XML 42 R30.htm IDEA: XBRL DOCUMENT v3.25.3

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	3,494					$	—					$	—					$	—					$	3,494
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")			—						8,796						9,469						—						18,265
Commercial mortgage-backed securities			—						5,346						43						—						5,389
Corporates			41						20,277						3,318						—						23,636
Hybrids			37						530						15						—						582
Municipals			—						1,410						3						—						1,413
Residential mortgage-backed securities			—						2,968						3						—						2,971
U.S. Government			887						15						—						—						902
Foreign Governments			106						213						25						—						344
Preferred securities			182						259						8						—						449
Equity securities			390						—						17						34						441
Derivative investments			1						1,227						—						—						1,228
Investment in unconsolidated affiliates			—						—						270						—						270
Other long-term investments			—						—						39						—						39
Short term investments			1,377						279						7						—						1,663
Loan receivable, included in Prepaid expenses and other assets			—						—						18						—						18
Market risk benefits asset			—						—						242						—						242
Mortgage servicing rights ("MSRs")			—						—						125						—						125
Total financial assets at fair value			$	6,515					$	41,320					$	13,602					$	34					$	61,471
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds			$	—					$	—					$	6,083					$	—					$	6,083
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities			—						1						6						—						7
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities			—						44						—						—						44
Contingent consideration, included in Accounts payable and accrued liabilities			—						—						72						—						72
Market risk benefits liability			—						—						830						—						830
Total financial liabilities at fair value			$	—					$	45					$	6,991					$	—					$	7,036

			December 31, 2024
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	3,479					$	—					$	—					$	—					$	3,479
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						7,513						8,143						—						15,656
Commercial mortgage-backed securities			—						5,182						—						—						5,182
Corporates			41						18,698						2,957						—						21,696
Hybrids			35						546						—						—						581
Municipals			—						1,386						—						—						1,386
Residential mortgage-backed securities			—						2,793						3						—						2,796
U.S. Government			631						6						—						—						637
Foreign Governments			—						280						4						—						284
Preferred securities			189						246						8						—						443
Equity securities			575						—						10						57						642
Derivative investments			—						791						3						—						794
Investment in unconsolidated affiliates			—						—						272						—						272
Other long-term investments			—						—						32						—						32
Short term investments			2,995						18						37						—						3,050
Loan receivable, included in Prepaid expenses and other assets			—						—						11						—						11
Market risk benefits asset			—						—						189						—						189
MSRs			—						—						65						—						65
Total financial assets at fair value			$	7,945					$	37,459					$	11,734					$	57					$	57,195
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds			$	—					$	—					$	5,220					$	—					$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities			—						10						—						—						10
Equity options			1						—						—						—						1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities			—						(109)						—						—						(109)
Contingent consideration, included in Accounts payable and accrued liabilities			—						—						74						—						74
Market risk benefits liability			—						—						549						—						549
Total financial liabilities at fair value			$	1					$	(99)					$	5,843					$	—					$	5,745

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, 2025
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	145					$	—					$	—					$	145					$	145
Commercial mortgage loans			—						—						3,068						—						3,068						3,284
Residential mortgage loans			—						—						3,896						—						3,896						4,107
Investments in unconsolidated affiliates			—						—						2						4,460						4,462						4,462
Policy loans			—						—						136						—						136						136
Other invested assets			39						—						—						52						91						91
Company-owned life insurance			—						—						875						—						875						875
Trade and notes receivables, net of allowance			—						—						475						—						475						475
Total			$	39					$	145					$	8,452					$	4,512					$	13,148					$	13,575
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	50,316					$	—					$	50,316					$	55,715
Debt			—						4,244						—						—						4,244						4,398
Total			$	—					$	4,244					$	50,316					$	—					$	54,560					$	60,113

			December 31, 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			—						—						2,404						—						2,404						2,705
Residential mortgage loans			—						—						2,916						—						2,916						3,221
Investments in unconsolidated affiliates			—						—						5						3,288						3,293						3,293
Policy loans			—						—						104						—						104						104
Other invested assets			42						—						—						48						90						90
Company-owned life insurance			—						—						431						—						431						431
Trade and notes receivables, net of allowance			—						—						471						—						471						471
Total			$	42					$	153					$	6,331					$	3,336					$	9,862					$	10,468
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	46,339					$	—					$	46,339					$	51,184
Debt			—						3,781						—						—						3,781						4,321
Total			$	—					$	3,781					$	46,339					$	—					$	50,120					$	55,505

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, 2025 and December 31, 2024, excluding assets and liabilities 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 as follows:

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

September 30, 2025

(In millions)

September 30, 2025

Assets

Asset-backed securities

$

116

Third-Party Valuation

Discount Rate

4.50% - 7.15% (6.04%)

Corporates

9

Discounted Cash Flow

Discount Rate

13.33% - 100.00% (97.22%)

Corporates

742

Third-Party Valuation

Discount Rate

3.44% - 22.03% (5.98%)

Municipals

3

Third-Party Valuation

Discount Rate

5.06% - 5.06% (5.06%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.49% - 5.49% (5.49%)

Foreign Governments

5

Third-Party Valuation

Discount Rate

7.04% - 7.04% (7.04%)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

12

Discounted Cash Flow

Discount rate

8.20% - 13.00% (11.20%)

Market Comparable Company Analysis

EBITDA multiple

4.7x - 6.8x (5.5x)

Investment in unconsolidated affiliates

270

Market Comparable Company Analysis

EBITDA Multiple

7.3x - 15.2x (11.1x)

Other long-term investments:

Available-for-sale embedded derivative

39

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Prepaid expenses and other assets:

Loan receivable

18

Discounted Cash Flow

Risk-Adjusted Discount Rate

6.96% - 6.96% (6.96%)

Collateral Volatility

35.00% - 35.00% (35.00%)

MSRs

125

Discounted Cash Flow

Discount Rate

6.65% - 11.91% (8.81%)

Conditional Prepayment Rate

5.91% -13.95% (7.94%)

Market risk benefits asset

242

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.41%)

Partial Withdrawal Rates

2.00% - 25.64% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (62.68%)

Total financial assets at fair value (a)

$

1,585

Liabilities

Derivatives:

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds

$

6,083

Discounted Cash Flow

Market Value of Option

0.00% - 50.92% (3.85%)

Mortality Multiplier

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 50.00% (6.93%)

Partial Withdrawals

2.00% - 37.04% (2.70%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

Option Cost

0.50% - 6.09% (2.75%)

Contingent consideration, included in Accounts payable and accrued liabilities

72

Discounted Cash Flow

Risk-Adjusted Discount Rate

12.00% - 12.00% (12.00%)

EBITDA Volatility

35.00% - 35.00% (35.00%)

Counterparty Discount Rate

6.00% - 6.00% (6.00%)

Market risk benefits liability

830

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.41%)

Partial Withdrawal Rates

2.00% - 25.64% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (62.68%)

Total financial liabilities at fair value

$

6,985

(a) Assets of $12,017 million and liabilities of $6 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, 2024

(In millions)

December 31, 2024

Assets

Asset-backed securities

$

95

Third-Party Valuation

Discount Rate

4.83% - 7.15% (6.33%)

Corporates

750

Third-Party Valuation

Discount Rate

2.00% - 22.53% (6.76%)

Corporates

7

Discounted Cash Flow

Discount Rate

13.33% - 100.00% (96.45%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.89% - 5.89% (5.89%)

Foreign Governments

4

Third-Party Valuation

Discount Rate

12.14% - 12.14% (12.14%)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

4

Discounted Cash Flow

Discount rate

4.80% - 14.10% (9.40%)

Market Comparable Company Analysis

EBITDA multiple

5.8x - 7.5x (7.0x)

Investment in unconsolidated affiliates

272

Market Comparable Company Analysis

EBITDA Multiple

8.7x - 23.6x (14.6x)

MSRs

65

Discounted Cash Flow

Discount Rate

10.60% - 12.00% (11.30%)

Conditional Prepayment Rate

6.24% - 11.99% (9.12%)

Other long-term investments:

Available-for-sale embedded derivative

32

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Prepaid expenses and other assets:

Loan receivable

11

Discounted Cash Flow

Risk-Adjusted Discount Rate

7.22% - 7.22% (7.22%)

Collateral Volatility

35.00% - 35.00% (35.00%)

Market risk benefits asset

189

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.05%)

Partial Withdrawal Rates

2.00% -24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% -75.00% (61.77%)

Total financial assets at fair value (a)

$

1,433

Liabilities

Derivatives:

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds

$

5,220

Discounted Cash Flow

Market Value of Option

0.00% - 20.81% (2.92%)

Mortality Multiplier

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 50.00% (6.94%)

Partial Withdrawals

2.00% - 35.71% (2.72%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

Option Cost

0.07% - 5.70% (2.68%)

Contingent consideration, included in Accounts payable and accrued liabilities

74

Discounted Cash Flow

Risk-Adjusted Discount Rate

13.50% - 13.50% (13.50%)

EBITDA Volatility

35.00% - 35.00% (35.00%)

Counterparty Discount Rate

6.50% - 6.50% (6.50%)

Market risk benefits liability

549

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.05%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (61.77%)

Total financial liabilities at fair value

$

5,843

(a) Assets of $10,301 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.

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, 2025 and 2024. 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, 2025
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net Transfer from 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			$	9,361											$	(2)					$	65					$	863					$	(119)					$	(483)					$	(216)					$	9,469					$	59
Commercial mortgage-backed securities			3												—						—						43						—						—						(3)						43						—
Corporates			3,165												2						35						442						(214)						(112)						—						3,318						36
Hybrids			5												—						1						9						—						—						—						15						—
Municipals			3												—						—						—						—						—						—						3						—
Residential mortgage-backed securities			5												—						—						—						—						—						(2)						3						—
Foreign Governments			23												—						2						—						—						—						—						25						1
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												2						—						—						—						—						—						17						—
Investment in unconsolidated affiliates			272												(2)						—						—						—						—						—						270						—
Short term investments			5												—						—						2						—						—						—						7						—
Other long-term investments:
Available-for-sale embedded derivative			36												—						3						—						—						—						—						39						3
Credit linked note			—												—						—						—						—						—						—						—						—
Prepaid expenses and other assets:
Loan receivable (b)			18												—						—						—						—						—						—						18						—
MSRs			140												(4)						—						6						(17)						—						—						125						—
Subtotal Level 3 assets at fair value			$	13,059											$	(4)					$	106					$	1,365					$	(350)					$	(595)					$	(221)					$	13,360					$	99
Market risk benefits asset (c)			213																																																242
Total Level 3 assets at fair value			$	13,272																																															$	13,602
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds			$	5,727											$	174					$	—					$	315					$	—					$	(133)					$	—					$	6,083					$	—
Foreign currency swaps, included in Accounts payable and accrued liabilities			5												1						—						—						—						—						—						6						—
Contingent consideration, included in Accounts payable and accrued liabilities			67												5						—						—						—						—						—						72						—
Subtotal Level 3 liabilities at fair value			$	5,799											$	180					$	—					$	315					$	—					$	(133)					$	—					$	6,161					$	—
Market risk benefits liability (c)			711																																																830
Total Level 3 liabilities at fair value			$	6,510																																															$	6,991

(a) The net transfers out of Level 3 during the three months ended September 30, 2025 were exclusively into Level 2.

(b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details.

(c) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended September 30, 2024
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net Transfer from 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						—
Investment in unconsolidated affiliates (b)			358						6						—						—						—						—						(92)						272						—
Short term investments			71						—						—						85						—						—						—						156						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			13												—						—						—						—						—						13						—
Derivative investments			8												(1)						—						—						—						(7)						—
MSRs			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
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			$	4,848					$	308					$	—					$	390					$	—					$	(135)					$	—					$	5,411					$	—
Interest rate swaps, included in Accounts payable and accrued liabilities			28						—						—						—						—						—						(28)						—
Contingent consideration, included in Accounts payable and accrued liabilities			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 LLC prior to the acquisition on July 18, 2024.

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

			Nine Months Ended September 30, 2025
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer from 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			$	8,143											$	(5)					$	95					$	2,586					$	(317)					$	(882)					$	(151)					$	9,469					$	88
Commercial mortgage-backed securities			—												—						—						46						—						—						(3)						43						—
Corporates			2,957												(14)						76						1,161						(542)						(317)						(3)						3,318						76
Hybrids			—												—						—						15						—						—						—						15						—
Municipals			—												—						—						4						—						(1)						—						3						—
Residential mortgage-backed securities			3												—						—						2						—						—						(2)						3						—
Foreign Governments			4												—						2						19						—						—						—						25						1
Preferred securities			8												(1)						1						—						—						—						—						8						—
Equity securities			10												2						—						5						—						—						—						17						—
Derivative investments			3												(2)						(2)						1						—						—						—						—						(2)
Investment in unconsolidated affiliates			272												(2)						—						—						—						—						—						270						—
Short term investments			37												—						—						8						—						(38)						—						7						—
Prepaid expenses and other assets
MSRs			65												(3)						—						80						(17)						—						—						125						—
Loan receivable (b)			11												—						—						7						—						—						—						18						—
Other long-term investments:
Available-for-sale embedded derivative			32												—						7						—						—						—						—						39						7
Subtotal Level 3 assets at fair value			$	11,545											$	(25)					$	179					$	3,934					$	(876)					$	(1,238)					$	(159)					$	13,360					$	170
Market risk benefits asset (c)			189																																																242
Total Level 3 assets at fair value			$	11,734																																															$	13,602
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			$	5,220											$	309					$	—					$	899					$	—					$	(345)					$	—					$	6,083					$	—
Foreign currency swaps and other derivative instruments			—												6						—						—						—						—						—						6						—
Contingent consideration, included in Accounts payable and accrued liabilities			74												10						—						—						—						(12)						—						72						—
Subtotal Level 3 liabilities at fair value			$	5,294											$	325					$	—					$	899					$	—					$	(357)					$	—					$	6,161					$	—
Market risk benefits liability (c)			549																																																830
Total Level 3 liabilities at fair value			$	5,843																																															$	6,991

(a) The net transfers out of Level 3 during the nine months ended September 30, 2025 were exclusively into Level 2.

(b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details.

(c) Refer to Note O 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 from 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						—
Investment in unconsolidated affiliates (b)			285						79						—						—						—						—						(92)						272						—
Short term investments			—						—						—						156						—						—						—						156						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			15						(2)						—						—						—						—						—						13						—
Derivative investments			57						(50)												—						—						—						(7)						—						1
MSRs			—						(3)						—						58						—						—						—						55						—
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, included in Accounts payable and accrued liabilities			—						28						—						—						—						—						(28)						—						—
Contingent consideration obligation, included in Accounts payable and accrued liabilities (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 nine 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.

(c) Refer to Note O 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.

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, 2025 and 2024. 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, 2025
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net Transfer from 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			$	9,361											$	(2)					$	65					$	863					$	(119)					$	(483)					$	(216)					$	9,469					$	59
Commercial mortgage-backed securities			3												—						—						43						—						—						(3)						43						—
Corporates			3,165												2						35						442						(214)						(112)						—						3,318						36
Hybrids			5												—						1						9						—						—						—						15						—
Municipals			3												—						—						—						—						—						—						3						—
Residential mortgage-backed securities			5												—						—						—						—						—						(2)						3						—
Foreign Governments			23												—						2						—						—						—						—						25						1
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												2						—						—						—						—						—						17						—
Investment in unconsolidated affiliates			272												(2)						—						—						—						—						—						270						—
Short term investments			5												—						—						2						—						—						—						7						—
Other long-term investments:
Available-for-sale embedded derivative			36												—						3						—						—						—						—						39						3
Credit linked note			—												—						—						—						—						—						—						—						—
Prepaid expenses and other assets:
Loan receivable (b)			18												—						—						—						—						—						—						18						—
MSRs			140												(4)						—						6						(17)						—						—						125						—
Subtotal Level 3 assets at fair value			$	13,059											$	(4)					$	106					$	1,365					$	(350)					$	(595)					$	(221)					$	13,360					$	99
Market risk benefits asset (c)			213																																																242
Total Level 3 assets at fair value			$	13,272																																															$	13,602
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds			$	5,727											$	174					$	—					$	315					$	—					$	(133)					$	—					$	6,083					$	—
Foreign currency swaps, included in Accounts payable and accrued liabilities			5												1						—						—						—						—						—						6						—
Contingent consideration, included in Accounts payable and accrued liabilities			67												5						—						—						—						—						—						72						—
Subtotal Level 3 liabilities at fair value			$	5,799											$	180					$	—					$	315					$	—					$	(133)					$	—					$	6,161					$	—
Market risk benefits liability (c)			711																																																830
Total Level 3 liabilities at fair value			$	6,510																																															$	6,991

(a) The net transfers out of Level 3 during the three months ended September 30, 2025 were exclusively into Level 2.

(b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details.

(c) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended September 30, 2024
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net Transfer from 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						—
Investment in unconsolidated affiliates (b)			358						6						—						—						—						—						(92)						272						—
Short term investments			71						—						—						85						—						—						—						156						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			13												—						—						—						—						—						13						—
Derivative investments			8												(1)						—						—						—						(7)						—
MSRs			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
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			$	4,848					$	308					$	—					$	390					$	—					$	(135)					$	—					$	5,411					$	—
Interest rate swaps, included in Accounts payable and accrued liabilities			28						—						—						—						—						—						(28)						—
Contingent consideration, included in Accounts payable and accrued liabilities			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 LLC prior to the acquisition on July 18, 2024.

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

			Nine Months Ended September 30, 2025
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer from 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			$	8,143											$	(5)					$	95					$	2,586					$	(317)					$	(882)					$	(151)					$	9,469					$	88
Commercial mortgage-backed securities			—												—						—						46						—						—						(3)						43						—
Corporates			2,957												(14)						76						1,161						(542)						(317)						(3)						3,318						76
Hybrids			—												—						—						15						—						—						—						15						—
Municipals			—												—						—						4						—						(1)						—						3						—
Residential mortgage-backed securities			3												—						—						2						—						—						(2)						3						—
Foreign Governments			4												—						2						19						—						—						—						25						1
Preferred securities			8												(1)						1						—						—						—						—						8						—
Equity securities			10												2						—						5						—						—						—						17						—
Derivative investments			3												(2)						(2)						1						—						—						—						—						(2)
Investment in unconsolidated affiliates			272												(2)						—						—						—						—						—						270						—
Short term investments			37												—						—						8						—						(38)						—						7						—
Prepaid expenses and other assets
MSRs			65												(3)						—						80						(17)						—						—						125						—
Loan receivable (b)			11												—						—						7						—						—						—						18						—
Other long-term investments:
Available-for-sale embedded derivative			32												—						7						—						—						—						—						39						7
Subtotal Level 3 assets at fair value			$	11,545											$	(25)					$	179					$	3,934					$	(876)					$	(1,238)					$	(159)					$	13,360					$	170
Market risk benefits asset (c)			189																																																242
Total Level 3 assets at fair value			$	11,734																																															$	13,602
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			$	5,220											$	309					$	—					$	899					$	—					$	(345)					$	—					$	6,083					$	—
Foreign currency swaps and other derivative instruments			—												6						—						—						—						—						—						6						—
Contingent consideration, included in Accounts payable and accrued liabilities			74												10						—						—						—						(12)						—						72						—
Subtotal Level 3 liabilities at fair value			$	5,294											$	325					$	—					$	899					$	—					$	(357)					$	—					$	6,161					$	—
Market risk benefits liability (c)			549																																																830
Total Level 3 liabilities at fair value			$	5,843																																															$	6,991

(a) The net transfers out of Level 3 during the nine months ended September 30, 2025 were exclusively into Level 2.

(b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details.

(c) Refer to Note O 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 from 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						—
Investment in unconsolidated affiliates (b)			285						79						—						—						—						—						(92)						272						—
Short term investments			—						—						—						156						—						—						—						156						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			15						(2)						—						—						—						—						—						13						—
Derivative investments			57						(50)												—						—						—						(7)						—						1
MSRs			—						(3)						—						58						—						—						—						55						—
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, included in Accounts payable and accrued liabilities			—						28						—						—						—						—						(28)						—						—
Contingent consideration obligation, included in Accounts payable and accrued liabilities (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 nine 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.

(c) Refer to Note O 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.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration