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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

Commission file number 001-41490

F&G Annuities & Life, Inc.

(Exact name of registrant as specified in its charter)


Delaware									85-2487422
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

801 Grand Avenue, Suite 2600

Des Moines, Iowa 50309

(Address of principal executive offices, including zip code)

(866) 846-4660

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	FG	New York Stock Exchange
7.950% Senior Notes due 2053	FGN	New York Stock Exchange
7.300% Junior Subordinated Notes due 2065	FGSN	New York Stock Exchange

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 and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of 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 and post such files). Yes ☒ No ☐

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


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 is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The registrant had outstanding 134,619,537 shares of common stock as of October 31, 2025.

FORM 10-Q

QUARTERLY REPORT

Quarter Ended September 30, 2025

TABLE OF CONTENTS


			Page
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:			4
Condensed Consolidated Balance Sheets (unaudited)			4
Condensed Consolidated Statements of Operations (unaudited)			5
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)			6
Condensed Consolidated Statements of Equity (unaudited)			7
Condensed Consolidated Statements of Cash Flows (unaudited)			9
Notes to Unaudited Condensed Consolidated Financial Statements			10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			84
Item 3. Quantitative and Qualitative Disclosures about Market Risk			112
Item 4. Controls and Procedures			114

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			116
Item 1A. Risk Factors			116
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities			118
Item 3. Defaults Upon Senior Securities			118
Item 4. Mine Safety Disclosures			118
Item 5. Other Information			118
Item 6. Exhibits			119
Signatures			120

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share data)


	September 30, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at September 30, 2025 and December 31, 2024, at an amortized cost of $54,005 and $49,729, respectively, net of allowance for credit losses of $96 and $62, respectively	$	51,601	$	46,317
Preferred securities, at fair value	248		270
Equity securities, at fair value	104		145
Derivative investments	1,222		792
Mortgage loans, net of allowance for credit losses of $77 and $70, at September 30, 2025 and December 31, 2024, respectively	7,391		5,926
Investments in unconsolidated affiliates (certain investments at fair value of $270 and $272, at September 30, 2025 and December 31, 2024, respectively)	4,731		3,565
Other long-term investments	1,022		580
Policy loans	136		104
Short-term investments	910		2,410
Total investments	67,365		60,109
Cash and cash equivalents	2,189		2,264
Reinsurance recoverable, net of allowance for credit losses of $18 and $20, at September 30, 2025 and December 31, 2024, respectively	16,843		13,369

Goodwill	2,180		2,179
Prepaid expenses and other assets (certain assets held at fair value of $18 and $11, at September 30, 2025 and December 31, 2024, respectively)	1,042		950
Other intangible assets, net	6,097		5,572
Market risk benefits asset	242		189
Income taxes receivable	67		—
Deferred tax asset, net	112		299
Total assets	$	96,137	$	84,931
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	61,798	$	56,404
Future policy benefits	10,055		8,749
Market risk benefits liability	830		549
Accounts payable and accrued liabilities	2,696		2,219
Income taxes payable	—		5
Notes payable	2,236		2,171


Funds withheld for reinsurance liabilities	13,582		10,758
Total liabilities	91,197		80,855
Equity:
Preferred stock $0.001 par value; authorized 25,000,000 shares and outstanding and issued 5,000,000 shares as of September 30, 2025 and December 31, 2024	—		—
Common stock, $0.001 par value; authorized 500,000,000 shares as of September 30, 2025 and December 31, 2024; outstanding of 134,625,415 and 126,792,844, respectively; and issued of 135,835,404 and 127,952,143, respectively	—		—
Additional paid-in-capital	3,755		3,464
Retained earnings	2,478		2,440
Accumulated other comprehensive (loss) income ("AOCI")	(1,376)		(1,923)
Treasury stock, at cost (1,209,989 and 1,159,299 shares, as of September 30, 2025 and December 31, 2024, respectively)	(33)		(30)
Total F&G Annuities & Life, Inc. shareholders' equity	4,824		3,951
Non-controlling interests	116		125
Total equity	4,940		4,076
Total liabilities and equity	$	96,137	$	84,931

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars and shares in millions, except per share data)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(Unaudited)				(Unaudited)
Revenues:
Life insurance premiums and other fees	$	711	$	506	$	1,808	$	1,711
Interest and investment income	748		712		2,096		2,012
Owned distribution revenues	24		20		63		61
Recognized gains and (losses), net	211		206		(1)		401
Total revenues	1,694		1,444		3,966		4,185
Benefits and expenses:
Benefits and other changes in policy reserves (remeasurement gains (a))	1,181		1,095		2,698		2,864
Market risk benefit (gains) losses	43		71		148		80
Depreciation and amortization	180		147		491		417
Personnel costs	79		80		223		215
Other operating expenses	38		45		121		149
Interest expense	42		36		123		94
Total benefits and expenses	1,563		1,474		3,804		3,819
Earnings before income taxes	131		(30)		162		366
Income tax expense (benefit)	11		(25)		21		51
Net earnings (loss)	120		(5)		141		315
Less: Non-controlling interests	2		1		4		3
Net earnings (loss) attributable to F&G	118		(6)		137		312
Less: Preferred stock dividend	4		4		13		13
Net earnings (loss) attributable to F&G common shareholders	$	114	$	(10)	$	124	$	299

Earnings per share
Basic
Net earnings (loss) per share attributable to F&G common shareholders, basic	$	0.86	$	(0.08)	$	0.95	$	2.41
Diluted
Net earnings (loss) per share attributable to F&G common shareholders, diluted	$	0.85	$	(0.08)	$	0.94	$	2.38

Weighted average shares outstanding F&G common stock, basic basis	133		124		131		124
Weighted average shares outstanding F&G common stock, diluted basis	139		124		132		131

(a)The remeasurement (losses) gains for the three and nine months ended September 30, 2025 were $(2) million and $30 million, respectively. The remeasurement gains for the three and nine months ended September 30, 2024 were $10 million and $21 million, respectively.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions)


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
	(Unaudited)				(Unaudited)
Net earnings (loss)	$	120	$	(5)	$	141	$	315
Other comprehensive income (loss), net:
Changes in current discount rate - future policy benefits	(128)		(293)		(260)		(110)
Changes in instrument-specific credit risk - market risk benefits	(26)		(25)		(31)		(5)
Unrealized gain on investments and other financial instruments	437		1,036		813		875
Unrealized gain on foreign currency translation	1		3		16		1
Reclassification adjustments for change in unrealized gains and losses included in net earnings (loss)	10		1		9		(2)
Other comprehensive income	294		722		547		759
Comprehensive income	414		717		688		1,074
Less: Comprehensive income attributable to non-controlling interests	2		1		4		3
Comprehensive income attributable to F&G	$	412	$	716	$	684	$	1,071

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(Dollars in millions, except per share data)

(Unaudited)


	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity
Balance, June 30, 2024	$	—	$	—	$	3,449	$	2,182	$	(1,953)	$	(24)	$	134	$	3,788



Stock-based compensation	—		—		7		—		—		—		—		7
Preferred stock dividends declared	—		—		—		(4)		—		—		—		(4)
Common stock dividends declared	—		—		—		(27)		—		—		—		(27)
Dividends declared and distribution to non-controlling interests	—		—		—		—		—		—		(6)		(6)
Other comprehensive income	—		—		—		—		722		—		—		722
Net (loss) earnings	—		—		—		(6)		—		—		1		(5)
Balance, September 30, 2024	$	—	$	—	$	3,456	$	2,145	$	(1,231)	$	(24)	$	129	$	4,475


	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity














Balance, June 30, 2025	$	—	$	—	$	3,747	$	2,394	$	(1,670)	$	(33)	$	119	$	4,557









Stock-based compensation	—		—		8		—		—		—		—		8

Preferred stock dividends declared	—		—		—		(4)		—		—		—		(4)
Common stock dividends declared	—		—		—		(30)		—		—		—		(30)

Dividends declared and distributions to non-controlling interests	—		—		—		—		—		—		(5)		(5)
Other comprehensive income	—		—		—		—		294		—		—		294
Net earnings	—		—		—		118		—		—		2		120
Balance, September 30, 2025	$	—	$	—	$	3,755	$	2,478	$	(1,376)	$	(33)	$	116	$	4,940

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Continued)

(Dollars in millions, except per share data)

(Unaudited)


	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity
Balance, January 1, 2024	$	—	$	—	$	3,185	$	1,926	$	(1,990)	$	(18)	$	—	$	3,103
Acquisition of non-controlling interest	—		—		—		—		—		—		136		136
Issuance of preferred stock	—		—		250		—		—		—		—		250
Treasury stock purchased	—		—		—		—		—		(6)		—		(6)
Stock-based compensation	—		—		21		—		—		—		—		21
Preferred stock dividends declared	—		—		—		(13)		—		—		—		(13)
Common stock dividends declared	—		—		—		(80)		—		—		—		(80)
Dividends declared and distributions to non-controlling interests	—		—		—		—		—		—		(10)		(10)
Other comprehensive income	—		—		—		—		759		—		—		759
Net earnings	—		—		—		312		—		—		3		315
Balance, September 30, 2024	$	—	$	—	$	3,456	$	2,145	$	(1,231)	$	(24)	$	129	$	4,475


	F&G Annuities & Life, Inc. shareholders' equity
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Non-controlling Interests		Total Equity
Balance, January 1, 2025	$	—	$	—	$	3,464	$	2,440	$	(1,923)	$	(30)	$	125	$	4,076


Treasury stock purchased	—		—		—		—		—		(3)		—		(3)
Stock-based compensation	—		—		22		—		—		—		—		22
Issuance of common stock	—		—		269		—		—		—		—		269
Preferred stock dividends declared	—		—		—		(13)		—		—		—		(13)
Common stock dividends declared	—		—		—		(86)		—		—		—		(86)
Dividends declared and distributions to non-controlling interests	—		—		—		—		—		—		(13)		(13)
Other comprehensive income	—		—		—		—		547		—		—		547
Net earnings	—		—		—		137		—		—		4		141
Balance, September 30, 2025	$	—	$	—	$	3,755	$	2,478	$	(1,376)	$	(33)	$	116	$	4,940

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)


	Nine months ended September 30,
	2025		2024
	(Unaudited)
Cash Flows from Operating Activities:
Net earnings	$	141	$	315
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	491		417
(Gain) loss on sales of investments and other assets and asset impairments, net	176		(42)

Interest credited/index credits to contractholder account balances	337		1,482
Change in market risk benefits, net	148		80
Deferred policy acquisition costs and deferred sales inducements	(956)		(1,061)
Charges assessed to contractholders for mortality and administration	(248)		(209)
Distributions from unconsolidated affiliates, return on investment	120		65
Stock-based compensation cost	22		21
Change in NAV of limited partnerships, net	(231)		(261)
Change in valuation of derivatives, equity and preferred securities and other assets, net	(179)		(408)
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	3		(40)
Change in derivative collateral liabilities	144		544
Change in future policy benefits	978		1,080
Change in funds withheld from reinsurers	2,648		2,895
Net change in income taxes	(21)		42
Net change in other assets and other liabilities	(60)		(241)

Net cash provided by operating activities	3,513		4,679
Cash Flows from Investing Activities:
Proceeds from sales, calls and maturities of investments	9,592		7,326
Additions to property and equipment and capitalized software	(12)		(19)
Purchases of investment securities	(16,070)		(11,992)
Net proceeds from sales, maturities and purchases of short-term investment securities	1,653		812
Other acquisitions/disposals, net of cash acquired	—		(482)
Additional investments in unconsolidated affiliates	(1,597)		(889)
Net increase in policy loans	(32)		(23)
Distributions from unconsolidated affiliates, return of investment	330		129
Net change in notes receivable	(6)		(7)
Net cash used in investing activities	(6,142)		(5,145)
Cash Flows from Financing Activities:
Borrowings	375		550
Debt issuance costs	(11)		(10)
Payment of contingent consideration for acquisitions	(10)		—

Repayments of outstanding debt	(300)		(250)
Dividends paid	(98)		(88)
Dividends and distributions paid to non-controlling interest shareholders	(13)		(10)
Purchases of treasury stock	(3)		(6)
Issuance of preferred stock	—		250
Issuance of common stock	269		—

Contractholder account deposits	8,991		8,574
Contractholder account withdrawals	(6,646)		(6,568)
Net cash provided by financing activities	2,554		2,442
Net (decrease) increase in cash and cash equivalents	(75)		1,976
Cash and cash equivalents at beginning of period	2,264		1,563
Cash and cash equivalents at end of period	$	2,189	$	3,539

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A — Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of F&G Annuities & Life, Inc. (“FGAL”) and its subsidiaries (collectively, “we”, “us”, “our”, the "Company" or “F&G”) prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 28, 2025.

Description of the Business

F&G is a majority-owned subsidiary of Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”). We provide insurance solutions and market a broad portfolio of annuity and life insurance products through retail channels and institutional markets and earn commissions on the sale of insurance products through our owned distribution channels. For certain disclosures within this Quarterly Report on Form 10-Q, we have elected to aggregate business based on the applicable product type, the manner in which information is regularly reviewed by management and the nature of disclosures that exist outside the Company’s GAAP financial statements.

Retail distribution channels products include:

•Deferred annuities including fixed indexed annuities (“FIA”), registered index-linked annuities (“RILA”), (together referred to as “indexed annuities”) and fixed rate annuities including multi-year guarantee annuities (“MYGA”),

•Immediate annuities, and

•Indexed universal life (“IUL”) insurance.

Institutional markets products include:

•Pension risk transfer (“PRT”) solutions, and

•Funding agreements, including funding agreement backed notes (“FABN”) and Federal Home Loan Bank funding agreements (“FHLB”).

F&G has one reporting segment, which reflects the manner by which our chief operating decision maker (“CODM”), the Chief Executive Officer of F&G, views and manages the business. For information about our reporting segment refer to Note R - Segment Information.

Recent Developments

F&G Special Stock Distribution

On November 6, 2025, FNF’s Board of Directors approved a special stock distribution (the "Distribution") to FNF's shareholders of approximately 16 million shares of common stock of F&G owned by FNF, representing approximately 12% of the outstanding shares of F&G's common stock.

The Distribution by FNF of the special stock distribution will be made on December 31, 2025 (the "Distribution Date") to all of FNF's shareholders of record as of 4:30 p.m. ET on December 17, 2025 (the "Record Date"). The Distribution will consist of a pro rata common stock distribution to each of FNF's shareholders on the Record Date. As of November 5, 2025, FNF had approximately 271 million shares of its common stock, par value $0.001 per share, outstanding. Based on such number, FNF estimates that FNF's shareholders will receive approximately six shares of F&G's common stock for every 100 shares of FNF's common stock held as of the close of business on the

Record Date. The final distribution ratio will be determined based on the number of shares of FNF's common stock outstanding on the Record Date.

No fractional shares of F&G's common stock will be distributed. Instead, FNF's shareholders will receive cash in lieu of any fraction of a share of F&G's common stock that they otherwise would have received. The Distribution is intended to be structured as a taxable dividend to FNF shareholders for U.S. federal income tax purposes. We are in the process of evaluating potential financial impacts, including potential changes associated with our income tax planning strategies and disclosures.

Dividends

On November 6, 2025, our Board of Directors declared a quarterly cash dividend of $0.8594 per share of FNF preferred stock for the period from October 15, 2025 to and excluding January 15, 2026, to be payable on January 15, 2026, to FNF preferred stock record holders on January 1, 2026. On November 6, 2025, our Board of Directors also declared a quarterly cash dividend of $0.25 per share of F&G common stock, payable on December 31, 2025, to F&G common shareholders of record as of December 17, 2025. Generally, no dividends will be declared or paid on F&G common stock and no common stock can be acquired by F&G unless all preferred dividends are declared and paid on the FNF preferred stock.

During the three months ended September 30, 2025 and 2024, we declared cash dividends of $0.22 and $0.21, respectively, per share of common stock and $0.8594 and $0.8594, respectively, per share of FNF preferred stock. During the nine months ended September 30, 2025 and 2024, we declared cash dividends of $0.66 and $0.63, respectively, per share of common stock and $2.5782 and $2.6164, respectively, per share of FNF preferred stock.

Executive Management Transition

On August 6, 2025, F&G announced the transition of John Currier from his role as President of F&G and, effective August 7, 2025, Mr. Currier assumed a senior advisory role reporting to Chris Blunt, Chief Executive Officer. In addition, on August 6, 2025, Conor Murphy, who was serving as the Company's Chief Financial Officer, also assumed the role of President, while retaining his position as Chief Financial Officer.

Common Stock Issuance

On March 24, 2025, we completed a public offering of 8,000,000 shares of common stock, par value $0.001 per share, for net proceeds of $269 million. In connection with the offering, we entered into an underwriting agreement, pursuant to which we granted the underwriters of the offering a 30-day option to purchase up to an additional 1,200,000 shares of common stock. Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of common stock at the same price per share paid by the underwriters, which was $33.60 per share. The underwriters option expired unexercised. We are using the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

Redemption of 5.50% F&G Senior Notes

On February 1, 2025, F&G redeemed the outstanding $300 million aggregate principal amount of its 5.50% Senior Notes due May 1, 2025 (the “5.50% F&G Senior Notes”). The notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date.

7.300% F&G Junior Notes

On January 13, 2025, F&G completed its public offering of its 7.300% Junior Subordinated Notes due 2065 with an aggregate principal amount of $375 million (the “7.300% F&G Notes”). F&G is using the net proceeds of this offering for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness.

Refer to Note L- Notes Payable for further information related to these financing facilities.

Unconsolidated Owned Distribution Investments

We paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $12 million and $16 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $44 million and $110 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations.

Updates to Summary of Significant Accounting Policies

Since our Annual Report on Form 10-K for the year ended December 31, 2024, we have updated the following significant accounting policies for Derivative Financial Instruments and Funds Withheld Arrangements, which have been followed in preparing the unaudited Condensed Consolidated Financial Statements, primarily as a result of executing certain derivative transactions.

Derivative Financial Instruments

Freestanding Derivatives

We economically hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options). We also utilize certain interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. All such derivative instruments are recognized as either assets or liabilities in the unaudited Condensed Consolidated Balance Sheets at fair value. The changes in fair value of derivatives not designated to hedge relationships are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Operations. The change in the fair value of these derivative instruments is included in operating activities in the unaudited Consolidated Statements of Cash Flows.

Hedge Accounting

We designate certain derivatives to fair value or cash flow hedge relationships that hedge exposures to interest rates, foreign currency, or both, associated with changes in the fair value of a recognized asset or liability (“fair value hedge”) or a forecasted transaction or variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”).

When a derivative is designated as a fair value hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are reported in the same line on the unaudited Condensed Consolidated Statements of Operations that is used to report the earnings effect of the hedged item.

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are recorded in AOCI until earnings are affected by the variability of cash flows being hedged. At the time the variability of cash flows being hedged impacts net earnings, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net earnings in the same line item on the unaudited Condensed Consolidated Statements of Operations that is used to report the earnings effect of the hedged item.

Any portion of the change in fair value of a derivative designated to a fair value or cash flow hedge relationship that is excluded from the assessment of effectiveness will be recorded in AOCI and amortized into earnings over the life of the remaining term of the hedge relationship.

To qualify for hedge accounting, at hedge inception we formally document our risk management objective and strategy for entering into hedging relationships, as well as the designation of the hedge. In our hedge documentation,

we explain how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to test for hedge effectiveness on both a prospective and retrospective basis. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Effectiveness of the hedge is formally assessed at inception and at least quarterly throughout the life of the hedging relationship.

We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met; (2) the derivative expires, is sold, terminated or is exercised; or (3) we de-designate the derivative from being the hedging instrument for a fair value or cash flow hedge.

If a fair value or cash flow hedge is discontinued, the derivative will continue to be carried at fair value on the unaudited Condensed Consolidated Balance Sheets, with changes in fair value recognized prospectively in Recognized gains and losses in the unaudited Condensed Consolidated Statements of Operations.

For discontinued fair value hedges, the hedged item will no longer be adjusted for changes in the hedged risk and any existing basis adjustment will be amortized into the unaudited Condensed Consolidated Statements of Operations within the same line item that is used to report other earnings effects of the hedged item. Any amounts remaining in AOCI associated with a component of the change in derivative fair value excluded from the assessment of effectiveness will be amortized into earnings in a manner consistent with how any basis adjustment associated with the hedged item would be amortized.

The component of AOCI related to discontinued cash flow hedges where it is probable the hedged forecasted transaction will not occur, will be immediately reclassified from AOCI into earnings. In all other cases any amounts remaining in AOCI will be amortized into earnings consistent with the earnings impacts expected from the original hedged cash flows.

Embedded Derivatives

We purchase financial instruments that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes.

Refer to Note D - Derivatives for additional information on derivatives.

Funds Withheld Arrangements

F&G cedes certain business on a coinsurance funds withheld basis. Assets supporting the arrangements are reported within Funds withheld for reinsurance liabilities on our unaudited Condensed Consolidated Balance Sheets. All assets within the Funds withheld for reinsurance liabilities are recorded in a manner consistent with each respective item of our accounting policies discussed in Note A - Business and Summary of Significant Accounting Policies, of our Annual Report on Form 10-K for the year ended December 31, 2024. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These embedded derivatives are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account. Beginning in the first quarter of 2025, these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets and prior periods have been reclassified from Prepaid expenses and other assets to conform with the current presentation. The related gains or losses are reported in Recognized gains and (losses), net, on the unaudited Condensed Consolidated Statements of Operations. Refer to Note B - Fair Value of Financial Instruments for descriptions of the fair value methodologies used for these and other derivative financial instruments and Note D – Derivatives, for additional information on these and other derivatives.

Earnings Per Share

Basic earnings per share (“EPS”), as presented on the unaudited Condensed Consolidated Statements of Operations, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. Net earnings available to common shareholders is net earnings adjusted for net earnings attributable to non-controlling interests and preferred stock dividends, including preferred stock dividends declared. In periods when earnings are positive, diluted EPS is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. Certain shares of restricted stock, using the treasury stock method and, as of January 12, 2024, the FNF preferred stock, using the if-converted method, are treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which the effect is dilutive. The if-converted method assumes that the convertible preferred stock converts into common stock at the beginning of the period or date of issuance, if later.

Refer to Note Q - Earnings Per Share for more details over our calculation of EPS.

Comprehensive Income (Loss)

We report Comprehensive Income (Loss) in accordance with GAAP on the unaudited Condensed Consolidated Statements of Comprehensive Income (Loss). Total comprehensive income (loss) is defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total Comprehensive Income (Loss) is the activity in a period and is largely driven by net earnings in that period, Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income (loss), net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and (losses), net on the unaudited

Condensed Consolidated Statements of Operations. The income tax effects are released from AOCI when the related activity is reclassified to net earnings.

Other comprehensive income (loss) (“OCI”)

Changes in the balance of OCI for the three months ended September 30, 2025 and 2024 by component are as follows (in millions).


	Three months ended September 30, 2025
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at June 30, 2025	$	(2,261)	$	666	$	(83)	$	8	$	(1,670)
Reclassification adjustments included in net earnings (b)	10		—		—		—		10
Other comprehensive income (loss) before tax, net of reclassifications	548		(162)		(32)		1		355
Deferred income tax (expense) benefit	(111)		34		6		—		(71)
Balance at September 30, 2025	$	(1,814)	$	538	$	(109)	$	9	$	(1,376)

	Three months ended September 30, 2024
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at June 30, 2024	$	(2,643)	$	757	$	(63)	$	(4)	$	(1,953)
Reclassification adjustments included in net earnings (b)	1		—		—		—		1
Other comprehensive income (loss) before tax, net of reclassifications	1,298		(371)		(31)		4		900
Deferred income tax (expense) benefit	(262)		78		6		(1)		(179)
Balance at September 30, 2024	$	(1,606)	$	464	$	(88)	$	(1)	$	(1,231)

(a)Other includes changes in hedging instruments.

(b)Net of income tax expense of immaterial amounts for the three months ended September 30, 2025 and September 30, 2024, respectively.


	Nine months ended September 30, 2025
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2024	$	(2,637)	$	798	$	(78)	$	(6)	$	(1,923)
Reclassification adjustments included in net earnings (b)	10		—		—		(1)		9
Other comprehensive income (loss) before tax, net of reclassifications	1,020		(329)		(39)		20		672
Deferred income tax (expense) benefit	(207)		69		8		(4)		(134)
Balance at September 30, 2025	$	(1,814)	$	538	$	(109)	$	9	$	(1,376)

	Nine months ended September 30, 2024
	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)		Change in current discount rate - future policy benefits		Change in instrument- specific credit risk - market risk benefits		Foreign Currency Translation and Other (a)		Total Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2023	$	(2,479)	$	574	$	(83)	$	(2)	$	(1,990)
Reclassification adjustments included in net earnings (b)	(2)		—		—		—		(2)
Other comprehensive income (loss) before tax, net of reclassifications	1,096		(139)		(6)		1		952
Deferred income tax (expense) benefit	(221)		29		1		—		(191)
Balance at September 30, 2024	$	(1,606)	$	464	$	(88)	$	(1)	$	(1,231)

(a)Other includes changes in hedging instruments.

(b)Net of income tax expense of immaterial amounts for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Recent Accounting Pronouncements

Adopted Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the CODM and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. Additionally, the amendments require that entities with a single reportable segment must now provide all the disclosures previously required under Topic 280. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. We adopted this standard as of December 31, 2024 using the retrospective approach for all periods presented as required. Refer to Note R - Segment Information for additional information.

Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table

additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, and retrospective application is permitted. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update enhance transparency of certain expense captions by disclosing more granular information of specific expenses within those captions such as personnel costs, depreciation, and amortization. The amendments also require disclosure of qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. The amendments in this update are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update refine capitalization thresholds by removing all references to project stages. The amendments require that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”). Additionally, the amendments clarify the disclosure requirements for internal-use software costs. The amendments in this update are effective for all companies for annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied using a prospective, retrospective, or modified transition approach. We are still in the process of assessing this standard and its impact upon adoption.

Note B — Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The three-level hierarchy for fair value measurement is defined as follows:

Level 1 – Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

Net Asset Value (“NAV”) – Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate’s financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period valuation and investment income.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.

Our assets and liabilities measured and carried at fair value on a recurring basis, summarized according to the hierarchy previously described, are as follows (in millions):


	September 30, 2025
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	2,189	$	—	$	—	$	—	$	2,189
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		8,790		9,469		—		18,259
Commercial mortgage-backed securities	—		5,299		43		—		5,342
Corporates	41		19,082		3,297		—		22,420
Hybrids	37		530		15		—		582
Municipals	—		1,371		3		—		1,374
Residential mortgage-backed securities	—		2,961		3		—		2,964
U.S. Government	422		—		—		—		422
Foreign Governments	—		213		25		—		238
Preferred securities	119		122		7		—		248
Equity securities	65		—		5		34		104
Derivative investments	1		1,221		—		—		1,222
Investment in unconsolidated affiliates	—		—		270		—		270
Other long-term investments	—		—		39				39
Short term investments	624		279		7		—		910
Loan receivable, included in Prepaid expenses and other assets	—		—		18		—		18
Market risk benefits asset	—		—		242		—		242
Total financial assets at fair value	$	3,498	$	39,868	$	13,443	$	34	$	56,843
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	6,083	$	—	$	6,083
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities	—		1		6		—		7
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		44		—		—		44
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		72		—		72
Market risk benefits liability	—		—		830		—		830
Total financial liabilities at fair value	$	—	$	45	$	6,991	$	—	$	7,036


	December 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets
Cash and cash equivalents	$	2,264	$	—	$	—	$	—	$	2,264
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,506		8,143		—		15,649
Commercial mortgage-backed securities	—		5,131		—		—		5,131
Corporates	41		17,496		2,941		—		20,478
Hybrids	35		546		—		—		581
Municipals	—		1,346		—		—		1,346
Residential mortgage-backed securities	—		2,785		3		—		2,788
U.S. Government	158		—		—		—		158
Foreign Governments	—		182		4		—		186
Preferred securities	119		144		7		—		270
Equity securities	88		—		—		57		145
Derivative investments	—		789		3		—		792
Investment in unconsolidated affiliates	—		—		272		—		272
Other long-term investments	—		—		32		—		32
Short term investments	2,355		18		37		—		2,410
Loan receivable, included in Prepaid expenses and other assets	—		—		11		—		11
Market risk benefits asset	—		—		189		—		189
Total financial assets at fair value	$	5,060	$	35,943	$	11,642	$	57	$	52,702
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	—	$	—	$	5,220	$	—	$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities	—		10		—		—		10
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities	—		(109)		—		—		(109)
Contingent consideration, included in Accounts payable and accrued liabilities	—		—		74		—		74
Market risk benefits liability	—		—		549		—		549
Total financial liabilities at fair value	$	—	$	(99)	$	5,843	$	—	$	5,744

Valuation Methodologies

Cash and Cash Equivalents

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.

Fixed Maturity, Preferred and Equity Securities

We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.

For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.

We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of September 30, 2025 or December 31, 2024.

Certain equity investments are measured using NAV as a practical expedient in determining fair value.

Derivative Financial Instruments

Derivative contracts can either be exchange traded or traded over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, foreign currency exchange rates and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs are not available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.

The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2.

The fair value measurement of the indexed annuities/IUL embedded derivatives, representing the indexed crediting feature of the policies included in Contractholder funds, and the ceded portion, the reinsured indexed crediting feature embedded derivatives recorded as a component of the Reinsurance recoverable, is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase equity options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at September 30, 2025 and December 31, 2024 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

Investments in Unconsolidated affiliates

We have elected the fair value option (“FVO”) for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the FVO are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ earnings before interest, taxes, depreciation and amortization (“EBITDA”). The EBITDA is based on the affiliates’ financial information. The

multiple is derived from market analysis of transactions involving comparable companies. The inputs are considered unobservable, as not all market participants have access to this data.

Other Long-term Investments

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to an equity option on the NAV of the fund with a strike price of zero since we will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the equity option regardless of the values used for the other inputs to the option pricing model. The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note D - Derivative Financial Instruments.

The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.

Short-term Investments

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Certain short-term investments are valued based on third-party pricing services or broker quotes and are classified as Level 2 or 3.

Loan receivable

Concurrent with the Roar Joint Venture, LLC (“Roar”) purchase agreement, we executed a separate loan agreement with the sellers of Roar. See Note P - Acquisitions for further details of the Roar acquisition. The loan is collateralized by the sellers’ minority equity stake in Roar. The loan receivable is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated cash flows at each measurement period and for each simulated path relative to the estimated collateral value. The Monte Carlo simulation utilizes the outstanding principal balance, a risk-adjusted discount rate, and risk-free rates to discount the expected cash flows and compare to the estimated collateral value for each payment period and simulated path. The discounted cash flow approach applies a company-specific discount rate to future expected interest and payoff payments to calculate the estimated fair value based on the average outcome from the simulation. This loan receivable is included in Level 3 and the inputs are considered unobservable, as not all market participants have access to this data.

Contingent Consideration

The contingent consideration is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar's EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation. See further discussion on the contingent consideration in Note N - Commitments and Contingencies.

Market Risk Benefits (“MRBs”)

MRBs (inclusive of reinsured MRBs) are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder (or paid to the reinsurer) used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. Reinsured MRBs are valued using a methodology consistent with direct MRBs, with the exception of the non-performance spread which reflects the credit of the reinsurer. See further discussion on MRBs in Note G - Market Risk Benefits.

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of September 30, 2025 and December 31, 2024, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows (in millions):


	September 30, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range	Weighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	116	Third-Party Valuation	Discount Rate	4.50% - 7.15%	6.04%
Corporates	731		Third-Party Valuation	Discount Rate	3.44% - 22.03%	5.98%
Municipals	3		Third-Party Valuation	Discount Rate	5.06% - 5.06%	5.06%

Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.49% - 5.49%	5.49%
Foreign Governments	5		Third-Party Valuation	Discount Rate	7.04% - 7.04%	7.04%
Investment in unconsolidated affiliates	270		Market Comparable Company Analysis	EBITDA Multiple	7.3x - 15.2x	11.1x
Other long-term investments:
Available-for-sale embedded derivative	39		Black Scholes Model	Market Value of AnchorPath Fund	100%
Prepaid expenses and other assets:
Loan receivable	18		Discounted Cash Flow	Risk-Adjusted Discount Rate	6.96% - 6.96%	6.96%
				Collateral Volatility	35.00% - 35.00%	35.00%
Market risk benefits asset	242		Discounted Cash Flow	Mortality	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 30.00%	5.41%
				Partial Withdrawal Rates	2.00% - 25.64%	2.48%
				Non-Performance Spread	0.48% - 0.95%	0.75%
				GMWB Utilization	50.00% - 75.00%	62.68%
Total financial assets at fair value (a)	$	1,427



Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	6,083	Discounted Cash Flow	Market Value of Option	0.00% - 50.92%	3.85%
				Mortality Multiplier	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 50.00%	6.93%
				Partial Withdrawals	2.00% - 37.04%	2.70%
				Non-Performance Spread	0.48% - 0.95%	0.75%


	September 30, 2025
	Fair Value		Valuation Technique	Unobservable Input(s)	Range	Weighted Average
				Option Cost	0.50% - 6.09%	2.75%
Contingent consideration, included in Accounts payable and accrued liabilities	72		Discounted Cash Flow	Risk-Adjusted Discount Rate	12.00% - 12.00%	12.00%
				EBITDA Volatility	35.00% - 35.00%	35.00%
				Counterparty Discount Rate	6.00% - 6.00%	6.00%
Market risk benefits liability	830		Discounted Cash Flow	Mortality	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 30.00%	5.41%
				Partial Withdrawal Rates	2.00% - 25.64%	2.48%
				Non-Performance Spread	0.48% - 0.95%	0.75%
				GMWB Utilization	50.00% - 75.00%	62.68%
Total financial liabilities at fair value	$	6,985

(a)Assets of $12,016 million and liabilities of $6 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.


	December 31, 2024
	Fair Value		Valuation Technique	Unobservable Input(s)	Range	Weighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	95	Third-Party Valuation	Discount Rate	4.83% - 7.15%	6.33%
Corporates	750		Third-Party Valuation	Discount Rate	2.00% - 22.53%	6.76%
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.89% - 5.89%	5.89%
Foreign Governments	4		Third-Party Valuation	Discount Rate	12.14% - 12.14%	12.14%
Investment in unconsolidated affiliates	272		Market Comparable Company Analysis	EBITDA Multiple	8.7x - 23.6x	14.6x
Other long-term investments:
Available-for-sale embedded derivative	32		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Prepaid expenses and other assets:
Loan receivable	11		Discounted Cash Flow	Risk-Adjusted Discount Rate	7.22% - 7.22%	7.22%
				Collateral Volatility	35.00% - 35.00%	35.00%
Market risk benefits asset	189		Discounted Cash Flow	Mortality	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 30.00%	5.05%
				Partial Withdrawal Rates	2.00% - 24.39%	2.48%
				Non-Performance Spread	0.48% -0.95%	0.75%
				GMWB Utilization	50.00% -75.00%	61.77%
Total financial assets at fair value (a)	$	1,356

Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	5,220	Discounted Cash Flow	Market Value of Option	0.00% - 20.81%	2.92%
				Mortality Multiplier	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 50.00%	6.94%
				Partial Withdrawals	2.00% - 35.71%	2.72%
				Non-Performance Spread	0.48% - 0.95%	0.75%
				Option Cost	0.07% - 5.70%	2.68%
Contingent consideration, included in Accounts payable and accrued liabilities	74		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50%	13.50%
				EBITDA Volatility	35.00% - 35.00%	35.00%
				Counterparty Discount Rate	6.50% - 6.50%	6.50%
Market risk benefits liability	549		Discounted Cash Flow	Mortality	80.00% - 115.00%	100.00%
				Surrender Rates	0.25% - 30.00%	5.05%
				Partial Withdrawal Rates	2.00% - 24.39%	2.48%
				Non-Performance Spread	0.48% - 0.95%	0.75%
				GMWB Utilization	50.00% -75.00%	61.77%
Total financial liabilities at fair value	$	5,843

(a)Assets of $10,286 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2025 and 2024 (in millions). The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.


	Three months ended September 30, 2025
	Balance at Beginning of Period		Total Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	9,361	$	(2)	$	65	$	863	$	(119)	$	(483)	$	(216)	$	9,469	$	59
Commercial mortgage-backed securities	3		—		—		43		—		—		(3)		43		—
Corporates	3,145		2		35		441		(214)		(112)		—		3,297		36
Hybrids	5		—		1		9		—		—		—		15		—
Municipals	3		—		—		—		—		—		—		3		—
Residential mortgage-backed securities	5		—		—		—		—		—		(2)		3		—
Foreign Governments	23		—		2		—		—		—		—		25		1
Preferred securities	7		—		—		—		—		—		—		7		—
Equity securities	5		—		—		—		—		—		—		5		—

Investment in unconsolidated affiliates	272		(2)		—		—		—		—		—		270		—

Other long-term investments:

Available-for-sale embedded derivative	36		—		3		—		—		—		—		39		3
Short term investments	5		—		—		2		—		—		—		7		—


Prepaid expenses and other assets:
Loan receivable (b)	18		—		—		—		—		—		—		18		—

Subtotal assets at Level 3 fair value	12,888		$	(2)	$	106	$	1,358	$	(333)	$	(595)	$	(221)	13,201		$	99
Market risk benefits asset (c)	213														242
Total assets at Level 3 fair value	$	13,101													$	13,443
Liabilities

Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds	$	5,727	$	174	$	—	$	315	$	—	$	(133)	$	—	$	6,083	$	—
Foreign currency swaps, included in Accounts payable and accrued liabilities	5		1		—		—		—		—		—		6		—
Contingent consideration, included in Accounts payable and accrued liabilities	67		5		—		—		—		—		—		72		—
Subtotal liabilities at Level 3 fair value	5,799		$	180	$	—	$	315	$	—	$	(133)	$	—	6,161		$	—
Market risk benefits liability (c)	711														830
Total liabilities at Level 3 fair value	$	6,510													$	6,991

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

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

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


	Three months ended September 30, 2024
	Balance at Beginning of Period		Total Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	8,042	$	(3)	$	77	$	515	$	(30)	$	(358)	$	(59)	$	8,184	$	77
Commercial mortgage-backed securities	15		—		—		—		—		—		(15)		—		—
Corporates	2,350		(2)		65		353				(43)		—		2,723		64


Residential mortgage-backed securities	3		—		—		—		—		—		—		3		—
Foreign Governments	5		—		—		—		—		—		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Derivative investments	8		—		(1)		—		—		—		(7)		—		—
Investment in unconsolidated affiliates (b)	358		6		—		—		—		—		(92)		272		—

Other long-term investments:


Available-for-sale embedded derivative	31		—		3		—		—		—		—		34		3
Short-term investments	71		—		—		85		—		—		—		156		—

Credit linked note	6		—		—		—		—		(2)		—		4		—


Subtotal assets at Level 3 fair value	10,896		$	1	$	144	$	953	$	(30)	$	(403)	$	(173)	11,388		$	144
Market risk benefits asset (c)	103														134
Total assets at Level 3 fair value	$	10,999													$	11,522
Liabilities

Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds	$	4,848	$	308	$	—	$	390	$	—	$	(135)	$	—	$	5,411	$	—
Interest rate swaps, included in Accounts payable and accrued liabilities	28		—		—		—		—		—		(28)		—		—
Contingent consideration, included in Accounts payable and accrued liabilities	63		6		—		—		—		—		—		69		—
Subtotal liabilities at Level 3 fair value	4,939		$	314	$	—	$	390	$	—	$	(135)	$	(28)	5,480		$	—
Market risk benefits liability (c)	459														603
Total liabilities at Level 3 fair value	$	5,398													$	6,083

(a)The net transfers out of Level 3 during the three months ended September 30, 2024 were exclusively to Level 2.

(b)The transfer out of investments in unconsolidated affiliates represents F&G’s 30% ownership of PALH prior to the majority acquisition on July 18, 2024. Refer to Note P - Acquisitions for details of the PALH majority acquisition.

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


	Nine months ended September 30, 2025
	Balance at Beginning of Period		Total Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	8,143	$	(5)	$	95	$	2,586	$	(317)	$	(882)	$	(151)	$	9,469	$	88
Commercial mortgage-backed securities	—		—		—		46		—				(3)		43		—
Corporates	2,941		(14)		76		1,150		(539)		(317)		—		3,297		76
Hybrids	—		—		—		15		—		—		—		15		—
Municipals	—		—		—		4		—		(1)		—		3		—
Residential mortgage-backed securities	3		—		—		2		—		—		(2)		3		—
Foreign Governments	4		—		2		19		—		—		—		25		1
Preferred securities	7		(1)		1		—		—		—		—		7		—
Equity securities	—		—		—		5		—		—		—		5		—
Derivative investments	3		(2)		(2)		1		—		—		—		—		(2)
Investment in unconsolidated affiliates	272		(2)		—		—		—		—		—		270		—
Other long-term investments:

Available-for-sale embedded derivative	32		—		7		—		—		—		—		39		7
Short term investments	37		—		—		8		—		(38)		—		7		—
Prepaid expenses and other assets:
Loan receivable (b)	11		—		—		7		—		—		—		18		—



Subtotal assets at Level 3 fair value	11,453		$	(24)	$	179	$	3,843	$	(856)	$	(1,238)	$	(156)	13,201		$	170
Market risk benefits asset (c)	189														242
Total assets at Level 3 fair value	$	11,642													$	13,443
Liabilities

Derivatives:
Indexed annuity/ IUL embedded derivatives, included in Contractholder funds	$	5,220	$	309	$	—	$	899	$	—	$	(345)	$	—	$	6,083	$	—
Foreign currency swaps, included in Accounts payable and accrued liabilities	—		6		—		—		—		—		—		6		—
Contingent consideration, included in Accounts payable and accrued liabilities	74		10		—		—		—		(12)		—		72		—
Subtotal liabilities at Level 3 fair value	5,294		$	325	$	—	$	899	$	—	$	(357)	$	—	6,161		$	—
Market risk benefits liability (c)	549														830
Total liabilities at Level 3 fair value	$	5,843													$	6,991

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

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

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


	Nine months ended September 30, 2024
	Balance at Beginning of Period		Total Gains (Losses) for Assets and (Gains) Losses for Liabilities				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities	$	7,122	$	12	$	187	$	1,981	$	(109)	$	(904)	$	(105)	$	8,184	$	184
Commercial mortgage-backed securities	18		—		—		58		—		—		(76)		—		—
Corporates	1,970		(2)		78		873		(93)		(85)		(18)		2,723		77

Municipals	49		—		1		—		(50)		—		—		—		1
Residential mortgage-backed securities	3		—		—		1		—		—		(1)		3		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	7		—		—		—		—		—		—		7		—
Derivative investments	57		(50)		—		—		—		—		(7)		—		1
Investment in unconsolidated affiliates (b)	285		79		—

F&G Annuities & Life, Inc. 10-Q