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F&G Insurance Subsidiary Financial Information and Regulatory Matters (Tables)
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Statutory Accounting Practices
Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries as of June 30, 2024 and December 31, 2023, 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 June 30, 2024$77 $4 $13 $(265)
For the three months ended June 30, 2023(37)4 14 — 
For the six months ended June 30, 202477 6 28 (399)
For the six months ended June 30, 2023(40)5 28 — 
Statutory capital and surplus:
June 30, 2024$1,777 $93 $143 $88 
December 31, 20232,009 86 140 171 
(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together. Corbeau Re was incorporated on September 1, 2023.

Non-U.S. Companies

Our non-U.S. insurance subsidiaries, F&G Cayman Re and F&G Life Re, file financial statements with their respective regulators. As of and for the annual period ended December 31, 2023, F&G Cayman Re began to file financial statements that are prepared in accordance with SAP prescribed or permitted by such authorities, 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 the Cayman Islands Monetary Authority (“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 $63 million and $102 million as of June 30, 2024 and December 31, 2023, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would fall below the minimum regulatory requirements as of June 30, 2024 and December 31, 2023.

F&G Life Re files financial statements based on GAAP.

Net income and capital and surplus of our wholly owned Cayman Islands and Bermuda regulated insurance subsidiaries under SAP and GAAP, respectively, were as follows (in millions):
Subsidiary (country of domicile)
F&G Cayman Re (Cayman Islands)F&G Life Re (Bermuda)
Statutory net income (loss):
For the three months ended June 30, 2024$1 $30 
For the three months ended June 30, 20233 5 
For the six months ended June 30, 2024$(16)$79 
For the six months ended June 30, 20237 74 
Statutory capital and surplus:
June 30, 2024$631 $92 
December 31, 202354311