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F&G Reinsurance (Tables)
 3 Months Ended
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, 2024March 31, 2023
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet 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 TypeProducts
Covered		Accounting
March 31, 2024December 31, 2023
Aspida Life Re Ltd$6,489 $6,128 Coinsurance Funds WithheldCertain MYGA (b)Deposit
Somerset Reinsurance Ltd1,250 716 Coinsurance Funds WithheldCertain MYGA (b) and DADeposit
Wilton Reassurance Company1,085 1,092 CoinsuranceBlock of traditional, IUL and UL (c)Reinsurance
Everlake Life Insurance Company791 509 Coinsurance (d)Certain MYGA (b) (d)Deposit
Other (e)518 536 
Reinsurance recoverable, gross of allowance for credit losses10,133 8,981 
Allowance for expected credit loss(21)(21)
Reinsurance recoverable, net of allowance for credit losses$10,112 $8,960 
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) As of March 31, 2024 and December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90% .
(c) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
Reinsurance Recoverable Expected Credit Loss
The expected credit loss reserves were as follows:
Three months ended
March 31, 2024March 31, 2023
(In millions)
Balance at beginning of period$(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 ReinsurersFinancial Strength Rating
AM BestS&PFitchMoody's
Aspida ReA- ———
SomersetA-BBB+——
Wilton ReA+—A—
EverlakeA+———
“-” indicates not rated