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F&G Reinsurance (Tables)
 9 Months Ended
Sep. 30, 2024
Reinsurance Disclosures [Abstract]  
Schedule of 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 nine months ended September 30, 2024 and 2023 were as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(In millions)
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits Incurred
Direct$363 $1,127 $508 $323 $1,340 $2,999 $1,319 $2,057 
Ceded(23)(32)(26)(31)(71)(135)(79)(136)
   Net$340 $1,095 $482 $292 $1,269 $2,864 $1,240 $1,921 
Schedule of Reinsurance Recoverable
The following summarizes our reinsurance recoverable as of September 30, 2024 and December 31, 2023:
Parent Company/
Principal Reinsurers		Reinsurance Recoverable (a)Agreement TypeProducts
Covered		Accounting
September 30, 2024December 31, 2023
(In millions)
Aspida Life Re Ltd$7,543 $6,128 Coinsurance Funds WithheldCertain MYGA (b)Deposit
Somerset Reinsurance Ltd (c)2,181 716 Coinsurance Funds WithheldCertain MYGA (b) and deferred annuitiesDeposit
Coinsurance Funds WithheldCertain FIAReinsurance
Everlake Life Insurance Company1,120 509 Coinsurance (d)Certain MYGA (b) (d)Deposit
Wilton Reassurance Company1,073 1,092 CoinsuranceBlock of traditional, IUL and UL (e)Reinsurance
Other (f)508 536 
Reinsurance recoverable, gross of allowance for credit losses12,425 8,981 
Allowance for expected credit loss(21)(21)
Reinsurance recoverable, net of allowance for credit losses$12,404 $8,960 
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2024 was 90% through May 31, 2024, decreased to 30% in June and July 2024, and increased to 90% in August and September 2024. As of December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90%.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
Schedule of Reinsurance Recoverable Expected Credit Loss
The expected credit loss reserves were as follows:
Three months ended September 30,Nine months ended September 30,
2024202320242023
(In millions)
Balance at beginning of period$(21)$(9)$(21)$(10)
Changes in the expected credit loss reserve— (1)— — 
Balance at end of period$(21)$(10)$(21)$(10)
Schedule of 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