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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

			September 30, 2024
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	4,970					$	—					$	—					$	—					$	4,970
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")			—						7,779						8,184						—						15,963
Commercial mortgage-backed securities			—						5,179						—						—						5,179
Corporates			78						19,166						2,728						—						21,972
Hybrids			37						559						—						—						596
Municipals			—						1,515						—						—						1,515
Residential mortgage-backed securities			—						2,597						3						—						2,600
U.S. Government			797						6						—						—						803
Foreign Governments			—						307						5						—						312
Short term investments			1,013						8						156						—						1,177
Preferred securities			199						253						8						—						460
Equity securities			657						—						13						59						729
Derivative investments			—						1,401						—						—						1,401
Investment in unconsolidated affiliates			—						—						272						—						272
Market risk benefits asset			—						—						134						—						134
Other assets			—						—						55						—						55
Other long-term investments			—						—						38						—						38
Total financial assets at fair value			$	7,751					$	38,770					$	11,596					$	59					$	58,176
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in contractholder funds			—						—						5,411						—						5,411
Reinsurance related embedded derivative			—						34						—						—						34
Equity options			5						—						—						—						5
Contingent consideration obligation			—						—						69						—						69
Market risk benefits liability			—						—						603						—						603
Total financial liabilities at fair value			$	5					$	34					$	6,083					$	—					$	6,122

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	2,767					$	—					$	—					$	—					$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						7,220						7,122						—						14,342
Commercial mortgage-backed securities			—						4,457						18						—						4,475
Corporates			25						15,892						1,979						—						17,896
Hybrids			95						523						—						—						618
Municipals			—						1,562						49						—						1,611
Residential mortgage-backed securities			—						2,426						3						—						2,429
U.S. Government			662						16						—						—						678
Foreign Governments			—						308						16						—						324
Short term investments			2,111						8						—						—						2,119
Preferred securities			214						399						8						—						621
Equity securities			692						—						15						59						766
Derivative investments			—						740						57						—						797
Investment in unconsolidated affiliates			—						—						285						—						285
Reinsurance related embedded derivative, included in other assets			—						152						—						—						152
Market risk benefits asset			—						—						88						—						88
Other long-term investments			—						—						37						—						37
Total financial assets at fair value			$	6,566					$	33,703					$	9,677					$	59					$	50,005
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			$	—					$	—					$	4,258					$	—					$	4,258
Market risk benefits liability			—						—						403						—						403
Equity options			1						—						—												1
Total financial liabilities at fair value			$	1					$	—					$	4,661					$	—					$	4,662

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

			September 30, 2024
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	153					$	—					$	—					$	153					$	153
Commercial mortgage loans			—						—						2,342						—						2,342						2,572
Residential mortgage loans			—						—						2,830						—						2,830						3,054
Investments in unconsolidated affiliates			—						—						4						3,390						3,394						3,394
Policy loans			—						—						94						—						94						94
Other invested assets			22						—						—						47						69						69
Company-owned life insurance			—						—						426						—						426						426
Trade and notes receivables, net of allowance			—						—						443						—						443						443
Total			$	22					$	153					$	6,139					$	3,437					$	9,751					$	10,205
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	44,762					$	—					$	44,762					$	55,057
Debt			—						3,986						—						—						3,986						4,186
Total			$	—					$	3,986					$	44,762					$	—					$	48,748					$	59,243

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	138					$	—					$	—					$	138					$	138
Commercial mortgage loans			—						—						2,253						—						2,253						2,538
Residential mortgage loans			—						—						2,545						—						2,545						2,798
Investments in unconsolidated affiliates			—						—						7						2,779						2,786						2,786
Policy loans			—						—						71						—						71						71
Other invested assets			17						—						—						42						59						59
Company-owned life insurance			—						—						397						—						397						397
Trade and notes receivables, net of allowance			—						—						442						—						442						442
Total			$	17					$	138					$	5,715					$	2,821					$	8,691					$	9,229
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	40,229					$	—					$	40,229					$	44,540
Debt			—						3,568						—						—						3,568						3,887
Total			$	—					$	3,568					$	40,229					$	—					$	43,797					$	48,427

Schedule of Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of September 30, 2024 and December 31, 2023 are as follows:

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

September 30, 2024

(In millions)

September 30, 2024

Assets

Asset-backed securities

$

99

Third-Party Valuation

Discount Rate

4.82% - 6.71% (5.83%)

Corporates

4

Discounted Cash Flow

Discount Rate

29.17% - 100.00% (73.00%)

Corporates

741

Third-Party Valuation

Discount Rate

3.55% - 20.69% (6.47%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.19% - 5.19% (5.19%)

Foreign Governments

5

Third-Party Valuation

Discount Rate

6.91% - 6.91% (6.91%)

Investment in unconsolidated affiliates

272

Market Comparable Company Analysis

EBITDA Multiple

8.8x - 15.1x (11.7x)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

7

Discounted Cash Flow

Discount rate

11.20% - 11.20% (11.20%)

Market Comparable Company Analysis

EBITDA multiple

5.1x - 5.1x (5.1x)

Other assets

55

Discounted Cash Flow

Discount Rate

9.27% - 13.40% (11.34%)

Conditional Prepayment Rate

6.67% -15.71% (11.19%)

Other long-term investments:

Available-for-sale embedded derivative

34

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Market risk benefits asset

134

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.22%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.30% - 0.98% (0.82%)

GMWB Utilization

50.00% - 60.00% (50.57%)

Total financial assets at fair value (a)

$

1,355

Liabilities

Derivatives:

Indexed annuity/ IUL embedded derivatives, included in contractholder funds

$

5,411

Discounted Cash Flow

Market Value of Option

0.00% - 30.14% (4.21%)

Mortality Multiplier

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 50.00% (7.23%)

Partial Withdrawals

2.00% - 35.71% (2.72%)

Non-Performance Spread

0.30% - 0.98% (0.82%)

Option Cost

0.07% - 5.70% (2.61%)

Contingent consideration

69

Discounted Cash Flow

Risk-Adjusted Discount Rate

13.00% - 13.00% (13.00%)

EBITDA Volatility

35.00% - 35.00% (35.00%)

Counterparty Discount Rate

6.00% - 6.00% (6.00%)

Market risk benefits liability

603

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.22%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.30% - 0.98% (0.82%)

GMWB Utilization

50.00% - 60.00% (50.57%)

Total financial liabilities at fair value

$

6,083

(a) Assets of $10,241 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

			Fair Value as of						Valuation Technique						Unobservable Input(s)						Range (Weighted average)
			December 31, 2023
			(In millions)																		December 31, 2023
Assets
Asset-backed securities			$	57					Third-Party Valuation						Discount Rate						5.09% - 6.95% (6.00%)
Corporates			787						Third-Party Valuation						Discount Rate						0.00% - 12.87% (6.91%)
Corporates			8						Discounted Cash Flow						Discount Rate						44.00% - 100.00% (75.20%)
Municipals			32						Third-Party Valuation						Discount Rate						6.25% - 6.25% (6.25%)
Residential mortgage-backed securities			3						Third-Party Valuation						Discount Rate						5.46% - 5.46% (5.46%)
Foreign Governments			16						Third-Party Valuation						Discount Rate						6.94% - 7.68% (7.45%)
Investment in unconsolidated affiliates			285						Market Comparable Company Analysis						EBITDA Multiple						4.4x - 31.8x (23.2x)
Preferred securities			1						Discounted Cash Flow						Discount rate						100.00%
Equity securities			7						Discounted Cash Flow						Discount rate						11.50% - 11.50% (11.50%)
Other long-term investments:
Available-for-sale embedded derivative			28						Black Scholes Model						Market Value of Fund						100.00%
Market risk benefits asset			88						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 10.00% (5.22%)
															Partial Withdrawal Rates						0.00% -23.26% (2.50%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															GMWB Utilization						50.00% -60.00% (50.81%)
Total financial assets at fair value (a)			$	1,312
Liabilities
Derivatives
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			$	4,258					Discounted Cash Flow						Market Value of Option						0.00% - 18.93% (2.63%)
															Mortality Multiplier						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 70.00% (6.83%)
															Partial Withdrawals						2.00% - 34.48% (2.74%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															Option Cost						0.07% - 5.48% (2.38%)
Market risk benefits liability			403						Discounted Cash Flow						Mortality						100.00% - 100.00% (100.00%)
															Surrender Rates						0.25% - 10.00% (5.22%)
															Partial Withdrawal Rates						0.00% - 23.26% (2.50%)
															Non-Performance Spread						0.38% - 1.10% (0.96%)
															GMWB Utilization						50.00% - 60.00% (50.81%)
Total financial liabilities at fair value			$	4,661

(a) Assets of $8,365 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the table above.

Schedule of Changes in Fair Value of Financial Instruments - Assets

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2024 and 2023. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended September 30, 2024
			Balance at Beginning of Period												Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	8,042											$	(3)					$	77					$	515					$	(30)					$	(358)					$	(59)					$	8,184					$	77
Commercial mortgage-backed securities			15												—						—						—						—						—						(15)						—						—
Corporates			2,355												(2)						67						354						—						(43)						(3)						2,728						64
Residential mortgage-backed securities			3												—						—						—						—						—						—						3						—
Foreign Governments			5												—						—						—						—						—						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			13												—						—						—						—						—						—						13						—
Interest Rate Swaps			8												—						(1)						—						—						—						(7)						—						—
Investment in unconsolidated affiliates (b)			358												6						—						—						—						—						(92)						272						—
Short term investments			71												—						—						85						—						—						—						156						—
Other assets			50												(3)						—						8						—						—						—						55						—
Other long-term investments:
Available-for-sale embedded derivative			31												—						3						—						—						—						—						34						3
Credit linked note			6												—						—						—						—						(2)						—						4						—
Subtotal Level 3 assets at fair value			$	10,965											$	(2)					$	146					$	962					$	(30)					$	(403)					$	(176)					$	11,462					$	144
Market risk benefits asset (c)			103																																																134
Total Level 3 assets at fair value			$	11,068																																															$	11,596
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,848												308						—						390						—						(135)						—						5,411						—
Interest rate swaps			28												—						—						—						—						—						(28)						—						—
Contingent consideration			63												6						—						—						—						—						—						69						—
Subtotal Level 3 liabilities at fair value			$	4,939											$	314					$	—					$	390					$	—					$	(135)					$	(28)					$	5,480					$	—
Market risk benefits liability (c)			459																																																603
Total Level 3 liabilities at fair value			$	5,398																																															$	6,083

(a) The net transfers out of Level 3 during the three months ended September 30, 2024 were exclusively to Level 2.

(b) The transfer out of investments in unconsolidated affiliates represents F&G’s 30% ownership of PALH prior to the majority acquisition on July 18, 2024. Refer to Note N Acquisitions for details of the PALH majority acquisition.

(c) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

			Three months ended September 30, 2023
			Balance at Beginning of Period						Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,510					$	(45)					$	75					$	536					$	(27)					$	(171)					$	(121)					$	6,757					$	75
Commercial mortgage-backed securities			17						—						—						10						—						—						—						27						—
Corporates			1,628						—						(21)						162						—						(24)						(1)						1,744						(21)
Municipals			49						—						(2)						—						—						—						—						47						(2)
Residential mortgage-backed securities			28						—						(1)						—						—						(1)						(23)						3						(1)
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			197						—						—						75						—						—						—						272						—
Short term investments			126						—						—						65						(19)						(103)						—						69						—
Preferred securities			7						—						1						—						—						—						—						8						1
Equity securities			14						1						—						—						—						—						—						15						—
Other long-term investments:
Available-for-sale embedded derivative			26						—						(3)						—						—						—						—						23						(3)
Credit linked note			13						—						—						—						—						(1)						—						12						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,641					$	(44)					$	49					$	848					$	(46)					$	(300)					$	(145)					$	9,003					$	49
Market risk benefits asset (b)			118																																										118
Total Level 3 assets at fair value			$	8,759																																									$	9,121
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,821						(796)						—						576						—						(45)						—						3,556						—
Interest rate swaps			—						16						—						—						—						—						—						16
Subtotal Level 3 liabilities at fair value			$	3,821					$	(780)					$	—					$	576					$	—					$	(45)					$	—					$	3,572					$	—
Market risk benefits liability (b)			313																																										278
Total Level 3 liabilities at fair value			$	4,134																																									$	3,850

(a) The net transfers out of Level 3 during the three months ended September 30, 2023 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

			Nine months ended September 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122											$	12					$	187					$	1,981					$	(109)					$	(904)					$	(105)					$	8,184					$	184
Commercial mortgage-backed securities			18												—						—						58						—						—						(76)						—						—
Corporates			1,979												(2)						79						873						(96)						(85)						(20)						2,728						77
Municipals			49												—						1						—						(50)						—						—						—						1
Residential mortgage-backed securities			3												—						—						1						—						—						(1)						3						—
Foreign Governments			16												—						—						—						—						(11)						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												(2)						—						—						—						—						—						13						—
Interest Rate Swaps			57												(50)						—						—						—						—						(7)						—						1
Investment in unconsolidated affiliates (b)			285												79						—						—						—						—						(92)						272						—
Other assets			—												(3)						—						58						—						—						—						55						—
Short term investments			—												—						—						156						—						—						—						156						—
Other long-term investments:
Available-for-sale embedded derivative			27												—						7						—						—						—						—						34						7
Credit linked note			10												1						—						—						—						(7)						—						4						—
Subtotal Level 3 assets at fair value			$	9,589											$	35					$	274					$	3,127					$	(255)					$	(1,007)					$	(301)					$	11,462					$	270
Market risk benefits asset (c)			88																																																134
Total Level 3 assets at fair value			$	9,677																																															$	11,596
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			$	4,258											$	452					$	—					$	1,011					$	—					$	(310)					$	—					$	5,411					$	—
Interest rate swaps			—												28						—						—						—						—						(28)						—						—
Contingent consideration (d)			—												21						—						48						—						—						—						69						—
Subtotal Level 3 liabilities at fair value			$	4,258											$	501					$	—					$	1,059					$	—					$	(310)					$	(28)					$	5,480					$	—
Market risk benefits liability (c)			403																																																603
Total Level 3 liabilities at fair value			$	4,661																																															$	6,083

(a) The net transfers out of Level 3 during the three months ended September 30, 2024 were exclusively to Level 2.

(b) The transfer out of investments in unconsolidated affiliates represents F&G’s 30% ownership of PALH prior to the majority acquisition on July 18, 2024. Refer to Note N Acquisitions for details of the PALH majority acquisition.

(c) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(d) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N Acquisition for more     information.

			Nine months ended September 30, 2023
			Balance at Beginning of Period						Total (Losses) Gain												Purchases						Sales						Settlements						Net Transfer (Out) In of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,263					$	(56)					$	108					$	1,331					$	(125)					$	(557)					$	(207)					$	6,757					$	107
Commercial mortgage-backed securities			37						—						1						22						—						—						(33)						27						1
Corporates			1,440						(1)						(77)						423						(1)						(43)						3						1,744						(77)
Municipals			29						—						18						—						—						—						—						47						18
Residential mortgage-backed securities			302						1						7						32						—						(9)						(330)						3						7
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23						—						—						249						—						—						—						272						—
Short term investments			—						—						—						191						(19)						(103)						—						69						—
Preferred securities			1						—						1						—						—						—						6						8						1
Equity securities			10						1						—						—						—						—						4						15						—
Other long-term investments:
Available-for-sale embedded derivative			23						—						—						—						—						—						—						23						—
Credit linked note			15						—						—						—						—						(3)						—						12						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,169					$	(55)					$	58					$	2,248					$	(145)					$	(715)					$	(557)					$	9,003					$	57
Market risk benefits asset (b)			117																																										118
Total Level 3 assets at fair value			$	8,286																																									$	9,121
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,115						(214)						—						765						—						(110)						—						3,556						—
Interest rate swaps			—						16						—						—						—						—						—						16						—
Subtotal Level 3 liabilities at fair value			$	3,115					$	(198)					$	—					$	765					$	—					$	(110)					$	—					$	3,572					$	—
Market risk benefits liability (b)			282																																										278
Total Level 3 liabilities at fair value			$	3,397																																									$	3,850

(a) The net transfers out of Level 3 during the nine months ended September 30, 2023 were exclusively to Level 2

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

Schedule of Changes in Fair Value of Financial Instruments - Liabilities

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2024 and 2023. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended September 30, 2024
			Balance at Beginning of Period												Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	8,042											$	(3)					$	77					$	515					$	(30)					$	(358)					$	(59)					$	8,184					$	77
Commercial mortgage-backed securities			15												—						—						—						—						—						(15)						—						—
Corporates			2,355												(2)						67						354						—						(43)						(3)						2,728						64
Residential mortgage-backed securities			3												—						—						—						—						—						—						3						—
Foreign Governments			5												—						—						—						—						—						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			13												—						—						—						—						—						—						13						—
Interest Rate Swaps			8												—						(1)						—						—						—						(7)						—						—
Investment in unconsolidated affiliates (b)			358												6						—						—						—						—						(92)						272						—
Short term investments			71												—						—						85						—						—						—						156						—
Other assets			50												(3)						—						8						—						—						—						55						—
Other long-term investments:
Available-for-sale embedded derivative			31												—						3						—						—						—						—						34						3
Credit linked note			6												—						—						—						—						(2)						—						4						—
Subtotal Level 3 assets at fair value			$	10,965											$	(2)					$	146					$	962					$	(30)					$	(403)					$	(176)					$	11,462					$	144
Market risk benefits asset (c)			103																																																134
Total Level 3 assets at fair value			$	11,068																																															$	11,596
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,848												308						—						390						—						(135)						—						5,411						—
Interest rate swaps			28												—						—						—						—						—						(28)						—						—
Contingent consideration			63												6						—						—						—						—						—						69						—
Subtotal Level 3 liabilities at fair value			$	4,939											$	314					$	—					$	390					$	—					$	(135)					$	(28)					$	5,480					$	—
Market risk benefits liability (c)			459																																																603
Total Level 3 liabilities at fair value			$	5,398																																															$	6,083

(a) The net transfers out of Level 3 during the three months ended September 30, 2024 were exclusively to Level 2.

(b) The transfer out of investments in unconsolidated affiliates represents F&G’s 30% ownership of PALH prior to the majority acquisition on July 18, 2024. Refer to Note N Acquisitions for details of the PALH majority acquisition.

(c) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

			Three months ended September 30, 2023
			Balance at Beginning of Period						Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,510					$	(45)					$	75					$	536					$	(27)					$	(171)					$	(121)					$	6,757					$	75
Commercial mortgage-backed securities			17						—						—						10						—						—						—						27						—
Corporates			1,628						—						(21)						162						—						(24)						(1)						1,744						(21)
Municipals			49						—						(2)						—						—						—						—						47						(2)
Residential mortgage-backed securities			28						—						(1)						—						—						(1)						(23)						3						(1)
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			197						—						—						75						—						—						—						272						—
Short term investments			126						—						—						65						(19)						(103)						—						69						—
Preferred securities			7						—						1						—						—						—						—						8						1
Equity securities			14						1						—						—						—						—						—						15						—
Other long-term investments:
Available-for-sale embedded derivative			26						—						(3)						—						—						—						—						23						(3)
Credit linked note			13						—						—						—						—						(1)						—						12						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,641					$	(44)					$	49					$	848					$	(46)					$	(300)					$	(145)					$	9,003					$	49
Market risk benefits asset (b)			118																																										118
Total Level 3 assets at fair value			$	8,759																																									$	9,121
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,821						(796)						—						576						—						(45)						—						3,556						—
Interest rate swaps			—						16						—						—						—						—						—						16
Subtotal Level 3 liabilities at fair value			$	3,821					$	(780)					$	—					$	576					$	—					$	(45)					$	—					$	3,572					$	—
Market risk benefits liability (b)			313																																										278
Total Level 3 liabilities at fair value			$	4,134																																									$	3,850

(a) The net transfers out of Level 3 during the three months ended September 30, 2023 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

			Nine months ended September 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122											$	12					$	187					$	1,981					$	(109)					$	(904)					$	(105)					$	8,184					$	184
Commercial mortgage-backed securities			18												—						—						58						—						—						(76)						—						—
Corporates			1,979												(2)						79						873						(96)						(85)						(20)						2,728						77
Municipals			49												—						1						—						(50)						—						—						—						1
Residential mortgage-backed securities			3												—						—						1						—						—						(1)						3						—
Foreign Governments			16												—						—						—						—						(11)						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												(2)						—						—						—						—						—						13						—
Interest Rate Swaps			57												(50)						—						—						—						—						(7)						—						1
Investment in unconsolidated affiliates (b)			285												79						—						—						—						—						(92)						272						—
Other assets			—												(3)						—						58						—						—						—						55						—
Short term investments			—												—						—						156						—						—						—						156						—
Other long-term investments:
Available-for-sale embedded derivative			27												—						7						—						—						—						—						34						7
Credit linked note			10												1						—						—						—						(7)						—						4						—
Subtotal Level 3 assets at fair value			$	9,589											$	35					$	274					$	3,127					$	(255)					$	(1,007)					$	(301)					$	11,462					$	270
Market risk benefits asset (c)			88																																																134
Total Level 3 assets at fair value			$	9,677																																															$	11,596
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			$	4,258											$	452					$	—					$	1,011					$	—					$	(310)					$	—					$	5,411					$	—
Interest rate swaps			—												28						—						—						—						—						(28)						—						—
Contingent consideration (d)			—												21						—						48						—						—						—						69						—
Subtotal Level 3 liabilities at fair value			$	4,258											$	501					$	—					$	1,059					$	—					$	(310)					$	(28)					$	5,480					$	—
Market risk benefits liability (c)			403																																																603
Total Level 3 liabilities at fair value			$	4,661																																															$	6,083

(a) The net transfers out of Level 3 during the three months ended September 30, 2024 were exclusively to Level 2.

(b) The transfer out of investments in unconsolidated affiliates represents F&G’s 30% ownership of PALH prior to the majority acquisition on July 18, 2024. Refer to Note N Acquisitions for details of the PALH majority acquisition.

(c) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(d) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N Acquisition for more     information.

			Nine months ended September 30, 2023
			Balance at Beginning of Period						Total (Losses) Gain												Purchases						Sales						Settlements						Net Transfer (Out) In of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,263					$	(56)					$	108					$	1,331					$	(125)					$	(557)					$	(207)					$	6,757					$	107
Commercial mortgage-backed securities			37						—						1						22						—						—						(33)						27						1
Corporates			1,440						(1)						(77)						423						(1)						(43)						3						1,744						(77)
Municipals			29						—						18						—						—						—						—						47						18
Residential mortgage-backed securities			302						1						7						32						—						(9)						(330)						3						7
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23						—						—						249						—						—						—						272						—
Short term investments			—						—						—						191						(19)						(103)						—						69						—
Preferred securities			1						—						1						—						—						—						6						8						1
Equity securities			10						1						—						—						—						—						4						15						—
Other long-term investments:
Available-for-sale embedded derivative			23						—						—						—						—						—						—						23						—
Credit linked note			15						—						—						—						—						(3)						—						12						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,169					$	(55)					$	58					$	2,248					$	(145)					$	(715)					$	(557)					$	9,003					$	57
Market risk benefits asset (b)			117																																										118
Total Level 3 assets at fair value			$	8,286																																									$	9,121
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,115						(214)						—						765						—						(110)						—						3,556						—
Interest rate swaps			—						16						—						—						—						—						—						16						—
Subtotal Level 3 liabilities at fair value			$	3,115					$	(198)					$	—					$	765					$	—					$	(110)					$	—					$	3,572					$	—
Market risk benefits liability (b)			282																																										278
Total Level 3 liabilities at fair value			$	3,397																																									$	3,850

(a) The net transfers out of Level 3 during the nine months ended September 30, 2023 were exclusively to Level 2

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

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