v3.26.1
F&G Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2026
Reinsurance Disclosures [Abstract]  
Schedule of Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes
The effects of reinsurance on net premiums earned, net product fees and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2026 and 2025 were as follows:
Three months ended March 31,
20262025
(In millions)
Net Premiums EarnedNet Product
Fees		Net Benefits IncurredNet Premiums EarnedNet Product
Fees		Net Benefits Incurred
Direct$353 $170 $534 $343 $180 $577 
Ceded(20)(24)(50)(22)(12)(53)
   Net$333 $146 $484 $321 $168 $524 
Schedule of Reinsurance Recoverable
The following summarizes our reinsurance recoverable as of March 31, 2026 and December 31, 2025:
Parent Company/
Principal Reinsurers		Reinsurance Recoverable (a)Agreement TypeProducts
Covered		Accounting
March 31, 2026December 31, 2025
(In millions)
Aspida (b)$8,522 $8,589 Coinsurance Funds WithheldCertain MYGA Deposit
Somerset Reinsurance Ltd. (c)5,607 5,071 Coinsurance Funds WithheldCertain MYGA and deferred annuitiesDeposit
Coinsurance Funds WithheldCertain FIAReinsurance
Everlake1,875 1,868 Coinsurance Certain MYGA (d)Deposit
Ancient Re1,735 — Coinsurance Funds WithheldCertain FIA and certain MYGADeposit
Wilton Reassurance Company1,026 1,032 CoinsuranceBlock of traditional, IUL, and UL (e)Reinsurance
Other (f)1,228 1,003 
Reinsurance recoverable, gross of allowance19,993 17,563 
Allowance for expected credit losses(18)(18)
Reinsurance recoverable, net of allowance for expected credit losses$19,975 $17,545 
(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) Includes Aspida Life Re Ltd. and Aspida Re Cayman Ltd.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
Schedule of Financial Strength Ratings of Principal Reinsurers The following table presents financial strength ratings as of March 31, 2026:
Parent Company/Principal ReinsurersFinancial Strength Rating
AM BestS&PFitchMoody's
Aspida A- ———
Somerset ABBB+——
EverlakeA———
Ancient Re Ltd.————
Wilton ReA+—A-—
“—” indicates not rated
Schedule of Reinsurance Funds Withheld
The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown below in the unaudited Condensed Consolidated Balance Sheets (in millions):
March 31, 2026December 31, 2025
(in millions)
Fixed maturities, AFS$14,204 $12,530 
Equity securities65 60 
Derivative instruments76 55 
Mortgage loans217 65 
Investments in unconsolidated affiliates936 752 
Policy loans1 1 
Cash and cash equivalents920 702 
Accrued interest receivable, included in Prepaid expenses and other assets152 146 
Accounts payable and accrued liabilities and reconciling items (a)(84)(120)
Net assets$16,487 $14,191 
(a) Reconciling items primarily represent net balances in process of settlement or clearing.