10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒  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 001-41490

F&G Annuities & Life, Inc.

(Exact name of registrant as specified in its charter)

Delaware	85-2487422
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

801 Grand Avenue, Suite 2600

Des Moines, Iowa 50309

(Address of principal executive offices, including zip code)

(866) 846-4660

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	FG	New York Stock Exchange
7.950% Senior Notes due 2053	FGN	New York Stock Exchange
7.300% Junior Subordinated Notes due 2065	FGSN	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  ☒    No  ☐ 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).     Yes  ☒   No  ☐ 

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

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 Act).     Yes   ☐     No  ☒

The registrant had outstanding 134,762,569 shares of common stock as of April 30, 2025.

FORM 10-Q

QUARTERLY REPORT

Quarter Ended March 31, 2025

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION	4
Item 1. Condensed Consolidated Financial Statements:	4
Condensed Consolidated Balance Sheets (unaudited)	4
Condensed Consolidated Statements of Operations (unaudited)	5
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)	6
Condensed Consolidated Statements of Equity (unaudited)	7
Condensed Consolidated Statements of Cash Flows (unaudited)	8
Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	72
Item 3. Quantitative and Qualitative Disclosures about Market Risk	99
Item 4. Controls and Procedures	100
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	102
Item 1A. Risk Factors	102
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	102
Item 3. Defaults Upon Senior Securities	102
Item 4. Mine Safety Disclosures	102
Item 5. Other Information	102
Item 6. Exhibits	103
Signatures	104

3

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share data)

	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2025 and December 31, 2024, at an amortized cost of $51,026 and $49,729, respectively, net of allowance for credit losses of $80 and $62, respectively	$	47,909	$	46,317
Preferred securities, at fair value	253		270
Equity securities, at fair value	101		145
Derivative investments	702		792
Mortgage loans, net of allowance for credit losses of $73 and $70 at March 31, 2025 and December 31, 2024, respectively	6,366		5,926
Investments in unconsolidated affiliates (certain investments at fair value of $272 at both March 31, 2025 and December 31, 2024)	4,127		3,565
Other long-term investments	587		580
Policy loans	115		104
Short-term investments	549		2,410
Total investments	60,709		60,109
Cash and cash equivalents	3,293		2,264
Reinsurance recoverable, net of allowance for credit losses of $20 at both March 31, 2025 and December 31, 2024	14,746		13,369
Goodwill	2,179		2,179
Prepaid expenses and other assets (certain assets held at fair value of $11 at both March 31, 2025 and December 31, 2024)	904		950
Other intangible assets, net	5,721		5,572
Market risk benefits asset	187		189
Deferred tax asset, net	268		299
Total assets	$	88,007	$	84,931
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	57,823	$	56,404
Future policy benefits	9,065		8,749
Market risk benefits liability	635		549
Accounts payable and accrued liabilities	2,314		2,219
Income taxes payable	9		5
Notes payable	2,234		2,171
Funds withheld for reinsurance liabilities	11,442		10,758
Total liabilities	83,522		80,855
Equity:
Preferred stock $0.001 par value; authorized 25,000,000 shares as of March 31, 2025 and December 31, 2024; outstanding and issued 5,000,000 shares as of March 31, 2025 and December 31, 2024	—		—
Common stock, $0.001 par value; authorized 500,000,000 shares as of March 31, 2025 and December 31, 2024; outstanding of 134,707,419 and 126,792,844 as of March 31, 2025 and December 31, 2024, respectively; and issued of 135,917,408 and 127,952,143 as of March 31, 2025 and December 31, 2024, respectively	—		—
Additional paid-in-capital	3,741		3,464
Retained earnings	2,389		2,440
Accumulated other comprehensive (loss) income ("AOCI")	(1,734)		(1,923)
Treasury stock, at cost (1,209,989 shares and 1,159,299 shares as of March 31, 2025 and December 31, 2024, respectively)	(33)		(30)
Total F&G Annuities & Life, Inc. shareholders' equity	4,363		3,951
Non-controlling interests	122		125
Total equity	4,485		4,076
Total liabilities and equity	$	88,007	$	84,931

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

4

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars and shares in millions, except per share data)

	Three months ended March 31,
	2025		2024
	(Unaudited)
Revenues:
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 (remeasurement gains (losses) (a))	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	(26)		142
Income tax (benefit) expense	(5)		26
Net earnings (loss)	(21)		116
Less: Non-controlling interests	—		1
Net earnings (loss) attributable to F&G	(21)		115
Less: Preferred stock dividend	4		4
Net earnings (loss) attributable to F&G common shareholders	$	(25)	$	111
Earnings per share
Basic
Net earnings (loss) per share attributable to F&G common shareholders, basic	$	(0.20)	$	0.90
Diluted
Net earnings (loss) per share attributable to F&G common shareholders, diluted	$	(0.20)	$	0.88
Weighted average shares outstanding F&G common stock, basic basis	126		124
Weighted average shares outstanding F&G common stock, diluted basis	126		130

(a)The remeasurement gains (losses) for the three months ended March 31, 2025 and March 31, 2024 were $19 million and $7 million, respectively.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

5

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions)

	Three months ended March 31,
	2025		2024
	(Unaudited)
Net earnings (loss)	$	(21)	$	116
Other comprehensive income (loss), net:
Changes in current discount rate - future policy benefits	(86)		91
Changes in instrument-specific credit risk - market risk benefits	23		1
Unrealized gain (loss) on investments and other financial instruments	247		2
Unrealized gain (loss) on foreign currency translation	6		(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings (loss)	(1)		15
Other comprehensive income (loss)	189		107
Comprehensive income (loss)	168		223
Less: Comprehensive income (loss) attributable to non-controlling interests	—		1
Comprehensive income (loss) attributable to F&G	$	168	$	222

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

6

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in millions, except per share data)

(Unaudited)

	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity
Balance, December 31, 2023	$	—	$	—	$	3,185	$	1,926	$	(1,990)	$	(18)	$	—	$	3,103
Acquisition of non-controlling interest	—		—		—		—		—		—		136		136
Issuance of preferred stock	—		—		250		—		—		—		—		250
Treasury stock purchased	—		—		—		—		—		(6)		—		(6)
Stock-based compensation	—		—		7		—		—		—		—		7
Preferred stock dividends declared	—		—		—		(4)		—		—		—		(4)
Common stock dividends declared	—		—		—		(26)		—		—		—		(26)
Other comprehensive income (loss)	—		—		—		—		107		—		—		107
Net earnings	—		—		—		115		—		—		1		116
Balance, March 31, 2024	$	—	$	—	$	3,442	$	2,011	$	(1,883)	$	(24)	$	137	$	3,683

	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity
Balance, December 31, 2024	$	—	$	—	$	3,464	$	2,440	$	(1,923)	$	(30)	$	125	$	4,076
Treasury stock purchased	—		—		—		—		—		(3)		—		(3)
Issuance of common stock	—		—		269		—		—		—		—		269
Stock-based compensation	—		—		8		—		—		—		—		8
Preferred stock dividends declared	—		—		—		(4)		—		—		—		(4)
Common stock dividends declared	—		—		—		(26)		—		—		—		(26)
Dividends declared and distributions to non-controlling interests	—		—		—		—		—		—		(3)		(3)
Other comprehensive income (loss)	—		—		—		—		189		—		—		189
Net earnings (loss)	—		—		—		(21)		—		—		—		(21)
Balance, March 31, 2025	$	—	$	—	$	3,741	$	2,389	$	(1,734)	$	(33)	$	122	$	4,485

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

7

F&G ANNUITIES & LIFE, 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 (loss)	$	(21)	$	116
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	153		123
(Gain) loss on sales of investments and other assets and asset impairments, net	40		8
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 administration	(79)		(66)
Distributions from unconsolidated affiliates, return on investment	4		17
Stock-based compensation cost	8		7
Change in NAV of limited partnerships, net	(63)		(49)
Change in valuation of derivatives, equity and preferred securities and other assets, net	220		(223)
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	(13)		(22)
Change in derivative collateral liabilities	(135)		151
Change in future policy benefits	210		505
Change in funds withheld from reinsurers	648		940
Net change in income taxes	(12)		20
Net change in other assets and other liabilities	49		(184)
Net cash provided by operating activities	956		1,534
Cash Flows from Investing Activities:
Proceeds from sales, calls and maturities of investments	2,913		1,586
Additions to property and equipment and capitalized software	(5)		(7)
Purchases of investment securities	(4,986)		(3,629)
Net proceeds from sales, maturities and purchases of short-term investment securities	1,862		1,190
Other acquisitions/disposals, net of cash acquired	—		(268)
Additional investments in unconsolidated affiliates	(664)		(266)
Net increase in policy loans	(11)		(7)
Distributions from unconsolidated affiliates, return of investment	81		17
Net change in notes receivable	1		—
Net cash used in investing activities	(809)		(1,384)
Cash Flows from Financing Activities:
Borrowings	375		—
Debt issuance costs	(11)		(5)
Payment of contingent consideration for acquisitions	(10)		—
Net revolving credit facility (repayments) borrowings	—		—
Repayments of outstanding debt	(300)		—
Dividends paid	(30)		(26)
Dividends and distributions paid to non-controlling interest shareholders	(3)		—
Purchases of treasury stock	(3)		(6)
Issuance of preferred stock	—		250
Issuance of common stock	269		—
Contractholder account deposits	2,789		1,929
Contractholder account withdrawals	(2,194)		(1,483)
Net cash provided by financing activities	882		659
Net increase (decrease) in cash and cash equivalents	1,029		809
Cash and cash equivalents at beginning of period	2,264		1,563
Cash and cash equivalents at end of period	$	3,293	$	2,372

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

8

F&G ANNUITIES & LIFE, 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 F&G Annuities & Life, Inc. (“FGAL”) and its subsidiaries (collectively, “we”, “us”, “our”, the "Company" or “F&G”) 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 for the year ended December 31, 2024, filed on February 28, 2025.

Description of the Business

F&G is a majority-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”). We provide insurance solutions and market a broad portfolio of annuity and life insurance products through retail channels and institutional markets and earn commissions on the sale of insurance products through our owned distribution channels. For certain disclosures within this Quarterly Report on Form 10-Q, we have elected to aggregate business based on the applicable product type, the manner in which information is regularly reviewed by management and the nature of disclosures that exist outside the Company’s GAAP financial statements.

Retail distribution channels products include:

•Deferred annuities including fixed indexed annuities (“FIA”), registered index-linked annuities (“RILA”), (together referred to as “indexed annuities”) and fixed rate annuities including multi-year guarantee annuities (“MYGA”),

•Immediate annuities, and

•Indexed universal life (“IUL”) insurance.

Institutional markets products include:

•Pension risk transfer (“PRT”) solutions, and

•Funding agreements, including funding agreement backed notes (“FABN”) and Federal Home Loan Bank funding agreements (“FHLB”).

F&G has one reporting segment, which reflects the manner by which our chief operating decision maker (“CODM”), the Chief Executive Officer of F&G, views and manages the business. For information about our reporting segment refer to Note R - Segment Information.

Recent Developments

Dividends

On May 7, 2025, our Board of Directors declared a quarterly cash dividend of $0.8594 per share of FNF preferred stock for the period from April 15, 2025 to and excluding July 15, 2025, to be payable on July 15, 2025, to FNF preferred stock record holders on July 1, 2025. On May 7, 2025, our Board of Directors also declared a quarterly cash dividend of $0.22 per common share, payable on June 30, 2025, to F&G common shareholders of record as of June 16, 2025. Generally, no dividends will be declared or paid on F&G common stock and no common stock can be acquired by F&G unless all preferred dividends are declared and paid on the FNF preferred stock.

For the three months ended March 31, 2025 and 2024, we declared cash dividends of $0.22 and $0.21, respectively, per share of common stock and $0.8594 and $0.8976, respectively, per share of FNF preferred stock.

9

Common Stock Issuance

On March 24, 2025, we completed a public offering of 8,000,000 shares of common stock, par value $0.001 per share. In connection with the offering, we entered into an underwriting agreement, pursuant to which we 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 common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option subsequently expired unexercised. We intend 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.

7.300% F&G Junior Notes

On January 13, 2025, F&G completed its public offering of its 7.300% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the “7.300% F&G Notes”). F&G intends to use the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness.

Refer to Note L- Notes Payable for further information related to these financing facilities.

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 unaudited Condensed Consolidated Statements of Operations.

Updates to Summary of 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 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 Operations. The change in the fair value of these derivative instruments is included in operating activities in the unaudited Consolidated Statements of Cash Flows.

10

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 Operations 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 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 Operations 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 be 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 Operations.

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 Operations 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

11

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.

Refer to Note D - Derivatives for additional information on 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 the 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 the unaudited Condensed Consolidated Statements of Operations. Refer to Note B - Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note D – Derivatives, for additional information on these and other derivatives.

Earnings Per Share

Basic earnings per share (“EPS”), as presented on the unaudited Condensed Consolidated Statements of Operations, 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. Net earnings available to common shareholders is net earnings adjusted for net earnings attributable to non-controlling interests, preferred stock dividends, including preferred stock dividends declared. In periods when earnings are positive, diluted EPS 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. Certain shares of restricted stock, using the treasury stock method and, as of January 12, 2024, the FNF preferred stock, using the if-converted method, are treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which the effect is dilutive. The if-converted method assumes that the convertible preferred stock converts into common stock at the beginning of the period or date of issuance, if later.

Refer to Note Q - Earnings Per Share for more details over our calculation of EPS.

Comprehensive Income (Loss)

We report Comprehensive Income (Loss) in accordance with GAAP on the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) is defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total Comprehensive Income (Loss) is the activity in a period and is largely driven by net earnings in that period, Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income (loss), net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and (losses), net on the unaudited

12

Condensed Consolidated Statements of Operations. The income tax effects are released from AOCI when the related activity is reclassified to net earnings.

Other comprehensive income (loss) (“OCI”)

Changes in the balance of Other comprehensive income (loss) for the three months ended March 31, 2025 and 2024 by component are as follows (in millions).

	Three months ended March 31, 2025
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	(2,637)	$	798	$	(78)	$	(6)	$	(1,923)
Reclassification adjustments included in net earnings (b)	1		—		—		(2)		(1)
Other comprehensive income (loss) before tax, net of reclassifications	310		(107)		29		7		239
Deferred income tax (expense) benefit	(63)		21		(6)		(1)		(49)
Balance at March 31, 2025	$	(2,389)	$	712	$	(55)	$	(2)	$	(1,734)
	Three months ended March 31, 2024
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(2,479)	$	574	$	(83)	$	(2)	$	(1,990)
Reclassification adjustments included in net earnings (b)	15		—		—		—		15
Other comprehensive income (loss) before tax, net of reclassifications	2		115		1		(2)		116
Deferred income tax (expense) benefit	—		(24)		—		—		(24)
Balance at March 31, 2024	$	(2,462)	$	665	$	(82)	$	(4)	$	(1,883)

(a)Other includes changes in hedging instruments.

(b)Net of income tax benefit of an immaterial amount and $4 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Recent Accounting Pronouncements

Adopted Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the CODM and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. Additionally, the amendments require that entities with a single reportable segment must now provide all the disclosures previously required under Topic 280. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We

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adopted this standard as of December 31, 2024 using the retrospective approach for all periods presented as required. Refer to Note R - Segment Information for additional information.

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. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, and retrospective application is permitted. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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.

Note B — 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 (“exit price”) 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 (“entry price”). 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.

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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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Our assets and liabilities measured and carried at fair value on a recurring basis, summarized according to the hierarchy previously described, are as follows (in millions):

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	3,293	$	—	$	—	$	—	$	3,293
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,414		8,848		—		16,262
Commercial mortgage-backed securities	—		5,091		—		—		5,091
Corporates	40		18,474		2,986		—		21,500
Hybrids	35		471		6		—		512
Municipals	—		1,366		4		—		1,370
Residential mortgage-backed securities	—		2,738		3		—		2,741
U.S. Government	209		—		—		—		209
Foreign Governments	—		201		23		—		224
Preferred securities	118		128		7		—		253
Equity securities	79		—		—		22		101
Derivative investments	1		700		1		—		702
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32				32
Short term investments	494		15		40		—		549
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Total financial assets at fair value	$	4,269	$	36,598	$	12,420	$	22	$	53,309
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps, included in Accounts payable and accrued liabilities	—		—		1		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	—	$	(78)	$	6,016	$	—	$	5,938

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	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	2,264	$	—	$	—	$	—	$	2,264
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,506		8,143		—		15,649
Commercial mortgage-backed securities	—		5,131		—		—		5,131
Corporates	41		17,496		2,941		—		20,478
Hybrids	35		546		—		—		581
Municipals	—		1,346		—		—		1,346
Residential mortgage-backed securities	—		2,785		3		—		2,788
U.S. Government	158		—		—		—		158
Foreign Governments	—		182		4		—		186
Preferred securities	119		144		7		—		270
Equity securities	88		—		—		57		145
Derivative investments	—		789		3		—		792
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,355		18		37		—		2,410
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Total financial assets at fair value	$	5,060	$	35,943	$	11,642	$	57	$	52,702
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
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	—	$	(99)	$	5,843	$	—	$	5,744

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

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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 we 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 D - 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.

Loan receivable

Concurrent with the Roar Joint Venture, LLC (“Roar”) purchase agreement, we executed a separate loan agreement with the sellers of Roar. See Note P - Acquisitions for further details of the Roar acquisition. The loan is collateralized by the sellers’ minority equity stake in Roar. The loan receivable is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated cash flows at each measurement period and for each simulated path relative to the estimated collateral value. The Monte Carlo simulation utilizes the outstanding principal balance, a risk-adjusted discount rate, and risk-free rates to discount the expected cash flows and compare to the estimated collateral value for each payment period and simulated path. The discounted cash flow approach applies a company-specific discount rate to future expected interest and payoff payments to calculate the estimated fair value based on the average outcome from the simulation. This loan receivable is included in Level 3 and the inputs are considered unobservable, as not all market participants have access to this data.

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. See further discussion on the contingent consideration in Note N - Commitments and Contingencies.

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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 G - 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 (in millions):

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
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%)
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%)
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)	$	1,313

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	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $11,107 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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	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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%)
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%)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of 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)	$	1,356
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%)

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	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $10,286 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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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 (in millions). 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	2,941		(13)		35		345		(311)		(11)		—		2,986		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	7		(1)		1		—		—		—		—		7		—
Derivative investments	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Short term investments	37		—		—		3		—		—		—		40		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Subtotal assets at Level 3 fair value	11,453		$	(13)	$	37	$	1,406	$	(454)	$	(196)	$	—	12,233		$	33
Market risk benefits asset (b)	189														187
Total assets at Level 3 fair value	$	11,642													$	12,420
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 liabilities at Level 3 fair value	5,294		$	(65)	$	1	$	256	$	—	$	(105)	$	—	5,381		$	(1)
Market risk benefits liability (b)	549														635
Total liabilities at Level 3 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 G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

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	Three months ended March 31, 2024
	Balance at Beginning of Period		Total Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	1,970		—		13		217		—		(22)		—		2,178		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Interest rate swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Short-term investments	—		—		—		9		—		—		—		9		—
Subtotal assets at Level 3 fair value	9,564		$	(2)	$	121	$	990	$	(51)	$	(236)	$	(26)	10,360		$	121
Market risk benefits asset (b)	88														95
Total assets at Level 3 fair value	$	9,652													$	10,455
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 liabilities at Level 3 fair value	4,258		$	228	$	—	$	336	$	—	$	(67)	$	—	4,755		$	—
Market risk benefits liability (b)	403														425
Total liabilities at Level 3 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 G - 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. Refer to Note P - Acquisitions for more information.

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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

The fair value of investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient. 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.

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.

Investment Contracts

Investment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and 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.

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Notes Payable

The fair value of notes payable, with the exception of our revolving credit facility, is based on quoted market prices of debt with similar credit risk and tenor. The inputs used to measure the fair value of these notes payable results in a Level 2 classification within the fair value hierarchy.

The carrying value of our revolving credit facility approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. As such, the fair value of our revolving credit facility was classified as a Level 2 measurement. At March 31, 2025 and December 31, 2024, the outstanding balance of the revolving credit facility was $0.

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 (in millions).

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		399		—		399		399
Total	$	—	$	156	$	6,390	$	3,851	$	10,397	$	10,891
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Notes payable	—		2,290		—		—		2,290		2,234
Total	$	—	$	2,290	$	47,722	$	—	$	50,012	$	54,741

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		395		—		395		395
Total	$	—	$	153	$	5,824	$	3,288	$	9,265	$	9,871
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Notes payable	—		2,228		—		—		2,228		2,171
Total	$	—	$	2,228	$	46,339	$	—	$	48,567	$	53,355

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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.

Note C — Investments

Our investments in fixed maturity securities 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 within 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 are summarized as follows (in millions):

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	16,429	$	(15)	$	174	$	(326)	$	16,262
Commercial mortgage-backed securities	5,260		(50)		51		(170)		5,091
Corporates	23,956		(14)		149		(2,591)		21,500
Hybrids	537		—		3		(28)		512
Municipals	1,591		—		5		(226)		1,370
Residential mortgage-backed securities	2,780		(1)		41		(79)		2,741
U.S. Government	208		—		2		(1)		209
Foreign Governments	265		—		1		(42)		224
Total AFS securities	$	51,026	$	(80)	$	426	$	(3,463)	$	47,909

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	15,777	$	(13)	$	202	$	(317)	$	15,649
Commercial mortgage-backed securities	5,327		(49)		53		(200)		5,131
Corporates	23,177		—		103		(2,802)		20,478
Hybrids	604		—		6		(29)		581
Municipals	1,592		—		3		(249)		1,346
Residential mortgage-backed securities	2,861		—		32		(105)		2,788
U.S. Government	160		—		1		(3)		158
Foreign Governments	231		—		—		(45)		186
Total AFS securities	$	49,729	$	(62)	$	400	$	(3,750)	$	46,317

Securities held on deposit with various state regulatory authorities had a fair value of $16 million and $866 million at 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.

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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 $467 million and $465 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 (in millions). 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
Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities:
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 AFS securities	$	51,026	$	47,909

Allowance for Current 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, foreign 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

29

Recognized gains and (losses), net in the unaudited Condensed Consolidated Statements of Operations, 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 unaudited Condensed Consolidated Statements of Operations. 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 unaudited Condensed Consolidated Statements of Operations. The remainder of unrealized loss is held in AOCI in the unaudited Condensed Consolidated Statements of Equity.

The activity in the allowance for expected credit losses of AFS securities aggregated by investment category was as follows (in millions):

	Three months ended March 31, 2025
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(13)	$	—	$	(2)	$	—	$	—	$	—	$	—	$	(15)
Commercial mortgage-backed securities	(49)		(1)		—		—		—		—		—		(50)
Corporates	—		(14)				—		—		—		—		(14)
Residential mortgage-backed securities	—		—		(1)		—		—		—		—		(1)
Total AFS securities	$	(62)	$	(15)	$	(3)	$	—	$	—	$	—	$	—	$	(80)

	Three months ended March 31, 2024
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(11)	$	(1)	$	1	$	—	$	—	$	—	—		$	(11)
Commercial mortgage-backed securities	(22)		—		1		—		—		—		—		(21)
Residential mortgage-backed securities	(2)		—		1		—		—		—		—		(1)
Total AFS securities	$	(35)	$	(1)	$	3	$	—	$	—	$	—	$	—	$	(33)

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There were no purchases of purchased credit deteriorated AFS securities during the three months ended March 31, 2025 and for the year ended December 31, 2024.

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 (dollars in millions):

	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
AFS securities
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	693		(13)		1,336		(141)		2,029		(154)
Corporates	5,415		(138)		9,322		(2,453)		14,737		(2,591)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		985		(217)		1,164		(226)
Residential mortgage-backed securities	494		(4)		439		(69)		933		(73)
U.S. Government	6		—		10		(1)		16		(1)
Foreign Government	46		(1)		130		(42)		176		(43)
Total AFS securities	$	12,298	$	(218)	$	15,150	$	(3,209)	$	27,448	$	(3,427)
Total number of AFS securities in an unrealized loss position less than twelve months											1,839
Total number of AFS securities in an unrealized loss position twelve months or longer											2,064
Total number of AFS securities in an unrealized loss position											3,903

	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
AFS securities
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	699		(10)		1,508		(175)		2,207		(185)
Corporates	6,524		(202)		9,234		(2,600)		15,758		(2,802)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		966		(237)		1,227		(249)
Residential mortgage-backed securities	898		(16)		459		(89)		1,357		(105)
U.S. Government	93		(2)		10		(1)		103		(3)
Foreign Government	51		(1)		128		(44)		179		(45)
Total AFS securities	$	9,795	$	(277)	$	15,322	$	(3,447)	$	25,117	$	(3,724)
Total number of AFS securities in an unrealized loss position less than twelve months											1,838
Total number of AFS securities in an unrealized loss position twelve months or longer											2,113
Total number of AFS securities in an unrealized loss position											3,951

We determined the unrealized losses were caused by higher treasury rates compared to those at the time of the FNF 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 $80 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

31

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 5% 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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:
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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 loan-to-value ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024 (dollars in millions):

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025
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
Total 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
Total CMLs	$	2,535	$	166	$	21	$	2,722	100	%	$	2,404	100	%

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	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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
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
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 (dollars in millions):

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:
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.

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	December 31, 2024
	Amortized Cost		% of Total
U.S. States:
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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 (in millions):

	March 31, 2025		December 31, 2024
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 March 31, 2024.

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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.

Loan Modifications

Under certain circumstances, modifications are granted to mortgage loans. Generally, the types of concessions may include interest rate reduction, term extension, payment deferrals, principal forgiveness or a combination of these concessions. We had an immaterial amount of mortgage loans modified during the three months ended March 31, 2025 and March 31, 2024.

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 unaudited Condensed Consolidated Statements of Operations.

The allowances for our mortgage loan portfolio are summarized as follows (in millions):

	Three months ended March 31, 2025
	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
	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 March 31, 2024.

There were no purchases of purchased credit deteriorated mortgage loans during the three months ended March 31, 2025 and for the year ended December 31, 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.

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Interest and Investment Income

The major sources of Interest and investment income reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
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

Details underlying Recognized gains and (losses), net reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
Net realized (losses) on fixed maturity available-for-sale securities	$	(1)	$	(19)
Net realized/unrealized (losses) on equity securities (a)	(15)		(1)
Net realized/unrealized (losses) gains on preferred securities (b)	(1)		10
Net realized/unrealized gains on other invested assets	1		58
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(25)		21
Unrealized (losses) gains on certain derivative instruments	(159)		158
Change in fair value of reinsurance related embedded derivatives (c)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	—		3
Net realized/ unrealized (losses) gains on derivatives and embedded derivatives	(225)		164
Recognized gains and (losses), net	$	(263)	$	212

(a)Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(b)Includes net valuation gains of an immaterial amount and $9 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(c)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.

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

	Three months ended March 31,
	2025		2024
Proceeds	$	2,058	$	578
Gross gains	12		8
Gross losses	(13)		(24)

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 N - 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 (in millions):

	March 31, 2025				December 31, 2024
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,127	$	5,284	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	27,901	$	30,031	$	26,807	$	28,945

Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions):

	March 31, 2025		December 31, 2024
Blackstone Wave Asset Holdco (a)	$	689	$	710
Prime Notes LLC (b)	560		—
Blackstone Cooper Asset Holdco (a)	449		472

(a)Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

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(b)Represents institutional grade asset-backed securities.

Note D — 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 B - 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 (in millions):

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
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	$	—	$	29,594	$	773	$	—
Interest rate swaps (a)	5,545		59		—		5,040		16		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	37,619		724		5,238		34,752		822		5,121
Total derivatives	$	38,029	$	734	$	5,239	$	34,791	$	824	$	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 Operations are as follows (in millions):

	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
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	49		—		—		—
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	(225)		—		(67)		—
Total derivatives	$	(226)	$	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
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 (in millions):

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	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)
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 Operations. The change in the fair value of excluded components is recorded in 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 Operations 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 Operations.

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

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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 Operations. 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 Operations.

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 Operations.

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.

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

	Fair Value		Collateral		Net Credit Risk
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.

Note E — Reinsurance

F&G 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 F&G's retention limit is reinsured. F&G 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. F&G 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, F&G 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.

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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 March 31, 2024 were as follows (in millions):

	Three months ended March 31,
	2025				2024
	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 F&G 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. F&G 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 inforce 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 (in millions) 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
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.

F&G 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

F&G 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 Company (“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

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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

Note F — Intangibles

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 (in millions):

	March 31, 2025		December 31, 2024
Value of business acquired (“VOBA”)	$	1,311	$	1,349
Deferred acquisition costs (“DAC”)	3,172		3,036
Deferred sales inducements (“DSI”)	682		625
Value of distribution asset	71		74
Computer software	77		76
Definite lived trademarks, tradenames, and other	136		131
Customer relationships and contracts	264		273
Indefinite lived tradenames and other	8		8
Total Other intangible assets, net	$	5,721	$	5,572

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
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
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 Operations for the three months ended March 31, 2025 and March 31, 2024, respectively.

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The following tables roll forward DAC by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
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)
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 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 Operations for the three months ended March 31, 2025 and March 31, 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 (in millions):

	March 31, 2025		December 31, 2024
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 March 31, 2024 (in millions):

	Three Months Ended March 31,
	2025		2024
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 Operations for the three months ended March 31, 2025 and March 31, 2024, respectively.

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The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (“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.

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 annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2025, we updated the assumption for option budgets. For the year ended December 31, 2024, we updated assumptions including surrender rates, GMWB election timing, premium persistency, 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 update.

The following table rolls forward the customer relationship intangibles acquired in the Roar acquisition on January 2, 2024, and the PALH acquisition on July 18, 2024, (in millions). For more information, refer to Note P - Acquisitions.

	Three Months Ended March 31,
	2025		2024
Balance at January 1,	$	273	$	—
Acquired	—		179
Amortization	(9)		(9)
Balance at March 31,	$	264	$	170

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

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Note G — 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 (in millions):

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
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.

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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.

Note H — Income Taxes

The effective tax rate for the three months ended March 31, 2025 and March 31, 2024 was 19% and 18%, respectively. The effective tax rate on pre-tax income for the three months ended March 31, 2025 differs from the U.S. Federal statutory rate of 21% primarily due to the valuation allowance expense recorded on unrealized losses and capital loss carryforwards, partially offset by favorable permanent adjustments, including low income housing tax credits (“LIHTC”), the dividends received deduction (“DRD”), and company owned life insurance (“COLI”). The effective tax rate on pre-tax income for the three months ended March 31, 2024 differs from the U.S. Federal statutory rate of 21% primarily due to favorable permanent adjustments, including LIHTC, DRD, and COLI.

As of March 31, 2025, the Company had a partial valuation allowance of $58 million against its net deferred tax assets of $326 million. As of December 31, 2024, the Company had a partial valuation allowance of $58 million against its net deferred tax assets of $357 million. There was no change in the valuation allowance for the three months ended March 31, 2025. The valuation allowance consisted of a full valuation allowance on the unrealized capital loss deferred tax assets for F&G Life Re and the U.S. Non-life companies, a full valuation allowance on the foreign deferred tax assets on F&G Life Re, a full valuation allowance on the deferred capital loss carryforwards for the U.S. Non-life companies and F&G Cayman Re, and a partial valuation allowance on the capital loss deferred tax assets on the U.S. life insurance companies.

The valuation allowance is reviewed quarterly and will be maintained until there is sufficient positive evidence, if any, to support a release. At each reporting date, management considers new evidence, both positive and negative, that could impact the future realization of deferred tax assets. Management will consider a release of the valuation allowance once there is sufficient positive evidence that it is more likely than not that the deferred tax assets will be realized.

All other deferred tax assets are more likely than not to be realized based on expectations as to our future taxable income and considering all other available evidence, both positive and negative.

The Company makes certain investments in limited partnerships, which invest in affordable housing projects that qualify for the LIHTC. The Company’s investment in the funds is amortized through income tax expense on the unaudited Condensed Consolidated Statements of Operations using the proportional amortization method.

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The tax credits and other benefits recognized are included in the net change in income taxes on the unaudited Condensed Consolidated Statements of Cash Flows. The following table presents the impacts of the LIHTC investments included in income tax expense on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Three months ended March 31,
	2025		2024
Tax credits and other benefits recognized	$	(8)	$	(8)
Tax credit amortization expense	6		6
Total	$	(2)	$	(2)

At March 31, 2025 and December 31, 2024, LIHTC investments included in Prepaid expenses and other assets on the unaudited Condensed Consolidated Balance Sheets totaled $141 million and $135 million, respectively.

The Inflation Reduction Act of 2022 (the “IRA”) was signed into law on August 16, 2022. Among other changes, the IRA introduced a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income and a 1% excise tax on treasury stock repurchases. These provisions were effective January 1, 2023. For purposes of calculating adjusted financial statement income, the Company is included in the controlled group of FNF, its parent company. Though the Company is subject to the minimum tax, the Company does not expect to be in a perpetual CAMT position. The life companies will join the consolidated tax return group with FNF and file a life/non-life consolidated return once the five-year waiting period has completed in 2026, which should strengthen that position as FNF is not anticipating owing CAMT on its future returns. As a result, the Company has assessed that there is no material impact of CAMT to tax for the three months ended March 31, 2025.

The Corporate Income Tax Act of 2023 (“CIT”) was passed in Bermuda on December 27, 2023. The CIT commenced on January 1, 2025 and applies a statutory rate of 15% to the taxable income or loss of Bermuda tax resident entities and permanent establishments. F&G Life Re Ltd, a 953(d) company with no or minimal U.S. permanent tax differences, is not expected to owe any Bermuda CIT due to the foreign tax credit. As a result, the Company has assessed that there is no material impact of the CIT to tax for the three months ended March 31, 2025.

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Note I — Contractholder Funds

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

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
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)
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025		December 31, 2024
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 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 (in millions):

	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
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
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 J — 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 (in millions):

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums
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 (in millions):

	PRT
	March 31, 2025		December 31, 2024
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
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 (in millions):

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
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 (in millions). 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
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 (in millions):

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life
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	—		—		—		—

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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 Operations (in millions):

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
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 Operations.

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

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	%	—	%	—	%

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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.

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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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Note K - Accounts Payable and Accrued Liabilities

As of March 31, 2025 and December 31, 2024, the total unearned revenue liabilities (“URL”) balance of $436 million and $401 million, respectively, is included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. The following table presents a reconciliation of Accounts payable and accrued liabilities to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

	March 31, 2025		December 31, 2024
Salaries and incentives	$	56	$	116
Accrued benefits	67		67
URL	436		401
Trade accounts payable	202		147
Liability for policy and contract claims	113		102
Retained asset account	57		60
Remittances and items not allocated	381		224
Option collateral liabilities	544		679
Lease liability	9		10
Investment purchases payable	152		100
Contingent consideration	64		74
Accrued interest on notes payable	42		31
Interest rate swaps	—		10
Other accrued liabilities	191		198
Accounts payable and accrued liabilities	$	2,314	$	2,219

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

	Three Months Ended March 31,
	2025		2024
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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Note L — Notes Payable

The carrying amounts of notes payable are summarized as follows (in millions):

	March 31, 2025		December 31, 2024
6.250% F&G Senior Notes, net of $8 and $8 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	$	492	$	492
6.50% F&G Senior Notes, net of $5 and $5 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	545		545
7.95% F&G Senior Notes, net of $9 and $9 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	336		336
7.40% F&G Senior Notes, net of $3 and $3 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	497		497
5.50% F&G Senior Notes, net of $0 and $1 of purchase premium at March 31, 2025 and December 31, 2024, respectively	—		301
7.300% F&G Junior Notes, net of $11 and $0 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	364		—
Total	$	2,234	$	2,171

7.300% F&G Junior Notes - On January 13, 2025, F&G completed its public offering of its 7.300% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the “7.300% F&G Junior Notes”). F&G intends to use the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. The 7.300% 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 7.300% F&G Junior Notes mature on January 15, 2065, unless earlier repurchased or redeemed. The 7.300% 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 7.300% F&G Junior Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

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% 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. On and after the redemption date, interest ceased to accrue on the notes.

Revolving credit facility - F&G has a senior unsecured revolving credit agreement (the “Credit Agreement”). The balance outstanding was $0 at both March 31, 2025 and December 31, 2024, and total borrowing availability was $750 million as of March 31, 2025. The maturity date of the Credit Agreement is November 22, 2027.

Covenants - The Credit Agreement imposes and the indentures governing the 7.300% F&G Junior Notes, 6.250% F&G Senior Notes, 6.50% F&G Senior Notes, 7.95% F&G Senior Notes, 7.40% F&G Senior Notes and 5.50% F&G Senior Notes impose certain operating and financial restrictions on F&G. The Credit Agreement imposes certain financial covenants on F&G, and as of March 31, 2025, we were in compliance with all covenants.

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Interest Expense - Amortization of deferred issuance costs and purchase premiums are recognized as a component of interest expense. Interest expense on F&G’s outstanding notes payable for the three months ended March 31, 2025 and March 31, 2024 was as follows (in millions):

	Three months ended March 31,
	2025		2024
6.250% F&G Senior Notes	$	8	$	—
6.50% F&G Senior Notes	9		—
7.95% F&G Senior Notes	7		8
7.40% F&G Senior Notes	9		10
5.50% F&G Senior Notes	—		6
7.300% F&G Junior Notes	6		—
Revolving Credit Facility	1		6
Total	$	40	$	30

Note M — 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 (in millions):

	Three months ended March 31,
	2025		2024
Cash paid (refunded) for:
Interest paid	$	29	$	32
Income taxes paid (refunded)	—		1
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	48		(23)
Change in purchases of investments available for sale payable in period	53		171

Refer to Note P - Acquisitions for information on the acquisition of Roar including the assets acquired and liabilities and non-controlling interest assumed as of the acquisition date.

Note N — Commitments and Contingencies

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to approximately $90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones. The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Roar achieved the required EBITDA milestone based on results for the year ended December 31, 2024, and we made the first cash payment of $12 million during the quarter ended March 31, 2025. The remaining contingent consideration recorded at March 31, 2025 is $64 million. Refer to Note P - Acquisitions for more information on the Roar acquisition, and refer to Note B - Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

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. 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.

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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 insignificant as of March 31, 2025 and December 31, 2024. We do not consider (i) the amounts we have currently recorded for all legal proceedings in which it has been determined that a loss is both probable and reasonably estimable and (ii) reasonably possible losses for all pending legal proceedings to be material to our financial statements either 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.

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 (“IMO”), 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 the briefing is in process. The trial is expected to be set 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, F&G does not believe the lawsuit will have a material impact on its business, operations, or financial results.

On May 28, 2024, a stockholder derivative 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 FNF, in its capacity as F&G’s 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 the 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 to plaintiff’s complaint, and the remaining defendants, including FNF, filed their motion to dismiss Plantiff’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.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain 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 a F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. Cooper v. Progress Software Corp., No. 1:23-cv-12067 was filed against F&G and five other defendants in the District of

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Massachusetts on September 7, 2023. Cooper also alleges that he is a 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 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, F&G does not believe the incident will have a material impact on its 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. 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 the Company’s business, operations, or financial condition.

Commitments

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 (in millions):

	March 31, 2025
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, asset-backed securities	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
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 Operations. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Operations 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. Refer to Note P - Acquisitions for more information on the Roar acquisition and Note B - Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.

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Note O — 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)
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

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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 (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
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 P — Acquisitions

Owned Distribution - Acquisition of Roar Joint Venture, LLC

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar Joint Venture, LLC (“Roar”). Roar wholesales life insurance and annuity products to banks and broker-dealers through a network of agents. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to approximately $90 million over a three-year period upon the achievement of certain EBITDA milestones of Roar. See Note N - Commitments and Contingencies for a discussion of the first contingent consideration payment and remaining contingent consideration balance as of March 31, 2025.

The initial purchase price was as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of non-controlling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total initial consideration	$	316

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of January 2, 2024
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Non-controlling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the Roar acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. The total amount of goodwill recorded is expected to be deductible for tax purposes.

Roar’s revenues of $16 million and $23 million and net earnings attributable to F&G common shareholders of $1 million and $3 million are included in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively.

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Owned Distribution - Acquisition of PALH, LLC

On July 18, 2024, F&G acquired a 100% ownership stake in the equity of PALH, LLC (“PALH”). PALH markets and sells life insurance and annuity products of various insurance carriers to individuals through a network of agents. Prior to the acquisition date, PALH owned a 70% ownership stake in an operating company of which F&G owned 30% equity. Immediately before the acquisition date, the fair value of F&G’s minority stake in the operating company was approximately $92 million, derived from the transaction value. The transaction value contemplates measures such as EBITDA margin, revenue growth over time periods and growth opportunities. This remeasurement resulted in a realized gain of $2 million recorded in Recognized gains and (losses), net in the unaudited Condensed Consolidated Statements of Operations during the third quarter of 2024.

The purchase price was as follows (in millions):

Cash consideration	$	215
Less: Cash acquired	1
Net cash paid	214
Settlement of prepaid asset	8
Acquisition date fair value of previously held interests	92
Total consideration	$	314

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of July 18, 2024
Goodwill	$	162
Prepaid expenses and other assets	5
Other intangible assets	149
Total assets acquired	316
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Net assets acquired	$	314

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the PALH acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	131	20
Definite lived trademarks, tradenames, and other	18		5 to 10
Total Other intangible assets	$	149

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. A portion of the total amount of goodwill recorded is expected to be deductible for tax purposes.

PALH’s revenues and net loss attributable to F&G common shareholders of an immaterial amount and $3 million, respectively, are included in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025.

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Note Q - Earnings Per Share

The following table sets forth the computation of basic and diluted EPS (dollars and shares in millions except per share data):

	Three months ended March 31,
	2025		2024
Net earnings (loss)	$	(21)	$	116
Less: Non-controlling interests	—		1
Net earnings (loss) attributable to F&G	(21)		115
Less: Preferred stock dividend	4		4
Net earnings (loss) attributable to F&G common shareholders	$	(25)	$	111
Weighted-average common shares outstanding - basic	126		124
Dilutive effect of unvested restricted stock	—		1
Dilutive effect of mandatory convertible preferred stock	—		5
Weighted-average shares outstanding - diluted	126		130
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net	$	(0.20)	$	0.90
Diluted - net	$	(0.20)	$	0.88

Under applicable accounting guidance, companies in a loss position are required to use basic weighted average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our net loss for the three months ended March 31, 2025, the inclusion of approximately 1 million restricted shares and 5 million convertible preferred shares would have been antidilutive to the calculation. If we had not incurred a net loss for the three months ended March 31, 2025 dilutive potential common shares would have been 132 million.

Unless converted earlier in accordance with the terms of certificate of designations, each share of the FNF preferred stock will automatically convert on the mandatory conversion date, which is expected to be January 15, 2027, into between 0.9456 shares and 1.1111 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations.

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Note R - Segment Information

F&G has one reportable segment, which reflects the manner by which our CODM, the Chief Executive Officer of F&G, views and manages the business. F&G’s CODM uses the consolidated net earnings (loss) as reported on the unaudited Condensed Consolidated Statements of Operations to evaluate F&G’s results and measure profitability and performance. The measure of segment assets is reported on the unaudited Condensed Consolidated Balance Sheets as total consolidated assets.

Summarized financial information concerning our single reportable segment is shown in the following table (in millions).

	Three months ended March 31,
	2025		2024
Revenues:
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
Owned distribution revenues	16		23
Revenues from external customers	505		741
Interest and investment income	666		616
Recognized gains and (losses), net	(263)		212
Total revenues	908		1,569
Significant expenses (a):
Benefits and other changes in policy reserves	524		1,161
Personnel costs	67		66
Other operating expenses	41		58
Total significant expenses:	632		1,285
Other segment items
Market risk benefit (gains) losses	109		(11)
Depreciation and amortization	153		123
Interest expense	40		30
Total other segment items:	302		142
Total expenses	934		1,427
Earnings (loss) before income taxes	(26)		142
Income tax (benefit) expense	(5)		26
Net earnings (loss)	$	(21)	$	116

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

F&G derives its revenue from external customers primarily located in the United States. 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 annuities 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. 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. Other income related to riders is earned when elected by the policyholder. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract.

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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 Quarterly Report on Form 10-Q 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 our business relationships, including with our employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of activity in our sector or the sectors of our affiliated companies, which may be caused by, among other things, high or increasing interest rates, or a weak U.S. economy; significant competition that our operating subsidiaries face; compliance with extensive government regulation; 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; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the Securities and Exchange Commission (“SEC”).

Unless the context indicates otherwise, as used herein, the terms “we,” “us,” “our,” the “Company” or “F&G” refer collectively to F&G Annuities & Life, 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 recent business developments, see the discussion in Note A - Basis of Financial Statements in 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 Part I, Item 2.

Business Trends and Conditions

The following factors represent some of the key trends and uncertainties that have influenced the development of the Company and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of the Company in the future. See “Risk Factors” in this Quarterly Report on Form 10-Q and Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 for further discussion of risk factors that could affect our business.

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.

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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.

Interest Rate Environment

Some of our 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 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 “Quantitative and Qualitative Disclosure about Market Risk” in this Quarterly Report on Form 10-Q 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.

Critical Accounting Policies and Estimates

The accounting estimates described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2024 are those we consider critical in preparing our unaudited Condensed Consolidated Financial Statements. Management is required to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures with respect to contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. See Note A - Basis of Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our unaudited Condensed Consolidated Financial Statements.

Business Overview

We are in three distinct retail channels and two 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 acquisition of F&G on June 1, 2020 (the “FNF Acquisition”), 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”).

Additionally, we have expanded our owned distribution strategy with majority and minority ownership stakes in a number of IMOs, providing a diversified source of earnings while generating a meaningfully higher risk adjusted return on capital than retained business. Owned distribution further strengthens our relationships with key partners and with industry consolidation underway, we believe we are uniquely positioned to partner as a distribution consolidator. For our minority owned interests, our unaudited Condensed Consolidated Statements of Operations reflects dividend income in Interest and investment income. For our majority owned interests, unaffiliated commission revenue is recorded in Owned distribution revenue and unaffiliated expenses are recorded in Personnel costs and Other operating expenses in our unaudited Condensed Consolidated Statements of Operations.

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.

On December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of F&G. The purpose of the distribution was to enhance and more fully recognize the overall market value of each company. FNF retains control of F&G through ownership of approximately 82% of F&G common stock as of March 31, 2025.

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.

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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.

Our profitability depends in large part upon the amount of:

i.AUM (see “—Non-GAAP Financial Measures”),

ii.the excess of net investment income over the sum of interest credited to policyholders and the cost of hedging our risk on indexed product policies, earned on our average assets under management (“AAUM” — see “—Non-GAAP Financial Measures”),

iii.flow reinsurance fee income from allocating capital to the highest returning retained business while enhancing cash flow and generating fee-based earnings,

iv.owned distribution margin generated from a meaningfully higher risk adjusted return on capital than retained business and providing a diversifying source of earnings while further strengthening our relationships with key partners, and

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v.through our disciplined expense management and the costs of acquiring new business (principally commissions to agents and bonuses credited to policyholders).

As we grow AUM, earnings generally increase. AUM increases when cash inflows, which include sales, exceed cash outflows. Managing the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed product policies, involves the ability to maximize returns on our AUM and minimize risks such as interest rate changes and defaults or impairment of investments. It also includes our ability to manage interest rates credited to policyholders and costs of the options and futures purchased to fund the annual index credits on the indexed annuities/IULs. We analyze returns on AAUM to measure our profitability.

F&G 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 F&G's retention limit is reinsured. F&G 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. F&G 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, F&G 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. See Note E - Reinsurance to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, this Quarterly Report on Form 10-Q includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within this Quarterly Report on Form 10-Q.

Adjusted Net Earnings Attributable to Common Shareholders

Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:

(i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;

(ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of

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hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

(iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);

(iv) Transaction costs: the impacts related to acquisition, integration and merger related items;

(v) Other and “non-recurring,” “infrequent” or “unusual items”: Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company’s business nor reflect the Company’s underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;

(vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and

(vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.

While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

For example, we could have strong operating results in a given period, yet report net income that is materially less, if during such period the fair value of our derivative assets hedging the indexed annuity and IUL index credit obligations decreased due to general equity market conditions but the embedded derivative liability related to the index credit obligation did not decrease in the same proportion as the derivative assets because of non-equity market factors such as interest rate and non-performance credit spread movements. Similarly, we could also have poor operating results in a given period yet show net earnings (loss) that is materially greater, if during such period the fair value of the derivative assets increased but the embedded derivative liability did not increase in the same proportion as the derivative assets. We hedge our index credits with a combination of static and dynamic strategies, which can result in earnings volatility, the effects of which are generally likely to reverse over time. Our management and board of directors review adjusted net earnings and net earnings (loss) as part of their examination of our overall financial results. However, these examples illustrate the significant impact derivative and embedded derivative movements can have on our net earnings (loss). Accordingly, our management performs a review and analysis of these items, as part of their review of our hedging results each period.

Amounts attributable to the fair value accounting for derivatives hedging the indexed annuities and IUL index credits and the related embedded derivative liability fluctuate from period to period based upon changes in the derivative’s underlying index, changes in the interest rates and non-performance credit spreads used to discount the embedded derivative liability, and the fair value assumptions reflected in the embedded derivative liability. The accounting standards for fair value measurement require the discount rates used in the calculation of the embedded derivative liability to be based on risk-free interest rates adjusted for our non-performance as of the reporting date. The impact of the change in fair values of these derivatives and hedging costs has been removed from net earnings (loss) in calculating adjusted net earnings.

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Assets Under Management (“AUM”)

AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:

(i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;

(ii) investments in unconsolidated affiliates at carrying value;

(iii) related party loans and investments;

(iv) accrued investment income;

(v) the net payable/receivable for the purchase/sale of investments; and

(vi) cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

Average Assets Under Management (“AAUM”)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

Yield on AAUM

Yield on AAUM is calculated by dividing annualized GAAP net investment income by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM.

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Results of Operations

The results of operations for the three months ended March 31, 2025 and March 31, 2024 were as follows (in millions):

	Three months ended March 31,
	2025		2024
Revenues
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	(26)		142
Income tax expense (benefit)	(5)		26
Net earnings (loss)	(21)		116
Less: Non-controlling interests	—		1
Net earnings (loss) attributable to F&G	(21)		115
Less: Preferred stock dividend	4		4
Net earnings (loss) attributable to F&G common shareholders	$	(25)	$	111

The following table summarizes sales by product type (in millions) (see “Non-GAAP Financial Measures”):

	Three months ended March 31,
	2025		2024
Indexed annuities ("FIA/RILA")	$	1,461	$	1,437
Fixed rate annuities ("MYGA")	562		1,327
Total annuity	2,023		2,764
IUL	43		42
Funding agreements ("FABN/FHLB")	525		105
PRT	311		584
Gross sales	2,902		3,495
Sales attributable to flow reinsurance to third parties	(721)		(1,193)
Net sales	$	2,181	$	2,302

•Indexed annuity sales were slightly higher for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, and MYGA sales were lower for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. These changes reflect F&G's decision to allocate capital to indexed annuity sales given the ongoing favorable economic conditions and strong demand for retirement savings products, resulting in a reduction in MYGA sales.

•Funding agreements, reflecting new FABN and FHLB agreements, were higher for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, and are subject to fluctuation period to period based on economic conditions and the timing of entering the new agreements.

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•PRT sales decreased for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, reflecting the timing of PRT transactions that are also subject to fluctuation period to period. During the three months ended March 31, 2025, we closed two pension risk transfer transactions.

•Sales attributable to flow reinsurance to third parties were lower during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting the lower level of MYGA sales partially offset by the addition of new reinsurance that was effective July 1, 2024.

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 Operations, for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Three months ended March 31,
	2025		2024
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 (in millions):

	Three months ended March 31,
	2025		2024
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.

Our AAUM and yield on AAUM are summarized as follows (annualized) (dollars in millions) (see “Non-GAAP Financial Measures”):

	Three months ended March 31,
	2025			2024
Annualized interest and investment income	$	2,664		$	2,464
AAUM	$	53,877		$	49,400
Yield on AAUM (at amortized cost)	4.94		%	4.99		%

•AAUM was higher for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, reflecting net new business asset flows, stable inforce retention and net capital transaction proceeds.

•Interest and investment income was higher for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to $56 million from invested asset growth and $1 million of all other rate and mix impacts, partially offset by $7 million of lower returns on alternative investments.

Owned Distribution Revenues

Below is a summary of owned distribution revenues (in millions):

	Three months ended March 31,
	2025		2024
Owned distribution revenues	$	16	$	23

•Owned distribution revenues represent commissions received by our majority owned distribution partners generated from third-party annuity and life insurance sales. Override and bonus commissions are recognized as revenue at the effective date of each policy sold under a contract. Owned distribution revenues were lower for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily reflecting lower commission revenues.

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Recognized Gains and (Losses), Net

Below is a summary of the major components included in recognized gains and (losses), net (in millions):

	Three months ended March 31,
	2025		2024
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.

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.

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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 (dollars in millions):

	Three months ended March 31,
	2025			2024
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 (in millions):

	Three months ended March 31,
	2025		2024
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, we review 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 (Gains) Losses

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

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

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•Market risk benefit (gains) losses 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 (gains) losses are reported net of reinsurance, reflecting an amended reinsurance agreement effective July 1, 2024.

•Changes in market risk benefit (gains) losses 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 (in millions):

	Three months ended March 31,
	2025		2024
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 (in millions):

	Three months ended March 31,
	2025		2024
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.

Interest expense

Below is a summary of interest expense (in millions):

	Three months ended March 31,
	2025		2024
Interest expense	$	40	$	30

•Interest expense increased for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily reflecting interest on the debt issuances in 2024 and January 2025, partially offset by the payoff of the 5.50% Senior Notes due May 1, 2025 (the “5.50% F&G Senior Notes”) in February 2025, and the payoff of the revolving credit facility in 2024.

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Other Items Affecting Net Earnings

Income Tax Expense (Benefit)

Below is a summary of the major components included in income tax expense (benefit) (dollars in millions):

	Three months ended March 31,
	2025			2024
Earnings (loss) before taxes	$	(26)		$	142
Income tax (benefit) expense before valuation allowance	(7)			25
Change in valuation allowance	2			1
Income tax (benefit) expense	$	(5)		$	26
Effective rate	19		%	18		%

•Income tax benefit for the three months ended March 31, 2025 was $5 million, compared to income tax expense of $26 million for the three months ended March 31, 2024. The effective tax rate was 19% and 18% for the three months ended March 31, 2025 and March 31, 2024, respectively. The decrease in income tax expense period over period is primarily related to the decrease in pre-tax income.

Adjusted Net Earnings (See “—Non-GAAP Financial Measures”)

The table below shows the adjustments made to reconcile Net earnings (loss) attributable to common shareholders to Adjusted net earnings attributable to common shareholders (in millions):

	Three months ended March 31,
	2025		2024
Net earnings (loss) attributable to common shareholders	$	(25)	$	111
Non-GAAP adjustments:
Recognized (gains) and losses, net
Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets	15		(48)
Change in allowance for expected credit losses	22		1
Change in fair value of reinsurance related embedded derivatives	41		18
Change in fair value of other derivatives and embedded derivatives	(49)		61
Recognized (gains) losses, net	29		32
Market related liability adjustments	103		(55)
Purchase price amortization	15		22
Transaction costs, other and non-recurring items	1		—
Non-controlling interest	(2)		(3)
Income taxes adjustment	(30)		1
Adjusted net earnings attributable to common shareholders	$	91	$	108

The commentary below is intended to provide additional information on the significant income and expense items that help explain the trends in our adjusted net earnings for each time period, as we believe these items provide further clarity to the financial performance of the business.

•Adjusted net earnings of $91 million for the three months ended March 31, 2025 included income from a $16 million reinsurance true-up adjustment.  Investment income from alternative investments was $63 million below management’s long-term expected return of approximately 10%.

•Adjusted net earnings of $108 million for the three months ended March 31, 2024 included $2 million of other income items. Investment income from alternative investments was $52 million below management’s long-term expected return of approximately 10%.

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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 was divided among the following asset classes and sectors (dollars in millions):

	March 31, 2025				December 31, 2024
	Fair Value		Percent		Fair Value		Percent
Fixed maturity securities, available for sale:
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 at 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.

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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 a 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 a NAIC designation based upon the NAIC published comparison of NRSRO ratings to NAIC designations.

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 (dollars in millions) at 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
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	%

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 (dollars in millions).

	March 31, 2025
Top 10 Concentrations	Fair Value		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	%

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	December 31, 2024
Top 10 Concentrations	Fair Value		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 available-for-sale (“AFS”) securities by contractual maturities as of March 31, 2025 and December 31, 2024 (dollars in millions), 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, Foreign and U.S. Government securities:
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

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.

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The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS ABS portfolio (dollars in millions) at March 31, 2025 and December 31, 2024. Balances at 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
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 (dollars in millions) at March 31, 2025 and December 31, 2024. Balances at 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
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%

Municipal Bond Exposure

The following table summarizes our municipal bond exposure as of March 31, 2025 and December 31, 2024 (dollars in millions).

	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
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.

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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 57%, 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 C - 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

Our residential mortgage loans (“RMLs”) are closed end, amortizing loans, and 100% of the properties are in the United States. We diversify our 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. We define 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 C — 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 (dollars in millions):

	March 31, 2025
	Number of Securities	Amortized Cost		Allowance for Expected Credit Losses		Unrealized Losses		Fair Value
Fixed maturity securities, available for sale:
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:
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 (dollars in millions):

	March 31, 2025
	Number of Securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:
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:
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)

Expected Credit Losses and Watch List

We prepare 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.

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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 C - 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 C - 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 C - 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 unaudited Condensed Consolidated Balance Sheets.

See Note D - 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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Liquidity and Capital Resources

Liquidity refers to the ability of an enterprise to generate adequate amounts of cash from its normal operations to meet cash requirements with a prudent margin of safety. Our principal sources of cash flow from operating activities are annuity considerations, insurance premiums, and fees and investment income. We also generate cash inflows from investing activities resulting from maturities and sales of invested assets and from financing activities including inflows on our investment-type products, proceeds from borrowing activities and issuances of common and preferred stock. Our operating activities provided cash of $956 million and $1,534 million for the three months ended March 31, 2025 and March 31, 2024, respectively. When considering our liquidity and cash flow, it is important to distinguish between the needs of our insurance subsidiaries and the needs of the holding company, F&G Annuities & Life, Inc. As a holding company with no operations of its own, F&G Annuities & Life, Inc. derives its cash primarily from its insurance subsidiaries and CF Bermuda Holdings Ltd. (“CF Bermuda”), a Bermuda exempted limited liability company and a wholly owned direct subsidiary of the Company, a downstream holding company that provides additional sources of liquidity. Dividends from our insurance subsidiaries flow through CF Bermuda to F&G Annuities & Life, Inc. F&G Cayman Re, a licensed class D insurer in the Cayman Islands and a wholly owned direct subsidiary of the Company, could also provide dividends directly to F&G Annuities & Life, Inc.

The sources of liquidity of the holding company are principally comprised of dividends from subsidiaries, lines of credit (at the F&G Annuities & Life, Inc. level), existing surplus notes, investment income on holding company assets and the ability to raise long-term public financing under an SEC-filed registration statement or private placement offering. These sources of liquidity and cash flow support the general corporate needs of the holding company, interest and debt service, funding acquisitions and investment in core businesses.

On January 13, 2025, F&G completed its public offering of $375 million aggregate principal amount of its 7.300% Junior Subordinated Notes due 2065 (the “7.300% F&G Junior Notes”). The 7.300% F&G Junior Notes are guaranteed on an unsecured, subordinated basis and rank junior in right of payment to all of F&G’s Senior Indebtedness. F&G intends to use 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% 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.

On March 24, 2025, we completed a public offering of 8,000,000 shares of common stock, par value $0.001 per share. In connection with the offering, we entered into an underwriting agreement, pursuant to which we 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 common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option subsequently expired unexercised. We intend to use the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

Cash Requirements. Our current cash requirements include personnel costs, operating expenses, benefit payments, funding agreement payments, taxes, payments of interest and principal on our debt, capital expenditures, business acquisitions, stock repurchases and dividends on our common stock. During the first three months of 2025, we paid common and preferred dividends of approximately $30 million. During the first three months of 2024, we paid common dividends of approximately $26 million.

On May 7, 2025, our Board of Directors declared a quarterly cash dividend of $0.8594 per share on the FNF preferred stock for the period from April 15, 2025 to and excluding July 15, 2025, to be payable on July 15, 2025, to FNF preferred stock record holders on July 1, 2025. On May 7, 2025, our Board of Directors also declared a quarterly cash dividend of $0.22 per common share, payable on June 30, 2025, to F&G common shareholders of record as of June 16, 2025.

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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. Generally, no dividends will be declared or paid on F&G common stock and no common stock can be acquired by F&G unless all preferred dividends are declared and paid on the FNF preferred stock. The declaration of any future dividends is at the discretion of our Board of Directors.

There were no purchases of stock pursuant to our stock repurchase program during the three months ended March 31, 2025. At March 31, 2025, the total remaining authorization of F&G common stock that may be repurchased was approximately $32 million.

As of March 31, 2025 and December 31, 2024, we had Cash and cash equivalents of $3,293 million and $2,264 million, respectively, short term investments of $549 million and $2,410 million, respectively. As of March 31, 2025 we had $750 million of remaining capacity under our revolving credit facility and $200 million of capacity under our revolving credit facility with FNF (the “FNF Credit Facility”). No amount was outstanding under the FNF Credit Facility as of March 31, 2025. Refer to Financing Arrangements below and Note L - Notes Payable of the unaudited Condensed Consolidated Financial Statements in Part I - Item 1 of this Quarterly Report on Form 10-Q for further information regarding our borrowings.

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. As discussed below, our insurance subsidiaries are restricted by state regulation and other laws in their ability to pay dividends and make distributions.

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.

Dividend and Other Distribution Payment Limitations

The insurance laws of Iowa and New York regulate the amount of dividends that may be paid in any year by FGL Insurance and FGL NY Insurance, respectively. For the three months ended March 31, 2025, FGL Insurance did not pay dividends to its parent, Fidelity & Guaranty Life Holdings, Inc. (“FGLH”). FGL Insurance’s maximum ordinary dividend capacity for 2025 is $0. FGL NY Insurance has historically not paid dividends. Under the laws of the State of Vermont, Raven Re and Corbeau Re cannot pay dividends out of, or other distribution with respect to, capital or surplus, without prior approval. Likewise, the insurance laws of Bermuda limit the maximum amount of annual dividends and distributions that may be paid or distributed by F&G Life Re without prior regulatory approval and those of the Cayman Islands require that, among other things, F&G Cayman Re maintain minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of its financial condition and restrict payments of dividends and reductions of capital. Please refer to Note O - Insurance Subsidiary Financial Information and Regulatory Matters included in Part I - Item I of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2024 for additional details on risk-based capital, statutory capital and dividend and other distribution payment limitations.

Cash Flow from our Operations

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 March 31, 2024, were $956 million and $1,534 million, respectively. Cash provided by operations for the three months ended March 31, 2025 and March 31, 2024 included approximately $200 million and $490 million of net cash received for PRT transactions, respectively, included in the change in future policy benefits.

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Investing Cash Flows. Our cash used in investing activities for the three months ended March 31, 2025 and March 31, 2024, were $809 million and, $1,384 million, respectively, primarily reflecting net purchases of investments. Cash used in investing activities for the three months ended March 31, 2024 also included net cash outflows of $268 million for the Roar acquisition.

Financing Cash Flows. Our cash flows provided by financing activities for the three months ended March 31, 2025 and March 31, 2024, were $882 million and $659 million, respectively and reflected higher net contractholder deposits in 2025, as compared to 2024. Contractholder account deposits and withdrawals for the three months ended March 31, 2025 included FABN issuances of approximately $350 million, as compared to no FABN issuances for the three months ended March 31, 2024. In addition, cash provided by financing activities for the three months ended March 31, 2025 included borrowing proceeds of $375 million, and proceeds of $269 million from the issuance of F&G Common Stock, all discussed above, partially offset by the $300 million redemption of the 5.50% F&G Senior Notes and dividend payments of approximately $30 million. Cash provided by financing activities for the three months ended March 31, 2024 included proceeds of $250 million from the issuance of the FNF preferred stock partially offset by dividend payments of approximately $26 million.

Financing Arrangements. For a description of our financing arrangements see Note L - Notes Payable 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 commitments.

Reinsurance. See Note E - Reinsurance to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information on our reinsurance.

Preferred and Equity Security Investments. Our preferred and equity security investments may be subject to significant volatility. Currently prevailing accounting standards require us to record the change in fair value of preferred and equity 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. Throughout our history, we have entered in indemnifications in the ordinary course of business with our customers, suppliers, service providers, business partners and in certain instances, when we sold businesses. Additionally, we have indemnified our directors and officers who are, or were, serving at our request in such capacities. Although the specific terms or number of such arrangements is not precisely known due to the extensive history of our past operations, costs incurred to settle claims related to these indemnifications have not been material to our financial statements. We have no reason to believe that future costs to settle claims related to our former operations will have a material impact on our financial position, results of operations or cash flows.

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 commitments are funded or closed. Some investments require that funding occur over a period of months or years. Please refer to Note C - Investments and Note N - 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 commitments.

FHLB Collateral. We are currently a member of the FHLB and are required to maintain a collateral deposit that backs any funding agreements issued. We use these funding agreements as part of a spread enhancement strategy. We have the ability to obtain funding from the FHLB based on a percentage of the value of our assets, subject to the availability of eligible collateral. Collateral is pledged based on the outstanding balances of FHLB funding agreements. The amount of funding varies based on the type, rating and maturity of the collateral posted to the FHLB. Generally, U.S. government agency notes, mortgage-backed securities, municipal bonds, and commercial and residential whole loans are pledged to the FHLB as collateral. Market value fluctuations resulting from changes in interest rates, spreads and other risk factors for each type of asset are monitored and additional collateral is either pledged or released as needed.

Our borrowing capacity under these credit facilities does not have an expiration date as long as we maintain a

97

satisfactory level of creditworthiness based on the FHLB’s credit assessment. As of March 31, 2025 and December 31, 2024, we had $2,901 million and $2,852 million, respectively, in FHLB non-putable funding agreements included under contractholder funds on our unaudited Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, we had assets with a fair value of approximately $4,740 million and $4,289 million, respectively, which collateralized the FHLB funding agreements. Assets pledged to the FHLB are primarily included in fixed maturities, AFS, on our unaudited Condensed Consolidated Balance Sheets.

Collateral-Derivative Contracts. Under the terms of our ISDA agreements, we may receive from, or deliver to, counterparties collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex (“CSA”). The terms of the CSA call for us to pay interest on any cash received equal to the federal funds rate. As of March 31, 2025 and December 31, 2024, $621 million, and $771 million, respectively, of collateral was posted by our counterparties as they did not meet the net exposure thresholds. Collateral requirements are monitored on a daily basis and incorporate changes in market values of both the derivatives contract as well as the collateral pledged. Market value fluctuations are due to changes in interest rates, spreads and other risk factors.

Our cash flows associated with collateral received from and posted with counterparties change as the market value of the underlying derivative contract changes. As the value of a derivative asset declines (or increases), the collateral required to be posted by our counterparties would also decline (or increase). Likewise, when the value of a derivative liability declines (or increases), the collateral we are required to post to our counterparties would also decline (or increase).

Guarantor Financial Information

Our 6.250% F&G Senior Notes, 6.50% F&G Senior Notes, 7.40% F&G Senior Notes and 7.95% F&G Senior Notes are fully and unconditionally guaranteed on a senior, unsecured, unsubordinated basis, jointly and severally, by each of our existing and future direct and indirect subsidiaries that are guarantors of our obligations under the credit agreement (collectively, the “obligor group”). Refer to Note L - Notes Payable of the unaudited Condensed Consolidated Financial Statements in Part I - Item 1 of this Quarterly Report on Form 10-Q for further information regarding these borrowings.

Set forth below is summarized unaudited financial information of the obligor group, as presented on a combined basis (in millions). Intercompany transactions and balances within the obligor group have been eliminated. In addition, financial information of any non-guarantor subsidiaries, which would normally be consolidated by either F&G or the guarantors under GAAP, has been excluded from such presentation.

	Three months ended		Year ended
	March 31, 2025		December 31, 2024
Summarized Statement of Operations:
Total revenues	$	(24)	$	77
Total expenses	41		124
Income tax (expense) benefit	4		3
Net income (loss)	$	(61)	$	(44)
Summarized Balance Sheet:	March 31, 2025		December 31, 2024
Investments	$	30	$	334
Cash and cash equivalents	617		272
Goodwill	1,725		1,725
Due from non-guarantor affiliates	37		77
Other assets	38		42
Total assets	$	2,447	$	2,450
Notes payable	$	2,234	$	2,171
Other liabilities	119		167
Total liabilities	$	2,353	$	2,338

98

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are routinely subject to a variety of risks, as described in "Part I - Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2024 and, as applicable, Part II - Item 1A. Risk Factors included in this Quarterly Report on Form 10-Q. The risks related to our business also include certain market risks that may affect our financial instruments and certain liabilities.

At present, we face market risks associated with our marketable equity securities, liability for Contractholder funds, balances for MRBs which are subject to equity price volatility, and interest rate movements on our fixed income investments and liabilities for debt, FPBs, MRBs, and Contractholder funds.

We regularly assess these market risks and have established policies and business practices designed to protect against the adverse effects of these exposures.

Additionally, financial instruments, which potentially subject us to concentrations of credit risk, consist primarily of cash equivalents, derivatives, long term investments and short-term investments. We require placement of cash in financial institutions evaluated as highly creditworthy.

For information about our enterprise risk management and a description of our market risk exposures, including strategies used to manage our exposure to market risk, see "Part II - Item 7A. Quantitative and Qualitative Disclosures about Market Risk" included in our Annual Report on Form 10-K for the year ended December 31, 2024 and, as applicable, Part II - Item 1A. Risk Factors included in this Quarterly Report on Form 10-Q.

During the three months ended March 31, 2025, there were no material changes to our market risk exposures from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as described below.

Interest Rate Risk

An increase in the levels of interest rates of 100 basis points, with all other variables held constant, would result in a decrease in the fair value of our fixed maturity securities and certain investments in preferred securities of approximately $2.7 billion, a net decrease in the fair value of interest rate swaps of approximately $0.1 billion and a net decrease in the combined fair value of embedded derivatives and MRBs of approximately $0.6 billion at March 31, 2025. In addition, a 100bps shift in interest rates for our floating rate debt and funding agreements will increase or decrease floating expense by approximately $19 million per year. As noted in our Annual Report on Form 10-K for the year ended December 31, 2024, the impact to net earnings related to the interest rate swaps and floating rate notes payable and funding agreements will be significantly offset by corresponding changes in investment income associated with our floating rate investments.

Equity Price Risk

At March 31, 2025, a 10% decrease in market prices, with all other variables held constant, would result in a net decrease in the fair value of our equity securities portfolio of approximately $35 million.

Credit Risk and Counterparty Risk

See Note D - Derivative Financial Instruments in 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 exposure to credit loss for derivatives.

In the normal course of business, certain reinsurance recoverables are subject to reviews by the reinsurers. We are not aware of any material disputes arising from these reviews or other communications with the counterparties as of March 31, 2025 that would require an increase to the allowance for credit losses. For information on

99

concentrations of reinsurance risk, refer to Note E - Reinsurance in the unaudited Condensed Consolidated Financial Statements included in Part I - Item 1 of this Quarterly Report on Form 10-Q.

For further information on certain risk associated with our business, refer to Note N - Commitments and Contingencies in the unaudited Condensed Consolidated Financial Statements included in Part I - Item 1 of this Quarterly Report on Form 10-Q.

Use of Estimates and Assumptions

The preparation of our unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions used.

Concentrations of Financial Instruments

Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations - Investment Portfolio - Investment Concentrations included in Item 2 of Part I of this Quarterly Report on Form 10-Q regarding the top ten investment concentrations 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.

Refer to Note C - Investments in the unaudited Condensed Consolidated Financial Statements included in Part I - Item 1 of this Quarterly Report on Form 10-Q for our underlying investment concentrations that exceed 10% of shareholders equity as of March 31, 2025.

.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation was performed under the supervision and with participation of the Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this report. Based on that evaluation, the Company’s management, including the CEO and CFO, concluded that, as of March 31, 2025, the Company’s disclosure controls and procedures were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

Notwithstanding the foregoing, there can be no assurance that the Company’s disclosure controls and procedures will detect or uncover all failures of persons within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable, not absolute, assurance of achieving their control objectives.

Changes in Internal Control Over Financial Reporting

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

100

Limitations on the Effectiveness of Controls

A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

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Part II - Other Information

Item 1. Legal Proceedings

See discussion of legal proceedings in Note N - 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. You should be aware that these risk factors and other information may not describe every risk facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

There have been no material changes as of the date of this Quarterly Report on Form 10-Q 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

In 2023, F&G’s Board of Directors approved a new three-year stock repurchase program under which the Company may repurchase up to $50 million of F&G common stock. The Company believes the share repurchase program is an efficient means of returning cash to shareholders when we consider the shares to be undervalued. Purchases may be made from time to time by the Company in the open market at prevailing market prices or through privately negotiated transactions or accelerated share repurchase transactions through November 6, 2026. All purchases are currently planned to be held as Treasury Stock. The extent to which the Company repurchases its shares, and the timing of such purchases, will depend upon a variety of factors, including market conditions, regulatory requirements and other considerations, as determined by the Company. There were no repurchases of shares pursuant to the stock repurchase program for the three months ended March 31, 2025. At March 31, 2025, the total remaining authorization of F&G common stock that may be repurchased was approximately $32 million.

There were no unregistered sales of equity securities sold during the period covered by this Quarterly Report on Form 10-Q that were not previously included in a Current Report on Form 8-K.

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.

102

Item 6. Exhibits

The following is a list of exhibits filed or incorporated by reference as a part of this Quarterly Report on Form 10-Q.

Exhibit No.	Description of 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	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).
10.1 †	Employment Agreement between Fidelity & Guaranty Annuities & Life, Inc., and Conor Murphy effective as of April 1, 2025 (incorporated by reference to Exhibit 10.36 on the Company’s Annual Report on Form 10-K, filed with the Commission on February 28, 2025).
31.1 *	Certification of Chief Executive Officer, pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 *	Certification of Chief Financial Officer, pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 **	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 **	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS *	Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.
**	Furnished herewith.
†	Indicates management contract or compensatory plan or agreement.

103

Signatures

Pursuant to the requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		F&G Annuities & Life, Inc. (Registrant)
Date:	May 8, 2025	By:	/s/ Conor Murphy
			Conor Murphy
			Executive Vice President, Chief Financial Officer
			(on behalf of the Registrant and as Principal Financial Officer)

104

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Christopher O. Blunt, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of F&G Annuities & Life, 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 the 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

  /s/ Christopher O. Blunt

Christopher O. Blunt

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Conor Murphy, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of F&G Annuities & Life, 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 the 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

  /s/ Conor Murphy

Conor Murphy

Executive Vice President, Chief Financial Officer

(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of F&G Annuities & Life, Inc. (the “Company”) for the quarter ended March 31, 2025, as filed with the Securities and Exchange Commission (the “Report”), I, Christopher O. Blunt, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Date: May 8, 2025

  /s/ Christopher O. Blunt

Christopher O. Blunt

Chief Executive Officer

(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of F&G Annuities & Life, Inc. (the “Company”) for the quarter ended March 31, 2025, as filed with the Securities and Exchange Commission (the “Report”), I, Conor Murphy, Executive Vice President, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.To my knowledge, the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Date: May 8, 2025

  /s/ Conor Murphy

Conor Murphy

Executive Vice President, Chief Financial Officer

(Principal Financial Officer)

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	Mar. 31, 2025	Apr. 30, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-41490
Entity Registrant Name	F&G Annuities & Life, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2487422
Entity Address, Address Line One	801 Grand Avenue
Entity Address, Address Line Two	Suite 2600
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50309
City Area Code	866
Local Phone Number	846-4660
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
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Entity Common Stock, Shares Outstanding		134,762,569
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Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001934850
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	FG
Security Exchange Name	NYSE
7.950% Senior Notes Due 2053
Entity Information [Line Items]
Title of 12(b) Security	7.950% Senior Notes due 2053
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7.300% Junior Subordinated Notes due 2065
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2025 and December 31, 2024, at an amortized cost of $51,026 and $49,729, respectively, net of allowance for credit losses of $80 and $62, respectively	$ 47,909	$ 46,317
Derivative investments	702	792
Mortgage loans, net of allowance for credit losses of $73 and $70 at March 31, 2025 and December 31, 2024, respectively	6,366	5,926
Investments in unconsolidated affiliates (certain investments at fair value of $272 at both March 31, 2025 and December 31, 2024)	4,127	3,565
Other long-term investments	587	580
Policy loans	115	104
Short-term investments	549	2,410
Total investments	60,709	60,109
Cash and cash equivalents	3,293	2,264
Reinsurance recoverable, net of allowance for credit losses of $20 at both March 31, 2025 and December 31, 2024	14,746	13,369
Goodwill	2,179	2,179
Prepaid expenses and other assets (certain assets held at fair value of $11 at both March 31, 2025 and December 31, 2024)	904	950
Other intangible assets, net	5,721	5,572
Market risk benefits asset	187	189
Deferred tax asset, net	268	299
Total assets	88,007	84,931
Liabilities:
Contractholder funds	57,823	56,404
Future policy benefits	9,065	8,749
Market risk benefits liability	635	549
Accounts payable and accrued liabilities	2,314	2,219
Income taxes payable	9	5
Notes payable	2,234	2,171
Funds withheld for reinsurance liabilities	11,442	10,758
Total liabilities	83,522	80,855
Equity:
Preferred stock $0.001 par value; authorized 25,000,000 shares as of March 31, 2025 and December 31, 2024; outstanding and issued 5,000,000 shares as of March 31, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value; authorized 500,000,000 shares as of March 31, 2025 and December 31, 2024; outstanding of 134,707,419 and 126,792,844 as of March 31, 2025 and December 31, 2024, respectively; and issued of 135,917,408 and 127,952,143 as of March 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in-capital	3,741	3,464
Retained earnings	2,389	2,440
Accumulated other comprehensive (loss) income ("AOCI")	(1,734)	(1,923)
Treasury stock, at cost (1,209,989 shares and 1,159,299 shares as of March 31, 2025 and December 31, 2024, respectively)	(33)	(30)
Total F&G Annuities & Life, Inc. shareholders' equity	4,363	3,951
Non-controlling interests	122	125
Total equity	4,485	4,076
Total liabilities and equity	88,007	84,931
Preferred Stock
Investments:
Preferred and equity securities, at fair value	253	270
Equity Securities
Investments:
Preferred and equity securities, at fair value	$ 101	$ 145

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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	$ 51,026	$ 49,729
Fixed maturity securities, available-for-sale securities, allowance for credit losses	80	62
Mortgage loans allowance for credit losses	73	70
Investments in unconsolidated affiliates at fair value	272	272
Allowance for credit losses, reinsurance recoverable	20	20
Prepaid expenses assets held at fair value	$ 11	$ 11
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	5,000,000	5,000,000
Common stock, par or stated value per share (in usd per share)		$ 0.001
Common stock, shares authorized (in shares)		500,000,000
Common stock, outstanding (in shares)	134,707,419	126,792,844
Common stock, issued (in shares)	135,917,408	127,952,143
Treasury stock (in shares)	1,209,989	1,159,299

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Revenues:
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 (remeasurement gains (losses)	[1]	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		(26)	142
Income tax (benefit) expense		(5)	26
Net earnings (loss)		(21)	116
Less: Non-controlling interests		0	1
Net earnings (loss) attributable to F&G		(21)	115
Less: Preferred stock dividend		4	4
Net earnings (loss) attributable to F&G common shareholders		$ (25)	$ 111
Basic
Net earnings (loss) per share attributable to F&G common shareholders, basic (in usd per share)		$ (0.20)	$ 0.90
Diluted
Net earnings (loss) per share attributable to F&G common shareholders, diluted (in usd per share)		$ (0.20)	$ 0.88
Weighted average shares outstanding F&G common stock, basic basis (in shares)		126,000	124,000
Weighted average shares outstanding F&G common stock, diluted basis (in shares)		126,000	130,000

[1] The remeasurement gains (losses) for the three months ended March 31, 2025 and March 31, 2024 were $19 million and $7 million, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Remeasurement gains (losses)	$ 19	$ 7

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (21)	$ 116
Other comprehensive income (loss), net:
Changes in current discount rate - future policy benefits	(86)	91
Changes in instrument-specific credit risk - market risk benefits	23	1
Unrealized gain (loss) on investments and other financial instruments	247	2
Unrealized gain (loss) on foreign currency translation	6	(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings (loss)	(1)	15
Other comprehensive income (loss)	189	107
Comprehensive income (loss)	168	223
Less: Comprehensive income (loss) attributable to non-controlling interests	0	1
Comprehensive income (loss) attributable to F&G	$ 168	$ 222

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series A Preferred Stock	Additional Paid-in Capital Common Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non-controlling Interests
Balance, beginning at Dec. 31, 2023	$ 3,103			$ 3,185			$ 1,926	$ (1,990)	$ (18)	$ 0
Acquisition of non-controlling interest	136									136
Issuance of preferred stock		$ 250			$ 250
Treasury stock purchased	(6)								(6)
Stock-based compensation	7			7
Preferred stock dividends declared	(4)						(4)
Common stock dividends declared	(26)						(26)
Other comprehensive income (loss)	107							107
Net earnings (loss)	116						115			1
Balance, ending at Mar. 31, 2024	3,683			3,442			2,011	(1,883)	(24)	137
Balance, beginning at Dec. 31, 2024	4,076			3,464			2,440	(1,923)	(30)	125
Issuance of preferred stock			$ 269			$ 269
Treasury stock purchased	(3)								(3)
Stock-based compensation	8			8
Preferred stock dividends declared	(4)						(4)
Common stock dividends declared	(26)						(26)
Dividends declared and distributions to non-controlling interests	(3)									(3)
Other comprehensive income (loss)	189							189
Net earnings (loss)	(21)						(21)			0
Balance, ending at Mar. 31, 2025	$ 4,485			$ 3,741			$ 2,389	$ (1,734)	$ (33)	$ 122

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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 (loss)	$ (21)	$ 116
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	153	123
(Gain) loss on sales of investments and other assets and asset impairments, net	40	8
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 administration	(79)	(66)
Distributions from unconsolidated affiliates, return on investment	4	17
Stock-based compensation cost	8	7
Change in NAV of limited partnerships, net	(63)	(49)
Change in valuation of derivatives, equity and preferred securities and other assets, net	220	(223)
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	(13)	(22)
Change in derivative collateral liabilities	(135)	151
Change in future policy benefits	210	505
Change in funds withheld from reinsurers	648	940
Net change in income taxes	(12)	20
Net change in other assets and other liabilities	49	(184)
Net cash provided by operating activities	956	1,534
Cash Flows from Investing Activities:
Proceeds from sales, calls and maturities of investments	2,913	1,586
Additions to property and equipment and capitalized software	(5)	(7)
Purchases of investment securities	(4,986)	(3,629)
Net proceeds from sales, maturities and purchases of short-term investment securities	1,862	1,190
Other acquisitions/disposals, net of cash acquired	0	(268)
Additional investments in unconsolidated affiliates	(664)	(266)
Net increase in policy loans	(11)	(7)
Distributions from unconsolidated affiliates, return of investment	81	17
Net change in notes receivable	1	0
Net cash used in investing activities	(809)	(1,384)
Cash Flows from Financing Activities:
Borrowings	375	0
Debt issuance costs	(11)	(5)
Payment of contingent consideration for acquisitions	(10)	0
Net revolving credit facility (repayments) borrowings	0	0
Repayments of outstanding debt	(300)	0
Dividends paid	(30)	(26)
Dividends and distributions paid to non-controlling interest shareholders	(3)	0
Purchases of treasury stock	(3)	(6)
Issuance of preferred stock	0	250
Issuance of common stock	269	0
Contractholder account deposits	2,789	1,929
Contractholder account withdrawals	(2,194)	(1,483)
Net cash provided by financing activities	882	659
Net increase (decrease) in cash and cash equivalents	1,029	809
Cash and cash equivalents at beginning of period	2,264	1,563
Cash and cash equivalents at end of period	$ 3,293	$ 2,372

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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 F&G Annuities & Life, Inc. (“FGAL”) and its subsidiaries (collectively, “we”, “us”, “our”, the "Company" or “F&G”) 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 for the year ended December 31, 2024, filed on February 28, 2025.

Description of the Business

F&G is a majority-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”). We provide insurance solutions and market a broad portfolio of annuity and life insurance products through retail channels and institutional markets and earn commissions on the sale of insurance products through our owned distribution channels. For certain disclosures within this Quarterly Report on Form 10-Q, we have elected to aggregate business based on the applicable product type, the manner in which information is regularly reviewed by management and the nature of disclosures that exist outside the Company’s GAAP financial statements.

Retail distribution channels products include:

•Deferred annuities including fixed indexed annuities (“FIA”), registered index-linked annuities (“RILA”), (together referred to as “indexed annuities”) and fixed rate annuities including multi-year guarantee annuities (“MYGA”),

•Immediate annuities, and

•Indexed universal life (“IUL”) insurance.

Institutional markets products include:

•Pension risk transfer (“PRT”) solutions, and

•Funding agreements, including funding agreement backed notes (“FABN”) and Federal Home Loan Bank funding agreements (“FHLB”).

F&G has one reporting segment, which reflects the manner by which our chief operating decision maker (“CODM”), the Chief Executive Officer of F&G, views and manages the business. For information about our reporting segment refer to Note R - Segment Information.

Recent Developments

Dividends

On May 7, 2025, our Board of Directors declared a quarterly cash dividend of $0.8594 per share of FNF preferred stock for the period from April 15, 2025 to and excluding July 15, 2025, to be payable on July 15, 2025, to FNF preferred stock record holders on July 1, 2025. On May 7, 2025, our Board of Directors also declared a quarterly cash dividend of $0.22 per common share, payable on June 30, 2025, to F&G common shareholders of record as of June 16, 2025. Generally, no dividends will be declared or paid on F&G common stock and no common stock can be acquired by F&G unless all preferred dividends are declared and paid on the FNF preferred stock.

For the three months ended March 31, 2025 and 2024, we declared cash dividends of $0.22 and $0.21, respectively, per share of common stock and $0.8594 and $0.8976, respectively, per share of FNF preferred stock.

Common Stock Issuance

On March 24, 2025, we completed a public offering of 8,000,000 shares of common stock, par value $0.001 per share. In connection with the offering, we entered into an underwriting agreement, pursuant to which we 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 common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option subsequently expired unexercised. We intend 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.

7.300% F&G Junior Notes

On January 13, 2025, F&G completed its public offering of its 7.300% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the “7.300% F&G Notes”). F&G intends to use the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness.

Refer to Note L- Notes Payable for further information related to these financing facilities.

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 unaudited Condensed Consolidated Statements of Operations.

Updates to Summary of 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 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 Operations. 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 Operations 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 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 Operations 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 be 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 Operations.

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 Operations 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.

Refer to Note D - Derivatives for additional information on 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 the 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 the unaudited Condensed Consolidated Statements of Operations. Refer to Note B - Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note D – Derivatives, for additional information on these and other derivatives.

Earnings Per Share

Basic earnings per share (“EPS”), as presented on the unaudited Condensed Consolidated Statements of Operations, 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. Net earnings available to common shareholders is net earnings adjusted for net earnings attributable to non-controlling interests, preferred stock dividends, including preferred stock dividends declared. In periods when earnings are positive, diluted EPS 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. Certain shares of restricted stock, using the treasury stock method and, as of January 12, 2024, the FNF preferred stock, using the if-converted method, are treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which the effect is dilutive. The if-converted method assumes that the convertible preferred stock converts into common stock at the beginning of the period or date of issuance, if later.

Refer to Note Q - Earnings Per Share for more details over our calculation of EPS.

Comprehensive Income (Loss)

We report Comprehensive Income (Loss) in accordance with GAAP on the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) is defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total Comprehensive Income (Loss) is the activity in a period and is largely driven by net earnings in that period, Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income (loss), net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and (losses), net on the unaudited

Condensed Consolidated Statements of Operations. The income tax effects are released from AOCI when the related activity is reclassified to net earnings.

Other comprehensive income (loss) (“OCI”)

Changes in the balance of Other comprehensive income (loss) for the three months ended March 31, 2025 and 2024 by component are as follows (in millions).

	Three months ended March 31, 2025
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	(2,637)	$	798	$	(78)	$	(6)	$	(1,923)
Reclassification adjustments included in net earnings (b)	1		—		—		(2)		(1)
Other comprehensive income (loss) before tax, net of reclassifications	310		(107)		29		7		239
Deferred income tax (expense) benefit	(63)		21		(6)		(1)		(49)
Balance at March 31, 2025	$	(2,389)	$	712	$	(55)	$	(2)	$	(1,734)
	Three months ended March 31, 2024
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(2,479)	$	574	$	(83)	$	(2)	$	(1,990)
Reclassification adjustments included in net earnings (b)	15		—		—		—		15
Other comprehensive income (loss) before tax, net of reclassifications	2		115		1		(2)		116
Deferred income tax (expense) benefit	—		(24)		—		—		(24)
Balance at March 31, 2024	$	(2,462)	$	665	$	(82)	$	(4)	$	(1,883)

(a)Other includes changes in hedging instruments.

(b)Net of income tax benefit of an immaterial amount and $4 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

Recent Accounting Pronouncements

Adopted Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the CODM and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. Additionally, the amendments require that entities with a single reportable segment must now provide all the disclosures previously required under Topic 280. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We

adopted this standard as of December 31, 2024 using the retrospective approach for all periods presented as required. Refer to Note R - Segment Information for additional information.

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. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, and retrospective application is permitted. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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.

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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 (“exit price”) 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 (“entry price”). 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.

Our assets and liabilities measured and carried at fair value on a recurring basis, summarized according to the hierarchy previously described, are as follows (in millions):

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	3,293	$	—	$	—	$	—	$	3,293
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,414		8,848		—		16,262
Commercial mortgage-backed securities	—		5,091		—		—		5,091
Corporates	40		18,474		2,986		—		21,500
Hybrids	35		471		6		—		512
Municipals	—		1,366		4		—		1,370
Residential mortgage-backed securities	—		2,738		3		—		2,741
U.S. Government	209		—		—		—		209
Foreign Governments	—		201		23		—		224
Preferred securities	118		128		7		—		253
Equity securities	79		—		—		22		101
Derivative investments	1		700		1		—		702
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32				32
Short term investments	494		15		40		—		549
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Total financial assets at fair value	$	4,269	$	36,598	$	12,420	$	22	$	53,309
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps, included in Accounts payable and accrued liabilities	—		—		1		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	—	$	(78)	$	6,016	$	—	$	5,938

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	2,264	$	—	$	—	$	—	$	2,264
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,506		8,143		—		15,649
Commercial mortgage-backed securities	—		5,131		—		—		5,131
Corporates	41		17,496		2,941		—		20,478
Hybrids	35		546		—		—		581
Municipals	—		1,346		—		—		1,346
Residential mortgage-backed securities	—		2,785		3		—		2,788
U.S. Government	158		—		—		—		158
Foreign Governments	—		182		4		—		186
Preferred securities	119		144		7		—		270
Equity securities	88		—		—		57		145
Derivative investments	—		789		3		—		792
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,355		18		37		—		2,410
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Total financial assets at fair value	$	5,060	$	35,943	$	11,642	$	57	$	52,702
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
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	—	$	(99)	$	5,843	$	—	$	5,744

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 we 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 D - 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.

Loan receivable

Concurrent with the Roar Joint Venture, LLC (“Roar”) purchase agreement, we executed a separate loan agreement with the sellers of Roar. See Note P - Acquisitions for further details of the Roar acquisition. The loan is collateralized by the sellers’ minority equity stake in Roar. The loan receivable is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated cash flows at each measurement period and for each simulated path relative to the estimated collateral value. The Monte Carlo simulation utilizes the outstanding principal balance, a risk-adjusted discount rate, and risk-free rates to discount the expected cash flows and compare to the estimated collateral value for each payment period and simulated path. The discounted cash flow approach applies a company-specific discount rate to future expected interest and payoff payments to calculate the estimated fair value based on the average outcome from the simulation. This loan receivable is included in Level 3 and the inputs are considered unobservable, as not all market participants have access to this data.

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. See further discussion on the contingent consideration in Note N - Commitments and Contingencies.

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 G - 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 (in millions):

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
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%)
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%)
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)	$	1,313

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $11,107 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.

	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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%)
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%)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of 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)	$	1,356
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%)

	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $10,286 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 (in millions). 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	2,941		(13)		35		345		(311)		(11)		—		2,986		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	7		(1)		1		—		—		—		—		7		—
Derivative investments	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Short term investments	37		—		—		3		—		—		—		40		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Subtotal assets at Level 3 fair value	11,453		$	(13)	$	37	$	1,406	$	(454)	$	(196)	$	—	12,233		$	33
Market risk benefits asset (b)	189														187
Total assets at Level 3 fair value	$	11,642													$	12,420
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 liabilities at Level 3 fair value	5,294		$	(65)	$	1	$	256	$	—	$	(105)	$	—	5,381		$	(1)
Market risk benefits liability (b)	549														635
Total liabilities at Level 3 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 G - 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	1,970		—		13		217		—		(22)		—		2,178		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Interest rate swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Short-term investments	—		—		—		9		—		—		—		9		—
Subtotal assets at Level 3 fair value	9,564		$	(2)	$	121	$	990	$	(51)	$	(236)	$	(26)	10,360		$	121
Market risk benefits asset (b)	88														95
Total assets at Level 3 fair value	$	9,652													$	10,455
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 liabilities at Level 3 fair value	4,258		$	228	$	—	$	336	$	—	$	(67)	$	—	4,755		$	—
Market risk benefits liability (b)	403														425
Total liabilities at Level 3 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 G - 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. Refer to Note P - Acquisitions for more information.

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

The fair value of investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient. 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.

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.

Investment Contracts

Investment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and 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.

Notes Payable

The fair value of notes payable, with the exception of our revolving credit facility, is based on quoted market prices of debt with similar credit risk and tenor. The inputs used to measure the fair value of these notes payable results in a Level 2 classification within the fair value hierarchy.

The carrying value of our revolving credit facility approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. As such, the fair value of our revolving credit facility was classified as a Level 2 measurement. At March 31, 2025 and December 31, 2024, the outstanding balance of the revolving credit facility was $0.

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 (in millions).

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		399		—		399		399
Total	$	—	$	156	$	6,390	$	3,851	$	10,397	$	10,891
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Notes payable	—		2,290		—		—		2,290		2,234
Total	$	—	$	2,290	$	47,722	$	—	$	50,012	$	54,741

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		395		—		395		395
Total	$	—	$	153	$	5,824	$	3,288	$	9,265	$	9,871
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Notes payable	—		2,228		—		—		2,228		2,171
Total	$	—	$	2,228	$	46,339	$	—	$	48,567	$	53,355

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 investments in fixed maturity securities 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 within 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 are summarized as follows (in millions):

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	16,429	$	(15)	$	174	$	(326)	$	16,262
Commercial mortgage-backed securities	5,260		(50)		51		(170)		5,091
Corporates	23,956		(14)		149		(2,591)		21,500
Hybrids	537		—		3		(28)		512
Municipals	1,591		—		5		(226)		1,370
Residential mortgage-backed securities	2,780		(1)		41		(79)		2,741
U.S. Government	208		—		2		(1)		209
Foreign Governments	265		—		1		(42)		224
Total AFS securities	$	51,026	$	(80)	$	426	$	(3,463)	$	47,909

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	15,777	$	(13)	$	202	$	(317)	$	15,649
Commercial mortgage-backed securities	5,327		(49)		53		(200)		5,131
Corporates	23,177		—		103		(2,802)		20,478
Hybrids	604		—		6		(29)		581
Municipals	1,592		—		3		(249)		1,346
Residential mortgage-backed securities	2,861		—		32		(105)		2,788
U.S. Government	160		—		1		(3)		158
Foreign Governments	231		—		—		(45)		186
Total AFS securities	$	49,729	$	(62)	$	400	$	(3,750)	$	46,317

Securities held on deposit with various state regulatory authorities had a fair value of $16 million and $866 million at 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 $467 million and $465 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 (in millions). 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
Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities:
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 AFS securities	$	51,026	$	47,909

Allowance for Current 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, foreign 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 Operations, 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 unaudited Condensed Consolidated Statements of Operations. 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 unaudited Condensed Consolidated Statements of Operations. The remainder of unrealized loss is held in AOCI in the unaudited Condensed Consolidated Statements of Equity.

The activity in the allowance for expected credit losses of AFS securities aggregated by investment category was as follows (in millions):

	Three months ended March 31, 2025
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(13)	$	—	$	(2)	$	—	$	—	$	—	$	—	$	(15)
Commercial mortgage-backed securities	(49)		(1)		—		—		—		—		—		(50)
Corporates	—		(14)				—		—		—		—		(14)
Residential mortgage-backed securities	—		—		(1)		—		—		—		—		(1)
Total AFS securities	$	(62)	$	(15)	$	(3)	$	—	$	—	$	—	$	—	$	(80)

	Three months ended March 31, 2024
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(11)	$	(1)	$	1	$	—	$	—	$	—	—		$	(11)
Commercial mortgage-backed securities	(22)		—		1		—		—		—		—		(21)
Residential mortgage-backed securities	(2)		—		1		—		—		—		—		(1)
Total AFS securities	$	(35)	$	(1)	$	3	$	—	$	—	$	—	$	—	$	(33)

There were no purchases of purchased credit deteriorated AFS securities during the three months ended March 31, 2025 and for the year ended December 31, 2024.

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 (dollars in millions):

	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
AFS securities
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	693		(13)		1,336		(141)		2,029		(154)
Corporates	5,415		(138)		9,322		(2,453)		14,737		(2,591)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		985		(217)		1,164		(226)
Residential mortgage-backed securities	494		(4)		439		(69)		933		(73)
U.S. Government	6		—		10		(1)		16		(1)
Foreign Government	46		(1)		130		(42)		176		(43)
Total AFS securities	$	12,298	$	(218)	$	15,150	$	(3,209)	$	27,448	$	(3,427)
Total number of AFS securities in an unrealized loss position less than twelve months											1,839
Total number of AFS securities in an unrealized loss position twelve months or longer											2,064
Total number of AFS securities in an unrealized loss position											3,903

	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
AFS securities
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	699		(10)		1,508		(175)		2,207		(185)
Corporates	6,524		(202)		9,234		(2,600)		15,758		(2,802)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		966		(237)		1,227		(249)
Residential mortgage-backed securities	898		(16)		459		(89)		1,357		(105)
U.S. Government	93		(2)		10		(1)		103		(3)
Foreign Government	51		(1)		128		(44)		179		(45)
Total AFS securities	$	9,795	$	(277)	$	15,322	$	(3,447)	$	25,117	$	(3,724)
Total number of AFS securities in an unrealized loss position less than twelve months											1,838
Total number of AFS securities in an unrealized loss position twelve months or longer											2,113
Total number of AFS securities in an unrealized loss position											3,951

We determined the unrealized losses were caused by higher treasury rates compared to those at the time of the FNF 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 $80 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 5% 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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:
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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 loan-to-value ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024 (dollars in millions):

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025
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
Total 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
Total 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
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
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
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
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 (dollars in millions):

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:
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:
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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 (in millions):

	March 31, 2025		December 31, 2024
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 March 31, 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.

Loan Modifications

Under certain circumstances, modifications are granted to mortgage loans. Generally, the types of concessions may include interest rate reduction, term extension, payment deferrals, principal forgiveness or a combination of these concessions. We had an immaterial amount of mortgage loans modified during the three months ended March 31, 2025 and March 31, 2024.

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 unaudited Condensed Consolidated Statements of Operations.

The allowances for our mortgage loan portfolio are summarized as follows (in millions):

	Three months ended March 31, 2025
	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
	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 March 31, 2024.

There were no purchases of purchased credit deteriorated mortgage loans during the three months ended March 31, 2025 and for the year ended December 31, 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 unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
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

Details underlying Recognized gains and (losses), net reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
Net realized (losses) on fixed maturity available-for-sale securities	$	(1)	$	(19)
Net realized/unrealized (losses) on equity securities (a)	(15)		(1)
Net realized/unrealized (losses) gains on preferred securities (b)	(1)		10
Net realized/unrealized gains on other invested assets	1		58
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(25)		21
Unrealized (losses) gains on certain derivative instruments	(159)		158
Change in fair value of reinsurance related embedded derivatives (c)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	—		3
Net realized/ unrealized (losses) gains on derivatives and embedded derivatives	(225)		164
Recognized gains and (losses), net	$	(263)	$	212

(a)Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(b)Includes net valuation gains of an immaterial amount and $9 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(c)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 (in millions):

	Three months ended March 31,
	2025		2024
Proceeds	$	2,058	$	578
Gross gains	12		8
Gross losses	(13)		(24)

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 N - 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 (in millions):

	March 31, 2025				December 31, 2024
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,127	$	5,284	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	27,901	$	30,031	$	26,807	$	28,945

Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions):

	March 31, 2025		December 31, 2024
Blackstone Wave Asset Holdco (a)	$	689	$	710
Prime Notes LLC (b)	560		—
Blackstone Cooper Asset Holdco (a)	449		472

(a)Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

(b)Represents institutional grade asset-backed securities.

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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 B - 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 (in millions):

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
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	$	—	$	29,594	$	773	$	—
Interest rate swaps (a)	5,545		59		—		5,040		16		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	37,619		724		5,238		34,752		822		5,121
Total derivatives	$	38,029	$	734	$	5,239	$	34,791	$	824	$	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 Operations are as follows (in millions):

	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
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	49		—		—		—
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	(225)		—		(67)		—
Total derivatives	$	(226)	$	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
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 (in millions):

	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)
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 Operations. The change in the fair value of excluded components is recorded in 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 Operations 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 Operations.

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 Operations. 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 Operations.

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 Operations.

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 (in millions):

	Fair Value		Collateral		Net Credit Risk
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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Reinsurance

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Reinsurance

Reinsurance

F&G 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 F&G's retention limit is reinsured. F&G 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. F&G 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, F&G 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 March 31, 2024 were as follows (in millions):

	Three months ended March 31,
	2025				2024
	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 F&G 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. F&G 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 inforce 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 (in millions) 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
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.

F&G 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

F&G 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 Company (“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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Intangibles

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

Intangibles

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 (in millions):

	March 31, 2025		December 31, 2024
Value of business acquired (“VOBA”)	$	1,311	$	1,349
Deferred acquisition costs (“DAC”)	3,172		3,036
Deferred sales inducements (“DSI”)	682		625
Value of distribution asset	71		74
Computer software	77		76
Definite lived trademarks, tradenames, and other	136		131
Customer relationships and contracts	264		273
Indefinite lived tradenames and other	8		8
Total Other intangible assets, net	$	5,721	$	5,572

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
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
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 Operations for the three months ended March 31, 2025 and March 31, 2024, respectively.

The following tables roll forward DAC by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
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)
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 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 Operations for the three months ended March 31, 2025 and March 31, 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 (in millions):

	March 31, 2025		December 31, 2024
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 March 31, 2024 (in millions):

	Three Months Ended March 31,
	2025		2024
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 Operations for the three months ended March 31, 2025 and March 31, 2024, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (“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.

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 annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2025, we updated the assumption for option budgets. For the year ended December 31, 2024, we updated assumptions including surrender rates, GMWB election timing, premium persistency, 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 update.

The following table rolls forward the customer relationship intangibles acquired in the Roar acquisition on January 2, 2024, and the PALH acquisition on July 18, 2024, (in millions). For more information, refer to Note P - Acquisitions.

	Three Months Ended March 31,
	2025		2024
Balance at January 1,	$	273	$	—
Acquired	—		179
Amortization	(9)		(9)
Balance at March 31,	$	264	$	170

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

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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 (in millions):

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
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 (in millions):

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
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)
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025		December 31, 2024
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 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 (in millions):

	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
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
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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Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended March 31, 2025 and March 31, 2024 was 19% and 18%, respectively. The effective tax rate on pre-tax income for the three months ended March 31, 2025 differs from the U.S. Federal statutory rate of 21% primarily due to the valuation allowance expense recorded on unrealized losses and capital loss carryforwards, partially offset by favorable permanent adjustments, including low income housing tax credits (“LIHTC”), the dividends received deduction (“DRD”), and company owned life insurance (“COLI”). The effective tax rate on pre-tax income for the three months ended March 31, 2024 differs from the U.S. Federal statutory rate of 21% primarily due to favorable permanent adjustments, including LIHTC, DRD, and COLI.

As of March 31, 2025, the Company had a partial valuation allowance of $58 million against its net deferred tax assets of $326 million. As of December 31, 2024, the Company had a partial valuation allowance of $58 million against its net deferred tax assets of $357 million. There was no change in the valuation allowance for the three months ended March 31, 2025. The valuation allowance consisted of a full valuation allowance on the unrealized capital loss deferred tax assets for F&G Life Re and the U.S. Non-life companies, a full valuation allowance on the foreign deferred tax assets on F&G Life Re, a full valuation allowance on the deferred capital loss carryforwards for the U.S. Non-life companies and F&G Cayman Re, and a partial valuation allowance on the capital loss deferred tax assets on the U.S. life insurance companies.

The valuation allowance is reviewed quarterly and will be maintained until there is sufficient positive evidence, if any, to support a release. At each reporting date, management considers new evidence, both positive and negative, that could impact the future realization of deferred tax assets. Management will consider a release of the valuation allowance once there is sufficient positive evidence that it is more likely than not that the deferred tax assets will be realized.

All other deferred tax assets are more likely than not to be realized based on expectations as to our future taxable income and considering all other available evidence, both positive and negative.

The Company makes certain investments in limited partnerships, which invest in affordable housing projects that qualify for the LIHTC. The Company’s investment in the funds is amortized through income tax expense on the unaudited Condensed Consolidated Statements of Operations using the proportional amortization method.

The tax credits and other benefits recognized are included in the net change in income taxes on the unaudited Condensed Consolidated Statements of Cash Flows. The following table presents the impacts of the LIHTC investments included in income tax expense on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Three months ended March 31,
	2025		2024
Tax credits and other benefits recognized	$	(8)	$	(8)
Tax credit amortization expense	6		6
Total	$	(2)	$	(2)

At March 31, 2025 and December 31, 2024, LIHTC investments included in Prepaid expenses and other assets on the unaudited Condensed Consolidated Balance Sheets totaled $141 million and $135 million, respectively.

The Inflation Reduction Act of 2022 (the “IRA”) was signed into law on August 16, 2022. Among other changes, the IRA introduced a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income and a 1% excise tax on treasury stock repurchases. These provisions were effective January 1, 2023. For purposes of calculating adjusted financial statement income, the Company is included in the controlled group of FNF, its parent company. Though the Company is subject to the minimum tax, the Company does not expect to be in a perpetual CAMT position. The life companies will join the consolidated tax return group with FNF and file a life/non-life consolidated return once the five-year waiting period has completed in 2026, which should strengthen that position as FNF is not anticipating owing CAMT on its future returns. As a result, the Company has assessed that there is no material impact of CAMT to tax for the three months ended March 31, 2025.

The Corporate Income Tax Act of 2023 (“CIT”) was passed in Bermuda on December 27, 2023. The CIT commenced on January 1, 2025 and applies a statutory rate of 15% to the taxable income or loss of Bermuda tax resident entities and permanent establishments. F&G Life Re Ltd, a 953(d) company with no or minimal U.S. permanent tax differences, is not expected to owe any Bermuda CIT due to the foreign tax credit. As a result, the Company has assessed that there is no material impact of the CIT to tax for the three months ended March 31, 2025.

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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 (in millions):

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
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 (in millions):

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
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)
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025		December 31, 2024
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 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 (in millions):

	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
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
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 (in millions):

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums
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 (in millions):

	PRT
	March 31, 2025		December 31, 2024
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
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 (in millions):

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
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 (in millions). 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
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 (in millions):

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life
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 Operations (in millions):

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
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 Operations.

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

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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Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

As of March 31, 2025 and December 31, 2024, the total unearned revenue liabilities (“URL”) balance of $436 million and $401 million, respectively, is included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. The following table presents a reconciliation of Accounts payable and accrued liabilities to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

	March 31, 2025		December 31, 2024
Salaries and incentives	$	56	$	116
Accrued benefits	67		67
URL	436		401
Trade accounts payable	202		147
Liability for policy and contract claims	113		102
Retained asset account	57		60
Remittances and items not allocated	381		224
Option collateral liabilities	544		679
Lease liability	9		10
Investment purchases payable	152		100
Contingent consideration	64		74
Accrued interest on notes payable	42		31
Interest rate swaps	—		10
Other accrued liabilities	191		198
Accounts payable and accrued liabilities	$	2,314	$	2,219

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

	Three Months Ended March 31,
	2025		2024
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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Notes Payable

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

Notes Payable

The carrying amounts of notes payable are summarized as follows (in millions):

	March 31, 2025		December 31, 2024
6.250% F&G Senior Notes, net of $8 and $8 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	$	492	$	492
6.50% F&G Senior Notes, net of $5 and $5 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	545		545
7.95% F&G Senior Notes, net of $9 and $9 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	336		336
7.40% F&G Senior Notes, net of $3 and $3 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	497		497
5.50% F&G Senior Notes, net of $0 and $1 of purchase premium at March 31, 2025 and December 31, 2024, respectively	—		301
7.300% F&G Junior Notes, net of $11 and $0 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	364		—
Total	$	2,234	$	2,171

7.300% F&G Junior Notes - On January 13, 2025, F&G completed its public offering of its 7.300% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the “7.300% F&G Junior Notes”). F&G intends to use the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness. The 7.300% 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 7.300% F&G Junior Notes mature on January 15, 2065, unless earlier repurchased or redeemed. The 7.300% 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 7.300% F&G Junior Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

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% 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. On and after the redemption date, interest ceased to accrue on the notes.

Revolving credit facility - F&G has a senior unsecured revolving credit agreement (the “Credit Agreement”). The balance outstanding was $0 at both March 31, 2025 and December 31, 2024, and total borrowing availability was $750 million as of March 31, 2025. The maturity date of the Credit Agreement is November 22, 2027.

Covenants - The Credit Agreement imposes and the indentures governing the 7.300% F&G Junior Notes, 6.250% F&G Senior Notes, 6.50% F&G Senior Notes, 7.95% F&G Senior Notes, 7.40% F&G Senior Notes and 5.50% F&G Senior Notes impose certain operating and financial restrictions on F&G. The Credit Agreement imposes certain financial covenants on F&G, and as of March 31, 2025, we were in compliance with all covenants.

Interest Expense - Amortization of deferred issuance costs and purchase premiums are recognized as a component of interest expense. Interest expense on F&G’s outstanding notes payable for the three months ended March 31, 2025 and March 31, 2024 was as follows (in millions):

	Three months ended March 31,
	2025		2024
6.250% F&G Senior Notes	$	8	$	—
6.50% F&G Senior Notes	9		—
7.95% F&G Senior Notes	7		8
7.40% F&G Senior Notes	9		10
5.50% F&G Senior Notes	—		6
7.300% F&G Junior Notes	6		—
Revolving Credit Facility	1		6
Total	$	40	$	30

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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 (in millions):

	Three months ended March 31,
	2025		2024
Cash paid (refunded) for:
Interest paid	$	29	$	32
Income taxes paid (refunded)	—		1
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	48		(23)
Change in purchases of investments available for sale payable in period	53		171

Refer to Note P - Acquisitions for information on the acquisition of Roar including the assets acquired and liabilities and non-controlling interest assumed as of the acquisition date.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to approximately $90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones. The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Roar achieved the required EBITDA milestone based on results for the year ended December 31, 2024, and we made the first cash payment of $12 million during the quarter ended March 31, 2025. The remaining contingent consideration recorded at March 31, 2025 is $64 million. Refer to Note P - Acquisitions for more information on the Roar acquisition, and refer to Note B - Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

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. 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 insignificant as of March 31, 2025 and December 31, 2024. We do not consider (i) the amounts we have currently recorded for all legal proceedings in which it has been determined that a loss is both probable and reasonably estimable and (ii) reasonably possible losses for all pending legal proceedings to be material to our financial statements either 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.

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 (“IMO”), 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 the briefing is in process. The trial is expected to be set 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, F&G does not believe the lawsuit will have a material impact on its business, operations, or financial results.

On May 28, 2024, a stockholder derivative 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 FNF, in its capacity as F&G’s 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 the 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 to plaintiff’s complaint, and the remaining defendants, including FNF, filed their motion to dismiss Plantiff’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.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain 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 a F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. 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 a 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 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, F&G does not believe the incident will have a material impact on its 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. 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 the Company’s business, operations, or financial condition.

Commitments

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 (in millions):

	March 31, 2025
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, asset-backed securities	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
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 Operations. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Operations 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. Refer to Note P - Acquisitions for more information on the Roar acquisition and Note B - Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.

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Insurance Subsidiary Financial Information and Regulatory Matters

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Insurance Subsidiary Financial Information and Regulatory Matters

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)
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 (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
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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Acquisitions

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

Acquisitions

Owned Distribution - Acquisition of Roar Joint Venture, LLC

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar Joint Venture, LLC (“Roar”). Roar wholesales life insurance and annuity products to banks and broker-dealers through a network of agents. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to approximately $90 million over a three-year period upon the achievement of certain EBITDA milestones of Roar. See Note N - Commitments and Contingencies for a discussion of the first contingent consideration payment and remaining contingent consideration balance as of March 31, 2025.

The initial purchase price was as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of non-controlling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total initial consideration	$	316

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of January 2, 2024
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Non-controlling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the Roar acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. The total amount of goodwill recorded is expected to be deductible for tax purposes.

Roar’s revenues of $16 million and $23 million and net earnings attributable to F&G common shareholders of $1 million and $3 million are included in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, respectively.

Owned Distribution - Acquisition of PALH, LLC

On July 18, 2024, F&G acquired a 100% ownership stake in the equity of PALH, LLC (“PALH”). PALH markets and sells life insurance and annuity products of various insurance carriers to individuals through a network of agents. Prior to the acquisition date, PALH owned a 70% ownership stake in an operating company of which F&G owned 30% equity. Immediately before the acquisition date, the fair value of F&G’s minority stake in the operating company was approximately $92 million, derived from the transaction value. The transaction value contemplates measures such as EBITDA margin, revenue growth over time periods and growth opportunities. This remeasurement resulted in a realized gain of $2 million recorded in Recognized gains and (losses), net in the unaudited Condensed Consolidated Statements of Operations during the third quarter of 2024.

The purchase price was as follows (in millions):

Cash consideration	$	215
Less: Cash acquired	1
Net cash paid	214
Settlement of prepaid asset	8
Acquisition date fair value of previously held interests	92
Total consideration	$	314

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of July 18, 2024
Goodwill	$	162
Prepaid expenses and other assets	5
Other intangible assets	149
Total assets acquired	316
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Net assets acquired	$	314

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the PALH acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	131	20
Definite lived trademarks, tradenames, and other	18		5 to 10
Total Other intangible assets	$	149

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. A portion of the total amount of goodwill recorded is expected to be deductible for tax purposes.

PALH’s revenues and net loss attributable to F&G common shareholders of an immaterial amount and $3 million, respectively, are included in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025.

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Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table sets forth the computation of basic and diluted EPS (dollars and shares in millions except per share data):

	Three months ended March 31,
	2025		2024
Net earnings (loss)	$	(21)	$	116
Less: Non-controlling interests	—		1
Net earnings (loss) attributable to F&G	(21)		115
Less: Preferred stock dividend	4		4
Net earnings (loss) attributable to F&G common shareholders	$	(25)	$	111
Weighted-average common shares outstanding - basic	126		124
Dilutive effect of unvested restricted stock	—		1
Dilutive effect of mandatory convertible preferred stock	—		5
Weighted-average shares outstanding - diluted	126		130
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net	$	(0.20)	$	0.90
Diluted - net	$	(0.20)	$	0.88

Under applicable accounting guidance, companies in a loss position are required to use basic weighted average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our net loss for the three months ended March 31, 2025, the inclusion of approximately 1 million restricted shares and 5 million convertible preferred shares would have been antidilutive to the calculation. If we had not incurred a net loss for the three months ended March 31, 2025 dilutive potential common shares would have been 132 million.

Unless converted earlier in accordance with the terms of certificate of designations, each share of the FNF preferred stock will automatically convert on the mandatory conversion date, which is expected to be January 15, 2027, into between 0.9456 shares and 1.1111 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations.

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Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

F&G has one reportable segment, which reflects the manner by which our CODM, the Chief Executive Officer of F&G, views and manages the business. F&G’s CODM uses the consolidated net earnings (loss) as reported on the unaudited Condensed Consolidated Statements of Operations to evaluate F&G’s results and measure profitability and performance. The measure of segment assets is reported on the unaudited Condensed Consolidated Balance Sheets as total consolidated assets.

Summarized financial information concerning our single reportable segment is shown in the following table (in millions).

	Three months ended March 31,
	2025		2024
Revenues:
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
Owned distribution revenues	16		23
Revenues from external customers	505		741
Interest and investment income	666		616
Recognized gains and (losses), net	(263)		212
Total revenues	908		1,569
Significant expenses (a):
Benefits and other changes in policy reserves	524		1,161
Personnel costs	67		66
Other operating expenses	41		58
Total significant expenses:	632		1,285
Other segment items
Market risk benefit (gains) losses	109		(11)
Depreciation and amortization	153		123
Interest expense	40		30
Total other segment items:	302		142
Total expenses	934		1,427
Earnings (loss) before income taxes	(26)		142
Income tax (benefit) expense	(5)		26
Net earnings (loss)	$	(21)	$	116

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

F&G derives its revenue from external customers primarily located in the United States. 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 annuities 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. 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. Other income related to riders is earned when elected by the policyholder. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract.

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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)	$ (21)	$ 115

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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 F&G Annuities & Life, Inc. (“FGAL”) and its subsidiaries (collectively, “we”, “us”, “our”, the "Company" or “F&G”) 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 for the year ended December 31, 2024, filed on February 28, 2025.

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 Operations. 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 Operations 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 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 Operations 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 be 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 Operations.

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 Operations 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 the 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 the unaudited Condensed Consolidated Statements of Operations. Refer to Note B - Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note D – Derivatives, for additional information on these and other derivatives

Earnings Per Share

Earnings Per Share

Basic earnings per share (“EPS”), as presented on the unaudited Condensed Consolidated Statements of Operations, 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. Net earnings available to common shareholders is net earnings adjusted for net earnings attributable to non-controlling interests, preferred stock dividends, including preferred stock dividends declared. In periods when earnings are positive, diluted EPS 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. Certain shares of restricted stock, using the treasury stock method and, as of January 12, 2024, the FNF preferred stock, using the if-converted method, are treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which the effect is dilutive. The if-converted method assumes that the convertible preferred stock converts into common stock at the beginning of the period or date of issuance, if later.

Refer to Note Q - Earnings Per Share for more details over our calculation of EPS.

Comprehensive Income (Loss)

Comprehensive Income (Loss)

We report Comprehensive Income (Loss) in accordance with GAAP on the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) is defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total Comprehensive Income (Loss) is the activity in a period and is largely driven by net earnings in that period, Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income (loss), net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and (losses), net on the unaudited

Condensed Consolidated Statements of Operations. The income tax effects are released from AOCI when the related activity is reclassified to net earnings.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adopted Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the CODM and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. Additionally, the amendments require that entities with a single reportable segment must now provide all the disclosures previously required under Topic 280. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We

adopted this standard as of December 31, 2024 using the retrospective approach for all periods presented as required. Refer to Note R - Segment Information for additional information.

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. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, and retrospective application is permitted. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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.

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Basis of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Changes in Balance of Other Comprehensive Income (Loss)

Changes in the balance of Other comprehensive income (loss) for the three months ended March 31, 2025 and 2024 by component are as follows (in millions).

	Three months ended March 31, 2025
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	(2,637)	$	798	$	(78)	$	(6)	$	(1,923)
Reclassification adjustments included in net earnings (b)	1		—		—		(2)		(1)
Other comprehensive income (loss) before tax, net of reclassifications	310		(107)		29		7		239
Deferred income tax (expense) benefit	(63)		21		(6)		(1)		(49)
Balance at March 31, 2025	$	(2,389)	$	712	$	(55)	$	(2)	$	(1,734)
	Three months ended March 31, 2024
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(2,479)	$	574	$	(83)	$	(2)	$	(1,990)
Reclassification adjustments included in net earnings (b)	15		—		—		—		15
Other comprehensive income (loss) before tax, net of reclassifications	2		115		1		(2)		116
Deferred income tax (expense) benefit	—		(24)		—		—		(24)
Balance at March 31, 2024	$	(2,462)	$	665	$	(82)	$	(4)	$	(1,883)

(a)Other includes changes in hedging instruments.

(b)Net of income tax benefit of an immaterial amount and $4 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured of Fair Value, on a Recurring Basis

Our assets and liabilities measured and carried at fair value on a recurring basis, summarized according to the hierarchy previously described, are as follows (in millions):

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	3,293	$	—	$	—	$	—	$	3,293
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,414		8,848		—		16,262
Commercial mortgage-backed securities	—		5,091		—		—		5,091
Corporates	40		18,474		2,986		—		21,500
Hybrids	35		471		6		—		512
Municipals	—		1,366		4		—		1,370
Residential mortgage-backed securities	—		2,738		3		—		2,741
U.S. Government	209		—		—		—		209
Foreign Governments	—		201		23		—		224
Preferred securities	118		128		7		—		253
Equity securities	79		—		—		22		101
Derivative investments	1		700		1		—		702
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32				32
Short term investments	494		15		40		—		549
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		187		—		187
Total financial assets at fair value	$	4,269	$	36,598	$	12,420	$	22	$	53,309
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,316	$	—	$	5,316
Interest rate swaps, included in Accounts payable and accrued liabilities	—		—		1		—		1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(78)		—		—		(78)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		64		—		64
Market risk benefits liability	—		—		635		—		635
Total financial liabilities at fair value	$	—	$	(78)	$	6,016	$	—	$	5,938

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	2,264	$	—	$	—	$	—	$	2,264
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,506		8,143		—		15,649
Commercial mortgage-backed securities	—		5,131		—		—		5,131
Corporates	41		17,496		2,941		—		20,478
Hybrids	35		546		—		—		581
Municipals	—		1,346		—		—		1,346
Residential mortgage-backed securities	—		2,785		3		—		2,788
U.S. Government	158		—		—		—		158
Foreign Governments	—		182		4		—		186
Preferred securities	119		144		7		—		270
Equity securities	88		—		—		57		145
Derivative investments	—		789		3		—		792
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,355		18		37		—		2,410
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Total financial assets at fair value	$	5,060	$	35,943	$	11,642	$	57	$	52,702
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
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	—	$	(99)	$	5,843	$	—	$	5,744

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 (in millions).

	March 31, 2025
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		399		—		399		399
Total	$	—	$	156	$	6,390	$	3,851	$	10,397	$	10,891
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	47,722	$	—	$	47,722	$	52,507
Notes payable	—		2,290		—		—		2,290		2,234
Total	$	—	$	2,290	$	47,722	$	—	$	50,012	$	54,741

	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets
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
Company-owned life insurance	—		—		395		—		395		395
Total	$	—	$	153	$	5,824	$	3,288	$	9,265	$	9,871
Liabilities
Investment contracts, included in Contractholder funds	$	—	$	—	$	46,339	$	—	$	46,339	$	51,184
Notes payable	—		2,228		—		—		2,228		2,171
Total	$	—	$	2,228	$	46,339	$	—	$	48,567	$	53,355

Fair Value Measurement Inputs and Valuation Techniques

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 (in millions):

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	112	Third-Party Valuation	Discount Rate	5.02% - 7.29% (6.28%)
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%)
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%)
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)	$	1,313

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $11,107 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.

	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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%)
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%)
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x (14.6x)
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of 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)	$	1,356
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%)

	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
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 $10,286 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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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 (in millions). 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	2,941		(13)		35		345		(311)		(11)		—		2,986		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	7		(1)		1		—		—		—		—		7		—
Derivative investments	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Short term investments	37		—		—		3		—		—		—		40		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Subtotal assets at Level 3 fair value	11,453		$	(13)	$	37	$	1,406	$	(454)	$	(196)	$	—	12,233		$	33
Market risk benefits asset (b)	189														187
Total assets at Level 3 fair value	$	11,642													$	12,420
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 liabilities at Level 3 fair value	5,294		$	(65)	$	1	$	256	$	—	$	(105)	$	—	5,381		$	(1)
Market risk benefits liability (b)	549														635
Total liabilities at Level 3 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 G - 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	1,970		—		13		217		—		(22)		—		2,178		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Interest rate swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Short-term investments	—		—		—		9		—		—		—		9		—
Subtotal assets at Level 3 fair value	9,564		$	(2)	$	121	$	990	$	(51)	$	(236)	$	(26)	10,360		$	121
Market risk benefits asset (b)	88														95
Total assets at Level 3 fair value	$	9,652													$	10,455
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 liabilities at Level 3 fair value	4,258		$	228	$	—	$	336	$	—	$	(67)	$	—	4,755		$	—
Market risk benefits liability (b)	403														425
Total liabilities at Level 3 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 G - 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. Refer to Note P - Acquisitions for more information.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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 (in millions). 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	2,941		(13)		35		345		(311)		(11)		—		2,986		33
Hybrids	—		—		—		6		—		—		—		6		—
Municipals	—		—		—		4		—		—		—		4		—
Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	4		—		—		19		—		—		—		23		—
Preferred securities	7		(1)		1		—		—		—		—		7		—
Derivative investments	3		—		(2)		—		—		—		—		1		(2)
Investment in unconsolidated affiliates	272		—		—		—		—		—		—		272		—
Other long-term investments:
Available-for-sale embedded derivative	32		—		—		—		—		—		—		32		—
Short term investments	37		—		—		3		—		—		—		40		—
Prepaid expenses and other assets:
Loan receivable	11		—		—		—		—		—		—		11		—
Subtotal assets at Level 3 fair value	11,453		$	(13)	$	37	$	1,406	$	(454)	$	(196)	$	—	12,233		$	33
Market risk benefits asset (b)	189														187
Total assets at Level 3 fair value	$	11,642													$	12,420
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 liabilities at Level 3 fair value	5,294		$	(65)	$	1	$	256	$	—	$	(105)	$	—	5,381		$	(1)
Market risk benefits liability (b)	549														635
Total liabilities at Level 3 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 G - 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 Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
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	1,970		—		13		217		—		(22)		—		2,178		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Interest rate swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Short-term investments	—		—		—		9		—		—		—		9		—
Subtotal assets at Level 3 fair value	9,564		$	(2)	$	121	$	990	$	(51)	$	(236)	$	(26)	10,360		$	121
Market risk benefits asset (b)	88														95
Total assets at Level 3 fair value	$	9,652													$	10,455
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 liabilities at Level 3 fair value	4,258		$	228	$	—	$	336	$	—	$	(67)	$	—	4,755		$	—
Market risk benefits liability (b)	403														425
Total liabilities at Level 3 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 G - 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. Refer to Note P - Acquisitions for more information.

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Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Consolidated Investments

The Company’s consolidated investments are summarized as follows (in millions):

	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	16,429	$	(15)	$	174	$	(326)	$	16,262
Commercial mortgage-backed securities	5,260		(50)		51		(170)		5,091
Corporates	23,956		(14)		149		(2,591)		21,500
Hybrids	537		—		3		(28)		512
Municipals	1,591		—		5		(226)		1,370
Residential mortgage-backed securities	2,780		(1)		41		(79)		2,741
U.S. Government	208		—		2		(1)		209
Foreign Governments	265		—		1		(42)		224
Total AFS securities	$	51,026	$	(80)	$	426	$	(3,463)	$	47,909

	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
Asset-backed securities	$	15,777	$	(13)	$	202	$	(317)	$	15,649
Commercial mortgage-backed securities	5,327		(49)		53		(200)		5,131
Corporates	23,177		—		103		(2,802)		20,478
Hybrids	604		—		6		(29)		581
Municipals	1,592		—		3		(249)		1,346
Residential mortgage-backed securities	2,861		—		32		(105)		2,788
U.S. Government	160		—		1		(3)		158
Foreign Governments	231		—		—		(45)		186
Total AFS securities	$	49,729	$	(62)	$	400	$	(3,750)	$	46,317

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below (in millions). 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
Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities:
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 AFS securities	$	51,026	$	47,909

Activity in Allowance for Credit Loses of Available-for-sale Securities Aggregated by Investment Category

The activity in the allowance for expected credit losses of AFS securities aggregated by investment category was as follows (in millions):

	Three months ended March 31, 2025
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(13)	$	—	$	(2)	$	—	$	—	$	—	$	—	$	(15)
Commercial mortgage-backed securities	(49)		(1)		—		—		—		—		—		(50)
Corporates	—		(14)				—		—		—		—		(14)
Residential mortgage-backed securities	—		—		(1)		—		—		—		—		(1)
Total AFS securities	$	(62)	$	(15)	$	(3)	$	—	$	—	$	—	$	—	$	(80)

	Three months ended March 31, 2024
			Additions				Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
AFS securities
Asset-backed securities	$	(11)	$	(1)	$	1	$	—	$	—	$	—	—		$	(11)
Commercial mortgage-backed securities	(22)		—		1		—		—		—		—		(21)
Residential mortgage-backed securities	(2)		—		1		—		—		—		—		(1)
Total AFS securities	$	(35)	$	(1)	$	3	$	—	$	—	$	—	$	—	$	(33)

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 (dollars in millions):

	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
AFS securities
Asset-backed securities	$	5,365	$	(48)	$	2,622	$	(263)	$	7,987	$	(311)
Commercial mortgage-backed securities	693		(13)		1,336		(141)		2,029		(154)
Corporates	5,415		(138)		9,322		(2,453)		14,737		(2,591)
Hybrids	100		(5)		306		(23)		406		(28)
Municipals	179		(9)		985		(217)		1,164		(226)
Residential mortgage-backed securities	494		(4)		439		(69)		933		(73)
U.S. Government	6		—		10		(1)		16		(1)
Foreign Government	46		(1)		130		(42)		176		(43)
Total AFS securities	$	12,298	$	(218)	$	15,150	$	(3,209)	$	27,448	$	(3,427)
Total number of AFS securities in an unrealized loss position less than twelve months											1,839
Total number of AFS securities in an unrealized loss position twelve months or longer											2,064
Total number of AFS securities in an unrealized loss position											3,903

	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
AFS securities
Asset-backed securities	$	1,164	$	(30)	$	2,637	$	(276)	$	3,801	$	(306)
Commercial mortgage-backed securities	699		(10)		1,508		(175)		2,207		(185)
Corporates	6,524		(202)		9,234		(2,600)		15,758		(2,802)
Hybrids	105		(4)		380		(25)		485		(29)
Municipals	261		(12)		966		(237)		1,227		(249)
Residential mortgage-backed securities	898		(16)		459		(89)		1,357		(105)
U.S. Government	93		(2)		10		(1)		103		(3)
Foreign Government	51		(1)		128		(44)		179		(45)
Total AFS securities	$	9,795	$	(277)	$	15,322	$	(3,447)	$	25,117	$	(3,724)
Total number of AFS securities in an unrealized loss position less than twelve months											1,838
Total number of AFS securities in an unrealized loss position twelve months or longer											2,113
Total number of AFS securities in an unrealized loss position											3,951

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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:
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

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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 (in millions):

	March 31, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Total
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
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 loan-to-value ratios, gross of valuation allowances at March 31, 2025 and December 31, 2024 (dollars in millions):

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2025
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
Total 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
Total 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
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
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
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
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

Distribution 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 (dollars in millions):

	March 31, 2025
	Amortized Cost		% of Total
U.S. States:
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:
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 (dollars in millions):

	March 31, 2025				December 31, 2024
	Amortized Cost		% of Total		Amortized Cost		% of Total
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

Nonaccrual Loans by Amortized Cost

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

	March 31, 2025		December 31, 2024
Residential mortgage:	$	72	$	85
Commercial mortgage:	10		9
Total non-accrual mortgages	$	82	$	94

Allowance for Expected Credit Losses on Loans

The allowances for our mortgage loan portfolio are summarized as follows (in millions):

	Three months ended March 31, 2025
	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
	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 unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
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

Recognized Gains (Losses) Net

Details underlying Recognized gains and (losses), net reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions):

	Three months ended March 31,
	2025		2024
Net realized (losses) on fixed maturity available-for-sale securities	$	(1)	$	(19)
Net realized/unrealized (losses) on equity securities (a)	(15)		(1)
Net realized/unrealized (losses) gains on preferred securities (b)	(1)		10
Net realized/unrealized gains on other invested assets	1		58
Change in allowance for expected credit losses	(22)		—
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(25)		21
Unrealized (losses) gains on certain derivative instruments	(159)		158
Change in fair value of reinsurance related embedded derivatives (c)	(41)		(18)
Change in fair value of other derivatives and embedded derivatives	—		3
Net realized/ unrealized (losses) gains on derivatives and embedded derivatives	(225)		164
Recognized gains and (losses), net	$	(263)	$	212

(a)Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

(b)Includes net valuation gains of an immaterial amount and $9 million for the three months ended March 31, 2025 and March 31, 2024, respectively.

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

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 (in millions):

	Three months ended March 31,
	2025		2024
Proceeds	$	2,058	$	578
Gross gains	12		8
Gross losses	(13)		(24)

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 (in millions):

	March 31, 2025				December 31, 2024
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	4,127	$	5,284	$	3,565	$	4,703
Fixed maturity securities	23,774		24,747		23,242		24,242
Total unconsolidated VIE investments	$	27,901	$	30,031	$	26,807	$	28,945

Schedules of Investment Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions):

	March 31, 2025		December 31, 2024
Blackstone Wave Asset Holdco (a)	$	689	$	710
Prime Notes LLC (b)	560		—
Blackstone Cooper Asset Holdco (a)	449		472

(a)Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

(b)Represents institutional grade asset-backed securities.

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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 (in millions):

	March 31, 2025						December 31, 2024
	Gross Notional		Assets		Liabilities		Gross Notional		Assets		Liabilities
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	$	—	$	29,594	$	773	$	—
Interest rate swaps (a)	5,545		59		—		5,040		16		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	37,619		724		5,238		34,752		822		5,121
Total derivatives	$	38,029	$	734	$	5,239	$	34,791	$	824	$	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.

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 Operations are as follows (in millions):

	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
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	49		—		—		—
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	(225)		—		(67)		—
Total derivatives	$	(226)	$	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
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)
Fixed maturity securities, AFS, at amortized cost	$	21	$	—	$	—	$	—
Contractholder funds	(360)		(10)		—		—

Schedule of Exposure to Credit Loss on Call Options

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

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

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Reinsurance (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Schedule of Effect of Reinsurance on Premiums Earned and 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 March 31, 2024 were as follows (in millions):

	Three months ended March 31,
	2025				2024
	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 (in millions) 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
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 Credit Ratings of Principal Reinsurers

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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Intangibles (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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 (in millions):

	March 31, 2025		December 31, 2024
Value of business acquired (“VOBA”)	$	1,311	$	1,349
Deferred acquisition costs (“DAC”)	3,172		3,036
Deferred sales inducements (“DSI”)	682		625
Value of distribution asset	71		74
Computer software	77		76
Definite lived trademarks, tradenames, and other	136		131
Customer relationships and contracts	264		273
Indefinite lived tradenames and other	8		8
Total Other intangible assets, net	$	5,721	$	5,572

Schedule of Indefinite-Lived Intangible Assets

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 (in millions):

	March 31, 2025		December 31, 2024
Value of business acquired (“VOBA”)	$	1,311	$	1,349
Deferred acquisition costs (“DAC”)	3,172		3,036
Deferred sales inducements (“DSI”)	682		625
Value of distribution asset	71		74
Computer software	77		76
Definite lived trademarks, tradenames, and other	136		131
Customer relationships and contracts	264		273
Indefinite lived tradenames and other	8		8
Total Other intangible assets, net	$	5,721	$	5,572

Rollforward of Value of Business Acquired

The following tables roll forward VOBA by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
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
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

Rollforward of Deferred Policy Acquisition Costs

The following tables roll forward DAC by product for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
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)
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 FABN and PRT.

Schedule of Reconciliation of Deferred Policy Acquisition Cost to Statement of Financial Position

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 (in millions):

	March 31, 2025		December 31, 2024
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

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 March 31, 2024 (in millions):

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

Finite-Lived Intangible Assets Rollforward Schedule

The following table rolls forward the customer relationship intangibles acquired in the Roar acquisition on January 2, 2024, and the PALH acquisition on July 18, 2024, (in millions). For more information, refer to Note P - Acquisitions.

	Three Months Ended March 31,
	2025		2024
Balance at January 1,	$	273	$	—
Acquired	—		179
Amortization	(9)		(9)
Balance at March 31,	$	264	$	170

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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 (in millions):

	March 31, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
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 Market Risk Benefit, 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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025						December 31, 2024
	Direct		Reinsured		Net		Direct		Reinsured		Net
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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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Impacts of the LIHTC Investments

The following table presents the impacts of the LIHTC investments included in income tax expense on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and March 31, 2024 (in millions):

	Three months ended March 31,
	2025		2024
Tax credits and other benefits recognized	$	(8)	$	(8)
Tax credit amortization expense	6		6
Total	$	(2)	$	(2)

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Contractholder Funds (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Summary of Balances and Changes in Contractholder Funds

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

	March 31, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
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)
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 unaudited Condensed Consolidated Balance Sheets (in millions):

	March 31, 2025		December 31, 2024
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

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 (in millions):

	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
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
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]

Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value FPB

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 (in millions):

	Traditional life
	March 31, 2025		December 31, 2024
Expected net premiums
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 (in millions):

	PRT
	March 31, 2025		December 31, 2024
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
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

Summary 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 (in millions):

	March 31, 2025				December 31, 2024
	Immediate annuities		PRT		Immediate annuities		PRT
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 (in millions). 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
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 (in millions):

	Undiscounted				Discounted
	March 31,				March 31,
	2025		2024		2025		2024
Traditional life
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	—		—		—		—

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 Operations (in millions):

	Gross Premiums (a)				Interest Expense (b)
	March 31,				March 31,
	2025		2024		2025		2024
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 Operations.

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

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	%	—	%	—	%

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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Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following table presents a reconciliation of Accounts payable and accrued liabilities to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

	March 31, 2025		December 31, 2024
Salaries and incentives	$	56	$	116
Accrued benefits	67		67
URL	436		401
Trade accounts payable	202		147
Liability for policy and contract claims	113		102
Retained asset account	57		60
Remittances and items not allocated	381		224
Option collateral liabilities	544		679
Lease liability	9		10
Investment purchases payable	152		100
Contingent consideration	64		74
Accrued interest on notes payable	42		31
Interest rate swaps	—		10
Other accrued liabilities	191		198
Accounts payable and accrued liabilities	$	2,314	$	2,219

Schedule of Unearned Revenue Liability (URL)

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

	Three Months Ended March 31,
	2025		2024
Balance at January 1,	$	401	$	270
Capitalization	41		35
Amortization	(6)		(4)
Balance at March 31,	$	436	$	301

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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Components of Notes Payable

The carrying amounts of notes payable are summarized as follows (in millions):

	March 31, 2025		December 31, 2024
6.250% F&G Senior Notes, net of $8 and $8 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	$	492	$	492
6.50% F&G Senior Notes, net of $5 and $5 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	545		545
7.95% F&G Senior Notes, net of $9 and $9 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	336		336
7.40% F&G Senior Notes, net of $3 and $3 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	497		497
5.50% F&G Senior Notes, net of $0 and $1 of purchase premium at March 31, 2025 and December 31, 2024, respectively	—		301
7.300% F&G Junior Notes, net of $11 and $0 of deferred issuance costs at March 31, 2025 and December 31, 2024, respectively	364		—
Total	$	2,234	$	2,171

Schedule of Interest Expense on Notes Payable

Interest expense on F&G’s outstanding notes payable for the three months ended March 31, 2025 and March 31, 2024 was as follows (in millions):

	Three months ended March 31,
	2025		2024
6.250% F&G Senior Notes	$	8	$	—
6.50% F&G Senior Notes	9		—
7.95% F&G Senior Notes	7		8
7.40% F&G Senior Notes	9		10
5.50% F&G Senior Notes	—		6
7.300% F&G Junior Notes	6		—
Revolving Credit Facility	1		6
Total	$	40	$	30

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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 (in millions):

	Three months ended March 31,
	2025		2024
Cash paid (refunded) for:
Interest paid	$	29	$	32
Income taxes paid (refunded)	—		1
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	48		(23)
Change in purchases of investments available for sale payable in period	53		171

Refer to Note P - Acquisitions for information on the acquisition of Roar including the assets acquired and liabilities and non-controlling interest assumed as of the acquisition date.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of Unfunded Commitments

A summary of unfunded commitments by commitment type as of March 31, 2025 is included below (in millions):

	March 31, 2025
Unconsolidated VIEs:
Limited partnerships	$	1,157
Whole loans	231
Fixed maturity securities, asset-backed securities	382
Direct Lending	1,263
Other fixed maturity securities, AFS	148
Commercial mortgage loans	94
Residential mortgage loans	222
Other assets	203
Total	$	3,700

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Insurance Subsidiary Financial Information and Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2025

Insurance [Abstract]

Statutory Net Income and Statutory Capital and Surplus

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)
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.

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 (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
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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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Initial Purchase Price

The initial purchase price was as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of non-controlling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total initial consideration	$	316

The purchase price was as follows (in millions):

Cash consideration	$	215
Less: Cash acquired	1
Net cash paid	214
Settlement of prepaid asset	8
Acquisition date fair value of previously held interests	92
Total consideration	$	314

Schedule of Fair Value Amounts Expected to be Recognized for Assets Acquired and Liabilities Assumed

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of January 2, 2024
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Non-controlling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

	Fair value as of July 18, 2024
Goodwill	$	162
Prepaid expenses and other assets	5
Other intangible assets	149
Total assets acquired	316
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Net assets acquired	$	314

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the Roar acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the PALH acquisition consist of the following (dollars in millions):

	Gross Carrying Value		Estimated Useful Life (in years)
Other intangible assets:
Customer relationships	$	131	20
Definite lived trademarks, tradenames, and other	18		5 to 10
Total Other intangible assets	$	149

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted EPS (dollars and shares in millions except per share data):

	Three months ended March 31,
	2025		2024
Net earnings (loss)	$	(21)	$	116
Less: Non-controlling interests	—		1
Net earnings (loss) attributable to F&G	(21)		115
Less: Preferred stock dividend	4		4
Net earnings (loss) attributable to F&G common shareholders	$	(25)	$	111
Weighted-average common shares outstanding - basic	126		124
Dilutive effect of unvested restricted stock	—		1
Dilutive effect of mandatory convertible preferred stock	—		5
Weighted-average shares outstanding - diluted	126		130
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net	$	(0.20)	$	0.90
Diluted - net	$	(0.20)	$	0.88

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summarized Information for Single Reportable Segment

Summarized financial information concerning our single reportable segment is shown in the following table (in millions).

	Three months ended March 31,
	2025		2024
Revenues:
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
Owned distribution revenues	16		23
Revenues from external customers	505		741
Interest and investment income	666		616
Recognized gains and (losses), net	(263)		212
Total revenues	908		1,569
Significant expenses (a):
Benefits and other changes in policy reserves	524		1,161
Personnel costs	67		66
Other operating expenses	41		58
Total significant expenses:	632		1,285
Other segment items
Market risk benefit (gains) losses	109		(11)
Depreciation and amortization	153		123
Interest expense	40		30
Total other segment items:	302		142
Total expenses	934		1,427
Earnings (loss) before income taxes	(26)		142
Income tax (benefit) expense	(5)		26
Net earnings (loss)	$	(21)	$	116

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

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Basis of Financial Statements - Description of Business (Details)	3 Months Ended
	Mar. 31, 2025 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reporting segments	1

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Basis of Financial Statements - Recent Developments (Details) - USD ($)				3 Months Ended
	May 07, 2025	Mar. 24, 2025	Feb. 01, 2025	Mar. 31, 2025	Mar. 31, 2024	Jan. 13, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Preferred stock dividends declared (in usd per share)				$ 0.8594	$ 0.8976
Dividends declared (in usd per share)				$ 0.22	$ 0.21
Common stock, par or stated value per share (in usd per share)							$ 0.001
Distribution Investments and Affiliates | Commission Fees Paid
Debt Instrument [Line Items]
Commissions paid				$ 15,000,000	$ 50,000,000
5.50% F&G Senior Notes due May 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage			5.50%
Repurchased amount			$ 300,000,000
Redemption percentage			100.00%
7.300% Junior Subordinated Notes due 2065 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				7.30%		7.30%
Aggregate principal amount						$ 375,000,000
Subsequent Event
Debt Instrument [Line Items]
Dividends declared (in usd per share)	$ 0.22
6.875% Series A Mandatory Convertible Preferred Stock | Subsequent Event
Debt Instrument [Line Items]
Preferred stock dividends declared (in usd per share)	$ 0.8594
Common Stock | Public Stock Offering
Debt Instrument [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
Common Stock | Public Stock Offering | Related Party
Debt Instrument [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
Common Stock | Over-Allotment Option
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		1,200,000

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Basis of Financial Statements - Schedule of Changes in Other Comprehensive Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	$ 4,076	$ 3,103
Balance, ending	4,485	3,683
Reclassification adjustments, tax benefit	0	4
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	(2,637)	(2,479)
Reclassification adjustments included in net earnings	1	15
Other comprehensive income (loss) before tax, net of reclassifications	310	2
Deferred income tax (expense) benefit	(63)	0
Balance, ending	(2,389)	(2,462)
Change in current discount rate - future policy benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	798	574
Reclassification adjustments included in net earnings	0	0
Other comprehensive income (loss) before tax, net of reclassifications	(107)	115
Deferred income tax (expense) benefit	21	(24)
Balance, ending	712	665
Change in instrument- specific credit risk - market risk benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	(78)	(83)
Reclassification adjustments included in net earnings	0	0
Other comprehensive income (loss) before tax, net of reclassifications	29	1
Deferred income tax (expense) benefit	(6)	0
Balance, ending	(55)	(82)
Foreign Currency Translation and Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	(6)	(2)
Reclassification adjustments included in net earnings	(2)	0
Other comprehensive income (loss) before tax, net of reclassifications	7	(2)
Deferred income tax (expense) benefit	(1)	0
Balance, ending	(2)	(4)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning	(1,923)	(1,990)
Reclassification adjustments included in net earnings	(1)	15
Other comprehensive income (loss) before tax, net of reclassifications	239	116
Deferred income tax (expense) benefit	(49)	(24)
Balance, ending	$ (1,734)	$ (1,883)

XML

Fair Value of Financial Instruments - 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:	$ 47,909	$ 46,317
Derivative investments	702	792
Investment in unconsolidated affiliates	272	272
Loan receivable, included in Prepaid expenses and other assets	11	11
Market risk benefits asset	187	189
Total financial assets at fair value	1,313	1,356
Derivatives:
Contingent consideration, included in Accounts payable and accrued liabilities	64	74
Market risk benefits liability	635	549
Fair Value
Assets
Cash and cash equivalents	3,293	2,264
Derivative investments	702	792
Investment in unconsolidated affiliates	3,855	3,293
Short term investments	549	2,410
Loan receivable, included in Prepaid expenses and other assets	11	11
Market risk benefits asset	187	189
Total financial assets at fair value	53,309	52,702
Derivatives:
Contingent consideration, included in Accounts payable and accrued liabilities	64	74
Market risk benefits liability	635	549
Financial Liabilities, Net Fair Value Disclosure	5,938	5,744
Level 1
Assets
Cash and cash equivalents	3,293	2,264
Derivative investments	1	0
Investment in unconsolidated affiliates	0	0
Short term investments	494	2,355
Loan receivable, included in Prepaid expenses and other assets	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	4,269	5,060
Derivatives:
Contingent consideration, included in Accounts payable and accrued liabilities	0	0
Market risk benefits liability	0	0
Financial Liabilities, Net Fair Value Disclosure	0	0
Level 2
Assets
Cash and cash equivalents	0	0
Derivative investments	700	789
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	36,598	35,943
Derivatives:
Contingent consideration, included in Accounts payable and accrued liabilities	0	0
Market risk benefits liability	0	0
Financial Liabilities, Net Fair Value Disclosure	(78)	(99)
Level 3
Assets
Cash and cash equivalents	0	0
Derivative investments	1	3
Investment in unconsolidated affiliates	4	5
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	12,420	11,642
Derivatives:
Contingent consideration, included in Accounts payable and accrued liabilities	64	74
Market risk benefits liability	635	549
Financial Liabilities, Net Fair Value Disclosure	6,016	5,843
NAV
Assets
Investment in unconsolidated affiliates	3,851	3,288
Total financial assets at fair value	22	57
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Fair Value
Derivatives:
Derivative liabilities	5,316	5,220
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Level 1
Derivatives:
Derivative liabilities	0	0
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Level 2
Derivatives:
Derivative liabilities	0	0
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Level 3
Derivatives:
Derivative liabilities	5,316	5,220
Interest rate swaps | Fair Value
Derivatives:
Derivative liabilities	1	10
Interest rate swaps | Level 1
Derivatives:
Derivative liabilities	0	0
Interest rate swaps | Level 2
Derivatives:
Derivative liabilities	0	10
Interest rate swaps | Level 3
Derivatives:
Derivative liabilities	1	0
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | Fair Value
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	(78)	(109)
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | Level 1
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	0	0
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | Level 2
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	(78)	(109)
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | Level 3
Derivatives:
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	0	0
Asset-backed securities
Assets
Fixed maturity securities, available-for-sale:	16,262	15,649
Asset-backed securities | Fair Value
Assets
Fixed maturity securities, available-for-sale:	16,262	15,649
Asset-backed securities | Level 1
Assets
Fixed maturity securities, available-for-sale:	0	0
Asset-backed securities | Level 2
Assets
Fixed maturity securities, available-for-sale:	7,414	7,506
Asset-backed securities | Level 3
Assets
Fixed maturity securities, available-for-sale:	8,848	8,143
Commercial mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale:	5,091	5,131
Commercial mortgage-backed securities | Fair Value
Assets
Fixed maturity securities, available-for-sale:	5,091	5,131
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:	5,091	5,131
Commercial mortgage-backed securities | Level 3
Assets
Fixed maturity securities, available-for-sale:	0	0
Corporates
Assets
Fixed maturity securities, available-for-sale:	21,500	20,478
Corporates | Fair Value
Assets
Fixed maturity securities, available-for-sale:	21,500	20,478
Corporates | Level 1
Assets
Fixed maturity securities, available-for-sale:	40	41
Corporates | Level 2
Assets
Fixed maturity securities, available-for-sale:	18,474	17,496
Corporates | Level 3
Assets
Fixed maturity securities, available-for-sale:	2,986	2,941
Hybrids
Assets
Fixed maturity securities, available-for-sale:	512	581
Hybrids | Fair Value
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
Municipals | Fair Value
Assets
Fixed maturity securities, available-for-sale:	1,370	1,346
Municipals | Level 1
Assets
Fixed maturity securities, available-for-sale:	0	0
Municipals | Level 2
Assets
Fixed maturity securities, available-for-sale:	1,366	1,346
Municipals | Level 3
Assets
Fixed maturity securities, available-for-sale:	4	0
Residential mortgage-backed securities
Assets
Fixed maturity securities, available-for-sale:	2,741	2,788
Residential mortgage-backed securities | Fair Value
Assets
Fixed maturity securities, available-for-sale:	2,741	2,788
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:	2,738	2,785
Residential mortgage-backed securities | Level 3
Assets
Fixed maturity securities, available-for-sale:	3	3
U.S. Government
Assets
Fixed maturity securities, available-for-sale:	209	158
U.S. Government | Fair Value
Assets
Fixed maturity securities, available-for-sale:	209	158
U.S. Government | Level 1
Assets
Fixed maturity securities, available-for-sale:	209	158
U.S. Government | Level 2
Assets
Fixed maturity securities, available-for-sale:	0	0
U.S. Government | Level 3
Assets
Fixed maturity securities, available-for-sale:	0	0
Foreign Governments
Assets
Fixed maturity securities, available-for-sale:	224	186
Foreign Governments | Fair Value
Assets
Fixed maturity securities, available-for-sale:	224	186
Foreign Governments | Level 1
Assets
Fixed maturity securities, available-for-sale:	0	0
Foreign Governments | Level 2
Assets
Fixed maturity securities, available-for-sale:	201	182
Foreign Governments | Level 3
Assets
Fixed maturity securities, available-for-sale:	23	4
Preferred securities
Assets
Preferred and equity securities	253	270
Preferred securities | Fair Value
Assets
Preferred and equity securities	253	270
Preferred securities | Level 1
Assets
Preferred and equity securities	118	119
Preferred securities | Level 2
Assets
Preferred and equity securities	128	144
Preferred securities | Level 3
Assets
Preferred and equity securities	7	7
Equity securities | Fair Value
Assets
Preferred and equity securities	101	145
Equity securities | Level 1
Assets
Preferred and equity securities	79	88
Equity securities | Level 2
Assets
Preferred and equity securities	0	0
Equity securities | Level 3
Assets
Preferred and equity securities	0	0
Equity securities | NAV
Assets
Preferred and equity securities	22	57
Investment in unconsolidated affiliates | Fair Value
Assets
Investment in unconsolidated affiliates	272	272
Investment in unconsolidated affiliates | Level 1
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 2
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 3
Assets
Investment in unconsolidated affiliates	272	272
Other long-term investments | Fair Value
Assets
Other long-term investments	32	32
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

XML

Fair Value of Financial Instruments - Narrative (Details)	Mar. 31, 2025 USD ($) $ / Contract	Dec. 31, 2024 USD ($)
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving credit facility outstanding | $	$ 0	$ 0
Credit linked note | Third-Party Valuation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price | $ / Contract	0

XML

Fair Value of Financial Instruments - 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	$ 1,313	$ 1,356
Liabilities, fair value	6,015	5,843
Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	11,107
Liabilities, fair value	1
Market Comparable Company Analysis | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		10,286
Indexed annuities/IUL embedded derivatives | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 5,316	$ 5,220
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0025	0.0025
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0200	0.0200
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0048	0.0048
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0000	0.0000
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.8000	0.8000
Indexed annuities/IUL embedded derivatives | Minimum | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0007	0.0007
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.5000	0.5000
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3704	0.3571
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0095	0.0095
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.1944	0.2081
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.1500	1.1500
Indexed annuities/IUL embedded derivatives | Maximum | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0570	0.0570
Indexed annuities/IUL embedded derivatives | Weighted Average | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0670	0.0694
Indexed annuities/IUL embedded derivatives | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0271	0.0272
Indexed annuities/IUL embedded derivatives | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0075	0.0075
Indexed annuities/IUL embedded derivatives | Weighted Average | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0198	0.0292
Indexed annuities/IUL embedded derivatives | Weighted Average | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.0000	1.0000
Indexed annuities/IUL embedded derivatives | Weighted Average | 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 | Minimum | Third-Party Valuation | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0209	0.0200
Corporates | Maximum | Third-Party Valuation | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.2433	0.2253
Corporates | Weighted Average | Third-Party Valuation | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0655	0.0676
Municipals | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4
Municipals | Minimum | Third-Party Valuation | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0563
Municipals | Maximum | Third-Party Valuation | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0563
Municipals | Weighted Average | Third-Party Valuation | Discount Rate
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
Investment in unconsolidated affiliates | Market Comparable Company Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 272	$ 272
Investment in unconsolidated affiliates | Minimum | Market Comparable Company Analysis | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliates	9.7	8.7
Investment in unconsolidated affiliates | Maximum | Market Comparable Company Analysis | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliates	14.1	23.6
Investment in unconsolidated affiliates | Weighted Average | Market Comparable Company Analysis | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliates	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 | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable	0.3500	0.3500
Loan receivable | Minimum | Discounted Cash Flow | Risk-Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable	0.0694	0.0722
Loan receivable | Maximum | Discounted Cash Flow | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable	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	0.0694	0.0722
Loan receivable | Weighted Average | Discounted Cash Flow | Collateral Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan receivable	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	0.0694	0.0722
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 liability	0.1300	0.1350
Contingent consideration | Minimum | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	0.3500	0.3500
Contingent consideration | Minimum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	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 liability	0.1300	0.1350
Contingent consideration | Maximum | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	0.3500	0.3500
Contingent consideration | Maximum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	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 liability	0.1300	0.1350
Contingent consideration | Weighted Average | Discounted Cash Flow | EBITDA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration liability	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 liability	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 - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Liabilities:
Fair Value, Asset, 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, 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
Level 3
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	$ 11,642	$ 9,652
Balance at End of Period	12,420	10,455
Liabilities:
Balance at Beginning of Period	5,843	4,661
Balance at End of Period	6,016	5,180
Indexed annuities/IUL embedded derivatives
Liabilities:
Balance at Beginning of Period	5,220	4,258
Liabilities, Total Gains (Losses) Included in Earnings	(67)	200
Liabilities, Total Gains (Losses) 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 Included in OCI	0	0
Interest rate swaps
Liabilities:
Balance at Beginning of Period	0	0
Liabilities, Total Gains (Losses) Included in Earnings	0	19
Liabilities, Total Gains (Losses) 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 Included in OCI	(1)	0
Contingent consideration
Liabilities:
Balance at Beginning of Period	74	0
Liabilities, Total Gains (Losses) Included in Earnings	2	9
Liabilities, Total Gains (Losses) 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 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 Gains (Losses) Included in Earnings	1	(12)
Assets, Total Gains (Losses) 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 Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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	2,941	1,970
Assets, Total Gains (Losses) Included in Earnings	(13)	0
Assets, Total Gains (Losses) Included in AOCI	35	13
Assets, Purchases	345	217
Assets, Sales	(311)	0
Assets, Settlements	(11)	(22)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	2,986	2,178
Change in Unrealized Included in OCI	33	13
Hybrids
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	0
Assets, Total Gains (Losses) Included in Earnings	0
Assets, Total Gains (Losses) 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 Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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 Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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 Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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	7	7
Assets, Total Gains (Losses) Included in Earnings	(1)	0
Assets, Total Gains (Losses) 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	7	7
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 Gains (Losses) Included in Earnings		(48)
Assets, Total Gains (Losses) 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
Derivative investments
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	3
Assets, Total Gains (Losses) Included in Earnings	0
Assets, Total Gains (Losses) 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 Gains (Losses) Included in Earnings	0	58
Assets, Total Gains (Losses) 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
Available-for-sale embedded derivative
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	32	27
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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		10
Assets, Total Gains (Losses) Included in Earnings		0
Assets, Total Gains (Losses) Included in AOCI		0
Assets, Purchases		0
Assets, Sales		0
Assets, Settlements		(1)
Assets, Net transfer In (Out) of Level 3		0
Balance at End of Period		9
Change in Unrealized Included in OCI		0
Short term investments
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	37	0
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) 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
Subtotal assets at Level 3 fair value
Fixed maturity securities, available-for-sale:
Assets, Total Gains (Losses) Included in Earnings	(13)	(2)
Assets, Total Gains (Losses) Included in AOCI	37	121
Assets, Purchases	1,406	990
Assets, Sales	(454)	(51)
Assets, Settlements	(196)	(236)
Assets, Net transfer In (Out) of Level 3	0	(26)
Change in Unrealized Included in OCI	33	121
Subtotal assets at Level 3 fair value | Level 3
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	11,453	9,564
Balance at End of Period	12,233	10,360
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 liabilities at Level 3 fair value
Liabilities:
Liabilities, Total Gains (Losses) Included in Earnings	(65)	228
Liabilities, Total Gains (Losses) 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
Change in Unrealized Included in OCI	(1)	0
Subtotal liabilities at Level 3 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
Loan receivable
Fixed maturity securities, available-for-sale:
Balance at Beginning of Period	11
Assets, Total Gains (Losses) Included in Earnings	0
Assets, Total Gains (Losses) 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

XML

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Investments in unconsolidated affiliates	$ 272	$ 272
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
Company-owned life insurance	399	395
Total	10,397	9,265
Liabilities:
Investment contracts, included in Contractholder funds	47,722	46,339
Notes payable	2,290	2,228
Total	50,012	48,567
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
Company-owned life insurance	399	395
Total	10,891	9,871
Liabilities:
Investment contracts, included in Contractholder funds	52,507	51,184
Notes payable	2,234	2,171
Total	54,741	53,355
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
Company-owned life insurance	0	0
Total	0	0
Liabilities:
Investment contracts, included in Contractholder funds	0	0
Notes payable	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
Company-owned life insurance	0	0
Total	156	153
Liabilities:
Investment contracts, included in Contractholder funds	0	0
Notes payable	2,290	2,228
Total	2,290	2,228
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
Company-owned life insurance	399	395
Total	6,390	5,824
Liabilities:
Investment contracts, included in Contractholder funds	47,722	46,339
Notes payable	0	0
Total	47,722	46,339
NAV
ASSETS
Investments in unconsolidated affiliates	3,851	3,288
Total	$ 3,851	$ 3,288

XML

Investments - Consolidated Investments (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale securities
Amortized Cost	$ 51,026	$ 49,729
Allowance for Expected Credit Losses	(80)	(62)	$ (33)	$ (35)
Gross Unrealized Gains	426	400
Gross Unrealized Losses	(3,463)	(3,750)
Fair Value	47,909	46,317
Asset-backed securities
Available-for-sale securities
Amortized Cost	16,429	15,777
Allowance for Expected Credit Losses	(15)	(13)	(11)	(11)
Gross Unrealized Gains	174	202
Gross Unrealized Losses	(326)	(317)
Fair Value	16,262	15,649
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	5,260	5,327
Allowance for Expected Credit Losses	(50)	(49)	(21)	(22)
Gross Unrealized Gains	51	53
Gross Unrealized Losses	(170)	(200)
Fair Value	5,091	5,131
Corporates
Available-for-sale securities
Amortized Cost	23,956	23,177
Allowance for Expected Credit Losses	(14)	0
Gross Unrealized Gains	149	103
Gross Unrealized Losses	(2,591)	(2,802)
Fair Value	21,500	20,478
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	512	581
Municipals
Available-for-sale securities
Amortized Cost	1,591	1,592
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	5	3
Gross Unrealized Losses	(226)	(249)
Fair Value	1,370	1,346
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	2,780	2,861
Allowance for Expected Credit Losses	(1)	0	$ (1)	$ (2)
Gross Unrealized Gains	41	32
Gross Unrealized Losses	(79)	(105)
Fair Value	2,741	2,788
U.S. Government
Available-for-sale securities
Amortized Cost	208	160
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	2	1
Gross Unrealized Losses	(1)	(3)
Fair Value	209	158
Foreign Governments
Available-for-sale securities
Amortized Cost	265	231
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(42)	(45)
Fair Value	$ 224	$ 186

XML

Investments - Narrative (Details)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) loan	Mar. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-sale [Line Items]
Securities held as collateral, at fair value	$ 16,000,000			$ 866,000,000
Non-income producing investment fair value	33,000,000			32,000,000
Accrued interest receivable	$ 467,000,000			$ 465,000,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other assets (certain assets held at fair value of $11 at both March 31, 2025 and December 31, 2024)			Prepaid expenses and other assets (certain assets held at fair value of $11 at both March 31, 2025 and December 31, 2024)
FHLB collateral pledged	$ 4,740,000,000			$ 4,289,000,000
PCD available for sale securities purchased	0		$ 0
Fixed maturity securities, available-for-sale securities, allowance for credit losses	80,000,000	$ 33,000,000		62,000,000	$ 35,000,000
Allowance for credit loss for securities in an unrealized loss position	$ 0
DSC ratio, amortization period	25 years
Amortized cost of loans on non-accrual	$ 82,000,000			94,000,000
Financing receivable, purchased with credit deterioration, amount at purchase price	0			$ 0
Gross investment income	729,000,000	686,000,000
Reinsurance agreement, recognized gains (losses)	$ (42,000,000)	(19,000,000)
Commercial Mortgage Loans
Debt Securities, Available-for-sale [Line Items]
Loans delinquent in principal or interest payments | loan	1			1
Funds Withheld, Reinsurance Agreements
Debt Securities, Available-for-sale [Line Items]
Gross investment income	$ 184,000,000	127,000,000
90 days or more past due | Mortgage Loans
Debt Securities, Available-for-sale [Line Items]
Mortgage loans in process of foreclosure	$ 77,000,000			$ 81,000,000
United States
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, location percentage	100.00%
Commercial Mortgages
Debt Securities, Available-for-sale [Line Items]
Commercial mortgage loans, percentage of investments	5.00%			5.00%
Amortized cost of loans on non-accrual	$ 10,000,000			$ 9,000,000
Interest receivable	$ 9,000,000			$ 8,000,000
Commercial Mortgages | 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 Mortgages
Debt Securities, Available-for-sale [Line Items]
Percentage of total investments	6.00%			5.00%
Charge offs	$ 0	$ 0	$ 0
Amortized cost of loans on non-accrual	72,000,000			$ 85,000,000
Interest receivable	$ 31,000,000			$ 28,000,000
Residential Mortgages | 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

XML

Investments - Amortized Cost and Fair Value of Fixed Maturity by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Due in one year or less, Amortized Cost	$ 603
Due after one year through five years, Amortized Cost	4,117
Due after five years through ten years, Amortized Cost	5,124
Due after ten years, Amortized Cost	16,713
Subtotal	26,557
Other securities which provide for periodic payments, Amortized Cost	24,469
Amortized Cost	51,026	$ 49,729
Due in one year or less, Fair Value	603
Due after one year through five years, Fair Value	4,103
Due after five years through ten years, Fair Value	5,011
Due after ten years, Fair Value	14,098
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total	23,815
Other securities which provide for periodic payments, Fair Value	24,094
Total fixed maturity available-for-sale securities	47,909	46,317
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	16,429
Amortized Cost	16,429	15,777
Other securities which provide for periodic payments, Fair Value	16,262
Total fixed maturity available-for-sale securities	16,262	15,649
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	5,260
Amortized Cost	5,260	5,327
Other securities which provide for periodic payments, Fair Value	5,091
Total fixed maturity available-for-sale securities	5,091	$ 5,131
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	2,780
Other securities which provide for periodic payments, Fair Value	$ 2,741

XML

Investments - Activity in Allowance for Credit Loss Aggregated by Investment Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ (62)	$ (35)
Additions
For credit losses on securities for which losses were not previously recorded	(15)	(1)
(Additions) reductions in allowance recorded on previously impaired securities	(3)	3
Reductions
For securities sold during the period	0	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Balance at End of Period	(80)	(33)
Asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	(13)	(11)
Additions
For credit losses on securities for which losses were not previously recorded	0	(1)
(Additions) reductions in allowance recorded on previously impaired securities	(2)	1
Reductions
For securities sold during the period	0	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Balance at End of Period	(15)	(11)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	(49)	(22)
Additions
For credit losses on securities for which losses were not previously recorded	(1)	0
(Additions) reductions in allowance recorded on previously impaired securities	0	1
Reductions
For securities sold during the period	0	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Balance at End of Period	(50)	(21)
Corporates
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0
Additions
For credit losses on securities for which losses were not previously recorded	(14)
(Additions) reductions in allowance recorded on previously impaired securities
Reductions
For securities sold during the period	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0
Write offs charged against the allowance	0
Recoveries of amounts previously written off	0
Balance at End of Period	(14)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0	(2)
Additions
For credit losses on securities for which losses were not previously recorded	0	0
(Additions) reductions in allowance recorded on previously impaired securities	(1)	1
Reductions
For securities sold during the period	0	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Balance at End of Period	$ (1)	$ (1)

XML

Investments - 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 Values, Less than 12 months	$ 12,298	$ 9,795
Gross Unrealized Losses, Less than 12 months	(218)	(277)
Fair Value, 12 Months or longer	15,150	15,322
Gross Unrealized Losses, 12 months or longer	(3,209)	(3,447)
Total Fair Value	27,448	25,117
Total Gross Unrealized Losses	$ (3,427)	$ (3,724)
Total number of AFS securities in an unrealized loss position less than twelve months | security	1,839	1,838
Total number of AFS securities in an unrealized loss position twelve months or longer | security	2,064	2,113
Total number of AFS securities in an unrealized loss position | security	3,903	3,951
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, 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 Values, Less than 12 months	693	699
Gross Unrealized Losses, Less than 12 months	(13)	(10)
Fair Value, 12 Months or longer	1,336	1,508
Gross Unrealized Losses, 12 months or longer	(141)	(175)
Total Fair Value	2,029	2,207
Total Gross Unrealized Losses	(154)	(185)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	5,415	6,524
Gross Unrealized Losses, Less than 12 months	(138)	(202)
Fair Value, 12 Months or longer	9,322	9,234
Gross Unrealized Losses, 12 months or longer	(2,453)	(2,600)
Total Fair Value	14,737	15,758
Total Gross Unrealized Losses	(2,591)	(2,802)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, 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 Values, Less than 12 months	179	261
Gross Unrealized Losses, Less than 12 months	(9)	(12)
Fair Value, 12 Months or longer	985	966
Gross Unrealized Losses, 12 months or longer	(217)	(237)
Total Fair Value	1,164	1,227
Total Gross Unrealized Losses	(226)	(249)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	494	898
Gross Unrealized Losses, Less than 12 months	(4)	(16)
Fair Value, 12 Months or longer	439	459
Gross Unrealized Losses, 12 months or longer	(69)	(89)
Total Fair Value	933	1,357
Total Gross Unrealized Losses	(73)	(105)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	6	93
Gross Unrealized Losses, Less than 12 months	0	(2)
Fair Value, 12 Months or longer	10	10
Gross Unrealized Losses, 12 months or longer	(1)	(1)
Total Fair Value	16	103
Total Gross Unrealized Losses	(1)	(3)
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	46	51
Gross Unrealized Losses, Less than 12 months	(1)	(1)
Fair Value, 12 Months or longer	130	128
Gross Unrealized Losses, 12 months or longer	(42)	(44)
Total Fair Value	176	179
Total Gross Unrealized Losses	$ (43)	$ (45)

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Investments - Distribution of Commercial Mortgage Loan, Gross of Valuation Allowances, by Property Type and Region (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Allowance for expected credit loss	$ (73)	$ (70)	$ (67)	$ (66)
Total loans net of valuation allowance	6,366	5,926
Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 2,805	$ 2,722
% of Total	100.00%	100.00%
Allowance for expected credit loss	$ (17)	$ (17)	$ (13)	$ (12)
Total loans net of valuation allowance	2,788	2,705
East North Central | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 99	$ 98
% of Total	4.00%	4.00%
East South Central | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 75	$ 75
% of Total	3.00%	3.00%
Middle Atlantic | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 348	$ 354
% of Total	12.00%	13.00%
Mountain | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 409	$ 409
% of Total	15.00%	15.00%
New England | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 164	$ 164
% of Total	6.00%	6.00%
Pacific | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 726	$ 706
% of Total	26.00%	26.00%
South Atlantic | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 742	$ 683
% of Total	26.00%	25.00%
West North Central | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 62	$ 62
% of Total	2.00%	2.00%
West South Central | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 180	$ 171
% of Total	6.00%	6.00%
Hotel | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 17	$ 17
% of Total	1.00%	1.00%
Industrial | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 657	$ 657
% of Total	23.00%	24.00%
Mixed Use | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 11	$ 11
% of Total	0.00%	0.00%
Multifamily | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 1,024	$ 1,006
% of Total	37.00%	37.00%
Office | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 349	$ 349
% of Total	12.00%	13.00%
Retail | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 75	$ 98
% of Total	3.00%	4.00%
Student Housing | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 83	$ 83
% of Total	3.00%	3.00%
Other | Commercial Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 589	$ 501
% of Total	21.00%	18.00%

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Investments - Commercial Mortgage Loans Segregated by Aging of Loans and Charge Offs (Details) - Commercial Mortgages - 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 Mortgages - 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 - 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 credit loss	$ (73)	$ (70)	$ (67)	$ (66)
Total loans net of valuation allowance	6,366	5,926
Residential Mortgages
Schedule of Investments [Line Items]
Amortized Cost	3,634	3,274
Allowance for expected credit loss	(56)	(53)	$ (54)	$ (54)
Total loans net of valuation allowance	$ 3,578	$ 3,221
% of Total	100.00%	100.00%
Florida | Residential Mortgages
Schedule of Investments [Line Items]
Amortized Cost	$ 176	$ 164
% of Total	5.00%	5.00%
All other states | Residential Mortgages
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 loans net of valuation allowance	6,366	5,926
Residential Mortgages
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 loans net of valuation allowance	3,578	3,221
Residential Mortgages | Performing Financial Instruments
Schedule of Investments [Line Items]
Amortized Cost	$ 3,562	$ 3,188
% of Total	98.00%	97.00%
Residential Mortgages | Nonperforming Financial Instruments
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 Risk Rating Exposure 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 Mortgages
Credit Quality Indicator Current Year [Abstract]
2025	311	614
2024	724	376
2023	376	928
2022	903	840
2021	821	176
Prior	499	340
Total	3,634	3,274
Credit Quality Indicator Prior Year [Abstract]
2025	311	614
2024	724	376
2023	376	928
2022	903	840
2021	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 Mortgages
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 Mortgages
Credit Quality Indicator Current Year [Abstract]
2025	311	610
2024	719	368
2023	372	911
2022	886	805
2021	793	162
Prior	460	312
Total	3,541	3,168
Credit Quality Indicator Prior Year [Abstract]
2025	311	610
2024	719	368
2023	372	911
2022	886	805
2021	793	162
Prior	460	312
Total	3,541	3,168
30-89 days past due | Residential Mortgages
Credit Quality Indicator Current Year [Abstract]
2025	0	1
2024	4	6
2023	2	4
2022	6	6
2021	2	1
Prior	7	3
Total	21	21
Credit Quality Indicator Prior Year [Abstract]
2025	0	1
2024	4	6
2023	2	4
2022	6	6
2021	2	1
Prior	7	3
Total	21	21
90 days or more past due | Residential Mortgages
Credit Quality Indicator Current Year [Abstract]
2025	0	3
2024	1	2
2023	2	13
2022	11	29
2021	26	13
Prior	32	25
Total	72	85
Credit Quality Indicator Prior Year [Abstract]
2025	0	3
2024	1	2
2023	2	13
2022	11	29
2021	26	13
Prior	32	25
Total	$ 72	$ 85

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Investments - 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 Sources of Net Investment Income Reported (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Investments [Line Items]
Gross investment income	$ 729	$ 686
Investment expense	(63)	(70)
Interest and investment income	666	616
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	549	516
Equity securities
Schedule of Investments [Line Items]
Gross investment income	5	6
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	3	6
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	34	28
Limited partnerships
Schedule of Investments [Line Items]
Limited partnerships	54	54
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 2	$ 10

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Investments - Recognized Gains (Loss), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Investments [Line Items]
Net realized (losses) on fixed maturity available-for-sale securities	$ (1)	$ (19)
Net realized/unrealized gains on other invested assets	1	58
Change in allowance for expected credit losses	(22)	0
Realized (losses) gains on certain derivative instruments	(25)	21
Unrealized (losses) gains on certain derivative instruments	(159)	158
Change in fair value of reinsurance related embedded derivatives	(226)	164
Change in fair value of reinsurance related embedded derivatives	(41)	(18)
Change in fair value of other derivatives and embedded derivatives	0	3
Net realized/ unrealized (losses) gains on derivatives and embedded derivatives	(225)	164
Recognized gains and (losses), net	(263)	212
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on equity securities and (losses) gains on preferred securities	(15)	(1)
Valuation gains (losses)	(5)	(1)
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on equity securities and (losses) gains on preferred securities	(1)	10
Valuation gains (losses)	$ 0	$ 9

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Investments - Proceeds from Sale of Fixed Maturity AFS Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 2,058	$ 578
Gross gains	12	8
Gross losses	$ (13)	$ (24)

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Investments - Schedule of Carrying Value and Maximum Loss Exposure Unconsolidated VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Investments [Line Items]
Carrying Value	$ 27,901	$ 26,807
Maximum Loss Exposure	30,031	28,945
Investment in unconsolidated affiliates
Schedule of Investments [Line Items]
Carrying Value	4,127	3,565
Maximum Loss Exposure	5,284	4,703
Fixed maturity securities
Schedule of Investments [Line Items]
Carrying Value	23,774	23,242
Maximum Loss Exposure	$ 24,747	$ 24,242

XML

Investments - Schedules of Investment Concentrations (Details) - Stockholders' Equity, Total - Investment Risk Concentration - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Blackstone Wave Asset Holdco
Schedule of Investments [Line Items]
Investment owned, at fair value	$ 689	$ 710
Prime Notes LLC
Schedule of Investments [Line Items]
Investment owned, at fair value	560	0
Blackstone Cooper Asset Holdco
Schedule of Investments [Line Items]
Investment owned, at fair value	$ 449	$ 472

XML

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]
Gross Notional	$ 38,029	$ 34,791
Assets	734	824
Liabilities	5,239	5,121
Derivatives designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	410	39
Assets	10	2
Liabilities	1	0
Derivatives designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	350	0
Assets	9	0
Liabilities	0	0
Derivatives designated as hedging instruments | Foreign currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	60	39
Assets	1	2
Liabilities	1	0
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	37,619	34,752
Assets	724	822
Liabilities	5,238	5,121
Derivatives not designated as hedging instruments | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	5,545	5,040
Assets	59	16
Liabilities	0	10
Derivatives not designated as hedging instruments | Equity options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	31,986	29,594
Assets	632	773
Liabilities	0	0
Derivatives not designated as hedging instruments | Futures contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	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]
Gross Notional	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]
Gross Notional	0	0
Assets	32	32
Liabilities	0	0
Derivatives not designated as hedging instruments | Indexed annuities/IUL embedded derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Notional	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]
Gross Notional	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	$ (226)	$ 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	(225)	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	49	(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]	Fixed maturity securities available for sale, at fair value, at March 31, 2025 and December 31, 2024, at an amortized cost of $51,026 and $49,729, respectively, net of allowance for credit losses of $80 and $62, respectively	Fixed maturity securities available for sale, at fair value, at March 31, 2025 and December 31, 2024, at an amortized cost of $51,026 and $49,729, respectively, net of allowance for credit losses of $80 and $62, respectively
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]
Derivative instruments’ gains (losses)	$ (226,000,000)	$ 164,000,000
Fair value hedging adjustments for hedged assets	0		$ 0
Fair value hedging adjustments for hedged liabilities	$ 0		0
Counterparty, threshold not set to zero | counterparty	1
Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative instruments’ gains (losses)	$ (225,000,000)	164,000,000
All Counterparties Except Merrill Lynch
Derivative [Line Items]
Counterparties, collateral required threshold	0.00%
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 four	5 years
Term of contract, term five	6 years
Embedded derivatives | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative instruments’ gains (losses)	$ 0	3,000,000
Equity options | Derivatives not designated as hedging instruments
Derivative [Line Items]
Derivative instruments’ gains (losses)	(234,000,000)	250,000,000
Equity options | Derivatives for Trading and Investment | Derivatives not designated as hedging instruments
Derivative [Line Items]
Collateral	621,000,000		771,000,000
Net credit risk	79,000,000		34,000,000
Equity options | Cash and Cash Equivalents | Derivatives not designated as hedging instruments
Derivative [Line Items]
Collateral	$ 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]
Derivative instruments’ gains (losses)	$ 5,000,000	$ 6,000,000

XML

Derivative Financial Instruments - Information Regarding 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	$ 734	$ 824
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value	724	822
Derivative Instruments, Excluding Futures | Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Fair Value	700	782
Collateral	621	771
Net credit risk	$ 79	$ 34

XML

Reinsurance - Effect of Reinsurance on Premiums Earned and Benefits Incurred and Reserve Changes (Details) - Life Insurance Product Line - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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

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Reinsurance - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) policy	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Insurance [Abstract]
Number of policies reinsured by foreign company not engaged in insurance | policy	0
Deposit contract assets	$ 12,038		$ 11,039
Reinsurance risk charge fees	$ 11	$ 10

XML

Reinsurance - Summary of Reinsurance Recoverable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
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
Reinsurance, retrocession, quota share basis, percentage	90.00%	90.00%
Aspida Life Re Ltd. | Certain MYGA
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	$ 8,060	$ 7,844
Somerset Reinsurance Ltd | Certain MYGA and DA
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	3,316	2,822
Everlake | Certain MYGA
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	1,830	1,168
Wilton Reassurance Company | Block of traditional, IUL and UL
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	1,067	1,066
Other
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance	$ 493	$ 489

XML

Intangibles - 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 (“VOBA”)	$ 1,311	$ 1,349	$ 1,407	$ 1,446
Deferred acquisition costs (“DAC”)	3,172	3,036
Deferred sales inducements (“DSI”)	682	625
Total Other intangible assets, net	5,721	5,572
Indefinite lived tradenames and other
Finite-Lived Intangible Assets [Line Items]
Indefinite lived tradenames and other	8	8
Value of distribution asset
Finite-Lived Intangible Assets [Line Items]
Definite lived	71	74
Computer software
Finite-Lived Intangible Assets [Line Items]
Definite lived	77	76
Definite lived trademarks, tradenames, and other
Finite-Lived Intangible Assets [Line Items]
Definite lived	136	131
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Definite lived	$ 264	$ 273

XML

Intangibles - 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
Deferred Sales Inducement Cost, Amortization Expense	$ (14)	$ (8)

XML

Intangibles - 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

Intangibles - 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

Intangibles - Reconciliation of DAC to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	$ 3,172	$ 3,036
Indexed annuities
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	1,955	1,874
Fixed Annuity [Member]
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	372	376
Universal Life
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	838	781
Funding Agreements
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	5	4
PRT
Finite-Lived Intangible Assets [Line Items]
Deferred acquisition costs (“DAC”)	$ 2	$ 1

XML

Intangibles - DSI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Movement in Deferred Sales Inducements [Roll Forward]
DSI at beginning of period	$ 625
DSI at end of period	682
Indexed annuities
Movement in Deferred Sales Inducements [Roll Forward]
DSI at beginning of period	625	$ 346
Capitalization	71	54
Amortization	(14)	(8)
DSI at end of period	$ 682	$ 392

XML

Intangibles - Rollforward of Customer Relationship Intangibles Acquired in the Roar Acquisition (Details) - Customer relationships - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Finite-Lived Intangible Assets [Roll Forward]
Balance, Beginning	$ 273
Balance, Ending	264
Roar And PALH
Finite-Lived Intangible Assets [Roll Forward]
Balance, Beginning	273	$ 0
Acquired	0	179
Amortization	(9)	(9)
Balance, Ending	$ 264	$ 170

XML

Market Risk Benefits - 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, Changes In Market Risk Benefit [Roll Forward]
Balance, beginning of period, net liability	$ 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, net liability	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, Changes In Market Risk Benefit [Roll Forward]
Balance, beginning of period, net liability	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, net liability	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
Fixed rate annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	187	189
Market risk benefits liability	1	1
Fixed rate annuities | Direct
Market Risk Benefit [Line Items]
Market risk benefits asset	101	128
Market risk benefits liability	1	1
Fixed rate annuities | 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	0	0
Market risk benefits liability	634	548
Indexed annuities | Direct
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	634	548
Indexed annuities | Reinsured
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	$ 0	$ 0

XML

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	19.00%	18.00%
Deferred tax assets, valuation allowance	$ 58,000,000		$ 58,000,000
Deferred tax assets	326,000,000		357,000,000
Valuation allowance, increase	0
LIHTC investments	$ 141,000,000		$ 135,000,000

XML

Income Taxes - Impacts of LIHTC Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Tax credits and other benefits recognized	$ (8)	$ (8)
Tax credit amortization expense	6	6
Total	$ (2)	$ (2)

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Contractholder Funds - Summary 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	0	$ 3
Gross liability, end of period	57,823		56,404
Less: Reinsurance	14,746		13,369
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 charge	(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 charge	(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
Less: Reinsurance	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 charge	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 charge	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
Less: Reinsurance	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 charge	(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 charge	(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
Less: Reinsurance	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 charge	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 charge	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
Less: Reinsurance	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 charge	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 charge	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
Less: Reinsurance	0		0
Net liability, after reinsurance	$ 2,901		$ 2,852

XML

Contractholder Funds - 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
Funding Agreement-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

XML

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 - 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
1 Basis Point-50 Basis Points Above | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0001	0.0001
1 Basis Point-50 Basis Points Above | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0050	0.0050
51 Basis Points-150 Basis Points Above | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0051	0.0051
51 Basis Points-150 Basis Points Above | Maximum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
Greater Than 150 Basis Points Above | Minimum
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150
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 | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1,199	1,239
Indexed annuities | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1,313	1,176
Indexed annuities | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	3,211	3,102
Indexed annuities | 0.00% to 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	27,420	27,114
Indexed annuities | 0.00% to 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,872	23,540
Indexed annuities | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1,196	1,236
Indexed annuities | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	485	492
Indexed annuities | 0.00% to 1.50% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1,867	1,846
Indexed annuities | 1.51% to 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	3,147	2,802
Indexed annuities | 1.51% to 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	997	875
Indexed annuities | 1.51% to 2.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Indexed annuities | 1.51% to 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	828	684
Indexed annuities | 1.51% to 2.50% | Greater Than 150 Basis Points Above
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% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	2	2
Indexed annuities | Greater Than 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Indexed annuities | Greater Than 2.50% | Greater Than 150 Basis Points Above
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 | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	28	29
Fixed rate annuities | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	761	798
Fixed rate annuities | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	16,232	15,750
Fixed rate annuities | 0.00% to 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	15,626	15,257
Fixed rate annuities | 0.00% to 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	72	57
Fixed rate annuities | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	19	20
Fixed rate annuities | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	737	773
Fixed rate annuities | 0.00% to 1.50% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	14,798	14,407
Fixed rate annuities | 1.51% to 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	493	493
Fixed rate annuities | 1.51% to 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	4	4
Fixed rate annuities | 1.51% to 2.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Fixed rate annuities | 1.51% to 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	19	20
Fixed rate annuities | 1.51% to 2.50% | Greater Than 150 Basis Points Above
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% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	2	2
Fixed rate annuities | Greater Than 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	5	5
Fixed rate annuities | Greater Than 2.50% | Greater Than 150 Basis Points Above
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 | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Universal life | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal life | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	26	24
Universal life | 0.00% to 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	2,572	2,452
Universal life | 0.00% to 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,539	2,421
Universal life | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	7	7
Universal life | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | 0.00% to 1.50% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	26	24
Universal life | 1.51% to 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | 1.51% to 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | 1.51% to 2.50% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | 1.51% to 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | 1.51% to 2.50% | Greater Than 150 Basis Points Above
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% | 1 Basis Point-50 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal life | Greater Than 2.50% | 51 Basis Points-150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal life | Greater Than 2.50% | Greater Than 150 Basis Points Above
Policyholder Account Balance [Line Items]
Contractholder funds	$ 0	$ 0

XML

Future Policy Benefits - Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value of FPB (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Expected FPB
Net liability for 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
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 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
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 years 2 months 23 days	6 years 3 months 10 days
PRT
Expected FPB
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
Expected FPB
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
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 years 6 months 14 days	12 years 7 months 17 days

XML

Future Policy Benefits - Summary 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 Activity [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 Activity [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

XML

Future Policy Benefits - 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

XML

Future Policy Benefits - 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

XML

Future Policy Benefits - 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

XML

Future Policy Benefits - 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%

XML

Future Policy Benefits - 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 rate	1.80%	1.40%
Lapse rate	0.00%	0.10%
Actual experience | Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	3.00%	2.70%
Lapse rate	0.00%	0.00%
Actual experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	3.40%	2.70%
Lapse rate	0.00%	0.00%
Expected experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.60%	1.50%
Lapse rate	0.60%	0.50%
Expected experience | Immediate annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.70%	1.90%
Lapse rate	0.00%	0.00%
Expected experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.50%	2.50%
Lapse rate	0.00%	0.00%

XML

Future Policy Benefits - 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

XML

Accounts Payable and Accrued Liabilities - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Unearned revenue liabilities	$ 436	$ 401

XML

Accounts Payable and Accrued Liabilities - Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Salaries and incentives	$ 56	$ 116
Accrued benefits	67	67
URL	436	401
Trade accounts payable	202	147
Liability for policy and contract claims	113	102
Retained asset account	57	60
Remittances and items not allocated	381	224
Option collateral liabilities	544	679
Lease liability	9	10
Investment purchases payable	152	100
Contingent consideration	64	74
Accrued interest on notes payable	42	31
Interest rate swaps	0	10
Other accrued liabilities	191	198
Accounts payable and accrued liabilities	$ 2,314	$ 2,219

XML

Accounts Payable and Accrued Liabilities - 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	$ 401
Balance, ending	436
Universal life
Contract With Customer Liability [Roll Forward]
Balance, beginning	401	$ 270
Capitalization	41	35
Amortization	(6)	(4)
Balance, ending	$ 436	$ 301

XML

Notes Payable - Components of Notes Payable (Details) - USD ($) $ in Millions	Mar. 31, 2025	Feb. 01, 2025	Jan. 13, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Notes payable	$ 2,234			$ 2,171
6.250% Senior Notes due 2034 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%
Debt issuance costs	$ 8			8
Notes payable	$ 492			492
6.50% Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.50%
Debt issuance costs	$ 5			5
Notes payable	$ 545			545
7.95% Senior Notes Due 2053 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.95%
Debt issuance costs	$ 9			9
Notes payable	$ 336			336
7.40% Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.40%
Debt issuance costs	$ 3			3
Notes payable	$ 497			497
5.50% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%
Debt issuance costs	$ 0			1
Notes payable	$ 0			301
7.300% Junior Subordinated Notes due 2065 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.30%		7.30%
Debt issuance costs	$ 11			0
Notes payable	$ 364			$ 0

XML

Notes Payable - Narrative (Details) - USD ($)	Feb. 01, 2025	Mar. 31, 2025	Jan. 13, 2025	Dec. 31, 2024	Feb. 16, 2024
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility outstanding		$ 0		$ 0
7.300% Junior Subordinated Notes due 2065 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.30%	7.30%
Aggregate principal amount			$ 375,000,000
5.50% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%
Aggregate principal amount	$ 300,000,000
Debt instrument, redemption price, percentage	100.00%
Credit Agreement | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility outstanding		$ 0		$ 0
Credit facility, maximum borrowing capacity					$ 750,000,000
6.250% Senior Notes due 2034 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		6.25%
6.50% Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		6.50%
7.95% Senior Notes Due 2053 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.95%
7.40% Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.40%

XML

Notes Payable - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Feb. 01, 2025	Jan. 13, 2025
Debt Instrument [Line Items]
Interest expense	$ 40	$ 30
6.250% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.25%
Interest expense	$ 8	0
6.50% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	6.50%
Interest expense	$ 9	0
7.95% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.95%
Interest expense	$ 7	8
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.40%
Interest expense	$ 9	10
5.50% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%		5.50%
Interest expense	$ 0	6
7.300% F&G Junior Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage	7.30%			7.30%
Interest expense	$ 6	0
Revolving Credit Facility | Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense	$ 1	$ 6

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash paid (refunded) for:
Interest paid	$ 29	$ 32
Income taxes paid (refunded)	0	1
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	48	(23)
Change in purchases of investments available for sale payable in period	$ 53	$ 171

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Commitments and Contingencies - Narrative (Details) $ in Millions				3 Months Ended
	Jan. 11, 2024 USD ($)	Jan. 02, 2024 USD ($)	Sep. 07, 2023 lawsuit	Mar. 31, 2025 USD ($) lawsuit	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Payment for contingent consideration liability, financing activities				$ 10	$ 0
Contingent consideration, included in Accounts payable and accrued liabilities				64		$ 74
Issuance of preferred stock				$ 0	$ 250
Series A Preferred Stock
Loss Contingencies [Line Items]
Issuance of preferred stock	$ 250
Preferred stock, dividend rate, percentage	6.875%
Damages from Data Breach
Loss Contingencies [Line Items]
Similar lawsuits against other entities (over) | lawsuit				150
Damages from Data Breach | Pending Litigation
Loss Contingencies [Line Items]
Lawsuits filed | lawsuit				2
Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company | Breach Of Contract
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				$ 162
Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company | Failure To Purchase Interest In Contracts
Loss Contingencies [Line Items]
Loss contingency, damages sought, value				11
Cooper v. Progress Software Corp., No. 1:23-cv-12067
Loss Contingencies [Line Items]
Number of defendants | lawsuit			5
Roar
Loss Contingencies [Line Items]
Contingent consideration obligation, payments (up to)		$ 90
Contingent consideration liability payment period		3 years
Payment for contingent consideration liability, financing activities				12
Contingent consideration, included in Accounts payable and accrued liabilities		$ 48		64
Roar | Loan Commitment
Loss Contingencies [Line Items]
Loan principal outstanding				$ 11		$ 11
Roar | Loan Commitment | Maximum
Loss Contingencies [Line Items]
Loan agreement with seller (up to)		$ 40

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Commitments and Contingencies - Unfunded Commitments (Details) $ in Millions	Mar. 31, 2025 USD ($)
Limited partnerships
Other Commitments [Line Items]
Unfunded investment commitment	$ 1,157
Whole loans
Other Commitments [Line Items]
Unfunded investment commitment	231
Fixed maturity securities, asset-backed securities
Other Commitments [Line Items]
Unfunded investment commitment	382
Direct Lending
Other Commitments [Line Items]
Unfunded investment commitment	1,263
Other fixed maturity securities, AFS
Other Commitments [Line Items]
Unfunded investment commitment	148
Commercial mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	94
Residential mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	222
Other assets
Other Commitments [Line Items]
Unfunded investment commitment	203
Total
Other Commitments [Line Items]
Unfunded investment commitment	$ 3,700

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Insurance Subsidiary Financial Information and Regulatory Matters - 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 Segment
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 Segment
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 Segment
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 Segment
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

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Insurance Subsidiary Financial Information and Regulatory Matters - Narrative (Details)	Mar. 31, 2025 USD ($) entity permitted_practice	Dec. 31, 2024 USD ($)
Statutory Accounting Practices [Line Items]
Number of entities without approved permitted practice | entity	2
Number of permitted practices | permitted_practice	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

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Acquisitions - Narrative (Details) - USD ($) $ in Millions				3 Months Ended
	Jul. 18, 2024	Jul. 17, 2024	Jan. 02, 2024	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024
Roar
Business Acquisition [Line Items]
Ownership interests acquired			70.00%
Contingent consideration obligation, payments (up to)			$ 90
Contingent consideration liability payment period			3 years
Revenue of acquiree				$ 16		$ 23
Earnings (loss) of acquiree				1		$ 3
PALH LLC
Business Acquisition [Line Items]
Revenue of acquiree				0
Earnings (loss) of acquiree				$ (3)
Ownership interest including subsequent acquisition, percentage	100.00%
Ownership interest prior to acquisition		30.00%
Acquisition date fair value of previously held interests	$ 92	$ 92
Realized gain					$ 2
PALH LLC | PALH LLC
Business Acquisition [Line Items]
Ownership percentage of acquiree prior to acquisition		70.00%

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Acquisitions - Initial Purchase Price (Details) - USD ($) $ in Millions	Jul. 18, 2024	Jul. 17, 2024	Jan. 02, 2024	Mar. 31, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Initial fair value of contingent consideration				$ 64	$ 74
Roar
Business Acquisition [Line Items]
Ownership interests acquired			70.00%
Cash paid for 70% majority interest of Roar shares/Cash consideration			$ 269
Less: Cash acquired net of noncontrolling interests/ Less: Cash acquired			1
Net cash paid for 70% majority interest of Roar/Net cash paid			268
Initial fair value of contingent consideration			48	$ 64
Total initial consideration			$ 316
PALH LLC
Business Acquisition [Line Items]
Cash paid for 70% majority interest of Roar shares/Cash consideration	$ 215
Less: Cash acquired net of noncontrolling interests/ Less: Cash acquired	1
Net cash paid for 70% majority interest of Roar/Net cash paid	214
Settlement of prepaid asset	8
Acquisition date fair value of previously held interests	92	$ 92
Total initial consideration	$ 314

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Acquisitions - Fair Value Amounts Expected to be Recognized for Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Jul. 18, 2024	Jan. 02, 2024
Business Acquisition [Line Items]
Goodwill	$ 2,179	$ 2,179
Roar
Business Acquisition [Line Items]
Goodwill				$ 268
Prepaid expenses and other assets				3
Other intangible assets				183
Total assets acquired				454
Accounts payable and accrued liabilities				2
Total liabilities assumed				2
Non-controlling interests (fair value determined using income approach)				136
Total liabilities assumed and non-controlling interests				138
Net assets acquired				$ 316
PALH LLC
Business Acquisition [Line Items]
Goodwill			$ 162
Prepaid expenses and other assets			5
Other intangible assets			149
Total assets acquired			316
Accounts payable and accrued liabilities			2
Total liabilities assumed			2
Net assets acquired			$ 314

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Acquisitions - Gross Carrying Value and Weighted Average Estimated Useful Lives of Other Intangible Assets (Details) - USD ($) $ in Millions	Jul. 18, 2024	Jan. 02, 2024
Roar
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value		$ 183
Roar | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value		$ 179
Estimated useful life (in years)		12 years
Roar | Definite lived trademarks, tradenames, and other
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value		$ 4
Estimated useful life (in years)		10 years
PALH LLC
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value	$ 149
PALH LLC | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value	$ 131
Estimated useful life (in years)	20 years
PALH LLC | Definite lived trademarks, tradenames, and other
Acquired Finite-Lived Intangible Assets [Line Items]
Other intangible assets, gross carrying value	$ 18
PALH LLC | Definite lived trademarks, tradenames, and other | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years
PALH LLC | Definite lived trademarks, tradenames, and other | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years

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Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net earnings (loss)	$ (21)	$ 116
Less: Non-controlling interests	0	1
Net earnings (loss) attributable to F&G	(21)	115
Less: Preferred stock dividend	4	4
Net earnings (loss) attributable to F&G common shareholders	$ (25)	$ 111
Weighted-average common shares outstanding - basic (in shares)	126,000	124,000
Dilutive effect of mandatory convertible preferred stock (in shares)	0	5,000
Weighted average shares outstanding - diluted (in shares)	126,000	130,000
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net (in usd per share)	$ (0.20)	$ 0.90
Diluted - net (in usd per share)	$ (0.20)	$ 0.88
Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of unvested restricted stock (in shares)	0	1,000

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Earnings Per Share - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2025 shares	Jan. 15, 2027
Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	132
Common Stock | Minimum | Forecast
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred stock, convertible, conversion ratio		0.9456
Common Stock | Maximum | Forecast
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Preferred stock, convertible, conversion ratio		1.1111
Convertible Preferred Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	5
Restricted Stock | Restricted Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1

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Segment Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2025 segment
Segment Reporting [Abstract]
Number of reporting segments	1

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Segment Information - Summarized Information for Single Reportable Segment (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Revenues:
Life insurance premiums and other fees		$ 489	$ 718
Owned distribution revenues		16	23
Interest and investment income		666	616
Recognized gains and (losses), net		(263)	212
Total revenues		908	1,569
Significant expenses
Benefits and other changes in policy reserves	[1]	524	1,161
Personnel costs		67	66
Other operating expenses		41	58
Other segment items
Change in market risk benefits, net		109	(11)
Depreciation and amortization		153	123
Interest expense		40	30
Total benefits and expenses		934	1,427
Earnings (loss) before income taxes		(26)	142
Income tax (benefit) expense		(5)	26
Net earnings (loss)		(21)	116
Reportable Segment
Revenues:
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
Owned distribution revenues		16	23
Revenues from external customers		505	741
Interest and investment income		666	616
Recognized gains and (losses), net		(263)	212
Total revenues		908	1,569
Significant expenses
Benefits and other changes in policy reserves		524	1,161
Personnel costs		67	66
Other operating expenses		41	58
Total significant expenses:		632	1,285
Other segment items
Change in market risk benefits, net		109	(11)
Depreciation and amortization		153	123
Interest expense		40	30
Total other segment items:		302	142
Total benefits and expenses		934	1,427
Earnings (loss) before income taxes		(26)	142
Income tax (benefit) expense		(5)	26
Net earnings (loss)		$ (21)	$ 116

[1] The remeasurement gains (losses) for the three months ended March 31, 2025 and March 31, 2024 were $19 million and $7 million, respectively.