Reinsurance recoverable, net of allowance for expected credit losses	1,233		861
Net liability, after reinsurance	$ 29,692		$ 29,593
Weighted-average crediting rate	2.65%		2.90%
Cash surrender value	$ 28,462		$ 27,865
Fixed rate annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	17,442	13,443	13,443
Issuances	564		5,125
Premiums received	0		1
Policy charges	0		0
Surrenders and withdrawals	(59)		(1,479)
Benefit payments	(256)		(315)
Interest credited	195		667
Other	(1)		0
Balance, end of period	17,885		17,442
Issuances	564		5,125
Premiums received	0		1
Policy charges	0		0
Surrenders and withdrawals	(59)		(1,479)
Benefit payments	(256)		(315)
Interest credited	195		667
Other	(1)		0
Reconciling items	0
Embedded derivative adjustment			0
Gross liability, end of period	17,885		17,442
Reinsurance recoverable, net of allowance for expected credit losses	12,006		11,009
Net liability, after reinsurance	$ 5,879		$ 6,433
Weighted-average crediting rate	4.52%		4.42%
Cash surrender value	$ 16,712		$ 16,266
Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,817	2,391	2,391
Issuances	54		208
Premiums received	141		495
Policy charges	(90)		(315)
Surrenders and withdrawals	(8)		(101)
Benefit payments	(24)		(18)
Interest credited	45		157
Other	0		0
Balance, end of period	2,935		2,817
Issuances	54		208
Premiums received	141		495
Policy charges	(90)		(315)
Surrenders and withdrawals	(8)		(101)
Benefit payments	(24)		(18)
Interest credited	45		157
Other	0		0
Reconciling items	47
Embedded derivative adjustment			79
Gross liability, end of period	2,982		2,896
Reinsurance recoverable, net of allowance for expected credit losses	873		877
Net liability, after reinsurance	$ 2,109		$ 2,019
Weighted-average crediting rate	6.45%		6.20%
Net amount at risk	$ 75,933		$ 74,279
Cash surrender value	2,265		2,177
FABN
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,463	2,613	2,613
Issuances	350		600
Premiums received	0		0
Policy charges	0		0
Surrenders and withdrawals	0		0
Benefit payments	(12)		(820)
Interest credited	25		71
Other	0		(1)
Balance, end of period	2,826		2,463
Issuances	350		600
Premiums received	0		0
Policy charges	0		0
Surrenders and withdrawals	0		0
Benefit payments	(12)		(820)
Interest credited	25		71
Other	0		(1)
Reconciling items	10
Embedded derivative adjustment			0
Gross liability, end of period	2,836		2,463
Reinsurance recoverable, net of allowance for expected credit losses	0		0
Net liability, after reinsurance	2,836		2,463
FHLB
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,852	$ 2,539	2,539
Issuances	1,025		1,804
Premiums received	0		0
Policy charges	0		0
Surrenders and withdrawals	0		0
Benefit payments	(1,003)		(1,606)
Interest credited	27		117
Other	0		(2)
Balance, end of period	2,901		2,852
Issuances	1,025		1,804
Premiums received	0		0
Policy charges	0		0
Surrenders and withdrawals	0		0
Benefit payments	(1,003)		(1,606)
Interest credited	27		117
Other	0		(2)
Reconciling items	0
Embedded derivative adjustment			0
Gross liability, end of period	2,901		2,852
Reinsurance recoverable, net of allowance for expected credit losses	0		0
Net liability, after reinsurance	$ 2,901		$ 2,852

XML

Contractholder Funds - Schedule of Reconciliation to Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Policyholder Account Balance [Line Items]
Contractholder funds	$ 57,823	$ 56,404
Indexed annuities
Policyholder Account Balance [Line Items]
Contractholder funds	30,925	30,454
Fixed rate annuities
Policyholder Account Balance [Line Items]
Contractholder funds	17,885	17,442
Immediate annuities
Policyholder Account Balance [Line Items]
Contractholder funds	283	286
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,982	2,896
Traditional Life
Policyholder Account Balance [Line Items]
Contractholder funds	5	5
FABN
Policyholder Account Balance [Line Items]
Contractholder funds	2,836	2,463
FHLB
Policyholder Account Balance [Line Items]
Contractholder funds	2,901	2,852
PRT
Policyholder Account Balance [Line Items]
Contractholder funds	$ 6	$ 6

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Contractholder Funds - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Insurance [Abstract]
Change in contractholder funds	$ 21	$ 89

XML

Contractholder Funds - Schedule of Account Values by Range of Guaranteed Minimum Credit Rating (Details) $ in Millions	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Policyholder Account Balance [Line Items]
Contractholder funds	$ 57,823	$ 56,404
Indexed annuities
Policyholder Account Balance [Line Items]
Contractholder funds	30,879	30,235	$ 27,164
Indexed annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	25,156	24,718
Indexed annuities | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1,199	1,239
Indexed annuities | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,313	1,176
Indexed annuities | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	3,211	3,102
Indexed annuities | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	27,420	27,114
Indexed annuities | 0.00%-1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,872	23,540
Indexed annuities | 0.00%-1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1,196	1,236
Indexed annuities | 0.00%-1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	485	492
Indexed annuities | 0.00%-1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,867	1,846
Indexed annuities | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	3,147	2,802
Indexed annuities | 1.51%-2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	997	875
Indexed annuities | 1.51%-2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Indexed annuities | 1.51%-2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	828	684
Indexed annuities | 1.51%-2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,321	1,242
Indexed annuities | Greater than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	312	319
Indexed annuities | Greater than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	287	303
Indexed annuities | Greater than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	2	2
Indexed annuities | Greater than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Indexed annuities | Greater than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	23	14
Fixed rate annuities
Policyholder Account Balance [Line Items]
Contractholder funds	17,885	17,442	13,443
Fixed rate annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	864	865
Fixed rate annuities | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	28	29
Fixed rate annuities | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	761	798
Fixed rate annuities | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	16,232	15,750
Fixed rate annuities | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	15,626	15,257
Fixed rate annuities | 0.00%-1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	72	57
Fixed rate annuities | 0.00%-1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	19	20
Fixed rate annuities | 0.00%-1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	737	773
Fixed rate annuities | 0.00%-1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	14,798	14,407
Fixed rate annuities | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	493	493
Fixed rate annuities | 1.51%-2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	4	4
Fixed rate annuities | 1.51%-2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Fixed rate annuities | 1.51%-2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	19	20
Fixed rate annuities | 1.51%-2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	463	462
Fixed rate annuities | Greater than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	1,766	1,692
Fixed rate annuities | Greater than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	788	804
Fixed rate annuities | Greater than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	2	2
Fixed rate annuities | Greater than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	5	5
Fixed rate annuities | Greater than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	971	881
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,935	2,817	$ 2,391
Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,901	2,785
Universal Life | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Universal Life | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal Life | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	26	24
Universal Life | 0.00%-1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	2,572	2,452
Universal Life | 0.00%-1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,539	2,421
Universal Life | 0.00%-1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Universal Life | 0.00%-1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 0.00%-1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	26	24
Universal Life | 1.51%-2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51%-2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51%-2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51%-2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51%-2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | Greater than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	363	365
Universal Life | Greater than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	362	364
Universal Life | Greater than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | Greater than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal Life | Greater than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	$ 0	$ 0
Minimum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0001	0.0001
Minimum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0051	0.0051
Minimum | Greater Than 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
Maximum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0050	0.0050
Maximum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150

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Future Policy Benefits - Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Future policy benefits	$ 9,065	$ 8,749
Traditional Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	631	722
Beginning balance at original discount rate	780	874
Effect of actual variances from expected experience		0	$ (4)
Balance adjusted for variances from expectation		780	870
Interest accrual	4	17
Net premiums collected	(25)	(107)
Ending balance at original discount rate	759	780
Effect of actual variances from expected experience		0	(4)
Effect of changes in discount rate assumptions	(137)	(149)
Balance, end of period	622	631
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	1,933	2,071
Beginning balance at original discount rate	2,368	2,492
Effect of actual variances from expected experience		4	44
Balance adjusted for variances from expectation		2,372	2,536
Interest accrual	13	54
Benefits payments	(57)	(222)
Ending balance at original discount rate	2,328	2,368
Effect of actual variances from expected experience		4	44
Balance adjusted for variances from expectation		2,372	2,536
Interest accrual	13	54
Benefits payments	(57)	(222)
Effect of changes in discount rate assumptions	(396)	(435)
Balance, end of period	1,932	1,933
Future policy benefits	1,310	1,302
Less: Reinsurance recoverable	525	513
Net liability for future policy benefits, after reinsurance recoverable	$ 785	$ 789
Weighted-average duration of liability for future policyholder benefits (years)	6 years 2 months 23 days	6 years 3 months 10 days
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 6,054	$ 4,189
Beginning balance at original discount rate	6,417	4,351
Effect of changes in cash flow assumptions		(1)	(3)
Effect of actual variances from expected experience		(10)	(11)
Balance adjusted for variances from expectation		6,406	4,337
Issuances	323	2,324
Interest accrual	74	240
Benefits payments	(156)	(484)
Ending balance at original discount rate	6,647	6,417
Effect of changes in cash flow assumptions		(1)	(3)
Effect of actual variances from expected experience		(10)	(11)
Balance adjusted for variances from expectation		6,406	4,337
Issuances	323	2,324
Interest accrual	74	240
Benefits payments	(156)	(484)
Effect of changes in discount rate assumptions	(287)	(363)
Balance, end of period	6,360	6,054
Net liability for future policy benefits, after reinsurance recoverable	$ 6,360	$ 6,054
Weighted-average duration of liability for future policyholder benefits (years)	7 years 10 months 24 days	7 years 9 months 10 days
Immediate annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 1,297	$ 1,415
Beginning balance at original discount rate	1,732	1,788
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		(4)	(27)
Balance adjusted for variances from expectation		1,728	1,761
Issuances	5	30
Interest accrual	14	59
Benefits payments	(28)	(118)
Ending balance at original discount rate	1,719	1,732
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		(4)	(27)
Balance adjusted for variances from expectation		1,728	$ 1,761
Issuances	5	30
Interest accrual	14	59
Benefits payments	(28)	(118)
Effect of changes in discount rate assumptions	(422)	(435)
Balance, end of period	1,297	1,297
Future policy benefits	1,297	1,297
Less: Reinsurance recoverable	109	109
Net liability for future policy benefits, after reinsurance recoverable	$ 1,188	$ 1,188
Weighted-average duration of liability for future policyholder benefits (years)	12 years 6 months 14 days	12 years 7 months 17 days

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Future Policy Benefits - Schedule of Balances and Changes in the Deferred Profit Liability (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Immediate annuities
Deferred Profit Liability Rollforward [Roll Forward]
Balance, beginning of year	$ 90	$ 87
Effect of modeling changes		0	$ 0
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		2	8
Balance adjusted for variances from expectation		92	95
Issuances	1	3
Interest accrual	0	1
Amortization	(2)	(9)
Balance, end of period	91	90
Effect of modeling changes		0	0
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		2	8
PRT
Deferred Profit Liability Rollforward [Roll Forward]
Balance, beginning of year	6	10
Effect of modeling changes		0	0
Effect of changes in cash flow assumptions		0	(8)
Effect of actual variances from expected experience		1	0
Balance adjusted for variances from expectation		7	2
Issuances	0	1
Interest accrual	0	4
Amortization	0	(1)
Balance, end of period	$ 7	6
Effect of modeling changes		0	0
Effect of changes in cash flow assumptions		0	(8)
Effect of actual variances from expected experience		$ 1	$ 0

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Future Policy Benefits - Schedule of Reconciliation of Net FPB to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 9,065	$ 8,749
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,310	1,302
Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,297	1,297
Deferred profit liability	91	90	$ 87
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	6,360	6,054
Immediate annuities DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	91	90
PRT DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	$ 7	$ 6

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Future Policy Benefits - Schedule of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted (Details) - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Traditional Life
Undiscounted
Expected future benefit payments	$ 2,720	$ 2,874
Expected future gross premiums	923	1,042
Discounted
Expected future benefit payments	1,938	2,013
Expected future gross premiums	671	751
Immediate annuities
Undiscounted
Expected future benefit payments	3,168	3,271
Expected future gross premiums	0	0
Discounted
Expected future benefit payments	1,297	1,371
Expected future gross premiums	0	0
PRT
Undiscounted
Expected future benefit payments	10,535	8,344
Expected future gross premiums	0	0
Discounted
Expected future benefit payments	6,360	4,899
Expected future gross premiums	$ 0	$ 0

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Future Policy Benefits - Schedule of Gross Premium Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	$ 343	$ 620
Interest expense	97	73
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	26	28
Interest expense	9	10
Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	6	8
Interest expense	14	14
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	311	584
Interest expense	$ 74	$ 49

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Future Policy Benefits - Schedule of Weighted Average Rates (Details)	Mar. 31, 2025	Dec. 31, 2024
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	2.35%	2.34%
Current discount rate	5.21%	5.44%
Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.19%	3.17%
Current discount rate	5.38%	5.45%
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.82%	4.72%
Current discount rate	5.39%	5.54%

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Future Policy Benefits - Schedule of Actual Experience and Expected Experience for Mortality and Lapses (Details)	Mar. 31, 2025	Dec. 31, 2024
Actual experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	1.80%	1.40%
Lapses	0.00%	0.10%
Actual experience | Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	3.00%	2.70%
Lapses	0.00%	0.00%
Actual experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	3.40%	2.70%
Lapses	0.00%	0.00%
Expected experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	1.60%	1.50%
Lapses	0.60%	0.50%
Expected experience | Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	1.70%	1.90%
Lapses	0.00%	0.00%
Expected experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality	2.50%	2.50%
Lapses	0.00%	0.00%

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Future Policy Benefits - Schedule of Additional Information, Cohort NPR (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Insurance [Abstract]
NPR before capping	107.00%
Reserves before NPR capping	$ 1,154
Reserves after NPR capping	1,177
Loss Expense	$ 23