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of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-Q\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission File Number: 001-32630\n\nFIDELITY NATIONAL FINANCIAL, INC.\n\n(Exact name of registrant as specified in its charter)\n\nNevada16-1725106\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer\nIdentification No.)\n\n601 Riverside Avenue\n\nJacksonville, Florida, 32204\n\n(Address of principal executive offices, including zip code)\n\n(904) 854-8100\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol Name of Each Exchange on Which Registered\n\nFNF Common Stock, $0.0001 par valueFNFNew York Stock Exchange\n\nIndicate 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 ☒    or    No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).   Yes ☒ or No¨\n\nIndicate 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.\n\nLarge Accelerated Filer☒Accelerated Filer\n☐\n\nNon-accelerated Filer\n☐\nSmaller reporting Company\n☐\n\nEmerging growth company\n☐\n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   or    No  ☒\n\nThe registrant had 269,157,540 shares of common stock issued and outstanding as of April 30, 2026.\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFORM 10-Q\n\nQUARTERLY REPORT\n\nQuarter Ended March 31, 2026\n\nTABLE OF CONTENTS\n\nPage\n\nPART I. FINANCIAL INFORMATION\n\n[Item 1. Condensed Consolidated Financial Statements:](#i7cd89d64d9b74512bec151f552d14ad7_13)\n\n[Condensed Consolidated Balance Sheets (unaudited)](#i7cd89d64d9b74512bec151f552d14ad7_22)\n\n[2](#i7cd89d64d9b74512bec151f552d14ad7_22)\n\n[Condensed Consolidated Statements of Earnings (unaudited)](#i7cd89d64d9b74512bec151f552d14ad7_25)\n\n[3](#i7cd89d64d9b74512bec151f552d14ad7_25)\n\n[Condensed Consolidated Statements of Comprehensive Earnings (unaudited)](#i7cd89d64d9b74512bec151f552d14ad7_28)\n\n[4](#i7cd89d64d9b74512bec151f552d14ad7_28)\n\n[Condensed Consolidated Statements of Equity (unaudited)](#i7cd89d64d9b74512bec151f552d14ad7_31)\n\n[5](#i7cd89d64d9b74512bec151f552d14ad7_31)\n\n[Condensed Consolidated Statements of Cash Flows (unaudited)](#i7cd89d64d9b74512bec151f552d14ad7_40)\n\n[6](#i7cd89d64d9b74512bec151f552d14ad7_40)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#i7cd89d64d9b74512bec151f552d14ad7_43)\n\n[7](#i7cd89d64d9b74512bec151f552d14ad7_43)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i7cd89d64d9b74512bec151f552d14ad7_142)\n\n[61](#i7cd89d64d9b74512bec151f552d14ad7_142)\n\n[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i7cd89d64d9b74512bec151f552d14ad7_172)\n\n[8](#i7cd89d64d9b74512bec151f552d14ad7_172)[5](#i7cd89d64d9b74512bec151f552d14ad7_172)\n\n[Item 4. Controls and Procedures](#i7cd89d64d9b74512bec151f552d14ad7_178)\n\n[85](#i7cd89d64d9b74512bec151f552d14ad7_178)\n\nPART II. OTHER INFORMATION\n\n[Item 1. Legal Proceedings](#i7cd89d64d9b74512bec151f552d14ad7_190)\n\n[8](#i7cd89d64d9b74512bec151f552d14ad7_190)[6](#i7cd89d64d9b74512bec151f552d14ad7_190)\n\n[Item 1A. Risk Factors](#i7cd89d64d9b74512bec151f552d14ad7_196)\n\n8[6](#i7cd89d64d9b74512bec151f552d14ad7_196)\n\n[Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities](#i7cd89d64d9b74512bec151f552d14ad7_202)\n\n[86](#i7cd89d64d9b74512bec151f552d14ad7_202)\n\n[Item 3. Defaults Upon Senior Securities](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[87](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[Item 4. Mine Safety Disclosures](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[87](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[Item 5. Other Information](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[87](#i7cd89d64d9b74512bec151f552d14ad7_214)\n\n[Item 6. Exhibits](#i7cd89d64d9b74512bec151f552d14ad7_220)\n\n[88](#i7cd89d64d9b74512bec151f552d14ad7_220)\n\n[Signatures](#i7cd89d64d9b74512bec151f552d14ad7_226)\n\n[89](#i7cd89d64d9b74512bec151f552d14ad7_226)\n\n \n\n1\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n(In millions, except par values)\n\n March 31,\n2026December 31,\n2025\n\n(Unaudited)\n\nASSETS\n\nInvestments:\n\nFixed maturity securities available for sale, at fair value, as of March 31, 2026 and December 31, 2025, at an amortized cost of $57,703 and $57,161, respectively, net of allowance for credit losses of $91 and $112, respectively, and includes pledged fixed maturity securities of $470 and $446, respectively, related to secured trust deposits\n$54,407 $54,561 \n\nFixed maturity securities, at fair value under the fair value option93 — \n\nPreferred securities, at fair value432 436 \n\nEquity securities, at fair value410 493 \n\nDerivative investments898 1,156 \n\nMortgage loans, net of allowance of $97 and $86 as of March 31, 2026 and December 31, 2025, respectively\n8,459 7,891 \n\nInvestments in unconsolidated affiliates (2026 and 2025 includes $270 and $262 related to investments held by consolidated variable interest entities (\"VIEs\") and 2026 and 2025 include certain investments at fair value of $260 and $270, respectively)\n5,299 5,166 \n\nOther long-term investments (2026 and 2025 include $246 and $248 related to investments held by consolidated VIEs)\n1,579 1,572 \n\nShort-term investments (2026 and 2025 include $33 and $116 related to investments held by consolidated VIEs)\n1,655 1,920 \n\nTotal investments73,232 73,195 \n\nCash and cash equivalents, as of March 31, 2026 and December 31, 2025 includes $329 and $261, respectively, of pledged cash related to secured trust deposits (2026 and 2025 include $1 and $2 related to investments held by consolidated VIEs)\n2,467 2,636 \n\nTrade and notes receivables, net of allowance of $30 and $31 as of March 31, 2026 and December 31, 2025, respectively\n473 473 \n\nReinsurance recoverable, net of allowance of $18 and $18 as of March 31, 2026 and December 31, 2025, respectively\n19,979 17,551 \n\nGoodwill5,216 5,272 \n\nPrepaid expenses and other assets2,116 2,012 \n\nMarket risk benefits asset308 285 \n\nLease assets336 336 \n\nOther intangible assets, net6,761 6,641 \n\nTitle plants424 424 \n\nProperty and equipment, net187 189 \n\nTotal assets$111,499 $109,014 \n\nLIABILITIES AND EQUITY\n\nLiabilities:  \n\nContractholder funds$63,474 $62,726 \n\nFuture policy benefits10,748 10,755 \n\nAccounts payable and accrued liabilities3,344 3,828 \n\nMarket risk benefits liability968 903 \n\nNotes payable4,402 4,400 \n\nReserve for title claim losses1,704 1,700 \n\nFunds withheld for reinsurance liabilities16,487 14,191 \n\nSecured trust deposits802 731 \n\nLease liabilities367 368 \n\nIncome taxes payable46 1 \n\nDeferred tax liability438 439 \n\nTotal liabilities102,780 100,042 \n\nEquity:  \n\nFNF common stock, $0.0001 par value; authorized 600 shares as of March 31, 2026 and December 31, 2025; outstanding of 269 and 271 as of March 31, 2026 and December 31, 2025, respectively\n— — \n\nPreferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none\n— — \n\nAdditional paid-in capital6,068 6,042 \n\nRetained earnings5,586 5,484 \n\nAccumulated other comprehensive loss(1,895)(1,678)\n\nTreasury stock, 63 and 61 shares as of March 31, 2026 and December 31, 2025, respectively, at cost\n(2,505)(2,424)\n\nTotal Fidelity National Financial, Inc. shareholders’ equity7,254 7,424 \n\nNon-controlling interests1,465 1,548 \n\nTotal equity8,719 8,972 \n\nTotal liabilities and equity$111,499 $109,014 \n\nSee Notes to Condensed Consolidated Financial Statements\n\n2\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS\n\n(In millions, except per share data)\n\nThree months ended March 31,\n\n 20262025\n\n(Unaudited)\n\nRevenues:  \n\nDirect title insurance premiums$583 $510 \n\nAgency title insurance premiums788 681 \n\nEscrow, title-related and other fees1,111 1,065 \n\nInterest and investment income822 760 \n\nRecognized gains and losses, net(78)(287)\n\nTotal revenues3,226 2,729 \n\nExpenses: \n\nPersonnel costs827 770 \n\nAgent commissions608 528 \n\nOther operating expenses398 377 \n\nBenefits and other changes in policy reserves484 524 \n\nMarket risk benefit losses73 109 \n\nDepreciation and amortization215 196 \n\nProvision for title claim losses62 54 \n\nInterest expense61 60 \n\nTotal expenses2,728 2,618 \n\nEarnings before income taxes and equity in earnings of unconsolidated affiliates498 111 \n\nIncome tax expense175 29 \n\nEarnings before equity in earnings of unconsolidated affiliates323 82 \n\nEquity in (losses) earnings of unconsolidated affiliates(2)1 \n\nNet earnings321 83 \n\nLess: Net earnings attributable to non-controlling interests78 — \n\nNet earnings attributable to Fidelity National Financial, Inc. common shareholders$243 $83 \n\nEarnings per share\n\nNet earnings per share attributable to common shareholders, basic$0.90 $0.30 \n\nNet earnings per share attributable to common shareholders, diluted$0.90 $0.30 \n\nWeighted average common shares outstanding - basic 269 273 \n\nWeighted average common shares outstanding - diluted 269 273 \n\nSee Notes to Condensed Consolidated Financial Statements\n\n3\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS\n\n(In millions)\n\nThree months ended March 31,\n\n \n\n 20262025\n\n (Unaudited)\n\nNet earnings $321 $83 \n\nOther comprehensive earnings (loss): \n\nUnrealized (loss) gain on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1)(591)267 \n\nUnrealized gain on investments in unconsolidated affiliates (2)— 8 \n\nUnrealized (loss) gain on foreign currency translation (3)(11)6 \n\nReclassification adjustments for change in unrealized gains and losses included in net earnings (4)25 (2)\n\nChanges in current discount rate - future policy benefits (5)162 (86)\n\nChanges in instrument-specific credit risk - market risk benefits (6)38 23 \n\n Other comprehensive loss attributable to non-controlling interest (7) 105 (30)\n\n Change in F&G outside tax basis55 — \n\nOther comprehensive earnings(217)186 \n\nComprehensive earnings104 269 \n\nLess: Comprehensive earnings attributable to non-controlling interests78 — \n\nComprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders$26 $269 \n\n(1)Net of income tax (benefit) expense of $(154) million and $63 million for the three months ended March 31, 2026 and 2025, respectively.\n\n(2)Net of income tax expense of $2 million for the three months ended March 31, 2025.\n\n(3)Net of income tax (benefit) expense of $(3) million and $1 million for the three months ended March 31, 2026 and 2025, respectively.\n\n(4)Net of income tax expense of $6 million for the three months ended March 31, 2026.\n\n(5)Net of income tax expense (benefit) of $43 million and $(21) million for the three months ended March 31, 2026 and 2025, respectively.\n\n(6)Net of income tax expense of $10 million and $6 million for the three months ended March 31, 2026 and 2025, respectively.\n\n(7)Net of income tax expense (benefit) of $29 million and $(8) million for the three months ended March 31, 2026 and 2025, respectively.\n\nSee Notes to Condensed Consolidated Financial Statements\n\n4\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nCONDENSED CONSOLIDATED STATEMENTS OF EQUITY\n\n(In millions, except per share data)\n\n(Unaudited)\n\n Fidelity National Financial, Inc. Common Shareholders  \n\n FNF  Accumulated  \n\n CommonAdditionalOtherTreasuryNon- \n\n StockPaid-inRetainedComprehensiveStockcontrollingTotal\n\n Shares$CapitalEarningsLossShares$InterestsEquity\n\nBalance, January 1, 2025\n331 $— $5,976 $5,982 $(2,052)56 $(2,152)$778 $8,532 \n\nExercise of stock options— — 4 — — — — — 4 \n\nF&G common stock offering — — 8 — — — — 109 117 \n\nOther comprehensive earnings - unrealized gain on investments and other financial instruments— — — — 267 — — — 267 \n\nOther comprehensive earnings - unrealized gain on investments in unconsolidated affiliates— — — — 8 — — — 8 \n\nOther comprehensive earnings - unrealized gain on foreign currency translation— — — — 6 — — — 6 \n\nReclassification adjustments for change in unrealized gains and losses included in net earnings— — — — (2)— — — (2)\n\nChange in instrument-specific credit risk - market risk benefits— — — — 23 — — — 23 \n\nChange in current discount rate - liability for future policy benefits— — — — (86)— — — (86)\n\nStock-based compensation— — 20 — — — — 1 21 \n\nShares withheld for taxes and in treasury— — — — — — — (2)(2)\n\nDilution from share issuance by consolidated sub— — — — — — — — — \n\nRepurchases of treasury stock— — — — — 1 (25)— (25)\n\nDividends declared, $0.50 per common share\n— — — (137)— — — — (137)\n\nOther comprehensive loss associated with noncontrolling interests— — — — (30)— — 30 — \n\nSubsidiary dividends declared to non-controlling interests— — — — — — — (12)(12)\n\nNet earnings— — — 83 — — — — 83 \n\nBalance, March 31, 2025\n331 $— $6,008 $5,928 $(1,866)57 $(2,177)$904 $8,797 \n\nBalance, January 1, 2026\n332 $— $6,042 $5,484 $(1,678)61 $(2,424)$1,548 $8,972 \n\nOther comprehensive earnings - unrealized gain on investments and other financial instruments— — — — (591)— — — (591)\n\nOther comprehensive loss - unrealized loss on foreign currency translation— — — — (11)— — — (11)\n\nReclassification adjustments for change in unrealized gains and losses included in net earnings— — — — 25 — — — 25 \n\nChange in current discount rate — liability for future policy benefits— — — — 162 — — — 162 \n\nChange in instrument-specific credit risk - market risk benefits — — — — 38 — — — 38 \n\nOther comprehensive loss associated with noncontrolling interests— — — — 105 — — (105)— \n\nStock-based compensation— — 21 — — — — 2 23 \n\nRepurchases of treasury stock— — — — — 2 (81)— (81)\n\nF&G repurchases of F&G stock— — 9 — — — — (38)(29)\n\nDividends declared, $0.52 per common share\n— — — (141)— — — — (141)\n\nChange in F&G outside tax basis— — (4)— 55 — — — 51 \n\nSubsidiary dividends declared to non-controlling interests— — — — — — — (20)(20)\n\nNet earnings— — — 243 — — — 78 321 \n\nBalance, March 31, 2026\n332 $— $6,068 $5,586 $(1,895)63 $(2,505)$1,465 $8,719 \n\nSee Notes to Condensed Consolidated Financial Statements\n\n5\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n\n(In millions)\n\n Three months ended March 31,\n\n \n\n 20262025\n\n (Unaudited)\n\nCash flows from operating activities: \n\nNet earnings$321 $83 \n\nAdjustments to reconcile net earnings to net cash provided by operating activities:\n\n            Depreciation and amortization215 196 \n\n            Equity in earnings of unconsolidated affiliates2 (1)\n\n            Loss on sales of investments and other assets and asset impairments, net26 24 \n\n            Gain on the sale of businesses(14)— \n\n            Interest credited/index credits to contractholder account balances49 125 \n\n            Change in market risk benefits, net73 109 \n\n            Deferred policy acquisition costs and deferred sales inducements(284)(287)\n\n            Charges assessed to contractholders for mortality and admin(115)(79)\n\n            Non-cash lease costs32 33 \n\n            Operating lease payments(34)(35)\n\n            Distributions from unconsolidated affiliates, return on investment33 7 \n\n            Stock-based compensation cost23 21 \n\n            Change in NAV of limited partnerships, net(106)(63)\n\n            Change in valuation of derivatives, equity securities, preferred securities, and other assets, net66 259 \n\nChanges in assets and liabilities, net of effects from acquisitions:\n\nChange in derivative collateral liabilities(396)(135)\n\nChange in reinsurance recoverable14 (13)\n\nChange in future policy benefits197 210 \n\nChange in funds withheld from reinsurers787 648 \n\nNet decrease in trade receivables7 34 \n\nNet increase (decrease) in reserve for title claim losses4 (18)\n\nNet change in income taxes167 11 \n\nNet change in other assets and other liabilities(192)(14)\n\nNet cash provided by operating activities875 1,115 \n\nCash flows from investing activities:\n\nProceeds from sales, calls and maturities of investment securities2,973 3,071 \n\nAdditions to property and equipment, capitalized software and title plants(27)(37)\n\nPurchases of investment securities(4,079)(5,128)\n\nNet proceeds from sales and maturities of short-term investment securities265 1,890 \n\nAcquisitions and dispositions73 — \n\nAdditional investments in unconsolidated affiliates(264)(665)\n\nDistributions from unconsolidated affiliates, return of investment122 81 \n\nNet other investing activities(8)3 \n\nNet cash used in investing activities(945)(785)\n\nCash flows from financing activities:  \n\nDebt offering— 375 \n\nDebt service payments — (300)\n\nDividends paid(140)(136)\n\nSubsidiary dividends paid to non-controlling interest shareholders(20)(12)\n\nSubsidiary repurchases of own equity(30)(2)\n\nNet change in secured trust deposits70 77 \n\nPayment of contingent consideration for prior period acquisitions(14)(18)\n\nContractholder account deposits2,669 2,789 \n\nContractholder account withdrawals(2,557)(2,194)\n\nPurchases of treasury stock(78)(24)\n\nF&G common stock offering— 117 \n\nOther financing activities1 3 \n\nNet cash (used in) provided by financing activities(99)675 \n\nNet (decrease) increase in cash and cash equivalents(169)1,005 \n\nCash and cash equivalents at beginning of period2,636 3,479 \n\nCash and cash equivalents at end of period$2,467 $4,484 \n\nSee Notes to Condensed Consolidated Financial Statements\n\n6\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES\n\nNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS\n\n(Unaudited)\n\nNote A — Basis of Financial Statements\n\nThe financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the \"Company\" or “FNF”) 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 (our \"Annual Report\") for the year ended December 31, 2025.\n\nDescription of the Business\n\nWe are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services, and home warranty, (ii) transaction services to the real estate and mortgage industries, and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company (\"FNTIC\"), Chicago Title Insurance Company (\"Chicago Title\"), Commonwealth Land Title Insurance Company (\"Commonwealth Title\"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC (\"ServiceLink\"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life (\"F&G\").\n\nFor information about our reportable segments refer to Note H Segment Information.\n\nRecent Developments\n\nF&G Life Re Ltd. (“F&G Life Re”)\n\nOn March 1, 2026, F&G completed the sale of its Bermuda based subsidiary, F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”) an unrelated third party. As a result of this transaction, we no longer hold a controlling financial interest and deconsolidated F&G Life Re. Following the sale, F&G Life Re was renamed Ancient Re Ltd. (“Ancient Re”) and is no longer considered a related party. Blackstone retained asset management for the inforce assets, relating to certain inforce FIA policies, and Ancient manages assets under a new forward flow reinsurance agreement, effective March 1, 2026, to cede certain MYGA business. Consideration for the sale included cash received of approximately $102 million and a 19.9% limited partnership interest in Ancient, resulting in a pre-tax gain for the three months ended March 31, 2026 of approximately $14 million, subject to certain post-closing adjustments that are expected to be finalized in the second or third quarter of 2026. The gain is recorded in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Earnings. The calculation of the gain included derecognition of F&G Life Re’s net assets, which included goodwill of approximately $56 million.\n\nIncome Tax\n\nIncome tax expense was $175 million and $29 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense attributable to increases in our valuation allowance were $17 million and $4 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense as a percentage of earnings before income taxes was 35% and 26% for the three months ended March 31, 2026 and 2025, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2026 as compared to the corresponding period in 2025 is primarily attributable to the adjustment to the deferred tax liability for the outside basis difference in our investment in F&G, as well as F&G's outside basis difference in F&G Life Re in the three months ended March 31, 2026.\n\nEarnings Per Share     \n\nBasic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, 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. In periods when earnings are positive, diluted earnings per share 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. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.\n\n7\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nOptions or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were no antidilutive instruments outstanding during the three months ended March 31, 2026 and 2025.\n\nUnconsolidated Owned Distribution Investments\n\nWe paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $14 million and $15 million for the three months ended March 31, 2026 and 2025, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Earnings.\n\nRecent Accounting Pronouncements\n\nPronouncements Not Yet Adopted\n\nIn 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 this standard and its impact on our disclosures upon adoption.\n\nIn 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 do not expect to early adopt this standard and are in the process of assessing this standard and its impact upon adoption.\n\n8\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote B — Summary of Reserve for Title Claim Losses\n\n A summary of the reserve for title claim losses follows:\n\n Three months ended March 31,\n\n 20262025\n\n (In millions)\n\nBeginning balance$1,700 $1,713 \n\nChange in insurance recoverable(1)(7)\n\nClaim loss provision related to: \n\nCurrent year62 54 \n\nTotal title claim loss provision62 54 \n\nClaims paid, net of recoupments related to: \n\nCurrent year(7)(1)\n\nPrior years(50)(64)\n\nTotal title claims paid, net of recoupments(57)(65)\n\nEnding balance of claim loss reserve for title insurance$1,704 $1,695 \n\nProvision for title insurance claim losses as a percentage of title insurance premiums4.5 %4.5 %\n\nWe continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims, and other factors.\n\nDue to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, additional reserve adjustments may be required in future periods to maintain our recorded reserve within a reasonable range of our actuary's central estimate.\n\n9\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote C — Fair Value of Financial Instruments\n\nOur 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:\n\nLevel 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.\n\nLevel 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.\n\nLevel 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.\n\nNet 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.\n\nIn 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.\n\nWhen 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.\n\n \n\nThe estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:\n\n10\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nMarch 31, 2026\n\nLevel 1Level 2Level 3NAVFair Value\n\nAssets(In millions)\n\nCash and cash equivalents $2,467 $— $— $— $2,467 \n\nFixed maturity securities, available-for-sale:\n\nAsset-backed securities (\"ABS\")— 8,324 10,281 — 18,605 \n\nCommercial mortgage-backed securities— 4,997 — — 4,997 \n\nCorporates39 21,405 3,382 — 24,826 \n\nHybrids34 571 14 — 619 \n\nMunicipals— 1,364 3 — 1,367 \n\nResidential mortgage-backed securities— 2,655 3 — 2,658 \n\nU.S. Government950 15 — — 965 \n\nForeign Governments105 242 23 — 370 \n\nFixed maturity securities, at fair value under fair value option (a)93 — — — 93 \n\nEquity securities:\n\nPreferred equity securities170 254 8 — 432 \n\nCommon equity securities353 — 22 35 410 \n\nDerivative investments2 889 7 — 898 \n\nInvestments in unconsolidated affiliates— — 260 — 260 \n\nOther long-term investments (a)— 246 39 — 285 \n\nShort term investments1,516 65 74 — 1,655 \n\nIndexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 630 — 630 \n\nLoan receivable, included in Prepaid expenses and other assets— — 24 — 24 \n\nMarket risk benefits asset— — 308 — 308 \n\nMortgage servicing rights (\"MSRs\")— — 140 — 140 \n\nTotal financial assets at fair value$5,729 $41,027 $15,218 $35 $62,009 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/indexed universal life insurance (\"IUL\") embedded derivatives, included in Contractholder funds$— $— $6,380 $— $6,380 \n\nInterest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 6 2 — 8 \n\nReinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— (122)— — (122)\n\nContingent consideration, included in Accounts payable and accrued liabilities— — 61 — 61 \n\nMarket risk benefits liability— — 968 — 968 \n\nTotal financial liabilities at fair value$— $(116)$7,411 $— $7,295 \n\n(a) Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note D Investments for further details.\n\n11\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nDecember 31, 2025\n\nLevel 1Level 2Level 3NAVFair Value\n\nAssets(In millions)\n\nCash and cash equivalents $2,636 $— $— $— $2,636 \n\nFixed maturity securities, available-for-sale:\n\nAsset-backed securities— 8,644 10,094 — 18,738 \n\nCommercial mortgage-backed securities— 5,200 — — 5,200 \n\nCorporates40 21,263 3,145 — 24,448 \n\nHybrids36 558 15 — 609 \n\nMunicipals— 1,390 3 — 1,393 \n\nResidential mortgage-backed securities— 2,848 3 — 2,851 \n\nU.S. Government938 15 — — 953 \n\nForeign Governments107 238 23 — 368 \n\nEquity securities:\n\nPreferred equity securities174 254 8 — 436 \n\nCommon equity securities441 — 17 35 493 \n\nDerivative investments— 1,156 — — 1,156 \n\nInvestments in unconsolidated affiliates— — 270 — 270 \n\nOther long-term investments (a)— 248 41 — 289 \n\nShort term investments1,764 82 74 — 1,920 \n\nIndexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 399 — 399 \n\nLoan receivable, included in Prepaid expenses and other assets— — 24 — 24 \n\nMarket risk benefits asset— — 285 — 285 \n\nMSRs— — 129 — 129 \n\nTotal financial assets at fair value$6,136 $41,896 $14,530 $35 $62,597 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,542 $— $6,542 \n\nInterest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 3 9 — 12 \n\nEquity options1 — — — 1 \n\nReinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— 75 — — 75 \n\nContingent consideration, included in Accounts payable and accrued liabilities— — 72 — 72 \n\nMarket risk benefits liability— — 903 — 903 \n\nTotal financial liabilities at fair value$1 $78 $7,526 $— $7,605 \n\n(a) Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note D Investments for further details.\n\nValuation Methodologies\n\nCash and Cash Equivalents\n\nThe carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.\n\nFixed Maturity, Preferred and Equity Securities\n\nWe 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\n\n12\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nindicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.\n\nFor 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.\n\nWe 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 March 31, 2026 or December 31, 2025.\n\nCertain equity investments are measured using NAV as a practical expedient in determining fair value.\n\nDerivative Financial Instruments\n\nDerivative 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.\n\nThe fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements are estimated based upon the change in fair value (for total return swaps), or the fair value (for the index credit obligation due the reinsurer), 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 or is obtained from models using substantially all market observable inputs (Level 2), and therefore the fair value of the embedded derivatives are based on market-observable inputs and are classified as Level 2.\n\nThe 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 March 31, 2026 and December 31, 2025 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.\n\nInvestments in Unconsolidated affiliates\n\nWe 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.\n\nOther Long-term Investments\n\nWe 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\n\n13\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nthe NAV of the fund with a strike price of zero since F&G 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 E Derivative Financial Instruments.\n\nShort-term Investments\n\nThe 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.\n\nContingent Consideration\n\nThe 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, LLC's (\"Roar\") 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.\n\nMSRs\n\nMSRs are measured at fair value using a discounted cash flow analysis and calculated using a computer pricing model, which incorporates assumptions that market participants use in estimating future net servicing income cash flows. These assumptions include estimates of prepayment rates, discount rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income, and ancillary income. The assumptions that are significant in the determination of fair value of MSRs include the conditional prepayment rates and discount rates. MSRs are included in Prepaid expenses and other assets in the accompanying unaudited Condensed Consolidated Balance Sheets. Realized gains and losses related to MSRs are a result of changes in fair value due to changes in assumptions during the period, which are included in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.\n\nMarket Risk Benefits (\"MRBs\")\n\nMRBs (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 N Market Risk Benefits.    \n\nQuantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2026 and December 31, 2025, 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:\n\n14\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFair Value as ofValuation TechniqueUnobservable Input(s)Range (Weighted average)\n\nMarch 31, 2026\n\n(In millions)March 31, 2026\n\nAssets\n\nAsset-backed securities$99 Third-Party ValuationDiscount Rate\n3.83% - 13.17% (6.68%)\n\nCorporates 9 Discounted Cash FlowDiscount Rate\n75.00% - 100.00% (98.68%)\n\nCorporates676 Third-Party Valuation Discount Rate\n3.67% - 9.07% (6.32%)\n\nMunicipals3 Third-Party ValuationDiscount Rate\n5.20% - 5.20% (5.20%)\n\nResidential mortgage-backed securities3 Third-Party Valuation Discount Rate\n5.69% - 5.69% (5.69%)\n\nForeign Governments5 Third-Party Valuation Discount Rate\n8.16% - 8.16% (8.16%)\n\nPreferred equity securities1 Discounted Cash FlowDiscount rate\n100.00% - 100.00% (100.00%)\n\nCommon equity securities5 Discounted Cash FlowDiscount rate\n8.20% - 8.20% (8.20%)\n\nInvestments in unconsolidated affiliates260 Market Comparable Company AnalysisEBITDA Multiple\n6.5x - 14.9x (10.89x)\n\nOther long-term investments:\n\nAvailable-for-sale embedded derivative39 Black Scholes ModelMarket Value of AnchorPath Fund\n100.00%\n\nReinsurance recoverable:\n\nIndexed annuities/IUL ceded embedded derivatives630 Discounted Cash FlowMarket Value of Option\n0.00% - 56.64% (1.80%)\n\nMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 50.00% (3.35%)\n\nPartial Withdrawal Rate\n2.00% - 25.64% (2.54%)\n\nNon-Performance Spread\n0.96% - 2.49% (1.51%)\n\nOption Cost\n0.56% - 5.20% (1.99%)\n\nPrepaid expenses and other assets:\n\nLoan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate\n6.63% - 6.63% (6.63%)\n\nCollateral Volatility\n32.50% - 32.50% (32.50%)\n\nMarket risk benefits asset308 Discounted Cash FlowMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 30.00% (5.23%)\n\nPartial Withdrawal Rate\n0.00% - 25.64% (2.47%)\n\nNon-Performance Spread\n0.54% - 1.01% (0.81%)\n\nGMWB Utilization\n50.00% - 75.00% (63.34%)\n\nMSRs 140 Discounted Cash Flow Discount Rate\n7.71% - 10.82% (8.72%)\n\nConditional Prepayment Rate\n5.81% -13.95% (7.78%)\n\nTotal financial assets at fair value (a)$2,202 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/ IUL embedded derivatives, included in Contractholder funds$6,380 Discounted Cash FlowMarket Value of Option\n0.00% - 28.32% (2.84%)\n\nMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 50.00% (6.47%)\n\nPartial Withdrawal Rate\n2.00% - 35.71% (2.69%)\n\nNon-Performance Spread\n0.54% - 1.01% (0.81%)\n\nOption Cost\n0.50% - 6.09% (2.81%)\n\nContingent consideration, included in Accounts payable and accrued liabilities61 Discounted Cash FlowRisk-Adjusted Discount Rate\n12.00% - 12.00% (12.00%)\n\nEBITDA Volatility\n35.00% - 35.00% (35.00%)\n\nMarket risk benefits liability 968 Discounted Cash FlowMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 30.00% (5.23%)\n\nPartial Withdrawal Rate\n0.00% - 25.64% (2.47%)\n\nNon-Performance Spread\n0.54% - 1.01% (0.81%)\n\nGMWB Utilization\n50.00% - 75.00% (63.34%)\n\nTotal financial liabilities at fair value $7,409 \n\n(a) Assets of $13,016 million and liabilities of $2 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.\n\n15\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFair Value as ofValuation TechniqueUnobservable Input(s)Range (Weighted average)\n\nDecember 31, 2025\n\n(In millions)December 31, 2025\n\nAssets\n\nAsset-backed securities$92 Third-Party ValuationDiscount Rate\n4.36% - 7.15% (5.80%)\n\nCorporates8Discounted Cash FlowDiscount Rate\n5.50% - 100.00% (98.73%)\n\nCorporates661 Third-Party ValuationDiscount Rate\n3.45% - 8.68% (5.84%)\n\nResidential mortgage-backed securities3 Third-Party ValuationDiscount Rate\n5.41% - 5.41% (5.41%)\n\nForeign Governments5 Third-Party ValuationDiscount Rate\n5.73% - 5.73% (5.73%)\n\nMunicipals3Third-Party ValuationDiscount Rate\n4.94% - 4.94% (4.94%)\n\nInvestments in unconsolidated affiliates270 Market Comparable Company AnalysisEBITDA Multiple\n7.4x - 15.5x (12.10x)\n\nPreferred equity securities1 Discounted Cash FlowDiscount rate\n100.00% - 100.00% (100.00%)\n\nCommon equity securities12 Discounted Cash FlowDiscount rate\n8.10% - 14.00% (14.29%)\n\nMSRs 129 Discounted Cash FlowDiscount Rate\n6.38% - 10.69% (8.00%)\n\nConditional Prepayment Rate\n5.85% - 13.65% (7.77%)\n\nOther long-term investments:\n\nAvailable-for-sale embedded derivative41 Black Scholes ModelMarket Value of AnchorPath Fund\n100.00%\n\nReinsurance recoverable:\n\nIndexed annuities/IUL ceded embedded derivatives 399 Discounted Cash Flow Market Value of Option\n0.00% - 31.77% (2.74%)\n\nMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 50.00% (3.33%)\n\nPartial Withdrawal Rate\n2.00% - 6.50% (2.22%)\n\nNon-Performance Spread\n0.53% - 1.15% (0.90%)\n\nOption Cost\n1.39% - 5.30% (1.98%)\n\nPrepaid expenses and other assets:\n\nLoan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate\n6.35% - 6.35% (6.35%)\n\nCollateral Volatility\n35.00% - 35.00% (35.00%)\n\nMarket risk benefits asset285 Discounted Cash FlowMortality\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 30.00% (5.33%)\n\nPartial Withdrawal Rates\n0.00% -25.64% (2.47%)\n\nNon-Performance Spread\n0.43% - 0.85% (0.64%)\n\nGMWB Utilization\n50.00% -75.00% (63.03%)\n\nTotal financial assets at fair value (a)$1,933 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/ IUL embedded derivatives, included in Contractholder funds$6,542 Discounted Cash FlowMarket Value of Option\n0.00% - 40.13% (3.84%)\n\nMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 50.00% (6.68%)\n\nPartial Withdrawal Rate\n2.00% - 35.71% (2.69%)\n\nNon-Performance Spread\n0.43% - 0.85% (0.64%)\n\nOption Cost\n0.50% - 6.09% (2.78%)\n\nContingent consideration, included in Accounts payable and accrued liabilities72Discounted Cash FlowRisk-Adjusted Discount Rate\n11.50% - 11.50% (11.50%)\n\nEBITDA Volatility\n35.00% - 35.00% (35.00%)\n\nCounterparty Discount Rate\n6.30% - 6.30% (6.30%)\n\nMarket risk benefits liability903Discounted Cash FlowMortality Multiplier\n80.00% - 115.00% (100.00%)\n\nSurrender Rates\n0.25% - 30.00% (5.33%)\n\nPartial Withdrawal Rate\n0.00% - 25.64% (2.47%)\n\nNon-Performance Spread\n0.43% - 0.85% (0.64%)\n\nGMWB Utilization\n50.00% - 75.00% (63.03%)\n\nTotal financial liabilities at fair value$7,517 \n\n(a) Assets of $12,597 million and liabilities of $9 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.\n\n16\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe 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 months ended March 31, 2026 and 2025. 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.\n\nThree months ended March 31, 2026\n\nBalance at Beginning\nof PeriodTotal Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of\nLevel 3 (a)Balance at End of\nPeriodChange in Unrealized Included in OCI\n\nIncluded in\nEarningsIncluded in\nAOCL\n\nAssets(In millions)\n\nFixed maturity securities available-for-sale:\n\nAsset-backed securities$10,094 $11 $(45)$596 $(84)$(338)$47 $10,281 $(42)\n\nCorporates3,145 — (42)312 (18)(14)(1)3,382 (41)\n\nHybrids15 — (1)— — — — 14 — \n\nMunicipals3 — — — — — — 3 — \n\nResidential mortgage-backed securities3 — — — — — — 3 — \n\nForeign Governments23 — — — — — — 23 — \n\nPreferred equity securities8 — — — — — — 8 — \n\nCommon equity securities17 — — 5 — — — 22 — \n\nDerivative investments— 10 — — — (3)— 7 — \n\nInvestments in unconsolidated affiliates270 (10)— — — — — 260 — \n\nShort term investments74 — — — — — — 74 — \n\nOther long-term investments:\n\nAvailable-for-sale embedded derivative41 — (2)— — — — 39 (2)\n\nReinsurance recoverable:\n\nIndexed annuities/IUL ceded embedded derivatives399 (24)— 257 — (2)— 630 — \n\nPrepaid expenses and other assets:\n\nLoan receivable24 — — — — — — 24 — \n\nMSRs129 (4)— 15 — — — 140 — \n\nSubtotal Level 3 assets at fair value$14,245 $(17)$(90)$1,185 $(102)$(357)$46 $14,910 $(85)\n\nMarket risk benefits asset (b)285 308 \n\nTotal Level 3 assets at fair value$14,530 $15,218 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(284)$— $256 $— $(134)$— $6,380 $— \n\nForeign currency swaps, included in Accounts payable and accrued liabilities9 (7)— — — — — 2 — \n\nContingent consideration, included in Accounts payable and accrued liabilities72 (11)— — — — — 61 — \n\nSubtotal Level 3 liabilities at fair value$6,623 $(302)$— $256 $— $(134)$— $6,443 $— \n\nMarket risk benefits liability (b)903 968 \n\nTotal Level 3 liabilities at fair value$7,526 $7,411 \n\n(a) The net transfers into Level 3 during the three months ended March 31, 2026 were exclusively from Level 2.\n\n(b) Refer to Note N Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.\n\n17\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThree months ended March 31, 2025\n\nBalance at Beginning\nof PeriodTotal Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of\nLevel 3 (a)Balance at End of\nPeriodChange in Unrealized Included in OCI\n\nIncluded in\nEarningsIncluded in\nAOCL\n\nAssets(In millions)\n\nFixed maturity securities available-for-sale:\n\nAsset-backed securities$8,143 $1 $3 $1,029 $(143)$(185)$— $8,848 $2 \n\nCorporates2,957 (13)34 353 (314)(11)— 3,006 33 \n\nHybrids— — — 6 — — — 6 — \n\nMunicipals— — — 4 — — — 4 — \n\nResidential mortgage-backed securities3 — — — — — — 3 — \n\nForeign Governments4 — — 19 — — — 23 — \n\nPreferred equity securities8 (1)1 — — — — 8 — \n\nCommon equity securities10 — — — — — 10 — \n\nDerivative investments3 (2)— — — — 1 (2)\n\nInvestments in unconsolidated affiliates272 — — — — — — 272 — \n\nShort term investments37 — — 3 — — — 40 — \n\nOther long-term investments:\n\nAvailable-for-sale embedded derivative32 — — — — — — 32 — \n\nReinsurance recoverable:\n\nIndexed annuities/IUL ceded embedded derivatives:98 (5)— 36 — — — 129 — \n\nOther assets65 — — 2 — — — 67 — \n\nPrepaid expenses and other assets:\n\nLoan receivable 11 — — — — — — 11 — \n\nSubtotal Level 3 assets at fair value$11,545 $(18)$36 $1,416 $(457)$(196)$— $12,331 $33 \n\nMarket risk benefits asset (a)189 187 \n\nTotal Level 3 assets at fair value$11,734 $12,518 \n\nLiabilities\n\nDerivatives:\n\nIndexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $(67)$— $256 $— $(93)$— $5,316 $— \n\nForeign currency swaps, included in Accounts payable and accrued liabilities— — 1 — — — — 1 (1)\n\nContingent consideration, included in Accounts payable and accrued liabilities74 2 — — — (12)— 64 — \n\nSubtotal Level 3 liabilities at fair value$5,294 $(65)$1 $256 $— $(105)$— $5,381 $(1)\n\nMarket risk benefits liability (a)549 635 \n\nTotal Level 3 liabilities at fair value$5,843 $6,016 \n\n(a) Refer to Note N Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.\n\n18\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFair Value Option\n\nWe have elected the FVO for certain investments held by consolidated VIEs, including certain loans reported in other long term investments. See Note D Investments for additional information on our investments in VIEs. As discussed above, we have also elected the FVO for certain other investments in unconsolidated affiliates and for a loan receivable.\n\nThe following table presents information regarding the assets for which the fair value option was elected.\n\nMarch 31,December 31,\n\n20262025\n\nAssets\n\nFixed maturity securities, at fair value under fair value option$93 $— \n\nInvestments in unconsolidated affiliates$260 $270 \n\nOther loans, within other long-term investments (a)\n\nFair Value$246 $248 \n\nAggregate unpaid principal249 250 \n\nLoan receivable, within prepaid expenses and other assets (b)\n\nFair Value$24 $24 \n\nAggregate unpaid principal24 24 \n\n(a) The fair value and unpaid principal balance of loans that are 90 days or more past due was $4 million and $0 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the $4 million of delinquent loans are in nonaccrual status.\n\n(b) No loans are 90 days or more past due or in nonaccrual status.\n\nThe following table presents information regarding the impact of changes in fair value of assets for which the fair value option was elected which are reported within Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Earnings.\n\nThree months ended March 31,\n\n20262025\n\nFixed maturity securities, at fair value under fair value option$1 $— \n\nInvestments in unconsolidated affiliates(10)— \n\nOther loans(1)— \n\nValuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value\n\nThe following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.\n\nMortgage Loans\n\nThe fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity, and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.\n\nInvestments in Unconsolidated affiliates\n\nIn our F&G segment, the fair value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. In our title segment, Investments in unconsolidated affiliates accounted for under the equity method of accounting were $286 million and $288 million as of March 31, 2026 and December 31, 2025, respectively.\n\n19\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nPolicy Loans\n\nPolicy loans are reported at the unpaid principal balance and are fully collateralized by the cash surrender value of underlying insurance policies. The carrying value of the policy loans approximates the fair value and are classified as Level 3 in the fair value hierarchy.\n\nCompany Owned Life Insurance (included within Other long-term investments)\n\nCompany owned life insurance (\"COLI\") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.\n\nOther Invested Assets (included within Other long-term investments)\n\nThe fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital (\"WACC\"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.\n\nInvestment Contracts\n\nInvestment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers (\"PRT\"), and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in Contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.\n\nOther\n\nFederal Home Loan Bank of Atlanta (“FHLB”) common stock is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.\n\nDebt\n\nThe fair value of debt, with the exception of the F&G Credit Agreement is based on quoted market prices. The carrying value of the F&G Credit Agreement would approximate fair value as the rates would be comparable to those at which we could currently borrow under similar terms. As of March 31, 2026 and December 31, 2025, there were no outstanding balances under the F&G Credit Agreement. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.\n\n20\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.\n\nMarch 31, 2026\n\nLevel 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount\n\nAssets(In millions)\n\nFHLB common stock$— $146 $— $— $146 $146 \n\nCommercial mortgage loans— — 3,303 — 3,303 3,515 \n\nResidential mortgage loans— — 4,668 — 4,668 4,944 \n\nInvestments in unconsolidated affiliates— — — 4,753 4,753 4,753 \n\nPolicy loans— — 157 — 157 157 \n\nOther invested assets18 — — 77 95 95 \n\nCompany-owned life insurance— — 894 — 894 894 \n\nTrade and notes receivables, net of allowance — — 473 — 473 473 \n\nTotal$18 $146 $9,495 $4,830 $14,489 $14,977 \n\nLiabilities\n\nInvestment contracts, included in Contractholder funds$— $— $52,123 $— $52,123 $57,094 \n\nDebt— 4,059 — — 4,059 4,402 \n\nTotal$— $4,059 $52,123 $— $56,182 $61,496 \n\nDecember 31, 2025\n\nLevel 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount\n\nAssets(In millions)\n\nFHLB common stock$— $155 $— $— $155 $155 \n\nCommercial mortgage loans— — 3,025 — 3,025 3,242 \n\nResidential mortgage loans— — 4,424 — 4,424 4,649 \n\nInvestments in unconsolidated affiliates— — — 4,608 4,608 4,608 \n\nPolicy loans— — 147 — 147 147 \n\nOther invested assets18 — — 75 93 93 \n\nCompany-owned life insurance— — 887 — 887 887 \n\nTrade and notes receivables, net of allowance— — 473 — 473 473 \n\nTotal$18 $155 $8,956 $4,683 $13,812 $14,254 \n\nLiabilities\n\nInvestment contracts, included in Contractholder funds$— $— $51,027 $— $51,027 $56,184 \n\nDebt— 4,204 — — 4,204 4,400 \n\nTotal$— $4,204 $51,027 $— $55,231 $60,584 \n\nFor investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe that it is probable a price less than NAV would be received in the event of a liquidation.\n\nWe review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.\n\n21\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote D — Investments\n\nOur investments in fixed maturity securities have generally been designated as available-for-sale (“AFS”) and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within Accumulated other comprehensive loss (\"AOCL\"), net of deferred income taxes. We have elected the FVO for certain fixed maturity securities held by consolidated VIEs. See below for additional information on our investments in VIEs. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings.\n\nOur investments include assets backing reserves as part of coinsurance with funds withheld agreements. The funds withheld invested assets are reported within their respective line items. See Note L F&G Reinsurance, for more information on the funds withheld agreements.\n\nThe Company’s consolidated AFS investments as of March 31, 2026 and December 31, 2025 are summarized as follows:\n\nMarch 31, 2026\n\n Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value\n\nAvailable-for-sale securities (In millions)\n\nAsset-backed securities$18,868 $(20)$119 $(362)$18,605 \n\nCommercial mortgage-backed securities5,179 (63)35 (154)4,997 \n\nCorporates27,372 (7)155 (2,694)24,826 \n\nHybrids643 — 3 (27)619 \n\nMunicipals1,587 — 3 (223)1,367 \n\nResidential mortgage-backed securities2,672 (1)59 (72)2,658 \n\nU.S. Government967 — 3 (5)965 \n\nForeign Governments415 — 1 (46)370 \n\nTotal available-for-sale securities$57,703 $(91)$378 $(3,583)$54,407 \n\nDecember 31, 2025\n\n Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value\n\nAvailable-for-sale securities (In millions)\n\nAsset-backed securities$18,853 $(25)$166 $(256)$18,738 \n\nCommercial mortgage-backed/asset-backed securities5,341 (61)58 (139)5,199 \n\nCorporates26,538 (25)302 (2,368)24,447 \n\nHybrids625 — 6 (22)609 \n\nMunicipals1,604 — 4 (215)1,393 \n\nResidential mortgage-backed securities2,846 (1)76 (70)2,851 \n\nU.S. Government954 — 5 (3)956 \n\nForeign Governments400 — 5 (37)368 \n\nTotal available-for-sale securities$57,161 $(112)$622 $(3,110)$54,561 \n\nSecurities held on deposit with various state regulatory authorities had a fair value of $157 million and $155 million at March 31, 2026 and December 31, 2025, respectively.\n\nAs of March 31, 2026 and December 31, 2025, the Company held $50 million and $54 million, respectively, of investments that were non-income producing for a period greater than twelve months.\n\nAs of March 31, 2026 and December 31, 2025, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under \"Mortgage Loans,\" was $592 million and $542 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.\n\nIn accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $4,422 million and $4,621 million as of March 31, 2026 and December 31, 2025, respectively.\n\n22\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe amortized cost and fair value of fixed maturity securities AFS by contractual maturities as of March 31, 2026 and December 31, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.\n\nMarch 31, 2026December 31, 2025\n\n(In millions)(In millions)\n\nAmortized Cost Fair ValueAmortized Cost Fair Value\n\nCorporates, Non-structured Hybrids, Municipal and Government securities:\n\nDue in one year or less$777 $771 $623 $619 \n\nDue after one year through five years6,027 5,999 5,597 5,626 \n\nDue after five years through ten years5,832 5,737 5,811 5,812 \n\nDue after ten years18,348 15,640 18,090 15,716 \n\nSubtotal30,984 28,147 30,121 27,773 \n\nOther securities, which provide for periodic payments:\n\nAsset-backed securities18,868 18,605 18,853 18,738 \n\nCommercial mortgage-backed securities5,179 4,997 5,341 5,199 \n\nResidential mortgage-backed securities2,672 2,658 2,846 2,851 \n\nSubtotal26,719 26,260 27,040 26,788 \n\nTotal fixed maturity available-for-sale securities$57,703 $54,407 $57,161 $54,561 \n\nAllowance for Expected Credit Loss\n\nWe regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:\n\n•The extent to which the fair value is less than the amortized cost basis;\n\n•The reasons for the decline in value (credit event, foreign currency or interest-rate related, including general credit spread widening);\n\n•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);\n\n•Current delinquencies and non-performing assets of underlying collateral;\n\n•Expected future default rates;\n\n•Collateral value by vintage, geographic region, industry concentration or property type;\n\n•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and\n\n•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.\n\nWe recognize an allowance for expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage-backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCL. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.\n\nWe consider the following in determining whether write-offs of a security’s amortized cost are necessary:\n\n•We believe amounts related to securities have become uncollectible;\n\n•We intend to sell a security; or\n\n•It is more likely than not that we will be required to sell a security prior to recovery.\n\n23\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nIf we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible, an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCL. As of March 31, 2026 and December 31, 2025, our allowance for expected credit losses for AFS securities was $91 million and $112 million, respectively.\n\nThe fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2026 and December 31, 2025 were as follows:\n\nMarch 31, 2026\n\nLess than 12 months12 months or longerTotal\n\nFair ValueGross Unrealized\nLossesFair ValueGross Unrealized\nLossesFair ValueGross Unrealized\nLosses\n\nAvailable-for-sale securities(In millions)\n\nAsset-backed securities$6,481 $(128)$2,023 $(225)$8,504 $(353)\n\nCommercial mortgage-backed securities1,169 (11)957 (111)2,126 (122)\n\nCorporates7,905 (183)9,712 (2,513)17,617 (2,696)\n\nHybrids166 (4)311 (23)477 (27)\n\nMunicipals234 (6)1,024 (216)1,258 (222)\n\nResidential mortgage-backed securities456 (3)351 (67)807 (70)\n\nU.S. Government551 (4)82 (1)633 (5)\n\nForeign Government86 (2)189 (43)275 (45)\n\nTotal available-for-sale securities$17,048 $(341)$14,649 $(3,199)$31,697 $(3,540)\n\nTotal number of available-for-sale securities in an unrealized loss position less than twelve months3,930 \n\nTotal number of available-for-sale securities in an unrealized loss position twelve months or longer2,146\n\nTotal number of available-for-sale securities in an unrealized loss position 6,076 \n\n24\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nDecember 31, 2025\n\nLess than 12 months12 months or longerTotal\n\nFair ValueGross Unrealized\nLossesFair ValueGross Unrealized\nLossesFair ValueGross Unrealized\nLosses\n\nAvailable-for-sale securities(In millions)\n\nAsset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)\n\nCommercial mortgage-backed securities542 (11)1,051 (106)1,593 (117)\n\nCorporates3,419 (55)10,097 (2,312)13,516 (2,367)\n\nHybrids61 (1)372 (21)433 (22)\n\nMunicipals201 (3)1,050 (212)1,251 (215)\n\nResidential mortgage-backed securities208 (2)390 (67)598 (69)\n\nU.S. Government353 (1)84 (2)437 (3)\n\nForeign Government60 — 148 (37)208 (37)\n\nTotal available-for-sale securities$9,600 $(103)$15,352 $(2,966)$24,952 $(3,069)\n\nTotal number of available-for-sale securities in an unrealized loss position less than twelve months1,962\n\nTotal number of available-for-sale securities in an unrealized loss position twelve months or longer2,194\n\nTotal number of available-for-sale securities in an unrealized loss position 4,156 \n\nThe unrealized losses as of March 31, 2026 and December 31, 2025 were caused by higher treasury rates compared to those at the time of the F&G acquisition or the purchase of the security if later. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2026 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.\n\n25\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nMortgage Loans\n\nOur mortgage loans are collateralized by commercial and residential properties.\n\nCommercial Mortgage Loans\n\nCommercial mortgage loans (“CMLs”) represented approximately 5% and 4% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets for both March 31, 2026 and December 31, 2025, respectively. The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties, and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:\n\nMarch 31, 2026December 31, 2025\n\nGross Carrying Value% of TotalGross Carrying Value% of Total\n\nProperty Type:(In millions)(In millions)\n\nHotel$9 — %$9 — %\n\nIndustrial710 20 671 21 \n\nMixed Use20 1 21 1 \n\nMultifamily1,253 35 1,150 35 \n\nOffice340 10 345 11 \n\nRetail293 8 327 10 \n\nStudent Housing 83 2 83 3 \n\nOther830 24 654 19 \n\nTotal CMLs, gross of valuation allowance\n$3,538 100 %$3,260 100 %\n\nAllowance for expected credit loss(23)(18)\n\nTotal CMLs, net of valuation allowance\n$3,515 $3,242 \n\nU.S. Region:\n\nEast North Central$172 5 %$124 4 %\n\nEast South Central86 2 86 3 \n\nMiddle Atlantic370 10 356 11 \n\nMountain472 13 396 12 \n\nNew England183 5 183 6 \n\nPacific706 20 709 22 \n\nSouth Atlantic1,188 35 1,157 34 \n\nWest North Central167 5 69 2 \n\nWest South Central194 5 180 6 \n\nTotal CMLs, gross of valuation allowance\n$3,538 100 %$3,260 100 %\n\nAllowance for expected credit loss(23)(18)\n\nTotal CMLs, net of valuation allowance\n$3,515 $3,242 \n\n26\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nAn individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs for CMLs during the three months ended March 31, 2026 and for the year ended December 31, 2025. CMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025 were as follows, gross of valuation allowances:\n\nMarch 31, 2026\n\nAmortized Cost by Origination Year\n\n20262025202420232022PriorTotal\n\nCMLs(In millions)\n\nCurrent (less than 30 days past due)$319 $612 $292 $195 $292 $1,819 $3,529 \n\n30-89 days past due— — — — — — — \n\n90 days or more past due— — — — — 9 9 \n\nTotal CMLs$319 $612 $292 $195 $292 $1828 $3,538 \n\nDecember 31, 2025\n\nAmortized Cost by Origination Year\n\n20252024202320222021PriorTotal\n\nCMLs(In millions)\n\nCurrent (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 \n\n30-89 days past due— — — — — — — \n\n90 days or more past due— — — — — 12 12 \n\nTotal CMLs$646 $295 $194 $292 $1,252 $581 $3,260 \n\nLoan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.\n\n27\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated LTV ratios, gross of valuation allowances at March 31, 2026 and December 31, 2025:\n\nDebt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total\n\n>1.251.00 - 1.25<1.00\n\nMarch 31, 2026(In millions)\n\nLTV Ratios:\n\nLess than 50.00%$720 $53 $— $773 22 %$757 23 %\n\n50.00% to 59.99%875 6 47 928 26 860 26 \n\n60.00% to 74.99%1,405 387 15 1,807 51 1,656 50 \n\n75.00% to 84.99%7 14 9 30 1 30 1 \n\nTotal CMLs$3,007 $460 $71 $3,538 100 %$3,303 100 %\n\nDecember 31, 2025\n\nLTV Ratios:\n\nLess than 50.00%$594 $16 $— $610 19 %$596 19 %\n\n50.00% to 59.99%850 36 37 923 28 852 28 \n\n60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 \n\n75.00% to 84.99%— 9 9 18 1 17 1 \n\nTotal CMLs $2,859 $349 $52 $3,260 100 %$3,025 100 %\n\nMarch 31, 2026\n\nAmortized Cost by Origination Year\n\n20262025202420232022PriorTotal\n\nCMLs(In millions)\n\nLTV Ratios:\n\nLess than 50.00%$125 $147 $87 $67 $21 $326 $773 \n\n50.00% to 59.99%45 155 — 54 150 524 928 \n\n60.00% to 74.99%136 310 201 70 112 978 1,807 \n\n75.00% to 84.99%13 — 4 4 9 — 30 \n\nTotal CMLs$319 $612 $292 $195 $292 $1,828 $3,538 \n\nCMLs\n\nDSC Ratios\n\nGreater than 1.25x$194 $436 $142 $182 $283 $1,770 $3,007 \n\n1.00x - 1.25x116 169 150 13 — 12 460 \n\nLess than 1.00x9 7 — — 9 46 71 \n\nTotal CMLs$319 $612 $292 $195 $292 $1,828 $3,538 \n\nDecember 31, 2025\n\nAmortized Cost by Origination Year\n\n20252024202320222021PriorTotal\n\nCMLs(In millions)\n\nLTV Ratios:\n\nLess than 50.00%$148 $49 $66 $21 $75 $251 $610 \n\n50.00% to 59.99%157 36 53 149 320 208 923 \n\n60.00% to 74.99%341 206 70 113 857 122 1,709 \n\n75.00% to 84.99%— 4 5 9 — — 18 \n\nTotal CMLs$646 $295 $194 $292 $1,252 $581 $3,260 \n\nCMLs\n\nDSC Ratios\n\nGreater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 \n\n1.00x - 1.25x169 155 12 — — 13 349 \n\nLess than 1.00x8 — — 9 12 23 52 \n\nTotal CMLs $646 $295 $194 $292 $1,252 $581 $3,260 \n\n28\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nWe recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of March 31, 2026 and December 31, 2025, we had one CML that was delinquent in principal or interest payments as shown in the tables above.\n\nResidential Mortgage Loans\n\nResidential mortgage loans (“RMLs”) represented approximately 7%and 6% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. Our RMLs are primarily closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:\n\nMarch 31, 2026\n\nAmortized Cost% of Total\n\nU.S. States:(In millions)\n\nCalifornia$375 7 %\n\nFlorida270 6 \n\nNew York270 6 \n\nAll other states (a)4,103 81 \n\n      Total RMLs, gross of valuation allowance5,018 100 %\n\n            Allowance for expected credit loss(74)\n\n      Total RMLs, net of valuation allowance$4,944 \n\n(a)     The individual concentration of each state is less than 5% as of March 31, 2026.\n\nDecember 31, 2025\n\nAmortized Cost% of Total\n\nU.S. States:(In millions)\n\nCalifornia $288 6 %\n\nFlorida246 5 \n\nNew York232 5 \n\nAll other states (a)3,951 84 \n\n      Total RMLs, gross of valuation allowance4,717 100 %\n\n            Allowance for expected credit loss\n(68)\n\n      Total RMLs, net of valuation allowance$4,649 \n\n(a)     The individual concentration of each state is less than 5% as of December 31, 2025.\n\nRMLs have a primary credit quality indicator of either a performing or non-performing loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2026 and December 31, 2025, was as follows:\n\nMarch 31, 2026December 31, 2025\n\nAmortized Cost% of TotalAmortized Cost% of Total\n\nPerformance indicators:(In millions)(In millions)\n\nPerforming$4,893 98 %$4,650 99 %\n\nNon-performing125 2 67 1 \n\nTotal RMLs, gross of valuation allowance5,018 100 %4,717 100 %\n\nAllowance for expected loan loss(74)(68)\n\nTotal RMLs, net of valuation allowance$4,944 $4,649 \n\n29\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nAn individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs recorded by RMLs during the three months ended March 31, 2026 or during the year ended December 31, 2025. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances:\n\nMarch 31, 2026\n\nAmortized Cost by Origination Year\n\n20262025202420232022PriorTotal\n\nRMLs(In millions)\n\nCurrent (less than 30 days past due)$195 $1,758 $715 $313 $746 $1,099 $4,826 \n\n30-89 days past due— 14 6 — 38 10 68 \n\n90 days or more past due— 5 13 22 37 47 124 \n\nTotal RMLs$195 $1,777 $734 $335 $821 $1,156 $5,018 \n\nDecember 31, 2025\n\nAmortized Cost by Origination Year\n\n20252024202320222020PriorTotal\n\nRMLs(In millions)\n\nCurrent (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 \n\n30-89 days past due15 2 17 29 4 3 70 \n\n90 days or more past due2 4 4 12 21 25 68 \n\nTotal RMLs$1,585 $742 $348 $839 $756 $447 $4,717 \n\n    Non-accrual loans by amortized cost as of March 31, 2026 and December 31, 2025, were as follows:\n\nMarch 31, 2026December 31, 2025\n\nAmortized cost of loans on non-accrual(In millions)\n\nResidential mortgage:$125 $67 \n\nCommercial mortgage:9 12 \n\nTotal non-accrual mortgages$134 $79 \n\n    \n\nImmaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2026 and 2025.\n\nIt is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2026 and December 31, 2025, we had $134 million and $79 million, respectively, of mortgage loans that were over 90 days past due.\n\nAs of March 31, 2026 and December 31, 2025, we had $174 million and $111 million, respectively, of residential mortgage loans that were in the process of foreclosure.\n\nAllowance for Expected Credit Loss\n\nWe estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC, and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three-year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.\n\n30\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe allowances for our mortgage loan portfolio are summarized as follows:\n\nThree months ended March 31, 2026\n\n(In millions)\n\nResidential MortgageCommercial MortgageTotal\n\nBeginning Balance$(68)$(18)$(86)\n\nProvision (expense) benefit for loan losses(6)(5)(11)\n\nEnding Balance$(74)$(23)$(97)\n\nThree months ended March 31, 2025\n\n(In millions)\n\nResidential MortgageCommercial MortgageTotal\n\nBeginning Balance\n$(53)$(17)$(70)\n\nProvision (expense) benefit for loan losses(3)— (3)\n\nEnding Balance\n$(56)$(17)$(73)\n\nAn allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial for the three months ended March 31, 2026 and 2025.\n\nAs of March 31, 2026 and December 31, 2025, the accrued interest receivable balance on CMLs totaled $11 million and $11 million, respectively, and the accrued interest receivable on RMLs totaled $47 million and $45 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.\n\nInterest and Investment Income\n\nThe major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nFixed maturity securities, available-for-sale$582 $569 \n\nEquity securities7 8 \n\nPreferred securities6 6 \n\nMortgage loans105 82 \n\nInvested cash and short-term investments34 53 \n\nLimited partnerships101 55 \n\nTax deferred property exchange income30 29 \n\nOther investments30 22 \n\nGross investment income895 824 \n\nInvestment expense(73)(64)\n\nInterest and investment income$822 $760 \n\nInterest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements, which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $228 million and $184 million for the three months ended March 31, 2026 and 2025, respectively.\n\n31\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nRecognized Gains and Losses, Net\n\nDetails underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nNet realized losses on fixed maturity available-for-sale securities$(32)$(2)\n\nNet realized/unrealized losses on equity securities (1)(50)(38)\n\nNet realized/unrealized losses on preferred securities (2)(5)(2)\n\nNet realized/unrealized losses on other invested assets(7)(1)\n\nChange in allowance for expected credit losses2 (22)\n\nNet realized gain on sale of F&G Life Re14— \n\nDerivatives and embedded derivatives:\n\nRealized gains and losses on certain derivative instruments25 (25)\n\nUnrealized losses on certain derivative instruments(285)(159)\n\nChange in fair value of reinsurance related embedded derivatives (3)261 (41)\n\nChange in fair value of other derivatives and embedded derivatives(1)3 \n\nNet realized/unrealized losses on derivatives and embedded derivatives— (222)\n\nRecognized gains and losses, net$(78)$(287)\n\n(1) Includes net valuation losses of $56 million and $43 million for the three months ended March 31, 2026 and 2025, respectively.\n\n(2) Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.\n\n(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.\n\nRecognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and losses attributable to these agreements, and thus excluded from the totals in the table above, were $260 million and $(42) million for the three months ended March 31, 2026 and 2025, respectively.\n\nThe proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nProceeds$1,013 $2,084 \n\nGross gains4 12 \n\nGross losses(8)(14)\n\nVariable Interest Entities\n\nOur involvement with VIEs is primarily through investments in entities that provide exposure to a diversified portfolio of investment asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary,’ a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. We perform ongoing qualitative assessments of our variable interests in VIEs to determine whether we have a controlling financial interest and are therefore the primary beneficiary of the VIE. We consolidate the assets and liabilities (if applicable) of VIEs for which we are determined to be the primary beneficiary in our consolidated financial statements.\n\nConsolidated variable interest entities\n\nWe have concluded that we are the primary beneficiary for certain VIEs where we have both the power to direct the most significant activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.\n\nConsolidated VIEs at March 31, 2026 are structured investments that are managed by third parties. These structured investments are established as special purpose vehicles (“SPVs”) designed to hold specific assets which include limited partnerships, middle market loans, short-term investments, and cash and cash equivalents. The assets of each VIE can be used\n\n32\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nonly to settle obligations of the VIE. Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows:\n\nMarch 31, 2026December 31, 2025\n\nAssets:(In millions)\n\nInvestments in unconsolidated affiliates$270 $262 \n\nFixed maturity securities, at fair value under fair value option93 — \n\nOther long-term investments246 248 \n\nShort-term investments33 116 \n\nCash and cash equivalents1 2 \n\nTotal assets$643 $628 \n\nTotal consolidated VIE investments$643 $628 \n\nWe are not required to provide financial support to these VIEs beyond our contractual obligations. Our maximum exposure to loss related to these consolidated VIEs is limited to our capital invested plus any unfunded capital commitments (refer to unfunded commitments in Note F Commitments and Contingencies). The maximum loss exposure of our consolidated VIEs as of March 31, 2026 was $893 million.\n\nUnconsolidated VIEs\n\nWe own investments in VIEs that are not consolidated within our financial statements. While we participate in the benefits from these VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.\n\nWe invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.\n\nOur maximum loss exposure with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of certain of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).\n\nThe following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2026 and December 31, 2025:\n\nMarch 31, 2026December 31, 2025\n\n(In millions)(In millions)\n\nCarrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure\n\nInvestment in unconsolidated affiliates$5,277 $6,491 $5,145 $6,389 \n\nFixed maturity securities25,894 28,164 26,419 28,803 \n\nTotal unconsolidated VIE investments$31,171 $34,655 $31,564 $35,192 \n\n33\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote E — Derivative Financial Instruments\n\nRefer to Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for derivative financial instruments.\n\nThe notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:\n\nMarch 31, 2026December 31, 2025\n\nGross NotionalAssets LiabilitiesGross NotionalAssetsLiabilities\n\n(In millions)\n\nDerivatives designated as hedging instruments\n\nInterest rate swaps (a)$1,600 $— $— $850 $11 $1 \n\nForeign currency swaps (a)— — — 21 — 3 \n\nTotal derivatives designated as hedging instruments1,600 — — 871 11 4 \n\nDerivatives not designated as hedging instruments\n\nEquity options (a)30,812 837 — 29,651 1,062 — \n\nInterest rate swaps (a)6,734 52 7 6,453 83 3 \n\nForeign currency swaps (a)687 6 2 503 — 6 \n\nFutures contracts (a)76 2 — 68 — 1 \n\nOther derivative investments (a)90 — — 93 — — \n\nOther embedded derivatives (b)— 39 — — 41 — \n\nIndexed annuities/IUL embedded derivatives (c)— 630 6,380 — 399 6,542 \n\nReinsurance related embedded derivatives (d)— — (122)— — 75 \n\nTotal derivatives not designated as hedging instruments38,399 1,566 6,267 36,768 1,585 6,627 \n\nTotal derivatives $39,999 $1,566 $6,267 $37,639 $1,596 $6,631 \n\n(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.\n\n(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.\n\n(c)The fair value of the liability is included in Contractholder funds and the ceded portion is included in Reinsurance recoverable on the unaudited Condensed Consolidated Balance Sheets.\n\n(d)The fair value of the reinsurance related embedded derivative is included in Funds withheld for reinsurance liabilities on the unaudited Condensed Consolidated Balance Sheets, irrespective if in a net asset or net liability position.\n\n34\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe amounts and locations of gains losses, net recognized for derivatives and gains losses, net recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:\n\nThree Months Ended March 31, 2026Three Months Ended March 31, 2025\n\nRecognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item\n\n(In millions)\n\nDerivatives designated as hedging instruments\n\nInterest rate swaps$— $— $(11)$11 $— $— $9 $(10)\n\nForeign currency swaps(1)1 — — (1)1 — — \n\nTotal derivatives designated as hedging instruments(1)1 (11)11 (1)1 9 (10)\n\nDerivatives not designated as hedging instruments\n\nEquity options(247)— — — (234)— — — \n\nInterest rate swaps(28)— — — 52 — — — \n\nForeign currency swaps12 — — — — — — — \n\nFutures contracts3 — — — 5 — — — \n\nOther derivative investments2 — — — (4)— — — \n\nOther embedded derivatives(1)— — — — — — — \n\nIndexed annuities/IUL embedded derivatives— — (260)— — — (62)— \n\nReinsurance related embedded derivatives261 — — — (41)— — — \n\nTotal derivatives not designated as hedging instruments2 — (260)— (222)— (62)— \n\nTotal derivatives $1 $1 $(271)$11 $(223)$1 $(53)$(10)\n\nThe following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges:\n\nMarch 31, 2026December 31, 2025\n\nLine Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)\n\n(In millions)\n\nFixed maturity securities, AFS, at amortized cost$— $— $21 $— \n\nContractholder funds (1,611)— (862)(11)\n\nFor the three months ended March 31, 2026 and 2025, the derivative instruments’ gains losses, net excluded from the assessment of hedge effectiveness was immaterial.\n\nDuring the three months ended March 31, 2026, the foreign currency swap designated as a fair value hedge of foreign fixed maturity AFS securities matured and fair value hedge accounting was discontinued. There were no significant impacts associated with the discontinuation and no cumulative fair value hedging adjustments remain as of March 31, 2026. There were no cumulative fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued as of March 31, 2026 and December 31, 2025.\n\n35\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nDerivatives designated as hedging instruments\n\nWe utilize interest rate swaps and foreign currency swaps that are designated and accounted for as fair value hedges to reduce interest rate risk for certain funding agreements and to reduce the risk of certain exposures to foreign currency risk for foreign AFS fixed maturity securities. For fair value hedges of funding agreements, changes in fair value are reported in Benefits and other changes in policy reserves. For fair value hedges of AFS fixed maturity securities, changes in fair value included in the assessment of effectiveness are reported in Recognized gains and losses, net in the unaudited Condensed Consolidated Statement of Earnings. The change in the fair value of components excluded from the assessment of hedge effectiveness is recorded in OCI and is recognized in net income through periodic settlements.\n\nDerivatives not designated as hedging instruments\n\nIndexed Annuities/IUL Embedded Derivative, Equity Options and Futures\n\nWe have indexed annuities and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, such as the S&P 500 Index. This feature represents an embedded derivative under GAAP. The indexed annuities/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the unaudited Condensed Consolidated Balance Sheets with the ceded portion of the reinsured indexed crediting feature embedded derivatives, recorded as a component of the Reinsurance recoverable in the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings.\n\nWe purchase derivatives consisting of a combination of equity options and futures contracts (specifically for indexed annuity contracts) on the applicable market indices to fund the index credits due to indexed annuity/IUL contractholders. The equity options are one, two, three, five and six year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new equity options to fund the next index credit. We manage the cost of these purchases through the terms of our indexed annuities/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the equity options and futures contracts is generally designed to offset the portion of the change in the fair value of the indexed annuities/IUL embedded derivatives related to index performance through the current credit period. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.\n\nOther market exposures are hedged periodically depending on market conditions and our risk tolerance. Our indexed annuities/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.\n\nInterest Rate Swaps\n\nWe utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal.\n\nThe interest rate swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings.\n\nForeign Currency Swaps\n\nWe utilize foreign currency swaps to reduce market risks from fluctuations in foreign exchange rates that impact earnings associated with our foreign currency denominated investments. Through a foreign currency swap, we agree with another party to exchange, at specified intervals, principal and interest payments in one currency for principal and interest payments in another currency, based on an agreed-upon notional amount.\n\nThe foreign currency swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings.\n\n36\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nReinsurance Related Embedded Derivatives\n\nF&G cedes certain business on a coinsurance funds withheld basis. 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 total return swaps are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. For arrangements reinsuring indexed annuities products, the funds withheld account additionally contains an embedded derivative representing the index credit obligation due the reinsurer, resulting in a compound embedded derivative. 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. The related gains or losses are reported in Recognized gains and losses, net, on the unaudited Condensed Consolidated Statements of Earnings.\n\nCredit Risk\n\nWe are exposed to credit loss in the event of non-performance by our counterparties and reflect assumptions regarding this non-performance risk in the fair value of our derivatives. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.\n\nWe manage credit risk related to non-performance by our counterparties by (i) entering into derivative transactions with creditworthy counterparties; (ii) obtaining collateral, such as cash and securities when appropriate; and (iii) establishing counterparty exposure limits, which are subject to periodic management review.\n\nNet credit risk at any balance sheet date may reflect the timing of collateral settlements, as collateral calls issued or received near the balance sheet date may not be fully reflected in collateral balances until the subsequent settlement date. Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:\n\nFair ValueCollateral (a)Net Credit Risk (a)\n\n(In millions)\n\nMarch 31, 2026$879 $737 $142 \n\nDecember 31, 20251,137 1,185 34 \n\n(a)Approximately $110 million of additional collateral was received on April 1, 2026.\n\nCollateral Agreements\n\nWe are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open derivative contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except one, the threshold is set to zero. As of March 31, 2026 and December 31, 2025, counterparties posted collateral of $737 million and $1,185 million, respectively. This included cash collateral of $533 million and $928 million, respectively, for which we record an associated payable included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Cash collateral received is not legally segregated and may be used by the Company in the normal course of business. The Company is obligated to return an equivalent amount of collateral upon settlement or termination of the related derivative contracts, or otherwise in accordance with the collateral provisions of such agreements, including in circumstances where changes in market conditions cause the Company’s mark-to-market position to decline. The remaining collateral represents securities collateral received that is not reported on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the derivatives failed completely to perform according to the terms of the contracts, after giving effect to cash and securities collateral held,was $142 million and $34 million as of March 31, 2026 and December 31, 2025, respectively.\n\nWe are required to pay our counterparties the effective federal funds interest rate each day for cash collateral posted to us. Cash collateral is reinvested in overnight investment sweep products, which are included in Cash and cash equivalents on the unaudited Condensed Consolidated Balance Sheets, to reduce the interest cost. Changes in cash collateral are included in the Change in derivative collateral liabilities in the unaudited Condensed Consolidated Statements of Cash Flows.\n\n37\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nWe held 182 and 172 futures contracts as of March 31, 2026 and December 31, 2025, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $6 million and $4 million as of March 31, 2026 and December 31, 2025, respectively.\n\nNote F — Commitments and Contingencies\n\nLegal and Regulatory Contingencies\n\nIn the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.\n\nWe review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $8 million and $7 million as of March 31, 2026 and December 31, 2025, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.\n\nOn June 10, 2025, a stockholder derivative lawsuit styled, Patrick Ayers v. William P. Foley, Douglas K. Ammerman, Halim Dhanidina, Thomas M. Hagerty, Daniel D. Lane, Heather H. Miller, Sandra D. Morgan, John D. Rood, Peter O. Shea, Jr., Cary H. Thompson, and Fidelity National Financial, Inc., C.A. No. 2025-0650-LWW, was filed in the Chancery Court of the State of Delaware against FNF and its non-employee members of its Board of Directors alleging they breached their fiduciary duties related to their compensation in 2022, 2023, and 2024, and were unjustly enriched. Plaintiff seeks disgorgement of any alleged excessive and unfair compensation payments, the recovery of damages on behalf of FNF, and the reformation of certain corporate governance and internal measures to protect FNF and its stockholders going forward. On August 1, 2025, defendants filed a motion to dismiss the lawsuit based on various grounds. The motion was argued on March 9, 2026, and a decision is pending with the court. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.\n\nFidelity & Guaranty Life Insurance Company (“FGL Insurance”) is a defendant in a lawsuit filed in U.S. District Court for the Southern District of Texas (the “Southern District of Texas”) styled, Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company, Case No. 3:23-cv-00126. Plaintiff, which provides consulting services to independent marketing organizations (“IMO”), alleges FGL Insurance failed to pay commissions owed to plaintiff and diverted commissions from one of plaintiff’s IMO customers, Syncis, to another IMO, Freedom Equity Group, LLC (“Freedom Equity”). Further, plaintiff alleges after FGL Insurance purportedly purchased a partial ownership interest in Syncis and Freedom Equity, plaintiff offered to sell its interests in its contracts with Syncis but FGL Insurance declined, leading plaintiff to allege a statutory violation of 42 U.S.C. §1981 for discrimination where plaintiff’s sole member is a racial minority. Plaintiff claims its damages for breach of contract from FGL Insurance’s purported failure to pay commissions are more than $162 million and its damages from FGL Insurance’s declining to purchase plaintiff’s interest in its contracts with Syncis are over $11 million. FGL Insurance denies the allegations and denies any contract or agreement existed with plaintiff to pay commissions. On April 21, 2025, FGL Insurance filed its initial motion for summary judgment. On June 5, 2025, plaintiff amended its complaint to include an additional breach of contract claim, prompting FGL Insurance to file a second motion for summary judgment on July 18, 2025, addressing the new allegation. Both motions for summary judgment were argued on February 20, 2026.On March 2, 2026, the magistrate judge issued a Memorandum and Recommendation (the “Recommendations”) recommending that FGL Insurance’s motions for summary judgment be granted, and that its motion to exclude Plaintiff’s expert testimony as inadmissible, filed June 9, 2025, be denied as moot. Plaintiff has filed its objections to the Recommendations, and FGL Insurance has responded. The trial judge will review the Recommendations and objections and is expected to issue an order adopting, rejecting, or\n\n38\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nmodifying them. On July 18, 2025, Peak Altitude Equity, LLC (“Peak”), a subsidiary of Fidelity & Guaranty Life Holdings, Inc., was served with a new lawsuit filed by Insurance Distribution Consulting, LLC (“IDC”) as a counterclaim in response to a separate breach of contract lawsuit initiated against IDC by Syncis. The case, styled, Syncis Insurance Solutions, LLC v. Insurance Distribution Consulting, LLC, Case No. 2:25-cv-03874, is pending in the U.S. District Court for the Central District of California, (the “Central District of California”), and certain facts alleged by IDC against Peak overlap with those asserted in the lawsuit filed by IDC against FGL Insurance. On September 8, 2025, Peak filed its motion to dismiss IDC’s counterclaim on various grounds. A decision is pending with the Central District of California. FGL Insurance and Peak will vigorously contest the plaintiff’s claims in the actions. As these cases continue to evolve, it is not possible to reasonably estimate the probability that plaintiff will ultimately prevail on its claims or that FGL Insurance or Peak will be held liable for the dispute. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.\n\nF&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is a F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. Cooper also alleges that he is a F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract. Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation created a multidistrict litigation (“MDL”) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. Both Miller and Cooper have been transferred to the MDL and are consolidated under MDL Case No. 1:23-md-03083-ADB-PGL. The case is proceeding under a modified bellwether structure to decide critical issues and facilitate reciprocal discovery, and plaintiffs’ consolidated class action complaint against all the bellwether Defendants was filed on December 6, 2024. F&G was not selected as a bellwether Defendant, and there is no schedule in place for further proceedings involving the non-bellwether Defendants like F&G. At this time, we do not believe the incident will have a material impact on our business, operations, or financial results.\n\nFrom time to time, we receive inquiries and requests for information from state insurance departments, attorneys general, and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries, and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our business, operations, or financial results.\n\n39\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nIn our F&G segment, we have unfunded commitments as of March 31, 2026 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2026 is included below:\n\nMarch 31, 2026\n\nCommitment Type(In millions)\n\nOther fixed maturity securities, AFS$158 \n\nCommercial mortgage loans71 \n\nResidential mortgage loans423 \n\nOther assets113 \n\nConsolidated VIEs:\n\nOther long-term investments250 \n\nUnconsolidated VIEs:\n\nLimited partnerships1,195 \n\nAsset-backed lending210 \n\nFixed maturity securities, asset-backed securities572 \n\nDirect Lending1,043 \n\nTotal\n$4,035 \n\nConcurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan matures on August 5, 2027. The principal balance outstanding was $24 million as of March 31, 2026 and December 31, 2025, respectively. The balance is included in Prepaid expenses and other assets on the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Earnings and recognized when earned. The remainder of the unfunded loan commitment is included in the unfunded commitments table above in the Other assets line item. Refer to Note C Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.\n\nNote G — Dividends\n\nOn May 6, 2026, our Board of Directors declared cash dividends of $0.52 per share, payable on June 30, 2026, to FNF common shareholders of record as of June 16, 2026.\n\n40\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote H — Segment Information\n\nThe tables below summarize the result of operations by segment that are provided to the Chief Operating Decision Maker (\"CODM\"), who is the Company's Chief Executive Officer. The Company's primary methods of measuring profitability and performance on a reportable segment basis are Revenues and Net earnings from continuing operations, which are also measures used by the CODM to evaluate segment results and are factors in determining capital allocation among the segments.\n\nSummarized financial information concerning our reportable segments is shown in the following tables. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.\n\nAs of and for the three months ended March 31, 2026:\n\n TitleF&GCorporate and OtherEliminationTotal\n\n (In millions)\n\nDirect title insurance premiums 583 — — — 583 \n\nAgency title insurance premiums 788 — — — 788 \n\nEscrow, title related and other fees588 496 27 — 1,111 \n\nInterest and investment income 91 723 36 (28)822 \n\nRecognized gains and losses, net(46)(32)— — (78)\n\nTotal segment revenues2,004 1,187 63 (28)3,226 \n\nSignificant segment expenses:\n\nPersonnel costs748 60 19 — 827 \n\nAgent commissions608 — — — 608 \n\nOther operating expenses 340 33 25 — 398 \n\nBenefits and other changes in policy reserves— 484 — — 484 \n\n      Total significant segment expenses1,696 577 44 — 2,317 \n\nOther segment items:\n\nDepreciation and amortization35 173 7 — 215 \n\nProvision for title claim losses62 — — — 62 \n\nMarket risk benefit gains— 73 — — 73 \n\nInterest expense— 41 20 — 61 \n\n     Total other segment items 97 287 27 — 411 \n\n      Total segment expenses1,793 864 71 — 2,728 \n\nEarnings (loss) before income taxes and equity in earnings of unconsolidated affiliates211 323 (8)(28)498 \n\nIncome tax expense 69 74 32 — 175 \n\nEarnings (loss) before equity in earnings of unconsolidated affiliates142 249 (40)(28)323 \n\nEquity in earnings of unconsolidated affiliates(2)— — — (2)\n\nNet earnings (loss) from continuing operations$140 $249 $(40)$(28)$321 \n\nAssets$8,139 $101,035 $2,325 $— $111,499 \n\nGoodwill2,799 2,124 293 — 5,216 \n\n41\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nAs of and for the three months ended March 31, 2025:\n\nTitleF&GCorporate and OtherEliminationTotal\n\n (In millions)\n\nDirect title insurance premiums510 — — — 510 \n\nAgency title insurance premiums681 — — — 681 \n\nEscrow, title related and other fees525 505 35 — 1,065 \n\nInterest and investment income83 666 39 (28)760 \n\nRecognized gains and losses, net(25)(263)1 — (287)\n\nTotal segment revenues1,774 908 75 (28)2,729 \n\nSignificant segment expenses:\n\nPersonnel costs672 67 31 — 770 \n\nAgent commissions528 — — — 528 \n\nOther operating expenses313 41 23 — 377 \n\nBenefits and other changes in policy reserves— 524 — — 524 \n\n     Total significant segment expenses1,513 632 54 — 2,199 \n\nOther segment items:\n\nDepreciation and amortization36 153 7 — 196 \n\nProvision for title claim losses54 — — — 54 \n\nMarket risk benefit losses— 109 — — 109 \n\nInterest expense— 40 20 — 60 \n\n    Total other segment items90 302 27 — 419 \n\n     Total segment expenses1,603 934 81 — 2,618 \n\nEarnings (loss) before income taxes and equity in earnings of unconsolidated affiliates171 (26)(6)(28)111 \n\nIncome tax expense (benefit)42 (5)(8)— 29 \n\nEarnings (loss) before equity in earnings of unconsolidated affiliates129 (21)2 (28)82 \n\nEquity in earnings of unconsolidated affiliates1 — — — 1 \n\nNet earnings (loss) from continuing operations$130 $(21)$2 $(28)$83 \n\nAssets$7,723 $88,013 $2,473 $— $98,209 \n\nGoodwill2,799 2,179 293 — 5,271 \n\nThe activities in our segments include the following:\n\n•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.\n\n•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (indexed annuities and fixed rate annuities), immediate annuities, and IUL. This segment also provides funding agreements and PRT solutions.\n\n•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries, and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.\n\n•Elimination. This segment consists of the elimination of intercompany dividends paid from F&G to FNF, which are included in the Corporate and Other segment.\n\n42\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote I — Supplemental Cash Flow Information\n\nThe following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:\n\n Three months ended March 31,\n\n20262025\n\nCash paid for:(In millions)\n\nInterest$57 $54 \n\nIncome taxes2 6 \n\nDeferred sales inducements73 71 \n\nNon-cash investing and financing activities:\n\nInvestments transferred subject to reinsurance agreement— (500)\n\nInvestment received as non-cash consideration for sale of F&G Life Re38 — \n\nChange in proceeds of sales of investments available for sale receivable in period(38)1 \n\nChange in purchases of investments available for sale payable in period37 52 \n\nLease liabilities recognized in exchange for lease right-of-use assets9 9 \n\nRemeasurement of lease liabilities19 14 \n\nLiabilities assumed in connection with acquisitions\n\nFair value of assets acquired 1 5 \n\nLess: Total Purchase price 1 3 \n\nLiabilities and noncontrolling interests assumed $— $2 \n\nNote J — Revenue Recognition\n\nDisaggregation of Revenue\n\nOur revenue consists of:\n\nThree months ended March 31,\n\n20262025\n\nRevenue StreamIncome Statement ClassificationSegmentTotal Revenue\n\nRevenue from insurance contracts:(In millions)\n\nDirect title insurance premiumsDirect title insurance premiumsTitle$583 $510 \n\nAgency title insurance premiumsAgency title insurance premiumsTitle788 681 \n\nLife insurance premiums, insurance and investment product fees, and otherEscrow, title-related and other feesF&G496 505 \n\nHome warrantyEscrow, title-related and other feesTitle36 36 \n\nTotal revenue from insurance contracts1,903 1,732 \n\nRevenue from contracts with customers:\n\nEscrow feesEscrow, title-related and other feesTitle208 187 \n\nOther title-related fees and incomeEscrow, title-related and other feesTitle171 152 \n\nServiceLink, excluding title premiums, escrow fees, and subservicing feesEscrow, title-related and other feesTitle94 83 \n\nReal estate technologyEscrow, title-related and other feesCorporate and other33 33 \n\nTotal revenue from contracts with customers506 455 \n\nOther revenue:\n\nLoan subservicing revenueEscrow, title-related and other feesTitle79 67 \n\nOtherEscrow, title-related and other feesCorporate and other(6)2 \n\nInterest and investment incomeInterest and investment incomeVarious822 760 \n\nRecognized gains and losses, netRecognized gains and losses, netVarious(78)(287)\n\nTotal revenuesTotal revenues$3,226 $2,729 \n\n43\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nOur Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.\n\nRevenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.\n\nEscrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.\n\nRevenues from ServiceLink, excluding its title premiums, escrow fees, and loan subservicing fees, primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client, and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.\n\nF&G derives its revenue from external customers primarily located in the United States. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products, and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue liabilities (\"URL\") on IUL policies, policy rider fees primarily on fixed indexed annuity (\"FIA\") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.\n\nPremium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., Contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for Contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from Contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of business acquired (\"VOBA\"), deferred acquisition costs (\"DAC\") and deferred sales inducements (\"DSI\"), other operating costs and expenses, and income taxes.\n\nReal estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Revenue is recognized in the month services are provided.\n\nLoan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.\n\nInterest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.\n\nWe do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.\n\nContract Balances\n\nThe following table provides information about trade receivables and deferred revenue:\n\n March 31, 2026December 31, 2025\n\n (In millions)\n\nTrade receivables$368 $375 \n\nDeferred revenue (contract liabilities)93 95 \n\n44\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nDeferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026 and March 31, 2025, we recognized $37 million and $35 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.\n\nURL\n\nThe following table rolls forward URL for our universal life product for the three months ended March 31, 2026 and March 31, 2025:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nBalance at January 1,$551 $401 \n\nCapitalization49 41 \n\nAmortization(8)(6)\n\nBalance at March 31,$592 $436 \n\nFor IUL, the cash flow assumptions used to amortize URL reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter.\n\nNote K —Value of Business Acquired (\"VOBA\"), Deferred Acquisition Costs (\"DAC\"), and Deferred Sales Inducements (\"DSI\")\n\nThe following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.\n\nMarch 31, 2026December 31, 2025\n\n(In millions)\n\nCustomer relationships and contracts$330 $349 \n\nValue of business acquired 1,161 1,196 \n\nDeferred acquisition costs 3,752 3,637 \n\nDeferred sales inducements 944 891 \n\nValue of distribution asset60 62 \n\nComputer software286 289 \n\nTrademarks, tradenames, and other 228 217 \n\nTotal Other intangible assets, net$6,761 $6,641 \n\nThe following tables roll forward VOBA by product for the three months ended March 31, 2026 and 2025:\n\nIndexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal\n\n(In millions)\n\nBalance at January 1, 2026\n$770 $18 $178 $119 $111 $1,196 \n\nAmortization(29)(1)(2)(1)(2)(35)\n\nBalance at March 31, 2026\n$741 $17 $176 $118 $109 $1,161 \n\nIndexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal\n\n(In millions)\n\nBalance at January 1, 2025\n$892 $22 $184 $126 $125 $1,349 \n\nAmortization(31)(1)(2)(1)(3)(38)\n\nBalance at March 31, 2025\n$861 $21 $182 $125 $122 $1,311 \n\nVOBA amortization expense of $35 million and $38 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively.\n\n45\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables roll forward DAC by product for the three months ended March 31, 2026 and 2025.\n\nIndexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)\n\n(In millions)\n\nBalance at January 1, 2026\n$2,205 $402 $1,021 $3,628 \n\nCapitalization126 8 77 211 \n\nAmortization(54)(28)(16)(98)\n\nBalance at March 31, 2026\n$2,277 $382 $1,082 $3,741 \n\nIndexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)\n\n(In millions)\n\nBalance at January 1, 2025\n$1,874 $376 $781 $3,031 \n\nCapitalization126 21 69 216 \n\nAmortization(45)(25)(12)(82)\n\nBalance at March 31, 2025\n$1,955 $372 $838 $3,165 \n\n(a) Excludes insignificant amounts of DAC related to funding agreement backed notes (\"FABN\") and PRT.\n\nDAC amortization expense of $98 million and $82 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively, excluding insignificant amounts related to FABN and PRT.\n\nThe following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:\n\nMarch 31, 2026December 31, 2025\n\n(In millions)\n\nIndexed Annuities$2,277 $2,205 \n\nFixed Rate Annuities382 402 \n\nUniversal Life1,082 1,021 \n\nFABN7 5 \n\nPRT4 4 \n\nTotal$3,752 $3,637 \n\nThe following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2026 and 2025:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nBalance at January 1,$891 $625 \n\nCapitalization73 71 \n\nAmortization(20)(14)\n\nBalance at March 31,$944 $682 \n\nDSI amortization expense of $20 million and $14 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively.\n\nThe cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (\"FPB\") for life contingent immediate annuities and PRT. Those assumptions will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For indexed annuity contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, and DAC reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities.\n\n46\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nF&G reviews cash flow assumptions annually, generally in the third quarter. In 2025, F&G undertook a review of all significant assumptions and revised several assumptions relating to their deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2026, F&G updated the assumption for option budgets. For the year ended December 31, 2025, F&G updated the assumptions for option budgets, surrenders, lapses, mortality and mortality improvement, and free partial withdrawals. For both periods, these assumption updates resulted in increased amortization rates on some DAC and DSI balances, primarily for indexed annuities. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption update.\n\nThere has been no material change to the estimated future amortization expense of intangible assets since December 31, 2025.\n\nNote L — F&G Reinsurance\n\nThe Company reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk and any acquisition cost reimbursements reduce policy acquisition costs deferred and maintenance expense reimbursements reduce direct expenses incurred. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk. As of March 31, 2026 and December 31, 2025, we had an immaterial amount of cost of reinsurance recorded on the unaudited Condensed Consolidated Balance Sheets.\n\nThe effects of reinsurance on net premiums earned, net product fees and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2026 and 2025 were as follows:\n\nThree months ended March 31,\n\n20262025\n\n(In millions)\n\nNet Premiums EarnedNet Product\nFeesNet Benefits IncurredNet Premiums EarnedNet Product\nFeesNet Benefits Incurred\n\nDirect$353 $170 $534 $343 $180 $577 \n\nCeded(20)(24)(50)(22)(12)(53)\n\n   Net$333 $146 $484 $321 $168 $524 \n\nAmounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.\n\nReinsurance Transactions\n\nThe following summarizes significant changes to third-party reinsurance agreements for the period ended March 31, 2026:\n\nAncient Re: Effective February 28, 2026, in conjunction with the sale of F&G Life Re to Ancient, F&G amended the existing reinsurance agreement with F&G Life Re for certain inforce FIA policies and effective March 1, 2026, added a new forward flow component to cede certain MYGA policies, both on a coinsurance funds withheld quota share basis.\n\nThere have been no other significant changes to third party reinsurance agreements for the three months ended March 31, 2026.\n\n47\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following summarizes our reinsurance recoverable as of March 31, 2026 and December 31, 2025:\n\nParent Company/\nPrincipal ReinsurersReinsurance Recoverable (a)Agreement TypeProducts\nCoveredAccounting\n\nMarch 31, 2026December 31, 2025\n\n(In millions)\n\nAspida (b)$8,522 $8,589 Coinsurance Funds WithheldCertain MYGA Deposit\n\nSomerset Reinsurance Ltd. (c)5,607 5,071 Coinsurance Funds WithheldCertain MYGA and deferred annuitiesDeposit\n\nCoinsurance Funds WithheldCertain FIAReinsurance\n\nEverlake1,875 1,868 Coinsurance Certain MYGA (d)Deposit\n\nAncient Re1,735 — Coinsurance Funds WithheldCertain FIA and certain MYGADeposit\n\nWilton Reassurance Company1,026 1,032 CoinsuranceBlock of traditional, IUL, and UL (e)Reinsurance\n\nOther (f)1,228 1,003 \n\nReinsurance recoverable, gross of allowance19,993 17,563 \n\nAllowance for expected credit losses(18)(18)\n\nReinsurance recoverable, net of allowance for expected credit losses$19,975 $17,545 \n\n(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.\n\n(b) Includes Aspida Life Re Ltd. and Aspida Re Cayman Ltd.\n\n(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.\n\n(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.\n\n(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.\n\n(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.\n\nAs of March 31, 2026 and December 31, 2025, F&G had a deposit asset of $15,007 million and $13,279 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the unaudited Condensed Consolidated Balance Sheets.\n\nThe Company incurred risk charge fees of $11 million for both the three months ended March 31, 2026 and 2025, in relation to reinsurance agreements.\n\nCredit Losses\n\nThe Company estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. There was no material change in the expected credit loss reserve for the three months ended March 31, 2026 and 2025.\n\n48\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFunds Withheld\n\nThe following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown below in the unaudited Condensed Consolidated Balance Sheets (in millions):\n\nMarch 31, 2026December 31, 2025\n\n(in millions)\n\nFixed maturities, AFS$14,204 $12,530 \n\nEquity securities65 60 \n\nDerivative instruments76 55 \n\nMortgage loans217 65 \n\nInvestments in unconsolidated affiliates936 752 \n\nPolicy loans1 1 \n\nCash and cash equivalents920 702 \n\nAccrued interest receivable, included in Prepaid expenses and other assets152 146 \n\nAccounts payable and accrued liabilities and reconciling items (a)(84)(120)\n\nNet assets$16,487 $14,191 \n\n(a) Reconciling items primarily represent net balances in process of settlement or clearing.\n\nConcentration of Reinsurance Risk\n\nAs indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida, Somerset Reinsurance Ltd. (“Somerset”), Everlake, Ancient Re Ltd. (“Ancient Re”) and Wilton Reassurance Company (“Wilton Re”) that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts, and irrevocable letters of credit. We believe that all amounts due from Aspida, Somerset, Everlake, Ancient Re, and Wilton Re for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2026. The following table presents financial strength ratings as of March 31, 2026:\n\nParent Company/Principal ReinsurersFinancial Strength Rating\n\nAM BestS&PFitchMoody's\n\nAspida A- ———\n\nSomerset ABBB+——\n\nEverlakeA———\n\nAncient Re Ltd.————\n\nWilton ReA+—A-—\n\n“—” indicates not rated\n\nNote M — F&G Insurance Subsidiary Financial Information and Regulatory Matters\n\nOur U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re, file financial statements with state insurance regulatory authorities and, except for Raven Re, with the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations, and administrative rules. Permitted SAP encompasses all accounting practices not prescribed but approved by state regulators. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions, and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.\n\nOur non-U.S. insurance subsidiary, F&G Cayman Re Ltd (“F&G Cayman Re”), a Cayman Islands entity, files financial statements with its regulator the Cayman Islands Monetary Authority (“CIMA”).\n\n49\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nU.S. Companies\n\nOur principal insurance subsidiaries' audited statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2026 and 2025, and statutory capital and surplus as of March 31, 2026 and December 31, 2025, of our wholly owned U.S. regulated insurance subsidiaries, were as follows:\n\nSubsidiary (state of domicile) (a)\n\nFGL Insurance\n(IA)FGL NY Insurance (NY)Raven Re\n(VT)Corbeau Re\n(VT)\n\nStatutory Net income (loss):(In millions)\n\nFor the three months ended March 31, 2026\n$(14)$3 $8 $(40)\n\nFor the three months ended March 31, 2025\n(127)4 10 (52)\n\nStatutory Capital and Surplus:\n\nMarch 31, 2026$1,551 $125 $190 $228 \n\nDecember 31, 20251,735 122 182 236 \n\n(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.\n\nPrescribed and permitted practices\n\nFGL Insurance - FGL Insurance applies Iowa-prescribed accounting practices prescribed by Iowa Administrative Code 191 Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,” for its indexed annuities and IUL products. Under these alternative accounting practices, the equity option derivative instruments that hedge the growth in interest credited on index products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and indexed annuity reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV assuming the market value of the equity options associated with the current index term is zero regardless of the observable market value for such options.\n\nIn addition, based on a permitted practice received from the Iowa Insurance Division, FGL Insurance carries one of its limited partnership interests, which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies,” on a net asset value per share basis. This is a departure from SSAP No. 48, which requires such investments to be carried based on the investees underlying GAAP equity (prior to any impairment considerations). In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without such permitted statutory accounting practices, Raven Re’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices, Corbeau Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.\n\nThe prescribed and permitted practices resulted in increases to statutory capital and surplus of $249 million for both March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices, FGL Insurance’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.\n\nThere have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no other significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2026.\n\nNon-U.S. Company\n\nF&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by its regulator, which may vary materially from GAAP. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.\n\nF&G Cayman Re has two permitted practices, which have been approved by CIMA. F&G Cayman Re has a permitted practice approved by CIMA to include, as an admitted asset, the value of the letters of credit (“LOCs”) acquired to support reinsurance transactions. Also, F&G Cayman Re has a permitted practice, approved by CIMA, for PRT reinsurance transactions to use U.S. statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts). These reserve calculations will be subject to annual assumption reviews consistent with other GAAP liability balances. If F&G Cayman Re had not been permitted to calculate PRT assumed reserves using best estimate reserve calculations or include the value of the LOCs as an admitted asset, statutory surplus would be $13 million and $20 million as of March 31, 2026 and December 31, 2025, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.\n\n50\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNet income and capital and surplus of our wholly owned Cayman Islands insurance subsidiary under SAP were as follows:\n\nSubsidiary (country of domicile)\n\nF&G Cayman Re (Cayman Islands)\n\n(In millions)\n\nStatutory Net income (loss):\n\nFor the three months ended March 31, 2026\n$(9)\n\nFor the three months ended March 31, 2025\n15 \n\nStatutory Capital and Surplus:\n\nMarch 31, 2026$1,145 \n\nDecember 31, 20251134\n\nThe prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.\n\n51\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote N — Market Risk Benefits\n\nThe following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2026 and the year ended December 31, 2025:\n\nMarch 31, 2026December 31, 2025\n\nIndexed\nannuitiesFixed rate annuitiesIndexed\nannuitiesFixed rate annuities\n\n(In millions)\n\nBalance, beginning of period, net liability$812 $1 $420 $1 \n\nBalance, beginning of period, before effect of changes in the instrument-specific credit risk$684 $1 $322 $1 \n\nIssuances and benefit payments45 — 147 — \n\nAttributed fees collected and interest accrual44 — 156 — \n\nActual policyholder behavior different from expected 53 — 45 — \n\nChanges in assumptions and other(10)— 8 — \n\nEffects of market related movements(12)— 6 — \n\nBalance, end of period, before effect of changes in the instrument-specific credit risk804 1 684 1 \n\nEffect of changes in the instrument-specific credit risk80 — 128 — \n\nBalance, end of period, net liability884 1 812 1 \n\nLess: reinsured market risk benefits225 — 195 — \n\nBalance, end of period, net of reinsurance$659 $1 $617 $1 \n\nWeighted-average attained age of policyholders weighted by total AV (years)67.8284.7467.8484.69\n\nNet amount at risk$2,082 $2 $1,900 $2 \n\nThe following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the unaudited Condensed Consolidated Balance Sheets:\n\nMarch 31, 2026December 31, 2025\n\nDirectReinsuredTotal DirectReinsuredTotal\n\n(In millions)\n\nMRB asset\n\nIndexed annuities$80 $228 $308 $88 $197 $285 \n\nFixed rate annuities — — — — — — \n\nTotal MRB asset $80 $228 $308 $88 $197 $285 \n\nMRB liability\n\nIndexed annuities$964 $3 $967 $900 $2 $902 \n\nFixed rate annuities1 — 1 1 — 1 \n\nTotal MRB liability$965 $3 $968 $901 $2 $903 \n\nThe net MRB liability increased for the three months ended March 31, 2026, primarily as a result of collection of attributed fees, interest accrual, actual to expected policyholder behavior, and MRB reserves for contracts issued within the period.\n\nFor the three months ended March 31, 2026, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs.\n\nThe net MRB liability increased for the year ended December 31, 2025, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.\n\n52\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nFor the year ended December 31, 2025, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and decreases in the equity market related projections resulted in an increase in the net amount at risk associated with indexed annuities, leading to an unfavorable change in the value of the associated MRBs.\n\nIn addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. F&G reviews cash flow assumptions annually, generally in the third quarter. In 2025, F&G undertook a review of all significant assumptions and revised several assumptions relating to their deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the three months ended March 31, 2026, F&G updated the option budget assumption. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These updates, in total, led to a decrease in the net MRB liability for the three months ended March 31, 2026. For the year ended December 31, 2025, F&G updated assumptions including surrender rates, mortality and mortality improvement, partial withdrawals, projected CPI, and option budgets. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2025.\n\nNote O — Contractholder Funds\n\nThe following tables summarize balances of and changes in contractholder funds’ account balances:\n\nMarch 31, 2026\n\nIndexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)\n\n(Dollars in millions)\n\nBalance, beginning of year$33,226 $19,265 $3,292 $3,324 $2,898 \n\nIssuances1,644 184 60 750 901 \n\nPremiums received8 — 163 — — \n\nPolicy charges (a)(57)— (103)— — \n\nSurrenders and withdrawals(978)(605)(33)— — \n\nBenefit payments(115)(93)(5)(30)(1,122)\n\nInterest credited245 222 57 39 25 \n\nOther(4)— — — — \n\nBalance, end of period33,969 18,973 3,431 4,083 2,702 \n\nReconciling items (c)(47)2 92 — — \n\nGross liability, end of period33,922 18,975 3,523 4,083 2,702 \n\nLess: Reinsurance recoverable5,655 12,834 883 — — \n\nNet liability, after reinsurance$28,267 $6,141 $2,640 $4,083 $2,702 \n\nWeighted-average crediting rate2.96 %4.76 %7.07 %N/AN/A\n\nNet amount at risk (d)N/AN/A$29,648 N/AN/A\n\nCash surrender value (e)$31,607 $17,783 $2,641 N/AN/A\n\n53\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nDecember 31, 2025\n\nIndexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)\n\n(Dollars in millions)\n\nBalance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 \n\nIssuances6,714 3,801 229 1,148 2,241 \n\nPremiums received31 — 593 — — \n\nPolicy charges (a)(222)— (378)— — \n\nSurrenders and withdrawals(3,831)(2,485)(130)— — \n\nBenefit payments(536)(358)(21)(395)(2,298)\n\nInterest credited830 866 182 107 103 \n\nOther5 (1)— 1 — \n\nBalance, end of period33,226 19,265 3,292 3,324 2,898 \n\nReconciling items (c)321 2 115 11 — \n\nGross liability, end of period33,547 19,267 3,407 3,335 2,898 \n\nLess: Reinsurance recoverable3,198 12,863 887 — — \n\nNet liability, after reinsurance$30,349 $6,404 $2,520 $3,335 $2,898 \n\nWeighted-average crediting rate2.65 %4.84 %6.13 %N/AN/A\n\nNet amount at risk (d)N/AN/A$29,581 N/AN/A\n\nCash surrender value (e)$30,920 $18,034 $2,533 N/AN/A\n\n(a) Contracts included in the Contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.\n\n(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.\n\n(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.\n\n(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.\n\n(e) These amounts are gross of reinsurance.\n\nThe following table reconciles contractholder funds’ account balances to the Contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:\n\nMarch 31, 2026December 31, 2025\n\n(In millions)\n\nIndexed annuities$33,922 $33,547 \n\nFixed rate annuities18,975 19,267 \n\nImmediate annuities259 262 \n\nUniversal life3,523 3,407 \n\nTraditional life4 4 \n\nFABN4,083 3,335 \n\nFHLB2,702 2,898 \n\nPRT6 6 \n\nTotal$63,474 $62,726 \n\nAnnually, typically in the third quarter, F&G reviews assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2026 and the year ended December 31, 2025, based on policyholder behavior, experience, and interest rate movements, F&G reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in Contractholder funds of approximately $5 million and $22 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.\n\n54\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:\n\nMarch 31, 2026\n\nRange of guaranteed minimum crediting rateAt Guaranteed Minimum\n1 Basis Point-50 Basis Points Above\n\n51 Basis Points-150 Basis Points Above\n\n Greater Than 150 Basis Points Above\n Total\n\nIndexed annuities(In millions)\n\nUp to 1.50%$701 $422 $295 $777 $2,195 \n\n1.51%-2.50%534 17 767 655 1,973 \n\nGreater than 2.50%203 — — 2 205 \n\nSubtotal$1,438 $439 $1,062 $1,434 $4,373 \n\nNo guaranteed minimum crediting rate29,596 \n\nTotal$33,969 \n\nFixed rate annuities\n\nUp to 1.50%$101 $88 $676 $15,350 $16,215 \n\n1.51%-2.50%3 6 24 444 477 \n\nGreater than 2.50%709 1 5 1,566 2,281 \n\nTotal$813 $95 $705 $17,360 $18,973 \n\nUniversal life\n\nUp to 1.50%$3,042 $9 $— $28 $3,079 \n\n1.51%-2.50%— — — — — \n\nGreater than 2.50%351 — 1 — 352 \n\nTotal$3,393 $9 $1 $28 $3,431 \n\nDecember 31, 2025\n\nRange of guaranteed minimum crediting rateAt Guaranteed Minimum\n 1 Basis Point-50 Basis Points Above\n\n51 Basis Points-150 Basis Points Above\n\n Greater Than 150 Basis Points Above\n Total\n\nIndexed annuities(In millions)\n\nUp to 1.50%$659 $464 $298 $812 $2,233 \n\n1.51%-2.50%548 17 633 630 1,828 \n\nGreater than 2.50%212 1 — 1 214 \n\nSubtotal$1,419 $482 $931 $1,443 $4,275 \n\nNo guaranteed minimum crediting rate28,951 \n\nTotal$33,226 \n\nFixed rate annuities\n\nUp to 1.50%$94 $75 $792 $15,548 $16,509 \n\n1.51%-2.50%4 6 16 466 492 \n\nGreater than 2.50%727 2 5 1,530 2,264 \n\nTotal$825 $83 $813 $17,544 $19,265 \n\nUniversal life\n\nUp to 1.50%$2,898 $9 $— $31 $2,938 \n\n1.51%-2.50%— — — — — \n\nGreater than 2.50%353 — 1 — 354 \n\nTotal$3,251 $9 $1 $31 $3,292 \n\n55\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nNote P — Future Policy Benefits\n\nThe following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:\n\nTraditional life\n\nMarch 31, 2026December 31, 2025\n\nExpected net premiums(Dollars in millions)\n\nBalance, beginning of year$585 $631 \n\nBeginning balance at original discount rate700 780 \n\n     Effect of actual variances from expected experience(2)1 \n\nBalance adjusted for variances from expectation698 781 \n\n     Interest accrual3 15 \n\n     Net premiums collected(22)(96)\n\nEnding balance at original discount rate679 700 \n\n     Effect of changes in discount rate assumptions(120)(115)\n\nBalance, end of period$559 $585 \n\nExpected FPB\n\nBalance, beginning of year$1,855 $1,933 \n\nBeginning balance at original discount rate2,167 2,368 \n\n     Effect of actual variances from expected experience(3)(21)\n\nBalance adjusted for variances from expectation2,164 2,347 \n\n     Interest accrual12 50 \n\n     Benefits payments(50)(230)\n\nEnding balance at original discount rate2,126 2,167 \n\n     Effect of changes in discount rate assumptions(334)(312)\n\nBalance, end of period$1,792 $1,855 \n\nNet liability for future policy benefits$1,233 $1,270 \n\nLess: Reinsurance recoverable498 489 \n\nNet liability for future policy benefits, after reinsurance recoverable$735 $781 \n\nWeighted-average duration of liability for future policyholder benefits (years)6.026.84\n\n56\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:\n\nPRT\n\nMarch 31, 2026December 31, 2025\n\n(Dollars in millions)\n\nBalance, beginning of year$8,112 $6,054 \n\nBeginning balance at original discount rate8,268 6,417 \n\n     Effect of changes in cash flow assumptions— (36)\n\n     Effect of actual variances from expected experience1 13 \n\nBalance adjusted for variances from expectation8,269 6,394 \n\n     Issuances333 2,206 \n\n     Interest accrual99 331 \n\n     Benefits payments(202)(663)\n\nEnding balance at original discount rate8,499 8,268 \n\n     Effect of changes in discount rate assumptions(321)(156)\n\nBalance, end of period$8,178 $8,112 \n\nNet liability for future policy benefits, after reinsurance recoverable$8,178 $8,112 \n\nWeighted-average duration of liability for future policyholder benefits (years)7.627.80\n\nImmediate annuities\n\nMarch 31, 2026December 31, 2025\n\n(Dollars in millions)\n\nBalance, beginning of year$1,276 $1,297 \n\nBeginning balance at original discount rate1,679 1,732 \n\n     Effect of actual variances from expected experience4 (11)\n\nBalance adjusted for variances from expectation1,683 1,721 \n\n     Issuances5 17 \n\n     Interest accrual13 54 \n\n     Benefits payments(28)(113)\n\nEnding balance at original discount rate1,673 1,679 \n\n     Effect of changes in discount rate assumptions(431)(403)\n\nBalance, end of period$1,242 $1,276 \n\nNet liability for future policy benefits$1,242 $1,276 \n\nLess: Reinsurance recoverable104 106 \n\nNet liability for future policy benefits, after reinsurance recoverable$1,138 $1,170 \n\nWeighted-average duration of liability for future policyholder benefits (years)12.2212.32\n\n57\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following tables summarize balances and changes in the liability for deferred profit liability (\"DPL\") for limited-payment contracts:\n\nMarch 31, 2026December 31, 2025\n\nImmediate annuitiesPRTImmediate annuitiesPRT\n\n(In millions)\n\nBalance, beginning of year$90 $7 $90 $6 \n\n     Effect of actual variances from expected experience(2)1 2 1 \n\nBalance adjusted for variances from expectation88 8 92 7 \n\n     Issuances1 — 6 1 \n\n     Interest accrual— — 1 — \n\n     Amortization(2)— (9)(1)\n\nBalance, end of period$87 $8 $90 $7 \n\nThe following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:\n\nMarch 31, 2026December 31, 2025\n\n(In millions)\n\nTraditional life$1,233 $1,270 \n\nImmediate annuities1,242 1,276 \n\nPRT8,178 8,112 \n\nImmediate annuities DPL87 90 \n\nPRT DPL8 7 \n\nTotal$10,748 $10,755 \n\nThe following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:\n\nUndiscountedDiscounted\n\nMarch 31,March 31,\n\n2026202520262025\n\nTraditional life(In millions)\n\nExpected future benefit payments$2,458 $2,720 $1,794 $1,938 \n\nExpected future gross premiums821 923 601 671 \n\nImmediate annuities\n\nExpected future benefit payments$3,082 $3,168 $1,242 $1,297 \n\nExpected future gross premiums— — — — \n\nPRT\n\nExpected future benefit payments$13,431 $10,535 $8,178 $6,360 \n\nExpected future gross premiums— — — — \n\nThe following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:\n\nGross Premiums (a)Interest Expense (b)\n\nMarch 31,March 31,\n\n2026202520262025\n\n(In millions)\n\nTraditional life$23 $26 $9 $9 \n\nImmediate annuities5 6 13 14 \n\nPRT324 311 99 74 \n\nTotal$352 $343 $121 $97 \n\n(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.\n\n(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.\n\n58\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nThe following table presents the weighted-average interest rate:\n\nMarch 31, 2026December 31, 2025\n\nTraditional life\n\nInterest accretion rate2.36 %2.35 %\n\nCurrent discount rate5.07 %4.77 %\n\nImmediate annuities\n\nInterest accretion rate3.22 %3.20 %\n\nCurrent discount rate5.59 %5.29 %\n\nPRT\n\nInterest accretion rate4.96 %4.87 %\n\nCurrent discount rate5.28 %4.98 %\n\nThe following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:\n\nMarch 31, 2026\n\nTraditional lifeImmediate annuities PRT\n\nMortality\n\nActual experience1.3 %1.1 %3.5 %\n\nExpected experience1.6 %1.7 %2.5 %\n\nLapses\n\nActual experience— %— %— %\n\nExpected experience0.5 %— %— %\n\nDecember 31, 2025\n\nTraditional lifeImmediate annuities PRT\n\nMortality\n\nActual experience2.4 %2.4 %2.6 %\n\nExpected experience1.6 %1.7 %2.5 %\n\nLapses\n\nActual experience— %— %— %\n\nExpected experience0.6 %— %— %\n\nThe following table provides additional information for periods in which a cohort has a net premium ratio (\"NPR\") greater than 100% (and therefore capped at 100%) (dollars in millions):\n\nMarch 31, 2026December 31, 2025\n\nCohort XDescriptionCohort XDescription\n\nNPR before capping103 %Term with return of premium Non-NY Cohort104 %Term with return of premium Non-NY Cohort\n\nReserves before NPR capping$1,113 Term with return of premium Non-NY Cohort$1,145 Term with return of premium Non-NY Cohort\n\nReserves after NPR capping1,122 Term with return of premium Non-NY Cohort1,156 Term with return of premium Non-NY Cohort\n\nLoss Expense9 Term with return of premium Non-NY Cohort11 Term with return of premium Non-NY Cohort\n\nF&G made changes to assumptions during the three months ended March 31, 2026 and the year ended December 31, 2025. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.\n\nTraditional life\n\nThe traditional life line of business primarily consists of policies that were sold prior to 2010. As this line of business continues to age, benefit payments made from these contracts will be the primary driver of the emergence of reserves, decreasing the reserve balance.\n\n59\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)\n\nSignificant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G updated the assumptions for surrenders and lapses. Updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These assumption updates resulted in a decrease to the FPB liability for the year ended December 31, 2025. In 2026, no updates have been made to any significant assumptions used in the FPB liability.\n\nMarket data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.\n\nImmediate annuities (life contingent)\n\nSignificant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.\n\nPRT (life contingent)\n\nThe PRT line of business has issued a significant volume of contracts for 2026 and 2025, which is the primary impact in increasing the reserve balance in each of those periods.\n\nSignificant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). Additionally, for PRT contracts with deferred payment streams, retirement age and elected payment form are significant assumptions. F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G undertook a review of the significant cash flow assumptions and did not make any changes to any significant assumptions. Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.\n\nPremium deficiency testing\n\nF&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. F&G began accruing a liability in the fourth quarter of 2024 that increases the amortization of traditional life VOBA. The liability balance was immaterial at both March 31, 2026 and December 31, 2025.\n\n60\n\n[Table of Contents](#i7cd89d64d9b74512bec151f552d14ad7_7)"}