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F&G Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024 and March 31, 2023 were as follows:
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| Net Premiums Earned |  | Net Benefits Incurred |  | Net Premiums Earned |  | Net Benefits Incurred |  |  |  |  |  |  |  |
| (In millions)
Direct | $ | 620 |  |  | $ | 1,213 |  |  | $ | 301 |  |  | $ | 872 |  |  |  |  |  |  |  |  |
Ceded | (24) |  |  | (52) |  |  | (26) |  |  | (60) |  |  |  |  |  |  |  |  |
Net | $ | 596 |  |  | $ | 1,161 |  |  | $ | 275 |  |  | $ | 812 |  |  |  |  |  |  |  |  |
Schedule of Reinsurance Recoverable | The following summarizes our reinsurance recoverable (in millions) as of March 31, 2024 and December 31, 2023:
Parent Company/ Principal Reinsurers |  | Reinsurance Recoverable (a) |  | Agreement Type |  | Products Covered |  | Accounting
|  | March 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
Aspida Life Re Ltd |  | $ | 6,489 |  |  | $ | 6,128 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) |  | Deposit
Somerset Reinsurance Ltd |  | 1,250 |  |  | 716 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) and DA |  | Deposit
Wilton Reassurance Company |  | 1,085 |  |  | 1,092 |  |  | Coinsurance |  | Block of traditional, IUL and UL (c) |  | Reinsurance
Everlake Life Insurance Company |  | 791 |  |  | 509 |  |  | Coinsurance (d) |  | Certain MYGA (b) (d) |  | Deposit
Other (e) |  | 518 |  |  | 536 |  |  |  |  |  |  |
Reinsurance recoverable, gross of allowance for credit losses |  | 10,133 |  |  | 8,981 |  |  |  |  |  |  |
Allowance for expected credit loss |  | (21) |  |  | (21) |  |  |  |  |  |  |
Reinsurance recoverable, net of allowance for credit losses |  | $ | 10,112 |  |  | $ | 8,960 |  |  |  |  |  |  |
(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 March 31, 2024 and December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90% .
(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 | The expected credit loss reserves were as follows:
| Three months ended |  |
| March 31, 2024 |  | March 31, 2023 |  |  |  |
| (In millions)
Balance at beginning of period | $ | (21) |  |  | $ | (10) |  |  |  |  |
Changes in the expected credit loss reserve | — |  |  | 1 |  |  |  |  |
Balance at end of period | $ | (21) |  |  | $ | (9) |  |  |  |  |
Financial Strength Ratings Of Principal Reinsurers | The following table presents financial strength ratings as of March 31, 2024:
Parent Company/Principal Reinsurers | Financial Strength Rating
| AM Best |  | S&P |  | Fitch |  | Moody's
Aspida Re | A- |  | — |  | — |  | —
Somerset | A- |  | BBB+ |  | — |  | —
Wilton Re | A+ |  | — |  | A |  | —
Everlake | A+ |  | — |  | — |  | —
“-” indicates not rated

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