F&G ANNUITIES & LIFE, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   132,484,990
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001934850  
Current Fiscal Year End Date --12-31  
Common equity securities    
Entity Information [Line Items]    
Title of each class Common stock, par value $0.001 per share  
Trading Symbol(s) FG  
Name of each exchange on which registered NYSE  
7.950% Senior Notes Due 2053    
Entity Information [Line Items]    
Title of each class 7.950% Senior Notes due 2053  
Trading Symbol(s) FGN  
Name of each exchange on which registered NYSE  
7.300% F&G Junior Notes, due 2065    
Entity Information [Line Items]    
Title of each class 7.300% Junior Subordinated Notes due 2065  
Trading Symbol(s) FGSN  
Name of each exchange on which registered NYSE  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $84 in 2026 and $104 in 2025 (amortized cost: $55,631 in 2026 and $55,292 in 2025) $ 52,361 $ 52,700
Fixed maturity securities, at fair value under fair value option (related to investments held by consolidated variable interest entities (“VIEs”)) 93 0
Derivative investments 889 1,148
Mortgage loans, net of allowance for credit losses of $97 in 2026 and $86 in 2025 8,459 7,891
Investments in unconsolidated affiliates (2026 and 2025 include $270 and $262 related to investments held by consolidated VIEs and 2026 and 2025 include certain investments at fair value of $260 and $270) 5,013 4,878
Other long-term investments (2026 and 2025 include $246 and $248 related to investments held by consolidated VIEs) 1,288 1,294
Policy loans 157 147
Short-term investments (2026 and 2025 include $33 and $116 related to investments held by consolidated VIEs) 992 1,043
Total investments 69,588 69,442
Cash and cash equivalents (2026 and 2025 includes $1 and $2 related to investments held by consolidated VIEs) 1,324 1,486
Reinsurance recoverable, net of allowance for credit losses of $18 in 2026 and 2025 19,975 17,545
Goodwill 2,124 2,180
Prepaid expenses and other assets (certain assets held at fair value of $24 in 2026 and 2025) 1,131 1,052
Other intangible assets, net 6,406 6,275
Market risk benefits asset 308 285
Income taxes receivable 78 83
Deferred tax asset, net 97 82
Total assets 101,031 98,430
Liabilities:    
Contractholder funds 63,474 62,726
Future policy benefits 10,748 10,755
Market risk benefits liability 968 903
Accounts payable and accrued liabilities 2,367 2,701
Notes payable 2,238 2,237
Funds withheld for reinsurance liabilities 16,487 14,191
Total liabilities 96,282 93,513
Equity:    
Preferred stock $0.001 par value; 2026 and 2025 shares authorized 25,000,000: outstanding and issued 5,000,000 0 0
Common stock, $0.001 par value; 2026 and 2025 shares authorized 500,000,000; outstanding of 134,328,083 and 135,610,292; and issued of 137,047,433 and 137,056,106 0 0
Additional paid-in-capital 3,773 3,764
Retained earnings 2,778 2,568
Accumulated other comprehensive income (loss) ("AOCI") (1,843) (1,488)
Treasury stock, at cost (2,719,350 shares and 1,445,814 shares as of March 31, 2026 and December 31, 2025, respectively) (69) (40)
Total F&G Annuities & Life, Inc. shareholders' equity 4,639 4,804
Non-controlling interests 110 113
Total equity 4,749 4,917
Total liabilities and equity 101,031 98,430
Preferred Stock    
Investments:    
Equity securities, at fair value $ 336 $ 341
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fixed maturity securities, available-for-sale securities, allowance for credit losses $ 84 $ 104
Fixed maturity securities, available-for-sale securities, amortized cost 55,631 55,292
Mortgage loans allowance for credit losses 97 86
Investments in unconsolidated affiliates 5,013 4,878
Investments in unconsolidated affiliates 260 270
Other long-term investments 1,288 1,294
Cash and cash equivalents 1,324 1,486
Allowance for credit losses, reinsurance recoverable 18 18
Prepaid expenses assets held at fair value $ 24 $ 24
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 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, outstanding (in shares) 134,328,083 135,610,292
Common stock, issued (in shares) 137,047,433 137,056,106
Treasury stock (in shares) 2,719,350 1,445,814
Variable Interest Entity, Primary Beneficiary    
Investments in unconsolidated affiliates $ 270 $ 262
Other long-term investments 246 248
Short-term investments 33 116
Cash and cash equivalents $ 1 $ 2
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Life insurance premiums and other fees $ 479 $ 489
Interest and investment income 723 666
Owned distribution revenues 17 16
Recognized gains and (losses), net (32) (263)
Total revenues 1,187 908
Benefits and expenses:    
Benefits and other changes in policy reserves (remeasurement gains) [1] 484 524
Market risk benefit losses 73 109
Depreciation and amortization 173 153
Personnel costs 60 67
Other operating expenses 33 41
Interest expense 41 40
Total benefits and expenses 864 934
Earnings (loss) before income taxes 323 (26)
Income tax expense (benefit) 74 (5)
Net earnings (loss) 249 (21)
Less: Non-controlling interests 1 0
Net earnings (loss) attributable to F&G 248 (21)
Less: Preferred stock dividend 4 4
Net earnings (loss) attributable to F&G common shareholders $ 244 $ (25)
Basic    
Net earnings (loss) per share attributable to F&G common shareholders, basic (in usd per share) $ 1.83 $ (0.20)
Diluted    
Net earnings (loss) per share attributable to F&G common shareholders, diluted (in usd per share) $ 1.78 $ (0.20)
Weighted average shares outstanding F&G common stock, basic basis (in shares) 133 126
Weighted average shares outstanding F&G common stock, diluted basis (in shares) 139 126
[1] The remeasurement gains for the three months ended March 31, 2026 and 2025 were $10 million and $19 million, respectively.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Remeasurement gains (losses) $ 10 $ 19
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net earnings (loss) $ 249 $ (21)
Other comprehensive income (loss), net:    
Changes in current discount rate - future policy benefits 162 (86)
Changes in instrument-specific credit risk - market risk benefits 38 23
Unrealized gain (loss) on investments and other financial instruments (575) 247
Unrealized gain (loss) on foreign currency translation (6) 6
Reclassification adjustments for change in unrealized gains and losses included in net earnings (loss) 26 (1)
Other comprehensive income (loss) (355) 189
Comprehensive income (loss) (106) 168
Less: Comprehensive income attributable to non-controlling interests 1 0
Comprehensive income (loss) attributable to F&G $ (107) $ 168
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Common equity securities
Additional Paid-in Capital
Additional Paid-in Capital
Common equity securities
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non-controlling Interests
Balance, beginning at Dec. 31, 2024 $ 4,076   $ 3,464   $ 2,440 $ (1,923) $ (30) $ 125
Increase (Decrease) in Stockholders' Equity                
Treasury stock purchased (3)           (3)  
Stock-based compensation 8   8          
Issuance of common stock   $ 269   $ 269        
Preferred stock dividends declared (4)       (4)      
Common stock dividends declared (26)       (26)      
Dividends declared and distribution 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
Balance, beginning at Dec. 31, 2025 4,917   3,764   2,568 (1,488) (40) 113
Increase (Decrease) in Stockholders' Equity                
Treasury stock purchased (29)           (29)  
Stock-based compensation 9   9          
Preferred stock dividends declared (4)       (4)      
Common stock dividends declared (34)       (34)      
Dividends declared and distribution to non-controlling interests (4)             (4)
Other comprehensive income (loss) (355)         (355)    
Net earnings (loss) 249       248     1
Balance, ending at Mar. 31, 2026 $ 4,749   $ 3,773   $ 2,778 $ (1,843) $ (69) $ 110
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net earnings (loss) $ 249 $ (21)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:    
Depreciation and amortization 173 153
(Gain) loss on sales of investments and other assets and asset impairments, net 30 40
(Gain) on sale of F&G Life Re (14) 0
Interest credited/index credits to contractholder account balances 49 125
Change in market risk benefits, net 73 109
Deferred policy acquisition costs and deferred sales inducements (284) (287)
Charges assessed to contractholders for mortality and administration (115) (79)
Distributions from unconsolidated affiliates, return on investment 31 4
Stock-based compensation cost 9 8
Change in NAV of limited partnerships, net (106) (63)
Change in valuation of derivatives, equity and preferred securities and other assets, net 16 220
Changes in assets and liabilities, net of effects from acquisitions:    
Change in reinsurance recoverable 11 (13)
Change in derivative collateral liabilities (396) (135)
Change in future policy benefits 197 210
Change in funds withheld from reinsurers 787 648
Net change in income taxes 68 (12)
Net change in other assets and other liabilities (35) 49
Net cash provided by operating activities 743 956
Cash Flows from Investing Activities:    
Proceeds from sales, calls and maturities of investments 2,832 2,913
Additions to property and equipment and capitalized software (2) (5)
Purchases of investment securities (3,758) (4,986)
Net proceeds from sales, maturities and purchases of short-term investment securities 52 1,862
Other acquisitions/disposals, net of cash acquired 88 0
Additional investments in unconsolidated affiliates (263) (664)
Net increase in policy loans (10) (11)
Distributions from unconsolidated affiliates, return of investment 122 81
Net change in notes receivable 0 1
Net cash used in investing activities (939) (809)
Cash Flows from Financing Activities:    
Borrowings 0 375
Debt issuance costs 0 (11)
Payment of contingent consideration for acquisitions (7) (10)
Repayments of outstanding debt 0 (300)
Dividends paid (38) (30)
Dividends and distributions paid to non-controlling interest shareholders (4) (3)
Purchases of treasury stock (29) (3)
Issuance of common stock 0 269
Contractholder account deposits 2,669 2,789
Contractholder account withdrawals (2,557) (2,194)
Net cash provided by financing activities 34 882
Net (decrease) increase in cash and cash equivalents (162) 1,029
Cash and cash equivalents at beginning of period 1,486 2,264
Cash and cash equivalents at end of period $ 1,324 $ 3,293
v3.26.1
Basis of Financial Statements
 3 Months Ended
Mar. 31, 2026
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, 2025, filed on February 26, 2026.

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 Q - Segment Information.

Recent Developments
Share Repurchase Programs
On March 16, 2026, F&G’s Board of Directors approved a new three-year stock repurchase program, effective March 16, 2026, under which the Company may repurchase up to $100 million of F&G common stock through March 31, 2029 (the “2026 Repurchase Program”). In 2023, F&G’s Board of Directors approved a three-year stock repurchase program under which the Company may repurchase up to $50 million of F&G common stock through November 6, 2026 (the "2023 Repurchase Program" and together with the 2026 Repurchase Program, the "Repurchase Programs"). During the three months ended March 31, 2026, the Company purchased approximately 1.2 million shares for a total cost of approximately $29 million with an average cost per share of $24.14 under the 2023 Repurchase Program. We have not made any purchases under the 2026 Repurchase Program as of March 31, 2026. The total remaining authorization of F&G common stock that may yet be purchased under the Repurchase Programs at March 31, 2026 totaled approximately $103 million.
Purchases under the Repurchase Programs may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions. 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.

F&G Life Re Ltd. (“F&G Life Re”)

On March 1, 2026, the Company completed the sale of its Bermuda based subsidiary, F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”) an unrelated third party. As a result of this transaction, the Company no longer holds a controlling financial interest and deconsolidated F&G Life Re. Following the sale, F&G Life Re was renamed Ancient Re Ltd. (“Ancient Re”) and is no longer considered a related party. Blackstone retained asset management for the inforce assets, relating to certain inforce FIA policies, and Ancient manages assets under a new forward flow reinsurance agreement, effective March 1, 2026, to cede certain MYGA business. The transaction reflects F&G’s disciplined execution of risk transfer options and that we no longer needed a Bermuda operation to support our reinsurance strategy. Consideration for the sale included cash received of approximately $102 million and a 19.9% limited partnership interest in Ancient, resulting in a pre-tax gain for the three months ended March 31, 2026 of approximately $14 million, subject to certain post-closing adjustments that are expected to be finalized in the second or third quarter of 2026. The gain is recorded in Recognized gains and (losses), net on the unaudited Condensed Consolidated Statements of Operations. The calculation of the gain included derecognition of F&G Life Re’s net assets, which included attributable goodwill of approximately $56 million that was previously recognized at the consolidated level. Refer to Note E - Reinsurance for further information.

Dividends

On May 6, 2026, our Board of Directors declared a quarterly cash dividend of $0.8594 per share of our 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 per share, liquidation preference of $50.00 per share (“the FNF Preferred Stock”) for the period from April 15, 2026 to and excluding July 15, 2026, to be payable on July 15, 2026, to FNF Preferred Stock record holders on July 1, 2026. On May 6, 2026, our Board of Directors also declared a quarterly cash dividend of $0.25 per share of F&G common stock, payable on June 30, 2026, to F&G common shareholders of record as of June 16, 2026. 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.

During the three months ended March 31, 2026 and 2025, we declared cash dividends of $0.25 and $0.22, respectively, per share of common stock and $0.8594 and $0.8594, respectively, per share of FNF Preferred Stock.

Unconsolidated Owned Distribution Investments

We paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $14 million and $15 million for the three months ended March 31, 2026 and 2025, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations.

Principles of Consolidation

The Consolidated Financial Statements are prepared in accordance with GAAP and include our accounts as well as our wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany profits, transactions and balances have been eliminated. Non-controlling interests recorded on the Consolidated Statements of Operations represent the portion of a majority-owned subsidiary's net earnings or loss that is owned by non-controlling shareholders of the subsidiary. Non-controlling interests recorded on the Consolidated Balance Sheets represent the portion of equity in a consolidated subsidiary owned by non-controlling shareholders.
We are involved in certain entities that are considered VIEs as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. 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. We consolidate VIEs for which we are the primary beneficiary and account for all other VIEs as unconsolidated VIEs. We assess our relationships with VIEs to evaluate if we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant. See Note C - Investments for additional information on our investments in VIEs.

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 and 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, 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 P - 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 OCI for the three months ended March 31, 2026 and 2025 by component are as follows (in millions).
Three Months Ended March 31, 2026
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, 2025
$(1,951)$563 $(102)$2 $(1,488)
Reclassification adjustments included in net earnings (b)26 — — — 26 
Other comprehensive income (loss) before tax, net of reclassifications(723)205 48 (8)(478)
Deferred income tax (expense) benefit148 (43)(10)2 97 
Balance at March 31, 2026
$(2,500)$725 $(64)$(4)$(1,843)
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 reclassifications310 (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)
(a)Other includes changes in hedging instruments.
(b)Net of income tax (expense) benefit of immaterial amounts for the three months ended March 31, 2026 and 2025, respectively.

Recent Accounting Pronouncements
Adopted Pronouncements

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. We adopted this standard as of December 31, 2025 using the prospective approach.

Pronouncements Not Yet Adopted
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 this standard and its impact on our disclosures upon adoption.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update refine capitalization thresholds by removing all references to project stages. The amendments require that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”). Additionally, the amendments clarify the disclosure requirements for internal-use software costs. The amendments in this update are effective for all companies for annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied using a prospective, retrospective, or modified transition approach. We do not expect to early adopt this standard and are in the process of assessing this standard and its impact upon adoption.
v3.26.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2026
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, 2026
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,324 $— $— $— $1,324 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,319 10,281 — 18,600 
Commercial mortgage-backed securities— 4,953 — — 4,953 
Corporates39 20,106 3,363 — 23,508 
Hybrids34 571 14 — 619 
Municipals— 1,327 3 — 1,330 
Residential mortgage-backed securities— 2,649 3 — 2,652 
U.S. Government434 — — — 434 
Foreign Governments— 242 23 — 265 
Fixed maturity securities, at fair value under fair value option (a)93 — — — 93 
Equity securities:
Preferred equity securities112 118 7 — 237 
Common equity securities54 — 10 35 99 
Derivative investments2 880 7 — 889 
Investments in unconsolidated affiliates— — 260 — 260 
Other long-term investments (a)— 246 39 — 285 
Short term investments853 65 74 — 992 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 630 — 630 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 308 — 308 
Total financial assets at fair value$2,945 $39,476 $15,046 $35 $57,502 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,380 $— $6,380 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 6 2 — 8 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— (122)— — (122)
Contingent consideration, included in Accounts payable and accrued liabilities— — 61 — 61 
Market risk benefits liability— — 968 — 968 
Total financial liabilities at fair value$— $(116)$7,411 $— $7,295 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.
December 31, 2025
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,486 $— $— $— $1,486 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,638 10,094 — 18,732 
Commercial mortgage-backed securities— 5,155 — — 5,155 
Corporates40 20,086 3,124 — 23,250 
Hybrids36 558 15 — 609 
Municipals— 1,352 3 — 1,355 
Residential mortgage-backed securities— 2,842 3 — 2,845 
U.S. Government493 — — — 493 
Foreign Governments— 238 23 — 261 
Equity securities:
Preferred equity securities115 117 7 — 239 
Common equity securities62 — 5 35 102 
Derivative investments— 1,148 — — 1,148 
Investments in unconsolidated affiliates— — 270 — 270 
Other long-term investments (a)— 248 41 — 289 
Short term investments887 82 74 — 1,043 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 399 — 399 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 285 — 285 
Total financial assets at fair value$3,119 $40,464 $14,367 $35 $57,985 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,542 $— $6,542 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 3 9 — 12 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— 75 — — 75 
Contingent consideration, included in Accounts payable and accrued liabilities— — 72 — 72 
Market risk benefits liability— — 903 — 903 
Total financial liabilities at fair value$— $78 $7,526 $— $7,604 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.

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, 2026 or December 31, 2025.

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 change in fair value (for total return swaps), or the fair value (for the index credit obligation due the reinsurer), 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 or is obtained from models using substantially all market observable inputs (Level 2), and therefore the fair value of the embedded derivatives are based on market-observable inputs and are classified as Level 2.

The fair value measurement of the indexed annuities/IUL embedded derivatives, representing the indexed crediting feature of the policies included in Contractholder funds, and the ceded portion, 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, 2026 and December 31, 2025 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 have elected the FVO for certain loans held by consolidated VIEs to better align measurement with the economic characteristics of the underlying structures and to reduce accounting mismatches that would otherwise result from measuring the assets and liabilities using different attributes. We have also elected to apply the collateralized financing entity guidance in ASC 810 to measure both the financial assets and the financial liabilities of the VIE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. We believe that the value of the debt securities, that trade in the secondary market, are more observable than the pricing of the individual loans and will use the fair value of the debt securities issued by the VIE as a practical expedient in determining the fair value of the loans. Based on the market-observable inputs of the debt securities, the fair value of the loans are included in Level 2.

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.

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. 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

We have recorded contingent consideration pursuant to the terms of the purchase agreement for the acquisition of Roar. 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. This contingent consideration is included in Level 3 and the inputs are considered unobservable, as not all market participants have access to this data. 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, 2026 and December 31, 2025, 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, 2026
Fair ValueValuation
Technique		Unobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$99 Third-Party ValuationDiscount Rate
3.83% - 13.17%
6.68%
Corporates666 Third-Party Valuation Discount Rate
3.67% - 9.07%
6.32%
Municipals3 Third-Party ValuationDiscount Rate
5.20% - 5.20%
5.20%
Residential mortgage-backed securities3 Third-Party Valuation Discount Rate
5.69% - 5.69%
5.69%
Foreign Governments5 Third-Party Valuation Discount Rate
8.16% - 8.16%
8.16%
Investments in unconsolidated affiliates260 Market Comparable Company AnalysisEBITDA Multiple
6.5x - 14.9x
10.89x
Other long-term investments:
Available-for-sale embedded derivative39 Black Scholes ModelMarket Value of AnchorPath Fund 100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives630 Discounted Cash FlowMarket Value of Option
0.00% - 56.64%
1.80%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
3.35%
Partial Withdrawal Rate
2.00% - 25.64%
2.54%
Non-Performance Spread
0.96% - 2.49%
1.51%
Option Cost
0.56% - 5.20%
1.99%
March 31, 2026
Fair ValueValuation
Technique		Unobservable Input(s)RangeWeighted Average
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.63% - 6.63%
6.63%
Collateral Volatility
32.50% - 32.50%
32.50%
Market risk benefits asset308Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.23%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.54% - 1.01%
0.81%
GMWB Utilization
50.00% - 75.00%
63.34%
Total financial assets at fair value (a)$2,037 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,380 Discounted Cash FlowMarket Value of Option
0.00% - 28.32%
2.84%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
6.47%
Partial Withdrawal Rate
2.00% - 35.71%
2.69%
Non-Performance Spread
0.54% - 1.01%
0.81%
Option Cost
0.50% - 6.09%
2.81%
Contingent consideration, included in Accounts payable and accrued liabilities61 Discounted Cash FlowRisk-Adjusted Discount Rate
12.00% - 12.00%
12.00%
EBITDA Volatility
35.00% - 35.00%
35.00%
Counterparty Discount Rate
6.80% - 6.80%
6.80%
Market risk benefits liability968 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.23%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.54% - 1.01%
0.81%
GMWB Utilization
50.00% - 75.00%
63.34%
Total financial liabilities at fair value$7,409 
(a)Assets of $13,009 million and liabilities of $2 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, 2025
Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$92 Third-Party ValuationDiscount Rate
4.36% - 7.15%
5.80%
Corporates649 Third-Party ValuationDiscount Rate
3.45% - 8.68%
5.84%
Municipals3 Third-Party ValuationDiscount Rate
4.94% - 4.94%
4.94%
Residential mortgage-backed securities3 Third-Party ValuationDiscount Rate
5.41% - 5.41%
5.41%
Foreign Governments5 Third-Party ValuationDiscount Rate
5.73% - 5.73%
5.73%
Investments in unconsolidated affiliates270 Market Comparable Company AnalysisEBITDA Multiple
7.4x - 15.5x
12.10x
Other long-term investments:
December 31, 2025
Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Available-for-sale embedded derivative41 Black Scholes ModelMarket Value of AnchorPath Fund
100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 Discounted Cash FlowMarket Value of Option
0.00% - 31.77%
2.74%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
3.33%
Partial Withdrawal Rate
2.00% - 6.50%
2.22%
Non-Performance Spread
0.53% - 1.15%
0.90%
Option Cost
1.39% - 5.30%
1.98%
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.35% - 6.35%
6.35%
Collateral Volatility
35.00% - 35.00%
35.00%
Market risk benefits asset285 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% -0.85%
0.64%
GMWB Utilization
50.00% -75.00%
63.03%
Total financial assets at fair value (a)$1,771 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 Discounted Cash FlowMarket Value of Option
0.00% - 40.13%
3.84%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
6.68%
Partial Withdrawals
2.00% - 35.71%
2.69%
Non-Performance Spread
0.43% - 0.85%
0.64%
Option Cost
0.50% - 6.09%
2.78%
Contingent consideration, included in Accounts payable and accrued liabilities72 Discounted Cash FlowRisk-Adjusted Discount Rate
11.50% - 11.50%
11.50%
EBITDA Volatility
35.00% - 35.00%
35.00%
Counterparty Discount Rate
6.30% - 6.30%
6.30%
Market risk benefits liability903 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% - 0.85%
0.64%
GMWB Utilization
50.00% -75.00%
63.03%
Total financial liabilities at fair value$7,517 
(a)Assets of $12,596 million and liabilities of $9 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, 2026 and 2025 (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, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet 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$10,094 $11 $(45)$596 $(84)$(338)$47 $10,281 $(42)
Corporates3,124 — (41)312 (18)(14)— 3,363 (41)
Hybrids15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Equity securities:
Preferred equity securities7 — — — — — — 7 — 
Common equity securities5 — — 5 — — — 10 — 
Derivative investments— 10 — — — (3)— 7 — 
Investments in unconsolidated affiliates270 (10)— — — — — 260 — 
Other long-term investments:
Available-for-sale embedded derivative41 — (2)— — — — 39 (2)
Short term investments74 — — — — — — 74 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (24)— 257 — (2)— 630 — 
Prepaid expenses and other assets:
Loan receivable24 — — — — — — 24 — 
Subtotal assets at Level 3 fair value14,082 $(13)$(89)$1,170 $(102)$(357)$47 14,738 $(85)
Market risk benefits asset (b)285 308 
Total assets at Level 3 fair value$14,367 $15,046 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(284)$— $256 $— $(134)$— $6,380 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 (7)— — — — — 2 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 (11)— — — — — 61 — 
Subtotal liabilities at Level 3 fair value6,623 $(302)$— $256 $— $(134)$— 6,443 $— 
Three months ended March 31, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Market risk benefits liability (b)903 968 
Total liabilities at Level 3 fair value$7,526 $7,411 
(a)The net transfers into Level 3 during the three months ended March 31, 2026 were exclusively from 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, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		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 
Corporates2,941 (13)35 345 (311)(11)— 2,986 33 
Hybrids— — — 6 — — — 6 — 
Municipals— — — 4 — — — 4 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments4 — — 19 — — — 23 — 
Equity securities:
Preferred equity securities7 (1)1 — — — — 7 — 
Derivative investments3 — (2)— — — — 1 (2)
Investments in unconsolidated affiliates272 — — — — — — 272 — 
Other long-term investments:
Available-for-sale embedded derivative32 — — — — — — 32 — 
Short term investments37 — — 3 — — — 40 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives98 (5)— 36 — — — 129 — 
Prepaid expenses and other assets:
Loan receivable11 — — — — — — 11 — 
Subtotal assets at Level 3 fair value11,551 $(18)$37 $1,442 $(454)$(196)$— 12,362 $33 
Market risk benefits asset (a)189 187 
Total assets at Level 3 fair value$11,740 $12,549 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $(67)$— $256 $— $(93)$— $5,316 $— 
Three months ended March 31, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Foreign currency swaps, included in Accounts payable and accrued liabilities— — 1 — — — — 1 (1)
Contingent consideration, included in Accounts payable and accrued liabilities74 2 — — — (12)— 64 — 
Subtotal liabilities at Level 3 fair value5,294 $(65)$1 $256 $— $(105)$— 5,381 $(1)
Market risk benefits liability (a)549 635 
Total Liabilities at Level 3 fair value$5,843 $6,016 
(a)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Fair Value Option
We have elected the FVO for certain investments held by consolidated VIEs, including certain loans reported in other long term investments. See Note C - Investments for additional information on our investments in VIEs. As discussed above, we have also elected the FVO for certain other investments in unconsolidated affiliates and for a loan receivable.

The following table presents information regarding the assets for which the fair value option was elected.

March 31,December 31,
20262025
Assets
Fixed maturity securities, at fair value under fair value option$93 $— 
Investments in unconsolidated affiliates$260 $270 
Other loans, within other long-term investments (a)
Fair Value$246 $248 
Aggregate unpaid principal249 250 
Loan receivable, within prepaid expenses and other assets (b)
Fair Value$24 $24 
Aggregate unpaid principal24 24 
(a) The fair value and unpaid principal balance of loans that are 90 days or more past due was $4 million and $0 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the $4 million of delinquent loans are in nonaccrual status.
(b) No loans are 90 days or more past due or in nonaccrual status.

The following table presents information regarding the impact of changes in fair value of assets for which the fair value option was elected which are reported within Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Operations.

Three months ended March 31,
20262025
Fixed maturity securities, at fair value under fair value option$1 $— 
Investments in unconsolidated affiliates(10)— 
Other loans(1)— 
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

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 (included within Other long-term investments)

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 the 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 outstanding balances under our revolving credit facility pursuant to the unsecured revolving credit agreement with Bank of America, N.A., as administrative agent, the lenders (and guarantors party thereto and the other parties thereto (the "Revolving Credit Facility"). would approximate fair value as the rates would be 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, 2026 and December 31, 2025, there were no outstanding balances for the revolving credit facility.

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, 2026
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $146 $— $— $146 $146 
Commercial mortgage loans— — 3,303 — 3,303 3,515 
Residential mortgage loans— — 4,668 — 4,668 4,944 
Investments in unconsolidated affiliates— — — 4,753 4,753 4,753 
Policy loans— — 157 — 157 157 
Company-owned life insurance— — 856 — 856 856 
Total
$— $146 $8,984 $4,753 $13,883 $14,371 
Liabilities
Investment contracts, included in Contractholder funds $— $— $52,123 $— $52,123 $57,094 
Notes payable— 2,178 — — 2,178 2,238 
Total
$— $2,178 $52,123 $— $54,301 $59,332 

December 31, 2025
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $155 $— $— $155 $155 
Commercial mortgage loans— — 3,025 — 3,025 3,242 
Residential mortgage loans— — 4,424 — 4,424 4,649 
Investments in unconsolidated affiliates— — — 4,608 4,608 4,608 
Policy loans— — 147 — 147 147 
Company-owned life insurance— — 850 — 850 850 
Total
$— $155 $8,446 $4,608 $13,209 $13,651 
Liabilities
Investment contracts, included in Contractholder funds$— $— $51,027 $— $51,027 $56,184 
Notes payable— 2,289 — — 2,289 2,237 
Total
$— $2,289 $51,027 $— $53,316 $58,421 
For investments for which NAV is used, 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 that it is probable 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.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Our investments in fixed maturity securities have generally 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. We have elected the FVO for certain fixed maturity securities held by consolidated VIEs. See below for additional information on our investments in VIEs. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings.

Our investments include assets backing reserves as part of coinsurance with funds withheld agreements. The funds withheld invested assets are reported within their respective line items. See Note E - Reinsurance, for more information on the funds withheld agreements.

The Company’s consolidated AFS investments are summarized as follows (in millions):
March 31, 2026
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
Asset-backed securities$18,863 $(20)$119 $(362)$18,600 
Commercial mortgage-backed securities5,135 (63)35 (154)4,953 
Corporates26,035 — 149 (2,676)23,508 
Hybrids643 — 3 (27)619 
Municipals1,546 — 3 (219)1,330 
Residential mortgage-backed securities2,666 (1)59 (72)2,652 
U.S. Government437 — — (3)434 
Foreign Governments306 — 1 (42)265 
Total AFS securities$55,631 $(84)$369 $(3,555)$52,361 
December 31, 2025
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
Asset-backed securities$18,847 $(25)$166 $(256)$18,732 
Commercial mortgage-backed securities5,298 (61)57 (139)5,155 
Corporates25,333 (17)290 (2,356)23,250 
Hybrids625 — 6 (22)609 
Municipals1,562 — 4 (211)1,355 
Residential mortgage-backed securities2,840 (1)76 (70)2,845 
U.S. Government495 — — (2)493 
Foreign Governments292 — 4 (35)261 
Total AFS securities$55,292 $(104)$603 $(3,091)$52,700 

Securities held on deposit with various state regulatory authorities had a fair value of $19 million and $15 million at March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026 and December 31, 2025, the Company held $50 million and $54 million, respectively, of investments that were non-income producing for a period greater than twelve months.

As of March 31, 2026 and December 31, 2025, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under “Mortgage Loans,” was $558 million and $500 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 $4,422 million and $4,621 million as of March 31, 2026 and December 31, 2025, respectively.

The amortized cost and fair value of fixed maturity securities AFS 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, 2026
Amortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities:
Due in one year or less$456 $452 
Due after one year through five years4,977 4,963 
Due after five years through ten years5,319 5,227 
Due after ten years18,215 15,514 
Subtotal28,967 26,156 
Other securities, which provide for periodic payments:
Asset-backed securities18,863 18,600 
Commercial mortgage-backed securities5,135 4,953 
Residential mortgage-backed securities2,666 2,652 
Subtotal26,664 26,205 
Total fixed maturity AFS securities$55,631 $52,361 

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, 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 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, 2026
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recorded(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
AFS securities
Asset-backed securities$(25)$(3)$(3)$— $— $11 $— $(20)
Commercial mortgage-backed securities(61)(6)4 — — — — (63)
Corporates(17)— (1)18 — — — — 
Residential mortgage-backed securities(1)— — — — — — (1)
Total AFS securities$(104)$(9)$— $18 $— $11 $— $(84)

Three months ended March 31, 2025
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recorded(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance 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)



There were no purchases of purchased credit deteriorated AFS securities during the three months ended March 31, 2026 and for the year ended December 31, 2025.

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, 2026 and December 31, 2025 were as follows (dollars in millions):
March 31, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
AFS securities
Asset-backed securities$6,481 $(128)$2,023 $(225)$8,504 $(353)
Commercial mortgage-backed securities1,158 (11)954 (111)2,112 (122)
Corporates7,328 (174)9,452 (2,503)16,780 (2,677)
Hybrids166 (4)311 (23)477 (27)
Municipals234 (6)987 (212)1,221 (218)
Residential mortgage-backed securities455 (3)350 (67)805 (70)
U.S. Government359 (3)11 — 370 (3)
Foreign Government65 (2)119 (40)184 (42)
Total AFS securities
$16,246 $(331)$14,207 $(3,181)$30,453 $(3,512)
Total number of AFS securities in an unrealized loss position less than twelve months3,772 
Total number of AFS securities in an unrealized loss position twelve months or longer2,040 
Total number of AFS securities in an unrealized loss position 5,812 

December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
AFS securities
Asset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)
Commercial mortgage-backed securities541 (11)1,048 (106)1,589 (117)
Corporates3,291 (52)9,793 (2,304)13,084 (2,356)
Hybrids61 (1)372 (21)433 (22)
Municipals201 (3)1,012 (208)1,213 (211)
Residential mortgage-backed securities208 (2)389 (67)597 (69)
U.S. Government334 (1)11 (1)345 (2)
Foreign Government29 — 124 (35)153 (35)
Total AFS securities
$9,421 $(100)$14,909 $(2,951)$24,330 $(3,051)
Total number of AFS securities in an unrealized loss position less than twelve months1,904 
Total number of AFS securities in an unrealized loss position twelve months or longer2,090 
Total number of AFS securities in an unrealized loss position 3,994 

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. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2026 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 as of March 31, 2026 and December 31, 2025. 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, 2026December 31, 2025
Gross Carrying Value% of TotalGross Carrying Value% of Total
Property Type:
Hotel$9 — %$9 — %
Industrial710 20 671 21 
Mixed Use20 1 21 1 
Multifamily1,253 35 1,150 35 
Office340 10 345 11 
Retail293 8 327 10 
Student Housing83 2 83 3 
Other830 24 654 19 
Total CMLs, gross of valuation allowance
3,538 100 %3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
U.S. Region:
East North Central$172 5 %$124 4 %
East South Central86 2 86 3 
Middle Atlantic370 10 356 11 
Mountain472 13 396 12 
New England183 5 183 6 
Pacific706 20 709 22 
South Atlantic1,188 35 1,157 34 
West North Central167 5 69 2 
West South Central194 5 180 6 
Total CMLs, gross of valuation allowance
3,538 100 %3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
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 months ended March 31, 2026 and for the year ended December 31, 2025. CMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances (in millions):
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
Current (less than 30 days past due)$319 $612 $292 $195 $292 $1,819 $3,529 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 9 9 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 

December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
Current (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 12 12 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 

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

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2026 and December 31, 2025 (dollars in millions):

March 31, 2026Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
LTV Ratios:>1.251.00 - 1.25<1.00
Less than 50.00%$720 $53 $— $773 22 %$757 23 %
50.00% to 59.99%875 6 47 928 26 860 26 
60.00% to 74.99%1,405 387 15 1,807 51 1,656 50 
75.00% to 84.99%7 14 9 30 1 30 1 
Total CMLs$3,007 $460 $71 $3,538 100 %$3,303 100 %
December 31, 2025
LTV Ratios:
Less than 50.00%$594 $16 $— $610 19 %$596 19 %
50.00% to 59.99%850 36 37 923 28 852 28 
60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 
75.00% to 84.99%— 9 9 18 1 17 1 
Total CMLs$2,859 $349 $52 $3,260 100 %$3,025 100 %
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
LTV Ratios:
Less than 50.00%$125 $147 $87 $67 $21 $326 $773 
50.00% to 59.99%45 155 — 54 150 524 928 
60.00% to 74.99%136 310 201 70 112 978 1,807 
75.00% to 84.99%13 — 4 4 9 — 30 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
DSC Ratios
Greater than 1.25x$194 $436 $142 $182 $283 $1,770 $3,007 
1.00x - 1.25x116 169 150 13 — 12 460 
Less than 1.00x9 7 — — 9 46 71 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 

December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
LTV Ratios:
Less than 50.00%$148 $49 $66 $21 $75 $251 $610 
50.00% to 59.99%157 36 53 149 320 208 923 
60.00% to 74.99%341 206 70 113 857 122 1,709 
75.00% to 84.99%— 4 5 9 — — 18 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
DSC Ratios
Greater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 
1.00x - 1.25x169 155 12 — — 13 349 
Less than 1.00x8 — — 9 12 23 52 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of March 31, 2026 and December 31, 2025, 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 7% of our total investments as of March 31, 2026 and December 31, 2025. 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, 2026
Amortized Cost% of Total
U.S. States:
California$375 7 %
Florida270 6 
New York270 6 
All other states (a)4,103 81 
Total RMLs, gross of valuation allowance5,018 100 %
Allowance for expected credit loss(74)
Total RMLs, net of valuation allowance
$4,944 
(a)The individual concentration of each state is less than 5% as of March 31, 2026.

December 31, 2025
Amortized Cost% of Total
U.S. States:
California $288 6 %
Florida246 5 
New York232 5 
All other states (a)3,951 84 
Total RMLs, gross of valuation allowance4,717 100 %
Allowance for expected credit loss(68)
Total RMLs, net of valuation allowance
$4,649 
(a)The individual concentration of each state is less than 5% as of December 31, 2025.

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, 2026 and December 31, 2025, was as follows (dollars in millions):

March 31, 2026December 31, 2025
Performance indicators:Amortized Cost% of TotalAmortized Cost% of Total
Performing$4,893 98 %$4,650 99 %
Non-performing125 2 67 1 
Total RMLs, gross of valuation allowance5,018 100 %4,717 100 %
Allowance for expected loan loss(74)(68)
Total RMLs, net of valuation allowance$4,944 $4,649 
An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs recorded for RMLs during the three months ended March 31, 2026 or during the year ended December 31, 2025. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances (in millions):
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
Current (less than 30 days past due)$195 $1,758 $715 $313 $746 $1,099 $4,826 
30-89 days past due— 14 6 — 38 10 68 
90 days or more past due— 5 13 22 37 47 124 
Total RMLs$195 $1,777 $734 $335 $821 $1,156 $5,018 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
Current (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 
30-89 days past due15 2 17 29 4 3 70 
90 days or more past due2 4 4 12 21 25 68 
Total RMLs$1,585 $742 $348 $839 $756 $447 $4,717 
    Non-accrual loans by amortized cost as of March 31, 2026 and December 31, 2025, were as follows (in millions):
March 31, 2026December 31, 2025
Residential mortgage:$125 $67 
Commercial mortgage:9 12 
Total non-accrual mortgages$134 $79 

Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2026 and 2025.

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, 2026 and December 31, 2025, we had $134 million and $79 million respectively, of mortgage loans that were over 90 days past due.

As of March 31, 2026 and December 31, 2025, we had $174 million and $111 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, 2026 and 2025.

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, 2026
Residential MortgagesCommercial MortgagesTotal
Beginning Balance$(68)$(18)$(86)
Provision (expense) benefit for loan losses(6)(5)(11)
Ending Balance$(74)$(23)$(97)
Three months ended March 31, 2025
Residential MortgagesCommercial MortgagesTotal
Beginning Balance
$(53)$(17)$(70)
Provision (expense) benefit for loan losses(3)— (3)
Ending Balance
$(56)$(17)$(73)

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, 2026 and 2025.

There were no purchases of purchased credit deteriorated mortgage loans during the three months ended March 31, 2026 and for the year ended December 31, 2025.

As of March 31, 2026 and December 31, 2025, the accrued interest receivable balance on CMLs totaled $11 million for both periods, and the accrued interest receivable on RMLs totaled $47 million and $45 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,
20262025
Fixed maturity securities$561 $549 
Preferred equity securities3 3 
Common equity securities4 5 
Mortgage loans105 82 
Invested cash and short-term investments17 34 
Limited partnerships101 54 
Other investments5 2 
Gross investment income796 729 
Investment expense(73)(63)
Interest and investment income$723 $666 

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 $228 million and $184 million for the three months ended March 31, 2026 and March 31, 2025, 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,
20262025
Net realized (losses) on fixed maturity securities$(30)$(1)
Net realized/unrealized (losses) gains on preferred equity securities (a)(2)(1)
Net realized/unrealized (losses) gains on common equity securities (b)(8)(15)
Net realized/unrealized gains (losses) on other invested assets (c)(7)1 
Net realized gain on sale of F&G Life Re14 — 
Change in allowance for expected credit losses1 (22)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments25 (25)
Unrealized gains (losses) on certain derivative instruments(285)(159)
Change in fair value of reinsurance related embedded derivatives (d)261 (41)
Change in fair value of other derivatives and embedded derivatives(1)— 
Net realized/unrealized gains on derivatives and embedded derivatives— (225)
Recognized gains and (losses), net$(32)$(263)
(a)Includes net valuation losses of $(2) million and an immaterial amount for the three months ended March 31, 2026 and 2025, respectively.
(b)Includes net valuation losses of $(9) million and $(5) million for the three months ended March 31, 2026 and 2025, respectively.
(c)Includes net valuation losses of $(1) million and an immaterial amount for the three months ended March 31, 2026 and 2025, respectively.
(d)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 $260 million and $(42) million for the three months ended March 31, 2026, and 2025 respectively.

The proceeds from the sale of fixed maturity AFS securities and the gross gains and losses associated with those transactions were as follows (in millions):
Three months ended March 31,
20262025
Proceeds$1,001 $2,058 
Gross gains4 12 
Gross losses(6)(13)

Variable Interest Entities

Our involvement with VIEs is primarily through investments in entities that provide exposure to a diversified portfolio of investment asset classes. 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. We perform ongoing qualitative assessments of our variable interests in VIEs to determine whether we have a controlling financial interest and are therefore the primary beneficiary of the
VIE. We consolidate the assets and liabilities (if applicable) of VIEs for which we are determined to be the primary beneficiary in our consolidated financial statements.

Consolidated variable interest entities

We have concluded that we are the primary beneficiary for certain VIEs where we have both the power to direct the most significant activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

Consolidated VIEs at March 31, 2026 are structured investments that are managed by third parties. These structured investments are established as special purpose vehicles (“SPVs”) designed to hold specific assets which include limited partnerships, middle market loans, short-term investments, and cash and cash equivalents. The assets of each VIE can be used only to settle obligations of the VIE. Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows (in millions):

March 31, 2026December 31, 2025
Assets:
Investments in unconsolidated affiliates$270 $262 
Fixed maturity securities, at fair value under fair value option93 — 
Other long-term investments246 248 
Short-term investments33 116 
Cash and cash equivalents1 2 
Total assets$643 $628 
Total consolidated VIE investments$643 $628 

We are not required to provide financial support to these VIEs beyond our contractual obligations. Our maximum exposure to loss related to these consolidated VIEs is limited to our capital invested plus any unfunded capital commitments (refer to unfunded commitments in Note N - Commitments and Contingencies). The maximum loss exposure of our consolidated VIEs as of March 31, 2026 was $893 million.

Unconsolidated Variable Interest Entities
We own investments in VIEs that are not consolidated within our financial statements. While we participate in the benefits from these 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.
Our maximum loss exposure with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of certain of our fixed maturity securities, 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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$5,013 $6,208 $4,878 $6,102 
Fixed maturity securities25,894 28,164 26,419 28,803 
Total unconsolidated VIE investments$30,907 $34,372 $31,297 $34,905 
Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions):
March 31, 2026December 31, 2025
Blackstone Wave Asset Holdco (a) $654 $655 
(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.
v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Refer to 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, 2026December 31, 2025
Gross NotionalAssets LiabilitiesGross NotionalAssetsLiabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)$1,600 $— $— $850 $11 $1 
Foreign currency swaps (a)— — — 21 — 3 
Total derivatives designated as hedging instruments1,600 — — 871 11 4 
Derivatives not designated as hedging instruments
Equity options (a)30,812 837 — 29,651 1,062 — 
Interest rate swaps (a)6,444 44 6 6,229 75 2 
Foreign currency swaps (a)687 6 2 503 — 6 
Futures contracts (a)76 2 — 68 — 1 
Other derivative investments (a)90 — — 93 — — 
Other embedded derivatives (b)— 39 — — 41 — 
Indexed annuities/IUL embedded derivatives (c)— 630 6,380 — 399 6,542 
Reinsurance related embedded derivatives (d)— — (122)— — 75 
Total derivatives not designated as hedging instruments38,109 1,558 6,266 36,544 1,577 6,626 
Total derivatives $39,709 $1,558 $6,266 $37,415 $1,588 $6,630 
(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.
(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.
(c)The fair value of the liability is included in Contractholder funds and the ceded portion is included in Reinsurance recoverable on the unaudited Condensed Consolidated Balance Sheets.
(d)The fair value of the reinsurance related embedded derivatives are included in Funds withheld for reinsurance liabilities on the unaudited Condensed Consolidated Balance Sheets, irrespective if in a net asset or net liability position.
The amounts and locations of gains (losses), net recognized for derivatives and gains (losses), net recognized for hedged items included in the unaudited Condensed Consolidated Statements of Operations are as follows (in millions):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Recognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item
Derivatives designated as hedging instruments
Interest rate swaps$— $— $(11)$11 $— $— $9 $(10)
Foreign currency swaps(1)1 — — (1)1 — — 
Total derivatives designated as hedging instruments(1)1 (11)11 (1)1 9 (10)
Derivatives not designated as hedging instruments
Equity options(247)— — — (234)— — — 
Interest rate swaps(29)— — — 49 — — — 
Foreign currency swaps12 — — — — — — — 
Futures contracts3 — — — 5 — — — 
Other derivative investments2 — — — (4)— — — 
Other embedded derivatives(1)— — — — — — — 
Indexed annuities/IUL embedded derivatives— — (260)— — — (62)— 
Reinsurance related embedded derivatives261 — — — (41)— — — 
Total derivatives not designated as hedging instruments1 — (260)— (225)— (62)— 
Total derivatives $— $1 $(271)$11 $(226)$1 $(53)$(10)

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, 2026December 31, 2025
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 (1,611)— (862)(11)

For the three months ended March 31, 2026 and 2025, the derivative instruments’ gains (losses), net excluded from the assessment of hedge effectiveness was immaterial.

During the three months ended March 31, 2026, the foreign currency swap designated as a fair value hedge of foreign fixed maturity AFS securities matured and fair value hedge accounting was discontinued. There were no significant impacts associated with the discontinuation and no cumulative fair value hedging adjustments remain as
of March 31, 2026. There were no cumulative fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued as of December 31, 2025.

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, changes in fair value included in the assessment of effectiveness are reported in Recognized gains and (losses), net in the Consolidated Statement of Operations. The change in the fair value of components excluded from the assessment of hedge effectiveness is recorded in OCI and is recognized in net income through periodic settlements.

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 the ceded portion of the reinsured indexed crediting feature embedded derivatives, recorded as a component of the Reinsurance recoverable in the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are 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.

Foreign Currency Swaps

We utilize foreign currency swaps to reduce market risks from fluctuations in foreign exchange rates that impact earnings associated with our foreign currency denominated investments. Through a foreign currency swap, we agree with another party to exchange, at specified intervals, principal and interest payments in one currency for principal and interest payments in another currency, based on an agreed-upon notional amount.

The foreign currency 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. For arrangements reinsuring indexed annuities products, the funds withheld account additionally contains an embedded derivative representing the index credit obligation due the reinsurer, resulting in a compound embedded derivative. 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. 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.

Net credit risk at any balance sheet date may reflect the timing of collateral settlements, as collateral calls issued or received near the balance sheet date may not be fully reflected in collateral balances until the subsequent settlement date. Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below (in millions):
Fair ValueCollateral (a)Net Credit Risk (a)
March 31, 2026$879 $737 $142 
December 31, 20251,137 1,185 34 
(a)Approximately $110 million of additional collateral was received on April 1, 2026.
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, 2026 and December 31, 2025 counterparties posted collateral of $737 million and $1,185 million, respectively. This included cash collateral of $533 million and $928 million, respectively, for which we record an associated payable included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Cash collateral received is not legally segregated and may be used by the Company in the normal course of business. The Company is obligated to return an equivalent amount of collateral upon settlement or termination of the related derivative contracts, or otherwise in accordance with the collateral provisions of such agreements, including in circumstances where changes in market conditions cause the Company’s mark-to-market position to decline. The remaining collateral represents securities collateral received that is not reported 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, after giving effect to cash and securities collateral held, was $142 million and $34 million as of March 31, 2026 and December 31, 2025, respectively.

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 on 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 Flows.
We held 182 and 172 futures contracts as of March 31, 2026 and December 31, 2025, 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 $6 million and $4 million as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Reinsurance
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025, 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, 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 (in millions):
Three months ended March 31,
20262025
Net Premiums EarnedNet Product FeesNet Benefits IncurredNet Premiums EarnedNet Product FeesNet Benefits Incurred
Direct$353 $170 $534 $343 $180 $577 
Ceded(20)(24)(50)(22)(12)(53)
Net$333 $146 $484 $321 $168 $524 
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, 2026:
Ancient Re: Effective February 28, 2026, in conjunction with the sale of F&G Life Re to Ancient, F&G amended the existing reinsurance agreement with F&G Life Re for certain inforce FIA policies and effective March 1, 2026, added a new forward flow component to cede certain MYGA policies, both on a coinsurance funds withheld quota share basis.
There have been no other significant changes to third party reinsurance agreements for the three months ended March 31, 2026.
The following summarizes our reinsurance recoverable (in millions) 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
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.

As of March 31, 2026 and December 31, 2025, F&G had a deposit asset of $15,007 million and $13,279 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 for both the three months ended March 31, 2026 and 2025, 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, 2026 and 2025.
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
Fixed maturities, AFS$14,204 $12,530 
Equity securities6560 
Derivative instruments7655 
Mortgage loans21765 
Investments in unconsolidated affiliates936752 
Policy loans11 
Cash and cash equivalents920702 
Accrued interest receivable, included in Prepaid expenses and other assets152146 
Accounts payable and accrued liabilities and reconciling items (a)$(84)$(120)
Net assets$16,487 $14,191 
(a) Reconciling items primarily represent net balances in process of settlement or clearing.

Concentration of Reinsurance Risk
As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida, Somerset Reinsurance Ltd. (“Somerset”), Everlake, Ancient Re Ltd. (“Ancient Re”) 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, Somerset, Everlake, Ancient Re and Wilton Re for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2026. 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
v3.26.1
Intangibles
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Value of business acquired (“VOBA”)$1,161 $1,196 
Deferred acquisition costs (“DAC”)3,752 3,637 
Deferred sales inducements (“DSI”)944 891 
Value of distribution asset60 62 
Computer software78 80 
Definite lived trademarks, tradenames, and other185 173 
Customer relationships and contracts218 228 
Indefinite lived tradenames and other8 8 
Total Other intangible assets, net$6,406 $6,275 

The following tables roll forward VOBA by product for the three months ended March 31, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
Balance at January 1, 2026
$770 $18 $178 $119 $111 $1,196 
Amortization(29)(1)(2)(1)(2)(35)
Balance at March 31, 2026
$741 $17 $176 $118 $109 $1,161 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
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 

VOBA amortization expense of $35 million and $38 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, respectively.

The following tables roll forward DAC by product for the three months ended March 31, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization126 8 77 211 
Amortization(54)(28)(16)(98)
Balance at March 31, 2026
$2,277 $382 $1,082 $3,741 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization126 21 69 216 
Amortization(45)(25)(12)(82)
Balance at March 31, 2025
$1,955 $372 $838 $3,165 
(a)Excludes insignificant amounts of DAC related to FABN and PRT.
DAC amortization expense of $98 million and $82 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, 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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Indexed Annuities $2,277 $2,205 
Fixed Rate Annuities382 402 
Universal Life1,082 1,021 
FABN7 5 
PRT4 4 
Total$3,752 $3,637 

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,$891 $625 
Capitalization7371 
Amortization (20)(14)
Balance at March 31,
$944 $682 

DSI amortization expense of $20 million and $14 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, 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 PRT. Those assumptions 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 and DAC 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 2025, 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, 2026, we updated the assumption for option budgets. For the year ended December 31, 2025, we updated the assumptions for option budgets, surrenders, lapses, mortality and mortality improvement, and free partial withdrawals. For both periods, these assumption updates resulted in increased amortization rates on some DAC and DSI balances, primarily for indexed annuities. 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 and PALH acquisitions for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,
$228 $273 
Amortization (10)(9)
Balance at March 31,
$218 $264 
There has been no material change to the estimated future amortization expense of VOBA, customer relationship intangibles and definite lived other intangible assets since December 31, 2025.

The following table presents the changes in carrying amount of goodwill for the three months ended March 31, 2026 (in millions):
Three months ended March 31,
2026
Balance at January 1,
$2,180 
Sale of F&G Life Re(56)
Balance at March 31,
$2,124 
v3.26.1
Market Risk Benefits
 3 Months Ended
Mar. 31, 2026
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, 2026 and the year ended December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Indexed
annuities		Fixed rate
annuities		Indexed
annuities		Fixed rate
annuities
Balance, beginning of period, net liability$812 $1 $420 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$684 $1 $322 $1 
Issuances and benefit payments45 — 147 — 
Attributed fees collected and interest accrual44 — 156 — 
Actual policyholder behavior different from expected 53 — 45 — 
Changes in assumptions and other(10)— 8 — 
Effects of market related movements(12)— 6 — 
Balance, end of period, before effect of changes in the instrument-specific credit risk804 1 684 1 
Effect of changes in the instrument-specific credit risk80 — 128 — 
Balance, end of period, net liability884 1 812 1 
Less: reinsured market risk benefits225 — 195 — 
Balance, end of period, net of reinsurance$659 $1 $617 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.8284.7467.8484.69
Net amount at risk$2,082 $2 $1,900 $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, 2026December 31, 2025
DirectReinsuredTotal DirectReinsuredTotal
MRB asset
Indexed annuities$80 $228 $308 $88 $197 $285 
Fixed rate annuities — — — — — — 
Total MRB asset $80 $228 $308 $88 $197 $285 
MRB liability
Indexed annuities$964 $3 $967 $900 $2 $902 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$965 $3 $968 $901 $2 $903 

The net MRB liability increased for the three months ended March 31, 2026, primarily as a result of collection of attributed fees, interest accrual, actual to expected policyholder behavior, and MRB reserves for contracts issued within the period.

For the three months ended March 31, 2026, 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 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.
The net MRB liability increased for the year ended December 31, 2025, 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, 2025, 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 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.

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 2025, 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 three months ended March 31, 2026, we updated the option budget assumption. 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 a decrease in the net MRB liability for the three months ended March 31, 2026. For the year ended December 31, 2025, we updated assumptions including surrender rates, mortality and mortality improvement, partial withdrawals, projected CPI, 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, 2025.
Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances (in millions):
March 31, 2026
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$33,226 $19,265 $3,292 $3,324 $2,898 
Issuances1,644 184 60 750 901 
Premiums received8 — 163 — — 
Policy charges (a)(57)— (103)— — 
Surrenders and withdrawals(978)(605)(33)— — 
Benefit payments(115)(93)(5)(30)(1,122)
Interest credited245 222 57 39 25 
Other(4)— — — — 
Balance, end of period33,969 18,973 3,431 4,083 2,702 
Reconciling items (c)(47)2 92 — — 
Gross liability, end of period33,922 18,975 3,523 4,083 2,702 
Less: Reinsurance recoverable5,655 12,834 883 — — 
Net liability, after reinsurance$28,267 $6,141 $2,640 $4,083 $2,702 
Weighted-average crediting rate2.96 %4.76 %7.07 %N/AN/A
Net amount at risk (d)N/AN/A$29,648 N/AN/A
Cash surrender value (e)$31,607 $17,783 $2,641 N/AN/A

December 31, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances6,714 3,801 229 1,148 2,241 
Premiums received31 — 593 — — 
Policy charges (a)(222)— (378)— — 
Surrenders and withdrawals(3,831)(2,485)(130)— — 
Benefit payments(536)(358)(21)(395)(2,298)
Interest credited830 866 182 107 103 
Other5 (1)— 1 — 
Balance, end of period33,226 19,265 3,292 3,324 2,898 
Reconciling items (c)321 2 115 11 — 
Gross liability, end of period33,547 19,267 3,407 3,335 2,898 
Less: Reinsurance recoverable3,198 12,863 887 — — 
Net liability, after reinsurance$30,349 $6,404 $2,520 $3,335 $2,898 
Weighted-average crediting rate2.65 %4.84 %6.13 %N/AN/A
Net amount at risk (d)N/AN/A$29,581 N/AN/A
Cash surrender value (e)$30,920 $18,034 $2,533 N/AN/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.
The following table reconciles contractholder funds’ account balances to the Contractholder funds liability in the unaudited Condensed Consolidated Balance Sheets (in millions):
March 31, 2026December 31, 2025
Indexed annuities$33,922 $33,547 
Fixed rate annuities18,975 19,267 
Immediate annuities259 262 
Universal life3,523 3,407 
Traditional life4 4 
FABN4,083 3,335 
FHLB2,702 2,898 
PRT6 6 
Total$63,474 $62,726 

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, 2026 and the year ended December 31, 2025, 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 decreases in Contractholder funds of approximately $5 million and $22 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.

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, 2026
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$701 $422 $295 $777 $2,195 
1.51%-2.50%534 17 767 655 1,973 
Greater than 2.50%203 — — 2 205 
Subtotal$1,438 $439 $1,062 $1,434 $4,373 
No guaranteed minimum crediting rate29,596 
Total$33,969 
Fixed rate annuities
Up to 1.50%$101 $88 $676 $15,350 $16,215 
1.51%-2.50%3 6 24 444 477 
Greater than 2.50%709 1 5 1,566 2,281 
Total$813 $95 $705 $17,360 $18,973 
Universal life
Up to 1.50%$3,042 $9 $— $28 $3,079 
1.51%-2.50%— — — — — 
Greater than 2.50%351 — 1 — 352 
Total$3,393 $9 $1 $28 $3,431 
December 31, 2025
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$659 $464 $298 $812 $2,233 
1.51%-2.50%548 17 633 630 1,828 
Greater than 2.50%212 1 — 1 214 
Subtotal$1,419 $482 $931 $1,443 $4,275 
No guaranteed minimum crediting rate28,951 
Total$33,226 
Fixed rate annuities
Up to 1.50%$94 $75 $792 $15,548 $16,509 
1.51%-2.50%4 6 16 466 492 
Greater than 2.50%727 2 5 1,530 2,264 
Total$825 $83 $813 $17,544 $19,265 
Universal life
Up to 1.50%$2,898 $9 $— $31 $2,938 
1.51%-2.50%— — — — — 
Greater than 2.50%353 — 1 — 354 
Total$3,251 $9 $1 $31 $3,292 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective tax rate for the three months ended March 31, 2026 was 23%. The effective tax rate on pre-tax income for the three months ended March 31, 2025 was 19%. The effective tax rate on pre-tax income for the three months ended March 31, 2026 differs from the U.S. Federal statutory rate of 21% primarily due to certain outside basis differences not requiring recognition of a deferred tax liability, the tax gain on the sale of F&G Life Re exceeded the book gain resulting in higher tax expense for the period. This expense is 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, 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 LIHTC, DRD, and COLI.

As of March 31, 2026, the Company had a partial valuation allowance of $41 million against its net deferred tax assets of $137 million. As of December 31, 2025, the Company had a partial valuation allowance of $38 million against its net deferred tax assets of $120 million. There was a $3 million increase in the valuation allowance for the three months ended March 31, 2026, primarily related to changes in unrealized losses. The valuation allowance consisted of a full valuation allowance on the unrealized capital loss deferred tax assets for the U.S. Non-life companies, 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, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Tax credits and other benefits recognized$(12)$(8)
Tax credit amortization expense 10 6 
Total $(2)$(2)

At March 31, 2026 and December 31, 2025, LIHTC investments included in Prepaid expenses and other assets on the unaudited Condensed Consolidated Balance Sheets totaled $166 million and $165 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. As a result, the Company has assessed that there is no material impact of CAMT to tax for the three months ended March 31, 2026.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes a broad range of tax reform provisions that may affect the Company’s financial results. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently evaluating the impact of these provisions which could affect the Company’s income tax expense and deferred tax assets; however, it is not expected to have a material impact to our unaudited Condensed Consolidated Financial Statements.
v3.26.1
Contractholder Funds
 3 Months Ended
Mar. 31, 2026
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, 2026 and the year ended December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Indexed
annuities		Fixed rate
annuities		Indexed
annuities		Fixed rate
annuities
Balance, beginning of period, net liability$812 $1 $420 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$684 $1 $322 $1 
Issuances and benefit payments45 — 147 — 
Attributed fees collected and interest accrual44 — 156 — 
Actual policyholder behavior different from expected 53 — 45 — 
Changes in assumptions and other(10)— 8 — 
Effects of market related movements(12)— 6 — 
Balance, end of period, before effect of changes in the instrument-specific credit risk804 1 684 1 
Effect of changes in the instrument-specific credit risk80 — 128 — 
Balance, end of period, net liability884 1 812 1 
Less: reinsured market risk benefits225 — 195 — 
Balance, end of period, net of reinsurance$659 $1 $617 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.8284.7467.8484.69
Net amount at risk$2,082 $2 $1,900 $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, 2026December 31, 2025
DirectReinsuredTotal DirectReinsuredTotal
MRB asset
Indexed annuities$80 $228 $308 $88 $197 $285 
Fixed rate annuities — — — — — — 
Total MRB asset $80 $228 $308 $88 $197 $285 
MRB liability
Indexed annuities$964 $3 $967 $900 $2 $902 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$965 $3 $968 $901 $2 $903 

The net MRB liability increased for the three months ended March 31, 2026, primarily as a result of collection of attributed fees, interest accrual, actual to expected policyholder behavior, and MRB reserves for contracts issued within the period.

For the three months ended March 31, 2026, 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 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.
The net MRB liability increased for the year ended December 31, 2025, 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, 2025, 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 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.

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 2025, 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 three months ended March 31, 2026, we updated the option budget assumption. 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 a decrease in the net MRB liability for the three months ended March 31, 2026. For the year ended December 31, 2025, we updated assumptions including surrender rates, mortality and mortality improvement, partial withdrawals, projected CPI, 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, 2025.
Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances (in millions):
March 31, 2026
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$33,226 $19,265 $3,292 $3,324 $2,898 
Issuances1,644 184 60 750 901 
Premiums received8 — 163 — — 
Policy charges (a)(57)— (103)— — 
Surrenders and withdrawals(978)(605)(33)— — 
Benefit payments(115)(93)(5)(30)(1,122)
Interest credited245 222 57 39 25 
Other(4)— — — — 
Balance, end of period33,969 18,973 3,431 4,083 2,702 
Reconciling items (c)(47)2 92 — — 
Gross liability, end of period33,922 18,975 3,523 4,083 2,702 
Less: Reinsurance recoverable5,655 12,834 883 — — 
Net liability, after reinsurance$28,267 $6,141 $2,640 $4,083 $2,702 
Weighted-average crediting rate2.96 %4.76 %7.07 %N/AN/A
Net amount at risk (d)N/AN/A$29,648 N/AN/A
Cash surrender value (e)$31,607 $17,783 $2,641 N/AN/A

December 31, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances6,714 3,801 229 1,148 2,241 
Premiums received31 — 593 — — 
Policy charges (a)(222)— (378)— — 
Surrenders and withdrawals(3,831)(2,485)(130)— — 
Benefit payments(536)(358)(21)(395)(2,298)
Interest credited830 866 182 107 103 
Other5 (1)— 1 — 
Balance, end of period33,226 19,265 3,292 3,324 2,898 
Reconciling items (c)321 2 115 11 — 
Gross liability, end of period33,547 19,267 3,407 3,335 2,898 
Less: Reinsurance recoverable3,198 12,863 887 — — 
Net liability, after reinsurance$30,349 $6,404 $2,520 $3,335 $2,898 
Weighted-average crediting rate2.65 %4.84 %6.13 %N/AN/A
Net amount at risk (d)N/AN/A$29,581 N/AN/A
Cash surrender value (e)$30,920 $18,034 $2,533 N/AN/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.
The following table reconciles contractholder funds’ account balances to the Contractholder funds liability in the unaudited Condensed Consolidated Balance Sheets (in millions):
March 31, 2026December 31, 2025
Indexed annuities$33,922 $33,547 
Fixed rate annuities18,975 19,267 
Immediate annuities259 262 
Universal life3,523 3,407 
Traditional life4 4 
FABN4,083 3,335 
FHLB2,702 2,898 
PRT6 6 
Total$63,474 $62,726 

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, 2026 and the year ended December 31, 2025, 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 decreases in Contractholder funds of approximately $5 million and $22 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.

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, 2026
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$701 $422 $295 $777 $2,195 
1.51%-2.50%534 17 767 655 1,973 
Greater than 2.50%203 — — 2 205 
Subtotal$1,438 $439 $1,062 $1,434 $4,373 
No guaranteed minimum crediting rate29,596 
Total$33,969 
Fixed rate annuities
Up to 1.50%$101 $88 $676 $15,350 $16,215 
1.51%-2.50%3 6 24 444 477 
Greater than 2.50%709 1 5 1,566 2,281 
Total$813 $95 $705 $17,360 $18,973 
Universal life
Up to 1.50%$3,042 $9 $— $28 $3,079 
1.51%-2.50%— — — — — 
Greater than 2.50%351 — 1 — 352 
Total$3,393 $9 $1 $28 $3,431 
December 31, 2025
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$659 $464 $298 $812 $2,233 
1.51%-2.50%548 17 633 630 1,828 
Greater than 2.50%212 1 — 1 214 
Subtotal$1,419 $482 $931 $1,443 $4,275 
No guaranteed minimum crediting rate28,951 
Total$33,226 
Fixed rate annuities
Up to 1.50%$94 $75 $792 $15,548 $16,509 
1.51%-2.50%4 6 16 466 492 
Greater than 2.50%727 2 5 1,530 2,264 
Total$825 $83 $813 $17,544 $19,265 
Universal life
Up to 1.50%$2,898 $9 $— $31 $2,938 
1.51%-2.50%— — — — — 
Greater than 2.50%353 — 1 — 354 
Total$3,251 $9 $1 $31 $3,292 
v3.26.1
Future Policy Benefits
 3 Months Ended
Mar. 31, 2026
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, 2026December 31, 2025
Expected net premiums
Balance, beginning of year$585 $631 
Beginning balance at original discount rate700 780 
     Effect of actual variances from expected experience(2)1 
Balance adjusted for variances from expectation698 781 
     Interest accrual3 15 
     Net premiums collected(22)(96)
Ending balance at original discount rate679 700 
     Effect of changes in discount rate assumptions(120)(115)
Balance, end of period$559 $585 
Expected FPB
Balance, beginning of year$1,855 $1,933 
Beginning balance at original discount rate2,167 2,368 
     Effect of actual variances from expected experience(3)(21)
Balance adjusted for variances from expectation2,164 2,347 
     Interest accrual12 50 
     Benefits payments(50)(230)
Ending balance at original discount rate2,126 2,167 
     Effect of changes in discount rate assumptions(334)(312)
Balance, end of period$1,792 $1,855 
Net liability for future policy benefits$1,233 $1,270 
Less: Reinsurance recoverable498 489 
Net liability for future policy benefits, after reinsurance recoverable$735 $781 
Weighted-average duration of liability for future policyholder benefits (years)6.026.84

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts (in millions):
PRT
March 31, 2026December 31, 2025
Balance, beginning of year$8,112 $6,054 
Beginning balance at original discount rate8,268 6,417 
     Effect of changes in cash flow assumptions— (36)
     Effect of actual variances from expected experience1 13 
Balance adjusted for variances from expectation8,269 6,394 
     Issuances333 2,206 
     Interest accrual99 331 
     Benefits payments(202)(663)
Ending balance at original discount rate8,499 8,268 
     Effect of changes in discount rate assumptions(321)(156)
Balance, end of period$8,178 $8,112 
Net liability for future policy benefits, after reinsurance recoverable$8,178 $8,112 
Weighted-average duration of liability for future policyholder benefits (years)7.627.80

Immediate annuities
March 31, 2026December 31, 2025
Balance, beginning of year$1,276 $1,297 
Beginning balance at original discount rate1,679 1,732 
     Effect of actual variances from expected experience4 (11)
Balance adjusted for variances from expectation1,683 1,721 
     Issuances5 17 
     Interest accrual13 54 
     Benefits payments(28)(113)
Ending balance at original discount rate1,673 1,679 
     Effect of changes in discount rate assumptions(431)(403)
Balance, end of period$1,242 $1,276 
Net liability for future policy benefits$1,242 $1,276 
Less: Reinsurance recoverable104 106 
Net liability for future policy benefits, after reinsurance recoverable$1,138 $1,170 
Weighted-average duration of liability for future policyholder benefits (years)12.2212.32

The following tables summarize balances and changes in the liability for deferred profit liability (“DPL”) for limited-payment contracts (in millions):
March 31, 2026December 31, 2025
Immediate annuitiesPRTImmediate annuitiesPRT
Balance, beginning of year$90 $7 $90 $6 
     Effect of actual variances from expected experience(2)1 2 1 
Balance adjusted for variances from expectation88 8 92 7 
     Issuances1 — 6 1 
     Interest accrual— — 1 — 
     Amortization(2)— (9)(1)
Balance, end of period$87 $8 $90 $7 
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, 2026December 31, 2025
Traditional life$1,233 $1,270 
Immediate annuities1,242 1,276 
PRT8,178 8,112 
Immediate annuities DPL87 90 
PRT DPL8 7 
Total$10,748 $10,755 

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):
UndiscountedDiscounted
March 31,March 31,
2026202520262025
Traditional life
Expected future benefit payments$2,458 $2,720 $1,794 $1,938 
Expected future gross premiums821 923 601 671 
Immediate annuities
Expected future benefit payments$3,082 $3,168 $1,242 $1,297 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$13,431 $10,535 $8,178 $6,360 
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,
2026202520262025
Traditional life$23 $26 $9 $9 
Immediate annuities5 6 13 14 
PRT324 311 99 74 
Total$352 $343 $121 $97 
(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, 2026December 31, 2025
Traditional life
Interest accretion rate2.36 %2.35 %
Current discount rate5.07 %4.77 %
Immediate annuities
Interest accretion rate3.22 %3.20 %
Current discount rate5.59 %5.29 %
PRT
Interest accretion rate4.96 %4.87 %
Current discount rate5.28 %4.98 %
The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:
March 31, 2026December 31, 2025
 Traditional life Immediate annuities PRTTraditional lifeImmediate annuitiesPRT
Mortality
Actual experience1.3 %1.1 %3.5 %2.4 %2.4 %2.6 %
Expected experience1.6 %1.7 %2.5 %1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %— %— %— %
Expected experience0.5 %— %— %0.6 %— %— %


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, 2026December 31, 2025
Cohort XDescriptionCohort XDescription
NPR before capping103 %Term with return of premium Non-NY Cohort104 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,113 Term with return of premium Non-NY Cohort$1,145 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,122 Term with return of premium Non-NY Cohort1,156 Term with return of premium Non-NY Cohort
Loss Expense9 Term with return of premium Non-NY Cohort11 Term with return of premium Non-NY Cohort

F&G made changes to assumptions during the three months ended March 31, 2026 and the year ended December 31, 2025. 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, we updated the assumptions for surrenders and lapses. Updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates. These assumption updates resulted in a decrease to the FPB liability for the year ended December 31, 2025. In 2026, no updates have been made to any significant assumptions used in the FPB liability.

Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 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 2025, 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 2026 from that utilized in 2025 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 2026 and 2025, 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 2025, 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 2026 from that utilized in 2025 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. 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, 2026 and December 31, 2025.
v3.26.1
Accounts Payable and Accrued Liabilities
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
As of March 31, 2026 and December 31, 2025, the total unearned revenue liabilities (“URL”) balance of $592 million and $551 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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Salaries and incentives$59 $106 
Accrued benefits74 75 
URL592 551 
Trade accounts payable254 199 
Liability for policy and contract claims108 100 
Retained asset account46 48 
Remittances and items not allocated235 267 
Option collateral liabilities533 928 
Lease liability11 12 
Investment purchases payable 140 102 
Contingent consideration61 72 
Accrued interest on notes payable42 34 
Interest rate and foreign currency swaps8 12 
Other accrued liabilities204 195 
Accounts payable and accrued liabilities
$2,367 $2,701 

The following table rolls forward URL for our universal life product for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,$551 $401 
Capitalization49 41 
Amortization(8)(6)
Balance at March 31,$592 $436 

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 2025, F&G undertook a review of all significant assumptions, resulting in updates for surrenders, lapses, and mortality.
v3.26.1
Notes Payable
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
The components of notes payable are summarized as follows (in millions):
March 31, 2026December 31, 2025
PrincipalNet unamortized discount, premium, and debt issuance costsCarrying AmountPrincipalNet unamortized discount, premium, and debt issuance costsCarrying Amount
Revolving Credit Facility - Short Term$— $— $— $— $— $— 
FNF Credit Facility - Short Term— — — — — — 
7.40% F&G Senior Notes, due 2028
500 (2)498 500 (2)498 
6.50% F&G Senior Notes, due 2029
550 (4)546 550 (4)546 
6.250% F&G Senior Notes, due 2034
500 (7)493 500 (7)493 
7.95% F&G Senior Notes, due 2053
345 (8)337 345 (9)336 
7.300% F&G Junior Notes, due 2065
375 (11)364 375 (11)364 
Total$2,270 $(32)$2,238 $2,270 $(33)$2,237 

Revolving Credit Facility - F&G has a Revolving Credit Facility pursuant to the unsecured revolving credit agreement (the "Credit Agreement") with Bank of America, N.A., as administrative agent, the lenders (and guarantors party thereto and the other parties thereto. No amounts were outstanding under the Revolving Credit Facility as of March 31, 2026 or December 31, 2025, and total borrowing availability was $750 million as of March 31, 2026. The Credit Agreement matures on November 22, 2027.

FNF Credit Facility - F&G has a revolving note agreement with FNF for up to $200 million capacity (the “FNF Credit Facility”) to be used for working capital and other general corporate purposes. No amounts were outstanding under this revolving note agreement as of March 31, 2026 or December 31, 2025. This facility matures the earlier of October 29, 2030, or when the Revolving Credit Facility described above is terminated.

Covenants - The Credit Agreement and the indentures governing the 7.40% F&G Senior Notes, 6.50% F&G Senior Notes, 6.250% F&G Senior Notes, 7.95% F&G Senior Notes, and the 7.300% F&G Junior 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, 2026, 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 notes payable for the three months ended March 31, 2026 and 2025 was as follows (in millions):
Three months ended March 31,
20262025
Revolving Credit Facility - Short-term$1 $1 
7.40% F&G Senior Notes, due 2028
9 9 
6.50% F&G Senior Notes, due 2029
9 9 
6.250% F&G Senior Notes, due 2034
8 8 
7.95% F&G Senior Notes, due 2053
7 7 
7.300% F&G Junior Notes, due 2065
7 6 
Total$41 $40 
v3.26.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2026
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,
20262025
Cash paid (refunded) for:
Interest paid$32 $29 
Income taxes paid (refunded) — — 
Deferred sales inducements73 71 
Non-cash investing and financing activities:
Investment received as non-cash consideration for sale of F&G Life Re38 — 
Investments transferred subject to reinsurance agreement— (500)
Change in proceeds of sales of investments available for sale receivable in period(34)48 
Change in purchases of investments available for sale payable in period36 53 

Refer to Note H - Income Taxes for further information on income taxes paid disaggregated by federal, foreign, and state.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
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 years ended December 31, 2024 and 2025. We made the first cash payment of $12 million during the quarter ended March 31, 2025, and the second payment of $12 million during the quarter ended March 31, 2026. The remaining contingent consideration recorded at March 31, 2026 is $61 million. 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, 2026 and December 31, 2025. 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 (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. On April 21, 2025, FGL Insurance filed its initial motion for summary judgment. On June 5, 2025, plaintiff amended its complaint to include an additional breach of contract claim, prompting FGL Insurance to file a second motion for summary judgment on July 18, 2025, addressing the new allegation. Both motions for summary judgment were argued on February 20, 2026. On March 2, 2026, the magistrate judge issued a Memorandum and Recommendation (the “Recommendations”) recommending that FGL Insurance’s motions for summary judgment be granted, and that its motion to exclude Plaintiff’s expert testimony as inadmissible, filed June 9, 2025, be denied
as moot. Plaintiff has filed its objections to the Recommendations, and FGL Insurance has responded. The trial judge will review the Recommendations and objections and is expected to issue an order adopting, rejecting, or modifying them. On July 18, 2025, Peak Altitude Equity, LLC (“Peak”), a subsidiary of Fidelity & Guaranty Life Holdings, Inc., was served with a new lawsuit filed by Insurance Distribution Consulting, LLC (“IDC”) as a counterclaim in response to a separate breach of contract lawsuit initiated against IDC by Syncis. The case, styled Syncis Insurance Solutions, LLC v. Insurance Distribution Consulting, LLC, Case No. 2:25-cv-03874, is pending in the U.S. District Court for the Central District of California (the “Central District of California”), and certain facts alleged by IDC against Peak overlap with those asserted in the lawsuit filed by IDC against FGL Insurance. On September 8, 2025, Peak filed its motion to dismiss IDC’s counterclaim on various grounds. A decision is pending with the Central District of California. FGL Insurance and Peak will vigorously contest the plaintiff’s claims in the actions. As these cases continue to evolve, it is not possible to reasonably estimate the probability that plaintiff will ultimately prevail on its claims or that FGL Insurance or Peak 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.

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, 2026 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, 2026 is included below (in millions):
March 31, 2026
Commitment Type
Other fixed maturity securities, AFS$158 
Commercial mortgage loans71 
Residential mortgage loans423 
Other assets113 
Consolidated VIEs:
Other long-term investments250 
Unconsolidated VIEs:
Limited partnerships1,195 
Asset-backed lending210 
Fixed maturity securities, asset-backed securities572 
Direct Lending1,043 
Total
$4,035 
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 was $24 million as of March 31, 2026 and December 31, 2025, respectively. 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 B - Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.
v3.26.1
Insurance Subsidiary Financial Information and Regulatory Matters
 3 Months Ended
Mar. 31, 2026
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. 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 subsidiary, F&G Cayman Re Ltd (“F&G Cayman Re”), a Cayman Islands entity, files financial statements with its regulator, the Cayman Islands Monetary Authority (“CIMA”).

U.S. Companies

Our principal insurance subsidiaries' audited statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2026 and 2025, and statutory capital and surplus as of March 31, 2026 and December 31, 2025, 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, 2026
$(14)$3 $8 $(40)
For the three months ended March 31, 2025
(127)4 10 (52)
Statutory Capital and Surplus:
March 31, 2026$1,551 $125 $190 $228 
December 31, 20251,735 122 182 236 
(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). In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without such permitted statutory accounting practices, Raven Re’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices,
Corbeau Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.

The prescribed and permitted practices resulted in increases to statutory capital and surplus of $249 million for both March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices, FGL Insurance’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.

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, 2026.

Non-U.S. Company

F&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by its regulator, 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 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 $13 million and $20 million as of March 31, 2026 and December 31, 2025, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.

Net income and capital and surplus of our wholly owned Cayman Islands insurance subsidiary under SAP were as follows (in millions):
Subsidiary (country of domicile)
F&G Cayman Re (Cayman Islands)
Statutory Net income (loss):
For the three months ended March 31, 2026
$(9)
For the three months ended March 31, 2025
15 
Statutory Capital and Surplus:
March 31, 2026$1,145 
December 31, 20251,134 
The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
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,
20262025
Net earnings (loss)$249 $(21)
Less: Non-controlling interests1 — 
Net earnings (loss) attributable to F&G248 (21)
Less: Preferred stock dividend4 4 
Net earnings (loss) attributable to F&G common shareholders$244 $(25)
Weighted-average common shares outstanding - basic133 126 
Dilutive effect of unvested restricted stock— — 
Dilutive effect of mandatory convertible preferred stock6 — 
Weighted-average shares outstanding - diluted139 126 
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net$1.83 $(0.20)
Diluted - net$1.78 $(0.20)

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 we were required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share, as the inclusion of 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.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 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 March 31,
20262025
Revenues:
Life-contingent pension risk transfer premiums$324 $311 
Traditional life insurance and life-contingent immediate annuity premiums9 10 
Surrender charges56 57 
Policyholder fees and other income90 111 
Life insurance premiums and other fees479 489 
Owned distribution revenues17 16 
Revenues from external customers496 505 
Interest and investment income723 666 
Recognized gains and (losses), net(32)(263)
Total revenues1,187 908 
Significant expenses (a):
Benefits and other changes in policy reserves484 524 
Personnel costs60 67 
Other operating expenses 33 41 
Total significant expenses:577 632 
Other segment items
Market risk benefit losses73 109 
Depreciation and amortization173 153 
Interest expense41 40 
Total other segment items:287 302 
Total expenses864 934 
Earnings (loss) before income taxes323 (26)
Income tax expense (benefit)74 (5)
Net earnings (loss)$249 $(21)
(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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 30, 2026, F&G entered into a written trading plan (the “Plan”), in accordance with Rule 10b5‑1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the purpose of repurchasing shares of the Company’s common stock, par value $0.001 (the “Common Stock”) pursuant to one or more share repurchase programs previously authorized by the Company’s Board of Directors.

Under the Plan, beginning no earlier than April 7, 2026, the broker may effect repurchases of the Company’s Common Stock on the Company’s behalf in the open market, subject to specified price parameters, daily volume limitations, and other conditions set forth in the Plan and in accordance with Rule 10b‑18 and Rule 10b5‑1 under the Exchange Act. The Plan provides for repurchases to be made based on a tiered structure tied to the market price of the Common Stock and grants the broker discretion over the execution of transactions. The Plan is designed to permit repurchases at times when the Company might otherwise be prevented from doing so under applicable insider trading laws.

The Plan will terminate on May 30, 2026, unless earlier terminated in accordance with its terms. The actual number of shares repurchased, if any, and the timing and amount of any such repurchases will depend on the terms and conditions of the Plan, including the market price of the Common Stock. The Company is not obligated to repurchase any shares under the Plan, and there can be no assurance that any particular amount of shares of the Common Stock will be repurchased.
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
v3.26.1
Basis of Financial Statements (Policies)
 3 Months Ended
Mar. 31, 2026
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, 2025, filed on February 26, 2026.
Principles of Consolidation

The Consolidated Financial Statements are prepared in accordance with GAAP and include our accounts as well as our wholly owned subsidiaries, majority-owned subsidiaries, and variable interest entities (“VIEs”) for which we are the primary beneficiary. All intercompany profits, transactions and balances have been eliminated. Non-controlling interests recorded on the Consolidated Statements of Operations represent the portion of a majority-owned subsidiary's net earnings or loss that is owned by non-controlling shareholders of the subsidiary. Non-controlling interests recorded on the Consolidated Balance Sheets represent the portion of equity in a consolidated subsidiary owned by non-controlling shareholders.
We are involved in certain entities that are considered VIEs as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. 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. We consolidate VIEs for which we are the primary beneficiary and account for all other VIEs as unconsolidated VIEs. We assess our relationships with VIEs to evaluate if we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant. See Note C - Investments for additional information on our investments in VIEs.
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 and 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, 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.
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 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. We adopted this standard as of December 31, 2025 using the prospective approach.

Pronouncements Not Yet Adopted
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 this standard and its impact on our disclosures upon adoption.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update refine capitalization thresholds by removing all references to project stages. The amendments require that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”). Additionally, the amendments clarify the disclosure requirements for internal-use software costs. The amendments in this update are effective for all companies for annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied using a prospective, retrospective, or modified transition approach. We do not expect to early adopt this standard and are in the process of assessing this standard and its impact upon adoption.
v3.26.1
Basis of Financial Statements (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Changes in Balance of Other Comprehensive Income (Loss)
Changes in the balance of OCI for the three months ended March 31, 2026 and 2025 by component are as follows (in millions).
Three Months Ended March 31, 2026
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, 2025
$(1,951)$563 $(102)$2 $(1,488)
Reclassification adjustments included in net earnings (b)26 — — — 26 
Other comprehensive income (loss) before tax, net of reclassifications(723)205 48 (8)(478)
Deferred income tax (expense) benefit148 (43)(10)2 97 
Balance at March 31, 2026
$(2,500)$725 $(64)$(4)$(1,843)
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 reclassifications310 (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)
(a)Other includes changes in hedging instruments.
(b)Net of income tax (expense) benefit of immaterial amounts for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of 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, 2026
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,324 $— $— $— $1,324 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,319 10,281 — 18,600 
Commercial mortgage-backed securities— 4,953 — — 4,953 
Corporates39 20,106 3,363 — 23,508 
Hybrids34 571 14 — 619 
Municipals— 1,327 3 — 1,330 
Residential mortgage-backed securities— 2,649 3 — 2,652 
U.S. Government434 — — — 434 
Foreign Governments— 242 23 — 265 
Fixed maturity securities, at fair value under fair value option (a)93 — — — 93 
Equity securities:
Preferred equity securities112 118 7 — 237 
Common equity securities54 — 10 35 99 
Derivative investments2 880 7 — 889 
Investments in unconsolidated affiliates— — 260 — 260 
Other long-term investments (a)— 246 39 — 285 
Short term investments853 65 74 — 992 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 630 — 630 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 308 — 308 
Total financial assets at fair value$2,945 $39,476 $15,046 $35 $57,502 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,380 $— $6,380 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 6 2 — 8 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— (122)— — (122)
Contingent consideration, included in Accounts payable and accrued liabilities— — 61 — 61 
Market risk benefits liability— — 968 — 968 
Total financial liabilities at fair value$— $(116)$7,411 $— $7,295 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.
December 31, 2025
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,486 $— $— $— $1,486 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,638 10,094 — 18,732 
Commercial mortgage-backed securities— 5,155 — — 5,155 
Corporates40 20,086 3,124 — 23,250 
Hybrids36 558 15 — 609 
Municipals— 1,352 3 — 1,355 
Residential mortgage-backed securities— 2,842 3 — 2,845 
U.S. Government493 — — — 493 
Foreign Governments— 238 23 — 261 
Equity securities:
Preferred equity securities115 117 7 — 239 
Common equity securities62 — 5 35 102 
Derivative investments— 1,148 — — 1,148 
Investments in unconsolidated affiliates— — 270 — 270 
Other long-term investments (a)— 248 41 — 289 
Short term investments887 82 74 — 1,043 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 399 — 399 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 285 — 285 
Total financial assets at fair value$3,119 $40,464 $14,367 $35 $57,985 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,542 $— $6,542 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 3 9 — 12 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— 75 — — 75 
Contingent consideration, included in Accounts payable and accrued liabilities— — 72 — 72 
Market risk benefits liability— — 903 — 903 
Total financial liabilities at fair value$— $78 $7,526 $— $7,604 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.
The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described (in millions).
March 31, 2026
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $146 $— $— $146 $146 
Commercial mortgage loans— — 3,303 — 3,303 3,515 
Residential mortgage loans— — 4,668 — 4,668 4,944 
Investments in unconsolidated affiliates— — — 4,753 4,753 4,753 
Policy loans— — 157 — 157 157 
Company-owned life insurance— — 856 — 856 856 
Total
$— $146 $8,984 $4,753 $13,883 $14,371 
Liabilities
Investment contracts, included in Contractholder funds $— $— $52,123 $— $52,123 $57,094 
Notes payable— 2,178 — — 2,178 2,238 
Total
$— $2,178 $52,123 $— $54,301 $59,332 

December 31, 2025
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $155 $— $— $155 $155 
Commercial mortgage loans— — 3,025 — 3,025 3,242 
Residential mortgage loans— — 4,424 — 4,424 4,649 
Investments in unconsolidated affiliates— — — 4,608 4,608 4,608 
Policy loans— — 147 — 147 147 
Company-owned life insurance— — 850 — 850 850 
Total
$— $155 $8,446 $4,608 $13,209 $13,651 
Liabilities
Investment contracts, included in Contractholder funds$— $— $51,027 $— $51,027 $56,184 
Notes payable— 2,289 — — 2,289 2,237 
Total
$— $2,289 $51,027 $— $53,316 $58,421 
Schedule of 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, 2026 and December 31, 2025, 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, 2026
Fair ValueValuation
Technique		Unobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$99 Third-Party ValuationDiscount Rate
3.83% - 13.17%
6.68%
Corporates666 Third-Party Valuation Discount Rate
3.67% - 9.07%
6.32%
Municipals3 Third-Party ValuationDiscount Rate
5.20% - 5.20%
5.20%
Residential mortgage-backed securities3 Third-Party Valuation Discount Rate
5.69% - 5.69%
5.69%
Foreign Governments5 Third-Party Valuation Discount Rate
8.16% - 8.16%
8.16%
Investments in unconsolidated affiliates260 Market Comparable Company AnalysisEBITDA Multiple
6.5x - 14.9x
10.89x
Other long-term investments:
Available-for-sale embedded derivative39 Black Scholes ModelMarket Value of AnchorPath Fund 100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives630 Discounted Cash FlowMarket Value of Option
0.00% - 56.64%
1.80%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
3.35%
Partial Withdrawal Rate
2.00% - 25.64%
2.54%
Non-Performance Spread
0.96% - 2.49%
1.51%
Option Cost
0.56% - 5.20%
1.99%
March 31, 2026
Fair ValueValuation
Technique		Unobservable Input(s)RangeWeighted Average
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.63% - 6.63%
6.63%
Collateral Volatility
32.50% - 32.50%
32.50%
Market risk benefits asset308Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.23%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.54% - 1.01%
0.81%
GMWB Utilization
50.00% - 75.00%
63.34%
Total financial assets at fair value (a)$2,037 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,380 Discounted Cash FlowMarket Value of Option
0.00% - 28.32%
2.84%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
6.47%
Partial Withdrawal Rate
2.00% - 35.71%
2.69%
Non-Performance Spread
0.54% - 1.01%
0.81%
Option Cost
0.50% - 6.09%
2.81%
Contingent consideration, included in Accounts payable and accrued liabilities61 Discounted Cash FlowRisk-Adjusted Discount Rate
12.00% - 12.00%
12.00%
EBITDA Volatility
35.00% - 35.00%
35.00%
Counterparty Discount Rate
6.80% - 6.80%
6.80%
Market risk benefits liability968 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.23%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.54% - 1.01%
0.81%
GMWB Utilization
50.00% - 75.00%
63.34%
Total financial liabilities at fair value$7,409 
(a)Assets of $13,009 million and liabilities of $2 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, 2025
Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$92 Third-Party ValuationDiscount Rate
4.36% - 7.15%
5.80%
Corporates649 Third-Party ValuationDiscount Rate
3.45% - 8.68%
5.84%
Municipals3 Third-Party ValuationDiscount Rate
4.94% - 4.94%
4.94%
Residential mortgage-backed securities3 Third-Party ValuationDiscount Rate
5.41% - 5.41%
5.41%
Foreign Governments5 Third-Party ValuationDiscount Rate
5.73% - 5.73%
5.73%
Investments in unconsolidated affiliates270 Market Comparable Company AnalysisEBITDA Multiple
7.4x - 15.5x
12.10x
Other long-term investments:
December 31, 2025
Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Available-for-sale embedded derivative41 Black Scholes ModelMarket Value of AnchorPath Fund
100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 Discounted Cash FlowMarket Value of Option
0.00% - 31.77%
2.74%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
3.33%
Partial Withdrawal Rate
2.00% - 6.50%
2.22%
Non-Performance Spread
0.53% - 1.15%
0.90%
Option Cost
1.39% - 5.30%
1.98%
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.35% - 6.35%
6.35%
Collateral Volatility
35.00% - 35.00%
35.00%
Market risk benefits asset285 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% -0.85%
0.64%
GMWB Utilization
50.00% -75.00%
63.03%
Total financial assets at fair value (a)$1,771 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 Discounted Cash FlowMarket Value of Option
0.00% - 40.13%
3.84%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
6.68%
Partial Withdrawals
2.00% - 35.71%
2.69%
Non-Performance Spread
0.43% - 0.85%
0.64%
Option Cost
0.50% - 6.09%
2.78%
Contingent consideration, included in Accounts payable and accrued liabilities72 Discounted Cash FlowRisk-Adjusted Discount Rate
11.50% - 11.50%
11.50%
EBITDA Volatility
35.00% - 35.00%
35.00%
Counterparty Discount Rate
6.30% - 6.30%
6.30%
Market risk benefits liability903 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% - 0.85%
0.64%
GMWB Utilization
50.00% -75.00%
63.03%
Total financial liabilities at fair value$7,517 
(a)Assets of $12,596 million and liabilities of $9 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.
Schedule of 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, 2026 and 2025 (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, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet 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$10,094 $11 $(45)$596 $(84)$(338)$47 $10,281 $(42)
Corporates3,124 — (41)312 (18)(14)— 3,363 (41)
Hybrids15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Equity securities:
Preferred equity securities7 — — — — — — 7 — 
Common equity securities5 — — 5 — — — 10 — 
Derivative investments— 10 — — — (3)— 7 — 
Investments in unconsolidated affiliates270 (10)— — — — — 260 — 
Other long-term investments:
Available-for-sale embedded derivative41 — (2)— — — — 39 (2)
Short term investments74 — — — — — — 74 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (24)— 257 — (2)— 630 — 
Prepaid expenses and other assets:
Loan receivable24 — — — — — — 24 — 
Subtotal assets at Level 3 fair value14,082 $(13)$(89)$1,170 $(102)$(357)$47 14,738 $(85)
Market risk benefits asset (b)285 308 
Total assets at Level 3 fair value$14,367 $15,046 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(284)$— $256 $— $(134)$— $6,380 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 (7)— — — — — 2 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 (11)— — — — — 61 — 
Subtotal liabilities at Level 3 fair value6,623 $(302)$— $256 $— $(134)$— 6,443 $— 
Three months ended March 31, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Market risk benefits liability (b)903 968 
Total liabilities at Level 3 fair value$7,526 $7,411 
(a)The net transfers into Level 3 during the three months ended March 31, 2026 were exclusively from 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, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		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 
Corporates2,941 (13)35 345 (311)(11)— 2,986 33 
Hybrids— — — 6 — — — 6 — 
Municipals— — — 4 — — — 4 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments4 — — 19 — — — 23 — 
Equity securities:
Preferred equity securities7 (1)1 — — — — 7 — 
Derivative investments3 — (2)— — — — 1 (2)
Investments in unconsolidated affiliates272 — — — — — — 272 — 
Other long-term investments:
Available-for-sale embedded derivative32 — — — — — — 32 — 
Short term investments37 — — 3 — — — 40 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives98 (5)— 36 — — — 129 — 
Prepaid expenses and other assets:
Loan receivable11 — — — — — — 11 — 
Subtotal assets at Level 3 fair value11,551 $(18)$37 $1,442 $(454)$(196)$— 12,362 $33 
Market risk benefits asset (a)189 187 
Total assets at Level 3 fair value$11,740 $12,549 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $(67)$— $256 $— $(93)$— $5,316 $— 
Three months ended March 31, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Foreign currency swaps, included in Accounts payable and accrued liabilities— — 1 — — — — 1 (1)
Contingent consideration, included in Accounts payable and accrued liabilities74 2 — — — (12)— 64 — 
Subtotal liabilities at Level 3 fair value5,294 $(65)$1 $256 $— $(105)$— 5,381 $(1)
Market risk benefits liability (a)549 635 
Total Liabilities at Level 3 fair value$5,843 $6,016 
(a)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Schedule of 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, 2026 and 2025 (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, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet 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$10,094 $11 $(45)$596 $(84)$(338)$47 $10,281 $(42)
Corporates3,124 — (41)312 (18)(14)— 3,363 (41)
Hybrids15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Equity securities:
Preferred equity securities7 — — — — — — 7 — 
Common equity securities5 — — 5 — — — 10 — 
Derivative investments— 10 — — — (3)— 7 — 
Investments in unconsolidated affiliates270 (10)— — — — — 260 — 
Other long-term investments:
Available-for-sale embedded derivative41 — (2)— — — — 39 (2)
Short term investments74 — — — — — — 74 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (24)— 257 — (2)— 630 — 
Prepaid expenses and other assets:
Loan receivable24 — — — — — — 24 — 
Subtotal assets at Level 3 fair value14,082 $(13)$(89)$1,170 $(102)$(357)$47 14,738 $(85)
Market risk benefits asset (b)285 308 
Total assets at Level 3 fair value$14,367 $15,046 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(284)$— $256 $— $(134)$— $6,380 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 (7)— — — — — 2 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 (11)— — — — — 61 — 
Subtotal liabilities at Level 3 fair value6,623 $(302)$— $256 $— $(134)$— 6,443 $— 
Three months ended March 31, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Market risk benefits liability (b)903 968 
Total liabilities at Level 3 fair value$7,526 $7,411 
(a)The net transfers into Level 3 during the three months ended March 31, 2026 were exclusively from 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, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		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 
Corporates2,941 (13)35 345 (311)(11)— 2,986 33 
Hybrids— — — 6 — — — 6 — 
Municipals— — — 4 — — — 4 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments4 — — 19 — — — 23 — 
Equity securities:
Preferred equity securities7 (1)1 — — — — 7 — 
Derivative investments3 — (2)— — — — 1 (2)
Investments in unconsolidated affiliates272 — — — — — — 272 — 
Other long-term investments:
Available-for-sale embedded derivative32 — — — — — — 32 — 
Short term investments37 — — 3 — — — 40 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives98 (5)— 36 — — — 129 — 
Prepaid expenses and other assets:
Loan receivable11 — — — — — — 11 — 
Subtotal assets at Level 3 fair value11,551 $(18)$37 $1,442 $(454)$(196)$— 12,362 $33 
Market risk benefits asset (a)189 187 
Total assets at Level 3 fair value$11,740 $12,549 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $(67)$— $256 $— $(93)$— $5,316 $— 
Three months ended March 31, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Foreign currency swaps, included in Accounts payable and accrued liabilities— — 1 — — — — 1 (1)
Contingent consideration, included in Accounts payable and accrued liabilities74 2 — — — (12)— 64 — 
Subtotal liabilities at Level 3 fair value5,294 $(65)$1 $256 $— $(105)$— 5,381 $(1)
Market risk benefits liability (a)549 635 
Total Liabilities at Level 3 fair value$5,843 $6,016 
(a)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Schedule of Fair Value Option, Disclosures
The following table presents information regarding the assets for which the fair value option was elected.

March 31,December 31,
20262025
Assets
Fixed maturity securities, at fair value under fair value option$93 $— 
Investments in unconsolidated affiliates$260 $270 
Other loans, within other long-term investments (a)
Fair Value$246 $248 
Aggregate unpaid principal249 250 
Loan receivable, within prepaid expenses and other assets (b)
Fair Value$24 $24 
Aggregate unpaid principal24 24 
(a) The fair value and unpaid principal balance of loans that are 90 days or more past due was $4 million and $0 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the $4 million of delinquent loans are in nonaccrual status.
(b) No loans are 90 days or more past due or in nonaccrual status.

The following table presents information regarding the impact of changes in fair value of assets for which the fair value option was elected which are reported within Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Operations.

Three months ended March 31,
20262025
Fixed maturity securities, at fair value under fair value option$1 $— 
Investments in unconsolidated affiliates(10)— 
Other loans(1)— 
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Consolidated Investments
The Company’s consolidated AFS investments are summarized as follows (in millions):
March 31, 2026
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
Asset-backed securities$18,863 $(20)$119 $(362)$18,600 
Commercial mortgage-backed securities5,135 (63)35 (154)4,953 
Corporates26,035 — 149 (2,676)23,508 
Hybrids643 — 3 (27)619 
Municipals1,546 — 3 (219)1,330 
Residential mortgage-backed securities2,666 (1)59 (72)2,652 
U.S. Government437 — — (3)434 
Foreign Governments306 — 1 (42)265 
Total AFS securities$55,631 $(84)$369 $(3,555)$52,361 
December 31, 2025
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
AFS securities
Asset-backed securities$18,847 $(25)$166 $(256)$18,732 
Commercial mortgage-backed securities5,298 (61)57 (139)5,155 
Corporates25,333 (17)290 (2,356)23,250 
Hybrids625 — 6 (22)609 
Municipals1,562 — 4 (211)1,355 
Residential mortgage-backed securities2,840 (1)76 (70)2,845 
U.S. Government495 — — (2)493 
Foreign Governments292 — 4 (35)261 
Total AFS securities$55,292 $(104)$603 $(3,091)$52,700 
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities AFS 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, 2026
Amortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal, Foreign and U.S. Government Securities:
Due in one year or less$456 $452 
Due after one year through five years4,977 4,963 
Due after five years through ten years5,319 5,227 
Due after ten years18,215 15,514 
Subtotal28,967 26,156 
Other securities, which provide for periodic payments:
Asset-backed securities18,863 18,600 
Commercial mortgage-backed securities5,135 4,953 
Residential mortgage-backed securities2,666 2,652 
Subtotal26,664 26,205 
Total fixed maturity AFS securities$55,631 $52,361 
Schedule of Activity in Allowance for Credit Loses of Available-for-sale Securities Aggregated by Investment Category
The activity in the allowance for expected credit losses of AFS securities aggregated by investment category was as follows (in millions):
Three months ended March 31, 2026
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recorded(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
AFS securities
Asset-backed securities$(25)$(3)$(3)$— $— $11 $— $(20)
Commercial mortgage-backed securities(61)(6)4 — — — — (63)
Corporates(17)— (1)18 — — — — 
Residential mortgage-backed securities(1)— — — — — — (1)
Total AFS securities$(104)$(9)$— $18 $— $11 $— $(84)

Three months ended March 31, 2025
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recorded(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance 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)
Schedule of Fair Value and Gross Unrealized Losses of Available-for-sale Securities
The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2026 and December 31, 2025 were as follows (dollars in millions):
March 31, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
AFS securities
Asset-backed securities$6,481 $(128)$2,023 $(225)$8,504 $(353)
Commercial mortgage-backed securities1,158 (11)954 (111)2,112 (122)
Corporates7,328 (174)9,452 (2,503)16,780 (2,677)
Hybrids166 (4)311 (23)477 (27)
Municipals234 (6)987 (212)1,221 (218)
Residential mortgage-backed securities455 (3)350 (67)805 (70)
U.S. Government359 (3)11 — 370 (3)
Foreign Government65 (2)119 (40)184 (42)
Total AFS securities
$16,246 $(331)$14,207 $(3,181)$30,453 $(3,512)
Total number of AFS securities in an unrealized loss position less than twelve months3,772 
Total number of AFS securities in an unrealized loss position twelve months or longer2,040 
Total number of AFS securities in an unrealized loss position 5,812 

December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
AFS securities
Asset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)
Commercial mortgage-backed securities541 (11)1,048 (106)1,589 (117)
Corporates3,291 (52)9,793 (2,304)13,084 (2,356)
Hybrids61 (1)372 (21)433 (22)
Municipals201 (3)1,012 (208)1,213 (211)
Residential mortgage-backed securities208 (2)389 (67)597 (69)
U.S. Government334 (1)11 (1)345 (2)
Foreign Government29 — 124 (35)153 (35)
Total AFS securities
$9,421 $(100)$14,909 $(2,951)$24,330 $(3,051)
Total number of AFS securities in an unrealized loss position less than twelve months1,904 
Total number of AFS securities in an unrealized loss position twelve months or longer2,090 
Total number of AFS securities in an unrealized loss position 3,994 
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, 2026December 31, 2025
Gross Carrying Value% of TotalGross Carrying Value% of Total
Property Type:
Hotel$9 — %$9 — %
Industrial710 20 671 21 
Mixed Use20 1 21 1 
Multifamily1,253 35 1,150 35 
Office340 10 345 11 
Retail293 8 327 10 
Student Housing83 2 83 3 
Other830 24 654 19 
Total CMLs, gross of valuation allowance
3,538 100 %3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
U.S. Region:
East North Central$172 5 %$124 4 %
East South Central86 2 86 3 
Middle Atlantic370 10 356 11 
Mountain472 13 396 12 
New England183 5 183 6 
Pacific706 20 709 22 
South Atlantic1,188 35 1,157 34 
West North Central167 5 69 2 
West South Central194 5 180 6 
Total CMLs, gross of valuation allowance
3,538 100 %3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
Schedule of Loans Segregated by Risk Rating Exposure CMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances (in millions):
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
Current (less than 30 days past due)$319 $612 $292 $195 $292 $1,819 $3,529 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 9 9 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 

December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
Current (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 12 12 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
RMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances (in millions):
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
Current (less than 30 days past due)$195 $1,758 $715 $313 $746 $1,099 $4,826 
30-89 days past due— 14 6 — 38 10 68 
90 days or more past due— 5 13 22 37 47 124 
Total RMLs$195 $1,777 $734 $335 $821 $1,156 $5,018 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
Current (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 
30-89 days past due15 2 17 29 4 3 70 
90 days or more past due2 4 4 12 21 25 68 
Total RMLs$1,585 $742 $348 $839 $756 $447 $4,717 
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios
The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2026 and December 31, 2025 (dollars in millions):

March 31, 2026Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
LTV Ratios:>1.251.00 - 1.25<1.00
Less than 50.00%$720 $53 $— $773 22 %$757 23 %
50.00% to 59.99%875 6 47 928 26 860 26 
60.00% to 74.99%1,405 387 15 1,807 51 1,656 50 
75.00% to 84.99%7 14 9 30 1 30 1 
Total CMLs$3,007 $460 $71 $3,538 100 %$3,303 100 %
December 31, 2025
LTV Ratios:
Less than 50.00%$594 $16 $— $610 19 %$596 19 %
50.00% to 59.99%850 36 37 923 28 852 28 
60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 
75.00% to 84.99%— 9 9 18 1 17 1 
Total CMLs$2,859 $349 $52 $3,260 100 %$3,025 100 %
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
LTV Ratios:
Less than 50.00%$125 $147 $87 $67 $21 $326 $773 
50.00% to 59.99%45 155 — 54 150 524 928 
60.00% to 74.99%136 310 201 70 112 978 1,807 
75.00% to 84.99%13 — 4 4 9 — 30 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
DSC Ratios
Greater than 1.25x$194 $436 $142 $182 $283 $1,770 $3,007 
1.00x - 1.25x116 169 150 13 — 12 460 
Less than 1.00x9 7 — — 9 46 71 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 

December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
LTV Ratios:
Less than 50.00%$148 $49 $66 $21 $75 $251 $610 
50.00% to 59.99%157 36 53 149 320 208 923 
60.00% to 74.99%341 206 70 113 857 122 1,709 
75.00% to 84.99%— 4 5 9 — — 18 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
DSC Ratios
Greater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 
1.00x - 1.25x169 155 12 — — 13 349 
Less than 1.00x8 — — 9 12 23 52 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
Schedule of 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, 2026
Amortized Cost% of Total
U.S. States:
California$375 7 %
Florida270 6 
New York270 6 
All other states (a)4,103 81 
Total RMLs, gross of valuation allowance5,018 100 %
Allowance for expected credit loss(74)
Total RMLs, net of valuation allowance
$4,944 
(a)The individual concentration of each state is less than 5% as of March 31, 2026.

December 31, 2025
Amortized Cost% of Total
U.S. States:
California $288 6 %
Florida246 5 
New York232 5 
All other states (a)3,951 84 
Total RMLs, gross of valuation allowance4,717 100 %
Allowance for expected credit loss(68)
Total RMLs, net of valuation allowance
$4,649 
(a)The individual concentration of each state is less than 5% as of December 31, 2025.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming The credit quality of RMLs as of March 31, 2026 and December 31, 2025, was as follows (dollars in millions):
March 31, 2026December 31, 2025
Performance indicators:Amortized Cost% of TotalAmortized Cost% of Total
Performing$4,893 98 %$4,650 99 %
Non-performing125 2 67 1 
Total RMLs, gross of valuation allowance5,018 100 %4,717 100 %
Allowance for expected loan loss(74)(68)
Total RMLs, net of valuation allowance$4,944 $4,649 
Schedule of Nonaccrual Loans by Amortized Cost Non-accrual loans by amortized cost as of March 31, 2026 and December 31, 2025, were as follows (in millions):
March 31, 2026December 31, 2025
Residential mortgage:$125 $67 
Commercial mortgage:9 12 
Total non-accrual mortgages$134 $79 
Schedule of Allowance for Expected Credit Losses on Loans
The allowances for our mortgage loan portfolio are summarized as follows (in millions):
Three months ended March 31, 2026
Residential MortgagesCommercial MortgagesTotal
Beginning Balance$(68)$(18)$(86)
Provision (expense) benefit for loan losses(6)(5)(11)
Ending Balance$(74)$(23)$(97)
Three months ended March 31, 2025
Residential MortgagesCommercial MortgagesTotal
Beginning Balance
$(53)$(17)$(70)
Provision (expense) benefit for loan losses(3)— (3)
Ending Balance
$(56)$(17)$(73)
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,
20262025
Fixed maturity securities$561 $549 
Preferred equity securities3 3 
Common equity securities4 5 
Mortgage loans105 82 
Invested cash and short-term investments17 34 
Limited partnerships101 54 
Other investments5 2 
Gross investment income796 729 
Investment expense(73)(63)
Interest and investment income$723 $666 
Schedule of Recognized Gains (Losses) Net
Details underlying Recognized gains and (losses), net reported on the unaudited Condensed Consolidated Statements of Operations were as follows (in millions):
Three months ended March 31,
20262025
Net realized (losses) on fixed maturity securities$(30)$(1)
Net realized/unrealized (losses) gains on preferred equity securities (a)(2)(1)
Net realized/unrealized (losses) gains on common equity securities (b)(8)(15)
Net realized/unrealized gains (losses) on other invested assets (c)(7)1 
Net realized gain on sale of F&G Life Re14 — 
Change in allowance for expected credit losses1 (22)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments25 (25)
Unrealized gains (losses) on certain derivative instruments(285)(159)
Change in fair value of reinsurance related embedded derivatives (d)261 (41)
Change in fair value of other derivatives and embedded derivatives(1)— 
Net realized/unrealized gains on derivatives and embedded derivatives— (225)
Recognized gains and (losses), net$(32)$(263)
(a)Includes net valuation losses of $(2) million and an immaterial amount for the three months ended March 31, 2026 and 2025, respectively.
(b)Includes net valuation losses of $(9) million and $(5) million for the three months ended March 31, 2026 and 2025, respectively.
(c)Includes net valuation losses of $(1) million and an immaterial amount for the three months ended March 31, 2026 and 2025, respectively.
(d)Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Schedule of Proceeds from Sale of Fixed Maturity Available-for-sale Securities
The proceeds from the sale of fixed maturity AFS securities and the gross gains and losses associated with those transactions were as follows (in millions):
Three months ended March 31,
20262025
Proceeds$1,001 $2,058 
Gross gains4 12 
Gross losses(6)(13)
Schedule of Variable Interest Entities Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows (in millions):
March 31, 2026December 31, 2025
Assets:
Investments in unconsolidated affiliates$270 $262 
Fixed maturity securities, at fair value under fair value option93 — 
Other long-term investments246 248 
Short-term investments33 116 
Cash and cash equivalents1 2 
Total assets$643 $628 
Total consolidated VIE investments$643 $628 
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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$5,013 $6,208 $4,878 $6,102 
Fixed maturity securities25,894 28,164 26,419 28,803 
Total unconsolidated VIE investments$30,907 $34,372 $31,297 $34,905 
Schedules of Investment Concentrations
Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions):
March 31, 2026December 31, 2025
Blackstone Wave Asset Holdco (a) $654 $655 
(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.
v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Carrying Amount 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, 2026December 31, 2025
Gross NotionalAssets LiabilitiesGross NotionalAssetsLiabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)$1,600 $— $— $850 $11 $1 
Foreign currency swaps (a)— — — 21 — 3 
Total derivatives designated as hedging instruments1,600 — — 871 11 4 
Derivatives not designated as hedging instruments
Equity options (a)30,812 837 — 29,651 1,062 — 
Interest rate swaps (a)6,444 44 6 6,229 75 2 
Foreign currency swaps (a)687 6 2 503 — 6 
Futures contracts (a)76 2 — 68 — 1 
Other derivative investments (a)90 — — 93 — — 
Other embedded derivatives (b)— 39 — — 41 — 
Indexed annuities/IUL embedded derivatives (c)— 630 6,380 — 399 6,542 
Reinsurance related embedded derivatives (d)— — (122)— — 75 
Total derivatives not designated as hedging instruments38,109 1,558 6,266 36,544 1,577 6,626 
Total derivatives $39,709 $1,558 $6,266 $37,415 $1,588 $6,630 
(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.
(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.
(c)The fair value of the liability is included in Contractholder funds and the ceded portion is included in Reinsurance recoverable on the unaudited Condensed Consolidated Balance Sheets.
(d)The fair value of the reinsurance related embedded derivatives are included in Funds withheld for reinsurance liabilities on the unaudited Condensed Consolidated Balance Sheets, irrespective if in a net asset or net liability position.
The following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges (in millions):
March 31, 2026December 31, 2025
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
Fixed maturity securities, AFS, at amortized cost$— $— $21 $— 
Contractholder funds (1,611)— (862)(11)
Schedule of Change in Fair Value of Derivative Instruments
The amounts and locations of gains (losses), net recognized for derivatives and gains (losses), net recognized for hedged items included in the unaudited Condensed Consolidated Statements of Operations are as follows (in millions):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Recognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item
Derivatives designated as hedging instruments
Interest rate swaps$— $— $(11)$11 $— $— $9 $(10)
Foreign currency swaps(1)1 — — (1)1 — — 
Total derivatives designated as hedging instruments(1)1 (11)11 (1)1 9 (10)
Derivatives not designated as hedging instruments
Equity options(247)— — — (234)— — — 
Interest rate swaps(29)— — — 49 — — — 
Foreign currency swaps12 — — — — — — — 
Futures contracts3 — — — 5 — — — 
Other derivative investments2 — — — (4)— — — 
Other embedded derivatives(1)— — — — — — — 
Indexed annuities/IUL embedded derivatives— — (260)— — — (62)— 
Reinsurance related embedded derivatives261 — — — (41)— — — 
Total derivatives not designated as hedging instruments1 — (260)— (225)— (62)— 
Total derivatives $— $1 $(271)$11 $(226)$1 $(53)$(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 ValueCollateral (a)Net Credit Risk (a)
March 31, 2026$879 $737 $142 
December 31, 20251,137 1,185 34 
(a)Approximately $110 million of additional collateral was received on April 1, 2026.
v3.26.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of Effect of Reinsurance on Premiums Earned and 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 (in millions):
Three months ended March 31,
20262025
Net Premiums EarnedNet Product FeesNet Benefits IncurredNet Premiums EarnedNet Product FeesNet 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 (in millions) 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
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 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
Fixed maturities, AFS$14,204 $12,530 
Equity securities6560 
Derivative instruments7655 
Mortgage loans21765 
Investments in unconsolidated affiliates936752 
Policy loans11 
Cash and cash equivalents920702 
Accrued interest receivable, included in Prepaid expenses and other assets152146 
Accounts payable and accrued liabilities and reconciling items (a)$(84)$(120)
Net assets$16,487 $14,191 
(a) Reconciling items primarily represent net balances in process of settlement or clearing.
Schedule of Credit 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
v3.26.1
Intangibles (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Value of business acquired (“VOBA”)$1,161 $1,196 
Deferred acquisition costs (“DAC”)3,752 3,637 
Deferred sales inducements (“DSI”)944 891 
Value of distribution asset60 62 
Computer software78 80 
Definite lived trademarks, tradenames, and other185 173 
Customer relationships and contracts218 228 
Indefinite lived tradenames and other8 8 
Total Other intangible assets, net$6,406 $6,275 
The following table rolls forward the customer relationship intangibles acquired in the Roar and PALH acquisitions for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,
$228 $273 
Amortization (10)(9)
Balance at March 31,
$218 $264 
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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Value of business acquired (“VOBA”)$1,161 $1,196 
Deferred acquisition costs (“DAC”)3,752 3,637 
Deferred sales inducements (“DSI”)944 891 
Value of distribution asset60 62 
Computer software78 80 
Definite lived trademarks, tradenames, and other185 173 
Customer relationships and contracts218 228 
Indefinite lived tradenames and other8 8 
Total Other intangible assets, net$6,406 $6,275 
Schedule of Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the three months ended March 31, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
Balance at January 1, 2026
$770 $18 $178 $119 $111 $1,196 
Amortization(29)(1)(2)(1)(2)(35)
Balance at March 31, 2026
$741 $17 $176 $118 $109 $1,161 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
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 
Schedule of Rollforward of Deferred Policy Acquisition Costs
The following tables roll forward DAC by product for the three months ended March 31, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization126 8 77 211 
Amortization(54)(28)(16)(98)
Balance at March 31, 2026
$2,277 $382 $1,082 $3,741 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization126 21 69 216 
Amortization(45)(25)(12)(82)
Balance at March 31, 2025
$1,955 $372 $838 $3,165 
(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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Indexed Annuities $2,277 $2,205 
Fixed Rate Annuities382 402 
Universal Life1,082 1,021 
FABN7 5 
PRT4 4 
Total$3,752 $3,637 
Schedule of Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,$891 $625 
Capitalization7371 
Amortization (20)(14)
Balance at March 31,
$944 $682 
Schedule of Goodwill
The following table presents the changes in carrying amount of goodwill for the three months ended March 31, 2026 (in millions):
Three months ended March 31,
2026
Balance at January 1,
$2,180 
Sale of F&G Life Re(56)
Balance at March 31,
$2,124 
v3.26.1
Market Risk Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and the year ended December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Indexed
annuities		Fixed rate
annuities		Indexed
annuities		Fixed rate
annuities
Balance, beginning of period, net liability$812 $1 $420 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$684 $1 $322 $1 
Issuances and benefit payments45 — 147 — 
Attributed fees collected and interest accrual44 — 156 — 
Actual policyholder behavior different from expected 53 — 45 — 
Changes in assumptions and other(10)— 8 — 
Effects of market related movements(12)— 6 — 
Balance, end of period, before effect of changes in the instrument-specific credit risk804 1 684 1 
Effect of changes in the instrument-specific credit risk80 — 128 — 
Balance, end of period, net liability884 1 812 1 
Less: reinsured market risk benefits225 — 195 — 
Balance, end of period, net of reinsurance$659 $1 $617 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.8284.7467.8484.69
Net amount at risk$2,082 $2 $1,900 $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, 2026December 31, 2025
DirectReinsuredTotal DirectReinsuredTotal
MRB asset
Indexed annuities$80 $228 $308 $88 $197 $285 
Fixed rate annuities — — — — — — 
Total MRB asset $80 $228 $308 $88 $197 $285 
MRB liability
Indexed annuities$964 $3 $967 $900 $2 $902 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$965 $3 $968 $901 $2 $903 
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Impacts of the LIHTC Investments The following table presents the impacts of the LIHTC investments included in income tax expense on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Tax credits and other benefits recognized$(12)$(8)
Tax credit amortization expense 10 6 
Total $(2)$(2)
v3.26.1
Contractholder Funds (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$33,226 $19,265 $3,292 $3,324 $2,898 
Issuances1,644 184 60 750 901 
Premiums received8 — 163 — — 
Policy charges (a)(57)— (103)— — 
Surrenders and withdrawals(978)(605)(33)— — 
Benefit payments(115)(93)(5)(30)(1,122)
Interest credited245 222 57 39 25 
Other(4)— — — — 
Balance, end of period33,969 18,973 3,431 4,083 2,702 
Reconciling items (c)(47)2 92 — — 
Gross liability, end of period33,922 18,975 3,523 4,083 2,702 
Less: Reinsurance recoverable5,655 12,834 883 — — 
Net liability, after reinsurance$28,267 $6,141 $2,640 $4,083 $2,702 
Weighted-average crediting rate2.96 %4.76 %7.07 %N/AN/A
Net amount at risk (d)N/AN/A$29,648 N/AN/A
Cash surrender value (e)$31,607 $17,783 $2,641 N/AN/A

December 31, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances6,714 3,801 229 1,148 2,241 
Premiums received31 — 593 — — 
Policy charges (a)(222)— (378)— — 
Surrenders and withdrawals(3,831)(2,485)(130)— — 
Benefit payments(536)(358)(21)(395)(2,298)
Interest credited830 866 182 107 103 
Other5 (1)— 1 — 
Balance, end of period33,226 19,265 3,292 3,324 2,898 
Reconciling items (c)321 2 115 11 — 
Gross liability, end of period33,547 19,267 3,407 3,335 2,898 
Less: Reinsurance recoverable3,198 12,863 887 — — 
Net liability, after reinsurance$30,349 $6,404 $2,520 $3,335 $2,898 
Weighted-average crediting rate2.65 %4.84 %6.13 %N/AN/A
Net amount at risk (d)N/AN/A$29,581 N/AN/A
Cash surrender value (e)$30,920 $18,034 $2,533 N/AN/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.
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, 2026December 31, 2025
Indexed annuities$33,922 $33,547 
Fixed rate annuities18,975 19,267 
Immediate annuities259 262 
Universal life3,523 3,407 
Traditional life4 4 
FABN4,083 3,335 
FHLB2,702 2,898 
PRT6 6 
Total$63,474 $62,726 
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (in millions):
March 31, 2026
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$701 $422 $295 $777 $2,195 
1.51%-2.50%534 17 767 655 1,973 
Greater than 2.50%203 — — 2 205 
Subtotal$1,438 $439 $1,062 $1,434 $4,373 
No guaranteed minimum crediting rate29,596 
Total$33,969 
Fixed rate annuities
Up to 1.50%$101 $88 $676 $15,350 $16,215 
1.51%-2.50%3 6 24 444 477 
Greater than 2.50%709 1 5 1,566 2,281 
Total$813 $95 $705 $17,360 $18,973 
Universal life
Up to 1.50%$3,042 $9 $— $28 $3,079 
1.51%-2.50%— — — — — 
Greater than 2.50%351 — 1 — 352 
Total$3,393 $9 $1 $28 $3,431 
December 31, 2025
Range of guaranteed minimum crediting rateAt 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
Up to 1.50%$659 $464 $298 $812 $2,233 
1.51%-2.50%548 17 633 630 1,828 
Greater than 2.50%212 1 — 1 214 
Subtotal$1,419 $482 $931 $1,443 $4,275 
No guaranteed minimum crediting rate28,951 
Total$33,226 
Fixed rate annuities
Up to 1.50%$94 $75 $792 $15,548 $16,509 
1.51%-2.50%4 6 16 466 492 
Greater than 2.50%727 2 5 1,530 2,264 
Total$825 $83 $813 $17,544 $19,265 
Universal life
Up to 1.50%$2,898 $9 $— $31 $2,938 
1.51%-2.50%— — — — — 
Greater than 2.50%353 — 1 — 354 
Total$3,251 $9 $1 $31 $3,292 
v3.26.1
Future Policy Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of 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, 2026December 31, 2025
Expected net premiums
Balance, beginning of year$585 $631 
Beginning balance at original discount rate700 780 
     Effect of actual variances from expected experience(2)1 
Balance adjusted for variances from expectation698 781 
     Interest accrual3 15 
     Net premiums collected(22)(96)
Ending balance at original discount rate679 700 
     Effect of changes in discount rate assumptions(120)(115)
Balance, end of period$559 $585 
Expected FPB
Balance, beginning of year$1,855 $1,933 
Beginning balance at original discount rate2,167 2,368 
     Effect of actual variances from expected experience(3)(21)
Balance adjusted for variances from expectation2,164 2,347 
     Interest accrual12 50 
     Benefits payments(50)(230)
Ending balance at original discount rate2,126 2,167 
     Effect of changes in discount rate assumptions(334)(312)
Balance, end of period$1,792 $1,855 
Net liability for future policy benefits$1,233 $1,270 
Less: Reinsurance recoverable498 489 
Net liability for future policy benefits, after reinsurance recoverable$735 $781 
Weighted-average duration of liability for future policyholder benefits (years)6.026.84

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts (in millions):
PRT
March 31, 2026December 31, 2025
Balance, beginning of year$8,112 $6,054 
Beginning balance at original discount rate8,268 6,417 
     Effect of changes in cash flow assumptions— (36)
     Effect of actual variances from expected experience1 13 
Balance adjusted for variances from expectation8,269 6,394 
     Issuances333 2,206 
     Interest accrual99 331 
     Benefits payments(202)(663)
Ending balance at original discount rate8,499 8,268 
     Effect of changes in discount rate assumptions(321)(156)
Balance, end of period$8,178 $8,112 
Net liability for future policy benefits, after reinsurance recoverable$8,178 $8,112 
Weighted-average duration of liability for future policyholder benefits (years)7.627.80

Immediate annuities
March 31, 2026December 31, 2025
Balance, beginning of year$1,276 $1,297 
Beginning balance at original discount rate1,679 1,732 
     Effect of actual variances from expected experience4 (11)
Balance adjusted for variances from expectation1,683 1,721 
     Issuances5 17 
     Interest accrual13 54 
     Benefits payments(28)(113)
Ending balance at original discount rate1,673 1,679 
     Effect of changes in discount rate assumptions(431)(403)
Balance, end of period$1,242 $1,276 
Net liability for future policy benefits$1,242 $1,276 
Less: Reinsurance recoverable104 106 
Net liability for future policy benefits, after reinsurance recoverable$1,138 $1,170 
Weighted-average duration of liability for future policyholder benefits (years)12.2212.32
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, 2026December 31, 2025
Immediate annuitiesPRTImmediate annuitiesPRT
Balance, beginning of year$90 $7 $90 $6 
     Effect of actual variances from expected experience(2)1 2 1 
Balance adjusted for variances from expectation88 8 92 7 
     Issuances1 — 6 1 
     Interest accrual— — 1 — 
     Amortization(2)— (9)(1)
Balance, end of period$87 $8 $90 $7 
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, 2026December 31, 2025
Traditional life$1,233 $1,270 
Immediate annuities1,242 1,276 
PRT8,178 8,112 
Immediate annuities DPL87 90 
PRT DPL8 7 
Total$10,748 $10,755 
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):
UndiscountedDiscounted
March 31,March 31,
2026202520262025
Traditional life
Expected future benefit payments$2,458 $2,720 $1,794 $1,938 
Expected future gross premiums821 923 601 671 
Immediate annuities
Expected future benefit payments$3,082 $3,168 $1,242 $1,297 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$13,431 $10,535 $8,178 $6,360 
Expected future gross premiums— — — — 
Schedule of Revenue from External Customers by Products and Services
The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Operations (in millions):
Gross Premiums (a)Interest Expense (b)
March 31,March 31,
2026202520262025
Traditional life$23 $26 $9 $9 
Immediate annuities5 6 13 14 
PRT324 311 99 74 
Total$352 $343 $121 $97 
(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, 2026December 31, 2025
Traditional life
Interest accretion rate2.36 %2.35 %
Current discount rate5.07 %4.77 %
Immediate annuities
Interest accretion rate3.22 %3.20 %
Current discount rate5.59 %5.29 %
PRT
Interest accretion rate4.96 %4.87 %
Current discount rate5.28 %4.98 %
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, 2026December 31, 2025
 Traditional life Immediate annuities PRTTraditional lifeImmediate annuitiesPRT
Mortality
Actual experience1.3 %1.1 %3.5 %2.4 %2.4 %2.6 %
Expected experience1.6 %1.7 %2.5 %1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %— %— %— %
Expected experience0.5 %— %— %0.6 %— %— %
Schedule of Liability for Future Policy Benefits, Additional Information
The following table provides additional information for periods in which a cohort has a net premium ratio (“NPR”) greater than 100% (and therefore capped at 100%) (dollars in millions):
March 31, 2026December 31, 2025
Cohort XDescriptionCohort XDescription
NPR before capping103 %Term with return of premium Non-NY Cohort104 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,113 Term with return of premium Non-NY Cohort$1,145 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,122 Term with return of premium Non-NY Cohort1,156 Term with return of premium Non-NY Cohort
Loss Expense9 Term with return of premium Non-NY Cohort11 Term with return of premium Non-NY Cohort
v3.26.1
Accounts Payable and Accrued Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026 and December 31, 2025 (in millions):
March 31, 2026December 31, 2025
Salaries and incentives$59 $106 
Accrued benefits74 75 
URL592 551 
Trade accounts payable254 199 
Liability for policy and contract claims108 100 
Retained asset account46 48 
Remittances and items not allocated235 267 
Option collateral liabilities533 928 
Lease liability11 12 
Investment purchases payable 140 102 
Contingent consideration61 72 
Accrued interest on notes payable42 34 
Interest rate and foreign currency swaps8 12 
Other accrued liabilities204 195 
Accounts payable and accrued liabilities
$2,367 $2,701 
Schedule of Contract With Customer Liability
The following table rolls forward URL for our universal life product for the three months ended March 31, 2026 and 2025 (in millions):
Three months ended March 31,
20262025
Balance at January 1,$551 $401 
Capitalization49 41 
Amortization(8)(6)
Balance at March 31,$592 $436 
v3.26.1
Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Components of Notes Payable
The components of notes payable are summarized as follows (in millions):
March 31, 2026December 31, 2025
PrincipalNet unamortized discount, premium, and debt issuance costsCarrying AmountPrincipalNet unamortized discount, premium, and debt issuance costsCarrying Amount
Revolving Credit Facility - Short Term$— $— $— $— $— $— 
FNF Credit Facility - Short Term— — — — — — 
7.40% F&G Senior Notes, due 2028
500 (2)498 500 (2)498 
6.50% F&G Senior Notes, due 2029
550 (4)546 550 (4)546 
6.250% F&G Senior Notes, due 2034
500 (7)493 500 (7)493 
7.95% F&G Senior Notes, due 2053
345 (8)337 345 (9)336 
7.300% F&G Junior Notes, due 2065
375 (11)364 375 (11)364 
Total$2,270 $(32)$2,238 $2,270 $(33)$2,237 
Schedule of Interest Expense on Notes Payable Interest expense on notes payable for the three months ended March 31, 2026 and 2025 was as follows (in millions):
Three months ended March 31,
20262025
Revolving Credit Facility - Short-term$1 $1 
7.40% F&G Senior Notes, due 2028
9 9 
6.50% F&G Senior Notes, due 2029
9 9 
6.250% F&G Senior Notes, due 2034
8 8 
7.95% F&G Senior Notes, due 2053
7 7 
7.300% F&G Junior Notes, due 2065
7 6 
Total$41 $40 
v3.26.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
Cash paid (refunded) for:
Interest paid$32 $29 
Income taxes paid (refunded) — — 
Deferred sales inducements73 71 
Non-cash investing and financing activities:
Investment received as non-cash consideration for sale of F&G Life Re38 — 
Investments transferred subject to reinsurance agreement— (500)
Change in proceeds of sales of investments available for sale receivable in period(34)48 
Change in purchases of investments available for sale payable in period36 53 
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Summary of Unfunded Commitments A summary of unfunded commitments by commitment type as of March 31, 2026 is included below (in millions):
March 31, 2026
Commitment Type
Other fixed maturity securities, AFS$158 
Commercial mortgage loans71 
Residential mortgage loans423 
Other assets113 
Consolidated VIEs:
Other long-term investments250 
Unconsolidated VIEs:
Limited partnerships1,195 
Asset-backed lending210 
Fixed maturity securities, asset-backed securities572 
Direct Lending1,043 
Total
$4,035 
v3.26.1
Insurance Subsidiary Financial Information and Regulatory Matters (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Schedule of Statutory Net Income and Statutory Capital and Surplus
Our principal insurance subsidiaries' audited statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2026 and 2025, and statutory capital and surplus as of March 31, 2026 and December 31, 2025, 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, 2026
$(14)$3 $8 $(40)
For the three months ended March 31, 2025
(127)4 10 (52)
Statutory Capital and Surplus:
March 31, 2026$1,551 $125 $190 $228 
December 31, 20251,735 122 182 236 
(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 insurance subsidiary under SAP were as follows (in millions):
Subsidiary (country of domicile)
F&G Cayman Re (Cayman Islands)
Statutory Net income (loss):
For the three months ended March 31, 2026
$(9)
For the three months ended March 31, 2025
15 
Statutory Capital and Surplus:
March 31, 2026$1,145 
December 31, 20251,134 
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
Net earnings (loss)$249 $(21)
Less: Non-controlling interests1 — 
Net earnings (loss) attributable to F&G248 (21)
Less: Preferred stock dividend4 4 
Net earnings (loss) attributable to F&G common shareholders$244 $(25)
Weighted-average common shares outstanding - basic133 126 
Dilutive effect of unvested restricted stock— — 
Dilutive effect of mandatory convertible preferred stock6 — 
Weighted-average shares outstanding - diluted139 126 
Net earnings (loss) per share attributable to F&G common shareholders
Basic - net$1.83 $(0.20)
Diluted - net$1.78 $(0.20)
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of 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,
20262025
Revenues:
Life-contingent pension risk transfer premiums$324 $311 
Traditional life insurance and life-contingent immediate annuity premiums9 10 
Surrender charges56 57 
Policyholder fees and other income90 111 
Life insurance premiums and other fees479 489 
Owned distribution revenues17 16 
Revenues from external customers496 505 
Interest and investment income723 666 
Recognized gains and (losses), net(32)(263)
Total revenues1,187 908 
Significant expenses (a):
Benefits and other changes in policy reserves484 524 
Personnel costs60 67 
Other operating expenses 33 41 
Total significant expenses:577 632 
Other segment items
Market risk benefit losses73 109 
Depreciation and amortization173 153 
Interest expense41 40 
Total other segment items:287 302 
Total expenses864 934 
Earnings (loss) before income taxes323 (26)
Income tax expense (benefit)74 (5)
Net earnings (loss)$249 $(21)
(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
v3.26.1
Basis of Financial Statements - Description of Business (Details)
 3 Months Ended
Mar. 31, 2026
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reporting segments 1
Number of operating segments 1
v3.26.1
Basis of Financial Statements - Recent Developments (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
May 06, 2026
Mar. 16, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2023
Dec. 31, 2025
Debt Instrument            
Shares repurchased     $ 29 $ 3    
Gain (loss) on disposition of business     14 $ 0    
Goodwill, written off related to sale of business unit     $ 56      
Preferred stock dividends declared (in usd per share)     $ 0.8594 $ 0.8594    
Preferred stock, par value (in usd per share)     0.001     $ 0.001
Dividends declared (in usd per share)     $ 0.25 $ 0.22    
Share Repurchase Program | Common equity securities            
Debt Instrument            
Stock repurchase program, term   3 years     3 years  
Stock repurchase program, authorized amount   $ 100 $ 103   $ 50  
Treasury stock, shares, acquired     1.2      
Shares repurchased     $ 29      
Shares acquired, average cost per share     $ 24.14      
Ancient Financial Holdings, LP            
Debt Instrument            
Proceeds from divestiture of businesses     $ 102      
Gain (loss) on disposition of business     14      
Goodwill, written off related to sale of business unit     $ 56      
Ancient Financial Holdings, LP            
Debt Instrument            
Ownership percentage of acquiree prior to acquisition     19.90%      
Distribution Investments and Affiliates | Commission Fees Paid            
Debt Instrument            
Commissions paid     $ 14 $ 15    
Subsequent Event            
Debt Instrument            
Preferred stock dividends declared (in usd per share) $ 0.8594          
Dividends declared (in usd per share) $ 0.25          
Subsequent Event | F and G Segment | 6.875% Series A Mandatory Convertible Preferred Stock            
Debt Instrument            
Preferred stock, dividend rate, percentage 6.875%          
Preferred stock, par value (in usd per share) $ 0.001          
Preferred stock, liquidation preference per share (in usd per share) $ 50.00          
v3.26.1
Basis of Financial Statements - Schedule of Changes in Other Comprehensive Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance, beginning $ 4,917 $ 4,076
Reclassification adjustments included in net earnings 26 (1)
Other comprehensive income (loss) before tax, net of reclassifications (478) 239
Deferred income tax (expense) benefit 97 (49)
Balance, ending 4,749 4,485
Reclassification adjustments, tax expense 0 0
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    
Balance, beginning (1,951) (2,637)
Reclassification adjustments included in net earnings 26 1
Other comprehensive income (loss) before tax, net of reclassifications (723) 310
Deferred income tax (expense) benefit 148 (63)
Balance, ending (2,500) (2,389)
Change in current discount rate - future policy benefits    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance, beginning 563 798
Reclassification adjustments included in net earnings 0 0
Other comprehensive income (loss) before tax, net of reclassifications 205 (107)
Deferred income tax (expense) benefit (43) 21
Balance, ending 725 712
Change in instrument- specific credit risk - market risk benefits    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance, beginning (102) (78)
Reclassification adjustments included in net earnings 0 0
Other comprehensive income (loss) before tax, net of reclassifications 48 29
Deferred income tax (expense) benefit (10) (6)
Balance, ending (64) (55)
Foreign Currency Translation and Other    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance, beginning 2 (6)
Reclassification adjustments included in net earnings 0 (2)
Other comprehensive income (loss) before tax, net of reclassifications (8) 7
Deferred income tax (expense) benefit 2 (1)
Balance, ending (4) (2)
Total Accumulated Other Comprehensive Income (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Balance, beginning (1,488) (1,923)
Balance, ending $ (1,843) $ (1,734)
v3.26.1
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, 2026
Dec. 31, 2025
Assets    
Fixed maturity securities, available-for-sale: $ 52,361 $ 52,700
Fixed maturity securities, at fair value under fair value option 93 0
Derivative investments 889 1,148
Investments in unconsolidated affiliates 260 270
Other long-term investments 246 248
Loan receivable, included in Prepaid expenses and other assets 24 24
Market risk benefits asset 308 285
Total financial assets at fair value 2,037 1,771
Derivatives:    
Contingent consideration, included in Accounts payable and accrued liabilities 61 72
Market risk benefits liability 968 903
Fair Value    
Assets    
Cash and cash equivalents 1,324 1,486
Derivative investments 889 1,148
Investments in unconsolidated affiliates 4,753 4,608
Short term investments 992 1,043
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable 630 399
Loan receivable, included in Prepaid expenses and other assets 24 24
Market risk benefits asset 308 285
Total financial assets at fair value 57,502 57,985
Derivatives:    
Contingent consideration, included in Accounts payable and accrued liabilities 61 72
Market risk benefits liability 968 903
Total financial liabilities at fair value 7,295 7,604
Level 1    
Assets    
Cash and cash equivalents 1,324 1,486
Derivative investments 2 0
Investments in unconsolidated affiliates 0 0
Short term investments 853 887
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable 0 0
Loan receivable, included in Prepaid expenses and other assets 0 0
Market risk benefits asset 0 0
Total financial assets at fair value 2,945 3,119
Derivatives:    
Contingent consideration, included in Accounts payable and accrued liabilities 0 0
Market risk benefits liability 0 0
Total financial liabilities at fair value 0 0
Level 2    
Assets    
Cash and cash equivalents 0 0
Derivative investments 880 1,148
Investments in unconsolidated affiliates 0 0
Short term investments 65 82
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable 0 0
Loan receivable, included in Prepaid expenses and other assets 0 0
Market risk benefits asset 0 0
Total financial assets at fair value 39,476 40,464
Derivatives:    
Contingent consideration, included in Accounts payable and accrued liabilities 0 0
Market risk benefits liability 0 0
Total financial liabilities at fair value (116)  
Total financial liabilities at fair value   78
Level 3    
Assets    
Cash and cash equivalents 0 0
Derivative investments 7 0
Investments in unconsolidated affiliates 0 0
Short term investments 74 74
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable 630 399
Loan receivable, included in Prepaid expenses and other assets 24 24
Market risk benefits asset 308 285
Total financial assets at fair value 15,046 14,367
Derivatives:    
Contingent consideration, included in Accounts payable and accrued liabilities 61 72
Market risk benefits liability 968 903
Total financial liabilities at fair value 7,411 7,526
NAV    
Assets    
Investments in unconsolidated affiliates 4,753 4,608
Total financial assets at fair value 35 35
Derivatives:    
Total financial liabilities at fair value 0  
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Fair Value    
Derivatives:    
Derivative liabilities 6,380 6,542
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 6,380 6,542
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities | Fair Value    
Derivatives:    
Derivative liabilities 8 12
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities | Level 1    
Derivatives:    
Derivative liabilities 0 0
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities | Level 2    
Derivatives:    
Derivative liabilities 6 3
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities | Level 3    
Derivatives:    
Derivative liabilities 2 9
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 (122) 75
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 (122) 75
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: 18,600 18,732
Asset-backed securities | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 18,600 18,732
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: 8,319 8,638
Asset-backed securities | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 10,281 10,094
Commercial mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 4,953 5,155
Commercial mortgage-backed securities | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 4,953 5,155
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: 4,953 5,155
Commercial mortgage-backed securities | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Corporates    
Assets    
Fixed maturity securities, available-for-sale: 23,508 23,250
Corporates | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 23,508 23,250
Corporates | Level 1    
Assets    
Fixed maturity securities, available-for-sale: 39 40
Corporates | Level 2    
Assets    
Fixed maturity securities, available-for-sale: 20,106 20,086
Corporates | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 3,363 3,124
Hybrids    
Assets    
Fixed maturity securities, available-for-sale: 619 609
Hybrids | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 619 609
Hybrids | Level 1    
Assets    
Fixed maturity securities, available-for-sale: 34 36
Hybrids | Level 2    
Assets    
Fixed maturity securities, available-for-sale: 571 558
Hybrids | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 14 15
Municipals | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 1,330 1,355
Municipals | Level 1    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Municipals | Level 2    
Assets    
Fixed maturity securities, available-for-sale: 1,327 1,352
Municipals | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 3 3
Residential mortgage-backed securities    
Assets    
Fixed maturity securities, available-for-sale: 2,652 2,845
Residential mortgage-backed securities | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 2,652 2,845
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: 2,649 2,842
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: 434 493
U.S. Government | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 434 493
U.S. Government | Level 1    
Assets    
Fixed maturity securities, available-for-sale: 434 493
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: 265 261
Foreign Governments | Fair Value    
Assets    
Fixed maturity securities, available-for-sale: 265 261
Fixed maturity securities, at fair value under fair value option 93  
Foreign Governments | Level 1    
Assets    
Fixed maturity securities, available-for-sale: 0 0
Fixed maturity securities, at fair value under fair value option 93  
Foreign Governments | Level 2    
Assets    
Fixed maturity securities, available-for-sale: 242 238
Fixed maturity securities, at fair value under fair value option 0  
Foreign Governments | Level 3    
Assets    
Fixed maturity securities, available-for-sale: 23 23
Fixed maturity securities, at fair value under fair value option 0  
Preferred equity securities    
Assets    
Preferred and Common equity securities 336 341
Preferred equity securities | Fair Value    
Assets    
Preferred and Common equity securities 237 239
Preferred equity securities | Level 1    
Assets    
Preferred and Common equity securities 112 115
Preferred equity securities | Level 2    
Assets    
Preferred and Common equity securities 118 117
Preferred equity securities | Level 3    
Assets    
Preferred and Common equity securities 7 7
Common equity securities | Fair Value    
Assets    
Preferred and Common equity securities 99 102
Common equity securities | Level 1    
Assets    
Preferred and Common equity securities 54 62
Common equity securities | Level 2    
Assets    
Preferred and Common equity securities 0 0
Common equity securities | Level 3    
Assets    
Preferred and Common equity securities 10 5
Common equity securities | NAV    
Assets    
Preferred and Common equity securities 35 35
Investments in unconsolidated affiliates | Fair Value    
Assets    
Investments in unconsolidated affiliates 260 270
Investments in unconsolidated affiliates | Level 1    
Assets    
Investments in unconsolidated affiliates 0 0
Investments in unconsolidated affiliates | Level 2    
Assets    
Investments in unconsolidated affiliates 0 0
Investments in unconsolidated affiliates | Level 3    
Assets    
Investments in unconsolidated affiliates 260 270
Other long-term investments | Fair Value    
Assets    
Other long-term investments 285 289
Other long-term investments | Level 1    
Assets    
Other long-term investments 0 0
Other long-term investments | Level 2    
Assets    
Other long-term investments   248
Other long-term investments 246  
Other long-term investments | Level 3    
Assets    
Other long-term investments $ 39 $ 41
v3.26.1
Fair Value of Financial Instruments - Narrative (Details)
Mar. 31, 2026
$ / Contract
Credit linked note | Third-Party Valuation  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Derivative, strike price 0
v3.26.1
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, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 2,037 $ 1,771
Liabilities, fair value 7,409 7,517
Third-Party Valuation | Offered Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value 13,009  
Liabilities, fair value 2  
Market Comparable Company Analysis | Offered Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value   12,596
Liabilities, fair value   9
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Liabilities, fair value $ 6,380 $ 6,542
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Market Value of Option    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0000 0.0000
Embedded derivative liability 0.0000 0.0000
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.8000 0.8000
Embedded derivative liability 0.8000 0.8000
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Surrender Rates    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0025 0.0025
Embedded derivative liability 0.0025 0.0025
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Partial Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0200 0.0200
Embedded derivative liability 0.0200 0.0200
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0096 0.0053
Embedded derivative liability 0.0054 0.0043
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Minimum | Discounted Cash Flow | Option Cost    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0056 0.0139
Embedded derivative liability 0.0050 0.0050
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Market Value of Option    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.5664 0.3177
Embedded derivative liability 0.2832 0.4013
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 1.1500 1.1500
Embedded derivative liability 1.1500 1.1500
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Surrender Rates    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.5000 0.5000
Embedded derivative liability 0.5000 0.5000
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Partial Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.2564 0.0650
Embedded derivative liability 0.3571 0.3571
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0249 0.0115
Embedded derivative liability 0.0101 0.0085
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Maximum | Discounted Cash Flow | Option Cost    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0520 0.0530
Embedded derivative liability 0.0609 0.0609
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Market Value of Option    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0180 0.0274
Embedded derivative liability 0.0284 0.0384
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 1.0000 1.0000
Embedded derivative liability 1.0000 1.0000
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Surrender Rates    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0335 0.0333
Embedded derivative liability 0.0647 0.0668
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Partial Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0254 0.0222
Embedded derivative liability 0.0269 0.0269
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0151 0.0090
Embedded derivative liability 0.0081 0.0064
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | Weighted Average | Discounted Cash Flow | Option Cost    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 0.0199 0.0198
Embedded derivative liability 0.0281 0.0278
Contingent consideration, included in Accounts payable and accrued liabilities | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Liabilities, fair value $ 61 $ 72
Contingent consideration, included in Accounts payable and accrued liabilities | Minimum | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.1200 0.1150
Contingent consideration, included in Accounts payable and accrued liabilities | Minimum | Discounted Cash Flow | EBITDA Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.3500 0.3500
Contingent consideration, included in Accounts payable and accrued liabilities | Minimum | Discounted Cash Flow | Counterparty Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.0680 0.0630
Contingent consideration, included in Accounts payable and accrued liabilities | Maximum | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.1200 0.1150
Contingent consideration, included in Accounts payable and accrued liabilities | Maximum | Discounted Cash Flow | EBITDA Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.3500 0.3500
Contingent consideration, included in Accounts payable and accrued liabilities | Maximum | Discounted Cash Flow | Counterparty Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.0680 0.0630
Contingent consideration, included in Accounts payable and accrued liabilities | Weighted Average | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.1200 0.1150
Contingent consideration, included in Accounts payable and accrued liabilities | 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, included in Accounts payable and accrued liabilities | Weighted Average | Discounted Cash Flow | Counterparty Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration liability 0.0680 0.0630
Asset-backed securities | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 99 $ 92
Asset-backed securities | Minimum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0383 0.0436
Asset-backed securities | Maximum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.1317 0.0715
Asset-backed securities | Weighted Average | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0668 0.0580
Corporates | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 666 $ 649
Corporates | Minimum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0367 0.0345
Corporates | Maximum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0907 0.0868
Corporates | Weighted Average | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0632 0.0584
Municipals | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 3 $ 3
Municipals | Minimum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0520 0.0494
Municipals | Maximum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0520 0.0494
Municipals | Weighted Average | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0520 0.0494
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 0.0569 0.0541
Residential mortgage-backed securities | Maximum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0569 0.0541
Residential mortgage-backed securities | Weighted Average | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0569 0.0541
Foreign Governments | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 5 $ 5
Foreign Governments | Minimum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0816 0.0573
Foreign Governments | Maximum | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0816 0.0573
Foreign Governments | Weighted Average | Third-Party Valuation | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0816 0.0573
Investments in unconsolidated affiliates | Market Comparable Company Analysis    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 260 $ 270
Investments in unconsolidated affiliates | Minimum | Market Comparable Company Analysis | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment in unconsolidated affiliates 6.5 7.4
Investments in unconsolidated affiliates | Maximum | Market Comparable Company Analysis | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment in unconsolidated affiliates 14.9 15.5
Investments in unconsolidated affiliates | Weighted Average | Market Comparable Company Analysis | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment in unconsolidated affiliates 10.89 12.1
Available-for-sale embedded derivative | Black Scholes Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 39 $ 41
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
Indexed annuities/IUL ceded embedded derivatives | Black Scholes Model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value   $ 399
Indexed annuities/IUL ceded embedded derivatives | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 630  
Loan receivable | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 24 $ 24
Loan receivable | Minimum | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.0663 0.0635
Loan receivable | Minimum | Discounted Cash Flow | Collateral Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.3250 0.3500
Loan receivable | Maximum | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.0663 0.0635
Loan receivable | Maximum | Discounted Cash Flow | Collateral Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.3250 0.3500
Loan receivable | Weighted Average | Discounted Cash Flow | Risk-Adjusted Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.0663 0.0635
Loan receivable | Weighted Average | Discounted Cash Flow | Collateral Volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loan receivable 0.3250 0.3500
Market risk benefits asset | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 308 $ 285
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 Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0000 0.0000
Market risk benefits asset | Minimum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0054 0.0043
Market risk benefits asset | Minimum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.8000 0.8000
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 | 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 Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.2564 0.2564
Market risk benefits asset | Maximum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0101 0.0085
Market risk benefits asset | Maximum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 1.1500 1.1500
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 | Surrender Rates    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0523 0.0533
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Partial Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0247 0.0247
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0081 0.0064
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Mortality Multiplier    
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 | GMWB Utilization    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.6334 0.6303
Market risk benefits liability | Discounted Cash Flow    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Liabilities, fair value $ 968 $ 903
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 Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0000 0.0000
Market risk benefits liability | Minimum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0054 0.0043
Market risk benefits liability | Minimum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.8000 0.8000
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 | 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 Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.2564 0.2564
Market risk benefits liability | Maximum | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0101 0.0085
Market risk benefits liability | Maximum | Discounted Cash Flow | Mortality Multiplier    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 1.1500 1.1500
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 | Surrender Rates    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0523 0.0533
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Partial Withdrawal Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0247 0.0247
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Non-Performance Spread    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.0081 0.0064
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Mortality Multiplier    
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 | GMWB Utilization    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market risk benefit 0.6334 0.6303
v3.26.1
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period $ 14,367 $ 11,740
Balance at End of Period 15,046 12,549
Liabilities:    
Balance at Beginning of Period 7,526 5,843
Balance at End of Period 7,411 6,016
Indexed annuities/IUL embedded derivatives, included in Contractholder funds    
Liabilities:    
Balance at Beginning of Period 6,542 5,220
Liabilities, Total Gains (Losses) Included in Earnings (284) (67)
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 256 256
Liabilities, Sales 0 0
Liabilities, Settlements (134) (93)
Liabilities, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 6,380 5,316
Change in Unrealized Included in OCI 0 0
Foreign currency swaps, included in Accounts payable and accrued liabilities    
Liabilities:    
Balance at Beginning of Period 9  
Liabilities, Total Gains (Losses) Included in Earnings (7)  
Liabilities, Total Gains (Losses) Included in AOCI 0  
Liabilities, Purchases 0  
Liabilities, Sales 0  
Liabilities, Settlements 0  
Liabilities, Net transfer In (Out) of Level 3 0  
Balance at End of Period 2  
Change in Unrealized Included in OCI 0  
Foreign currency swaps, included in Accounts payable and accrued liabilities    
Liabilities:    
Balance at Beginning of Period   0
Liabilities, Total Gains (Losses) Included in Earnings   0
Liabilities, Total Gains (Losses) Included in AOCI   1
Liabilities, Purchases   0
Liabilities, Sales   0
Liabilities, Settlements   0
Liabilities, Net transfer In (Out) of Level 3   0
Balance at End of Period   1
Change in Unrealized Included in OCI   (1)
Contingent consideration, included in Accounts payable and accrued liabilities    
Liabilities:    
Balance at Beginning of Period 72 74
Liabilities, Total Gains (Losses) Included in Earnings (11) 2
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 0 0
Liabilities, Sales 0 0
Liabilities, Settlements 0 (12)
Liabilities, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 61 64
Change in Unrealized Included in OCI 0 0
Asset-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 10,094 8,143
Assets, Total Gains (Losses) Included in Earnings 11 1
Assets, Total Gains (Losses) Included in AOCI (45) 3
Assets, Purchases 596 1,029
Assets, Sales (84) (143)
Assets, Settlements (338) (185)
Assets, Net transfer In (Out) of Level 3 47 0
Balance at End of Period 10,281 8,848
Change in Unrealized Included in OCI (42) 2
Corporates    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 3,124 2,941
Assets, Total Gains (Losses) Included in Earnings 0 (13)
Assets, Total Gains (Losses) Included in AOCI (41) 35
Assets, Purchases 312 345
Assets, Sales (18) (311)
Assets, Settlements (14) (11)
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 3,363 2,986
Change in Unrealized Included in OCI (41) 33
Hybrids    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 15 0
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (1) 0
Assets, Purchases 0 6
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 14 6
Change in Unrealized Included in OCI 0 0
Municipals    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 3 0
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 4
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
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 0
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 3 3
Change in Unrealized Included in OCI 0 0
Foreign Governments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 23 4
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 19
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 23 23
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 0 (1)
Assets, Total Gains (Losses) Included in AOCI 0 1
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
Common equity securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 5  
Assets, Total Gains (Losses) Included in Earnings 0  
Assets, Total Gains (Losses) Included in AOCI 0  
Assets, Purchases 5  
Assets, Sales 0  
Assets, Settlements 0  
Assets, Net transfer In (Out) of Level 3 0  
Balance at End of Period 10  
Change in Unrealized Included in OCI 0  
Derivative investments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0 3
Assets, Total Gains (Losses) Included in Earnings 10 0
Assets, Total Gains (Losses) Included in AOCI 0 (2)
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements (3) 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 7 1
Change in Unrealized Included in OCI 0 (2)
Investment in unconsolidated affiliates    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 270 272
Assets, Total Gains (Losses) Included in Earnings (10) 0
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 260 272
Change in Unrealized Included in OCI 0 0
Available-for-sale embedded derivative    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 41 32
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (2) 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 39 32
Change in Unrealized Included in OCI (2) 0
Short term investments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 74 37
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 3
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 74 40
Change in Unrealized Included in OCI 0 0
Indexed annuities/IUL ceded embedded derivatives    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 399 98
Assets, Total Gains (Losses) Included in Earnings (24) (5)
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 257 36
Assets, Sales 0 0
Assets, Settlements (2) 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 630 129
Change in Unrealized Included in OCI 0 0
Loan receivable    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 24 11
Assets, Total Gains (Losses) Included in Earnings 0 0
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 24 11
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) (18)
Assets, Total Gains (Losses) Included in AOCI (89) 37
Assets, Purchases 1,170 1,442
Assets, Sales (102) (454)
Assets, Settlements (357) (196)
Assets, Net transfer In (Out) of Level 3 47 0
Change in Unrealized Included in OCI $ (85) $ 33
Liabilities:    
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag Recognized gains and (losses), net Recognized gains and (losses), net
Subtotal assets at Level 3 fair value | Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period $ 14,082 $ 11,551
Balance at End of Period 14,738 12,362
Market risk benefits asset | Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 285 189
Balance at End of Period 308 187
Subtotal liabilities at Level 3 fair value    
Liabilities:    
Liabilities, Total Gains (Losses) Included in Earnings (302) (65)
Liabilities, Total Gains (Losses) Included in AOCI 0 1
Liabilities, Purchases 256 256
Liabilities, Sales 0 0
Liabilities, Settlements (134) (105)
Liabilities, Net transfer In (Out) of Level 3 0 0
Change in Unrealized Included in OCI $ 0 $ (1)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income Flag Recognized gains and (losses), net Recognized gains and (losses), net
Subtotal liabilities at Level 3 fair value | Level 3    
Liabilities:    
Balance at Beginning of Period $ 6,623 $ 5,294
Balance at End of Period 6,443 5,381
Market risk benefits liability | Level 3    
Liabilities:    
Balance at Beginning of Period 903 549
Balance at End of Period $ 968 $ 635
v3.26.1
Fair Value of Financial Instruments - Fair Value Option, Disclosures (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Fair Value Disclosures [Abstract]      
Fixed maturity securities, at fair value under fair value option $ 93 $ 0  
Investments in unconsolidated affiliates 260 270  
Other long-term investments 246 248  
Other loans, within other long-term investments, Aggregate unpaid principal 249 250  
Loan receivable, within prepaid expenses and other assets, Fair Value 24 24  
Loan receivable, within prepaid expenses and other assets, Aggregate unpaid principal 24 24  
Fair value, option, loans held as assets, 90 days or more past due 4 $ 0  
Fixed maturity securities, at fair value under fair value option      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Other loans 1   $ 0
Investments in unconsolidated affiliates      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Other loans (10)   0
Other loans      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Other loans $ (1)   $ 0
v3.26.1
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Investments in unconsolidated affiliates $ 260 $ 270
Total Estimated Fair Value    
ASSETS    
FHLB common stock 146 155
Commercial mortgage loans 3,303 3,025
Residential mortgage loans 4,668 4,424
Investments in unconsolidated affiliates 4,753 4,608
Policy loans 157 147
Company-owned life insurance 856 850
Total 13,883 13,209
Liabilities:    
Investment contracts, included in Contractholder funds 52,123 51,027
Notes payable 2,178 2,289
Total 54,301 53,316
Carrying Amount    
ASSETS    
FHLB common stock 146 155
Commercial mortgage loans 3,515 3,242
Residential mortgage loans 4,944 4,649
Investments in unconsolidated affiliates 4,753 4,608
Policy loans 157 147
Company-owned life insurance 856 850
Total 14,371 13,651
Liabilities:    
Investment contracts, included in Contractholder funds 57,094 56,184
Notes payable 2,238 2,237
Total 59,332 58,421
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 146 155
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 146 155
Liabilities:    
Investment contracts, included in Contractholder funds 0 0
Notes payable 2,178 2,289
Total 2,178 2,289
Level 3    
ASSETS    
FHLB common stock 0 0
Commercial mortgage loans 3,303 3,025
Residential mortgage loans 4,668 4,424
Investments in unconsolidated affiliates 0 0
Policy loans 157 147
Company-owned life insurance 856 850
Total 8,984 8,446
Liabilities:    
Investment contracts, included in Contractholder funds 52,123 51,027
Notes payable 0 0
Total 52,123 51,027
NAV    
ASSETS    
Investments in unconsolidated affiliates 4,753 4,608
Total $ 4,753 $ 4,608
v3.26.1
Investments - Consolidated Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Available-for-sale securities        
Amortized Cost $ 55,631 $ 55,292    
Allowance for Expected Credit Losses (84) (104) $ (80) $ (62)
Gross Unrealized Gains 369 603    
Gross Unrealized Losses (3,555) (3,091)    
Fair Value 52,361 52,700    
Asset-backed securities        
Available-for-sale securities        
Amortized Cost 18,863 18,847    
Allowance for Expected Credit Losses (20) (25) (15) (13)
Gross Unrealized Gains 119 166    
Gross Unrealized Losses (362) (256)    
Fair Value 18,600 18,732    
Commercial mortgage-backed securities        
Available-for-sale securities        
Amortized Cost 5,135 5,298    
Allowance for Expected Credit Losses (63) (61) (50) (49)
Gross Unrealized Gains 35 57    
Gross Unrealized Losses (154) (139)    
Fair Value 4,953 5,155    
Corporates        
Available-for-sale securities        
Amortized Cost 26,035 25,333    
Allowance for Expected Credit Losses 0 (17) (14) 0
Gross Unrealized Gains 149 290    
Gross Unrealized Losses (2,676) (2,356)    
Fair Value 23,508 23,250    
Hybrids        
Available-for-sale securities        
Amortized Cost 643 625    
Allowance for Expected Credit Losses 0 0    
Gross Unrealized Gains 3 6    
Gross Unrealized Losses (27) (22)    
Fair Value 619 609    
Municipals        
Available-for-sale securities        
Amortized Cost 1,546 1,562    
Allowance for Expected Credit Losses 0 0    
Gross Unrealized Gains 3 4    
Gross Unrealized Losses (219) (211)    
Fair Value 1,330 1,355    
Residential mortgage-backed securities        
Available-for-sale securities        
Amortized Cost 2,666 2,840    
Allowance for Expected Credit Losses (1) (1) $ (1) $ 0
Gross Unrealized Gains 59 76    
Gross Unrealized Losses (72) (70)    
Fair Value 2,652 2,845    
U.S. Government        
Available-for-sale securities        
Amortized Cost 437 495    
Allowance for Expected Credit Losses 0 0    
Gross Unrealized Gains 0 0    
Gross Unrealized Losses (3) (2)    
Fair Value 434 493    
Foreign Governments        
Available-for-sale securities        
Amortized Cost 306 292    
Allowance for Expected Credit Losses 0 0    
Gross Unrealized Gains 1 4    
Gross Unrealized Losses (42) (35)    
Fair Value $ 265 $ 261    
v3.26.1
Investments - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
loan
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
loan
Debt Securities, Available-for-sale [Line Items]      
Securities held as collateral, at fair value $ 19,000,000   $ 15,000,000
Non-income producing investment fair value 50,000,000   54,000,000
Accrued interest receivable $ 558,000,000   $ 500,000,000
Debt securities, available-for-sale, accrued interest, after allowance for credit loss, statement of financial position flag Prepaid expenses and other assets (certain assets held at fair value of $24 in 2026 and 2025)   Prepaid expenses and other assets (certain assets held at fair value of $24 in 2026 and 2025)
FHLB collateral pledged $ 4,422,000,000   $ 4,621,000,000
Financing receivable, purchased with credit deterioration, amount at purchase price 0   $ 0
Allowance for credit loss for securities in an unrealized loss position $ 0    
Commercial mortgage loans, percentage of investments 5.00%   5.00%
DSC ratio, amortization period 25 years    
Amortized cost of loans on non-accrual $ 134,000,000   $ 79,000,000
Gross investment income 796,000,000 $ 729,000,000  
Reinsurance agreement, recognized gains (losses) 260,000,000 (42,000,000)  
Variable Interest Entity, Primary Beneficiary      
Debt Securities, Available-for-sale [Line Items]      
Maximum loss exposure $ 893,000,000    
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 $ 228,000,000 $ 184,000,000  
90 days or more past due | Mortgage loans      
Debt Securities, Available-for-sale [Line Items]      
Mortgage loans in process of foreclosure $ 174,000,000   $ 111,000,000
United States      
Debt Securities, Available-for-sale [Line Items]      
Residential mortgage loans, location percentage 100.00%    
Residential Mortgages      
Debt Securities, Available-for-sale [Line Items]      
Percentage of total investments 7.00%   7.00%
Charge offs $ 0   $ 0
Amortized cost of loans on non-accrual 125,000,000   67,000,000
Interest receivable $ 47,000,000   45,000,000
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    
Commercial Mortgages      
Debt Securities, Available-for-sale [Line Items]      
Amortized cost of loans on non-accrual $ 9,000,000   12,000,000
Interest receivable $ 11,000,000   $ 11,000,000
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    
v3.26.1
Investments - Amortized Cost and Fair Value of Fixed Maturity by Contractual Maturity (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]    
Due in one year or less, Amortized Cost $ 456  
Due after one year through five years, Amortized Cost 4,977  
Due after five years through ten years, Amortized Cost 5,319  
Due after ten years, Amortized Cost 18,215  
Subtotal 28,967  
Other securities which provide for periodic payments, Amortized Cost 26,664  
Amortized Cost 55,631 $ 55,292
Due in one year or less, Fair Value 452  
Due after one year through five years, Fair Value 4,963  
Due after five years through ten years, Fair Value 5,227  
Due after ten years, Fair Value 15,514  
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total 26,156  
Other securities which provide for periodic payments, Fair Value 26,205  
Total fixed maturity available-for-sale securities 52,361 52,700
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 18,863  
Amortized Cost 18,863 18,847
Other securities which provide for periodic payments, Fair Value 18,600  
Total fixed maturity available-for-sale securities 18,600 18,732
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 5,135  
Amortized Cost 5,135 5,298
Other securities which provide for periodic payments, Fair Value 4,953  
Total fixed maturity available-for-sale securities 4,953 $ 5,155
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 2,666  
Other securities which provide for periodic payments, Fair Value $ 2,652  
v3.26.1
Investments - Activity in Allowance for Credit Loss Aggregated by Investment Category (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Securities, Available-for-sale, Allowance for Credit Loss    
Balance at Beginning of Period $ (104) $ (62)
Additions    
For credit losses on securities for which losses were not previously recorded (9) (15)
(Additions) reductions in allowance recorded on previously impaired securities 0 (3)
Reductions    
For securities sold during the period 18 0
For securities intended/required to be sold prior to recovery of amortized cost basis 0 0
Write offs charged against the allowance 11 0
Recoveries of amounts previously written off 0 0
Balance at End of Period (84) (80)
Asset-backed securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss    
Balance at Beginning of Period (25) (13)
Additions    
For credit losses on securities for which losses were not previously recorded (3) 0
(Additions) reductions in allowance recorded on previously impaired securities (3) (2)
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 11 0
Recoveries of amounts previously written off 0 0
Balance at End of Period (20) (15)
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss    
Balance at Beginning of Period (61) (49)
Additions    
For credit losses on securities for which losses were not previously recorded (6) (1)
(Additions) reductions in allowance recorded on previously impaired securities 4 0
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 (63) (50)
Corporates    
Debt Securities, Available-for-sale, Allowance for Credit Loss    
Balance at Beginning of Period (17) 0
Additions    
For credit losses on securities for which losses were not previously recorded 0 (14)
(Additions) reductions in allowance recorded on previously impaired securities (1) 0
Reductions    
For securities sold during the period 18 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 0 (14)
Residential mortgage-backed securities    
Debt Securities, Available-for-sale, Allowance for Credit Loss    
Balance at Beginning of Period (1) 0
Additions    
For credit losses on securities for which losses were not previously recorded 0 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 $ (1) $ (1)
v3.26.1
Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details)
$ in Millions
Mar. 31, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months $ 16,246 $ 9,421
Gross Unrealized Losses, Less than 12 months (331) (100)
Fair Value, 12 Months or longer 14,207 14,909
Gross Unrealized Losses, 12 months or longer (3,181) (2,951)
Total Fair Value 30,453 24,330
Total Gross Unrealized Losses $ (3,512) $ (3,051)
Total number of AFS securities in an unrealized loss position less than twelve months | security 3,772 1,904
Total number of AFS securities in an unrealized loss position twelve months or longer | security 2,040 2,090
Total number of AFS securities in an unrealized loss position | security 5,812 3,994
Asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months $ 6,481 $ 4,756
Gross Unrealized Losses, Less than 12 months (128) (30)
Fair Value, 12 Months or longer 2,023 2,160
Gross Unrealized Losses, 12 months or longer (225) (209)
Total Fair Value 8,504 6,916
Total Gross Unrealized Losses (353) (239)
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 1,158 541
Gross Unrealized Losses, Less than 12 months (11) (11)
Fair Value, 12 Months or longer 954 1,048
Gross Unrealized Losses, 12 months or longer (111) (106)
Total Fair Value 2,112 1,589
Total Gross Unrealized Losses (122) (117)
Corporates    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 7,328 3,291
Gross Unrealized Losses, Less than 12 months (174) (52)
Fair Value, 12 Months or longer 9,452 9,793
Gross Unrealized Losses, 12 months or longer (2,503) (2,304)
Total Fair Value 16,780 13,084
Total Gross Unrealized Losses (2,677) (2,356)
Hybrids    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 166 61
Gross Unrealized Losses, Less than 12 months (4) (1)
Fair Value, 12 Months or longer 311 372
Gross Unrealized Losses, 12 months or longer (23) (21)
Total Fair Value 477 433
Total Gross Unrealized Losses (27) (22)
Municipals    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 234 201
Gross Unrealized Losses, Less than 12 months (6) (3)
Fair Value, 12 Months or longer 987 1,012
Gross Unrealized Losses, 12 months or longer (212) (208)
Total Fair Value 1,221 1,213
Total Gross Unrealized Losses (218) (211)
Residential mortgage-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 455 208
Gross Unrealized Losses, Less than 12 months (3) (2)
Fair Value, 12 Months or longer 350 389
Gross Unrealized Losses, 12 months or longer (67) (67)
Total Fair Value 805 597
Total Gross Unrealized Losses (70) (69)
U.S. Government    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 359 334
Gross Unrealized Losses, Less than 12 months (3) (1)
Fair Value, 12 Months or longer 11 11
Gross Unrealized Losses, 12 months or longer 0 (1)
Total Fair Value 370 345
Total Gross Unrealized Losses (3) (2)
Foreign Governments    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 65 29
Gross Unrealized Losses, Less than 12 months (2) 0
Fair Value, 12 Months or longer 119 124
Gross Unrealized Losses, 12 months or longer (40) (35)
Total Fair Value 184 153
Total Gross Unrealized Losses $ (42) $ (35)
v3.26.1
Investments - Distribution of Commercial Mortgage Loan, Gross of Valuation Allowances, by Property Type and Region (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments        
Allowance for expected credit loss $ (97) $ (86) $ (73) $ (70)
Total loans net of valuation allowance 8,459 7,891    
Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 3,538 $ 3,260    
% of Total 100.00% 100.00%    
Allowance for expected credit loss $ (23) $ (18) $ (17) $ (17)
Total loans net of valuation allowance 3,515 3,242    
East North Central | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 172 $ 124    
% of Total 5.00% 4.00%    
East South Central | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 86 $ 86    
% of Total 2.00% 3.00%    
Middle Atlantic | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 370 $ 356    
% of Total 10.00% 11.00%    
Mountain | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 472 $ 396    
% of Total 13.00% 12.00%    
New England | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 183 $ 183    
% of Total 5.00% 6.00%    
Pacific | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 706 $ 709    
% of Total 20.00% 22.00%    
South Atlantic | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 1,188 $ 1,157    
% of Total 35.00% 34.00%    
West North Central | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 167 $ 69    
% of Total 5.00% 2.00%    
West South Central | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 194 $ 180    
% of Total 5.00% 6.00%    
Hotel | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 9 $ 9    
% of Total 0.00% 0.00%    
Industrial | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 710 $ 671    
% of Total 20.00% 21.00%    
Mixed Use | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 20 $ 21    
% of Total 1.00% 1.00%    
Multifamily | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 1,253 $ 1,150    
% of Total 35.00% 35.00%    
Office | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 340 $ 345    
% of Total 10.00% 11.00%    
Retail | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 293 $ 327    
% of Total 8.00% 10.00%    
Student Housing | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 83 $ 83    
% of Total 2.00% 3.00%    
Other | Commercial Mortgages        
Schedule of Investments        
Amortized Cost $ 830 $ 654    
% of Total 24.00% 19.00%    
v3.26.1
Investments - Commercial Mortgage Loans Segregated by Aging of Loans and Charge Offs (Details) - Commercial Mortgages - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Credit Quality Indicator Current Year    
Year one $ 319 $ 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,828 581
Total 3,538 3,260
Credit Quality Indicator Prior Year [Abstract]    
Year one 319 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,828 581
Total 3,538 3,260
Current (less than 30 days past due)    
Credit Quality Indicator Current Year    
Year one 319 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,819 569
Total 3,529 3,248
Credit Quality Indicator Prior Year [Abstract]    
Year one 319 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,819 569
Total 3,529 3,248
30-89 days past due    
Credit Quality Indicator Current Year    
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    
Year one 0 0
Year two 0 0
Year three 0 0
Year four 0 0
Year five 0 0
Prior 9 12
Total 9 12
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 9 12
Total $ 9 $ 12
v3.26.1
Investments - Schedule of Investment in CMLs by Loan to Value and Debt Service Coverage Ratios (Details) - Commercial Mortgages - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments    
Loans $ 3,538 $ 3,260
% of Total 100.00% 100.00%
Credit Quality Indicator Current Year    
Year one $ 319 $ 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,828 581
Total 3,538 3,260
Credit Quality Indicator Prior Year [Abstract]    
Year one 319 646
Year two 612 295
Year three 292 194
Year four 195 292
Year five 292 1,252
Prior 1,828 581
Total 3,538 3,260
Fair Value    
Schedule of Investments    
Loans $ 3,303 $ 3,025
% of Total 100.00% 100.00%
Credit Quality Indicator Current Year    
Total $ 3,303 $ 3,025
Credit Quality Indicator Prior Year [Abstract]    
Total 3,303 3,025
Less than 50.00%    
Schedule of Investments    
Loans $ 773 $ 610
% of Total 22.00% 19.00%
Credit Quality Indicator Current Year    
Year one $ 125 $ 148
Year two 147 49
Year three 87 66
Year four 67 21
Year five 21 75
Prior 326 251
Total 773 610
Credit Quality Indicator Prior Year [Abstract]    
Year one 125 148
Year two 147 49
Year three 87 66
Year four 67 21
Year five 21 75
Prior 326 251
Total 773 610
Less than 50.00% | Fair Value    
Schedule of Investments    
Loans $ 757 $ 596
% of Total 23.00% 19.00%
Credit Quality Indicator Current Year    
Total $ 757 $ 596
Credit Quality Indicator Prior Year [Abstract]    
Total 757 596
50.00% to 59.99%    
Schedule of Investments    
Loans $ 928 $ 923
% of Total 26.00% 28.00%
Credit Quality Indicator Current Year    
Year one $ 45 $ 157
Year two 155 36
Year three 0 53
Year four 54 149
Year five 150 320
Prior 524 208
Total 928 923
Credit Quality Indicator Prior Year [Abstract]    
Year one 45 157
Year two 155 36
Year three 0 53
Year four 54 149
Year five 150 320
Prior 524 208
Total 928 923
50.00% to 59.99% | Fair Value    
Schedule of Investments    
Loans $ 860 $ 852
% of Total 26.00% 28.00%
Credit Quality Indicator Current Year    
Total $ 860 $ 852
Credit Quality Indicator Prior Year [Abstract]    
Total 860 852
60.00% to 74.99%    
Schedule of Investments    
Loans $ 1,807 $ 1,709
% of Total 51.00% 52.00%
Credit Quality Indicator Current Year    
Year one $ 136 $ 341
Year two 310 206
Year three 201 70
Year four 70 113
Year five 112 857
Prior 978 122
Total 1,807 1,709
Credit Quality Indicator Prior Year [Abstract]    
Year one 136 341
Year two 310 206
Year three 201 70
Year four 70 113
Year five 112 857
Prior 978 122
Total 1,807 1,709
60.00% to 74.99% | Fair Value    
Schedule of Investments    
Loans $ 1,656 $ 1,560
% of Total 50.00% 52.00%
Credit Quality Indicator Current Year    
Total $ 1,656 $ 1,560
Credit Quality Indicator Prior Year [Abstract]    
Total 1,656 1,560
75.00% to 84.99%    
Schedule of Investments    
Loans $ 30 $ 18
% of Total 1.00% 1.00%
Credit Quality Indicator Current Year    
Year one $ 13 $ 0
Year two 0 4
Year three 4 5
Year four 4 9
Year five 9 0
Prior 0 0
Total 30 18
Credit Quality Indicator Prior Year [Abstract]    
Year one 13 0
Year two 0 4
Year three 4 5
Year four 4 9
Year five 9 0
Prior 0 0
Total 30 18
75.00% to 84.99% | Fair Value    
Schedule of Investments    
Loans $ 30 $ 17
% of Total 1.00% 1.00%
Credit Quality Indicator Current Year    
Total $ 30 $ 17
Credit Quality Indicator Prior Year [Abstract]    
Total 30 17
Greater than 1.25    
Schedule of Investments    
Loans 3,007 2,859
Credit Quality Indicator Current Year    
Year one 194 469
Year two 436 140
Year three 142 182
Year four 182 283
Year five 283 1,240
Prior 1,770 545
Total 3,007 2,859
Credit Quality Indicator Prior Year [Abstract]    
Year one 194 469
Year two 436 140
Year three 142 182
Year four 182 283
Year five 283 1,240
Prior 1,770 545
Total 3,007 2,859
Greater than 1.25 | Less than 50.00%    
Schedule of Investments    
Loans 720 594
Credit Quality Indicator Current Year    
Total 720 594
Credit Quality Indicator Prior Year [Abstract]    
Total 720 594
Greater than 1.25 | 50.00% to 59.99%    
Schedule of Investments    
Loans 875 850
Credit Quality Indicator Current Year    
Total 875 850
Credit Quality Indicator Prior Year [Abstract]    
Total 875 850
Greater than 1.25 | 60.00% to 74.99%    
Schedule of Investments    
Loans 1,405 1,415
Credit Quality Indicator Current Year    
Total 1,405 1,415
Credit Quality Indicator Prior Year [Abstract]    
Total 1,405 1,415
Greater than 1.25 | 75.00% to 84.99%    
Schedule of Investments    
Loans 7 0
Credit Quality Indicator Current Year    
Total 7 0
Credit Quality Indicator Prior Year [Abstract]    
Total 7 0
Greater than 1.00 but less than 1.25    
Schedule of Investments    
Loans 460 349
Credit Quality Indicator Current Year    
Year one 116 169
Year two 169 155
Year three 150 12
Year four 13 0
Year five 0 0
Prior 12 13
Total 460 349
Credit Quality Indicator Prior Year [Abstract]    
Year one 116 169
Year two 169 155
Year three 150 12
Year four 13 0
Year five 0 0
Prior 12 13
Total 460 349
Greater than 1.00 but less than 1.25 | Less than 50.00%    
Schedule of Investments    
Loans 53 16
Credit Quality Indicator Current Year    
Total 53 16
Credit Quality Indicator Prior Year [Abstract]    
Total 53 16
Greater than 1.00 but less than 1.25 | 50.00% to 59.99%    
Schedule of Investments    
Loans 6 36
Credit Quality Indicator Current Year    
Total 6 36
Credit Quality Indicator Prior Year [Abstract]    
Total 6 36
Greater than 1.00 but less than 1.25 | 60.00% to 74.99%    
Schedule of Investments    
Loans 387 288
Credit Quality Indicator Current Year    
Total 387 288
Credit Quality Indicator Prior Year [Abstract]    
Total 387 288
Greater than 1.00 but less than 1.25 | 75.00% to 84.99%    
Schedule of Investments    
Loans 14 9
Credit Quality Indicator Current Year    
Total 14 9
Credit Quality Indicator Prior Year [Abstract]    
Total 14 9
Less than 1.00    
Schedule of Investments    
Loans 71 52
Credit Quality Indicator Current Year    
Year one 9 8
Year two 7 0
Year three 0 0
Year four 0 9
Year five 9 12
Prior 46 23
Total 71 52
Credit Quality Indicator Prior Year [Abstract]    
Year one 9 8
Year two 7 0
Year three 0 0
Year four 0 9
Year five 9 12
Prior 46 23
Total 71 52
Less than 1.00 | Less than 50.00%    
Schedule of Investments    
Loans 0 0
Credit Quality Indicator Current Year    
Total 0 0
Credit Quality Indicator Prior Year [Abstract]    
Total 0 0
Less than 1.00 | 50.00% to 59.99%    
Schedule of Investments    
Loans 47 37
Credit Quality Indicator Current Year    
Total 47 37
Credit Quality Indicator Prior Year [Abstract]    
Total 47 37
Less than 1.00 | 60.00% to 74.99%    
Schedule of Investments    
Loans 15 6
Credit Quality Indicator Current Year    
Total 15 6
Credit Quality Indicator Prior Year [Abstract]    
Total 15 6
Less than 1.00 | 75.00% to 84.99%    
Schedule of Investments    
Loans 9 9
Credit Quality Indicator Current Year    
Total 9 9
Credit Quality Indicator Prior Year [Abstract]    
Total $ 9 $ 9
v3.26.1
Investments - Distribution of Residential Mortgage Loans by State (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments        
Allowance for expected credit loss $ (97) $ (86) $ (73) $ (70)
Total loans net of valuation allowance 8,459 7,891    
Residential Mortgages        
Schedule of Investments        
Amortized Cost 5,018 4,717    
Allowance for expected credit loss (74) (68) $ (56) $ (53)
Total loans net of valuation allowance $ 4,944 4,649    
% of Total 100.00%      
California | Residential Mortgages        
Schedule of Investments        
Amortized Cost $ 375 $ 288    
% of Total 7.00% 6.00%    
Florida | Residential Mortgages        
Schedule of Investments        
Amortized Cost $ 270 $ 246    
% of Total 6.00% 5.00%    
New York | Residential Mortgages        
Schedule of Investments        
Amortized Cost $ 270 $ 232    
% of Total 6.00% 5.00%    
All other states | Residential Mortgages        
Schedule of Investments        
Amortized Cost $ 4,103 $ 3,951    
% of Total 81.00% 84.00%    
v3.26.1
Investments - Schedule of Residential Mortgage Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments        
Allowance for expected loan loss $ (97) $ (86) $ (73) $ (70)
Total loans net of valuation allowance 8,459 7,891    
Residential Mortgages        
Schedule of Investments        
Amortized Cost $ 5,018 4,717    
% of Total 100.00%      
Allowance for expected loan loss $ (74) (68) $ (56) $ (53)
Total loans net of valuation allowance 4,944 4,649    
Residential Mortgages | Performing Financial Instruments        
Schedule of Investments        
Amortized Cost $ 4,893 $ 4,650    
% of Total 98.00% 99.00%    
Residential Mortgages | Nonperforming Financial Instruments        
Schedule of Investments        
Amortized Cost $ 125 $ 67    
% of Total 2.00% 1.00%    
v3.26.1
Investments - Schedule of Residential Loans Segregated by Risk Rating Exposure and Non-accrual Loans by Amortized Cost (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Amortized Cost of Non-Accrual Loans    
Amortized cost of loans on non-accrual $ 134 $ 79
Residential Mortgages    
Credit Quality Indicator Current Year    
2026 195 1,585
2025 1,777 742
2024 734 348
2023 335 839
2022 821 756
Prior 1,156 447
Total 5,018 4,717
Credit Quality Indicator Prior Year [Abstract]    
2026 195 1,585
2025 1,777 742
2024 734 348
2023 335 839
2022 821 756
Prior 1,156 447
Total 5,018 4,717
Amortized Cost of Non-Accrual Loans    
Amortized cost of loans on non-accrual 125 67
Commercial Mortgages    
Credit Quality Indicator Current Year    
Total 3,538 3,260
Credit Quality Indicator Prior Year [Abstract]    
Total 3,538 3,260
Amortized Cost of Non-Accrual Loans    
Amortized cost of loans on non-accrual 9 12
Current (less than 30 days past due) | Residential Mortgages    
Credit Quality Indicator Current Year    
2026 195 1,568
2025 1,758 736
2024 715 327
2023 313 798
2022 746 731
Prior 1,099 419
Total 4,826 4,579
Credit Quality Indicator Prior Year [Abstract]    
2026 195 1,568
2025 1,758 736
2024 715 327
2023 313 798
2022 746 731
Prior 1,099 419
Total 4,826 4,579
30-89 days past due | Residential Mortgages    
Credit Quality Indicator Current Year    
2026 0 15
2025 14 2
2024 6 17
2023 0 29
2022 38 4
Prior 10 3
Total 68 70
Credit Quality Indicator Prior Year [Abstract]    
2026 0 15
2025 14 2
2024 6 17
2023 0 29
2022 38 4
Prior 10 3
Total 68 70
90 days or more past due | Residential Mortgages    
Credit Quality Indicator Current Year    
2026 0 2
2025 5 4
2024 13 4
2023 22 12
2022 37 21
Prior 47 25
Total 124 68
Credit Quality Indicator Prior Year [Abstract]    
2026 0 2
2025 5 4
2024 13 4
2023 22 12
2022 37 21
Prior 47 25
Total $ 124 $ 68
v3.26.1
Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss    
Beginning Balance $ (86) $ (70)
Provision (expense) benefit for loan losses (11) (3)
Ending Balance (97) (73)
Residential Mortgages    
Financing Receivable, Allowance for Credit Loss    
Beginning Balance (68) (53)
Provision (expense) benefit for loan losses (6) (3)
Ending Balance (74) (56)
Commercial Mortgages    
Financing Receivable, Allowance for Credit Loss    
Beginning Balance (18) (17)
Provision (expense) benefit for loan losses (5) 0
Ending Balance $ (23) $ (17)
v3.26.1
Investments - Schedule of Sources of Net Investment Income Reported (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule of Investments    
Gross investment income $ 796 $ 729
Investment expense (73) (63)
Interest and investment income 723 666
Fixed maturity securities    
Schedule of Investments    
Gross investment income 561 549
Preferred equity securities    
Schedule of Investments    
Gross investment income 3 3
Common equity securities    
Schedule of Investments    
Gross investment income 4 5
Mortgage loans    
Schedule of Investments    
Gross investment income 105 82
Invested cash and short-term investments    
Schedule of Investments    
Gross investment income 17 34
Limited partnerships    
Schedule of Investments    
Gross investment income 101 54
Other investments    
Schedule of Investments    
Gross investment income $ 5 $ 2
v3.26.1
Investments - Recognized Gains (Loss), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Schedule of Investments    
Net realized (losses) on fixed maturity securities $ (30) $ (1)
Net realized/unrealized gains (losses) on other invested assets (7) 1
Change in allowance for expected credit losses 1 (22)
Realized (losses) gains on certain derivative instruments 25 (25)
Unrealized gains (losses) on certain derivative instruments (285) (159)
Change in fair value of reinsurance related embedded derivatives 0 (226)
Change in fair value of other derivatives and embedded derivatives (1) 0
Net realized/unrealized gains on derivatives and embedded derivatives 0 (225)
Recognized gains and (losses), net (32) (263)
Valuation gains (losses)   (1)
F&G Life Re    
Schedule of Investments    
Net realized gain on sale of F&G Life Re 14 0
Derivatives not designated as hedging instruments    
Schedule of Investments    
Change in fair value of reinsurance related embedded derivatives 1 (225)
Embedded Derivatives in Reinsurance Contracts | Derivatives not designated as hedging instruments    
Schedule of Investments    
Change in fair value of reinsurance related embedded derivatives 261 (41)
Preferred equity securities    
Schedule of Investments    
Net realized/unrealized (losses) gains (2) (1)
Valuation gains (losses) (2) 0
Common equity securities    
Schedule of Investments    
Net realized/unrealized (losses) gains (8) (15)
Valuation gains (losses) $ (9) $ (5)
v3.26.1
Investments - Proceeds from Sale of Fixed Maturity AFS Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Proceeds $ 1,001 $ 2,058
Gross gains 4 12
Gross losses $ (6) $ (13)
v3.26.1
Investments - Schedule of Variable Interest Entities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument    
Investments in unconsolidated affiliates $ 5,013 $ 4,878
Fixed maturity securities, available-for-sale: 52,361 52,700
Other long-term investments 1,288 1,294
Cash and cash equivalents 1,324 1,486
Total assets 101,031 98,430
Variable Interest Entity, Primary Beneficiary    
Debt Instrument    
Investments in unconsolidated affiliates 270 262
Fixed maturity securities, available-for-sale: 93 0
Other long-term investments 246 248
Short-term investments 33 116
Cash and cash equivalents 1 2
Total assets 643 628
Total consolidated VIE investments $ 643 $ 628
v3.26.1
Investments - Schedule of Carrying Value and Maximum Loss Exposure Unconsolidated VIEs (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments    
Carrying Value $ 30,907 $ 31,297
Maximum Loss Exposure 34,372 34,905
Investments in unconsolidated affiliates    
Schedule of Investments    
Carrying Value 5,013 4,878
Maximum Loss Exposure 6,208 6,102
Fixed maturity securities    
Schedule of Investments    
Carrying Value 25,894 26,419
Maximum Loss Exposure $ 28,164 $ 28,803
v3.26.1
Investments - Schedules of Investment Concentrations (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Blackstone Wave Asset Holdco | Stockholders' Equity, Total | Investment Risk Concentration    
Schedule of Investments    
Investment owned, at fair value $ 654 $ 655
v3.26.1
Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional $ 39,709 $ 37,415
Assets 1,558 1,588
Liabilities 6,266 6,630
Derivatives designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 1,600 871
Assets 0 11
Liabilities 0 4
Derivatives designated as hedging instruments | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 1,600 850
Assets 0 11
Liabilities 0 1
Derivatives designated as hedging instruments | Foreign currency swaps    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 0 21
Assets 0 0
Liabilities 0 3
Derivatives not designated as hedging instruments    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 38,109 36,544
Assets 1,558 1,577
Liabilities 6,266 6,626
Derivatives not designated as hedging instruments | Interest rate swaps    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 6,444 6,229
Assets 44 75
Liabilities 6 2
Derivatives not designated as hedging instruments | Foreign currency swaps    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 687 503
Assets 6 0
Liabilities 2 6
Derivatives not designated as hedging instruments | Equity options    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 30,812 29,651
Assets 837 1,062
Liabilities 0 0
Derivatives not designated as hedging instruments | Futures contracts    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 76 68
Assets 2 0
Liabilities 0 1
Derivatives not designated as hedging instruments | Other derivative investments    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 90 93
Assets 0 0
Liabilities 0 0
Derivatives not designated as hedging instruments | Other embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 0 0
Assets 39 41
Liabilities 0 0
Derivatives not designated as hedging instruments | Indexed annuities/IUL embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 0 0
Assets 630 399
Liabilities 6,380 6,542
Derivatives not designated as hedging instruments | Reinsurance related embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures    
Gross Notional 0 0
Assets 0 0
Liabilities $ (122) $ 75
v3.26.1
Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative [Line Items]    
Recognized gains (losses), net for derivatives $ 0 $ (226)
Recognized gains (losses), net for hedged item $ 1 $ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income Flag Benefits and other changes in policy reserves Benefits and other changes in policy reserves
Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives $ (271) $ (53)
Recognized gains (losses), net for hedged item 11 (10)
Derivatives designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (1) (1)
Recognized gains (losses), net for hedged item 1 1
Derivatives designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (11) 9
Recognized gains (losses), net for hedged item 11 (10)
Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 1 (225)
Recognized gains (losses), net for hedged item 0 0
Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (260) (62)
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps, included in Accounts payable and accrued liabilities | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps, included in Accounts payable and accrued liabilities | Derivatives designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (11) 9
Recognized gains (losses), net for hedged item 11 (10)
Foreign currency swaps, included in Accounts payable and accrued liabilities | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (29) 49
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps, included in Accounts payable and accrued liabilities | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps | Derivatives designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (1) (1)
Recognized gains (losses), net for hedged item 1 1
Foreign currency swaps | Derivatives designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 12 0
Recognized gains (losses), net for hedged item 0 0
Foreign currency swaps | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Equity options | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (247) (234)
Recognized gains (losses), net for hedged item 0 0
Equity options | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Futures contracts | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 3 5
Recognized gains (losses), net for hedged item 0 0
Futures contracts | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Other derivative investments | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 2 (4)
Recognized gains (losses), net for hedged item 0 0
Other derivative investments | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Other embedded derivatives | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives (1) 0
Recognized gains (losses), net for hedged item 0 0
Other embedded derivatives | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item 0 0
Indexed annuities/IUL embedded derivatives increase (decrease) | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net 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), net for derivatives (260) (62)
Recognized gains (losses), net for hedged item 0 0
Reinsurance related embedded derivatives | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 261 (41)
Recognized gains (losses), net for hedged item 0 0
Reinsurance related embedded derivatives | Derivatives not designated as hedging instruments | Fair Value Hedging    
Derivative [Line Items]    
Recognized gains (losses), net for derivatives 0 0
Recognized gains (losses), net for hedged item $ 0 $ 0
v3.26.1
Derivative Financial Instruments - Carrying Amount and Cumulative Adjustment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Carrying Amount of Hedged Assets $ 0 $ 21
Carrying Amount of Hedged (Liabilities) (1,611) (862)
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) $ 0 $ (11)
Hedged Asset, Statement of Financial Position Flag Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $84 in 2026 and $104 in 2025 (amortized cost: $55,631 in 2026 and $55,292 in 2025) Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $84 in 2026 and $104 in 2025 (amortized cost: $55,631 in 2026 and $55,292 in 2025)
Hedged Liability, Statement of Financial Position Flag Contractholder funds Contractholder funds
v3.26.1
Derivative Financial Instruments - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
contract
counterparty
Dec. 31, 2025
USD ($)
contract
Derivative [Line Items]    
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  
All Counterparties Except Merrill Lynch    
Derivative [Line Items]    
Counterparties, collateral required threshold 0.00%  
Call Option | Derivatives for Trading and Investment | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Collateral $ 737,000,000 1,185,000,000
Net credit risk 142,000,000 34,000,000
Call Option | Cash and cash equivalents | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Collateral $ 533,000,000 $ 928,000,000
Futures contracts    
Derivative [Line Items]    
Number of instruments held | contract 182 172
Collateral held $ 6,000,000 $ 4,000,000
v3.26.1
Derivative Financial Instruments - Information Regarding Exposure to Credit Loss on Call Options Held (Details) - USD ($)
$ in Millions
Apr. 01, 2026
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value      
Fair Value   $ 1,558 $ 1,588
Subsequent Event      
Derivatives, Fair Value      
Derivative asset, subject to master netting arrangement, collateral, obligation to return cash, increase (decrease) in collateral $ 110    
Derivatives not designated as hedging instruments      
Derivatives, Fair Value      
Fair Value   1,558 1,577
Derivative Instruments, Excluding Futures | Derivatives not designated as hedging instruments      
Derivatives, Fair Value      
Fair Value   879 1,137
Collateral   737 1,185
Net credit risk   $ 142 $ 34
v3.26.1
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, 2026
Mar. 31, 2025
Net Premiums Earned    
Direct $ 353 $ 343
Ceded (20) (22)
Net 333 321
Net Product Fees    
Direct 170 180
Ceded (24) (12)
Net 146 168
Net Benefits Incurred    
Direct 534 577
Ceded (50) (53)
Net $ 484 $ 524
v3.26.1
Reinsurance - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
policy
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Insurance [Abstract]      
Number of policies reinsured by foreign company not engaged in insurance | policy 0    
Deposit contract assets $ 15,007   $ 13,279
Reinsurance risk charge fees $ 11 $ 11  
v3.26.1
Reinsurance - Summary of Reinsurance Recoverable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance $ 19,993 $ 17,563  
Allowance for expected credit losses (18) (18) $ (18)
Reinsurance recoverable, net of allowance for expected credit losses 19,975 17,545  
Aspida | Certain MYGA      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance 8,522 8,589  
Somerset Reinsurance Ltd | Certain MYGA and deferred annuities      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance 5,607 5,071  
Everlake | Certain MYGA      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance 1,875 1,868  
Ancient Re | Certain FIA and certain MYGA      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance 1,735 0  
Wilton Reassurance Company | Block of traditional, IUL and UL      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance 1,026 1,032  
Other      
Effects of Reinsurance      
Reinsurance recoverable, gross of allowance $ 1,228 $ 1,003  
v3.26.1
Reinsurance - Schedule of Assets Held in Support of Reserves Associated with Coinsurance with Funds Withheld Agreement (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value $ 16,487 $ 14,191
Funds withheld for reinsurance liabilities (16,487) (14,191)
Fixed maturities, AFS    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 14,204 12,530
Equity securities    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 65 60
Derivative instruments    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 76 55
Mortgage loans    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 217 65
Investments in unconsolidated affiliates    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 936 752
Policy loans    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 1 1
Cash and cash equivalents    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 920 702
Accrued interest receivable, included in Prepaid expenses and other assets    
Effects of Reinsurance    
Funds withheld for reinsurance receivable, at fair value 152 146
Accounts payable and accrued liabilities and reconciling items    
Effects of Reinsurance    
Funds withheld for reinsurance liabilities $ (84) $ (120)
v3.26.1
Intangibles - Reconciliation of Other Intangibles to Balance Sheet (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets        
Value of business acquired (“VOBA”) $ 1,161 $ 1,196 $ 1,311 $ 1,349
Deferred acquisition costs (“DAC”) 3,752 3,637    
Deferred sales inducements (“DSI”) 944 891    
Total Other intangible assets, net 6,406 6,275    
Indefinite lived tradenames and other        
Finite-Lived Intangible Assets        
Indefinite lived tradenames and other 8 8    
Value of distribution asset        
Finite-Lived Intangible Assets        
Definite lived 60 62    
Computer software        
Finite-Lived Intangible Assets        
Definite lived 78 80    
Definite lived trademarks, tradenames, and other        
Finite-Lived Intangible Assets        
Definite lived 185 173    
Customer relationships and contracts        
Finite-Lived Intangible Assets        
Definite lived $ 218 $ 228    
v3.26.1
Intangibles - VOBA (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
VOBA    
VOBA at beginning of period $ 1,196 $ 1,349
Amortization (35) (38)
VOBA at end of period 1,161 1,311
Indexed Annuities    
VOBA    
VOBA at beginning of period 770 892
Amortization (29) (31)
VOBA at end of period 741 861
Fixed Rate Annuities    
VOBA    
VOBA at beginning of period 18 22
Amortization (1) (1)
VOBA at end of period 17 21
Immediate Annuities    
VOBA    
VOBA at beginning of period 178 184
Amortization (2) (2)
VOBA at end of period 176 182
Universal Life    
VOBA    
VOBA at beginning of period 119 126
Amortization (1) (1)
VOBA at end of period 118 125
Traditional Life    
VOBA    
VOBA at beginning of period 111 125
Amortization (2) (3)
VOBA at end of period $ 109 $ 122
v3.26.1
Intangibles - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets    
VOBA amortization $ 35 $ 38
DAC amortization 98 82
Goodwill, written off related to sale of business unit 56  
Ancient Financial Holdings, LP    
Finite-Lived Intangible Assets    
Goodwill, written off related to sale of business unit 56  
Indexed annuities    
Finite-Lived Intangible Assets    
VOBA amortization 29 31
DAC amortization 54 45
Deferred sales inducement cost, amortization expense $ (20) $ (14)
v3.26.1
Intangibles - DAC (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
DAC    
DAC at beginning of period $ 3,628 $ 3,031
Capitalization 211 216
Amortization (98) (82)
DAC at end of period 3,741 3,165
Indexed Annuities    
DAC    
DAC at beginning of period 2,205 1,874
Capitalization 126 126
Amortization (54) (45)
DAC at end of period 2,277 1,955
Fixed Rate Annuities    
DAC    
DAC at beginning of period 402 376
Capitalization 8 21
Amortization (28) (25)
DAC at end of period 382 372
Universal Life    
DAC    
DAC at beginning of period 1,021 781
Capitalization 77 69
Amortization (16) (12)
DAC at end of period $ 1,082 $ 838
v3.26.1
Intangibles - Reconciliation of DAC to the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) $ 3,752 $ 3,637
Indexed annuities    
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) 2,277 2,205
Fixed Rate Annuities    
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) 382 402
Universal Life    
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) 1,082 1,021
FABN    
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) 7 5
PRT    
Finite-Lived Intangible Assets    
Deferred acquisition costs (“DAC”) $ 4 $ 4
v3.26.1
Intangibles - DSI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Movement in Deferred Sales Inducements    
DSI at beginning of period $ 891  
DSI at end of period 944  
Indexed annuities    
Movement in Deferred Sales Inducements    
DSI at beginning of period 891 $ 625
Capitalization 73 71
Amortization (20) (14)
DSI at end of period $ 944 $ 682
v3.26.1
Intangibles - Rollforward of Customer Relationship Intangibles Acquired in the Roar Acquisition (Details) - Customer relationships - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets    
Balance, Beginning $ 228  
Balance, Ending 218  
Roar And PALH    
Finite-Lived Intangible Assets    
Balance, Beginning 228 $ 273
Amortization (10) (9)
Balance, Ending $ 218 $ 264
v3.26.1
Intangibles - Rollforward of Changes in Carrying Amount of Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Goodwill [Roll Forward]  
Balance at January 1, $ 2,180
Sale of F&G Life Re (56)
Balance at March 31, $ 2,124
v3.26.1
Market Risk Benefits - Balances and Changes in Market Risk Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Indexed annuities    
Market Risk Benefit, Changes In Market Risk Benefit    
Balance, beginning of period, net liability $ 812 $ 420
Balance, beginning of period, before effect of changes in the instrument-specific credit risk 684 322
Issuances and benefit payments 45 147
Attributed fees collected and interest accrual 44 156
Actual policyholder behavior different from expected 53 45
Changes in assumptions and other (10) 8
Effects of market related movements (12) 6
Balance, end of period, before effect of changes in the instrument-specific credit risk 804 684
Issuances and benefit payments 45 147
Attributed fees collected and interest accrual 44 156
Actual policyholder behavior different from expected 53 45
Changes in assumptions and other (10) 8
Effects of market related movements (12) 6
Effect of changes in the instrument-specific credit risk 80 128
Balance, end of period, net liability 884 812
Less: reinsured market risk benefits 225 195
Balance, end of period, net of reinsurance $ 659 $ 617
Weighted-average attained age of policyholders weighted by total AV (years) 67 years 9 months 25 days 67 years 10 months 2 days
Net amount at risk $ 2,082 $ 1,900
Fixed rate annuities    
Market Risk Benefit, Changes In Market Risk Benefit    
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) 84 years 8 months 26 days 84 years 8 months 8 days
Net amount at risk $ 2 $ 2
v3.26.1
Market Risk Benefits - Schedule of Reconciliation of Asset and Liability (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Market Risk Benefit    
Market risk benefits asset $ 308 $ 285
Market risk benefits liability 968 903
Direct    
Market Risk Benefit    
Market risk benefits asset 80 88
Market risk benefits liability 965 901
Reinsured    
Market Risk Benefit    
Market risk benefits asset 228 197
Market risk benefits liability 3 2
Indexed annuities    
Market Risk Benefit    
Market risk benefits asset 308 285
Market risk benefits liability 967 902
Indexed annuities | Direct    
Market Risk Benefit    
Market risk benefits asset 80 88
Market risk benefits liability 964 900
Indexed annuities | Reinsured    
Market Risk Benefit    
Market risk benefits asset 228 197
Market risk benefits liability 3 2
Fixed rate annuities    
Market Risk Benefit    
Market risk benefits asset 0 0
Market risk benefits liability 1 1
Fixed rate annuities | Direct    
Market Risk Benefit    
Market risk benefits asset 0 0
Market risk benefits liability 1 1
Fixed rate annuities | Reinsured    
Market Risk Benefit    
Market risk benefits asset 0 0
Market risk benefits liability $ 0 $ 0
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Income Tax Disclosure [Abstract]      
Effective income tax rate 23.00% 19.00%  
Deferred tax assets, valuation allowance $ 41   $ 38
Deferred tax assets 137   120
Valuation allowance, increase 3    
LIHTC investments $ 166   $ 165
Investment, proportional amortization method, elected, statement of financial position flag Prepaid expenses and other assets (certain assets held at fair value of $24 in 2026 and 2025)   Prepaid expenses and other assets (certain assets held at fair value of $24 in 2026 and 2025)
v3.26.1
Income Taxes - Impacts of LIHTC Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Tax credits and other benefits recognized $ (12) $ (8)
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income Flag Income tax expense (benefit) Income tax expense (benefit)
Tax credit amortization expense $ 10 $ 6
Total $ (2) $ (2)
Investment Program Proportional Amortization Method Elected Income Tax Credit and Other Income Tax Benefit Before Amortization Statement Of Cash Flows Extensible Enumeration Not Disclosed Flag Net change in income taxes Net change in income taxes
Investment Program, Proportional Amortization Method Applied Income Tax Credit And Other Tax Benefit Amortization Statement Of Cash Flows Extensible Enumeration Not Disclosed Flag Net change in income taxes Net change in income taxes
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, before Amortization, Statement of Income or Comprehensive Income Flag Income tax expense (benefit) Income tax expense (benefit)
v3.26.1
Contractholder Funds - Summary of Balances and Changes in Contractholder Funds (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Policyholder Account Balance      
Reconciling items $ (1) $ 0  
Gross liability, end of period 63,474   $ 62,726
Less: Reinsurance recoverable 19,975   17,545
Indexed annuities      
Policyholder Account Balance      
Balance, beginning of year 33,226 30,235 30,235
Issuances 1,644   6,714
Premiums received 8   31
Policy charge (57)   (222)
Surrenders and withdrawals (978)   (3,831)
Benefit payments (115)   (536)
Interest credited 245   830
Other (4)   5
Balance, end of period 33,969   33,226
Issuances 1,644   6,714
Premiums received 8   31
Policy charge (57)   (222)
Surrenders and withdrawals (978)   (3,831)
Benefit payments (115)   (536)
Interest credited 245   830
Other (4)   5
Reconciling items (47)   321
Gross liability, end of period 33,922   33,547
Less: Reinsurance recoverable 5,655   3,198
Net liability, after reinsurance $ 28,267   $ 30,349
Weighted-average crediting rate 2.96%   2.65%
Cash surrender value $ 31,607   $ 30,920
Fixed rate annuities      
Policyholder Account Balance      
Balance, beginning of year 19,265 17,442 17,442
Issuances 184   3,801
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals (605)   (2,485)
Benefit payments (93)   (358)
Interest credited 222   866
Other 0   (1)
Balance, end of period 18,973   19,265
Issuances 184   3,801
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals (605)   (2,485)
Benefit payments (93)   (358)
Interest credited 222   866
Other 0   (1)
Reconciling items 2   2
Gross liability, end of period 18,975   19,267
Less: Reinsurance recoverable 12,834   12,863
Net liability, after reinsurance $ 6,141   $ 6,404
Weighted-average crediting rate 4.76%   4.84%
Cash surrender value $ 17,783   $ 18,034
Universal life      
Policyholder Account Balance      
Balance, beginning of year 3,292 2,817 2,817
Issuances 60   229
Premiums received 163   593
Policy charge (103)   (378)
Surrenders and withdrawals (33)   (130)
Benefit payments (5)   (21)
Interest credited 57   182
Other 0   0
Balance, end of period 3,431   3,292
Issuances 60   229
Premiums received 163   593
Policy charge (103)   (378)
Surrenders and withdrawals (33)   (130)
Benefit payments (5)   (21)
Interest credited 57   182
Other 0   0
Reconciling items 92   115
Gross liability, end of period 3,523   3,407
Less: Reinsurance recoverable 883   887
Net liability, after reinsurance $ 2,640   $ 2,520
Weighted-average crediting rate 7.07%   6.13%
Net amount at risk $ 29,648   $ 29,581
Cash surrender value 2,641   2,533
FABN      
Policyholder Account Balance      
Balance, beginning of year 3,324 2,463 2,463
Issuances 750   1,148
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals 0   0
Benefit payments (30)   (395)
Interest credited 39   107
Other 0   1
Balance, end of period 4,083   3,324
Issuances 750   1,148
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals 0   0
Benefit payments (30)   (395)
Interest credited 39   107
Other 0   1
Reconciling items 0   11
Gross liability, end of period 4,083   3,335
Less: Reinsurance recoverable 0   0
Net liability, after reinsurance 4,083   3,335
FHLB      
Policyholder Account Balance      
Balance, beginning of year 2,898 $ 2,852 2,852
Issuances 901   2,241
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals 0   0
Benefit payments (1,122)   (2,298)
Interest credited 25   103
Other 0   0
Balance, end of period 2,702   2,898
Issuances 901   2,241
Premiums received 0   0
Policy charge 0   0
Surrenders and withdrawals 0   0
Benefit payments (1,122)   (2,298)
Interest credited 25   103
Other 0   0
Reconciling items 0   0
Gross liability, end of period 2,702   2,898
Less: Reinsurance recoverable 0   0
Net liability, after reinsurance $ 2,702   $ 2,898
v3.26.1
Contractholder Funds - Reconciliation to Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Policyholder Account Balance    
Contractholder funds $ 63,474 $ 62,726
Indexed annuities    
Policyholder Account Balance    
Contractholder funds 33,922 33,547
Fixed rate annuities    
Policyholder Account Balance    
Contractholder funds 18,975 19,267
Immediate annuities    
Policyholder Account Balance    
Contractholder funds 259 262
Universal life    
Policyholder Account Balance    
Contractholder funds 3,523 3,407
Traditional Life    
Policyholder Account Balance    
Contractholder funds 4 4
FABN    
Policyholder Account Balance    
Contractholder funds 4,083 3,335
FHLB    
Policyholder Account Balance    
Contractholder funds 2,702 2,898
PRT    
Policyholder Account Balance    
Contractholder funds $ 6 $ 6
v3.26.1
Contractholder Funds - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2025
Insurance [Abstract]    
Change in total benefits and other changes in policy reserves (decrease) increase $ (5) $ (22)
v3.26.1
Contractholder Funds - Account Values by Range of Guaranteed Minimum Credit Rating (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Policyholder Account Balance      
Contractholder funds $ 63,474 $ 62,726  
1 Basis Point-50 Basis Points Above | Minimum      
Policyholder Account Balance      
Policyholder account balance, above guaranteed minimum crediting rate 0.0001 0.0001  
1 Basis Point-50 Basis Points Above | Maximum      
Policyholder Account Balance      
Policyholder account balance, above guaranteed minimum crediting rate 0.0050 0.0050  
51 Basis Points-150 Basis Points Above | Minimum      
Policyholder Account Balance      
Policyholder account balance, above guaranteed minimum crediting rate 0.0051 0.0051  
51 Basis Points-150 Basis Points Above | Maximum      
Policyholder Account Balance      
Policyholder account balance, above guaranteed minimum crediting rate 0.0150 0.0150  
Greater Than 150 Basis Points Above | Minimum      
Policyholder Account Balance      
Policyholder account balance, above guaranteed minimum crediting rate 0.0150 0.0150  
Indexed annuities      
Policyholder Account Balance      
Contractholder funds $ 4,373 $ 4,275  
No guaranteed minimum crediting rate 29,596 28,951  
Total 33,969 33,226 $ 30,235
Indexed annuities | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 1,438 1,419  
Indexed annuities | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 439 482  
Indexed annuities | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1,062 931  
Indexed annuities | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1,434 1,443  
Indexed annuities | 0.00% to 1.50%      
Policyholder Account Balance      
Contractholder funds 2,195 2,233  
Indexed annuities | 0.00% to 1.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 701 659  
Indexed annuities | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 422 464  
Indexed annuities | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 295 298  
Indexed annuities | 0.00% to 1.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 777 812  
Indexed annuities | 1.51%-2.50%      
Policyholder Account Balance      
Contractholder funds 1,973 1,828  
Indexed annuities | 1.51%-2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 534 548  
Indexed annuities | 1.51%-2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 17 17  
Indexed annuities | 1.51%-2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 767 633  
Indexed annuities | 1.51%-2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 655 630  
Indexed annuities | Greater than 2.50%      
Policyholder Account Balance      
Contractholder funds 205 214  
Indexed annuities | Greater than 2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 203 212  
Indexed annuities | Greater than 2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 1  
Indexed annuities | Greater than 2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Indexed annuities | Greater than 2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 2 1  
Fixed rate annuities      
Policyholder Account Balance      
Contractholder funds 18,973 19,265  
Total 18,973 19,265 17,442
Fixed rate annuities | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 813 825  
Fixed rate annuities | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 95 83  
Fixed rate annuities | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 705 813  
Fixed rate annuities | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 17,360 17,544  
Fixed rate annuities | 0.00% to 1.50%      
Policyholder Account Balance      
Contractholder funds 16,215 16,509  
Fixed rate annuities | 0.00% to 1.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 101 94  
Fixed rate annuities | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 88 75  
Fixed rate annuities | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 676 792  
Fixed rate annuities | 0.00% to 1.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 15,350 15,548  
Fixed rate annuities | 1.51%-2.50%      
Policyholder Account Balance      
Contractholder funds 477 492  
Fixed rate annuities | 1.51%-2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 3 4  
Fixed rate annuities | 1.51%-2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 6 6  
Fixed rate annuities | 1.51%-2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 24 16  
Fixed rate annuities | 1.51%-2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 444 466  
Fixed rate annuities | Greater than 2.50%      
Policyholder Account Balance      
Contractholder funds 2,281 2,264  
Fixed rate annuities | Greater than 2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 709 727  
Fixed rate annuities | Greater than 2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1 2  
Fixed rate annuities | Greater than 2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 5 5  
Fixed rate annuities | Greater than 2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1,566 1,530  
Universal life      
Policyholder Account Balance      
Contractholder funds 3,431 3,292  
Total 3,431 3,292 $ 2,817
Universal life | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 3,393 3,251  
Universal life | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 9 9  
Universal life | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1 1  
Universal life | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 28 31  
Universal life | 0.00% to 1.50%      
Policyholder Account Balance      
Contractholder funds 3,079 2,938  
Universal life | 0.00% to 1.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 3,042 2,898  
Universal life | 0.00% to 1.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 9 9  
Universal life | 0.00% to 1.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | 0.00% to 1.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 28 31  
Universal life | 1.51%-2.50%      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | 1.51%-2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | 1.51%-2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | 1.51%-2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | 1.51%-2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | Greater than 2.50%      
Policyholder Account Balance      
Contractholder funds 352 354  
Universal life | Greater than 2.50% | At Guaranteed Minimum      
Policyholder Account Balance      
Contractholder funds 351 353  
Universal life | Greater than 2.50% | 1 Basis Point-50 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 0 0  
Universal life | Greater than 2.50% | 51 Basis Points-150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds 1 1  
Universal life | Greater than 2.50% | Greater Than 150 Basis Points Above      
Policyholder Account Balance      
Contractholder funds $ 0 $ 0  
v3.26.1
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, 2026
Dec. 31, 2025
Dec. 31, 2024
Expected FPB      
Net liability for future policy benefits $ 10,748 $ 10,755  
Traditional life      
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]      
Balance, beginning of year 585 631  
Beginning balance at original discount rate 700 780  
Effect of actual variances from expected experience   (2) $ 1
Balance adjusted for variances from expectation   698 781
Interest accrual 3 15  
Net premiums collected (22) (96)  
Ending balance at original discount rate 679 700  
Effect of actual variances from expected experience   (2) 1
Effect of changes in discount rate assumptions (120) (115)  
Balance, end of period 559 585  
Expected FPB      
Balance, beginning of year 1,855 1,933  
Beginning balance at original discount rate 2,167 2,368  
Effect of actual variances from expected experience   (3) (21)
Balance adjusted for variances from expectation   2,164 2,347
Interest accrual 12 50  
Benefits payments (50) (230)  
Ending balance at original discount rate 2,126 2,167  
Effect of actual variances from expected experience   (3) (21)
Balance adjusted for variances from expectation   2,164 2,347
Interest accrual 12 50  
Benefits payments (50) (230)  
Effect of changes in discount rate assumptions (334) (312)  
Balance, end of period 1,792 1,855  
Net liability for future policy benefits 1,233 1,270  
Less: Reinsurance recoverable 498 489  
Net liability for future policy benefits, after reinsurance recoverable $ 735 $ 781  
Weighted-average duration of liability for future policyholder benefits (years) 6 years 7 days 6 years 10 months 2 days  
PRT      
Expected FPB      
Balance, beginning of year $ 8,112 $ 6,054  
Beginning balance at original discount rate 8,268 6,417  
Effect of changes in cash flow assumptions   0 (36)
Effect of actual variances from expected experience   1 13
Balance adjusted for variances from expectation   8,269 6,394
Issuances 333 2,206  
Interest accrual 99 331  
Benefits payments (202) (663)  
Ending balance at original discount rate 8,499 8,268  
Effect of changes in cash flow assumptions   0 (36)
Effect of actual variances from expected experience   1 13
Balance adjusted for variances from expectation   8,269 6,394
Issuances 333 2,206  
Interest accrual 99 331  
Benefits payments (202) (663)  
Effect of changes in discount rate assumptions (321) (156)  
Balance, end of period 8,178 8,112  
Net liability for future policy benefits, after reinsurance recoverable $ 8,178 $ 8,112  
Weighted-average duration of liability for future policyholder benefits (years) 7 years 7 months 13 days 7 years 9 months 18 days  
Immediate annuities      
Expected FPB      
Balance, beginning of year $ 1,276 $ 1,297  
Beginning balance at original discount rate 1,679 1,732  
Effect of actual variances from expected experience   4 (11)
Balance adjusted for variances from expectation   1,683 1,721
Issuances 5 17  
Interest accrual 13 54  
Benefits payments (28) (113)  
Ending balance at original discount rate 1,673 1,679  
Effect of actual variances from expected experience   4 (11)
Balance adjusted for variances from expectation   1,683 $ 1,721
Issuances 5 17  
Interest accrual 13 54  
Benefits payments (28) (113)  
Effect of changes in discount rate assumptions (431) (403)  
Balance, end of period 1,242 1,276  
Net liability for future policy benefits 1,242 1,276  
Less: Reinsurance recoverable 104 106  
Net liability for future policy benefits, after reinsurance recoverable $ 1,138 $ 1,170  
Weighted-average duration of liability for future policyholder benefits (years) 12 years 2 months 19 days 12 years 3 months 25 days  
v3.26.1
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, 2026
Dec. 31, 2025
Dec. 31, 2024
Immediate annuities      
Deferred Profit Liability Activity      
Balance, beginning of year $ 90 $ 90  
Effect of actual variances from expected experience   (2) $ 2
Balance adjusted for variances from expectation   88 92
Issuances 1 6  
Interest accrual 0 1  
Amortization (2) (9)  
Balance, end of period 87 90  
Effect of actual variances from expected experience   (2) 2
PRT      
Deferred Profit Liability Activity      
Balance, beginning of year 7 6  
Effect of actual variances from expected experience   1 1
Balance adjusted for variances from expectation   8 7
Issuances 0 1  
Interest accrual 0 0  
Amortization 0 (1)  
Balance, end of period $ 8 7  
Effect of actual variances from expected experience   $ 1 $ 1
v3.26.1
Future Policy Benefits - Reconciliation of Net FPB to the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]      
Future policy benefits $ 10,748 $ 10,755  
Traditional life      
Liability for Future Policy Benefit, Activity [Line Items]      
Future policy benefits 1,233 1,270  
Immediate annuities      
Liability for Future Policy Benefit, Activity [Line Items]      
Future policy benefits 1,242 1,276  
Deferred profit liability 87 90 $ 90
PRT      
Liability for Future Policy Benefit, Activity [Line Items]      
Future policy benefits 8,178 8,112  
Immediate annuities DPL      
Liability for Future Policy Benefit, Activity [Line Items]      
Deferred profit liability 87 90  
PRT DPL      
Liability for Future Policy Benefit, Activity [Line Items]      
Deferred profit liability $ 8 $ 7  
v3.26.1
Future Policy Benefits - Liability for Future Policy Benefit Expected Future Policy Benefit Undiscounted (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 31, 2025
Traditional Life    
Undiscounted    
Expected future benefit payments $ 2,458 $ 2,720
Expected future gross premiums 821 923
Discounted    
Expected future benefit payments 1,794 1,938
Expected future gross premiums 601 671
Immediate annuities    
Undiscounted    
Expected future benefit payments 3,082 3,168
Expected future gross premiums 0 0
Discounted    
Expected future benefit payments 1,242 1,297
Expected future gross premiums 0 0
PRT    
Undiscounted    
Expected future benefit payments 13,431 10,535
Expected future gross premiums 0 0
Discounted    
Expected future benefit payments 8,178 6,360
Expected future gross premiums $ 0 $ 0
v3.26.1
Future Policy Benefits - Gross Premium Income and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premium income $ 352 $ 343
Interest expense 121 97
Traditional Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premium income 23 26
Interest expense 9 9
Immediate annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premium income 5 6
Interest expense 13 14
PRT    
Liability for Future Policy Benefit, Activity [Line Items]    
Gross premium income 324 311
Interest expense $ 99 $ 74
v3.26.1
Future Policy Benefits - Weighted Average Rates (Details)
Mar. 31, 2026
Dec. 31, 2025
Traditional Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 2.36% 2.35%
Current discount rate 5.07% 4.77%
Immediate annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 3.22% 3.20%
Current discount rate 5.59% 5.29%
PRT    
Liability for Future Policy Benefit, Activity [Line Items]    
Interest accretion rate 4.96% 4.87%
Current discount rate 5.28% 4.98%
v3.26.1
Future Policy Benefits - Actual Experience and Expected Experience for Mortality and Lapses (Details)
Mar. 31, 2026
Dec. 31, 2025
Actual experience | Traditional Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Mortality rate 1.30% 2.40%
Lapse rate 0.00% 0.00%
Actual experience | Immediate annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Mortality rate 1.10% 2.40%
Lapse rate 0.00% 0.00%
Actual experience | PRT    
Liability for Future Policy Benefit, Activity [Line Items]    
Mortality rate 3.50% 2.60%
Lapse rate 0.00% 0.00%
Expected experience | Traditional Life    
Liability for Future Policy Benefit, Activity [Line Items]    
Mortality rate 1.60% 1.60%
Lapse rate 0.50% 0.60%
Expected experience | Immediate annuities    
Liability for Future Policy Benefit, Activity [Line Items]    
Mortality rate 1.70% 1.70%
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%
v3.26.1
Future Policy Benefits - Additional Information, Cohort NPR (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Insurance [Abstract]    
NPR before capping 103.00% 104.00%
Reserves before NPR capping $ 1,113 $ 1,145
Reserves after NPR capping 1,122 1,156
Loss Expense $ 9 $ 11
v3.26.1
Accounts Payable and Accrued Liabilities - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Unearned revenue liabilities $ 592 $ 551
v3.26.1
Accounts Payable and Accrued Liabilities - Reconciliation (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Salaries and incentives $ 59 $ 106
Accrued benefits 74 75
URL 592 551
Trade accounts payable 254 199
Liability for policy and contract claims 108 100
Retained asset account 46 48
Remittances and items not allocated 235 267
Option collateral liabilities 533 928
Lease liability 11 12
Investment purchases payable 140 102
Contingent consideration 61 72
Accrued interest on notes payable 42 34
Interest rate and foreign currency swaps 8 12
Other accrued liabilities 204 195
Accounts payable and accrued liabilities $ 2,367 $ 2,701
v3.26.1
Accounts Payable and Accrued Liabilities - Rollforward of Unearned Revenue Liabilities (URL) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract With Customer Liability [Roll Forward]    
Balance, beginning $ 551  
Balance, ending 592  
Universal life    
Contract With Customer Liability [Roll Forward]    
Balance, beginning 551 $ 401
Capitalization 49 41
Amortization (8) (6)
Balance, ending $ 592 $ 436
v3.26.1
Notes Payable - Components of Notes Payable (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument    
Principal $ 2,270 $ 2,270
Debt issuance costs (32) (33)
Notes payable 2,238 2,237
Revolving Credit Facility - Short Term    
Debt Instrument    
Principal 0 0
Revolving Credit Facility - Short Term | Credit Facility | Revolving Credit Facility    
Debt Instrument    
Debt issuance costs 0 0
Notes payable 0 0
FNF Credit Facility - Short Term    
Debt Instrument    
Principal 0 0
FNF Credit Facility - Short Term | Credit Facility | Revolving Credit Facility    
Debt Instrument    
Debt issuance costs 0 0
Notes payable $ 0 0
7.40% F&G Senior Notes, due 2028 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.40%  
Principal $ 500 500
Debt issuance costs (2) (2)
Notes payable $ 498 498
6.50% F&G Senior Notes, due 2029 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 6.50%  
Principal $ 550 550
Debt issuance costs (4) (4)
Notes payable $ 546 546
6.250% F&G Senior Notes, due 2034 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 6.25%  
Principal $ 500 500
Debt issuance costs (7) (7)
Notes payable $ 493 493
7.95% F&G Senior Notes, due 2053 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.95%  
Principal $ 345 345
Debt issuance costs (8) (9)
Notes payable $ 337 336
7.300% F&G Junior Notes, due 2065 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.30%  
Principal $ 375 375
Debt issuance costs (11) (11)
Notes payable $ 364 $ 364
v3.26.1
Notes Payable - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
7.40% F&G Senior Notes, due 2028 | Senior Notes  
Debt Instrument  
Interest rate, stated percentage 7.40%
6.50% F&G Senior Notes, due 2029 | Senior Notes  
Debt Instrument  
Interest rate, stated percentage 6.50%
6.250% F&G Senior Notes [Member] | Senior Notes  
Debt Instrument  
Interest rate, stated percentage 6.25%
7.95% F&G Senior Notes, due 2053 | Senior Notes  
Debt Instrument  
Interest rate, stated percentage 7.95%
7.300% F&G Junior Notes, due 2065 | Senior Notes  
Debt Instrument  
Interest rate, stated percentage 7.30%
Revolving Credit Facility | Credit Agreement | Credit Facility  
Debt Instrument  
Credit facility, maximum borrowing capacity $ 750
Revolving Credit Facility | FNF Credit Facility  
Debt Instrument  
Credit facility, maximum borrowing capacity $ 200
v3.26.1
Notes Payable - Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument    
Interest expense $ 41 $ 40
Revolving Credit Facility - Short-term | Credit Facility | Revolving Credit Facility    
Debt Instrument    
Interest expense $ 1 1
7.40% F&G Senior Notes, due 2028 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.40%  
Interest expense $ 9 9
6.50% F&G Senior Notes, due 2029 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 6.50%  
Interest expense $ 9 9
6.250% F&G Senior Notes, due 2034 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 6.25%  
Interest expense $ 8 8
7.95% F&G Senior Notes, due 2053 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.95%  
Interest expense $ 7 7
7.300% F&G Junior Notes, due 2065 | Senior Notes    
Debt Instrument    
Interest rate, stated percentage 7.30%  
Interest expense $ 7 $ 6
v3.26.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid (refunded) for:    
Interest paid $ 32 $ 29
Income taxes paid (refunded) 0 0
Deferred sales inducements 73 71
Non-cash investing and financing activities:    
Investment received as non-cash consideration for sale of F&G Life Re 38 0
Investments transferred subject to reinsurance agreement 0 (500)
Change in proceeds of sales of investments available for sale receivable in period (34) 48
Change in purchases of investments available for sale payable in period $ 36 $ 53
v3.26.1
Commitments and Contingencies - Narrative (Details)
$ in Millions
 3 Months Ended
Apr. 21, 2025
USD ($)
Jan. 02, 2024
USD ($)
Sep. 07, 2023
defendant
Mar. 31, 2026
USD ($)
lawsuit
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Loss Contingencies [Line Items]            
Payment for contingent consideration liability, financing activities       $ 7 $ 10  
Contingent consideration, included in Accounts payable and accrued liabilities       61   $ 72
Prepaid expense and other assets       $ 1,131   1,052
Damages from Data Breach | Pending Litigation            
Loss Contingencies [Line Items]            
Lawsuits filed | lawsuit       2    
Similar lawsuits against other entities (over) | lawsuit       150    
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 | Damages from Data Breach | Pending Litigation            
Loss Contingencies [Line Items]            
Number of defendants | defendant     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 $ 12  
Contingent consideration, included in Accounts payable and accrued liabilities       61    
Roar | Loan Commitment            
Loss Contingencies [Line Items]            
Prepaid expense and other assets       $ 24   $ 24
Roar | Maximum | Loan Commitment            
Loss Contingencies [Line Items]            
Unfunded investment commitment   $ 40        
v3.26.1
Commitments and Contingencies - Unfunded Commitments (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Other fixed maturity securities, AFS  
Other Commitments  
Unfunded investment commitment $ 158
Commercial mortgage loans  
Other Commitments  
Unfunded investment commitment 71
Residential mortgage loans  
Other Commitments  
Unfunded investment commitment 423
Other assets  
Other Commitments  
Unfunded investment commitment 113
Other long-term investments  
Other Commitments  
Unfunded investment commitment 250
Limited partnerships  
Other Commitments  
Unfunded investment commitment 1,195
Asset-backed lending  
Other Commitments  
Unfunded investment commitment 210
Fixed maturity securities, asset-backed securities  
Other Commitments  
Unfunded investment commitment 572
Direct Lending  
Other Commitments  
Unfunded investment commitment 1,043
Total  
Other Commitments  
Unfunded investment commitment $ 4,035
v3.26.1
Insurance Subsidiary Financial Information and Regulatory Matters - Statutory Accounting Practices Disclosure (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Iowa      
Statutory Accounting Practices      
Statutory Capital and Surplus: $ 1,551   $ 1,735
Iowa | F&G Segment      
Statutory Accounting Practices      
Statutory Net income (loss): (14) $ (127)  
New York      
Statutory Accounting Practices      
Statutory Capital and Surplus: 125   122
New York | F&G Segment      
Statutory Accounting Practices      
Statutory Net income (loss): 3 4  
Vermont | Raven Re (VT)      
Statutory Accounting Practices      
Statutory Capital and Surplus: 190   182
Vermont | Raven Re (VT) | F&G Segment      
Statutory Accounting Practices      
Statutory Net income (loss): 8 10  
Vermont | Corbeau Re (VT)      
Statutory Accounting Practices      
Statutory Capital and Surplus: 228   236
Vermont | Corbeau Re (VT) | F&G Segment      
Statutory Accounting Practices      
Statutory Net income (loss): (40) (52)  
Cayman Islands | F&G Segment      
Statutory Accounting Practices      
Statutory Net income (loss): (9) $ 15  
Statutory Capital and Surplus: $ 1,145   $ 1,134
v3.26.1
Insurance Subsidiary Financial Information and Regulatory Matters - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
permitted_practice
Dec. 31, 2025
USD ($)
Statutory Accounting Practices    
Change in statutory capital surplus increase (decrease) $ 249 $ 249
Number of permitted practices | permitted_practice 2  
F&G Cayman Re Ltd    
Statutory Accounting Practices    
Permitted practice, statutory surplus $ 13 $ 20
v3.26.1
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Net earnings (loss) $ 249 $ (21)
Less: Non-controlling interests 1 0
Net earnings (loss) attributable to F&G 248 (21)
Less: Preferred stock dividend 4 4
Net earnings (loss) attributable to F&G common shareholders, Basic $ 244 $ (25)
Weighted-average common shares outstanding - basic (in shares) 133 126
Dilutive effect of mandatory convertible preferred stock (in shares) 6 0
Weighted average shares outstanding - diluted (in shares) 139 126
Net earnings (loss) per share attributable to F&G common shareholders    
Basic - net (in usd per share) $ 1.83 $ (0.20)
Diluted - net (in usd per share) $ 1.78 $ (0.20)
Restricted Stock    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Dilutive effect of unvested restricted stock (in shares) 0 0
v3.26.1
Earnings Per Share - Narrative (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2025
shares
Jan. 15, 2027
Common equity securities    
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 equity securities | Minimum | Forecast    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Preferred stock, convertible, conversion ratio   0.9456
Common equity securities | Maximum | Forecast    
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]    
Preferred stock, convertible, conversion ratio   1.1111
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  
Restricted Stock | 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  
v3.26.1
Segment Information - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reporting segments 1
Number of operating segments 1
v3.26.1
Segment Information - Summarized Information for Single Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Life insurance premiums and other fees $ 479 $ 489
Owned distribution revenues 17 16
Interest and investment income 723 666
Recognized gains and (losses), net (32) (263)
Total revenues 1,187 908
Significant expenses    
Benefits and other changes in policy reserves [1] 484 524
Personnel costs 60 67
Other operating expenses 33 41
Other segment items    
Market risk benefit losses 73 109
Depreciation and amortization 173 153
Interest expense 41 40
Total benefits and expenses 864 934
Earnings (loss) before income taxes 323 (26)
Income tax expense (benefit) 74 (5)
Net earnings (loss) 249 (21)
Reportable Segment    
Revenues:    
Life-contingent pension risk transfer premiums 324 311
Traditional life insurance and life-contingent immediate annuity premiums 9 10
Surrender charges 56 57
Policyholder fees and other income 90 111
Life insurance premiums and other fees 479 489
Owned distribution revenues 17 16
Revenues from external customers 496 505
Interest and investment income 723 666
Recognized gains and (losses), net (32) (263)
Total revenues 1,187 908
Significant expenses    
Benefits and other changes in policy reserves 484 524
Personnel costs 60 67
Other operating expenses 33 41
Total significant expenses: 577 632
Other segment items    
Market risk benefit losses 73 109
Depreciation and amortization 173 153
Interest expense 41 40
Total other segment items: 287 302
Total benefits and expenses 864 934
Earnings (loss) before income taxes 323 (26)
Income tax expense (benefit) 74 (5)
Net earnings (loss) $ 249 $ (21)
[1] The remeasurement gains for the three months ended March 31, 2026 and 2025 were $10 million and $19 million, respectively.