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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________________

FORM 10-K

_________________________________________________________


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED December 31, ~~2023~~2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER 033-44202

_________________________________________________________

Fortitude Life Insurance & Annuity Company

(Exact Name of Registrant as Specified in its Charter)


Arizona						06-1241288
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

Ten Exchange Place

Suite 2210

Jersey City, NJ 07302

(615) 981-8801

(Address and Telephone Number of Registrant’s Principal Executive Offices)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes ☐ No ☒

Table of Contents

As of March 1427, ~~2024~~2025, 25,000 shares of the registrant’s Common Stock (par value $100) consisting of 100 voting shares and 24,900 non-voting shares, were outstanding. As of such date, Fortitude Group Holdings, LLC, a Delaware limited liability company, owned all of the registrant’s Common Stock.

Table of Contents

TABLE OF CONTENTS

			Page
PART I	Item 1.	Business	5
	Item 1A.	Risk Factors	17
	Item 1B.	Unresolved Staff Comments	26
	Item 1C.	Cybersecurity	26
	Item 2.	Properties	28
	Item 3.	Legal Proceedings	28
	Item 4.	Mine Safety Disclosures	28
PART II	Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	29
	Item 6.	[Reserved]	29
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
	Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	3941
	Item 8.	Financial Statements and Supplementary Data	4445
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~118~~117
	Item 9A.	Controls and Procedures	~~118~~117
	Item 9B.	Other Information	~~118~~117
	Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	~~118~~117
PART III	Item 10.	Directors, Executive Officers and Corporate Governance	~~119~~118
	Item 11.	Executive Compensation	~~122~~119
	Item 12.	Security Ownership of Certain Beneficial Owners and Management	~~122~~119
	Item 13.	Certain Relationships and Related Transactions and Director Independence	~~123~~120
	Item 14.	Principal Accountant Fees and Services	~~124~~123
PART IV	Item 15.	Exhibits and Financial Statement Schedules	~~125~~124
	Item 16.	Form 10-K Summary	~~126~~125
SIGNATURES			~~127~~126

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FORWARD-LOOKING STATEMENTS

Certain of the statements included in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Fortitude Life Insurance & Annuity Company (FLIAC). There can be no assurance that future developments affecting FLIAC will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) the ongoing impact of the uncertain and evolving economic environment on the global economy, financial market and our business; (2) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (3) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we price our products; (4) changes in interest rates and equity prices that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (5) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (6) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (7) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third-parties or (e) labor and employment matters; (8) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) state insurance laws and developments regarding group-wide supervision, capital and reserves, or (e) privacy and cybersecurity regulation; (9) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; and (13) reputational damage. FLIAC does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in this Annual Report on Form 10-K for discussion of certain risks relating to our business and investment in our securities.

Table of Contents

PART 1

Item 1. Business

Overview

Fortitude Life Insurance & Annuity Company (“FLIAC”, “we”, or the “Company”), with its principal offices in Jersey City, New Jersey, is a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“FGH”) and an indirect wholly-owned subsidiary of FGH Parent L.P. (“FGP”). Prior to April 1, 2022, the Company (previously named Prudential Annuities Life Assurance Corporation (“PALAC”)) was a wholly-owned subsidiary of Prudential Annuities, Inc (“PAI”), an indirect wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”), a New Jersey Corporation. On April 1, 2022, PAI completed the sale of its equity interest in the Company to FGH. As a result, the Company is no longer an affiliate of Prudential Financial or any of its affiliates.

Product Information

The Company has issued variable, index-linked, and fixed deferred and immediate annuities for individuals and groups in the United States of America and Puerto Rico. In addition, the Company has a relatively small in-force block of variable life insurance policies. Beginning in 2021, and concluding prior to the acquisition by FGH on April 1, 2022, the Company ceased all new sales onof ~~all~~its insurance products. The Company may resume selling new products or issuing new contracts in the future but currently has no intention to do so.

The Company surrendered its New York license effective December 31, 2015, and reinsured the majority of its New York business to The Prudential Insurance Company of America (“Prudential Insurance”). The license surrender relieved the Company of the requirement to hold New York statutory reserves on its business in excess of the statutory reserves required by its domiciliary regulator, the Arizona Department of Insurance and Financial Institutions (“~~AZDOI~~Arizona DIFI”). For the small portion of New York business retained by the Company, a custodial account has been established to hold collateral assets in an amount equal to a percentage of the reserves associated with such business, as calculated in accordance with PALAC's New York Regulation 109 Plan approved by the New York State Department of Financial Services.

Business Segmentation

Following the acquisition by FGH, wethe ~~have~~Company separated ~~the~~its business into two reportable segments, which weare ~~refer~~referred to as the “Retained Business” and the “Ceded Business”.

The Retained Business consists of variable annuity products with guaranteed lifetime withdrawal benefit features as well as smaller blocks of variable annuity products with certain other living benefit and death benefit features. The Retained Business also includes variable universal life and fixed payout annuity products. The Retained Business is actively managed by FLIAC management and retains the full economic benefits and risks.

The Ceded Business represents certain business (primarily registered index-linked annuities and fixed annuities, which includes fixed indexed and fixed deferred annuities, and other variable annuities) where 100 percent of the assets and liabilities have been fully ceded to The Prudential Insurance Company of America (“Prudential Insurance”) and Pruco Life Insurance Company (“Pruco Life”) under existing coinsurance and modified coinsurance agreements. See “Reinsurance” herein Item 1 for further information.

Novation of Ceded Business

In 2022, in accordance with applicable state law, a program was instituted to novate a significant portion of the Ceded Business policies from FLIAC to Pruco Life. The program ~~does~~did not have an impact on total equity or net income but has resulted in the reduction of certain activity/balances associated with these policies. During the year ended December 31, 2023, approximately $641 million of account value, which generally approximates fair values of insurance liabilities, was transferred out of the Company as a result of the novation program. As of December 31, 2023, approximately 72 percent of account value (since the acquisition of the Company on April 1, 2022) attributable to Ceded Business within the novation program had been novated to Pruco Life. The Company does not expect significant novation activity during 2024.

There was no significant novation activity during 2024 and we do not expect significant future novation activity under the program. Since the acquisition of the Company in April 2022, approximately 73 percent of account value in the Ceded Business has been novated to Pruco Life under this program.

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Revenues and Profitability

Our revenues primarily come in the form of:

•Policy charges and fee income representing mortality, expense, and other fees for various insurance-related options and features based on the average daily net asset value of the annuity separate accounts, account value, premium, or guaranteed value, as applicable.

•Fee income from administrative services and distribution fees from certain mutual funds that underlie our variable products. We also receive income in the form of revenue-sharing from advisers who provide asset management services to the underlying mutual funds. Such income is generally determined as a percentage of the average assets attributable to our products in the underlying funds.

•Investment income.

Our profitability is substantially impacted by assumptions made at the time FGH acquired the Company, which were based on:

•An evaluation of the risks assumed and consideration of applicable risk management strategies, including hedging and reinsurance costs.

•Assumptions regarding investment returns and contractholder behavior, including persistency, benefit utilization and the timing and efficiency of withdrawals for contracts with living benefit features, as well as other assumptions.

Competition

We compete with other providers of retirement savings and accumulation products, including larger, more well-established insurance and financial services companies. Although the Company is not actively selling new policies, we believe our existing product features and customer service capabilities, supplemented with our risk management strategies, provide an attractive value for the retention of existing customers.

Retained Business Strategies

We manage the Retained Business with a focus on long-term economics and a willingness to sustain short-term volatility in our earnings, while remaining consistent with our risk appetite framework. Our overall business strategy is to generate above-market risk adjusted returns by:

•Ensuring we have a strong statutory balance sheet following capital market stresses, including but not limited to, sharp reductions in equity prices and interest rates and increases in credit spreads,

•Leveraging our investment capabilities to deploy a portion of our asset portfolio into private fixed income securities with a sufficiently wide spread to comparable public securities, and

•Investing in high-quality liquid public fixed income securities and preserving a cash balance sufficient to pay current claims and expenses, while maintaining collateral to satisfy margin requirements in connection with the derivative transactions forming our Asset Liability Matching (ALM) strategy, as described below.

The primary risk exposures of our Retained Business relate to actual deviations from, or changes to, the pricing assumptions developed at acquisition for these products, including capital markets assumptions such as equity market returns, interest rates and market volatility, along with actuarial assumptions such as contractholder mortality, the timing and amount of annuitization and withdrawals, and contract lapses. For these risk exposures, achievement of our expected returns is subject to the risk that actual experience will differ from the pricing assumptions developed at acquisition for these products. We have developed and implemented a risk management strategy to mitigate the potential adverse effects of fluctuations in capital markets, specifically equity markets and interest rates, primarily through a combination of i) Product Design Features and ii) our ALM strategy.

Product Design Features

Certain contractual design features for our Retained Business products help us manage our risk. For example, a portion of the variable annuity contracts with guaranteed benefit riders includes an asset transfer feature which automatically transfers assets between certain variable investment sub-accounts selected by the annuity contractholder to, depending on the benefit feature, a fixed-rate account in the general account or a bond fund sub-account within the separate account. The purpose of the asset transfer feature is to reduce our risk under the guaranteed benefit riders by reducing our exposure to equity market risk and market volatility. The transfers are based on a static mathematical formula used with the particular benefit which considers a number of factors, including, but not limited to, the impact of investment performance on the contractholder’s total account

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value. Other risk-reducing product design features include, among others, asset allocation restrictions, minimum issuance age requirements and certain limitations on the amount of contractholder purchase payments.

ALM Strategy

We employ an ALM strategy that utilizes a combination of both fixed income instruments and derivatives to meet expected claims associated with our variable annuity living and death benefit guarantees. The economic liability we manage with this ALM strategy consists of expected living and death benefit claims net of expected separate account fee revenue. For the portion of our ALM strategy executed with derivatives, we enter into a range of exchange-traded and over-the-counter (“OTC”) equity, interest rate and credit derivatives, including, but not limited to the following:

•Interest rate contracts: swaps, swaptions, futures, forwards, options, caps and floors;

•Equity contracts: futures, options, and total return swaps;

•Foreign exchange contracts: futures, options, forwards and swaps; and

•Credit contracts: single and index reference credit default swaps.

The intent of our ALM strategy is to more efficiently manage the capital and liquidity associated with these products. We explicitly consider liquidity and risk-based capital as well as current market conditions in our asset/liability management strategies. See Item 7A “Quantitative and Qualitative Disclosures About Market Risk” for discussion regarding interest and equity risks.

Reinsurance

The Company has historically entered into reinsurance agreements as both a ceding entity and an assuming entity. As of December 31, ~~2023~~2024, the Company is only involved with reinsurance agreements for which it is a ceding entity. As a ceding entity, the exposure to the risks reinsured is reduced by transferring certain rights and obligations of the underlying insurance product to a counterparty. ~~Conversely, as an assuming entity, exposure to the risks reinsured is increased by assuming certain rights and obligations of the underlying insurance products from a counterparty.~~ We enter into reinsurance agreements as the ceding entity for a variety of reasons but primarily do so to reduce exposure to loss, reduce risk volatility, provide additional capacity for future growth and for capital management purposes for certain of our optional living benefit features. Under ceded reinsurance, we remain liable to the underlying policyholder if a third-party reinsurer is unable to meet its obligations. We evaluate the financial condition of reinsurers, monitor the concentration of counterparty risk and maintain collateral, as appropriate, to mitigate this exposure.

Effective April 1, 2016, the Company reinsured the variable annuity base contracts, along with the living benefit guarantees, from Pruco Life, excluding the Pruco Life Insurance Company of New Jersey (“PLNJ”) business, under a coinsurance and modified coinsurance agreement. This reinsurance agreement covered new and in-force business and excluded business reinsured externally.

Effective July 1, 2021, Pruco Life recaptured the risks related to its business, as discussed above, that had previously been reinsured to the Company from April 1, 2016 through June 30, 2021. The product risks related to the previously reinsured business that were being managed in the Company were transferred to Pruco Life. In addition, management of the living benefit hedging program related to the previously reinsured living benefit riders, which was being managed in the Company, was transferred to Pruco Life. This transaction is referred to as the “2021 Variable Annuities Recapture”.

Effective December 1, 2021, the Company entered into a reinsurance agreement with Pruco Life under which the Company reinsured all of its variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature to Pruco Life.

For additional information on our reinsurance agreements, see Note 8 to the Financial Statements.

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Regulation

Overview

Our business is subject to comprehensive regulation and supervision. The purpose of these regulations is primarily to protect our customers and the overall financial system. Many of the laws and regulations to which we are subject are regularly re-examined. Existing or future laws and regulations and interpretations thereof may become more restrictive or otherwise adversely affect our operations or profitability, increase compliance costs, or increase potential regulatory exposure. In recent years we have experienced, and expect to continue to experience, extensive changes in the laws and regulations, and regulatory frameworks, applicable to our businesses. We cannot predict how current or future initiatives will further impact existing laws, regulations and regulatory frameworks.

State insurance laws regulate many aspects of our business. The Company is domiciled in Arizona and its principal insurance regulatory authority is the ~~AZDOI~~Arizona DIFI. Generally, our insurance products must be approved by the insurance regulators in the state in which they are sold. Our insurance products are also substantially affected by federal and state tax laws.

The primary regulatory frameworks applicable to the Company are described further below under the following section headings:

•Dodd-Frank Wall Street Reform and Consumer Protection Act

•ERISA

•Fiduciary Rules and other Standards of Care

•U.S. State Insurance Holding Company Regulation

•U.S. Insurance Operations

◦State Insurance Regulation

◦U.S. Federal Securities Regulation Affecting Insurance Operations

•Retirement Product Regulation

•Derivatives Regulation

•Privacy and Cybersecurity Regulation

•Anti-Money Laundering and Anti-Bribery Laws

•Unclaimed Property Laws

•Taxation

•International and Global Regulatory Initiatives

Existing and future accounting rules may also impact our results of operations or financial condition. For a discussion of accounting pronouncements and their potential impact on our business, see Note 2 to the Financial Statements.

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Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) increased the potential for federal regulation of our businesses. The Financial Stability Oversight Council (“FSOC” or the “Council”) may designate certain financial companies as a non-bank financial company (a “Designated Financial Company”) subject to supervision by the Board of Governors of the Federal Reserve System (“FRB”). In October 2017, the U.S. Department of the Treasury released a report titled “A Financial System That Creates Economic Opportunities - Asset Management and Insurance” which recommended, among other things, that primary federal and state regulators should focus on potential systemic risks arising from products and activities, and on implementing regulations that strengthen the asset management and insurance industries as a whole, rather than focus on an entity-based regulatory regime. The report also affirmed the role of the U.S. state-based system of insurance regulation. In November 2023, FSOC revised its interpretive guidance regarding the approach FSOC intends to take in making Designated Financial Company determinations. The guidance ~~removes~~removed certain prerequisites to the exercise of the Council’s Designated Financial Company determination authority, including rescinding the prioritization of an activities-based approach. Simultaneously, FSOC adopted a separate analytic framework that explains the Council’s substantive approach to identifying, assessing, and responding to certain potential risks to U.S. financial stability. From time to time Congress has also introduced legislation which if enacted, would amend certain provisions of Dodd-Frank, including by requiring the Council to prioritize the use of an activities-based approach to mitigate identified systemic risks.

The Council maintains the authority to designate entities, including the Company, for FRB supervision if it determines that either (i) material financial distress at the entity, or (ii) the nature, scope, size, scale, concentration, interconnectedness, or mix of the entity’s activities, could pose a threat to domestic financial stability. The Company continues to believe it does not meet the standards for designation.

We cannot predict whether Treasury reports, interpretive guidance, new legislation or other initiatives aimed at revising Dodd-Frank and regulation of the financial system will ultimately form the basis for changes to laws or regulations impacting the Company.

ERISA

The Employee Retirement Income Security Act of 1974 (“ERISA”) is a comprehensive federal statute that applies to U.S. employee benefit plans sponsored by private employers and labor unions. Plans subject to ERISA include pension and profit sharing plans and welfare plans, including health, life and disability plans. ERISA provisions include reporting and disclosure rules, standards of conduct that apply to plan fiduciaries and prohibitions on transactions known as “prohibited transactions,” such as conflict-of-interest transactions and certain transactions between a benefit plan and a party in interest. ERISA also provides for civil and criminal penalties and enforcement. FLIAC’s insurance business provides service to employee benefit plans subject to ERISA.

Fiduciary Rules and Other Standards of Care

The Company may be impacted by rules regarding the standard of care applicable to sales of our products and the provision of advice to our customers. In recent years, many of these rules have been revised or reexamined, as described below. Any standards issued by the U.S. Department of Labor (“DOL”), the Securities and Exchange Commission (“SEC”), the National Association of Insurance Commissioners (“NAIC”) or state regulators may affect our business, results of operations, cash flows and financial condition. Inconsistencies among applicable standards could increase this impact.

DOL Fiduciary Rules

InOn ~~June~~April ~~2018~~25, a2024, ~~Fifth~~the ~~Circuit~~DOL ~~Court~~adopted offinal ~~Appeals~~rule ~~decision~~amendments ~~became~~to ~~effective~~broaden ~~that vacated rules issued by~~ the ~~DOL~~circumstances ~~that~~under ~~redefined~~which ~~who would be considered a “~~fiduciary” ~~for~~duties ~~purposes~~are ~~of transactions with qualified plans~~imposed, ~~plan participants~~ and ~~Individual Retirement Accounts (“IRAs”), and generally provided that investment advice~~ to aimpose ~~plan~~additional ~~participant~~conditions oron ~~IRA~~existing ~~owner~~prohibited ~~would~~transaction ~~be treated as a fiduciary activity~~exemptions. ~~Prior to being vacated~~However, the ~~rules~~DOL’s ~~adversely~~fiduciary ~~impacted~~rules ~~sales~~have inbeen ~~our~~stayed ~~individual~~pending ~~annuities~~the ~~business~~outcome ~~and~~of ~~resulted~~litigation in ~~increased~~two ~~compliance~~cases ~~costs. In December 2020, the DOL finalized a new prohibited transaction exemption~~ that ~~generally~~have ~~became~~been ~~effective~~consolidated onby ~~February 16, 2021, which replaced~~ the ~~previously~~Fifth ~~vacated “best interest contract exemption,” and is now in full effect~~Circuit. ~~The~~We ~~new~~cannot ~~exemption~~predict ~~allows fiduciaries meeting~~ the ~~requirements~~final outcome of the ~~exemption~~challenge to ~~receive~~the ~~compensation,~~DOL’s ~~including~~fiduciary ~~as a result of advice to rollover assets from a tax-qualified plan to an IRA, and to purchase from or sell certain investments to qualified plans and IRAs~~rules. The DOL’s ~~also~~fiduciary ~~reinstated~~rules, ~~the~~if ~~pre-2016 investment advice regulation and provided its current interpretation of that regulation~~implemented, ~~which~~may ~~could~~negatively ~~result~~impact inour ~~rollover~~business ~~recommendations~~or ~~being~~the ~~fiduciary~~insurance ~~investment advice if certain conditions are met~~industry.

U.S. State Standard of Care Regulation

Various states have also adopted laws raising the standard of care owed by broker-dealers, investment advisers, or insurance agents to their customers when recommending an annuity product. For example, at least 48 states have adopted revisions to their suitability laws that generally track the NAIC’s revisions to its Suitability in Annuity Transactions Model Regulation,

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Inwhich ~~October~~imposes ~~2023,~~a ~~the~~requirement ~~DOL~~that ~~proposed~~any ~~rule~~recommendation ~~amendments~~of ~~that~~an ~~would~~annuity ~~broaden~~product be in the ~~circumstances~~consumer’s ~~under~~best ~~which~~interest. ~~fiduciary~~As ~~duties~~changes are ~~imposed,~~adopted by our state regulator(s) and ~~would~~made ~~impose~~applicable ~~additional~~to ~~conditions~~us onor ~~existing~~the ~~prohibited~~third-party ~~transaction~~firms ~~exemptions.~~that ~~The~~distribute ~~proposed~~our ~~revisions~~products, tothey ~~the~~could ~~DOL’s~~have ~~fiduciary~~an ~~rules,~~adverse ifimpact on our business. In states that have adopted these increased standards with respect to annuity recommendations, this may ~~negatively~~lead ~~impact~~to ~~our~~an ~~business~~increased risk of regulatory enforcement actions or ~~the~~potentially ~~insurance~~private ~~industry~~claims.

U.S. State Standard of Care Regulation

Various states have also adopted laws raising the standard of care owed by broker-dealers, investment advisers, or insurance agents to their customers. For example, at least 40 states have adopted the NAIC revisions to its Suitability in Annuity Transactions Model Regulation, which imposes a requirement that any recommendation of an annuity product be in the consumer’s best interest. Some states have also adopted laws that differ from the NAIC’s Suitability in Annuity Transactions Model Regulation but impose similar obligations. As changes are adopted by our state regulator(s) and made applicable to us or the third-party firms that distribute our products, they could have an adverse impact on our business. In states that have adopted these increased standards with respect to annuity recommendations, this may lead to an increased risk of regulatory enforcement actions or potentially private claims.

SEC Standard of Care Regulation

The SEC adopted rules, titled “Regulation Best Interest,” effective on June 30, 2020 (i) imposing a “best interest” standard of care on broker-dealers making recommendations regarding securities transactions, including with regard to SEC-registered insurance products, to their customers and (ii) requiring broker-dealers and investment advisers to provide a written summary of the relationship between a broker-dealer or investment adviser, as applicable, and its customer. Since its adoption, Regulation Best Interest has been and continues to be a focus of SEC examinations and enforcement activity.

U.S. State Insurance Holding Company Regulation

We are subject to the Arizona insurance holding company law which requires us to register with the insurance department and to furnish annually financial and other information about the operations of the Company. Generally, all transactions with affiliates that affect the Company must be fair and reasonable and, if material, require prior notice and approval or non-disapproval by the ~~AZDOI~~Arizona DIFI.

Group-Wide Supervision

~~AZDOI~~Effective ~~was~~April ~~recently~~1, ~~designated~~2024, asthe Bermuda Monetary Authority ("BMA") made a final determination that it is appropriate for the ~~group-wide~~BMA ~~supervisor~~to ofbe ~~FLIAC~~the ~~and~~group ~~its~~supervisor ~~affiliated~~for UFGP.S. As ~~insurance~~a ~~subsidiaries~~result ~~within~~of the ~~FGH~~BMA’s ~~system.~~determination ~~Group-wide~~to ~~supervision,~~be ~~among~~group ~~other~~supervisor ~~provisions~~of FGP, ~~authorizes~~it awill ~~state~~be ~~department~~subject to ~~examine~~group acapital ~~holding~~standards, ~~company~~additional ~~and~~examination ~~its~~as an insurance ~~companies~~group, ~~including~~and byparticipation ~~ascertaining~~in supervisory college activities as determined by the ~~financial~~BMA ~~condition~~and ofother competent authorities supervising the entities in the insurance ~~companies~~group. ~~for~~The ~~purposes~~Arizona DIFI will remain the supervisor of ~~assessing~~FLIAC ~~enterprise~~along ~~risk~~with its affiliated U.S. Ininsurance ~~accordance~~subsidiaries under FGP and will coordinate its activities with ~~this~~the ~~authority,~~BMA aregarding overall supervision of FGP. We do not expect FLIAC to incur significant additional costs resulting from the BMA’s designation as group~~-wide~~ supervisor for FGP but the Company may ~~receive~~be ~~information~~subject ~~about~~to ~~the~~additional ~~entirety~~examinations ofand ~~FGH's~~inquiries ~~operations~~from ~~beyond~~the ~~those~~BMA as part of ~~its~~their ~~domiciled~~routine ~~insurance~~supervision ~~subsidiaries~~process.

Additional areas of focus regarding group-wide supervision of insurance holding companies include the following:

•Group Capital Calculation. The NAIC has developed and adopted a U.S. group capital calculation that uses a risk-based capital (“RBC”) aggregation methodology. The calculation is intended to serve as an additional tool to help state regulators assess potential risks within and across insurance group. While we are not currently subject to these group capital calculation requirements, we could become subject to them in the future and their potential future impact on us is uncertain.

•Macroprudential Framework. The NAIC is developing a macroprudential framework intended to: (1) improve state insurance regulators’ ability to monitor and respond to the impact of external financial and economic risks on insurers; (2) better monitor and respond to risk emanating from or amplified by insurers that might be transmitted externally; and (3) increase public awareness of NAIC/state monitoring capabilities regarding macroprudential trends. As part of this initiative, the areas identified by the NAIC for potential enhancement include liquidity reporting and stress testing, resolution and recovery, capital stress testing, and counterparty exposure and concentration. ~~The NAIC has completed and implemented its first liquidity stress test and made updates to ensure continuation of essential services during an insurer resolution.~~

•Examination. State insurance departments conduct periodic examinations of the books and records, financial reporting, policy filings and market conduct of insurance companies domiciled in their states, generally once every three to five years under guidelines promulgated by the NAIC. At the time of filing, there ~~were~~was one open nofinancial ~~examinations~~examination covering FLIAC, which is expected to be closed in 2025.

We cannot predict what, if any, additional requirements and compliance costs any new group-wide standards will impose on FGH or FLIAC.

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U.S. Insurance Operations

Generally, our insurance products must be approved by the insurance regulators in the state in which they are sold. Our insurance products are substantially affected by federal and state tax laws.

State Insurance Regulation

State insurance ~~authorities~~regulators have broad powers with respect to all aspects of the insurance business including: (1) licensing to transact business; (2) licensing agents; (3) admittance of assets to statutory surplus; (4) regulating premium rates for certain insurance products; (5) approving policy forms; (6) regulating unfair trade and claims practices; (7) establishing reserve requirements and solvency standards; (8) fixing maximum interest rates on life insurance policy loans and minimum accumulation or surrender values; (9) regulating the type, amounts and valuations of investments permitted; (10) regulating reinsurance transactions, including the role of captive reinsurers; (11) data privacy and cybersecurity and (1112) other matters.

State insurance laws and regulations require the Company to file financial statements with state insurance departments everywhere it does business in accordance with accounting practices and procedures prescribed or permitted by these departments. The Company’s operations and accounts are subject to examination by those departments at any time.

Financial Regulation

Dividend Payment Limitations. The Arizona insurance law regulates the amount of dividends that may be paid by the Company. See Note 12 to the Financial Statements for a discussion of dividend restrictions.

Risk-Based Capital. We are subject to RBC requirements that are designed to enhance regulation of insurers’ solvency. The RBC calculation, which regulators use to assess the sufficiency of an insurer’s statutory capital, measures the risk characteristics of a company’s assets, liabilities and certain off-balance sheet items. In general, RBC is calculated by applying factors to various asset, premium, claim, expense and reserve items. Within a given risk category, these factors are higher for those items with greater underlying risk and lower for items with lower underlying risk. Insurers that have less statutory capital than required are considered to have inadequate capital and are subject to varying degrees of regulatory action depending upon the level of capital inadequacy.

Areas of the RBC framework that have recently been subject to reexamination or revision include the following:

•Bond Factors. In August 2021, the NAIC adopted the Moody’s Analytics proposed revisions to the RBC C-1 factors for invested assets effective for the year-end 2021 RBC calculation. The revisions included expanding the NAIC designations used in the RBC calculation from six bond structures to twenty. Since its adoption, the new factors have not materially impacted our RBC calculations. ~~The~~More ~~NAIC~~recently, isthe ~~undertaking~~NAIC adopted a ~~second~~principles-based ~~phase~~bond ofdefinition, ~~this~~effective ~~project~~January 1, 2025, to ~~refine~~provide ~~capital~~a ~~charges~~framework for enhanced clarity and consistency of bond reporting. The new standard requires a determination of whether a security represents a creditor relationship based its substance, rather than solely the legal form of the instrument, and may result in certain structured securities formerly classified as bonds being accounted for as a riskier category of investment. Based on an evaluation of our investment holdings, we do not anticipate that the new standards will materially impact our RBC calculation.

•Longevity/Mortality Risk. In 2021, the NAIC’s Life Risk-Based Capital Working Group adopted longevity risk factors for some annuity products and a correlation adjustment between longevity and mortality risk factors. The Company assumes this longevity risk primarily in its individual annuities business. In 2022, the NAIC also adopted updates to the existing mortality risk factors in RBC.

•Operational Risk. In 2018, the NAIC adopted operational risk charges that became effective for the year-end 2018 RBC calculation. The operational risk charges have not materially impacted our RBC ratios given that we hold statutory capital consistent with or in excess of the thresholds established through these new charges.

•Economic Scenario Generator (“Generator”). In 2017, the American Academy of Actuaries notified the NAIC that it did not have the resources to maintain its Generator used in regulatory reserve and capital calculations. In 2020, the NAIC selected a third-party vendor to provide, maintain, and support the Generator prescribed for life and annuity statutory reserve and capital calculations. Further changes to or replacements of the Generator could impact our business.

Due to the ongoing nature of the NAIC’s activities regarding RBC, we cannot determine the ultimate timing of the proposed changes or their impact on RBC or on our financial position.

Insurance Reserves and Regulatory Capital. State insurance laws require us to analyze the adequacy of our reserves annually. Our appointed actuary must submit an opinion that our reserves, when considered in light of the assets we hold with respect to those reserves, make adequate provision for our contractual obligations and related expenses.

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Insurance Reserves and Regulatory Capital.

State insurance laws require us to analyze the adequacy of our reserves annually. Our appointed actuary must submit an opinion that our reserves, when considered in light of the assets we hold with respect to those reserves, make adequate provision for our contractual obligations and related expenses.

Market Conduct Regulation

State insurance laws and regulations include numerous provisions governing the marketplace activities of insurers, including provisions governing the form and content of disclosure to consumers, illustrations, advertising, sales practices and complaint handling, as well as underwriting and claims activity. State regulatory authorities generally enforce these provisions through periodic market conduct examinations. We have been subject to market conduct examinations relating to our marketplace activities, including with respect to the policies and procedures we use to locate guaranteed group annuity customers and establish related reserves. Market conduct examinations by state regulatory authorities have resulted and may in the future result in us increasing statutory reserves, changing operational processes and procedures, and being subject to fines or other discipline.

Climate Issues

In 2020, the NAIC established a Climate and Resiliency Task Force under the Executive Committee to coordinate domestic and international discussions and engagement on climate-related risk and resiliency issues. Charges for the Task Force include: considering appropriate climate risk disclosures within the insurance sector; evaluating financial regulatory approaches to climate risk and resiliency, including stress testing, scenario modeling, and solvency implications; considering innovative insurer solutions to climate risk and resiliency; identifying sustainability, resilience and mitigation issues and solutions related to the insurance industry; and considering pre-disaster mitigation and resiliency and the role of state insurance regulators in resiliency. To date, the Task Force has not adopted any regulatory requirements but may do so in the future as it advances its work. The NAIC has generally modified its Insurer Climate Risk Disclosure survey, which is used by several states, to align with aspects of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) framework, a recognized framework of recommendations that were developed to enhance climate-related disclosures. The NAIC is also considering potential enhancements to existing regulatory tools relative to the solvency effects of climate which may be incorporated into the NAIC’s Financial Analysis Handbook, the Financial Condition Examiners Handbook and the ORSA Guidance Manual.

Insurance Guaranty Association Assessments

Each state has insurance guaranty association laws under which insurers doing business in the state are members and may be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Typically, states assess each member insurer in an amount related to the member insurer’s proportionate share of the business written by all member insurers in the state. The majority of state guaranty association laws provide a tax offset for a percentage of the assessment against future years’ premium taxes. We cannot predict the amount and timing of future assessments on the Company under these laws.

U.S. Federal Securities Regulation Affecting Insurance Operations

The U.S. federal securities laws are primarily intended to ensure the integrity of the financial markets and protect investors, and they generally grant regulatory agencies broad rulemaking and enforcement powers, including the power to limit or restrict the conduct of business for failure to comply with such laws and regulations. Our variable and registered index-linked annuities products generally are “securities” within the meaning of federal securities laws and generally are required to be registered under the federal securities laws and are subject to regulation by the SEC and the Financial Industry Regulatory Authority (“FINRA”). In particular, we are subject to extensive regulation under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940 and the SEC’s rules and regulations thereunder. Federal securities regulation also affects investment advice, sales and related activities with respect to these products. The SEC and FINRA may from time to time make inquiries and conduct examinations regarding our compliance with securities and other laws and regulations. We will cooperate with such inquiries and examinations and take corrective action when warranted.

On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures of climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the audited financial statements. Larger registrants will also be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement.

The final rules differ in several respects from the March 2022 rule proposal, including changes to the financial statement footnote disclosures as well as reductions to the scope of and number of registrants subject to the greenhouse gas emission disclosures.

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U.S. Federal Securities Regulation Affecting Insurance Operations

The U.S. federal securities laws are primarily intended to ensure the integrity of the financial markets and protect investors, and they generally grant regulatory agencies broad rulemaking and enforcement powers, including the power to limit or restrict the conduct of business for failure to comply with such laws and regulations. Our variable and registered index-linked annuities products, as well as certain of our fixed interest annuity contracts and fixed interest allocation options subject to a market value adjustment, generally are “securities” within the meaning of federal securities laws and generally are required to be registered under the federal securities laws and are subject to regulation by the SEC and the Financial Industry Regulatory Authority (“FINRA”). The registration of our non-variable annuity products triggers certain reporting requirements under the Securities Exchange Act of 1934. As a result, we are subject to extensive regulation under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940 and the SEC’s rules and regulations thereunder. In the future, we may choose to rely on the exemption provided by Rule 12h-7 under the Securities Exchange Act of 1934 to cease filing periodic and current reports that are otherwise required under the Securities Exchange Act of 1934. Federal securities regulation also affects investment advice, sales and related activities with respect to these products. The SEC and FINRA may from time to time make inquiries and conduct examinations regarding our compliance with securities and other laws and regulations. We will cooperate with such inquiries and examinations and take corrective action when warranted.

On March 6, 2024, the SEC adopted new rules designed to enhance reporting company disclosures related to the risks and impacts of climate-related matters. The new rules require disclosures of climate-related risks and risk management as well as the board and management’s governance of such risks. In addition, the rules include requirements to disclose the financial effects of severe weather events and other natural conditions in the financial statements. Larger registrants will also be required to disclose information about greenhouse gas emissions, which will be subject to a phased-in assurance requirement. Petitions seeking review of the new rules were filed in multiple courts of appeal, and on April 4, 2024, the SEC voluntarily stayed the implementation of the final rules pending the outcome of the Eighth Circuit’s judicial review of the consolidated petitions. We cannot predict the result of the judicial review.

Federal Insurance Office

Dodd-Frank established a Federal Insurance Office (“FIO”) within the Department of the Treasury headed by a director appointed by the Secretary of the Treasury. While the FIO does not have general supervisory or regulatory authority over the business of insurance, the FIO director performs various functions with respect to insurance, including serving as a non-voting member of the Council, monitoring the insurance sector and representing the U.S. on prudential aspects of international insurance matters, including at the International Association of Insurance Supervisors (“IAIS”).

Recent Tax Law Changes Related to Retirement Plans and Products

In December 2019, Congress enacted the Setting Every Community up for Retirement Enhancement (“SECURE”) Act. The SECURE Act is intended to help promote retirement plan coverage and increase retirement plan savings, as well as facilitate access to guaranteed lifetime income solutions. The SECURE Act addresses coverage issues by making it easier for small businesses to participate in pooled employer plans and requires coverage of certain long-term, part-time workers. The SECURE Act addresses savings issues by raising the cap on amounts contributed through auto-enrollment, increasing the maximum age for required minimum distributions to 72 and removing the age cap (70) for making IRA contributions. The SECURE Act also made it easier for employers to include guaranteed lifetime income as part of their plan by providing an annuity provider selection safe harbor, as well as providing for the portability of participant investments in annuity products. In addition, the SECURE Act included provisions that enable participants to withdraw, penalty-free, up to $5,000 for expenses attendant to the birth or adoption of a child and limit the ability of certain IRA beneficiaries to defer tax recognition of their inheritance beyond ten years.

In December 2022, SECURE Act 2.0 (“SECURE 2.0”) was enacted. SECURE 2.0 contains numerous significant changes for retirement plans, plan sponsors, and retirement plan providers. For example, SECURE 2.0 contains provisions related to, among many other things, increasing the required minimum distribution age, reducing required minimum distribution penalties, and removing required minimum distribution barriers for annuities. Many of the provisions in SECURE 2.0 went effective in 2023, but SECURE 2.0 will not be completely implemented until 2027. The Internal Revenue Service (“IRS”) has issued additional guidance addressing specific issues arising from the implementation of the provisions of SECURE 2.0.

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Derivatives Regulation

FLIAC uses derivatives for various purposes, including hedging interest rate, foreign currency and equity market exposures. Dodd-Frank established a framework for regulation of the over-the-counter derivatives markets. This framework sets out requirements regarding the clearing and reporting of derivatives transactions, as well as collateral posting requirements for uncleared swaps.

We continue to monitor the potential hedging cost impacts of new initial margin requirements, and increased capital requirements for derivatives transactions. Additionally, the increased need to post cash collateral in connection with mandatorily cleared swaps may also require the liquidation of higher yielding assets for cash, resulting in a negative impact on investment income.

Privacy and Cybersecurity Regulation

We are subject to laws, regulations and directives that require financial institutions and other businesses to protect the security and confidentiality of personal information, including health-related and customer information, and to notify their customers and other individuals of their policies and practices relating to the collection and disclosure of personal information. In addition, we must comply with applicable privacy laws, regulations, and directives concerning the transfer or use of personal information. These laws, regulations, and directives also, among other things:

•require protections regarding the use and disclosure of certain information such as national identifier numbers (e.g., social security numbers);

•require periodic disclosure of privacy policies and practices to customers and consumers;

•require notice to affected individuals, regulators and others if there is a breach of the security of certain personal or confidential information;

•require financial institutions and creditors to implement effective programs to detect, prevent, and mitigate identity theft;

•require the proper disposal of customer and consumer information;

•regulate the process by which financial institutions make telemarketing calls and send e-mail, text, or fax messages to consumers and customers;

•require oversight of third parties that have access to, and handle, personal or confidential information;

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•provide individuals with rights over their personal information, such as the right to obtain portable copies of or request the deletion of their personal information; and

•prescribe the permissible uses of certain personal information, including customer information and consumer report information.

General regulatory and legislative activity in the areas of privacy, data protection and information and cybersecurity continues to increase worldwide. Financial regulators continue to focus on data privacy and cybersecurity, have communicated heightened expectations with respect to security and regulatory compliance, and have increased emphasis in this area in their examinations of regulated entities. For example, the E.U.’s General Data Protection Regulation (“GDPR”) confers substantial privacy rights on individuals in the E.U. and establishes significant penalties for violations, and several international countries have adopted GDPR-like regulations. In the U.S., many states have adopted comprehensive privacy and data protection laws. Insurance regulatory activity related to privacy, data protection and cybersecurity also continues to increase. In October 2017, the NAIC adopted the Insurance Data Security Model Law. The model law requires that insurance companies establish a cybersecurity program and includes specific technical safeguards as well as requirements regarding governance, incident planning, data management, system testing, vendor oversight and regulator notification. Several states have either implemented the model law or are anticipated to implement it in the near future, or have otherwise adopted similar laws. The NAIC is also considering a new Consumer Privacy Protection Model Law (to replace the corresponding existing model law) that would include stronger provisions related to consumer rights, consent, and notification as well as third-party service agreements, data retention and deletion policies, and data sharing agreements.

In ~~July~~October ~~2023~~2017, the ~~SEC~~NAIC adopted ~~final~~the ~~rules~~Insurance ~~requiring~~Data ~~reporting~~Security ~~companies~~Model toLaw. ~~disclose~~The ~~material~~model law requires that insurance companies establish a cybersecurity ~~incidents~~program and ~~their~~includes ~~processes~~specific technical safeguards as well as requirements regarding ~~cybersecurity~~governance, ~~risk~~incident planning, data management, ~~strategy~~system testing, vendor oversight and ~~governance~~regulator notification. ~~The~~At ~~following~~least ~~are~~26 states have either implemented the ~~key~~model ~~requirements~~law, ~~applicable~~or have otherwise adopted similar laws. The NAIC is also drafting a new Privacy Protection Model Act (to replace and modernize the ~~Company:~~Insurance ~~(i)~~Information ~~current~~and ~~disclosure~~Privacy ofProtection ~~material~~Model ~~cybersecurity~~Act ~~incidents~~and onthe ~~Form~~Privacy ~~8-K~~of Consumer Financial and ~~(ii~~Health Information Model Regulation) ~~Annual~~that ~~disclosure~~would oninclude ~~Form~~stronger ~~10-K~~provisions ofrelated ~~information~~to ~~about~~consumer ~~cybersecurity~~rights, ~~risk~~consent, ~~management~~and notification as well as third-party service agreements, ~~strategy~~data retention and deletion policies, and ~~governance~~data sharing agreements.

In 2023, the SEC adopted final rules requiring reporting companies to disclose material cybersecurity incidents and their processes regarding cybersecurity risk management, strategy, and governance. The following are the key requirements applicable to the Company: (i) current disclosure of material cybersecurity incidents on Form 8-K and (ii) Annual disclosure on Form 10-K of information about cybersecurity risk management, strategy, and governance.

See “Cybersecurity” contained in Item 1C for further information.

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The SEC has also proposed new Rule 38a-2, which if adopted would require investment companies registered under the Investment Company Act of 1940, such as the separate accounts that support our variable annuities and variable life insurance policies, to adopt and implement a comprehensive set of written policies and procedures designed to address cybersecurity risks and to disclose in variable annuity and variable life insurance prospectuses information about any significant cybersecurity incident that has occurred in the past two fiscal years. In addition, significant amendments to Regulation S-P, the SEC’s privacy of consumer information and safeguarding customer information rules applicable to registered investment companies, went effective as of August 2, 2024. The amendments broadened the scope of information that must be protected and imposed extensive new obligations related to incident response and prevention, the notification of affected individuals, and the oversight of third party vendors.

The Company actively monitors regulatory developments in these areas, and may be subject to increased compliance costs and regulatory requirements as they become effective. As our compliance obligations continue to grow with the introduction and enforcement of new laws, there may be an increased risk to the Company of regulatory enforcement actions or potentially private claims.

Anti-Money Laundering and Anti-Bribery Laws

Our business is subject to various anti-money laundering and financial transparency laws and regulations that seek to promote cooperation among financial institutions, regulators and law enforcement entities in identifying parties that may be involved in terrorism or money laundering. In addition, under current U.S. law and regulations we may be prohibited from dealing with certain individuals or entities in certain circumstances and we may be required to monitor customer activities, which may affect our ability to attract and retain customers. We are also subject to various laws and regulations relating to corrupt and illegal payments to government officials and others, including the U.S. Foreign Corrupt Practices Act. The obligation of financial institutions, including the Company, to identify their clients, to monitor for and report suspicious transactions, to monitor dealings with government officials, to respond to requests for information by regulatory authorities and law enforcement agencies, and to share information with other financial institutions, has required the implementation and maintenance of internal practices, procedures and controls.

Unclaimed Property Laws

We are subject to the laws and regulations of states and other jurisdictions concerning the identification, reporting and escheatment of unclaimed or abandoned funds, and we are subject to audit and examination for compliance with these requirements. For additional discussion of these matters, see Note 13 to the Financial Statements.

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Taxation

U.S. Taxation

The principal differences between the Company’s actual income tax expense and the applicable statutory federal income tax rate are generally deductions for non-taxable investment income, including the Dividends Received Deduction (“DRD”), and intercompany cost allocations~~, and the deductibility of foreign taxes paid and accrued~~. The applicable statutory federal income tax rate is 21%. A future increase in the applicable statutory federal income tax rate above 21% would adversely impact the Company's tax position. In addition, as discussed further below, the tax attributes of our products may impact both the Company’s and our customers’ tax positions. See “Income Taxes” in Note 2 to the Financial Statements and Note 9 to the Financial Statements for a description of the Company’s tax position. As discussed further below, new tax legislation and other potential changes to the tax law may impact the Company’s tax position and the attractiveness of our products.

On August 16, 2022, the U.S. enacted The Inflation Reduction Act of 2022, which provides among other provisions a new corporate alternative minimum tax (“CAMT”). The CAMT is effective for taxable years beginning after December 31, 2022 and generally applies to taxpayers with average annual financial statement income exceeding $1 billion over a three-year period. The ~~impact~~Company ofis below the ~~new~~$1 ~~law~~billion ~~was~~threshold and is not ~~material~~subject to the ~~Company~~CAMT rules for the year ended December 31, ~~2023~~2024, and is not expected to be ~~material~~subject to the provisions in future years.

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U.S. federal tax law generally permits tax deferral on the inside build-up of investment value of certain retirement savings, annuities and life insurance products until there is a contract distribution and, in general, excludes from taxation the death benefit paid under a life insurance contract. It is possible that some individuals with overall lower effective tax rates could be less attracted to the tax deferral aspect of the Company’s products. A general reduction in individual tax rates and elimination of certain individual deductions may also impact the Company, depending on whether current and potential customers have more or less after-tax income to save for retirement and manage their mortality and longevity risk through the purchase of the Company’s products. Congress from time to time may enact other changes to the tax law that could make our products less attractive to consumers, including legislation that would modify the tax favored treatment of retirement savings, life insurance and annuities products.

The products we sell have different tax characteristics and, in some cases, generate tax deductions and credits for the Company. Changes in either the U.S. or foreign tax laws may negatively impact the deductions and credits available to the Company, including the ability of the Company to claim foreign tax credits with respect to taxes withheld on our investments supporting separate account products. These changes would increase the Company’s actual tax expense and reduce its net income.

The profitability of certain products is significantly dependent on these characteristics and our ability to continue to generate taxable income, which is taken into consideration when pricing products and is a component of our capital management strategies. Accordingly, changes in tax law, our ability to generate taxable income, or other factors impacting the availability or value of the tax characteristics generated by our products, could impact product pricing, increase our tax expense or require us to implement other actions that could be disruptive to our businesses.

International and Global Regulatory Initiatives

In addition to the adoption of Dodd-Frank in the United States, lawmakers around the world are actively exploring steps to avoid future financial crises. In many respects, this work is being led by the Financial Stability Board (“FSB”), which consists of representatives of national financial authorities of the G20 nations. The G20, the FSB and related bodies have developed proposals to address such issues as financial group supervision, capital and solvency standards, systemic economic risk, corporate governance including executive compensation, and a host of related issues.

The IAIS developed the Common Framework for the Supervision of Internationally Active Insurance Groups (“ComFrame”). Through ComFrame, the IAIS seeks to promote effective and globally consistent supervision of the insurance industry through uniform standards for insurer corporate governance, enterprise risk management and other control functions, group-wide supervision and group capital adequacy. The non-capital related components of ComFrame were adopted by the IAIS in November 2019. ~~The~~On December 5, 2024, the IAIS adopted the Insurance Capital Standard (“ICS”), which is the capital adequacy component of ComFrame, ~~entered~~as awell ~~five-year~~as ~~monitoring~~updates ~~phase~~to ~~beginning in 2020. During~~ the ~~monitoring~~existing ~~phase,~~components ~~IAIGs~~of ~~are~~ComFrame ~~encouraged~~related to ~~report~~climate ~~ICS~~risk, ~~results to their group supervisory authorities to support~~ the ~~IAIS’~~assessment ~~efforts~~and tomitigation ~~obtain~~of ~~feedback~~systemic onrisk, ~~the~~and ~~appropriateness~~valuation ofand ~~the~~capital ~~framework~~adequacy. The IAIS will ~~use~~begin ~~input~~developing ~~from supervisory authorities and IAIGs as well as stakeholder feedback on~~ a ~~public~~detailed ~~consultation~~ICS ~~and~~assessment ~~the~~methodology ~~results~~in of2025 anfor ~~economic~~use ~~impact~~in ~~assessment~~monitoring tofuture ~~further~~progress ~~improve~~in the ~~ICS.~~implementation ~~The IAIS is scheduled to adopt a final version~~ of the ICS~~, which it expects its member supervisory authorities to implement, in 2025~~.

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As a standard setting body, the IAIS does not have direct authority to require insurance companies to comply with the policy measures it develops, including the ICS. However, we could become subject to these policy measures if they were adopted by either our group supervisor or supervisors of FGH, which could impact the manner in which the Company deploys its capital, structures and manages its businesses, and otherwise operates.

Human Capital Resources

The Company has no employees. Services to the Company are primarily provided by employees of FGH as described under “Expense Charges and Allocations” in Note 11 to the Financial Statements.

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Item 1A. Risk Factors

You should carefully consider the following risks. These risks are not exclusive, and additional risks to which we are subject include, but are not limited to, the factors mentioned under “Forward-Looking Statements” above and the risks of our business described elsewhere in this Annual Report on Form 10-K. Many of these risks are interrelated and could occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence or exacerbate the effect of others. Such a combination could materially increase the severity of the impact of these risks on our business, results of operations, financial condition and liquidity.

Overview

The Company's risk management framework documents the definition, potential manifestation, and management of its risks. The Company has categorized its risks into tactical and strategic risks. Tactical risks may cause damage to the Company, and the Company seeks to manage and mitigate them through models, metrics and the overall risk framework. The Company’s tactical risks include investment, insurance, market, liquidity, and operational risk. Strategic risks can cause the Company’s fundamental business model to change, either through a shift in the businesses in which it is engaged or a change in execution. The Company’s strategic risks include regulatory and technological changes and other external factors. These risks, as well as the sub-risks that may impact the Company, are discussed below.

Investment Risk

Our investment portfolios are subject to the risk of loss due to default or deterioration in credit quality or value. We are exposed to investment risk through our investments, which primarily consist of public and private fixed maturity securities, mortgage loans, equity securities, and alternative assets, which include private equity, hedge funds, and real estate. We are also exposed to investment risk through a potential counterparty default.

Investment risk may result from: (1) economic conditions; (2) adverse capital market conditions, including disruptions in individual market sectors or a lack of buyers in the marketplace; (3) volatility; (4) credit spread changes; (5) benchmark interest rate changes; and (6) declines in value of underlying collateral. These factors may impact the credit quality, liquidity and value of our investments and derivatives, potentially resulting in higher capital charges and potentially non tax-deductible unrealized or realized losses. Also, certain investments we hold, regardless of market conditions, are relatively illiquid and our ability to promptly sell these assets for their full value may be limited. Additionally, our valuation of investments may include methodologies, inputs and assumptions which are subject to change and different interpretation and could result in changes to investment valuations that may materially impact our results of operations or financial condition. For information about the valuation of our investments, see “Application of Critical Accounting Estimates” in Item 7 and Note 4 to the Financial Statements in Item 8 for further information.

Our investment portfolio is subject to credit risk, which is the risk that an obligor (or guarantor) is unable or unwilling to meet its contractual payment obligations on its fixed maturity security, loan or other obligations. Credit risk may manifest in an idiosyncratic manner (i.e., specific to an individual borrower or industry) or through market-wide credit cycles. Financial deterioration of the obligor increases the risk of default and may increase the capital charges required under such regimes as risk-based capital regulations, or other constructs that may require us to hold the investment and in turn, potentially limit our overall capital flexibility. Credit defaults (as well as credit impairments, realized losses on credit-related sales, and increases in credit related reserves) may result in losses which adversely impact earnings, income tax obligations, capital and our ability to appropriately match our liabilities and meet future obligations.

Our Company is subject to counterparty risk, which is the risk that the counterparty to a transaction could default or deteriorate in creditworthiness before or at the final settlement of a transaction. In the normal course of business, we enter into financial contracts to manage risks (such as derivatives to manage market risk and reinsurance treaties to manage insurance risk), improve the return on investments (such as securities lending and repurchase transactions) and provide sources of liquidity or financing (such as credit agreements, securities lending agreements and repurchase agreements). These transactions expose the Company to counterparty risk. Counterparties include commercial banks, investment banks, broker-dealers and insurance and reinsurance companies. In the event of a counterparty deterioration or default, the magnitude of the losses will depend on then current market conditions and the length of time required to enter into a replacement transaction with a new counterparty. Losses are likely to be higher under stressed conditions.

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Our investment portfolio is subject to equity risk, which is the risk of loss due to deterioration in market value of public equity or alternative assets. We include public equity and alternative assets (including private equity, hedge funds and real estate) in our portfolio constructions, as these asset classes can provide returns over longer periods of time, aligning with the long-term nature of certain of our liabilities. Public equity and alternative assets have varying degrees of price transparency. Equities traded on stock exchanges (public equities) have significant price transparency, as transactions are often required to be disclosed publicly. Assets for which price transparency is more opaque include private equity (joint ventures/limited partnerships) and direct real estate. As these investments typically do not trade on public markets and indications of realizable market value may not be readily available, valuations can be infrequent and/or more volatile. A sustained decline in public equity and alternative markets may reduce the returns earned by our investment portfolio through lower than expected dividend income, property operating income, and capital gains, thereby adversely impacting earnings, income tax obligations, capital, and product pricing assumptions. These assets may also produce volatility in earnings as a result of uneven distributions on the underlying investments.

Our investment portfolio may be impacted by the uncertain and evolving economic environment. In recent years, the financial markets have experienced periods of significant volatility and negative returns, contributing to an uncertain and evolving economic environment. The performance of the markets in ~~the~~ recent years has been impacted by several interrelating factors such as, but not limited to, ~~the COVID-19 pandemic,~~ rising inflation, changes in interest rates, bank failures, geopolitical turmoil, and actions by governmental authorities. ~~In addition~~(e.g., ~~multiple~~federal ~~bank~~government ~~failures~~shutdowns, inchanges ~~2023 resulted~~ in ~~periods~~federal ofgovernment ~~market disruption and volatility and reduced confidence in depository institutions. While such bank failures did not significantly impact our business~~spending, ifimposition ~~banks~~of ornew ~~other~~international ~~financial~~trade ~~institutions with whom we do business were to enter into receivership or become insolvent in the future, there could be an adverse effect on our business and financial condition~~policies). It is not possible to predict the future performance of the markets with any certainty. The uncertain and evolving economic environment could increase the risk of loss on our investments.

Insurance Risk

We have significant liabilities for policyholders' benefits which are subject to insurance risk. Insurance risk is the risk that actual experience deviates adversely from our insurance assumptions, including mortality and policyholder behavior assumptions. We provide a variety of insurance products that are designed to help customers protect against a variety of financial uncertainties. Our insurance products protect customers against their potential risk of loss by transferring those risks to the Company, where those risks can be managed more efficiently through pooling and diversification over a larger number of independent exposures. During this transfer process, we assume the risk that actual losses experienced in our insurance products deviates significantly from what we expect. More specifically, insurance risk is concerned with the deviations that impact our future liabilities. Our profitability may decline if mortality experience or policyholder behavior experience differ significantly from our expectations when we priced our products at acquisition. In addition, if we experience higher than expected claims our liquidity position may be adversely impacted, and we may incur losses on investments if we are required to sell assets in order to pay claims. If it is necessary to sell assets at a loss, our results of operations and financial condition could be adversely impacted. For a discussion of the impact of changes in insurance assumptions on our financial condition, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Accounting Policies and Pronouncements - Application of Critical Accounting Estimates - Insurance Liabilities”.

Certain of our insurance products are subject to mortality risk, which is the risk that actual deaths experienced deviate adversely from our expectations. Mortality risk is a biometric risk that can manifest in the following ways:

•Mortality calamity is the risk that mortality rates in a single year deviate adversely from what is expected as the result of specific events, such as natural or man-made disasters, military actions, or terrorism. A mortality calamity event will reduce our earnings and capital and we may be forced to liquidate assets before maturity in order to pay the excess claims. Mortality calamity risk is more pronounced in respect of specific geographic areas (including major metropolitan centers, where we have concentrations of customers), concentrations of employees or significant operations. Ultimate losses ~~would~~ depend on several factors, including the rates of mortality and morbidity among various segments of the insured population, the collectability of reinsurance, the possible macroeconomic effects on our investment portfolio, the effect on lapses and surrenders of existing policies, as well as other variables.

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•Mortality trend is the risk that mortality improvements in the future deviate adversely from what is expected. Mortality trend is a long-term risk in that it can emerge gradually over time. For example, as a result of the COVID-19 pandemic, it is possible that long-term deviations from mortality assumptions may emerge in the coming years. Longevity products, such as annuities, experience adverse impacts due to higher-than-expected mortality improvement. Mortality products, such as life insurance, experience adverse impacts due to lower-than-expected improvement. If this risk were to emerge, the Company would update assumptions used to calculate reserves for in-force business, which may result in additional assets needed to meet the higher expected annuity claims or earlier expected life claims. An increase in reserves due to revised assumptions has an immediate impact on our results of operations and financial condition; however, economically the impact is generally long-term as the excess outflow is paid over time.

•Mortality base is the risk that actual base mortality deviates adversely from what is expected in pricing and valuing our products. Base mortality risk can arise from a lack of credible data on which to base the assumptions.

Certain of our insurance products are subject to policyholder behavior risk, which is the risk that actual policyholder behavior deviates adversely from what is expected. Policyholder behavior risk includes the following components:

•Lapse calamity is the risk that lapse rates over the short-term deviate adversely from what is expected, for example, surrenders of certain insurance products may increase following a downgrade of our financial strength ratings, or adverse publicity or a change in economic conditions. Only certain products are exposed to this risk. Products that offer a cash surrender value that resides in the general account could pose a potential short-term lapse calamity risk. Surrender of these products can impact liquidity, and it may be necessary in certain market conditions to sell assets to meet surrender demands. Lapse calamity can also impact our earnings through its impact on estimated future profits.

•Policyholder behavior efficiency is the risk that the behavior of our customers or policyholders deviates adversely from what is expected. Policyholder behavior efficiency risk arises through product features which provide some degree of choice or flexibility for the policyholder, which can impact the amount and/or timing of claims. Such choices include surrender, lapse, partial withdrawal, policy loan, utilization, and premium payment rates for contracts with flexible premiums. While some behavior is driven by macro factors such as market movements, policyholder behavior at a fundamental level is driven primarily by policyholders’ individual needs, which may differ significantly from product to product depending on many factors including the features offered, the approach taken to market each product, and competitor pricing. For example, persistency (the probability that a contract will remain in force) within our annuities business may be significantly impacted by the value of guaranteed minimum benefits contained in many of our variable annuity products being higher than current account values in light of poor market performance as well as other factors. Many of our products also provide our customers with wide flexibility with respect to the amount and timing of premium deposits and the amount and timing of withdrawals from the policy’s value. Results may vary based on differences between actual and expected premium deposits and withdrawals for these products~~, especially if these product features are relatively new to the marketplace~~. The pricing of certain of our variable annuity products that contain certain living benefit guarantees is also based on assumptions about utilization rates, or the percentage of contracts that will utilize the benefit during the contract duration, including the timing of the first withdrawal. Results may vary based on differences between actual and expected benefit utilization. We may also be impacted by customers seeking to sell their benefits. In particular, third-party investor strategies in our annuities business could adversely affect the profitability of existing business. Policyholder behavior efficiency is generally a long-term risk that emerges over time. An increase in reserves due to revised assumptions has an immediate impact on our results of operations and financial condition; however, from an economic or cash flow perspective, the impact is generally long-term as the excess outflow is paid over time.

Our ability to reprice products is limited, and may not compensate for deviations from our expected insurance assumptions. Although some of our products permit us to increase premiums or adjust other charges and credits during the life of the policy or contract, the adjustments permitted under the terms of the policies or contracts may not be sufficient to maintain profitability or may cause the policies or contracts to lapse. Many of our products do not permit us to increase premiums or adjust other charges and credits or limit those adjustments during the life of the contract. Even if permitted under the policy or contract, we may not be able or willing to raise premiums or adjust other charges sufficiently, or at all. Accordingly, significant deviations in actual experience from our pricing assumptions could have an adverse effect on the profitability of our products.

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Market Risk

The profitability of many of our insurance and annuity products are subject to market risk. Market risk is the risk of loss from changes in interest rates and equity prices.

The profitability of many of our insurance and annuity products depends in part on the value of the separate accounts supporting these products, which can fluctuate substantially depending on market conditions.

Derivative instruments we use to hedge and manage interest rate and equity market risks associated with our products and businesses, and other risks might not perform as intended or expected resulting in higher than expected realized losses and stresses on liquidity. Market conditions can limit availability of hedging instruments, require us to post additional collateral, and further increase the cost of executing product related hedges and such costs may not be recovered in the pricing of the underlying products being hedged.

Market risk may limit opportunities for investment of available funds at appropriate returns, including due to the interest rate environment, or other factors, with possible negative impacts on our overall results. Limited opportunities for attractive investments may lead to holding cash for long periods of time and increased use of derivatives for duration management and other portfolio management purposes. The increased use of derivatives may increase the volatility of our U.S. GAAP results and our statutory capital.

Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, and in the U.S. economy (including as a result of actions by the Federal Reserve with respect to monetary policy, and adverse political developments). Global or U.S. economic activity and financial markets may in turn be negatively affected by adverse developments or conditions in specific geographical regions.

For a discussion of the impact of changes in market conditions on our financial condition see Item 7A “Quantitative and Qualitative Disclosures About Market Risk”.

Our insurance and annuity products, and our investment returns, are subject to interest rate risk, which is the risk of loss arising from asset/liability duration mismatches within our general account investments. The risk of mismatch in asset/liability duration is mainly driven by the specific dynamics of product liabilities. Some product liabilities are expected to have only modest risk related to interest rates because cash flows can be matched by available assets in the investable space. The interest rate risk emerges primarily from their tail cash flows (30 years or more), which cannot be matched by assets for sale in the marketplace, exposing the Company to future reinvestment risk. In addition, certain of our products provide for recurring premiums which may be invested at interest rates lower than the rates included in our pricing assumptions. Market-sensitive cash flows exist with other product liabilities including products whose cash flows can be linked to market performance through secondary guarantees, minimum crediting rates, and/or changes in insurance assumptions.

Our exposure to interest rates can manifest over years as in the case of earnings compression or in the short term by creating volatility in both earnings and capital. For example, some of our products expose us to the risk that changes in interest rates will impact the spread between the amounts that we are required to pay under contracts and the rate of return we are able to earn on our general account investments supporting these contracts.

When interest rates decline or remain low we must invest in lower-yielding instruments, potentially reducing net investment income ~~and constraining our ability to offer certain products~~. This risk is increased as more policyholders may retain their policies in a low rate environment. Since many of our policies and contracts have guaranteed minimum crediting rates or limit the resetting of crediting rates, the spreads could decrease or go negative.

Alternatively, when interest rates rise, we may not be able to replace the assets in our general account with the higher-yielding assets as quickly as needed to fund the higher crediting rates necessary to keep these products and contracts competitive. It is possible that fewer policyholders may retain their policies and annuity contracts as they pursue higher crediting rates, which could expose the Company to losses and liquidity stress. ~~In an attempt to curb rising inflation, the Federal Reserve and other central banks raised interest rates multiple times in 2023 and 2022.~~ Rapid rises in interest rates may cause our interest maintenance reserve (“IMR”) to decrease or become negative if fixed income securities are sold at a capital loss. ~~Recently~~ In 2023, the NAIC issued temporary guidance that allows the admittance of 10 percent of negative IMR. Previous guidance disallowed all negative IMR; however, if our IMR balance becomes negative, our statutory surplus would still be affected negatively. ~~The~~This ~~NAIC~~interim guidance is ~~deliberating~~effective onuntil ~~future~~December 31, ~~permanent~~2025. ~~guidance~~The NAIC is developing a long-term solution regarding the ~~allowance~~accounting treatment of a negative IMR, ~~balance~~which inmay ~~statutory~~nullify ~~accounting~~the interim guidance prior to its expiration. At this time, the outcome of this initiative is uncertain.

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In recent years, the interest rate environment has been significantly volatile. Our mitigation efforts with respect to interest rate risk are primarily focused on maintaining an investment portfolio with diversified maturities that has a key rate duration profile that is approximately equal to the key rate duration profile of our liability and surplus benchmarks; however, these benchmarks are based on estimates of the liability cash flow profiles which are complex and could turn out to be inaccurate, especially when markets are volatile. In addition, there are practical and capital market limitations on our ability to accomplish this matching. Due to these and other factors we may need to liquidate investments prior to maturity at a loss in order to satisfy liabilities or be forced to reinvest funds in a lower rate environment.

Guarantees within certain of our products, in particular our variable annuities, are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position under U.S. GAAP. Certain of our products, particularly our variable annuity products, include guarantees of minimum surrender values or income streams for stated periods or for life, which may be in excess of account values. Certain of our products, particularly certain index-linked annuity products, include interest crediting guarantees based on the performance of an index. Downturns in equity markets, increased equity volatility, increased credit spreads, or (as discussed above) reduced interest rates could result in an increase in the valuation of liabilities associated with such guarantees, resulting in increases in reserves and reductions in net income. We use a variety of hedging and risk management strategies, including product features, to mitigate these risks in part and we may periodically change our strategies over time. These strategies may, however, not be fully effective. In addition, we may be unable or may choose not to fully hedge these risks. Hedging instruments may not effectively offset the costs of guarantees or may otherwise be insufficient in relation to our obligations. Hedging instruments also may not change in value correspondingly with associated liabilities due to equity market or interest rate conditions, non-performance risk or other reasons. We may choose to hedge these risks on a basis that does not correspond to their anticipated or actual impact upon our results of operations or financial position under U.S. GAAP. Changes from period to period in the valuation of these policy benefits, and in the amount of our obligations effectively hedged, will result in volatility in our results of operations and financial position under U.S. GAAP and our statutory capital levels. Estimates and assumptions we make in connection with hedging activities may fail to reflect or correspond to our actual long-term exposure from our guarantees. Further, the risk of increases in the costs of our guarantees not covered by our hedging and other capital and risk management strategies may become more significant due to changes in policyholder behavior driven by market conditions or other factors. The above factors, individually or collectively, may have a material adverse effect on our results of operations, financial condition or liquidity.

Our valuation of the liabilities for the minimum benefits contained in many of our variable annuity products requires us to consider the market perception of our risk of non-performance, and a decrease in our own credit spreads resulting from ratings upgrades or other events or market conditions could cause the recorded value of these liabilities to increase, which in turn could adversely affect our results of operations and financial position.

Liquidity Risk

As a financial services company, we are exposed to liquidity risk, which is the risk that the Company is unable to meet near-term obligations as they come due.

Liquidity risk is a manifestation of events that are driven by other risk types (market, insurance, investment, operational). A liquidity shortfall may arise in the event of insufficient funding sources or an immediate and significant need for cash or collateral. In addition, it is possible that expected liquidity sources may be unavailable or inadequate to satisfy the liquidity demands described below.

The Company has four primary sources of liquidity exposure and associated drivers that trigger material liquidity demand. Those sources are:

•Derivative collateral market exposure: Abrupt changes to interest rate, equity, and/or currency markets may increase collateral requirements to counterparties and create liquidity risk for the Company.

•Asset liability mismatch: There are liquidity risks associated with liabilities coming due prior to the matching asset cash flows. Structural maturities mismatch can occur in activities such as securities lending, where the liabilities are effectively overnight open transactions used to fund longer term assets.

•Wholesale funding: We depend upon the financial markets for funding. These sources might not be available during times of stress, or may only be available on unfavorable terms, which can result in a decrease in our profitability, higher capital requirements, and a significant reduction in our financial flexibility.

•Insurance cash flows: We face potential liquidity risks from unexpected cash demands due to severe mortality calamity, customer withdrawals or lapse events. If such events were to occur, the Company may face unexpectedly high levels of claim payments to policyholders.

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For a discussion of the Company's liquidity and sources and uses of liquidity see “Liquidity and Capital Resources ” in Item 7.

Operational Risk

Our operations are exposed to the risk of loss resulting from inadequate or failed processes or systems, human error or misconduct, and as a result of external events.

An operational risk failure may result in one or more actual or potential impacts to the Company. While the Company has policies and procedures in place to monitor vendors' operational risks and assess their risk mitigation efforts, there is no guarantee that our vendors will always be able to avoid operational risk failure.

Operational Risk Types

•Processes - Processing failure; failure to safeguard or retain documents/records; errors in valuation/pricing models and processes; project management or execution failures; improper sales practices; improper administration of our products.

•Systems - Failures during the development and implementation of new systems; systems failures.

•People - Internal fraud, breaches of employment law, unauthorized activities; loss or lack of key personnel, inadequate training; inadequate supervision.

•External Events - External crime; cyber-attack; outsourcing risk; vendor risk; natural and other disasters; changes in laws/regulations.

•Legal - Legal and regulatory compliance failures.

Potential Impacts

•Financial losses - The Company experiences a financial loss. This loss may originate from various causes including, but not limited to, transaction processing errors and fraud.

•Client Service impacts - The Company may not be able to service customers. This may result if the Company is unable to continue operations during a business continuation event or if systems are compromised due to malware or virus.

•Regulatory fines or sanctions - When the Company fails to comply with applicable laws or regulations, regulatory fines or sanctions may be imposed. In addition, possible restrictions on business activities may result.

•Legal actions - Failure to comply with laws and regulations also exposes the Company to litigation risk. This may also result in financial losses.

•Reputational harm - Failure to meet regulator, customer, investor and other stakeholder expectations may cause reputational harm.

Liabilities we may incur as a result of operational failures are described further under “Contingent Liabilities” in Note 13 to the Financial Statements. In addition, certain pending regulatory and litigation matters affecting us, and certain risks to our businesses presented by such matters, are discussed in Note 13 to the Financial Statements. We may become subject to additional regulatory and legal actions in the future.

Key Enterprise Operational Risks - Key enterprise operational risks include, among others, the following:

We are subject to business continuation risk, which is the risk that our operations, systems or data may be disrupted. We may experience a business continuation event as a result of, among other things, the following:

•Severe pandemic.

•Geo-political risks, including armed conflict and civil unrest.

•Terrorist events.

•Significant natural or accidental disasters.

•Cyber-attacks.

We depend heavily on our telecommunication, information technology and other operational systems and on the integrity and timeliness of data we use to run our businesses and service our customers. These systems may fail to operate properly or become disabled as a result of events or circumstances wholly or partly beyond our control.

Further, we face the risk of operational and technology failures by others, including clearing agents, exchanges and other financial intermediaries and of vendors and parties to which we outsource the provision of services or business operations.

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While we maintain business continuity policies and procedures, there is no guarantee that they will be effective in mitigating or eliminating the risks described above.

We may not adequately maintain information security. Organized cyber-attack activity continues to be a significant threat to the financial services sector, including the Company. Publicly-reported cybersecurity threats and incidents have dramatically increased in recent years, and financial services companies and their third-party service providers are increasingly the targets of cyber-attacks. The techniques used to attack systems and networks change frequently, are becoming more sophisticated, ~~and~~ can originate from a wide variety of sources, and are often not recognized until after they have been launched. Protecting both “structured” and “unstructured” sensitive information is a constant need. However, the risks associated with cyber-attacks cannot be fully mitigated using technology or otherwise.

Risks associated with cyber-attacks come in numerous forms, such as the following:

•Unsuspecting employees represent a primary avenue for external parties to gain access to our network and systems. Many attacks, even from sophisticated actors, include rudimentary techniques such as coaxing an internal user to click on a malicious attachment or link to introduce malware or steal their username and password (i.e., phishing).

•The use of remote or flexible work arrangements, remote access tools, and mobile technology have expanded potential targets for cyber-attack.

•Wrongdoers often seek to encrypt data (i.e., ransomware) or disrupt communications (i.e., denial of service) for the purposes of extortion.

•The rapid evolution of artificial intelligence technologies may increase the risk of cyber-attacks and data breaches if such technologies are deployed by threat actors.

•Financial services companies are increasingly being targeted by hackers and fraudulent actors seeking to monetize personal data or extort money.

•Nation-state sponsored organizations often engage in cyber-attacks, not only for monetization purposes, but also to gain information about foreign citizens and governments or to influence or cause disruptions in commerce or political affairs.

•We have also seen continued non-technical attempts to commit fraud or solicit information via call centers and interactive voice response systems.

•We rely on third parties to provide services as described further below. While we have certain standards for all vendors that provide us services, our vendors, and in turn, their own service providers, may become subject to a security breach, including as a result of their failure to perform in accordance with contractual arrangements.

•There may be an increased risk of cyber-attacks during periods of geo-political or military conflict.

•It is possible that a cybersecurity incident could persist for an extended period of time without detection.

We have implemented a cybersecurity program to mitigate these and other cybersecurity risks, which includes a variety of physical, technical and administrative controls. However, we cannot ~~ensure~~guarantee that our cybersecurity program will be effective in preventing or mitigating all cybersecurity risks. A material cybersecurity incident could still occur, which could have a significant negative impact on our business. Although we maintain cyber-security insurance coverage against costs resulting from cybersecurity incidents, it is possible losses will exceed the amount available under our coverage.

See “Cybersecurity” contained with in Item 1C for further information regarding our cybersecurity program.

We may not adequately ensure the privacy of personal information. In the course of our ordinary business we collect, store and share with various third-parties (e.g., service providers, reinsurers, etc.) substantial amounts of private and confidential information, including in some instances sensitive information, including health-related information. We are subject to the risk that the privacy of this information may be compromised, including as a result of an information security breach described above. ~~We have experienced cyber-security breaches as a result of which confidential and sensitive health-related information of our customers has been compromised.~~ Any compromise or perceived compromise of our security by us or by one of our vendors could damage our reputation, cause the termination of relationships with ~~distributors, government-run health insurance exchanges,~~ marketing partners and insurance carriers, reduce demand for our services and subject us to significant liability and expense as well as regulatory action and lawsuits, which would harm our business, operating results and financial condition.

Third parties (outsourcing providers, vendors and suppliers) present added operational risk to our enterprise. The Company's business model relies heavily on the use of third parties to deliver contracted services in a broad range of areas. This presents the risk that the Company could not meet legal, regulatory, financial or customer obligations in the event that our third-party vendors fail to deliver contracted services, or that the Company may be exposed to reputational damage due to actions or inactions of our third-party vendors. We monitor the performance of our third-party vendors, but there is no guarantee that our monitoring activities will always prevent or detect failures by our vendors.

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As a financial services company, we are exposed to model risk, which is the risk of financial loss or reputational damage or adverse regulatory impacts caused by model errors or limitations, incorrect implementation of models, or misuse of or overreliance upon models. Models are utilized by our businesses and corporate areas primarily to project future cash flows associated with pricing products, calculating reserves and valuing assets, as well as in evaluating risk and determining capital requirements, among other uses. These models may not operate properly and may rely on assumptions and projections that are inherently uncertain. As our businesses continue to grow and evolve, the number and complexity of models we utilize expands, increasing our exposure to error in the design, implementation or use of models, including the associated input data and assumptions. Furthermore, our models might change as the result of the new or changing laws or regulations.

The development and adoption of artificial intelligence (“AI”), including generative artificial intelligence (“Generative AI”), and its use and anticipated use by us or by third-parties on whom we rely, may increase the operational risks discussed above or create new operational risks that we are not currently anticipating. AI technologies offer potential benefits in areas such as customer service personalization and process automation. We may use AI and Generative AI in our operations. We also expect third-parties on whom we rely to do the same. AI and Generative AI, as relatively new technologies, may expose us to risks related to their misuse (e.g., misinformation, privacy concerns, cybersecurity). Those risks may be heightened by the speed at which such technologies are being adopted in the financial services sector and more broadly, as well as by the lack of established laws, regulations or standards governing their use. Misuse could expose the Company to legal or regulatory risk, damage customer relationships, or cause reputational harm. Our competitors may also adopt AI or Generative AI more quickly or more effectively than we do, which could cause competitive harm.

Strategic Risk

We are subject to the risk of events that can cause our fundamental business model to change, either through a shift in the businesses in which we are engaged or a change in our execution. In addition, tactical risks may become strategic risks. For example, we have considered and must continue to consider the impact of the evolving interest rate environment on our business.

Changes in the regulatory landscape may be unsettling to our business model. New laws and regulations are being considered in the U.S. at an increasing pace, as there has been greater scrutiny on financial regulation over the past several years. In addition, there are significant legal, regulatory and tax uncertainties following the 2024 U.S. presidential election, and we cannot predict the nature, timing and economic effects of any potential policy changes under the new administration. Proposed or unforeseen changes in law or regulation may adversely impact our business. See “Business - Regulation” for a discussion of certain recently enacted and pending proposals by international, federal and state regulatory authorities and their potential impact on our business, including in the following areas:

•Financial sector regulatory reform.

•U.S. federal, state and local tax laws.

•Fiduciary rules and other standards of care.

•Our regulation under U.S. state insurance laws and developments regarding group-wide supervision and capital standards, accounting rules, RBC factors for invested assets and reserves for variable annuities and other products.

•Privacy and cybersecurity regulation.

Changes in accounting rules applicable to our business may also have an adverse impact on our results of operations or financial condition.

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Changes in technology and other external factors may be unsettling to our business model. We believe the following aspects of technological and other changes would significantly impact our business model. There may be other unforeseen changes in technology and the external environment which may have a significant impact on our business model.

•Interaction with Customers. Technology is moving rapidly and as it does, it puts pressure on existing business models. Some of the changes we can anticipate are increased choices about how customers want to interact with the Company or how they want the Company to interact with them.

•Investment Portfolio. Technology may have a significant impact on the companies in which the Company invests. For example, environmental concerns spur scientific inquiry which may reposition the relative attractiveness of wind or sun power over oil and gas. The transportation industry may favor alternative modes of conveyance of goods which may shift trucking or air transport out of favor. Consumers may change their purchasing behavior to favor online activity which would change the role of malls and retail properties.

•Medical Advances. The Company is exposed to the impact of medical advances in two major ways. Genetic testing and the availability of that information unequally to consumers and insurers can bring anti-selection risks. Specifically, data from genetic testing can give our prospective customers a clearer view into their future, allowing them to select products protecting them against likelihoods of mortality or longevity with more precision. Also, technologies that extend lives will challenge our actuarial assumptions especially in the annuity-based businesses.

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The following items are examples of other factors which could have a meaningful impact on our business.

•The changing competitive landscape may adversely affect the Company. If we elect to begin selling new policies in the future, we may face intense competition from insurance companies and diversified financial institutions, both for the ultimate customers for our products and, in many businesses, for distribution through non-affiliated distribution channels. Technological advances, changing customer expectations, including related to digital offerings, access to customer data or other changes in the marketplace may present opportunities for new or smaller companies without established products or distribution channels to meet consumers’ increased expectations more efficiently than us. Fintech and insurtech companies and companies in other industries with greater access to customers and data have the potential to disrupt industries globally, and many participants have been partially funded by industry players.

•We are exposed to risks related to climate conditions. Our business could be negatively impacted by increased costs, or financial losses on investments, arising from events related to climate conditions (i.e., long-term weather patterns). For example, climate conditions may produce changes in public policy, systemic risk to financial systems, short-term or long-term market disruptions, changes in mortality/morbidity experience, availability of reinsurance, changes in consumer behavior, business disruptions, more frequent and severe weather events, and increased regulatory requirements. Climate conditions could also impact the types of assets in which we invest. For example, regulators could require us to invest less in carbon-based industries, even if those investments produce better returns. In addition, real estate investments may expose us to greater climate risk, as changing climate conditions may negatively impact market prices or supply and demand, and may make damaging weather events more likely or frequent. We cannot predict with certainty the long-term impacts of changing climate conditions on our business.

•We are exposed to risks relating to the evolving landscape of ESG standards. Customers, regulators, and other market participants may evaluate our business or other practices according to a variety of ESG standards, expectations or metrics, all of which may evolve, may be subjective or underdeveloped in nature, and may reflect contrasting or conflicting values. Standard-setting organizations and regulators, including, but not limited to, the NAIC, SEC, and state insurance regulators, have proposed or adopted, or may propose or adopt, ESG rules or standards that would apply to our business. For example, the NAIC has generally modified the Insurer Climate Risk Disclosure survey to align with aspects of the Financial Stability Board's Task Force on Climate-Related Financial Disclosures ("TCFD") framework, a recognized framework of recommendations that were developed to enhance climate-related disclosures. In addition, the SEC has proposed new disclosure rules that, if adopted, would generally require a wide range of registered companies, including us, to prepare extensive disclosures and financial information on climate-related risk. Compliance with new regulations and regulatory developments may significantly increase our compliance costs. In addition, certain organizations that provide information to investors have developed ratings for evaluating companies on their approach to different ESG matters. Due to the sometimes conflicting, uncertain and subjective ESG regulatory and market environment, we may be seen as acting inconsistently with ESG standards or values from the perspective of certain customers, regulators or other constituents. As a result, we may face adverse regulatory, investor, customer, media, or public scrutiny leading to business, reputational, or legal challenges.

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•Market conditions and other factors may adversely increase expenses. Examples include:

•A change in market conditions, such as high inflation and high interest rates, could cause a change in consumer sentiment and behavior adversely affecting persistency of our savings and protection products. Conversely, low inflation and low interest rates could cause persistency of these products to vary from that anticipated and adversely affect profitability. Similarly, changing economic conditions and unfavorable public perception of financial institutions can influence customer behavior, including increasing claims or surrenders in certain products.

•Lapses and surrenders of certain insurance products may increase if a market downturn, increased market volatility or other market conditions result in customers becoming dissatisfied with their investments or products.

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•Our reputation may be adversely impacted if any of the risks described in this section are realized. Reputational risk could manifest from any of the risks as identified in the Company’s risk identification process. Failure to effectively manage risks across a broad range of risk issues exposes the Company to reputational harm. If the Company were to suffer a significant loss in reputation, both policyholders and counterparties could seek to exit existing relationships. Additionally, large changes in credit worthiness, especially credit ratings, could impact access to funding markets while creating additional collateral requirements for existing relationships. The mismanagement of any such risks may potentially damage our reputational asset. Our business is anchored in the strength of our brand, our alignment to our values, and our proven commitment to keep our promises to our customers. Any negative public perception, founded or otherwise, can be widely and rapidly shared over social media or other means, and could cause damage to our reputation.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Cybersecurity Program Overview

FLIAC prioritizes the security of its electronic information systems and the data residing therein. In order to respond to the risks posed by a variety of cybersecurity threats, including security breaches, cyber-attacks, and other cybersecurity incidents, FLIAC has implemented a Cybersecurity Program (the “Program”) managed by our Chief Information Security Officer (“CISO”) and the CISO’s Information Security Team. The Program is designed to protect and preserve the confidentiality, integrity, and continued availability of the electronic information systems that we own or use, and all electronic information owned by or in the care of the Company. The Program is based on industry leading frameworks including the National Institute of Standards and Technology (“NIST”) Cyber Security Framework (“CSF”) and NIST 800-53. The NIST CSF provides standards, guidelines, and best practices on managing cybersecurity risk and for the organization, improvement, and assessment of the Program.

The Program governs all FLIAC internal systems, as well as third parties providing service to the Company, and is based on the following five pillars:

•Identify - The first pillar of the Program is to identify the organization's critical assets, vulnerabilities, and potential threats. This involves conducting a thorough quantitative and qualitative risk assessment and asset inventory based on the organization's information systems, data repositories, and network infrastructure. Additionally, it involves categorizing and classifying the importance of different assets, assessing their potential impact on the organization if compromised, and identifying applicable regulatory compliance requirements. This pillar of the Program also involves regular engagement with the broader security community and monitoring of new and emerging cyber threat information.

•Protect - After identifying the assets and vulnerabilities, FLIAC applies comprehensive asset protection methods allowing for accurate risk mitigation techniques. This includes deploying a range of security controls such as firewalls, intrusion detection systems, antivirus software, encryption mechanisms, and access controls. The goal is to establish multiple layers of defense to prevent unauthorized access, data breaches, cyber-attacks, and other cybersecurity incidents. Employee awareness training (including phishing simulation exercises to train employees to recognize and report phishing attacks) and secure coding practices also fall under this component to ensure a culture of security throughout the Company.

•Detect – The Program focuses on the timely detection of any suspicious activities or security breaches. This involves implementing security monitoring systems, intrusion detection systems, and log analysis tools to continuously monitor network traffic, system logs, and user behavior. Real-time alerts and security incident management processes help in identifying potential security incidents promptly.

•Respond – If a security incident is detected, a response plan is triggered to minimize the impact and contain the threat. This component involves establishing an incident response team and defining incident response procedures. The team is trained to respond promptly, investigate the incident, mitigate the damage or harm, and restore normal operations. Communication plans, legal considerations, regulatory requirements, and coordination with external entities, like regulators, law enforcement, vendors and other key stakeholders, are also part of the response process.

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•Respond – If a security incident is detected, a response plan is triggered to minimize the impact and contain the threat. This component involves establishing an incident response team and defining incident response procedures. The team is trained to respond promptly, investigate the incident, mitigate the damage or harm, and restore normal operations. Communication plans, escalation protocols, legal considerations, regulatory requirements, (including appropriate and timely reporting and disclosure of cybersecurity incidents to regulators and affected individuals), and coordination with external entities, like regulators, law enforcement, vendors and other key stakeholders, are also part of the response process.

•Recover - The final pillar of the Program focuses on recovering from a security incident and restoring normal operations. This includes activities such as system restoration, data recovery, and analyzing the incident to identify lessons learned and improve future incident response capabilities. It also involves assessing residual risks, updating security controls, and continuously monitoring and testing the Company's security posture to ensure readiness for potential future incidents.

Cybersecurity risk management under the Program is an integrated part of the Company’s overall management of operational risk, as described further below under “Cybersecurity Risk Management Governance.” The Company did not experience any material cybersecurity incidents during the period covered by this report. Nor did the Company identify any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. However, the Company recognizes that cybersecurity risks are constantly evolving, and the Company continuously monitors and adapts to these risks to protect its systems and data. It is possible that the Company will experience a material cybersecurity incident in the future. For more information on operational and cybersecurity risks, see “Item 1A. Risk Factors – Operational Risk” earlier in this report.

Vendor Risk Management

The Program seeks to ensure that each vendor (or third-party service provider) with whom the Company does business meets the Company’s standards for protecting and preserving the confidentiality, integrity, and continued availability of electronic information systems and data. The Company requires vendors to meet threshold requirements for cybersecurity controls, such as access controls, logging and monitoring, and encryption. The Company’s contracts with vendors require the implementation and maintenance of such controls, and obligate vendors to promptly report all cybersecurity incidents to the Company. Based on the overall risk level associated with a particular vendor, the Company’s contract with a service provider may require enhanced or heightened controls. The CISO’s Information Security Team performs risk-based initial and periodic due diligence of vendors, during which the Information Security Team evaluates, assesses, and otherwise reviews vendor cybersecurity controls. The results of such reviews are reported to the CISO. Any cybersecurity incidents involving vendors will be escalated and acted upon in accordance with the Program.

Cybersecurity Risk Management Governance

The CISO is responsible for managing the Program. The CISO reports to the Company’s Chief Information Officer and regularly engages with the Chief Risk Officer on matters related to the Program. Cybersecurity risks are evaluated by Company management alongside and consistent with other operational risks, with the CISO and the Information Security Team providing subject matter expertise on the identification, assessment, and tracking of cybersecurity risks under the Program. In addition, the Company regularly engages external consultants in connection with evaluating and enhancing the Program and the Company’s overall management of cybersecurity threats. For example, the Company engages external consultants to assist the Company in identifying evolving technologies and threats, developing action plans, performing penetration tests, conducting exercises, and conducting periodic reviews.

The Board of Directors (the “Board”) is responsible for oversight of the Company’s management of operational risks, including cybersecurity threats. The Board receives a comprehensive report at least annually from the Chief Information Officer and the CISO. The comprehensive annual report covers matters related to the Program, such as enhancements, incident reporting, performance metrics, status reports, oversight of third-party service providers, and the results of Program reviews, including exercises and response readiness assessments led by external consultants. The report also includes information about significant and emerging cybersecurity threats that may affect the Company. In addition to a comprehensive annual cybersecurity report, the Board receives periodic interim reports from the Chief Information Officer and the CISO. To the extent cybersecurity controls are related to internal controls over financial reporting, such controls are also considered in the context of Management’s annual assessment of the effectiveness of internal controls over financial reporting.

The CISO, supported by the Information Security Team, is responsible for implementing and managing the Program. The CISO has served in various roles in information technology and information security for over 25 years and has broad and extensive experience in multiple industries including financial services, healthcare, and higher education. The CISO holds a graduate degree in IT management and has attained the professional certifications of Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Boardroom Certified Qualified Technology Expert (QTE), and is a Distinguished Fellow with the Information Systems Security Association (ISSA).

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the Board receives periodic interim reports from the Chief Information Officer and the CISO. To the extent cybersecurity controls are related to internal controls over financial reporting, such controls are also considered in the context of Management’s annual assessment of the effectiveness of internal controls over financial reporting.

Item 2. Properties

The Company occupies office space through lease agreements primarily in Jersey City, New Jersey and Brentwood, Tennessee.

Item 3. Legal Proceedings

See Note 13 to the Financial Statements under “Litigation and Regulatory Matters” for a description of certain pending litigation and regulatory matters affecting us, and certain risks to our businesses presented by such matters.

Item 4. Mine Safety Disclosures

Not Applicable.

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PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

The Company is a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“FGH”). There is no public market for the Company’s common stock.

Item 6. [Reserved]

Part II. Item 6 is no longer required pursuant to certain amendments to Regulation S-K that eliminated Item 301.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following analysis of our financial condition and results of operations in conjunction with the “Forward-Looking Statements” included below the Table of Contents, “Risk Factors”, and the Financial Statements included in this Annual Report on Form 10-K.

Overview

The Company was established in 1969 and has been a provider of annuity contracts for the individual market in the United States. The Company’s products have been sold primarily to individuals to provide for long-term savings and retirement needs and to address the economic impact of premature death, estate planning concerns and supplemental retirement income.

The Company has sold a wide array of annuities, including deferred and immediate variable and index-linked annuities. Some of our annuity products include (1) fixed interest rate allocation options, subject to a market value adjustment, that are registered with the United States Securities and Exchange Commission (the “SEC”), or (2) fixed-rate allocation options subject to a limited market value adjustment or no market value adjustment and not registered with the SEC. The Company has ceased offering new products and has ceased offering new contracts for existing products, although it may decide to begin offering new products or contracts in the future. For more information on products, see “Item 1 Business - Products”.

Prior to April 1, 2022, the Company was a wholly-owned subsidiary of Prudential Annuities, Inc ("PAI"), an indirect wholly-owned subsidiary of Prudential Financial, Inc. ("Prudential Financial"). On April 1, 2022, PAI completed the sale of its equity interest in the Company to FGH. As a result, the Company is no longer an affiliate of Prudential Financial or any of its affiliates.

Following the acquisition of FLIAC, purchase accounting was applied to FGH's financial statements and we have elected to "push down" the basis to FLIAC in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. The application of push-down accounting created a new basis of accounting for all assets and liabilities based on fair value at the date of acquisition. As a result, FLIAC's financial position, results of operations, and cash flows subsequent to the acquisition are not comparable with those prior to April 1, 2022, and therefore have been segregated to indicate pre-acquisition and post-acquisition periods. The pre-acquisition period through March 31, 2022 is referred to as the Predecessor Company. The post-acquisition period, April 1, 2022 and forward, includes the impact of push-down accounting and is referred to as the Successor Company.

Fair Value of Insurance Liabilities - Actuarial Assumption ~~Update~~Updates

~~During~~In the third quarter of both 2024 and 2023, the Company completed its annual review of actuarial assumptions related to its fair value of insurance liabilities. Based on ~~that~~those ~~review~~reviews, the Company updated certain assumptions associated with its variable annuity contracts with guaranteed benefits in each period, which resulted in an increase (decrease) in its fair value of insurance liabilities of $(3) million and $116 million during the third quarters of 2024 and 2023, respectively. The 2023 increase was driven by updates to ~~our~~ assumptions regarding policyholder behavior, primarily to reflect lower observed surrender rates. ~~The impact of the assumption update was included within "Policyholder benefits and changes in fair value of insurance liabilities" on the Consolidated Statement of Operations.~~

The impact of the respective assumption updates on the Consolidated Statement of Operations was included within "Policyholder benefits and changes in fair value of insurance liabilities".

The assumptions used in establishing our insurance liabilities are generally based on the Company’s experience, industry experience, market observable data, and/or other factors, as applicable. The Company evaluates its actuarial assumptions at least annually and updates them as appropriate, unless a material change that the Company feels is indicative of a long-term trend is observed in an interim period. Generally, the Company does not expect trends to change significantly in the short-term and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term. See Note 7

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contained in the “Notes to Financial Statements” contained in Item 8 for further discussion regarding significant assumptions related to our fair value of insurance liabilities.

Goodwill Impairment

As a result of our actuarial assumption update, the Company identified a triggering event in the third quarter of 2023 regarding its goodwill impairment analysis for the Retained Business. Following a qualitative analysis that indicated the fair value of the reporting unit may be lower than its carrying value, the Company performed a quantitative analysis that involved both discounted cash flow techniques and market price comparisons to establish fair values on its underlying assets and liabilities. After performing this quantitative analysis, the Company determined that the goodwill was fully impaired, and accordingly, recorded a non-cash goodwill impairment of $93 million through the Consolidated Statement of Operations. Following this impairment, there was no remaining goodwill ~~as of September 30, 2023~~.

Novation of Ceded Business

In 2022, in accordance with applicable state law, a program was instituted to novate a significant portion of the Ceded Business policies from FLIAC to Pruco Life. The program ~~does~~did not have an impact on total equity or net income but has resulted in the reduction of certain activity/balances associated with these policies. During the year ended December 31, 2023, approximately $641 million of account value, which generally approximates fair values of insurance liabilities, was transferred out of the Company as a result of the novation program. As of December 31, 2023 approximately 72 percent of account value (since the acquisition of the Company on April 1, 2022) attributable to Ceded Business within the novation program had been novated to Pruco Life. The Company does not expect significant novation activity during 2024.

~~Predecessor~~There was no significant novation activity during 2024 and we do not expect significant future novation activity under the program. Since the acquisition of the Company ~~Reinsurance~~in ~~Transactions~~April 2022, approximately 73 percent of account value has been novated to Pruco Life under this program.

Effective April 1, 2016, the Company reinsured the variable annuity base contracts, along with the living benefit guarantees, from Pruco Life, excluding the Pruco Life Insurance Company of New Jersey (“PLNJ”) business under a coinsurance and modified coinsurance agreement. This reinsurance agreement covered new and in-force business and excluded business reinsured externally.

Effective July 1, 2021, Pruco Life recaptured the risks related to its business, as discussed above, that had previously been reinsured to the Company from April 1, 2016 through June 30, 2021. The product risks related to the previously reinsured business that were being managed in the Company, were transferred to Pruco Life. In addition, management of the living benefit hedging program related to the previously reinsured living benefit riders, which was being managed in the Company, was transferred to Pruco Life. This transaction is referred to as the “2021 Variable Annuities Recapture” throughout this Item 7.

Effective December 1, 2021, the Company entered into a reinsurance agreement with Pruco Life under which the Company reinsured certain of its variable and fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income feature to Pruco Life.

Revenues and Expenses

The Company earns revenues principally from contract fees, mortality and expense fees, and asset administration fees from annuity and investment products, all of which primarily result from the sale and servicing of annuity products. The Company also earns net investment income from the investment of general account and other funds. The Company’s operating expenses principally consist of annuity benefit guarantees provided, reserves established for anticipated future annuity benefit guarantees, and costs of managing risk related to these products. The Company's operating expenses also include interest credited to policyholders' account balances, general business expenses, reinsurance premiums, and commissions and other costs of ~~selling and~~ servicing the various products it sold.

Impact of a Changing Interest Rate Environment

As a financial services company, market interest rates are a key driver of the Company's results of operations and financial condition. Changes in interest rates can affect our results of operations and/or our financial condition in several ways, including favorable or adverse impacts to:

• investment-related activity, including: investment income returns, net interest margins, net investment spread results,

new money rates, mortgage loan prepayments and bond redemptions;

• the recoverability of deferred tax assets related to losses on our fixed maturity securities portfolio;

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• hedging costs and other risk mitigation activities;

• insurance reserve levels and market experience true-ups;

• customer account values, including their impact on fee income; and

•product offerings, design features, crediting rates and sales mix; and

•policyholder behavior, including surrender or withdrawal activity.

For more information on interest rate risks, see “Risk Factors - Market Risk”.

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Accounting Policies & Pronouncements

Application of Critical Accounting Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) requires the application of accounting policies that often involve a significant degree of judgment. Management, on an ongoing basis, reviews estimates and assumptions used in the preparation of financial statements. If management determines that modifications in assumptions and estimates are appropriate given current facts and circumstances, the Company’s results of operations and financial position as reported in the Financial Statements could change significantly. The following sections discuss the accounting policies applied in preparing the Company’s financial statements that management believes are/were most dependent on the application of estimates and assumptions and require management’s most difficult, subjective or complex judgments.

INSURANCE LIABILITIES

We have elected the fair value option on the entirety of our insurance contracts, which include liabilities for guarantee benefits related to certain long-duration life and annuity contracts. The fair values of insurance liabilities associated with variable annuity contracts with guaranteed benefits are calculated as the present value of future expected benefit payments to customers, anticipated future trail commissions paid to agents and certain administrative expenses less the present value of future expected rider fees, mortality and expense charges, contract charges and the anticipated future reimbursement of certain asset management fees. ~~This methodology could result in either a liability or asset balance, given changing capital market conditions and various actuarial assumptions.~~ Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management's judgment.

The significant inputs to the valuation models include capital market assumptions, such as interest rate levels and volatility assumptions, as well as actuarially-determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates. Further information regarding these assumptions are below.

The following table summarizes the impact that could result on our insurance liabilities, related to our variable annuity products, which are recorded at fair value, from changes in certain key assumptions. The information below is for illustrative purposes and includes only the immediate hypothetical direct impact on December 31, ~~2023~~2024 balances of changes in a single assumption and not changes in any combination of assumptions. Additionally, the illustration of the insurance assumption impacts below reflects a parallel shift in the insurance assumptions; however, these may be non-parallel in practice. Changes in current assumptions could result in impacts to financial statement balances that are in excess of the amounts illustrated.


	December 31, 2024
	(in millions)
Hypothetical change in insurance liabilities due to changes in actuarially-determined assumptions
Mortality
Increase by 1%	$	(19)
Decrease by 1%	$	19
Lapse
Increase by 10%	$	(25)
Decrease by 10%	$	25

Hypothetical change in insurance liabilities due to changes in capital market conditions
NPR credit spread
Increase by 50 basis points	$	(101)
Decrease by 50 basis points	$	131






Equity Volatility
Increase by 1%	$	6
Decrease by 1%	$	(7)

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	December 31, 2023
	Insurance Liabilities
	(in millions)
Hypothetical change in insurance liabilities due to changes in actuarially-determined assumptions
Mortality
Increase by 1%	$	(20)
Decrease by 1%	$	20
Lapse
Increase by 10%	$	(35)
Decrease by 10%	$	35
Hypothetical change in insurance liabilities due to changes in capital market conditions
NPR credit spread
Increase by 50 basis points	$	(199)
Decrease by 50 basis points	$	249
Equity Volatility
Increase by 1%	$	8
Decrease by 1%	$	(7)

The impacts presented within the above table exclude the related impacts of our asset/liability management strategy, which seeks to offset the changes in the balances presented within this table and is primarily composed of investments and derivatives. For information regarding the impacts related to changes in both interest rate and equity market movements, see Item 7A “Quantitative and Qualitative Disclosures About Market Risk”.

The assumptions used in establishing our insurance liabilities are generally based on the Company’s experience, industry experience, market observable data, and/or other factors, as applicable. We evaluate our actuarial assumptions at least annually and update them, as appropriate, unless a material change that we feel is indicative of a long-term trend is observed in an interim period. Generally, we do not expect trends to change significantly in the short-term, and to the extent these trends may change, we expect such changes to be gradual over the long term. See Note 7 Insurance Liabilities within “Item 8 Financial Statements and Supplementary Data” for further discussion regarding the significant assumptions noted above as well as certain other significant assumptions not included in the above analysis.

VALUATION OF INVESTMENTS

Our investment portfolio consists of public and private fixed maturity securities, mortgage loans, ~~equity securities,~~ other invested assets, and derivative financial instruments. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or the values of securities. Derivative financial instruments we generally use include swaps, futures, forwards, and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market.

We present at fair value in the statements of financial position our fixed maturity ~~and equity~~ securities, certain investments within “Other invested assets,” such as derivatives and the majority of our private equity partnership investments. For additional information regarding the key estimates and assumptions surrounding the determination of fair value of fixed maturity ~~and equity~~ securities, as well as derivative instruments, and other investments, see Note 4 to the Financial Statements.

The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. The market sources from which we obtain or derive the fair values of our assets and liabilities carried at market value include quoted market prices for actual trades, price quotes from third party pricing vendors, price quotes we obtain from outside brokers, discounted cash flow, and observable prices for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer. Our fair value measurements could differ significantly based on the valuation technique and available inputs.

Inputs to valuation techniques refer broadly to the assumptions that market participants use in pricing assets or liabilities, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value and/or the risk inherent in the inputs to the valuation technique. We use observable and unobservable inputs in measuring the fair value of our financial instruments. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are developed based on the best information available in the circumstances, and reflect our evaluation of the assumptions market participants would use in pricing the asset or liability.

When observable price quotations are not available, indicative broker quotes, asset manager pricing, or third-party valuation specialist pricing is used for valuation. Fair value can be determined based on discounted cash flow models using discount rates based on credit spreads, yields or price levels of comparable securities, adjusted for illiquidity and structure. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entities in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private investments.

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in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are developed based on the best information available in the circumstances, and reflect our evaluation of the assumptions market participants would use in pricing the asset or liability.

Certain of our investments do not have readily determinable market prices and/or observable inputs or may at times be affected by the lack of market liquidity. For these securities, we use internally prepared valuations, including valuations based on estimates of future profitability, to estimate the fair value. Additionally, we may obtain prices from independent third-party brokers to aid in establishing valuations for certain of these securities. Key assumptions used by us to determine fair value for these securities include risk-free interest rates, risk premiums, performance of underlying collateral (if any), and other factors involving significant assumptions which may or may not reflect those of an active market.

INCOME TAX

Our effective tax rate is based on income, non-taxable and non-deductible items, tax credits, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities, and expectations about future outcomes.

The primary drivers for the difference between the ~~Successor~~ Company's effective tax rate and the federal statutory rate during ~~2023~~2024 were changes in the ~~non-deductible~~valuation ~~goodwill~~allowance ~~impairment,~~on ~~nontaxable~~deferred tax assets and non-taxable investment income associated with the Dividends Received Deduction (“DRD”), and intercompany cost allocations~~, and the deductibility of foreign taxes paid and accrued~~.

Valuation Allowance on Deferred Tax Assets

As of December 31, ~~2023~~2024 the Company had a valuation allowance of $3650 million ~~with~~regarding ~~respect to~~ realized and unrealized capital losses on our fixed maturity securities portfolio. A portion of the deferred tax asset relates to unrealized capital losses for which the carryforward period has not yet begun, and as such, when assessing its recoverability, we consider our ability and intent to hold the underlying securities to recovery. The amount of the deferred tax asset considered realizable may be adjusted if projections of future taxable income, including the character of that taxable income during the requisite carryforward period, are updated or if objective negative evidence exists that outweighs the positive evidence.

The evaluation of the recoverability of our deferred tax asset and the need for a valuation allowance requires us to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax asset will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. The more negative evidence that exists, the more positive evidence is necessary and the more difficult it is to support a conclusion that a valuation allowance is not needed.

In evaluating the need for a valuation allowance, the Company considers many factors, including:

(1) the nature of the deferred tax assets and liabilities;

(2) whether they are ordinary or capital;

(3) the timing of their reversal;

(4) taxable income in prior carryback years;

(5) projected taxable earnings exclusive of reversing temporary differences and carryforwards;

(6) the length of time that carryovers can be utilized;

(7) any unique tax rules that would impact the utilization of the deferred tax assets; and

(8) any tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused.

Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized.

Adoption of New Accounting Pronouncements

~~ASU~~Changes ~~2018-12,~~to U.S. GAAP are established by the Financial ~~Services~~Accounting -Standards ~~Insurance~~Board (~~Topic 944~~“FASB”): ~~Targeted~~in ~~Improvements~~the toform ~~the~~of Accounting ~~for~~Standard ~~Long-Duration~~Updates ~~Contracts,~~(“ASU”) ~~was~~to ~~issued by~~ the ~~Financial~~FASB Accounting Standards ~~Board~~Codification (“~~FASB~~ASC”). We ~~This~~consider ~~update,~~the ~~along~~applicability ~~with~~and ~~any~~impact ~~subsequent~~of ~~amendments~~all ~~associated~~ASUs. ~~with~~ASUs ~~this~~listed ~~update,~~below ~~are~~include those that have been adopted during the current fiscal year and/or those that have been issued but not ~~applicable~~yet ~~due~~adopted toas ~~our~~of ~~election~~December 31, to2024 ~~adopt~~and as of the ~~fair~~date ~~value~~of ~~option~~this onfiling. ~~all~~ASUs ofnot ~~our~~listed ~~insurance~~below ~~liabilities~~were assessed and determined to be either not applicable or not material.

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ASUs adopted as of December 31, 2024


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improved reportable segment disclosure requirements, primarily through enhanced disclosures regarding a company’s significant segment expenses and certain other items. The update also required expanded disclosures regarding the chief operating decision maker (“CODM”) and the information they are provided when assessing segment performance and allocating resources.	The Company adopted this update for annual reporting periods on January 1, 2024 using the retrospective method and will adopt the update for interim reporting periods beginning January 1, 2025.	This adoption of the update for annual periods expanded the Company’s disclosures but did not have an impact on its financial position or results of operations. See Note 3 for further information regarding these “annual” disclosures. When adopted for interim reporting periods, this update will expand the Company’s disclosures, but will not have an impact on its financial position or results of operations.

ASU issued but not yet adopted as of December 31, 2024


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures	This ASU requires additional disclosures regarding certain expense types included in the income statement. The requirements include disclosure of the amounts associated with 1. purchases of inventory, 2. employee compensation, 3. depreciation and 4. intangible asset amortization. These disclosures should be included in each relevant expense caption. Furthermore, entities must disclose specific expenses, gains, or losses already required under US GAAP, offer a qualitative description of amounts not separately quantified, and present the total amount of selling expenses along with a definition of these expenses in their annual reports.	Effective for annual reporting periods beginning January 1, 2027, and interim reporting periods beginning January 1, 2028, using either the prospective or retrospective method. Early adoption is permitted	The Company is currently evaluating the potential impact of this update on its financial position, results of operations, and disclosures.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves income tax disclosure requirements by requiring 1. the use of consistent categories and greater disaggregation of information in the rate reconciliation and 2. income taxes paid disaggregated by jurisdiction.	Effective for annual reporting periods beginning January 1, 2025, using either the prospective or retrospective method. Early adoption is permitted	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.

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CHANGES IN FINANCIAL POSITION

December 31, ~~2023~~2024 to December 31, ~~2022~~2023 Comparison

Retained Business

Assets ~~increased~~decreased $~~680~~1,632 million from $2627,~~545~~225 million at December 31, ~~2022~~2023 to $2725,~~225~~593 million at December 31, ~~2023~~2024. The ~~increase~~decrease was primarily driven by alower ~~net~~separate ~~increase~~account inassets ~~cash and investments~~ resulting from ~~the~~surrenders ~~investment~~and ofwithdrawals, ~~proceeds~~partially ~~from~~offset ~~our~~by ~~repurchase~~an ~~agreement program. Also contributing to the~~ increase ~~were~~in ~~higher~~fair ~~separate~~values ~~account assets~~ due toprimarily ~~market appreciation related~~ to ~~favorable~~higher equity market ~~performance~~movements. ~~Partially~~ ~~offsetting~~Also contributing to the ~~increase~~overall decline in assets was the ~~impairment~~payment of ~~goodwill~~$300 million of dividends to FGH during ~~the~~2024, ~~third~~partially ~~quarter~~offset ofby ~~2023~~proceeds from borrowings related to repurchase agreements.

Liabilities ~~increased~~decreased $~~905~~1,419 million from $2425,~~958~~863 million at December 31, ~~2022~~2023 to $2524,~~863~~444 million at December 31, ~~2023~~2024. The ~~increase~~decrease was primarily driven by ~~higher~~lower ~~liabilities associated with our repurchase agreement program and higher~~ separate account liabilities, which corresponds with the ~~increase~~decrease in separate account assets discussed above. Also, contributing to the ~~increase~~decrease was a decline in the ~~impact~~fair value of ~~the~~insurance ~~actuarial~~liabilities ~~assumption~~resulting ~~update~~from onhigher ~~insurance~~interest rate and equity market movements, partially offset by liabilities ~~during~~associated ~~the~~with ~~third~~borrowings ~~quarter~~related ofto ~~2023.~~repurchase agreements.

Equity decreased $~~225~~213 million from $1,~~587~~362 million at December 31, ~~2022~~2023 to $1,~~362~~149 million at December 31, ~~2023~~2024, due primarily to the payment of $300 million of dividends to FGH during 2024, partially offset by net income of $72 million and a $~~176~~15 million increase in the after-tax impact of our own-credit risk (OCR) on the fair value of insurance liabilities, reflected in accumulated other comprehensive loss. Also contributing to the decline in equity was a net loss of $4 million for the year ended December 31, 2023 and a reduction in additional paid-in capital related to a $45 million distribution to FGH as a result of updated information regarding certain tax assets related to the acquisition of FLIAC. See "Capital" within the "Liquidity and Capital Resources" herein Item 2 for further information regarding the distribution to FGH.

Ceded Business

Assets and liabilities both ~~decreased~~increased $~~669~~18 million from $4,~~997~~328 million at December 31, ~~2022~~2023 to $4,~~328~~346 million at December 31, ~~2023.~~2024, ~~The~~with ~~decrease~~increases in ~~both~~net ~~assets~~cash and ~~liabilities~~investments ~~was~~regarding ~~due~~assets, ~~primarily~~and tohigher ~~novation~~insurance ~~activity~~liabilities ~~during~~regarding ~~2023. See~~liabilities, ~~“Novation~~mostly ofoffset ~~Ceded~~by ~~Business”~~a ~~within~~decline ~~the~~in ~~“Overview”~~separate ~~section~~account ~~herein~~assets ~~Item~~and ~~7 for further information~~liabilities.

There was no equity within our Ceded Business at both December 31, ~~2022~~2023 and December 31, ~~2023~~2024 as the assets are fully offset by the liabilities.

RESULTS OF OPERATIONS - SUCCESSOR COMPANY

As previously noted, the Company's results of operations subsequent to the acquisition are not comparable with those prior to April 1, 2022. As a result, the following discussion regarding the results of operations of the Successor Company will not be compared to previous periods and will be based solely on activity for the period subsequent to the acquisition.

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES

Comparison of Year ~~ended~~Ended December 31, 2024 to Year Ended December 31, 2023

Retained Business

~~The~~Income ~~loss~~ from operations before income taxes was $10104 million~~. The~~ ~~primary~~for ~~drivers of~~ the ~~loss~~year ~~were~~ended ~~investment~~December 31, ~~losses~~2024, ~~the~~compared ~~actuarial~~to ~~assumption~~a ~~update,~~loss ~~and~~from ~~the~~operations ~~goodwill~~before ~~impairment. Partially~~income ~~offsetting~~taxes ~~this~~of ~~activity~~$10 ~~were~~million ~~policy~~for ~~charges~~the ~~and~~year ~~fee~~ended ~~income~~December 31, ~~net~~2023. ~~investment~~The ~~income,~~change ~~and~~was ~~overall~~driven primarily by favorable ~~movements~~changes in the fair value of insurance liabilities, ~~excluding~~due ~~changes~~to inhigher ~~OCR~~interest rate and equity market movements, partially offset by higher investment losses. Also contributing to the change between years were the 2023 impacts of the $116 million actuarial assumption update and the $93 million goodwill impairment.

Ceded Business

There was no impact to ~~the~~ income from operations before income taxes as all revenues and expenses are ceded to Prudential Insurance or Pruco Life.

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Nine months ended December 31, 2022

Retained Business

The loss from operations before income taxes of $320 million was driven primarily by investment losses in the fixed maturity securities portfolio resulting from higher interest rates and derivatives losses on interest rate swaps, which were partially offset by gains on equity options. Also contributing to the overall loss were elevated general, administrative and other expenses driven by acquisition-related expenses that we do not expect to recur in future periods.

Partially offsetting the drivers of the loss from operations before income taxes were favorable policyholder benefits and changes in the fair value of insurance liabilities, policy charges and fee income, asset management and service fees, and net investment income.

Ceded Business

There was no impact to ~~the~~ loss from operations before income tax as all revenues and expenses are ceded back to Prudential Insurance or Pruco Life.

REVENUES, BENEFITS, AND EXPENSES

Comparison of Year ~~ended~~Ended December 31, 2024 to Year Ended December 31, 2023

Retained Business

Revenues were $~~190~~(90) million~~. The~~ ~~primary~~for ~~components~~the ofyear ~~revenues~~ended ~~were~~December 31, ~~policy~~2024 ~~charges~~compared ~~and~~to ~~fee~~$190 ~~income,~~million ~~net~~during ~~investment~~the ~~income,~~year ~~and~~ended ~~asset~~December 31, ~~management~~2023. ~~and~~The ~~service~~change ~~fees. Also~~was ~~included~~primarily indriven ~~revenues~~by ~~were~~higher investment losses related to ~~derivatives, which were partially offset by gains related to~~ fixed maturity securities.

Benefits and expenses were $~~200~~(194) million~~. The~~ ~~primary~~for ~~components~~the ofyear ~~benefits~~ended ~~and expenses were commission expense~~December 31, ~~general,~~2024 ~~administrative,~~compared ~~and~~to ~~other~~$200 ~~expenses,~~million ~~and~~during the ~~goodwill~~year ~~impairment~~ended ~~that~~December 31, ~~was recorded in the third quarter of~~ 2023. ~~Also~~ ~~included~~The inchange ~~benefits~~was ~~and~~primarily ~~expenses~~driven ~~were~~by ~~the impacts of~~ favorable changes in the fair value of insurance liabilities, excluding changes in OCR, due to ~~favorable~~higher interest rate and equity market movements. ~~Partially~~ ~~offsetting~~Also contributing to the ~~favorable~~change ~~changes~~between years were the 2023 impacts of the $116 million actuarial assumption update and the $93 million goodwill impairment.

Ceded Business

AsThere awas ~~result~~no ofimpact ~~the~~to ~~reinsurance~~income ~~agreements~~from ~~with~~operations ~~Prudential~~before ~~Insurance~~income ~~and~~taxes ~~Pruco~~as ~~Life,~~all revenues, ~~which~~and ~~were comprised primarily of net investment losses, were fully offset by~~ expenses, ~~which~~are ~~were~~ceded ~~comprised~~to ofPrudential ~~policyholder~~Insurance ~~benefits~~or ~~and~~Pruco ~~changes in the fair value of insurance liabilities~~Life.

Nine months ended December 31, 2022

Retained Business

Revenues were $(276) million for the nine months ended December 31, 2022, driven primarily by investment losses in the fixed maturity securities portfolio resulting from higher interest rates and derivatives losses on interest rate swaps which were partially offset by gains on equity options. Partially offsetting the impact of the investment losses were policy charges and fee income, asset management and service fees, and net investment income.

Benefits and expenses were $44 million for the nine months ended December 31, 2022 and primarily driven by policyholders’ benefits offset by the decrease in the fair value of insurance liabilities. Also contributing to benefits and expenses for the period were general, administrative and other expenses driven by acquisition-related expenses that we do not expect to recur in future periods.

Ceded Business

As a result of the reinsurance agreements with Prudential Insurance and Pruco Life, revenues, which were comprised primarily of net investment losses, were fully offset by expenses, which were comprised of policyholder benefits and changes in the fair value of insurance liabilities.

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RESULTS OF OPERATIONS - PREDECESSOR COMPANY

LOSS FROM OPERATIONS BEFORE INCOME TAXES

The following table illustrates the net impact on our results of operations from changes in the U.S. GAAP embedded derivative liability and hedge positions under the Asset Liability Management ("ALM") strategy, and the related amortization of DAC and other costs, for the periods indicated:

	~~Three Months Ended March 31~~		Three Months Ended March 31		~~Year Ended December 31~~
	~~2022~~		2022		~~2021~~
	in millions (1)
U.S. GAAP embedded derivative and hedging positions
U.S. GAAP embedded derivative and hedging positions
Change in value of U.S.GAAP liability, pre-NPR(2)			$	459
Change in value of U.S.GAAP liability, pre-NPR(2)	$	459			$	5,752
Change in the NPR adjustment			156
Change in the NPR adjustment	156				(945)
Change in fair value of hedge assets, excluding capital hedges(3)			(392)
Change in fair value of hedge assets, excluding capital hedges(3)	(392)				(3,224)
Change in fair value of capital hedges(4)			39
Change in fair value of capital hedges(4)	39				(900)
Other			218
2021 Variable Annuities Recapture Impact	—				5,142
Realized investment gains (losses), net, and related adjustments			480
Other	218				1,201
Market experience updates(5)			(57)
Realized investment gains (losses), net, and related adjustments	480				7,026
Charges related to realized investments gains (losses), net			(97)
Market experience updates(5)	(57)				180
Net impact from changes in the U.S. GAAP embedded derivative and hedge positions, after the impact of NPR, DAC and other costs(6)			$	326
Charges related to realized investments gains (losses), net	(97)				(215)
Net impact from changes in the U.S. GAAP embedded derivative and hedge positions, after the impact of NPR, DAC and other costs(6)	$	326			$	6,991

(1)Positive amount represents income; negative amount represents a loss.

(2)Represents the change in the liability (excluding NPR) for our variable annuities which is measured utilizing a valuation methodology that is required under U.S. GAAP. This liability includes such items as risk margins which are required by U.S. GAAP but not included in our best estimate of the liability.

(3)Represents the changes in fair value of the derivatives utilized to hedge potential claims associated with our variable annuity living benefit guarantees.

(4)Represents the changes in fair value of equity derivatives of the capital hedge program intended to protect a portion of the overall capital position of our business against exposure to the equity markets.

(5)Represents the immediate impacts in current period results from changes in current market conditions on estimates of profitability.

(6)Excludes amounts from the changes in unrealized gains and losses from fixed income instruments recorded in other comprehensive income (versus net income) of $(70) million for the three months ended March 31, 2022 ~~and $1,659 million for the year ended December 31, 2021~~.

For the three months ended March 31, 2022, the gain of $326 million was driven by a favorable impact related to the U.S. GAAP liability before NPR, net of change in fair value of hedge assets (excluding capital hedge) largely due to rising interest rates.

For 2021, the gain of $7.0 billion primarily reflected favorable impacts related to the portions of the U.S. GAAP liability before NPR that are excluded from the hedge target driven by rising interest rates and favorable equity markets and the 2021 Variable Annuities Recapture impact, partially offset by changes in fair value of hedge assets and capital hedges driven by rising interest rates and favorable equity markets and unfavorable NPR adjustment.

Income Taxes

For discussion on income tax related items, see “Business - Regulation” and Note 9 to the Financial Statements.

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Liquidity and Capital Resources

Overview

Liquidity is a measure of a company’s ability to generate cash flows sufficient to meet the short-term and long-term cash requirements of the Company. Capital refers to the long-term financial resources available to support the operations of our business, fund business growth, and provide a cushion to withstand adverse circumstances. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of our business, general economic conditions, our ability to borrow and our access to capital markets.

Effective and prudent liquidity and capital management is a priority across the organization. Management monitors the liquidity of the Company on a daily basis and projects borrowing and capital needs over a multi-year time horizon. We use a Risk Appetite Framework (“RAF”) to ensure that all risks taken by the Company aligns with our capacity and willingness to take those risks. The RAF provides a dynamic assessment of capital and liquidity stress impacts and is intended to ensure that sufficient resources are available to absorb those impacts. We believe that our capital and liquidity resources are sufficient to satisfy the capital and liquidity requirements of the Company.

Our businesses are subject to comprehensive regulation and supervision by domestic and international regulators. These regulations currently include requirements (many of which are the subject of ongoing rule-making) relating to capital, leverage, liquidity, stress-testing, overall risk management, credit exposure reporting and credit concentration. For information on these regulatory initiatives and their potential impact on us, see Item 1 “Business - Regulation” and Item 1A “Risk Factors”.

Capital

We manage FLIAC to regulatory capital levels and utilize the risk-based capital (“RBC”) ratio as a primary measure of capital adequacy. RBC is calculated based on statutory financial statements and risk formulas consistent with the practices of the National Association of Insurance Commissioners (“NAIC”). RBC considers, among other things, risks related to the type and quality of the invested assets, insurance-related risks associated with an insurer’s products and liabilities, equity market and interest rate risks and general business risks. RBC determines the minimum amount of capital required of an insurer to support its operations and underwriting coverage. The ratio of a company’s Total Adjusted Capital (“TAC”) to RBC is the corresponding RBC ratio. RBC ratio calculations are intended to assist insurance regulators in measuring an insurer’s solvency and ability to pay future claims. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities, but is available to the public. The Company’s capital levels substantially exceed the minimum level required by applicable insurance regulations. Our regulatory capital levels may be affected in the future by changes to the applicable regulations, proposals for which are currently under consideration by both domestic and international insurance regulators.

The regulatory capital level of the Company can be materially impacted by interest rate and equity market fluctuations, changes in the values of derivatives, the level of impairments recorded, and credit quality migration of the investment portfolio, among other items. In addition, the reinsurance of business or the recapture of business subject to reinsurance arrangements due to defaults by, or credit quality migration affecting, the reinsurers or for other reasons could negatively impact regulatory capital levels. The Company’s regulatory capital level is also affected by statutory accounting rules, which are subject to change by each applicable insurance regulator.

Dividends and Distributions to Parent

During the first quarter of 2024, a $150 million dividend was approved by the Company's board of directors, $75 million of which was considered an ordinary dividend and not subject to approval by the Arizona Department of Insurance and Financial Institutions ("DIFI") prior to payment. The other $75 million was conditioned upon the Company receiving written approval from the Arizona DIFI prior to payment. In April 2024, the Company received written approval from the Arizona DIFI and the entire $150 million dividend was distributed in cash to FGH in the second quarter of 2024.

During the third quarter of 2024, a $150 million dividend was approved by the Company's board of directors, which was conditioned upon the Company receiving written approval from the Arizona DIFI prior to payment. In October 2024, the

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Company received written approval from the Arizona DIFI and the entire $150 million dividend was distributed in cash to FGH in the fourth quarter of 2024.

Distribution to Parent

During 2023, the Company made a $45 million distribution to its parent company, FGH, as a result of updated information regarding certain tax assets related to the acquisition of FLIAC, which resulted in an offsetting reduction to "Additional paid-in capital".

Capital Contributions

FGH, the direct parent of the Company, may make additional capital contributions to FLIAC, as needed, to enable the Company to comply with its reserve requirements and fund expenses in connection with its business. FGH is under no obligation to make such contributions and its assets do not back the benefits payable under the Company’s annuity contracts and life insurance policies.

The Company did not receive capital contributions from FGH during the year ended December 31, 2024 and 2023 or the nine months ended December 31, 2022. In addition, prior to the acquisition, the Predecessor Company did not receive capital contributions from PAI during the three months ended March 31, 2022 or the year ended December 31, 2021.

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Returns of Capital and Dividends

The Successor Company made a distribution of $45 million to its parent, FGH, during the year ended December 31, 2023 after receiving updated information regarding certain tax assets related to the acquisition of FLIAC. The Successor Company did not return capital, including dividends, to FGH during the nine months ended December 31, 2022.

The Predecessor Company returned capital, including dividends, to its parent, PAI, for the periods indicated below.

	Return of Capital
	(in millions)
March 31, 2022	$	306
December 31, 2021	$	451
September 30, 2021	$	3,813
June 30, 2021	$	188
March 31, 2021	$	192

Liquidity

Our liquidity is managed to ensure stable, reliable and cost-effective sources of cash flows to meet all of our obligations. Liquidity is provided by a variety of sources, as described more fully below, including portfolios of liquid assets. Our investment portfolios are integral to the overall liquidity of the Company. We use a projection process for cash flows from operations to ensure sufficient liquidity to meet projected cash outflows, including claims.

Liquidity is measured against internally-developed benchmarks that take into account the characteristics of both the asset portfolio and the liabilities that they support. We consider attributes of the various categories of liquid assets (for example, type of asset and credit quality) in calculating internal liquidity measures to evaluate our liquidity under various stress scenarios, including company-specific and market-wide events. We continue to believe that cash generated by ongoing operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios.

The principal sources of the Company’s liquidity are premiums and certain annuity considerations, investment and fee income, investment maturities, sales of investments, borrowings from its parent and affiliates, and banking relationships through secured or unsecured agreements. The principal uses of that liquidity include benefits, claims, and payments to policyholders and contractholders in connection with surrenders, withdrawals and net policy loan activity. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends and returns of capital to the Predecessor parent company, hedging and reinsurance activity and payments in connection with financing activities.

In managing liquidity, we consider the risk of policyholder and contractholder withdrawals of funds earlier than our assumptions when selecting assets to support these contractual obligations. We also consider the risk of future collateral requirements under stressed market conditions in respect of the derivatives we utilize.

Liquid Assets

Liquid assets include cash and cash equivalents, short-term investments, fixed maturity securities, and public equity securities. As of December 31, ~~2023~~2024 and ~~2022~~2023, the Company had liquid assets of approximately $65.26 billion and $6.12 billion, respectively, which includes $1.5 billion ~~and $2.1 billion~~ of modified coinsurance assets contained within the Ceded business, for each respective period. The portion of liquid assets comprised cash and cash equivalents and short-term investments was approximately $1.0.6 billion and $01.90 billion as of December 31, ~~2023~~2024 and ~~2022~~2023, respectively.

FLIAC entered into an intercompany liquidity agreement with FGH and its affiliates that allows the Successor Company to borrow or loan funds of up to $300 million to meet the short-term liquidity and other capital needs of itself and FGH and its affiliates. During the year ended December 31, 2023, the Successor Company borrowed a cumulative total of $434 million from FGH under the agreement, all of which was repaid in full during the year, plus interest. 39

In November 2023, the Successor Company loaned $150 million of funds to FGH under the agreement, which was repaid in full, plus interest, in December 2023.

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Intercompany Liquidity Agreement

FLIAC entered into an intercompany liquidity agreement with FGH and its affiliates that allows the Successor Company to borrow or loan funds of up to $300 million to meet the short-term liquidity and other capital needs of itself and FGH and its affiliates. During the years ended December 31, 2024 and 2023, the Company borrowed a cumulative total of $80 million and $434 million, respectively, from FGH under the agreement, all of which was repaid in full during the respective years, plus interest.

In November 2023, the Successor Company loaned $150 million of funds to FGH under the agreement, which was repaid in full, plus interest, in December 2023.

During the nine months ended December 31, 2022, the Company borrowed against the agreement on two separate transactions, each of which was for $75 million. Both transactions were repaid in full, plus interest.

Letter of Credit Facility

In the fourth quarter of 2024, the Company entered into a standby letter of credit facility with an unaffiliated investment bank, allowing borrowings of up to $100 million until its expiration in December 2027. The facility includes customary representations and warranties, covenants, and events of default. In addition, borrowings are not contingent on the Company’s credit ratings nor subject to material adverse change clauses, however, the Company will be required to maintain a minimum Company Action Level (CAL) Risk-based Capital (RBC) ratio of 250% to maintain the agreement. As of December 31, 2024, no amounts have been borrowed under the credit facility.

Repurchase Agreements and Securities Lending

In the normal course of business, we may enter into repurchase agreements and securities lending agreements with unaffiliated financial institutions, which are typically large or highly rated, to earn spread income and facilitate trading activity. Under these agreements, the Company transfers securities to the counterparty and receives cash as collateral. The cash received is generally invested in short-term investments or fixed maturity securities.

For repurchase agreements, a liability representing the amount that the securities will be repurchased is recorded in “Other liabilities” in our consolidated statement of financial position. For securities lending agreements, a liability representing the return of cash collateral is recorded in “Other liabilities” in our consolidated statement of financial position. As of December 31, ~~2023~~2024, the liabilities associated with our outstanding repurchase agreements were $~~967~~1,200 million. There were no outstanding securities lending agreements as of December 31, ~~2023~~2024.

Financing Activities

Liquidity Regarding Hedging activities

We enter into a range of exchange-traded, cleared, and other OTC derivatives in order to hedge market sensitive exposures against changes in certain capital market risks. The portion of the risk management strategy comprising the hedging portion requires access to liquidity to meet the Company's payment obligations relating to these derivatives, such as payments for periodic settlements, purchases, maturities and terminations. These liquidity needs can vary materially due to, among other items, changes in interest rates, equity markets, mortality, and policyholder behavior.

The hedging portion of the risk management strategy may also result in derivative-related collateral postings to (when we are in a net pay position) or from (when we are in a net receive position) counterparties. The net collateral position depends on changes in interest rates and equity markets related to the amount of the exposures hedged. Depending on market conditions, the collateral posting requirements can result in material liquidity needs when we are in a net pay position.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk

Market risk is defined as the risk of loss from changes in interest rates, equity prices, and foreign currency exchange rates resulting from asset/liability mismatches where the change in the value of our liabilities is not offset by the change in value of our assets. See Item 1A, “Risk Factors” for a discussion of how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.

Market Risk Management

Management of market risk, which we consider to be a combination of both investment risk and market risk exposures, includes the identification and measurement of various forms of risk, the establishment of risk thresholds and the creation of processes intended to maintain risks within these thresholds while optimizing returns on the underlying assets or liabilities.

Our risk management process utilizes a variety of tools and techniques, including:

•Measurement of price sensitivity to market changes (e.g., interest rates, equity index prices, foreign exchange);

•Hedge Target definition;

•Asset/liability management, which includes our hedging programs; and

•Stress scenario testing related to our risk appetite framework

Measurement of Price Sensitivity to Market Changes

We measure the price sensitivity to market changes on a daily basis. Sensitivities of both assets and liabilities are gauged and these measurements form the basis for actions we take under our asset/liability and hedging programs. We measure both a target level of price sensitivity, as well as tolerance levels above and below the target, for each market change.

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Hedge Target

The definition of the Hedge Target is critical for market risk management, as it specifies the measure of a liability and its attendant price sensitivities. We use a fair value-based measure of the liability as our hedge target. Consistent with our approach to risk manage the full economics of the business, we have established a hedge target that reflects the net present value of the full set of product cash flows. For most of the products in the business, this generally includes:

•Living benefit rider claims we expect to pay in the future;

•Living benefit rider fees we receive over time;

•Mortality and expense fees we receive on the base variable annuity contracts;

•Net revenue sharing income we contractually receive;

•Certain product-related expenses; and

•Guaranteed death benefits/fees

Asset/Liability Management

We manage assets to liability-based measures. For example, we identify target durations for assets based on Hedge Target characteristics and asset portfolios are managed to within ranges around them. This mitigates potential unanticipated economic losses from interest rate and equity price movements. We utilize a combination of fixed income securities and derivatives to implement asset/liability management.

To the extent that we identify a mismatch between asset and liability sensitivities, we enter into derivatives transactions to cover the difference. Derivatives are used to supplement risk mitigation provided by the fixed income securities portfolio. Our derivatives primarily include swaps, futures and options contracts that are exchange-traded or contracted in the OTC market.

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Stress Scenario Testing Related to Our Risk Appetite Framework

We have established a risk appetite framework that limits the amount of market risks we can take after consideration of our asset/liability management initiatives. We run stress scenario tests periodically to assess the impact of extreme market movements on our balance sheet. This ensures that we have sufficient capital under stressed market conditions.

Market Risk Related to Interest Rates

We perform liability-driven investing and engage in careful asset/liability management. Asset/liability mismatches create the risk that changes in liability values will differ from the changes in the value of the related assets. Additionally, changes in interest rates may impact other items including, but not limited to, the following:

•Net investment spread between the amounts that we are required to pay and the rate of return we are able to earn on investments for certain products supported by general account investments;

•Asset-based fees earned on assets under management or contractholder account values;

•Estimated total gross profits;

•Net exposure to the guarantees provided under certain products; and

•Our capital levels.

In order to mitigate the impact that an unfavorable interest rate environment has on our net interest margins, we employ a proactive asset/liability management program, which includes strategic asset allocation and derivative strategies within a disciplined risk management framework. We seek to hedge the interest rate sensitivity of our liabilities with our fixed income assets and derivatives. Our asset/liability management program also helps manage duration gaps and other risks between assets and liabilities through the use of derivatives. We adjust this dynamic process as customer behavior changes and as changes in the market environment occur.

We use duration and convexity analyses to measure price sensitivity to interest rate changes. Duration measures the relative sensitivity of the fair value of a financial instrument to changes in interest rates. Convexity measures the rate of change in duration with respect to changes in interest rates. We use asset/liability management and derivative strategies to manage our interest rate exposure by matching the relative sensitivity of asset and liability values to interest rate changes, or controlling “duration mismatch” of assets and liability duration targets. In certain markets, capital market limitations that hinder our ability to acquire assets that approximate the duration of some of our liabilities are considered in setting duration targets. We consider risk-based capital as well as current market conditions in our asset/liability management strategies.

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to acquire assets that approximate the duration of some of our liabilities are considered in setting duration targets. We consider risk-based capital as well as current market conditions in our asset/liability management strategies.

The Company also mitigates interest rate risk through a market value adjusted (“MVA”) provision on certain of the Company’s annuity products' fixed investment options. This MVA provision limits interest rate risk by subjecting the contractholder to a MVA when funds are withdrawn or transferred to variable investment options before the end of the guarantee period. In the event of rising interest rates, which generally make the fixed maturity securities underlying the guarantee less valuable, the MVA could be negative. In the event of declining interest rates, which generally make the fixed maturity securities underlying the guarantee more valuable, the MVA could be positive. The resulting increase or decrease in the value of the fixed option, from the calculation of the MVA, is designed to offset the decrease or increase in the market value of the securities underlying the guarantee.

We assess the impact of interest rate movements on the value of our Retained Business financial assets, financial liabilities and derivatives using hypothetical scenarios that assume either upward or downward 100 basis point parallel shifts in the yield curve from prevailing interest rates.

The following tables set forth the net estimated changes in fair value on these financial instruments from an immediate hypothetical 100 basis point upward and downward parallel shift. While the scenario is for illustrative purposes only and does not reflect our expectations regarding future interest rates or the performance of fixed income markets, it is a near-term, hypothetical change that illustrates the potential impact of such events. These scenarios do not measure the changes in value that could result from non-parallel shifts in the yield curve, which we would expect to produce different changes in discount rates for different maturities. As a result, the actual change in fair value from a 100 basis point change in interest rates could be different from that indicated by these calculations.

	Successor Company
	December 31, 2023
					Hypothetical Change in Fair Value
	Notional		Fair Value		100 bps Decrease		100 bps Increase
	(in millions)
Assets
Retained Business
Fixed maturity securities and Mortgage loans			$	4,587	$	468	$	(388)
Liabilities
Retained Business
Derivatives	$	33,434	$	465	$	(375)	$	328
Insurance Liabilities
Variable annuity products			$	2,556	$	882	$	(699)
					$	507	$	(371)
Net change					$	(39)	$	(17)

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	Successor Company
	December 31, 2024
	December 31, 2022
					Hypothetical Change in Fair Value
	Notional		Fair Value		100 bps Decrease		100 bps Increase
	(in millions)
Assets
Retained Business
Fixed maturity securities			$	3,899	$	516	$	(411)
Fixed maturity securities and mortgage loans			$	3,985	$	396	$	(328)
Liabilities
Retained Business
Derivatives	$	1241,~~131~~472	$	~~325~~413	$	(~~432~~304)	$	~~363~~238
Insurance liabilities - Variable annuity products			2,665		948		(754)
Insurance Liabilities
Total					$	516	$	(391)
Variable annuity products			$	1,913	$	690	$	(541)
Net change					$	—	$	(20)
					$	386	$	(303)
Net change					$	10	$	(25)


	December 31, 2023
					Hypothetical Change in Fair Value
	Notional		Fair Value		100 bps Decrease		100 bps Increase
	(in millions)
Assets
Retained Business
Fixed maturity securities and mortgage loans			$	4,587	$	468	$	(388)
Liabilities
Retained Business
Derivatives	$	33,434	$	465	$	(375)	$	328
Insurance Liabilities
Variable annuity products			$	2,556	$	882	$	(699)
					$	507	$	(371)

Net change					$	(39)	$	(17)

Market Risk Related to Equity Prices

We have exposure to equity risk primarily through asset/liability mismatches, including our equity-based derivatives, and variable annuity contracts. We manage equity risk against benchmarks in respective markets. We benchmark our return on equity holdings against a blend of market indices, mainly the S&P 500 and Russell 2000 for U.S. equities. We benchmark foreign equities against the MSCI EAFE, a market index of European, Australian and Far Eastern equities. We target price sensitivities that approximate those of the benchmark indices. For equity investments within the separate accounts, the investment risk is borne by the separate account contractholder rather than by the Company.

We estimate our equity risk from an immediate hypothetical 10 percent change in equity benchmark levels. The following table sets forth the net estimated potential change in fair value from such a change in certain of our Retained Business financial assets, financial liabilities, and derivatives. While these scenarios are for illustrative purposes only and do not reflect our expectations regarding future performance of equity markets or of our equity portfolio, they do represent near-term, hypothetical changes that illustrate the potential impact of such events. In addition, these scenarios do not reflect the impact of basis risk, such as potential differences in the performance of the investment funds underlying the variable annuity products relative to the market indices we use as a basis for developing our hedging strategy. The impact of basis risk could result in larger differences between the change in fair value of the equity-based derivatives and the liability in comparison to these scenarios. In calculating these amounts, we exclude separate account equity securities.

	Successor Company
	December 31, 2023
					Hypothetical Change in Fair Value
	Notional		Fair Value		10 percent decrease		10 percent increase
	(in millions)
Liabilities
Retained Business
Derivatives	$	2,221	$	257	$	(364)	$	275
Insurance Liabilities - Variable annuity products			2,556		392		(355)
Net change					$	28	$	(80)

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	Successor Company
	December 31, 2022
					Hypothetical Change in Fair Value
	Notional		Fair Value		10 percent decrease		10 percent increase
	(in millions)
Assets
Retained Business
Derivatives	$	5,023	$	139	$	(382)	$	347
Liabilities
Retained Business
Insurance Liabilities
Variable annuities			2,665		367		(336)
Net change					$	(15)	$	11

Derivatives

We use derivative financial instruments primarily to reduce market risk from changes in interest rates and equity prices, including their use to alter interest rate exposures arising from mismatches between assets and liabilities. Our derivatives primarily include swaps, futures, options and forward contracts that are exchange-traded or contracted in the OTC market. See Note 6 to the Financial Statements for more information.

Market Risk Related to Certain Variable Annuity Products

The primary risk exposures of our variable annuity contracts relate to actual deviations from, or changes to, the assumptions used in the pricing of these products at acquisition, including capital market assumptions, such as equity market returns, interest rates and market volatility, and actuarial assumptions.

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	December 31, 2024
					Hypothetical Change in Fair Value
	Notional		Fair Value		10 percent decrease		10 percent increase
	(in millions)
Liabilities
Retained Business
Derivative liabilities	$	2,861	$	45	$	(324)	$	299
Insurance Liabilities - Variable annuity products			$	1,913	$	346	$	(312)

Net change					$	22	$	(13)


	December 31, 2023
					Hypothetical Change in Fair Value
	Notional		Fair Value		10 percent decrease		10 percent increase
	(in millions)







Liabilities
Retained Business
Derivatives	$	2,221	$	257	$	(364)	$	275
Insurance Liabilities - Variable annuity products			$	2,556	392		$	(355)

Net change					$	28	$	(80)

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Fortitude Life Insurance & Annuity Company

FINANCIAL STATEMENTS INDEX

			Page
Management’s Annual Report on Internal Control Over Financial Reporting			4546
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			4647
Statements of Financial Position as of December 31, 2023 and 2022 (Successor Company)			49
Statements of Financial Position as of December 31, 2024 and 2023 (Successor Company)			50
Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2023 (Successor Company), nine months ended December 31, 2022 (Successor Company), the three months ended March 31, 2022 (Predecessor Company), and the year ended December 31, 2021 (Predecessor Company)			50
Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2024 and 2023 (Successor Company), the nine months ended December 31, 2022 (Successor Company) and the three months ended March 31, 2022 (Predecessor Company)			51
Statements of Equity for the year ended December 31, 2023 (Successor Company), nine months ended December 31, 2022 (Successor Company), the three months ended March 31, 2022 (Predecessor Company), and the year ended December 31, 2021 (Predecessor Company)			51
Statements of Equity for the years ended December 31, 2024 and 2023 (Successor Company), the nine months ended December 31, 2022 (Successor Company) and the three months ended March 31, 2022 (Predecessor Company)			52
Statements of Cash Flows for the year ended December 31, 2023 (Successor Company), nine months ended December 31, 2022 (Successor Company), the three months ended March 31, 2022 (Predecessor Company), and the year ended December 31, 2021 (Predecessor Company)			52
Statements of Cash Flows for the years ended December 31, 2024 and 2023 (Successor Company), the nine months ended December 31, 2022 (Successor Company) and the three months ended March 31, 2022 (Predecessor Company)			53
Notes to Financial Statements:
1 Business and Basis of Presentation			5455
2 Significant Accounting Policies and Pronouncements			5658
3 Segment Information			6365
4 Fair Value of Assets and Liabilities			6669
5 Investments			8587
6 Derivatives and Hedging			90
6 Derivatives, Hedging, and Offsetting			91
7 Insurance Liabilities			9697
8 Reinsurance			9899
9 Income Taxes			102
10 Equity			~~106~~105
11 Related Party Transactions			~~109~~108
12 Statutory Net Income and Surplus and Dividend Restriction			~~114~~110
13 Commitments, Contingent Liabilities and Litigation and Regulatory Matters			~~115~~111
14 DAC, VOBA, and DSI - PREDECESSOR COMPANY			116
14 Separate Accounts			113
15 Credit and Liquidity Agreements			113
16 DAC, VOBA, and DSI - PREDECESSOR COMPANY			115

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Management’s Annual Report on Internal Control Over Financial Reporting

Management of Fortitude Life Insurance & Annuity Company (the “Company”) is responsible for establishing and maintaining adequate internal control over financial reporting. Management conducted an assessment of the effectiveness, as of December 31, ~~2023~~2024, of the Company’s internal control over financial reporting, based on the framework established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on our assessment under that framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, ~~2023~~2024.

Our internal control over financial reporting is a process designed by or under the supervision of our principal executive and principal financial officers to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on our financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm, PricewaterhouseCoopers LLP, regarding the internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

March 1427, ~~2024~~2025

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Fortitude Life Insurance & Annuity Company

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Fortitude Life Insurance & Annuity Company and its subsidiary (Successor Company) (the “Company”) as of December 31, ~~2023~~2024 and ~~December 31~~2023, ~~2022,~~ and the related consolidated statements of operations and comprehensive income (loss), of equity and of cash flows for the ~~year~~years ended December 31, 2024 and 2023 and for the nine months ended December 31, 2022, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2023~~2024 and ~~2022~~2023, and the results of its operations and its cash flows for the ~~year~~years ended December 31, 2024 and 2023 and for the nine months ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Retained Business Variable Annuity Contracts with Guaranteed Benefits, Included in Insurance Liabilities, at Fair Value

As described in Notes 2, 4, and 7 to the consolidated financial statements, as of December 31, ~~2023~~2024, the fair value of retained business variable annuity contracts with guaranteed benefits, included in insurance liabilities, at fair value was $21.69 billion. Management elected the fair value option on the entirety of the insurance liabilities. The change in fair value of these liabilities is reported in several line items within revenues and benefits and expenses in the consolidated statement of operations and comprehensive income (loss). Since there is no observable active market for the transfer of these obligations, the valuations are calculated using internally developed models with option pricing techniques. The models are based on a risk neutral valuation framework and incorporate premiums for risks inherent in valuation techniques, inputs, and the general uncertainty around the timing and amount of future cash flows. The determination of these risk premiums requires the use of management's judgment. The significant inputs to the valuation models include capital market assumptions, such as interest rate levels and volatility assumptions, as well as actuarially determined assumptions, including contractholder behavior, such as lapse rates, benefit utilization rates, withdrawal rates, and mortality rates.

4647

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The principal considerations for our determination that performing procedures relating to the valuation of retained business variable annuity contracts with guaranteed benefits, included in insurance liabilities, at fair value is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the retained business variable annuity contracts with guaranteed benefits; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s internal models and aforementioned contractholder behavior assumptions; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management’s process for developing the fair value estimate of retained business variable annuity contracts with guaranteed benefits, included in insurance liabilities, at fair value; (ii) evaluating the appropriateness of management’s internal models; (iii) testing the completeness and accuracy of data used in the internal models; and (iv) evaluating the reasonableness of the aforementioned contractholder behavior assumptions. Evaluating the aforementioned contractholder behavior assumptions involved evaluating whether the assumptions used were reasonable considering industry knowledge and data, and historical Company data and experience. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of management’s internal models and evaluating the reasonableness of the aforementioned contractholder behavior assumptions.

/s/ PricewaterhouseCoopers LLP

Nashville, Tennessee

March 1427, ~~2024~~2025

We have served as the Company's auditor since 2003.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholder of Fortitude Life Insurance & Annuity Company

Opinion on the Financial Statements

We have audited the accompanying statements of operations and comprehensive income (loss), of equity and of cash flows of Fortitude Life Insurance & Annuity Company (formerly Prudential Annuities Life Assurance Corporation) (Predecessor Company) (the “Company”) for the three months ended March 31, 2022 ~~and for the year ended December 31~~, ~~2021,~~ including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the results of operations and cash flows of the Company for the three months ended March 31, 2022 ~~and for the year ended December 31, 2021~~ in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our ~~audits~~audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our ~~audits~~audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the ~~audits~~audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our ~~audits~~audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our ~~audits~~audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our ~~audits~~audit ~~provide~~provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Nashville, Tennessee

March 22, 2023

We have served as the Company's auditor since 2003.

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Fortitude Life Insurance & Annuity Company

~~Audited~~ Consolidated Statements of Financial Position

(in millions, except share data)

	Successor Company
	December 31
	2023		2022
	2024		2023
ASSETS
Fixed maturity securities, at fair value	$	5,~~210~~022	$	5,~~024~~210
Equity securities, at fair value (cost: December 31, 2023 - $0; December 31, 2022 - $201)	—		175
Mortgage loans, at fair value	364		437
Mortgage loans, at fair value	437		196
Short-term investments	8		21
Short-term investments	21		42
Other invested assets (includes $354 and $141 of assets measured at fair value at December 31, 2024 and 2023, respectively)	395		211
Other invested assets (includes $141 and $430 of assets measured at fair value at December 31, 2023 and 2022, respectively)	211		450
Total investments	5,789		5,879
Total investments	5,879		5,887
Cash and cash equivalents	563		940
Cash and cash equivalents	940		872
Accrued investment income	58		60
Accrued investment income	60		52
Reinsurance recoverables, at fair value	163		206
Reinsurance recoverables, at fair value	206		235
Deposit asset, at fair value	364		438
Net modified coinsurance receivable, at fair value	—		18
Income taxes	76		99
Deposit asset, at fair value	438		607
Other assets: (Receivables from parent and affiliates: December 31, 2024 - $10; December 31, 2023 - $0)	69		61
Goodwill	—		93
Separate account assets, at fair value	22,857		23,870
Income taxes	99		50
TOTAL ASSETS	$	29,939	$	31,553
Other assets: (Receivables from parent and affiliates: December 31, 2023 - $0; December 31, 2022 - $40)	61		127
Separate account assets, at fair value	23,870		23,601
TOTAL ASSETS	$	31,553	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities, at fair value	$	54,~~003~~380	$	5,~~546~~003
Net modified coinsurance payable, at fair value	78145		—78
Liabilities associated with repurchase agreements and securities lending transactions	967		417
Liabilities associated with secured borrowing arrangements	1,200		967
Other liabilities (Payables to parent and affiliates: December 31, 2023 - $10; December 31, 2022 - $3)	273		391
Other liabilities (Payables to parent and affiliates: December 31, 2024 - $4; December 31, 2023 - $10)	208		273
Separate account liabilities, at fair value	2322,~~870~~857		23,~~601~~870
Total liabilities	$	30,191	$	29,955
TOTAL LIABILITIES	$	28,790	$	30,191
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 13)
EQUITY
Common stock, $100 par value; 25,000 shares authorized, issued and outstanding	$	3	$	3
Additional paid-in capital	1,714		1,~~759~~714
Retained deficit	(~~290~~518)		(~~286~~290)
Accumulated other comprehensive income (loss)	(65)		111
Accumulated other comprehensive loss	(50)		(65)
Total equity	1,362		1,587
TOTAL EQUITY	1,149		1,362
TOTAL LIABILITIES AND EQUITY	$	3129,~~553~~939	$	31,~~542~~553

See Notes to Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Audited Consolidated Statements of Operations and Comprehensive Income (Loss)

(in millions)

	Successor Company				Predecessor Company
	Year Ended December 31		Nine Months Ended December 31		Three Months Ended March 31		Year Ended December 31
	2023		2022				2021
REVENUES
Premiums	$	27	$	19	$	8	$	37
Policy charges and fee income	456		365		97		1,232
Net investment income	315		255		99		490
Asset management and service fees	91		71		20		255
Other income (loss)	1		7		(19)		(554)
Investment gains (losses), net	(310)		(1,907)		481		7,489
TOTAL REVENUES	580		(1,190)		686		8,949
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	340		(1,010)		—		—
Policyholder benefits	—		—		26		(220)
Interest credited to policyholder account balances	—		—		85		640
Amortization of deferred policy acquisition costs	—		—		104		380
Commission expense	90		65		35		1,573
Goodwill impairment	93		—		—		—
General, administrative and other expenses	67		75		3		317
TOTAL BENEFITS AND EXPENSES	590		(870)		253		2,690
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(10)		(320)		433		6,259
Less: Income tax expense (benefit)	(6)		(34)		77		1,294
NET INCOME (LOSS)	$	(4)	$	(286)	$	356	$	4,965
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	(223)		140		—		—
Net unrealized investment losses	—		—		(561)		(1,725)
Total	(223)		140		(561)		(1,725)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(47)		29		(118)		(362)
Other comprehensive income (loss), net of taxes	(176)		111		(443)		(1,363)
COMPREHENSIVE INCOME (LOSS)	$	(180)	$	(175)	$	(87)	$	3,602

See Notes to Financial Statements

Fortitude Life Insurance & Annuity Company

~~Audited~~ Consolidated Statements of ~~Equity~~Operations and Comprehensive Income (Loss)

(in millions)

Successor Company CommonStock Additional Paid-inCapital Retained Deficit AccumulatedOtherComprehensiveIncome (Loss) Total Equity


	Successor Company						Predecessor Company
	Year Ended December 31				Nine Months Ended December 31		Three Months Ended March 31
	2024		2023		2022
REVENUES
Premiums	$	35	$	27	$	19	$	8
Policy charges and fee income	452		456		365		97
Net investment income	292		315		255		99
Asset management and service fees	93		91		71		20
Other income (loss)	8		1		7		(19)
Investment gains (losses), net	(688)		(310)		(1,907)		481
TOTAL REVENUES	192		580		(1,190)		686

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(83)		340		(1,010)		—
Policyholder benefits	—		—		—		26
Interest credited to policyholder account balances	—		—		—		85
Amortization of deferred policy acquisition costs	—		—		—		104
Commission expense	91		90		65		35
Goodwill impairment	—		93		—		—
General, administrative and other expenses	80		67		75		3
TOTAL BENEFITS AND EXPENSES	88		590		(870)		253
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	104		(10)		(320)		433
Less: Income tax expense (benefit)	32		(6)		(34)		77
NET INCOME (LOSS)	$	72	$	(4)	$	(286)	$	356
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	19		(223)		140		—
Net unrealized investment losses	—		—		—		(561)
Total	19		(223)		140		(561)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	4		(47)		29		(118)
Other comprehensive income (loss), net of taxes	15		(176)		111		(443)
COMPREHENSIVE INCOME (LOSS)	$	87	$	(180)	$	(175)	$	(87)

Balance, April 1, 2022	$	3	$	1,759	$	—	$	—	$	1,762
Comprehensive income (loss):
Net loss	—		—		(286)		—		(286)
Other comprehensive income, net of tax	—		—		—		111		111
Total comprehensive loss									(175)
Balance, December 31, 2022	$	3	$	1,759	$	(286)	$	111	$	1,587
Distribution to parent	—		(45)		—		—		(45)
Comprehensive loss:
Net loss	—		—		(4)		—		(4)
Other comprehensive loss, net of tax	—		—		—		(176)		(176)
Total comprehensive loss									(180)
Balance, December 31, 2023	$	3	$	1,714	$	(290)	$	(65)	$	1,362

See Notes to Consolidated Financial Statements

	Predecessor Company
	CommonStock		Additional Paid-inCapital		Retained (Deficit) Earnings		AccumulatedOtherComprehensiveIncome (Loss)		Total Equity
Balance, December 31, 2020	$	3	$	4,383	$	(3,217)	$	1,533	$	2,702
Return of capital	—		(3,813)		—		—		(3,813)
Dividend to parent	—		—		(831)		—		(831)
Assets purchased/transferred from/to affiliates	—		22		—		—		22
Comprehensive income (loss):
Net income	—		—		4,965		—		4,965
Other comprehensive loss, net of tax	—		—		—		(1,363)		(1,363)
Total comprehensive income									3,602
Balance, December 31, 2021	$	3	$	592	$	917	$	170	$	1,682
Return of capital	—		(306)		—		—		(306)
Comprehensive income (loss):
Net income	—		—		356		—		356
Other comprehensive loss, net of tax	—		—		—		(443)		(443)
Total comprehensive loss									(87)
Balance, March 31, 2022	$	3	$	286	$	1,273	$	(273)	$	1,289

See Notes to Financial Statements

Fortitude Life Insurance & Annuity Company

~~Audited~~ Consolidated Statements of ~~Cash Flows~~Equity

(in millions)

	Successor Company				~~Predecessor Company~~
	Year Ended December 31		Nine Months Ended December 31		Three Months Ended March 31		Year Ended December 31
	CommonStock		Additional Paid-inCapital		Retained Deficit		AccumulatedOtherComprehensiveIncome (Loss)		Total Equity
	2023		2022				2021
Balance, April 1, 2022	$	3	$	1,759	$	—	$	—	$	1,762
CASH FLOWS FROM OPERATING ACTIVITIES:
Comprehensive income (loss):
Net income (loss)	$	(4)	$	(286)	$	356	$	4,965
Net loss	—		—		(286)		—		(286)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Other comprehensive income, net of tax	—		—		—		111		111
Investment (gains) losses, net	310		1,907		(481)		(7,489)
Total comprehensive loss									(175)
Goodwill impairment	93		—		—		—
Balance, December 31, 2022	$	3	$	1,759	$	(286)	$	111	$	1,587
Interest credited to policyholders’ account balances	—		—		85		640
Distribution to parent	—		(45)		—		—		(45)
Other, net	(30)		(24)		2		3
Comprehensive loss:
Change in:
Net loss	—		—		(4)		—		(4)
Insurance liabilities, at fair value	(568)		(7,751)		—		—
Other comprehensive loss, net of tax	—		—		—		(176)		(176)
Deposit asset, at fair value	169		1,989		—		—
Total comprehensive loss									(180)
Net modified coinsurance receivable, at fair value	587		4,685		—		—
Balance, December 31, 2023	$	3	$	1,714	$	(290)	$	(65)	$	1,362
Future policy benefits	—		—		60		642
Dividend to parent	—		—		(300)		—		(300)
Accrued investment income	(11)		(21)		1		60
Comprehensive income:
Deferred policy acquisition costs	—		—		104		3,466
Net income	—		—		72		—		72
Income taxes	(9)		184		142		896
Other comprehensive income, net of tax	—		—		—		15		15
Reinsurance recoverables	29		15		(39)		(33)
Total comprehensive income									87
Derivatives, net	(584)		(220)		(1,079)		(2,623)
Balance, December 31, 2024	$	3	$	1,714	$	(518)	$	(50)	$	1,149
Other, net	3		(14)		(40)		(1,223)
Cash flows from (used in) operating activities	(15)		464		(889)		(696)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturity securities, at fair value	500		3,362		—		—
Fixed maturities, available-for-sale	—		—		422		9,400
Fixed maturities, trading	—		—		—		2,086
Equity securities	—		—		95		56
Secured receivable	—		60		—		—
Mortgage and other loans	116		6		39		338
Other invested assets	387		4		1		53
Short-term investments	94		301		795		464
Payments for the purchase/origination of:
Fixed maturity securities, at fair value	(783)		(4,312)		—		—
Fixed maturities, available-for-sale	—		—		(751)		(5,833)
Fixed maturities, trading	—		—		—		(5,392)
Equity securities	—		(11)		—		(101)
Secured receivable	—		(7)		—		—
Mortgage and other loans	(369)		(203)		(13)		(1,267)
Other invested assets	(52)		(345)		—		(225)
Short-term investments	(88)		(42)		(94)		(1,023)
Notes receivable from parent and affiliates, net	—		—		—		51
Derivatives, net	—		—		3		(84)
Other, net	3		(1)		—		—
Cash flows from (used in) investing activities	(192)		(1,188)		497		(1,477)


	Predecessor Company
	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Equity
Balance, December 31, 2021	$	3	$	592	$	917	$	170	$	1,682
Return of capital	—		(306)		—		—		(306)


Comprehensive income (loss):
Net income	—		—		356		—		356
Other comprehensive loss, net of tax	—		—		—		(443)		(443)
Total comprehensive loss									(87)
Balance, March 31, 2022	$	3	$	286	$	1,273	$	(273)	$	1,289

See Notes to Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company Audited Consolidated Statements of Cash Flows (Continued)(in millions)
	Successor Company				Predecessor Company
	Year Ended December 31		Nine Months Ended December 31		Three Months Ended March 31		Year Ended December 31
	2023		2022				2021
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Policyholder's account deposits (withdrawals)	(197)		(176)		62		4,602
Cash collateral for loaned securities	(106)		(99)		205		—
Repayments of debt (maturities longer than 90 days)	—		—		—		(300)
Net decrease in short-term borrowing	—		—		—		(120)
Drafts outstanding	19		(7)		(7)		(3)
Distribution to parent	(45)		—		(306)		(1,057)
Repurchase agreements	604		300		—		—
Other, net	—		—		—		(2)
Cash flows from (used in) financing activities	275		18		(46)		3,120
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	68		(706)		(438)		947
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	872		1,578		2,016		1,069
CASH AND CASH EQUIVALENTS, END OF YEAR	$	940	$	872	$	1,578	$	2,016
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refund)	$	4	(217)		N/A		$	398
Interest paid	$	2	—		N/A		$	8

Fortitude Life Insurance & Annuity Company

~~Significant~~ ~~Non-~~Consolidated Statements of Cash ~~Transactions~~Flows

During the year ended December 31, 2023 and the nine months ended December 31, 2022, the Successor Company had novations within its Ceded Business related to variable-indexed annuities under the reinsurance agreement with Pruco Life Insurance Company, a subsidiary of Prudential Financial, Inc., that resulted in non-cash transactions of $491 million and $4,635 million, respectively, of investments with a corresponding offset of $(~~491) million and $(4,635) million, respectively, to the modified coinsurance payable, which is presented on a net basis with the modified coinsurance receivable~~ in ~~the consolidated statement of cash flows and consolidated statement of financial position.~~millions)

Also during the year ended December 31, 2023, the Successor Company received a net $52 million of fixed maturity securities as collateral, on a non-cash basis, related to liabilities associated with repurchase agreements.


	Successor Company						Predecessor Company
	Year Ended December 31				Nine Months Ended December 31		Three Months Ended March 31
	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	72	$	(4)	$	(286)	$	356
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Investment (gains) losses, net	688		310		1,907		(481)
Goodwill impairment	—		93		—		—
Interest credited to policyholders’ account balances	—		—		—		85
Other, net	(8)		(30)		(24)		2
Change in:
Insurance liabilities, at fair value	(392)		(568)		(7,751)		—
Deposit asset, at fair value	74		169		1,989		—
Net modified coinsurance receivable, at fair value	67		587		4,685		—
Future policy benefits	—		—		—		60
Accrued investment income	2		(11)		(21)		1
Deferred policy acquisition costs	—		—		—		104
Income taxes	19		(9)		184		142
Reinsurance recoverables	43		29		15		(39)
Derivatives, net	(762)		(584)		(220)		(1,079)
Other, net	(15)		3		(14)		(40)
Cash flows from (used in) operating activities	(212)		(15)		464		(889)

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturity securities, at fair value	774		500		3,362		—
Fixed maturities, available-for-sale	—		—		—		422

Equity securities	—		—		—		95
Secured receivable	—		—		60		—
Mortgage loans	121		116		6		39
Other invested assets	7		387		4		1
Short-term investments	39		94		301		795
Payments for the purchase/origination of:
Fixed maturity securities, at fair value	(808)		(783)		(4,312)		—
Fixed maturities, available-for-sale	—		—		—		(751)
Equity securities	—		—		(11)		—
Secured receivable	—		—		(7)		—
Mortgage loans	(27)		(369)		(203)		(13)
Other invested assets	(4)		(52)		(345)		—
Short-term investments	(30)		(88)		(42)		(94)

Derivatives, net	—		—		—		3
Other, net	1		3		(1)		—
Cash flows from (used in) investing activities	73		(192)		(1,188)		497

~~There~~See ~~were~~Notes noto ~~significant~~Consolidated ~~non-cash~~Financial ~~transactions for the three months ended March 31,2022.~~Statements

For the year ended December 31, 2021, Cash Flows from Investing and Financing Activities excludes certain non-cash activities related to the following:

•Effective July 1, 2021, Pruco Life Insurance Company recaptured the risks related to its business that had previously been reinsured to Prudential Annuities Life Assurance Corporation from April 1, 2016 through June 30, 2021. See Note 8 for additional information.

•Effective December 1, 2021, Prudential Annuities Life Assurance Corporation reinsured certain variable and fixed annuities to Pruco Life Insurance Company, which resulted in $2.6 billion of investment transfers and $0.2 billion of dividend payment in securities. See Note 8 for additional information.

See Notes to Financial Statements


Fortitude Life Insurance & Annuity Company Consolidated Statements of Cash Flows (Continued) (in millions)
	Successor Company						Predecessor Company
	Year Ended December 31				Nine Months Ended December 31		Three Months Ended March 31
	2024		2023		2022
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Policyholder's account deposits (withdrawals)	(212)		(197)		(176)		62
Drafts outstanding	(21)		19		(7)		(7)
Dividend to parent	(300)		—		—		(306)
Distribution to parent	—		(45)		—		0
Net proceeds (repayments) related to secured borrowing arrangements - securities lending	—		(106)		(99)		205
Net proceeds related to secured borrowing arrangements - repurchase agreements with maturities three months or less	294		204		200		—
Proceeds related to secured borrowing arrangements - repurchase agreements with maturities greater than three months	511		500		100		—
Repayments related to secured borrowing arrangements - repurchase agreements with maturities greater three months	(510)		(100)		—		—
Cash flows from (used in) financing activities	(238)		275		18		(46)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(377)		68		(706)		(438)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	940		872		1,578		2,016
CASH AND CASH EQUIVALENTS, END OF YEAR	$	563	$	940	$	872	$	1,578
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid (refunded), net	$	13	$	4	$	(217)	N/A
Interest paid	$	—	$	2	$	—	N/A

Significant Non-Cash Transactions

During the year ended December 31, 2023 and the nine months ended December 31, 2022, the Successor Company had novations within its Ceded Business related to variable-indexed annuities under the reinsurance agreement with Pruco Life Insurance Company that resulted in the non-cash transfer of investments of $491 million and $4,635 million, respectively, with a corresponding offset to the modified coinsurance payable, which is presented on a net basis with the modified coinsurance receivable in the consolidated statement of cash flows and consolidated statement of financial position. There was no significant non-cash novation activity during the year ended December 31, 2024.

See Note 5 for disclosures regarding non-cash activity regarding collateral transferred under repurchase agreements related to the Successor Company.

There were no significant non-cash transactions during the three months ended March 31, 2022 related to the Predecessor Company.

See Notes to Consolidated Financial Statements

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Fortitude Life Insurance & Annuity Company

1. BUSINESS AND BASIS OF PRESENTATION

Fortitude Life Insurance & Annuity Company and its wholly-owned subsidiary (collectively, “FLIAC”, “we”, or the “Company”), with its principal offices in Jersey City, New Jersey, is a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“FGH”) and an indirect wholly-owned subsidiary of FGH Parent L.P. (“FGP”). Prior to April 1, 2022, the Company (previously named Prudential Annuities Life Assurance Corporation (“PALAC”)) was a wholly-owned subsidiary of Prudential Annuities, Inc (“PAI”), an indirect wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential Financial”), a New Jersey Corporation. On April 1, 2022, PAI completed the sale of its equity interest in the Company to FGH. As a result, the Company is no longer an affiliate of Prudential Financial or any of its affiliates. See “Basis of Presentation” for further information.

Basis of Presentation

The ~~Audited~~ Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting financial information in accordance with instructions to Form 10-K and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The accompanying ~~Audited~~ Consolidated Financial Statements present the consolidated results of operations, financial condition, and cash flows of FLIAC. All intercompany transactions have been eliminated in consolidation. The financial statements of the Predecessor Company were not consolidated as it was a single entity prior to acquisition.

Following the acquisition of FLIAC, purchase accounting was applied to FGH's financial statements and wethe ~~have~~Company has elected to “push down” the basis to FLIAC in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The application of push-down accounting created a new basis of accounting for all assets and liabilities based on fair value at the date of acquisition. As a result, FLIAC's financial position, results of operations, and cash flows subsequent to the acquisition are not comparable with those prior to April 1, 2022, and therefore have been separated to indicate pre-acquisition and post-acquisition periods. The pre-acquisition period through March 31, 2022 is referred to as the Predecessor Company. The post-acquisition period, April 1, 2022 and forward, includes the impact of push-down accounting and is referred to as the Successor Company. See “Business Combination” further below for additional information regarding the acquisition. See also Note 2 for further discussion regarding the impacts of our application of push-down accounting.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Business Combination

As referenced above, ~~we have applied~~ push-down accounting has been applied to FLIAC's consolidated financial statements, which resulted in the initial recognition of its assets and liabilities at fair value as of the acquisition date, April 1, 2022.

The total preliminary purchase consideration of the acquisition was $1,761 million, comprised of $1,748 million cash transferred for the purchase price and a $13 million cash reimbursement to the seller for transaction costs incurred. A bargain purchase gain was initially recognized in the amount of $5 million, representing the excess of the fair value of net assets acquired over the consideration paid.

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Fortitude Life Insurance & Annuity Company

During 2022, the following measurement period adjustments were made which impacted the initial bargain purchase gain:

•An increase to the preliminary purchase consideration by $1 million, which was comprised of an increase of $4 million related to the cash transferred for the purchase price offset by a decrease of $3 million related to the estimated cash reimbursement to the seller for transaction costs incurred. The final purchase consideration of the acquisition was $1,762 million.

•A reduction of $97 million in the deferred tax asset that itwas previously recognized on its acquisition-date balance sheet.

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Fortitude Life Insurance & Annuity Company

The net impact of these adjustments resulted in a change from the preliminary bargain purchase gain of $5 million at April 1, 2022 to a goodwill amount of $93 million. The entire goodwill balance was allocated to the Retained Business segment.

Also during 2022, the Successor Company made the following corrections to the previously reported fair value of assets acquired and liabilities assumed at the acquisition date. These corrections had no impact to net assets acquired, consideration paid, or goodwill.

•$94 million decrease to Reinsurance recoverables;

•$63 million increase to Net modified coinsurance receivable;

•$19 million decrease to Deposit asset; and

•$50 million decrease to Insurance liabilities.

The following table summarizes the final fair value of assets acquired and liabilities assumed at the acquisition date and represents amounts recognized for each major class of assets and liabilities, after application of push-down accounting.


	Successor Company
	April 1, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	3,900	$	6,907	$	10,807
Cash and cash equivalents	941		637		1,578
Reinsurance recoverables	—		250		250
Net modified coinsurance receivable	—		68		68
Income taxes	255		—		255
Deposit asset	—		2,596		2,596
Other assets	61		35		96
Separate account assets	26,792		2,634		29,426
TOTAL ASSETS	$	31,949	$	13,127	45,076

LIABILITIES
Insurance liabilities	$	3,362	$	10,249	$	13,611
Other liabilities	126		244		370
Separate account liabilities	26,792		2,634		29,426
TOTAL LIABILITIES	30,280		13,127		43,407

Net assets acquired	1,669		—		1,669
Consideration	1,762		—		1,762
Goodwill	$	93	$	—	$	93

Goodwill Impairment

55The goodwill impairment was primarily driven by unfavorable actuarial assumption updates, as compared to its initial projections, related to the determination of the fair value of its insurance liabilities, and lower overall projected future earnings as a result of capital market volatility. See Note 7 for further information regarding the actuarial assumption update.

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Fortitude Life Insurance & Annuity Company

~~The~~Revision ~~goodwill impairment was primarily driven by unfavorable actuarial assumption updates, as compared~~ to ~~its~~Previously ~~initial~~Issued ~~projections,~~Consolidated ~~related~~Statements ~~to the determination~~ of ~~the~~Cash fair value of its insurance liabilities, and lower overall projected future earnings as a result of capital market volatility. See Note 7 for further information regarding the actuarial assumption update. Flows

~~Reclassifications~~In 2024, we identified an error that impacted our previously issued consolidated statements of cash flows for the year ended December 31, 2023 and the nine months ended December 31, 2022. It was determined that certain proceeds and repayments related to repurchase agreements with original maturity dates greater than three months were incorrectly presented on a net basis rather than on a gross basis.

~~Certain~~We ~~amounts~~assessed inthe materiality of the error on our prior ~~periods~~period ~~have~~consolidated ~~been~~financial ~~reclassified~~statements toin ~~conform~~accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in ASC 250-10, Accounting Changes and Error Corrections, and concluded that this error was not material to the current period ~~presentation~~or any prior periods. However, we determined it was appropriate to correctly present and revise the consolidated statements of cash flows for the impacted periods. The consolidated statements of cash flows for the impacted interim periods during 2024 will also be revised when they are presented within the Quarterly Report on Form 10-Q for the interim periods in 2025.

The following is a summary of the impacted line items within the consolidated statements of cash flows. All revisions were contained within “Cash Flows from Financing Activities”.


	Consolidated Statements of Cash Flows
	Year Ended December 31, 2023						Nine Months Ended December 31, 2022
	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Revised
	(in millions)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase agreements	$	604	$	(604)	$	—	$	300	$	(300)	$	—
Net proceeds related to secured borrowing arrangements - repurchase agreements with maturities three months or less	—		204		204		—		200		200
Proceeds related to secured borrowing arrangements - repurchase agreements with maturities greater than three months	—		500		500		—		100		100
Repayments related to secured borrowing arrangements - repurchase agreements with maturities greater three months	—		(100)		(100)		—		—		—

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Fortitude Life Insurance & Annuity Company

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

SUCCESSOR COMPANY

Fair Value Option

We have elected to apply the fair value option to several of FLIAC's assets and liabilities. We have made this election as it improves our operational efficiency and better aligns the recognition and measurement of our investments, insurance ~~liabilities~~contracts, and associated reinsurance activity with how we manage the business. See Note 4 for further information.

Description of Significant Accounting Policies

ASSETS

Fixed maturity securities, at fair value - We have elected the fair value option on the entirety of our fixed maturity securities portfolio. Accordingly, realized and unrealized gains and losses on these investments are reported in “Investment gains (losses), net” on the consolidated statement of operations. Investments in fixed maturity securities are recorded on a trade-date basis, with any unsettled trades recorded in other assets or other liabilities on the consolidated balance sheets. Interest income, including amortization of premium and accretion of discount, is determined using the effective yield method and is reported in “Net investment income” on the consolidated statement of operations.

Interest income, which includes prepayment premiums and the amortization of premium/accretion of discount, is reported in “Net investment income” on the consolidated statement of operations and is calculated under the effective yield method. For certain structured securities, recognized yields are updated based on current information regarding the timing and amount of expected undiscounted future cash flows. For high credit quality structured securities, effective yields are recalculated based on actual payments received and updated prepayment expectations. For structured securities that are not of high credit quality, the yields are based on cash flows which take into account both expected losses and prepayments.

Equity securities, at fair value - We have elected the fair value option on the entirety of our equity securities portfolio. Accordingly, realized and unrealized gains and losses on these investments are reported in “Investment gains (losses), net” on the consolidated statements of operations. Dividend income is reported on the ex-dividend date and is included in “Net investment income” on the consolidated statement of operations.

Mortgage loans, at fair value - We have elected the fair value option on the entirety of our mortgage loans portfolio which are comprised of commercial and residential mortgage loans. Interest income and prepayment fees are included in “Net investment income” on the consolidated statements of operations. Realized and unrealized gains and losses on these investments are reported in “Investments gains (losses), net” on the consolidated statements of operations.

Short-term investments - These investments primarily consist of highly liquid debt instruments with a maturity of twelve months or less and greater than three months when purchased. These investments are ~~generally~~ carried at fair value and include short-term debt securities issued by government sponsored or corporate entities.

Other invested assets - These investments primarily consist of the following:

•Limited partnerships and limited liability companies (“LPs/LLCs”) - Interests in LPs/LLCs are accounted for using either the equity method of accounting, or at fair value. The Company’s income from investments in LPs/LLCs accounted for using the equity method, ~~other than the Company’s investments in operating joint ventures,~~ is included in “Net investment income.” The carrying value of these investments is written down, or impaired, to fair value when a decline in value is considered to be other-than-temporary. In applying the equity method (including assessment for other than temporary impairment), the Company uses financial information provided by the investee. For the investments reported at fair value ~~with changes in fair value reported in current earnings~~, which are primarily comprised of private equity investments, the ~~associated~~Company ~~realized~~uses ~~and~~the ~~unrealized~~net ~~gains~~asset ~~and~~value ~~losses~~(“NAV”), a permitted practical expedient, as an estimate for fair value when it is not readily available. Changes in NAV are reported in “Net investment income” on the consolidated statement of operations.

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Fortitude Life Insurance & Annuity Company

•Policy loans - These investments represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in “Net investment income” at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

•Derivatives - See “Other Accounting Policies” further below for discussion on derivative financial instruments.

Cash and cash equivalents - Cash and cash equivalents include cash on hand, amounts due from banks, certain money market investments, funds managed similar to regulated money market funds, and other debt instruments with maturities of three months or less when purchased.

Accrued investment income - Accrued investment income primarily includes accruals of interest and dividend income from investments that have been earned but not yet received.

Income taxes - Income taxes represents the net deferred tax asset and, when applicable, the Company’s estimated taxes receivable for the current year and open audit years. Income tax payables for the current year and open audit years are included in Other liabilities.58

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Income taxes - Income taxes represents the net deferred tax asset and, when applicable, the Company’s estimated taxes receivable related to the current year and open audit years. The Company’s estimated taxes payable for the current year and open audit years, when applicable, are included in Other liabilities.

The Company filed tax returns for the period beginning the day after the acquisition date through December 31, 2022, and any resulting tax liability for the period is the responsibility of the Company. Pursuant to the acquisition agreement, any tax examinations and resulting tax liability for the Predecessor Company will be the sole responsibility of PAI.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent such as expenses that are not deductible in the Company’s tax return, and some differences are temporary, reversing over time, such as valuation of insurance reserves. Temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent items that can be used as a tax deduction or credit in future years for which the Company has already recorded the tax benefit in the ~~Consolidated~~consolidated ~~Statements~~statements of ~~Operations~~operations. Deferred tax liabilities generally represent tax expense recognized in the Company’s financial statements for which payment has been deferred, or expenditures for which the Company has already taken a deduction in the Company’s tax return but have not yet been recognized in the Company’s financial statements.

The application of U.S. GAAP requires the Company to evaluate the recoverability of the Company’s deferred tax assets and establish a valuation allowance, if necessary, to reduce the Company’s deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. ~~See Note 9 for a discussion of factors considered when evaluating the need for a valuation allowance.~~

U.S. GAAP prescribes a comprehensive model for how a company should recognize, measure, present, and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on tax returns. The application of this guidance is a two-step process. First, the Company determines whether it is more likely than not, based on the technical merits, that the tax position will be sustained upon examination. If a tax position does not meet the more likely than not recognition threshold, the benefit of that position is not recognized in the financial statements. The second step is measurement. The Company measures the tax position as the largest amount of benefit that is greater than 50 percent likely to be realized upon ultimate resolution with a taxing authority that has full knowledge of all relevant information. This measurement considers the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances, and information available at the reporting date. The Company classifies all interest and penalties related to tax uncertainties as income tax expense.

The Company’s liability for income taxes includes a liability for unrecognized tax benefits, interest and penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) or other taxing jurisdictions. Audit periods remain open for review until the statute of limitations has passed. Generally, for tax years which produce net operating losses, capital losses or tax credit carryforwards (“tax attributes”), the statute of limitations does not close, to the extent of these tax attributes, until the expiration of the statute of limitations for the tax year in which they are fully utilized. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the liability for income taxes.

See Note 9 for additional information regarding income taxes.

57Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. It is the excess of the cost of an acquisition over the fair value of the assets acquired and liabilities assumed at the date of acquisition. We review the carrying amount of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount might not be recoverable. Goodwill impairment testing compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit to which the goodwill relates is less than the carrying amount of the reporting unit, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the reporting unit in an amount not to exceed the total amount of goodwill allocated to the reporting unit.

During the third quarter of 2023, the Company determined that the goodwill associated with its Retained Business was fully impaired. Accordingly, the Company recorded a non-cash goodwill impairment of $93 million through the Consolidated Statement of Operations. Following this impairment, there was no remaining goodwill. See Note 1 for further information.

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Fortitude Life Insurance & Annuity Company

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. It is the excess of the cost of an acquisition over the fair value of the assets acquired and liabilities assumed at the date of acquisition. We review the carrying amount of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount might not be recoverable. Goodwill impairment testing compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit to which the goodwill relates is less than the carrying amount of the reporting unit, an impairment charge is recognized for the amount by which the carrying amount exceeds the fair value of the reporting unit in an amount not to exceed the total amount of goodwill allocated to the reporting unit.

Other assets consists primarily of accruals for asset management and service fees and receivables resulting from sales of securities that had not yet settled at the balance sheet date. Other assets also includes receivables from the Company’s parent and affiliates.

Separate account assets - We have elected the fair value option on the entirety of our separate account assets which represents segregated funds that are invested for certain contractholders. The contractholder has the option of directing funds to a wide variety of investment options, most of which invest in mutual funds. The investment risk on the variable portion of a contract is borne by the contractholder, except to the extent of minimum guarantees by the Company, which are not separate account liabilities. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

The investment income and realized investment gains or losses from separate accounts generally accrue to the contractholders and are not included in the Company’s consolidated statements of operations. Mortality, policy administration and surrender charges assessed against the accounts are included in “Policy charges and fee income” in the consolidated statements of operations. Asset management and service fees charged to the accounts are included in “Asset management and service fees” in the consolidated statements of operations. See also “Separate account liabilities” below.

Accounting Policies Specific to the Ceded Business

Reinsurance recoverables - We have elected the fair value option on the entirety of our reinsurance recoverables which represent receivables that back the insurance liabilities under the reinsurance agreement regarding the business reinsured to Prudential Insurance. The reinsurance recoverable is ~~recorded~~measured toin ~~match~~a consistent manner with the associated insurance liabilities, which are recorded at fair value. Accordingly, the fair value of our reinsurance recoverable is determined by the fair value calculation of our insurance liabilities. See discussion regarding the significant accounting policies of insurance liabilities further below. Changes in reinsurance recoverables and the associated insurance liabilities are both recorded through “Policyholder benefits and changes in fair value of insurance liabilities” within the consolidated statements of operations. For additional information about these reinsurance arrangements see Note 8.

Net modified coinsurance receivable/payable - We have elected the fair value option on the entirety of our modified coinsurance agreement receivables and payables. Modified coinsurance receivables represent the reserve credits for the insurance liabilities covered under the reinsurance agreement with Pruco Life regarding our variable annuity base contracts with guaranteed benefits. The modified coinsurance receivable is ~~recorded~~measured toin ~~match~~a consistent manner with the associated insurance liabilities, which are recorded at fair value. Accordingly, the fair value of our modified coinsurance receivable is determined by the fair value calculation of our insurance liabilities. See discussion regarding the significant accounting policies of insurance liabilities further below. Similarly, the modified coinsurance payable primarily represents the fair value of the assets backing the ceded insurance liabilities under the reinsurance agreement. Accordingly, the fair value of the modified coinsurance payable is ~~calculated~~measured toin ~~match~~a consistent manner with the fair value of the assets under the reinsurance agreement. The modified coinsurance agreement receivables and payables are presented on a net basis within the consolidated statements of financial position.

Deposit asset - We have elected the fair value option on the entirety of our deposit asset, which represents assets, held in trust by the reinsurer, that back the insurance liabilities under the reinsurance agreement with Pruco Life regarding our fixed indexed annuities and fixed annuities with a guaranteed lifetime withdrawal income. The deposit asset is ~~recorded~~measured toin ~~match~~a consistent manner with the associated insurance liabilities, which are recorded at fair value. Accordingly, the fair value of our deposit asset is determined by the fair value calculation of our insurance liabilities.

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Fortitude Life Insurance & Annuity Company

LIABILITIES

Insurance liabilities, at fair value - We have elected the fair value option on the entirety of our insurance ~~liabilities~~contracts, which ~~primarily~~ include liabilities for guarantee benefits related to certain long-duration life and annuity contracts, which are discussed more fully in Note 7. These liabilities ~~represent~~include reserves for guaranteed minimum death benefits (“GMDB”), guaranteed minimum income benefits (“GMIB”), guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed minimum income and withdrawal benefits (“GMIWB”). Also included within insurance liabilities are smaller blocks of variable universal life and fixed payout annuity products. Changes in the fair value of insurance ~~liabilities~~contracts are reported in “Policyholder benefits and changes in fair value of insurance liabilities” on the consolidated statements of operations.

The assumptions used in establishing reserves are generally based on those a market participant would use and include the Company’s experience, industry experience and/or other factors, as applicable. We evaluate, and update when applicable, our actuarial assumptions such as mortality and policyholder behavior assumptions, on an annual basis. Generally, we do not expect trends to change significantly in the short-term and, to the extent these trends may change, we expect such changes to be gradual over the long-term.

Liabilities related to ~~repurchase~~secured ~~agreements~~borrowing ~~and securities lending transactions:~~arrangements

Securities repurchase agreements that satisfy certain criteria are ~~used~~treated ~~primarily~~as tosecured ~~invest~~borrowing arrangements and are carried at the amounts at which the securities will be subsequently reacquired, as specified in ~~higher~~the ~~yielding~~respective ~~assets~~transactions. As part of securities repurchase agreements, the Company primarily transfers U.S. government and government agency securities to a third-party and receives cash as collateral~~. Securities~~, ~~repurchase agreements that satisfy certain criteria are treated as secured borrowing arrangements. These agreements are carried at the amounts at~~ which ~~the~~is ~~securities will be~~ subsequently ~~reacquired,~~reinvested ~~as specified~~ in ~~the~~higher ~~respective~~yielding ~~transactions~~assets. The ~~For securities sold under agreements to repurchase, the~~ market value of the securities to be repurchased is monitored, and additional collateral is obtained where appropriate, to protect against credit exposure. The Company obtains collateral in an amount at least equal to 95% of the fair value of the securities sold. ~~Securities~~The securities to be repurchased are the same, or substantially the same, as those sold. The majority of these transactions are with highly rated financial institutions. Income and expenses related to these transactions, all of which are used to earn spread income, are reported within “Net investment income”.

Securities lending transactions are used primarily to earn spread income or to facilitate trading activity. As part of securities lending transactions, the Company transfers U.S. and foreign debt and equity securities, as well as U.S. government and government agency securities, and receives cash as collateral. Cash proceeds from securities lending transactions are primarily used to earn spread income, and are typically invested in cash equivalents, short-term investments or fixed maturities. Securities lending transactions are treated as financing arrangements and are recorded at the amount of cash received. The Company obtains collateral in an amount equal to 102% and 105% of the fair value of the domestic and foreign securities, respectively. The Company monitors the market value of the securities loaned on a daily basis with additional collateral obtained as necessary. Substantially all of the Company’s securities lending transactions are with large brokerage firms and large banks. Income and expenses associated with securities lending transactions used to earn spread income are reported as “Net investment income”.

Other liabilities consists primarily of accrued expenses, technical overdrafts, payables resulting from purchases of securities that had not yet settled at the balance sheet date, and payables to the Company’s parent and affiliates. Other liabilities may also include derivative instruments for which fair values are determined as described below under “Other Accounting Policies”.

~~Separate~~Commitments ~~account~~and contingent liabilities -are Weaccrued ~~have~~if ~~elected~~it ~~the~~is ~~fair~~probable ~~value~~that ~~option~~a onliability ~~the~~has ~~entirety~~been ofincurred ~~our~~and ~~separate~~an ~~account~~amount ~~liabilities~~is ~~which~~reasonably ~~primarily~~estimable. ~~represents~~Management ~~the~~evaluates ~~contractholders’~~whether ~~account~~there ~~balances~~are inincremental ~~separate~~legal ~~account~~or ~~assets,~~other ~~and~~costs todirectly aassociated ~~lesser~~with ~~extent,~~the ~~borrowings~~ultimate resolution of the ~~separate~~matter ~~account,~~that ~~and~~are ~~will~~reasonably beestimable ~~equal~~ and, ~~offsetting~~if toso, ~~total~~they ~~separate~~are ~~account~~included ~~assets~~in the accrual. ~~See~~When ~~also~~applicable, ~~“Separate~~these ~~account~~accruals ~~assets”~~are ~~above~~generally reported in “Other liabilities”.

Commitments and contingent liabilities are accrued if it is probable that a liability has been incurred and an amount is reasonably estimable. Management evaluates whether there are incremental legal or other costs directly associated with the ultimate resolution of the matter that are reasonably estimable and, if so, they are included in the accrual. These accruals are generally reported in “Other liabilities”.

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Fortitude Life Insurance & Annuity Company

REVENUES AND BENEFITS AND EXPENSES

Insurance Revenue and Expense Recognition

Revenues for variable ~~deferred~~life and annuity contracts and supplemental contracts with life contingencies primarily consist of charges against contractholder account values or separate accounts for mortality and expense risks, administration fees, ~~surrender charges~~ and ansurrender ~~annual maintenance fee per contract~~charges. Revenues for mortality and expense risk charges and administration fees are recognized as assessed against the contractholder and are included within “Policy charges and fee income” on the consolidated statements of operations. Surrender charge revenue is recognized when the surrender charge is assessed against the contractholder at the time of surrender. ~~Liabilities for the variable investment options on annuity contracts represent the account value of the contracts~~ and ~~are~~is ~~included in “Separate account liabilities”.~~

~~Revenues for variable immediate annuity and supplementary contracts with life contingencies consist of certain charges against~~61

~~contractholder~~Table account values including mortality and expense risks and administration fees. These charges and fees are recognized as revenue when assessed against the contractholder. Liabilities for variable immediate annuity contracts represent the account value of ~~the contracts and are included in “Separate account liabilities”.~~Contents

~~Revenues~~Fortitude ~~for~~Life ~~fixed~~Insurance ~~immediate~~& ~~annuity~~Annuity and fixed supplementary contracts with and without life contingencies consist of net investment income. In addition, revenues for fixed immediate annuity contracts with life contingencies also consist of single premium payments recognized as annuity considerations when received. Company

~~Revenues~~also ~~for~~included ~~variable~~in ~~life~~“Policy ~~insurance~~charges ~~contracts~~and ~~consist~~fee ofincome” ~~charges~~on ~~against~~the ~~contractholder~~consolidated ~~account~~statements ~~values~~of oroperations. Liabilities ~~separate accounts~~ for ~~expense~~variable ~~charges,~~life ~~administration fees, cost of~~ insurance ~~charges~~contracts and ~~surrender charges. Certain contracts also include charges against premium to pay state premium taxes. All of these charges are recognized as revenue when assessed against~~ the ~~contractholder.~~variable ~~Liabilities~~investment ~~for~~options ~~variable~~on ~~life~~annuity ~~insurance~~ contracts represent the account value of the contracts and are included in “Separate account liabilities”.

~~Certain~~Revenues ~~individual~~for fixed immediate annuity ~~contracts~~and ~~provide~~fixed ~~the~~supplementary ~~contractholder~~contracts awith ~~guarantee~~and ~~that~~without ~~the~~life ~~benefit~~contingencies ~~received~~consist ~~upon~~of ~~death~~investment orincome ~~annuitization~~earned ~~will~~from bethe noinvestment ~~less~~of ~~than~~deposits ain ~~minimum~~the ~~prescribed~~Company’s ~~amount.~~general ~~These~~account ~~benefits~~portfolio. ~~are~~In ~~accounted~~addition, revenues for asfixed ~~insurance~~immediate annuity contracts ~~and~~with ~~are~~life ~~discussed~~contingencies inalso ~~further~~consist ~~detail~~of insingle ~~Note~~premium 7payments recognized as annuity considerations when received.

Amounts received as payment for variable annuities and other contracts without life contingencies are reported as deposits to “Insurance liabilities” and/or “Separate account liabilities.” Revenues from these contracts are reflected in “Policy charges and fee income” on the consolidated statements of operations and consist primarily of fees assessed during the period against the policyholders’ account balances for policy administration charges and surrender charges. In addition to fees, the Company earns investment income from the investments in the Company’s general account portfolio. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are generally recorded when received. Benefits and expenses for these products include claims in excess of related account balances and expenses of contract administration.

Asset management and service fees principally include asset-based asset management fees, which are recognized in the period in which the services are performed.

Other income primarily includes foreign exchange gains and losses related to certain currency derivatives and the associated hedged items. Also included in other income are realized and unrealized activity related to certain private equity investments that are reported in “Other invested assets”.

Investment gains (losses), net includes unrealized and realized gains or losses on various investment classes, as outlined above, and also includes non-foreign exchange-related derivative gains or losses. The derivative gains or losses include the impact of maturities, terminations, and changes in fair value of the derivative instruments. For the Predecessor Company, derivative gains or losses also include changes in embedded derivatives.

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Fortitude Life Insurance & Annuity Company

OTHER ACCOUNTING POLICIES

Derivative Financial Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns, and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk (“NPR”) used in valuation models. Derivative financial instruments generally used by the Company include swaps, futures, forwards and options and may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company's OTC derivatives are cleared and settled through central clearing counterparties, while others are bilateral contracts between the Company and a counterparty. Derivative positions are carried at fair value, generally by obtaining quoted market prices or a third-party valuation.

Derivatives are used to manage the interest rate and currency characteristics of assets or liabilities. Additionally, derivatives may be used to reduce exposure to interest rate, credit, foreign currency and equity risks associated with assets held or expected to be purchased or sold, and liabilities incurred or expected to be incurred.

The Successor Company does not designate any new derivatives as instruments that qualify for hedge accounting treatment. Accordingly, all realized and unrealized changes in the fair value of derivatives for Successor Company periods are recorded in current earnings within either “Investment gains (losses), net” or “Other income” on the consolidated statements of operations. Cash flows related to derivatives that function as economic hedges are classified in the consolidated statements of cash flows following the classification of the cash flows of the economically-hedged items.

Derivatives are recorded either as assets, within “Other invested assets,” or as liabilities, within “Other liabilities” on the consolidated statements of financial positions. The Company nets the fair value of all derivative financial instruments with counterparties for which a master netting arrangement has been executed. Cash collateral ~~posted~~pledged in excess of derivative liabilities and cash collateral received in excess of derivative assets are recorded within “Other invested assets” and “Other liabilities”, respectively.

~~RECENT ACCOUNTING PRONOUNCEMENTS~~62

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting standard updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2023 and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Effective ASUs as of December 31, 2023

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB. This update became effective January 1, 2023 but is not applicable due to our election to adopt the fair value option on all of our insurance liabilities, which includes our separate account liabilities.

ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, was issued by the FASB. This update became effective January 1, 2023 but is not applicable due to our election to adopt the fair value option on financial instruments that are within the scope of this update.

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~~ASU~~Separate ~~issued~~account ~~but~~assets ~~not~~and ~~yet~~liabilities ~~adopted~~- asWe have elected the fair value option on insurance contracts that hold both segregated assets, which are invested for certain contractholders, and segregated liabilities, which are equal and offsetting to the segregated assets, and represent the contractholders account balance in those segregated assets, and to a lesser extent, borrowings of ~~December 31~~the separate account. These assets and liabilities are reported at fair value and separately disclosed on the consolidated statements of financial condition. The contractholder has the option of directing funds within the separate accounts to a wide variety of investment options, ~~2023~~most of which invest in mutual funds. The investment risk on the variable portion of a contract is borne by the contractholder, except to the extent of minimum guarantees by the Company, which are not separate account liabilities. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures regarding a company’s significant segment expenses and certain other items. The update will also require expanded disclosures regarding the chief operating decision maker (CODM) and the information they are provided when assessing segment performance and allocating resources.	Annual reporting periods beginning January 1, 2024, and interim reporting periods beginning January 1, 2025.	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves income tax disclosure requirements by requiring 1. the use of consistent categories and greater disaggregation of information in the rate reconciliation and 2. income taxes paid disaggregated by jurisdiction.	Annual reporting periods beginning January 1, 2025.	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.

The investment income and realized investment gains or losses from separate account assets accrue to the contractholders and are not included in the Company’s consolidated statements of operations.

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RECENT ACCOUNTING PRONOUNCEMENTS

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standard Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of December 31, 2024 and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

ASUs adopted as of December 31, 2024


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improved reportable segment disclosure requirements, primarily through enhanced disclosures regarding a company’s significant segment expenses and certain other items. The update also required expanded disclosures regarding the chief operating decision maker (“CODM”) and the information they are provided when assessing segment performance and allocating resources.	The Company adopted this update for annual reporting periods on January 1, 2024 using the retrospective method and will adopt the update for interim reporting periods beginning January 1, 2025.	This adoption of the update for annual periods expanded the Company’s disclosures but did not have an impact on its financial position or results of operations. See Note 3 for further information regarding these “annual” disclosures. When adopted for interim reporting periods, this update will expand the Company’s disclosures, but will not have an impact on its financial position or results of operations.

ASU issued but not yet adopted as of December 31, 2024


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures	This ASU requires additional disclosures regarding certain expense types included in the income statement. The requirements include disclosure of the amounts associated with 1. purchases of inventory, 2. employee compensation, 3. depreciation and 4. intangible asset amortization. These disclosures should be included in each relevant expense caption. Furthermore, entities must disclose specific expenses, gains, or losses already required under US GAAP, offer a qualitative description of amounts not separately quantified, and present the total amount of selling expenses along with a definition of these expenses in their annual reports.	Effective for annual reporting periods beginning January 1, 2027, and interim reporting periods beginning January 1, 2028, using either the prospective or retrospective method. Early adoption is permitted	The Company is currently evaluating the potential impact of this update on its financial position, results of operations, and disclosures.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves income tax disclosure requirements by requiring 1. the use of consistent categories and greater disaggregation of information in the rate reconciliation and 2. income taxes paid disaggregated by jurisdiction.	Effective for annual reporting periods beginning January 1, 2025, using either the prospective or retrospective method. Early adoption is permitted	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.

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Fortitude Life Insurance & Annuity Company

3. SEGMENT INFORMATION

FLIAC has two reportable segments, which we refer to as the “Retained Business” and the “Ceded Business.”

Segment Reporting Considerations

The Retained Business and Ceded Business segments are reported in a manner consistent with the internal reporting package provided to the CODM, whose title and position is “Managing Director, FLIAC Business Leader.” The CODM assesses performance for both the Retained and Ceded segments and decides how to allocate resources based upon consolidated comprehensive income (loss).

The CODM uses consolidated comprehensive income (loss) to assess financial performance, primarily through the quarterly monitoring of actual versus budgeted results. Included in this assessment is a review of the impacts on earnings related to:

•market movements and hedging performance regarding equity market and interest rate changes;

•liability valuations and changes in the fair value of guarantees;

•actuarial assumption updates; and

•operating expenses

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Segment Balance Sheets

The following is the consolidated balance sheet by segment:

	December 31, 2023
	December 31
	Retained Business				Ceded Business		Total
	2024						2023
	(in millions)
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
ASSETS
	(in millions)
Total investments	$	4,680			$	1,199	$	5,879
ASSETS
Cash and cash equivalents	534				406		940
Total investments	$	4,062	$	1,727	$	5,789	$	4,680	$	1,199	$	5,879
Accrued investment income	51				9		60
Cash and cash equivalents	498		65		563		534		406		940
Reinsurance recoverables	—				206		206
Accrued investment income	46		12		58		51		9		60
Deposit asset	—				438		438
Reinsurance recoverables	—		163		163		—		206		206
Income taxes	99				—		99
Deposit asset	—		364		364		—		438		438
Other assets	61				—		61
Income taxes	76		—		76		99		—		99
Separate account assets	21,800				2,070		23,870
Other assets	69		—		69		61		—		61
TOTAL ASSETS	$	27,225			$	4,328	$	31,553
Separate account assets	20,842		2,015		22,857		21,800		2,070		23,870
LIABILITIES AND EQUITY
TOTAL ASSETS	$	25,593	$	4,346	$	29,939	$	27,225	$	4,328	$	31,553
LIABILITIES
LIABILITIES AND EQUITY
Insurance liabilities	$	2,835			$	2,168	$	5,003
LIABILITIES
Net modified coinsurance payable	—				78		78
Insurance liabilities	$	2,196	$	2,184	$	4,380	$	2,835	$	2,168	$	5,003
Liabilities associated with repurchase agreements and securities lending transactions	967				—		967
Net modified coinsurance payable	—		145		145		—		78		78
Other liabilities	261				12		273
Liabilities associated with secured borrowing arrangements	1,200		—		1,200		967		—		967
Separate account liabilities	21,800				2,070		23,870
Other liabilities	206		2		208		261		12		273
TOTAL LIABILITIES	25,863				4,328		30,191
Separate account liabilities	20,842		2,015		22,857		21,800		2,070		23,870
EQUITY	1,362				—		1,362
TOTAL LIABILITIES	24,444		4,346		28,790		25,863		4,328		30,191
TOTAL LIABILITIES AND EQUITY	$	27,225			$	4,328	$	31,553
EQUITY	1,149		—		1,149		1,362		—		1,362
TOTAL LIABILITIES AND EQUITY	$	25,593	$	4,346	$	29,939	$	27,225	$	4,328	$	31,553

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	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Deposit asset	—		607		607
Goodwill	93		—		93
Income taxes	50		—		50
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Liabilities associated with repurchase agreements and securities lending transactions	311		106		417
Other liabilities	148		243		391
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955
EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542

Segment Income Statements

64The following is the consolidated comprehensive income (loss) by segment. Historical information related to the Predecessor company has not been revised or provided and is not comparable following the election of push-down accounting as of April 1, 2022.


	Year Ended December 31
	2024						2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	35	$	—	$	35	$	27	$	—	$	27
Policy charges and fee income	452		—		452		456		—		456
Net investment income (1)	230		62		292		240		75		315
Asset management and service fees	93		—		93		91		—		91
Other income (loss)	8		—		8		(1)		2		1
Investment gains (losses), net	(908)		220		(688)		(623)		313		(310)
TOTAL REVENUES	(90)		282		192		190		390		580

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(365)		282		(83)		(50)		390		340
Commission expense	91		—		91		90		—		90
Goodwill impairment	—		—		—		93		—		93
General, administrative and other expenses (2)	80		—		80		67		—		67
TOTAL BENEFITS AND EXPENSES	(194)		282		88		200		390		590
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	104		—		104		(10)		—		(10)
Less: Income tax expense (benefit)	32		—		32		(6)		—		(6)
NET INCOME (LOSS)	$	72	$	—	$	72	$	(4)	$	—	$	(4)
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	19		—		19		(223)		—		(223)
Less: Income tax expense (benefit)	4		—		4		(47)		—		(47)
Other comprehensive income (loss), net of taxes	15		—		15		(176)		—		(176)
COMPREHENSIVE INCOME (LOSS)	$	87	$	—	$	87	$	(180)	$	—	$	(180)

(1) For the years ended December 31, 2024 and 2023, investment expenses within the Retained Business include $68 million and $33 million of expense related to liabilities associated with repurchase agreements.

(2) Represents “other segment items,” which include expense charges and allocations from FGH, reinsurer expense allowances, professional service fees, and certain other miscellaneous expenses.

During the third quarter of 2023, the Company determined that the goodwill associated with its Retained Business was fully impaired. Accordingly, the Company recorded a non-cash goodwill impairment of $93 million through the consolidated statement of operations. Following this impairment, there was no remaining goodwill. See Note 1 for further information.

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The following is the consolidated comprehensive loss by segment. Historical information related to the Predecessor company has not been revised or provided and is not comparable following the election of push-down accounting as of April 1, 2022.


	Nine Months Ended December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	19	$	—	$	19
Policy charges and fee income	365		—		365
Net investment income	125		130		255
Asset management and service fees	71		—		71
Other income	5		2		7
Investment losses, net	(861)		(1,046)		(1,907)
TOTAL REVENUES	(276)		(914)		(1,190)

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(96)		(914)		(1,010)
Commission expense	65		—		65
General, administrative and other expenses (1)	75		—		75
TOTAL BENEFITS AND EXPENSES	44		(914)		(870)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(320)		—		(320)
Less: Income tax benefit	(34)		—		(34)
NET LOSS	$	(286)	$	—	$	(286)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	140		—		140
Less: Income tax expense	29		—		29
Other comprehensive income, net of taxes	111		—		111
COMPREHENSIVE LOSS	$	(175)	$	—	$	(175)

	Year Ended December 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	27	$	—	$	27
Policy charges and fee income	456		—		456
Net investment income	240		75		315
Asset management and service fees	91		—		91
Other income (loss)	(1)		2		1
Investment gains (losses), net	(623)		313		(310)
TOTAL REVENUES	190		390		580
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(50)		390		340
Commission expense	90		—		90
Goodwill impairment	93		—		93
General, administrative and other expenses	67		—		67
TOTAL BENEFITS AND EXPENSES	200		390		590
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(10)		—		(10)
Less: Income tax benefit	(6)		—		(6)
NET LOSS	$	(4)	$	—	$	(4)
Other comprehensive loss, before tax:
Changes in own-credit risk related to insurance liabilities	(223)		—		(223)
Less: Income tax benefit	(47)		—		(47)
Other comprehensive loss, net of taxes	(176)		—		(176)
COMPREHENSIVE LOSS	$	(180)	$	—	$	(180)

(1) Represents “other segment items,” which include expense charges and allocations from FGH, reinsurer expense allowances, professional service fees, and certain other miscellaneous expenses.

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	Nine Months Ended December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	19	$	—	$	19
Policy charges and fee income	365		—		365
Net investment income	125		130		255
Asset management and service fees	71		—		71
Other income	5		2		7
Investment losses, net	(861)		(1,046)		(1,907)
TOTAL REVENUES	(276)		(914)		(1,190)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(96)		(914)		(1,010)
Commission expense	65		—		65
General, administrative and other expenses	75		—		75
TOTAL BENEFITS AND EXPENSES	44		(914)		(870)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(320)		—		(320)
Less: Income tax benefit	(34)		—		(34)
NET LOSS	$	(286)	$	—	$	(286)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	140		—		140
Less: Income tax expense	29		—		29
Other comprehensive income, net of taxes	111		—		111
COMPREHENSIVE LOSS	$	(175)	$	—	$	(175)

4. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

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Fortitude Life Insurance & Annuity Company

Fair Value Option Election

As discussed in Note 2, we have elected to adopt the fair value option for several of our financial assets and liabilities. ~~The~~With ~~following~~respect ~~are~~to ~~the~~our ~~financial~~insurance ~~assets~~contracts, ~~and~~as a result of this election, we do not separately disclose on our consolidated balance sheets, or provide any associated disclosures, regarding liabilities for ~~which~~future wepolicyholder ~~have~~benefits, ~~elected~~market ~~the~~risk ~~fair~~benefits, ~~value~~or ~~option:~~deferred acquisition costs as required under ASC 944. See Note 14 for certain disclosures regarding our separate account assets and liabilities.

The following are the financial assets and liabilities for which we have elected the fair value option:

•Fixed maturity securities

•Equity securities

•Mortgage loans

•Reinsurance recoverables

•Separate account assets and liabilities

•Net modified coinsurance receivable/payable

•Deposit asset

•Insurance liabilities

See further below for a discussion of the ~~Successor~~ Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy.

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Assets and Liabilities by Hierarchy Level – The ~~table~~tables below present the balances of assets and liabilities reported at fair value on a recurring basis:

	Successor Company
	December 31, 2024
	December 31, 2023
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	~~581~~479	$	—	$	—	$	~~581~~479
Obligations of U.S. states and their political subdivisions	—		~~129~~112		—		—		~~129~~112
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,~~762~~775		—		—		2,~~762~~775
U.S. corporate private securities	—		~~146~~148		~~245~~272		—		~~391~~420
Foreign corporate public securities	—		~~150~~270		—		—		~~150~~270
Foreign corporate private securities	—		3129		5768		—		8897
Asset-backed securities (2)	—		~~706~~618		~~246~~81		—		~~952~~699
Commercial mortgage-backed securities	—		1234		—		—		1234
Residential mortgage-backed securities	—		~~131~~119		53		—		~~136~~122
Total fixed maturity securities	—		4,~~649~~585		~~553~~424		—		5,~~202~~009
Mortgage loans (3)	—		—		~~437~~364		—		~~437~~364
Short-term investments	—		178		4—		—		218
Cash and cash equivalents	~~940~~563		—		—		—		~~940~~563
Other invested assets (4)	—		811		—		(694)		117
Other invested assets - derivatives	36		940		—		(649)		327
Deposit asset	—		—		~~438~~364		—		~~438~~364
Reinsurance recoverables	—		—		~~206~~163		—		~~206~~163
Subtotal excluding separate account assets	~~940~~599		5,~~477~~533		1,~~638~~315		(~~694~~649)		76,~~361~~798
Separate account assets	—		2322,~~870~~857		—		—		2322,~~870~~857
Total assets	$	~~940~~599	$	2928,~~347~~390	$	1,~~638~~315	$	(~~694~~649)	$	3129,~~231~~655
Liabilities
Insurance liabilities	$	—	$	—	$	54,~~003~~380	$	—	$	54,~~003~~380
Other liabilities - derivatives	719		1,~~230~~112		—		(1,~~207~~035)		9486
Net modified coinsurance payable	—		—		78145		—		78145
Separate account liabilities	—		2322,~~870~~857		—		—		2322,~~870~~857
Total liabilities	$	719	$	2523,~~100~~969	$	54,~~081~~525	$	(1,~~207~~035)	$	2927,~~045~~468

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of December 31, ~~2023~~2024, the ~~difference between the~~ aggregate fair value ~~and~~of mortgage loans exceeded the aggregate unpaid principal ofby ~~mortgage~~$10 ~~loans was de minimis~~million.

~~(4)Other~~Excluded from the above chart are certain private equity funds, which are classified as other invested assets ~~within~~on the consolidated statements of financial position. Also excluded from the above chart are ~~comprised~~beneficial interests held through private equity funds that are classified as fixed maturity securities, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At December 31, 2024, the fair values of ~~derivative~~these ~~assets~~private equity funds and ~~cash~~beneficial ~~collateral~~interests ~~posted~~were in$27 ~~excess~~million ofand ~~derivative~~$13 million, ~~liabilities~~respectively.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At December 31, 2023 the fair values of private equity funds and fixed maturity securities were $24 million and $8 million, respectively.70

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The table below present the balances of assets and liabilities reported at fair value on a recurring basis for the Retained Business:

	Successor Company
	December 31, 2024
	December 31, 2023
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Retained Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	~~506~~402	$	—	$	—	$	~~506~~402
Obligations of U.S. states and their political subdivisions	—		~~129~~112		—		—		~~129~~112
U.S. corporate public securities	—		21,~~099~~969		—		—		21,~~099~~969
U.S. corporate private securities	—		—		~~244~~271		—		~~244~~271
Foreign corporate public securities	—		~~124~~107		—		—		~~124~~107
Foreign corporate private securities	—		—		5664		—		5664
Asset-backed securities (2)	—		~~706~~568		~~246~~70		—		~~952~~638
Commercial mortgage-backed securities	—		1234		—		—		1234
Residential mortgage-backed securities	—		238		53		—		2811
Total fixed maturity securities	—		3,~~599~~200		~~551~~408		—		43,~~150~~608
Mortgage loans (3)	—		—		~~437~~364		—		~~437~~364
Cash and cash equivalents	~~534~~498		—		—		—		~~534~~498
Other invested assets (4)	—		638		—		(638)		—
Other invested assets - derivatives	36		593		—		(615)		14
Subtotal excluding separate account assets	534		43,~~237~~793		~~988~~772		(~~638~~615)		54,~~121~~484
Separate account assets	—		2120,~~800~~842		—		—		2120,~~800~~842
Total assets	$	534	$	2624,~~037~~635	$	~~988~~772	$	(~~638~~615)	$	2625,~~921~~326
Liabilities
Insurance liabilities	$	—	$	—	$	2,~~835~~196	$	—	$	2,~~835~~196
Other liabilities - derivatives	719		1,~~174~~078		—		(1,~~151~~001)		9486
Separate account liabilities	—		2120,~~800~~842		—		—		2120,~~800~~842
Total liabilities	$	719	$	2221,~~974~~920	$	2,~~835~~196	$	(1,~~151~~001)	$	2423,~~729~~124

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

~~(4)Other~~Excluded from the above chart are certain private equity funds, which are classified as other invested assets ~~within~~on the consolidated statements of financial position. Also excluded from the above chart are ~~comprised~~beneficial interests held through private equity funds that are classified as fixed maturity securities, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At December 31, 2024, the fair values of ~~derivative~~these ~~assets~~private equity funds and beneficial interests were $27 million and $13 million, respectively.

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Fortitude Life Insurance & Annuity Company

The table below present the balances of assets and liabilities reported at fair value on a recurring basis for the Ceded Business:

	Successor Company
	December 31, 2024
	December 31, 2023
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Ceded Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	7577	$	—	$	—	$	7577
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		~~663~~806		—		—		~~663~~806
U.S. corporate private securities	—		~~146~~148		1		—		~~147~~149
Foreign corporate public securities	—		26163		—		—		26163
Foreign corporate private securities	—		3129		14		—		3233
Residential mortgage-backed securities	—		108		—		—		108
Asset-backed securities (2)	—		50		11		—		61
Total fixed maturity securities	—		1,050		2		—		1,052
Residential mortgage-backed securities	—		111		—		—		111
Short-term investments	—		17		4		—		21
Total fixed maturity securities	—		1,385		16		—		1,401
Cash and cash equivalents	406		—		—		—		406
Short-term investments	—		8		—		—		8
Other invested assets(3)	—		173		—		(56)		117
Cash and cash equivalents	65		—		—		—		65
Deposit asset	—		—		438		—		438
Other invested assets - derivatives	—		347		—		(34)		313
Reinsurance recoverables	—		—		206		—		206
Deposit asset	—		—		364		—		364
Subtotal excluding separate account assets	406		1,240		650		(56)		2,240
Reinsurance recoverables	—		—		163		—		163
Separate account assets	—		2,070		—		—		2,070
Subtotal excluding separate account assets	65		1,740		543		(34)		2,314
Total assets	$	406	$	3,310	$	650	$	(56)	$	4,310
Separate account assets	—		2,015		—		—		2,015
Total assets	$	65	$	3,755	$	543	$	(34)	$	4,329
Liabilities
Insurance liabilities	$	—	$	—	$	2,~~168~~184	$	—	$	2,~~168~~184
Other liabilities - derivatives	—		5634		—		(5634)		—
Net modified coinsurance payable	—		—		78145		—		78145
Separate account liabilities	—		2,~~070~~015		—		—		2,~~070~~015
Total liabilities	$	—	$	2,~~126~~049	$	2,~~246~~329	$	(5634)	$	4,~~316~~344

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

~~(3)Other invested assets within the above chart are comprised of derivatives.~~ 72

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Fortitude Life Insurance & Annuity Company

	Successor Company
	December 31, 2023
	December 31, 2022
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Total Business
Assets
Fixed Maturity Securities
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	~~696~~581	$	—	$	—	$	~~696~~581
Obligations of U.S. states and their political subdivisions	—		~~166~~129		—		—		~~166~~129
Foreign government bonds	—		51		—		—		51
U.S. corporate public securities	—		2,~~796~~762		—		—		2,~~796~~762
U.S. corporate private securities	—		~~144~~146		~~146~~245		—		~~290~~391
Foreign corporate public securities	—		~~211~~150		—		—		~~211~~150
Foreign corporate private securities	—		31		3657		—		6788
Asset-backed securities(2)	—		377		155		—		532
Asset-backed securities (2)	—		706		246		—		952
Commercial mortgage-backed securities	—		4312		—		—		4312
Residential mortgage-backed securities	—		~~218~~131		—5		—		~~218~~136
Total Fixed Maturity Securities	$	—	$	4,687	$	337	$	—	$	5,024
Total fixed maturity securities	$	—	$	4,649	$	553	$	—	$	5,202
Equity securities	175		—		—		—		175
Mortgage loans (3)	—		—		437		—		437
Mortgage loans (3)	—		—		196		—		196
Short-term investments	—		17		4		—		21
Short-term investments	—		42		—		—		42
Cash and cash equivalents	940		—		—		—		940
Cash and cash equivalents	872		—		—		—		872
Other invested assets - derivatives	—		811		—		(694)		117
Other invested assets(4)	46		621		—		(582)		85
Deposit asset	—		—		438		—		438
Deposit asset	—		—		607		—		607
Reinsurance recoverables	—		—		206		—		206
Reinsurance recoverables	—		—		235		—		235
Subtotal excluding separate account assets	940		5,477		1,638		(694)		7,361
Net modified coinsurance receivable	—		—		18		—		18
Separate account assets	—		23,870		—		—		23,870
Subtotal excluding separate account assets	1,093		5,350		1,393		(582)		7,254
Total assets	$	940	$	29,347	$	1,638	$	(694)	$	31,231
Separate account assets	—		23,601		—		—		23,601
Total assets	$	1,093	$	28,951	$	1,393	$	(582)	$	30,855
Liabilities
Insurance liabilities	—		—		5,~~546~~003		—		5,~~546~~003
Other liabilities - derivatives	—71		1,~~076~~230		—		(~~875~~1,207)		~~201~~94
Separate account liabilities	—		23,601		—		—		23,601
Net modified coinsurance payable	—		—		78		—		78
Total liabilities	$	—	$	24,677	$	5,546	$	(875)	$	29,348
Separate account liabilities	—		23,870		—		—		23,870
Total liabilities	$	71	$	25,100	$	5,081	$	(1,207)	$	29,045

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of December 31, ~~2022~~2023, the ~~difference between the~~ aggregate ~~fair value and the aggregate~~ unpaid principal of mortgage loans ~~was~~approximated defair ~~minimis~~value.

~~(4)Other~~Excluded ~~invested~~from ~~assets within~~ the above chart are ~~comprised~~certain private equity funds, which are classified as other invested assets on the consolidated statements of ~~derivatives~~financial position. Also ~~Excluded~~excluded from the above chart are beneficial interests held through private equity funds that are classified as fixed maturity securities, for which fair value is measured at ~~net asset value (“~~NAV”) per share (or its equivalent) as a practical expedient. At December 31, ~~2022~~2023, the fair values of ~~such~~these ~~investments~~private equity funds and beneficial interests were $~~345~~24 million and $8 million, respectively.

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Fortitude Life Insurance & Annuity Company

The table below present the balances of assets and liabilities reported at fair value on a recurring basis for the Retained Business:

	Successor Company
	December 31, 2023
	December 31, 2022
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Retained Business
Assets
Fixed Maturity Securities
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	~~582~~506	$	—	$	—	$	~~582~~506
Obligations of U.S. states and their political subdivisions	—		~~136~~129		—		—		~~136~~129
U.S. corporate public securities	—		2,~~018~~099		—		—		2,~~018~~099
U.S. corporate private securities	—		—		~~146~~244		—		~~146~~244
Foreign corporate public securities	—		~~122~~124		—		—		~~122~~124
Foreign corporate private securities	—		—		3656		—		3656
Asset-backed securities(2)	—		358		155		—		513
Asset-backed securities (2)	—		706		246		—		952
Commercial mortgage-backed securities	—		4312		—		—		4312
Residential mortgage-backed securities	—		2023		—5		—		2028
Total Fixed Maturity Securities	$	—	$	3,279	$	337	$	—	$	3,616
Total fixed maturity securities	$	—	$	3,599	$	551	$	—	$	4,150
Mortgage loans	—		—		196		—		196
Mortgage loans (3)	—		—		437		—		437
Short-term investments	—		3		—		—		3
Cash and cash equivalents	534		—		—		—		534
Cash and cash equivalents	433		—		—		—		433
Other invested assets	—		638		—		(638)		—
Othe

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