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F&G Reinsurance (Tables) | 3 Months Ended
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Mar. 31, 2025
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 months ended March 31, 2025 and 2024 were as follows:
| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In millions)
| Net Premiums Earned |  | Net Benefits Incurred |  | Net Premiums Earned |  | Net Benefits Incurred |  |  |  |  |  |  |  |
Direct | $ | 343 |  |  | $ | 577 |  |  | $ | 620 |  |  | $ | 1,213 |  |  |  |  |  |  |  |  |
Ceded | (22) |  |  | (53) |  |  | (24) |  |  | (52) |  |  |  |  |  |  |  |  |
Net | $ | 321 |  |  | $ | 524 |  |  | $ | 596 |  |  | $ | 1,161 |  |  |  |  |  |  |  |  |
Schedule of Reinsurance Recoverable | The following summarizes our reinsurance recoverable as of March 31, 2025 and December 31, 2024:
Parent Company/ Principal Reinsurers |  | Reinsurance Recoverable (a) |  | Agreement Type |  | Products Covered |  | Accounting
|  | March 31, 2025 |  | December 31, 2024 |  |  |  |  |  |
|  | (In millions) |  |  |  |  |  |
Aspida Life Re Ltd. |  | $ | 8,060 |  |  | $ | 7,844 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) |  | Deposit
Somerset Reinsurance Ltd. (c) |  | 3,316 |  |  | 2,822 |  |  | Coinsurance Funds Withheld |  | Certain MYGA (b) and deferred annuities |  | Deposit
|  |  |  |  |  | Coinsurance Funds Withheld |  | Certain FIA |  | Reinsurance
Everlake |  | 1,830 |  |  | 1,168 |  |  | Coinsurance |  | Certain MYGA (b) (d) |  | Deposit
Wilton Reassurance Company |  | 1,067 |  |  | 1,066 |  |  | Coinsurance |  | Block of traditional, IUL and UL (e) |  | Reinsurance
Other (f) |  | 493 |  |  | 489 |  |  |  |  |  |  |
Reinsurance recoverable, gross of allowance |  | 14,766 |  |  | 13,389 |  |  |  |  |  |  |
Allowance for expected credit losses |  | (20) |  |  | (20) |  |  |  |  |  |  |
Reinsurance recoverable, net of allowance for expected credit losses |  | $ | 14,746 |  |  | $ | 13,369 |  |  |  |  |  |  |
(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 2025 was 90% for the majority of the first quarter of 2025. As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90%. Refer to Everlake amendment in first quarter of 2025 above.
(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 Financial Strength Ratings of Principal Reinsurers |
Parent Company/Principal Reinsurers | Financial Strength Rating
| AM Best |  | S&P |  | Fitch |  | Moody's
Aspida Re | A- |  | — |  | — |  | —
Somerset | A- |  | BBB+ |  | — |  | —
Everlake | A |  | — |  | — |  | —
Wilton Re | A+ |  | — |  | A- |  | —
“—” indicates not rated

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