F&G Reinsurance (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Reinsurance Disclosures [Abstract] |
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| 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 and six months ended June 30, 2026 and 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | | | 2026 | | 2025 | | | | | | (In millions) | | Net Premiums Earned | | Net Product
Fees | | Net Benefits Incurred | | Net Premiums Earned | | Net Product
Fees | | Net Benefits Incurred | | | | | | | | | | Direct | $ | 253 | | | $ | 189 | | | $ | 1,225 | | | $ | 462 | | | $ | 180 | | | $ | 1,057 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ceded | (19) | | | (29) | | | (76) | | | (21) | | | (12) | | | (64) | | | | | | | | | | | Net | $ | 234 | | | $ | 160 | | | $ | 1,149 | | | $ | 441 | | | $ | 168 | | | $ | 993 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, | | 2026 | | 2025 | | (In millions) | | Net Premiums
Earned | | Net Product
Fees | | Net Benefits
Incurred | | Net Premiums
Earned | | Net Product
Fees | | Net Benefits
Incurred | | Direct | $ | 606 | | | $ | 359 | | | $ | 1,759 | | | $ | 805 | | | $ | 359 | | | $ | 1,634 | | | | | | | | | | | | | | | Ceded | (39) | | | (53) | | | (126) | | | (43) | | | (24) | | | (117) | | | Net | $ | 567 | | | $ | 306 | | | $ | 1,633 | | | $ | 762 | | | $ | 335 | | | $ | 1,517 | |
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| Schedule of Reinsurance Recoverable |
The following summarizes our reinsurance recoverable as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Parent Company/
Principal Reinsurers | | Reinsurance Recoverable (a) | | Agreement Type | | Products
Covered | | Accounting | | | June 30, 2026 | | December 31, 2025 | | | | | | | | | | | | | | | | | | (In millions) | | | | | | | | Aspida (b) | | $ | 8,364 | | | $ | 8,589 | | | Coinsurance Funds Withheld | | Certain MYGA | | Deposit | | Somerset Reinsurance Ltd. ("Somerset") (c) | | 6,213 | | | 5,071 | | | Coinsurance Funds Withheld | | Certain MYGA and deferred annuities | | Deposit | | | | | | | Coinsurance Funds Withheld | | Certain FIA | | Reinsurance | | Everlake Life Insurance Company (“Everlake”) | | 1,877 | | | 1,868 | | | Coinsurance | | Certain MYGA (d) | | Deposit | | Ancient Re | | 1,711 | | | — | | | Coinsurance Funds Withheld | | Certain FIA and certain MYGA | | Deposit | | Fort Greene Reinsurance SPC Limited | | 1,221 | | | 502 | | | Coinsurance Funds Withheld | | Certain FIA | | Deposit | | Wilton Reassurance Company ("Wilton Re") | | 1,020 | | | 1,032 | | | Coinsurance | | Block of traditional, IUL, and UL (e) | | Reinsurance | | Other (f) | | 489 | | | 501 | | | | | | | | | Reinsurance recoverable, gross of allowance | | 20,895 | | | 17,563 | | | | | | | | | Allowance for expected credit losses | | (19) | | | (18) | | | | | | | | | Reinsurance recoverable, net of allowance for expected credit losses | | $ | 20,876 | | | $ | 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. (together, “Aspida”) | | (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. |
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| 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 at carrying value in the line items shown below in the unaudited Condensed Consolidated Balance Sheets: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in millions) | | Fixed maturities, AFS | $ | 15,013 | | | $ | 12,530 | | | Equity securities | 60 | | | 60 | | | Derivative instruments | 143 | | | 55 | | | Mortgage loans | 576 | | | 65 | | | Investments in unconsolidated affiliates | 954 | | | 752 | | | | | | | Policy loans | 1 | | | 1 | | | | | | | Cash and cash equivalents | 528 | | | 702 | | | Subtotal | 17,275 | | | 14,165 | | | Accrued interest receivable, included in Prepaid expenses and other assets | 235 | | | 146 | | | Accounts payable and accrued liabilities and reconciling items (a) | (53) | | | (120) | | | Net assets | $ | 17,457 | | | $ | 14,191 | |
(a) Reconciling items primarily represent net balances in process of settlement or clearing.
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| Schedule of Financial Strength Ratings of Principal Reinsurers |
The following table presents financial strength ratings as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | | | | | | Parent Company/Principal Reinsurers | Financial Strength Rating | | AM Best | | S&P | | Fitch | | Moody's | | Aspida | A- | | — | | — | | — | | Somerset | A | | BBB+ | | — | | — | | Everlake | A | | — | | — | | — | | Ancient Re Ltd. | — | | — | | — | | — | | Fort Greene | — | | — | | — | | — | | Wilton Re | A+ | | — | | A- | | — |
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