XML 97 R58.htm IDEA: XBRL DOCUMENT v3.25.0.1
F&G Reinsurance (Tables)
 12 Months Ended
Dec. 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 years ended December 31, 2024, 2023 and 2022 respectively, were as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits Incurred
(In millions)
Direct$2,346 $3,987 $2,112 $3,728 $1,522 $3,640 
Ceded(94)(196)(105)(175)(128)(2,514)
Net$2,252 $3,791 $2,007 $3,553 $1,394 $1,126 
Schedule of Reinsurance Recoverable
The following summarizes our reinsurance recoverable (in millions) as of December 31, 2024 and 2023:
Parent Company/
Principal Reinsurers		Reinsurance Recoverable (a)Agreement TypeProducts
Covered		Accounting
December 31, 2024December 31, 2023
Aspida Life Re Ltd$7,844 $6,128 Coinsurance Funds WithheldCertain MYGA (b)Deposit
Somerset (c)2,822 716 Coinsurance Funds WithheldCertain MYGA (b) and deferred annuitiesDeposit
Coinsurance Funds WithheldCertain FIAReinsurance
Everlake1,168 509 Coinsurance Certain MYGA (b) (d)Deposit
Wilton Reassurance Company1,066 1,092 Coinsurance Block of traditional, IUL, and UL (e)Reinsurance
Other (f)489 536 
Reinsurance recoverable, gross of allowance for credit losses13,389 8,981 
Allowance for expected credit loss(20)(21)
Reinsurance recoverable, net of allowance for credit losses$13,369 $8,960 
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) The combined quota share flow reinsurance amongst all reinsurers for 2024 varied between 30% and 90%. As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90%.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable
Reinsurance Recoverable, Expected Credit Loss Reserves
The expected credit loss reserves were as follows:
Years Ended
December 31, 2024December 31, 2023
(In millions)
Balance at Beginning of Period$(21)$(10)
Changes in the expected credit loss reserve1 (11)
Balance at End of Period$(20)$(21)
Schedule Of Credit Ratings Of Principal Reinsurers The following table presents financial strength ratings as of December 31, 2024:
Parent Company/Principal ReinsurersFinancial Strength Rating
AM BestS&PFitchMoody's
Aspida ReA- ———
SomersetA-BBB+——
EverlakeA———
Wilton ReA+—A-—
“—” indicates not rated