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F&G Reinsurance (Tables) | 12 Months Ended
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Dec. 31, 2023
Reinsurance Disclosures [Abstract] |
Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes | The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2023, 2022, and 2021 respectively, were as follows (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| Net Premiums Earned |  | Net Benefits Incurred |  | Net Premiums Earned |  | Net Benefits Incurred |  | Net Premiums Earned |  | Net Benefits Incurred
Direct | $ | 2,112 |  |  | $ | 3,728 |  |  | $ | 1,522 |  |  | $ | 3,640 |  |  | $ | 1,314 |  |  | $ | 3,070 |
Ceded | (105) |  |  | (175) |  |  | (128) |  |  | (2,514) |  |  | (137) |  |  | (1,138) |
Net | $ | 2,007 |  |  | $ | 3,553 |  |  | $ | 1,394 |  |  | $ | 1,126 |  |  | $ | 1,177 |  |  | $ | 1,932 |
Schedule of Reinsurance Recoverable | The following summarizes our reinsurance recoverable (in millions):
Parent Company/ Principal Reinsurers |  | Reinsurance Recoverable (a) |  | Agreement Type |  | Products Covered |  | Accounting
|  | December 31, 2023 |  | December 31, 2022 |  |  |  |  |  |
Aspida Life Re Ltd |  | $ | 6,128 |  |  | $ | 3,121 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) |  | Deposit
Wilton Reassurance Company |  | 1,092 |  |  | 1,231 |  |  | Coinsurance |  | Block of traditional, IUL and UL (c) |  | Reinsurance
Somerset Reinsurance Ltd |  | 716 |  |  | 570 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) and DA |  | Deposit
Everlake Life Insurance Company |  | 509 |  |  | — |  |  | Coinsurance (d) |  | Certain MYGA (b) (d) |  | Deposit
Other (e) |  | 536 |  |  | 505 |  |  |  |  |  |  |
Reinsurance recoverable, gross of allowance for credit losses |  | 8,981 |  |  | 5,427 |  |  |  |  |  |  |
Allowance for expected credit loss |  | (21) |  |  | (10) |  |  |  |  |  |  |
Reinsurance recoverable, net of allowance for credit losses |  | $ | 8,960 |  |  | $ | 5,417 |  |  |  |  |  |  |
(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) As of the years ended December 31, 2023 and 2022, the combined quota share flow reinsurance amongst all reinsurers was 90% and 75%, respectively.
(c) 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.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
Reinsurance Recoverable, Expected Credit Loss Reserves | The expected credit loss reserves were as follows (in millions):
| Years ended
| December 31, 2023 |  | December 31, 2022 |  |
Balance at Beginning of Period | $ | (10) |  |  | $ | (20) |  |  |
Provision for losses | (11) |  |  | 10 |  |  |
Charge offs | — |  |  | — |  |  |
Balance at End of Period | $ | (21) |  |  | $ | (10) |  |  |
Schedule Of Credit Ratings Of Principal Reinsurers | The following table presents financial strength ratings as of December 31, 2023:
Parent Company/Principal Reinsurers |  | Financial Strength Rating
|  | AM Best |  | S&P |  | Fitch |  | Moody's
Aspida Life Re Ltd |  | A- |  | not rated |  | not rated |  | not rated
Wilton Re |  | A+ |  | not rated |  | A |  | not rated
Somerset Reinsurance Ltd |  | A- |  | BBB+ |  | not rated |  | not rated
Everlake |  | A+ |  | not rated |  | not rated |  | not rated

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