
	June 30, 2025				December 31, 2024
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	420	$	1	$	314	$	1

Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	322	$	1	$	209	$	1
Issuances and benefit payments	59		—		109		—
Attributed fees collected and interest accrual	75		—		147		—
Actual policyholder behavior different from expected	35		—		(5)		—
Changes in assumptions and other	—		—		24		—


Effects of market related movements	12		—		(162)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	503		1		322		1
Effect of changes in the instrument-specific credit risk	105		—		98		—
Balance, end of period, net liability	608		1		420		1
Less: reinsured market risk benefits	111		—		61		—
Balance, end of period, net of reinsurance	$	497	$	1	$	359	$	1

Weighted-average attained age of policyholders weighted by total AV (years)	67.92		83.88		67.98		72.58
Net amount at risk	$	1,608	$	2	$	1,327	$	2


	June 30, 2025						December 31, 2024
	Direct		Reinsured		Total		Direct		Reinsured		Total
	(In millions)
MRB asset
Indexed annuities	$	101	$	112	$	213	$	128	$	61	$	189
Fixed rate annuities	—		—		—		—		—		—
Total MRB asset	$	101	$	112	$	213	$	128	$	61	$	189

MRB liability
Indexed annuities	$	709	$	1	$	710	$	548	$	—	$	548
Fixed rate annuities	1		—		1		1		—		1
Total MRB liability	$	710	$	1	$	711	$	549	$	—	$	549

For the six months ended June 30, 2025, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and decreases in the equity market related projections resulted in an increase in the net amount at risk associated with indexed annuities, leading to an unfavorable change in the value of the associated MRBs.

The net MRB liability increased for the year ended December 31, 2024, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

For the year ended December 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and an increase in the rider benefit utilization assumption, leading to an unfavorable change in the value of the associated MRBs.

In addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the year ended December 31, 2024, we updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2024.


	June 30, 2025
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	30,235		$	17,442		$	2,817		$	2,463	$	2,852
Issuances	3,221			2,471			111			350		1,236
Premiums received	1,366			—			287			—		—
Policy charges (a)	(1,455)			—			(183)			—		—
Surrenders and withdrawals	(1,824)			(878)			(61)			—		—
Benefit payments	(274)			(175)			(11)			(41)		(1,691)

Interest credited	351			410			84			50		52
Other	2			—			—			—		—
Balance, end of period	31,622			19,270			3,044			2,822		2,449
Reconciling items (c)	220			1			84			13		—
Gross liability, end of period	31,842			19,271			3,128			2,835		2,449
Less: Reinsurance	1,674			12,611			874			—		—
Net liability, after reinsurance	$	30,168		$	6,660		$	2,254		$	2,835	$	2,449

Weighted-average crediting rate	2.30		%	4.57		%	5.94		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	72,599		N/A		N/A
Cash surrender value (e)	$	29,436		$	18,008		$	2,344		N/A		N/A

(b) FABN and FHLB are considered funding agreements that are investment contracts, which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.


	December 31, 2024
	Indexed annuities			Fixed rate annuities			Universal life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	6,649			5,125			208			600		1,804
Premiums received	120			1			495			—		—
Policy charges (a)	(195)			—			(315)			—		—
Surrenders and withdrawals	(3,832)			(1,479)			(101)			—		—
Benefit payments	(495)			(315)			(18)			(820)		(1,606)

Interest credited	821			667			157			71		117
Other	3			—			—			(1)		(2)
Balance, end of period	30,235			17,442			2,817			2,463		2,852
Embedded derivative adjustment (c)	219			—			79			—		—
Gross liability, end of period	30,454			17,442			2,896			2,463		2,852
Less: Reinsurance	861			11,009			877			—		—
Net liability, after reinsurance	$	29,593		$	6,433		$	2,019		$	2,463	$	2,852

Weighted-average crediting rate	2.90		%	4.42		%	6.20		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	74,279		N/A		N/A
Cash surrender value (e)	$	27,865		$	16,266		$	2,177		N/A		N/A


	June 30, 2025		December 31, 2024
	(In millions)
Indexed annuities	$	31,842	$	30,454
Fixed rate annuities	19,271		17,442
Immediate annuities	277		286
Universal life	3,128		2,896
Traditional life	5		5
Funding Agreement-FABN	2,835		2,463
FHLB	2,449		2,852
PRT	6		6
Total	$	59,813	$	56,404

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the six months ended June 30, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in a decrease in Contractholder funds of approximately $26 million for the six months ended June 30, 2025.

For the year ended December 31, 2024, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in a decrease in Contractholder funds of approximately $89 million for the year ended December 31, 2024.

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:


	June 30, 2025
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	24,195	$	1,140	$	477	$	1,904	$	27,716
1.51%-2.50%	1,151		31		958		1,486		3,626
Greater than 2.50%	277		2		—		1		280
Total	$	25,623	$	1,173	$	1,435	$	3,391	$	31,622

Fixed rate annuities
0.00%-1.50%	$	72	$	18	$	723	$	15,833	$	16,646
1.51%-2.50%	4		6		18		464		492
Greater than 2.50%	764		2		5		1,361		2,132
Total	$	840	$	26	$	746	$	17,658	$	19,270

Universal life
0.00%-1.50%	$	2,650	$	8	$	—	$	26	$	2,684
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		—		1		—		360
Total	$	3,009	$	8	$	1	$	26	$	3,044


	December 31, 2024
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Indexed annuities	(In millions)
0.00%-1.50%	$	23,540	$	1,236	$	492	$	1,846	$	27,114
1.51%-2.50%	875		1		684		1,242		2,802
Greater than 2.50%	303		2		—		14		319
Total	$	24,718	$	1,239	$	1,176	$	3,102	$	30,235

Fixed rate annuities
0.00%-1.50%	$	57	$	20	$	773	$	14,407	$	15,257
1.51%-2.50%	4		7		20		462		493
Greater than 2.50%	804		2		5		881		1,692
Total	$	865	$	29	$	798	$	15,750	$	17,442

Universal life
0.00%-1.50%	$	2,421	$	7	$	—	$	24	$	2,452
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	364		—		1		—		365
Total	$	2,785	$	7	$	1	$	24	$	2,817