v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
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 September 30,Nine months ended September 30,
2026202520262025
Revenues:
Life-contingent pension risk transfer premiums$168 $536 $718 $1,279 
Traditional life insurance and life-contingent immediate annuity premiums6 8 23 27 
Surrender charges66 70 183 196 
Policyholder fees and other income90 97 279 306 
Life insurance premiums and other fees330 711 1,203 1,808 
Owned distribution revenues20 24 56 63 
Revenues from external customers350 735 1,259 1,871 
Interest and investment income698 748 2,139 2,096 
Recognized gains and (losses), net83 211 341 (1)
Total revenues1,131 1,694 3,739 3,966 
Significant expenses (a):
Benefits and other changes in policy reserves26 1,181 1,659 2,698 
Personnel costs73 79 210 223 
Other operating expenses30 38 104 121 
Total significant expenses:129 1,298 1,973 3,042 
Other segment items
Market risk benefit losses (gains)(167)43 (62)148 
Depreciation and amortization191 180 539 491 
Interest expense42 42 124 123 
Total other segment items:66 265 601 762 
Total expenses195 1,563 2,574 3,804 
Earnings (loss) before income taxes936 131 1,165 162 
Income tax (benefit) expense195 11 250 21 
Net earnings (loss)$741 $120 $915 $141 
(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.