XML 52 R40.htm IDEA: XBRL DOCUMENT v3.24.2.u1
F&G Reinsurance (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and June 30, 2023 were as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits Incurred
(In millions)
Direct$357 $659 $510 $862 $977 $1,872 $811 $1,734 
Ceded(24)(51)(27)(45)(48)(103)(53)(105)
   Net$333 $608 $483 $817 $929 $1,769 $758 $1,629 
Schedule of Reinsurance Recoverable
The following summarizes our reinsurance recoverable (in millions) as of June 30, 2024 and December 31, 2023:
Parent Company/
Principal Reinsurers		Reinsurance Recoverable (a)Agreement TypeProducts
Covered		Accounting
June 30, 2024December 31, 2023
Aspida Life Re Ltd$6,845 $6,128 Coinsurance Funds WithheldCertain MYGA (b)Deposit
Somerset Reinsurance Ltd1,522 716 Coinsurance Funds WithheldCertain MYGA (b) and DADeposit
Everlake Life Insurance Company1,107 509 Coinsurance (c)Certain MYGA (b) (c)Deposit
Wilton Reassurance Company1,069 1,092 CoinsuranceBlock of traditional, IUL and UL (d)Reinsurance
Other (e)509 536 
Reinsurance recoverable, gross of allowance for credit losses11,052 8,981 
Allowance for expected credit loss(21)(21)
Reinsurance recoverable, net of allowance for credit losses$11,031 $8,960 
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2024 was 90% through May 31, 2024 and decreased to 30% in June, 2024. As of December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90%.
(c) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(d) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
Reinsurance Recoverable Expected Credit Loss
The expected credit loss reserves were as follows:
Three months ended June 30,Six months ended June 30,
2024202320242023
(In millions)
Balance at beginning of period$(21)$(9)$(21)$(10)
Changes in the expected credit loss reserve— — — 1 
Balance at end of period$(21)$(9)$(21)$(9)
Financial Strength Ratings Of Principal Reinsurers
Parent Company/Principal ReinsurersFinancial Strength Rating
AM BestS&PFitchMoody's
Aspida ReA- ———
SomersetA-BBB+——
EverlakeA———
Wilton ReA+—A—
“—” indicates not rated