What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2026-02-26 compared with 2025-02-28 · 832 added, 780 removed, 2367 unchanged (41% of the section changed)

58 unchanged sentences

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Loss Provision Rate Assumption related to the Reserve for Title Claim Losses

Description of the Matter The Company’s reserve for title claim losses totaled $1.7 billion as of December 31, 2024.

As discussed in Note A to the consolidated financial statements, the reserve for title claim losses includes known claims as well as losses that have been incurred but not yet reported, net of recoupments.

The Company establishes reserves for claims which are incurred but not reported at the time premium revenue is recognized based on estimated loss provision rates.

There is significant uncertainty inherent in determining the loss provision rates.

Auditing the Company’s reserve for title claim losses was complex because of the highly judgmental nature of the determination of the loss provision rates used in the valuation of the reserve for title claim losses.

The significant judgment was primarily due to the sensitivity of management’s estimate to claim loss history, industry trends, and current legal environment.

How we Addressed the

These controls included, among others, the review and approval process management has in place for the development of the loss provision rates and the estimation of the reserve for title claim losses.

To evaluate the judgment used by management in determining the loss provision rates, among other procedures, we considered claim loss history, industry trends, current legal environment, and how management assessed these factors in the current period as compared to prior periods.

We involved actuarial professionals with specialized skills and industry knowledge, who assisted in performing an evaluation of the Company’s current year loss provision rates compared with those used in prior periods, as well as a review of loss development experience for prior years.

We also independently calculated a range of reasonable reserve estimates which we compared to management’s recorded reserve for title claim losses.

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Fixed Indexed Annuity Embedded Derivative Liability, Market Risk Benefits, and Future Policy Benefits Liability

2 unchanged sentences

Certain of the Company’s fixed indexed annuity (FIA) contracts allow the policyholder to elect an equity index linked feature, where amounts credited to the contract’s account value are linked to the performance of designated equity indices and crediting strategy selected by the policyholder.

The equity index crediting feature is accounted for as an embedded derivative liability and reported at fair value as discussed in Notes A (see section on Contractholder Funds), D, F, and Y to the consolidated financial statements.

A subset of FIA contracts include certain contract features that provide minimum guarantees to policyholders, such as guaranteed minimum withdrawal benefits and guaranteed minimum death benefit features that are market risk benefits (MRB) measured at fair value as discussed in Notes A (see section on MRBs), D, and X to the consolidated financial statements.

The Company’s MRB assets and MRB liabilities totaled $285 million and $903 million, respectively, as of December 31, 2025.

At December 31, 2025, future policy benefits (FPB) liabilities related to traditional life and life-contingent immediate annuity policies (which includes life-contingent pension risk transfer annuities) totaled $10.8 billion.

The future policy benefits liability related to these products is based on estimates of how much the Company will need to pay for future benefits and related claim expenses and the amount of net premiums to be collected from policyholders as discussed in the Notes A (see section on FPB) and Z to the consolidated financial statements.

Auditing the valuation of the Company’s fixed indexed annuity embedded derivative, MRBs, and FPB liabilities was complex because of the highly judgmental nature of the determination of the assumptions required to determine the fair value of the embedded derivative and MRBs and valuation of FPB liabilities.

In particular, the fair value of fixed indexed annuity embedded derivative and MRBs was sensitive to the significant assumptions including surrender rates, GMWB utilization, option cost and non-performance spread.

In addition, mortality, partial withdrawals, and capital market performance scenarios were significant assumptions used in the valuation of MRBs.

Mortality is a significant assumption used in the valuation of FPB liabilities.

The future policy benefits liability related to these products is based on estimates of how much the Company will need to pay for future benefits and related claim expenses and the amount of net premiums to be collected from policyholders as discussed in Notes A (see section on Future Policy Benefits) and Y to the consolidated financial statements.

Auditing the valuation of the Company’s fixed indexed annuity embedded derivative, MRBs, and life-contingent immediate annuity policies liabilities was complex because of the highly judgmental nature of the determination of the assumptions required to determine the fair value of the embedded derivative and MRBs and valuation of life-contingent immediate annuity policies liabilities.

In addition, mortality and capital market performance scenarios were significant assumptions used in the valuation of MRBs.

Mortality is a significant assumption used in the valuation of life-contingent immediate annuity policies liabilities.

How we Addressed the

Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s controls over management’s process for the development of the significant assumptions used in measuring the fair value of the embedded derivative for fixed indexed annuities and MRBs and the valuation of FPB liabilities.

These controls included, among others, the review and approval process management has in place for the development of the significant assumptions.

To evaluate the judgment used by management in determining the assumptions used in measuring the fair value of the fixed indexed annuity embedded derivative and MRBs and the valuation of FPB liabilities, among other procedures, we involved actuarial specialists and evaluated the methodology applied by management in determining the valuation with those used in the prior period and in the industry.

To evaluate the judgment used by management in determining the assumptions used in measuring the fair value of the fixed indexed annuity embedded derivative and MRBs and the valuation of life-contingent immediate annuity policies liabilities, among other procedures, we involved actuarial specialists and evaluated the methodology applied by management in determining the valuation with those used in the prior period and in the industry.

To evaluate the significant assumptions used by management in the methodology applied, we compared as applicable, the significant assumptions noted above to historical experience, observable market data, and management’s estimates of prospective changes in these assumptions.

We also performed an independent recalculation of the embedded derivative, MRB, and FPB liabilities for a sample of policies or cohorts for comparison with the actuarial models used by management.

We also performed an independent recalculation of the embedded derivative, MRB, and life-contingent immediate annuity policies liabilities for a sample of policies or cohorts for comparison with the actuarial models used by management.

We have served as the Company's auditor since 2017.

13 unchanged sentences

Mortgage loans, net of allowance for credit losses of $ 86 and $ 70 as of December 31, 2025 and 2024, respectively

Investments in unconsolidated affiliates 3,731 3,334

Other long-term investments 811 703

Short-term investments 3,050 2,119

Investments in unconsolidated affiliates (2025 includes $ 262 related to investments held by consolidated variable interest entities (“VIEs”) and 2025 and 2024 include certain investments at fair value of $ 270 and $ 272 , respectively)

Other long-term investments (2025 includes $ 248 related to investments held by consolidated VIEs)

Short-term investments (2025 includes $ 116 related to investments held by consolidated VIEs)

Total investments 73,195 63,615

Cash and cash equivalents, as of December 31, 2025 and 2024 includes $ 261 and $ 69 , respectively, of pledged cash related to secured trust deposits

Trade and notes receivables, net of allowance of $ 32 as of December 31, 2024 and 2023, respectively

Trade and notes receivables, net of allowance of $ 31 and $ 32 as of December 31, 2025 and 2024, respectively

Reinsurance recoverable, net of allowance for credit losses of $ 18 and $ 20 at December 31, 2025 and 2024, respectively

17,551 13,380

Goodwill 5,272 5,271

28 unchanged sentences

Accumulated other comprehensive earnings ( 1,678 ) ( 2,052 )

Treasury stock, 56 shares as of December 31, 2024 and 2023, at cost

Treasury stock, 61 and 56 shares as of December 31, 2025 and 2024, at cost

( 2,424 ) ( 2,152 )

48 unchanged sentences

Other comprehensive earnings:

Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) (1) ( 157 ) 961 ( 4,783 )

Unrealized gain (loss) on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) (1) 709 ( 157 ) 961

Unrealized gain on investments in unconsolidated affiliates (2) 8 32 12

Unrealized (loss) gain on foreign currency translation (3) ( 22 ) 6 ( 18 )

Unrealized gain (loss) on foreign currency translation (3) 18 ( 22 ) 6

Reclassification adjustments for unrealized gains and losses included in net earnings (4) ( 46 ) ( 8 ) 126

1 unchanged sentence

Changes in instrument-specific credit risk - market risk benefits (6) ( 24 ) 5 ( 34 )

Other comprehensive (loss) earnings attributable to non-controlling interest (7) ( 7 ) ( 134 ) 35

Other comprehensive loss attributable to non-controlling interest (7) ( 73 ) ( 7 ) ( 134 )

Minimum pension liability adjustment — — 3

Other comprehensive earnings (loss) 67 751 ( 3,748 )

Comprehensive earnings (loss) 1,458 1,269 ( 2,442 )

Tax effects of F&G Distribution 16 — —

Other comprehensive earnings 374 67 751

Comprehensive earnings 1,053 1,458 1,269

Comprehensive earnings attributable to non-controlling interests 77 121 1

Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc.

Comprehensive earnings attributable to Fidelity National Financial, Inc.

common shareholders $ 976 $ 1,337 $ 1,268

(1) Net of income tax (benefit) expense of $( 43 ) million, $ 238 million, and $( 1,246 ) million for the years ended December 31, 2024, 2023, and 2022, respectively.

(1) Net of income tax expense (benefit) of $ 171 million, $( 43 ) million, and $ 238 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(2) Net of income tax expense of $ 2 million, $ 9 million, and $ 3 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(3) Net of income tax (benefit) expense of $( 6 ) million and $ 2 million, and $( 4 ) million for the years ended December 31, 2024 and 2023, and 2022, respectively.

(3) Net of income tax expense (benefit) of $ 4 million and $( 6 ) million, and $ 2 million for the years ended December 31, 2025 and 2024, and 2023, respectively.

(4) Net of income tax (benefit) expense of $( 13 ) million, $( 1 ) million, and $ 34 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(5) Net of income tax expense (benefit) of $ 59 million, $( 50 ) million and $ 203 million for the years ended December 31, 2024, 2023 and 2022, respectively .

(6) Net of income tax expense (benefit) of $ 1 million, $( 9 ) million and $ 18 million for the years ended December 31, 2024, 2023 and 2022, respectively.

(7) Net of income tax (benefit) expense of $( 3 ) million, $( 35 ) million and $ 9 million for the years ended December 31, 2024, and 2023, and 2022, respectively.

(8) Net of income tax expense of $ 2 million for the year ended December 31, 2022.

(5) Net of income tax (benefit) expense of $( 62 ) million, $ 59 million, and $( 50 ) million for the years ended December 31, 2025, 2024, and 2023, respectively .

(6) Net of income tax (benefit) expense of $( 6 ) million, $ 1 million, and $( 9 ) million for the years ended December 31, 2025, 2024, and 2023, respectively.

(7) Net of income tax benefit of $ 18 million, $ 3 million, and $ 35 million for the years ended December 31, 2025, and 2024, and 2023, respectively.

See accompanying Notes to Consolidated Financial Statements

10 unchanged sentences

Exercise of stock options — — 15 — — — — — 15

Non-controlling interest associated with current period acquisition — — — — — — — 46 46

Purchase of incremental share in consolidated subsidiaries — — ( 11 ) — — — — ( 8 ) ( 19 )

1 unchanged sentence

Treasury stock repurchased — — — — — — ( 4 ) — ( 4 )

Other comprehensive earnings - unrealized loss on investments and other financial instruments — — — — ( 4,783 ) — — — ( 4,783 )

Other comprehensive earnings - unrealized gain on investments and other financial instruments — — — — 961 — — — 961

Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates — — — — 12 — — — 12

4 unchanged sentences

Stock-based compensation — — 55 — — — — 4 59

Dilution from share issuance by consolidated subsidiary — — ( 13 ) — — — — 13 —

Dividends declared — — — ( 498 ) — — — — ( 498 )

2 unchanged sentences

Change in instrument-specific credit risk - market risk benefits — — — — ( 34 ) — — — ( 34 )

Distribution of 15 % of the common stock of F&G

— — ( 24 ) ( 397 ) — — — 421 —

F&G purchases of treasury stock — — ( 1 ) — — — — ( 18 ) ( 19 )

Subsidiary dividends declared to non-controlling interests — — — — — — — ( 29 ) ( 29 )

13 unchanged sentences

Exercise of stock options 1 — 21 — — — — — 21

Treasury stock repurchased — — — — — — ( 4 ) — ( 4 )

Non-controlling interest associated with current period acquisitions — — — — — — — 139 139

Issuance of restricted stock 1 — — — — — — — —

Purchase of incremental share in consolidated subsidiaries — — ( 13 ) — — — — ( 8 ) ( 21 )

Other comprehensive earnings — unrealized gain on investments and other financial instruments — — — — 961 — — — 961

Other comprehensive earnings — unrealized loss on investments and other financial instruments — — — — ( 157 ) — — — ( 157 )

Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates — — — — 32 — — — 32

Other comprehensive earnings — unrealized gain on foreign currency translation — — — — 6 — — — 6

Other comprehensive earnings - minimum pension liability adjustment — — — — 3 — — — 3

Other comprehensive earnings — unrealized loss on foreign currency translation — — — — ( 22 ) — — — ( 22 )

Reclassification adjustments for unrealized gains and losses included in net earnings — — — — ( 8 ) — — — ( 8 )

6 unchanged sentences

Change in instrument-specific credit risk - market risk benefits — — — — 5 — — — 5

F&G purchases of treasury stock — — ( 1 ) — — — — ( 18 ) ( 19 )

Subsidiary dividends declared to non-controlling interests — — — — — — — ( 48 ) ( 48 )

13 unchanged sentences

Exercise of stock options — — 4 — — — — — 4

Non-controlling interest associated with current period acquisitions — — — — — — — 139 139

F&G common stock offering — — 8 — — — — 109 117

Treasury stock repurchased — — — — — 5 ( 254 ) — ( 254 )

Issuance of restricted stock 1 — — — — — — — —

Purchase of incremental share in consolidated subsidiaries — — ( 6 ) — — — — ( 3 ) ( 9 )

Other comprehensive earnings - unrealized loss on investments and other financial instruments — — — — ( 157 ) — — — ( 157 )

Other comprehensive earnings - unrealized gain on investments and other financial instruments — — — — 709 — — — 709

Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates — — — — 8 — — — 8

Other comprehensive earnings - unrealized loss on foreign currency translation — — — — ( 22 ) — — — ( 22 )

Other comprehensive earnings - unrealized gain on foreign currency translation — — — — 18 — — — 18

Reclassification adjustments for unrealized gains and losses included in net earnings — — — — ( 46 ) — — — ( 46 )

3 unchanged sentences

Shares withheld for taxes and in treasury — — — — — — ( 18 ) ( 9 ) ( 27 )

Noncontrolling interest return of capital — — — — — — — ( 2 ) ( 2 )

Change in current discount rate — liability for future policy benefits — — — — ( 234 ) — — — ( 234 )

2 unchanged sentences

Subsidiary dividends declared to non-controlling interests — — — — — — — ( 62 ) ( 62 )

F&G Distribution — — 9 ( 551 ) 16 — — 551 25

Net earnings — — — 602 — — — 77 679

12 unchanged sentences

Equity in earnings of unconsolidated affiliates ( 35 ) ( 16 ) ( 17 )

(Gain) loss on sales of investments and other assets and asset impairments, net ( 339 ) 542 533

Loss (gain) on sales of investments and other assets and asset impairments, net 215 ( 339 ) 542

Interest credited/index credits to contractholder account balances 202 1,327 1,409

23 unchanged sentences

Purchases of investment securities ( 23,198 ) ( 17,825 ) ( 13,985 )

Net (purchases of) proceeds from sales and maturities of short-term investment securities ( 1,076 ) 340 ( 2,571 )

Net proceeds from (purchases of) sales and maturities of short-term investment securities 1,298 ( 1,076 ) 340

Other acquisitions/disposals, net of cash acquired ( 62 ) ( 586 ) ( 299 )

21 unchanged sentences

Payment of contingent consideration for prior period acquisitions ( 27 ) ( 17 ) ( 10 )

Payment for shares withheld for taxes and in treasury ( 34 ) ( 17 ) ( 15 )

Payment for shares withheld for taxes on share-based compensation ( 27 ) ( 34 ) ( 17 )

Contractholder account deposits 11,575 10,147 7,787

Contractholder account withdrawals ( 8,763 ) ( 8,010 ) ( 4,625 )

F&G Equity Offering 117 — —

F&G repurchases of F&G stock — — ( 18 )

1 unchanged sentence

Net cash provided by financing activities 2,263 1,759 3,093

Net increase (decrease) in cash and cash equivalents 712 481 ( 2,074 )

Net (decrease) increase in cash and cash equivalents ( 843 ) 712 481

Cash and cash equivalents at beginning of period 3,479 2,767 2,286

8 unchanged sentences

Description of the Business

We are a leading provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty products, (ii) technology and transaction services to the real estate and mortgage industries and (iii) annuity and life insurance products.

(ii) technology and 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.

2 unchanged sentences

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").

For information about our reporting segment refe r to Note J Seg ment Information .

For information about our reporting segments refe r to Note J Seg ment Information .

Recent Developments

F&G Life Re Ltd.

(“F&G Life Re”)

On February 19, 2026, F&G announced the expected sale of its Bermuda based subsidiary, F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”).

The transaction is expected to be completed on March 1, 2026, subject to satisfaction or waiver of customary closing conditions.

2025 F&G Distribution

On December 31, 2025, we completed our previously announced pro rata distribution of approximately 16 million shares of common stock of F&G owned by FNF, representing approximately 12 % of the outstanding shares of F&G's common stock, to all of FNF's shareholders of record as of 4:30 p.m.

ET on December 17, 2025 (the "2025 F&G Distribution").

FNF's shareholders received six shares of F&G's common stock for every 100 shares of FNF's common stock.

No fractional shares of F&G's common stock were distributed.

Instead, FNF's shareholders received cash in lieu of any fraction of a share of F&G's common stock that they otherwise would have received.

The 2025 F&G Distribution is structured as a taxable dividend to FNF shareholders for U.S.

federal income tax purposes.

Immediately following the 2025 F&G Distribution, FNF owned approximately 70 % of the common stock of F&G.

F&G Common Stock Issuance

On March 24, 2025, F&G completed a public offering of 8,000,000 shares of F&G common stock, par value $ 0.001 per share.

In connection with the offering, F&G entered into an underwriting agreement, pursuant to which they granted the underwriters of the offering a 30 -day option to purchase up to an additional 1,200,000 shares of common stock.

Pursuant to the underwriting agreement, the underwriters agreed to resell to FNF 4,500,000 shares of F&G common stock at the same price per share paid by the underwriters, which was $ 33.60 per share.

The underwriters option expired unexercised.

F&G is used the net proceeds from the offering for general corporate purposes, including the support of organic growth opportunities.

Redemption of 5.50 % F&G Senior Notes

1 unchanged sentence

The notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date.

On and after the redemption date, interest will cease to accrue on the notes.

7.30 % F&G Junior Notes

1 unchanged sentence

F&G used a portion of the net proceeds of this offering to redeem the outstanding $ 300 million aggregate principal amount of its 5.50 % F&G Senior Notes.

F&G intends to use the remaining net proceeds of this offering for general corporate purposes.

The 7.30 % F&G Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

6.25 % F&G Senior Notes

On October 4, 2024, F&G completed its public offering of its 6.25 % Senior Notes due 2034 with an aggregate principal amount of $ 500 million (the " 6.25 % F&G Notes").

The 6.25 % F&G Notes are guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreements.

A portion of the net proceeds were used to pay off the outstanding balance of $ 365 million on the Company’s revolving credit facility.

The 6.25 % F&G Notes were registered under the Securities Act.

Acquisition of PALH

On July 18, 2024, F&G acquired a 100 % ownership stake in the equity of PALH, LLC ("PALH").

PALH markets and sells life insurance and annuity products of various insurance carriers to individuals through a network of agents.

Prior to the acquisition date, PALH owned a 70 % ownership stake in an operating company of which F&G owned 30 % equity.

Total consideration of approximately $ 314 million is comprised of cash of $ 215 million, settlement of a prepaid asset of $ 8 million, acquisition date fair value of the previously held interests of $ 92 million, net of $ 1 million cash acquired.

6.50 % F&G Senior Notes

On June 4, 2024, F&G completed its public offering of $ 550 million aggregate principal amount of its 6.50 % Senior Notes due 2029 (the " 6.50 % F&G Notes").

The 6.50 % F&G Notes are guaranteed on an unsecured, unsubordinated basis by each of F&G’s subsidiaries that are guarantors of F&G’s obligations under its existing credit agreement.

A portion of the net proceeds were used to finance a cash tender offer by its wholly owned subsidiary Fidelity & Guaranty Life Holdings, Inc.

("FGLH") for an aggregate principal amount of $ 250 million of FGLH’s 5.50 % Senior Notes due 2025 (the " 5.50 %" F&G Notes).

F&G Notes were registered under the Securities Act.

For more information related to the F&G Notes refer to Note G Notes Payable .

Amendment to our Revolving Credit Facility

On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $ 800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement").

For further information related to the Amended Revolving Credit Facility and the Sixth Restated Credit Agreement refer to Note G Notes Payable .

Amendment to the F&G Credit Agreement

On February 16, 2024, we entered into a Second Amended and Restated F&G Credit Agreement of our $ 665 million credit agreement, with the guarantors party thereto, the financial institutions party thereto as lenders, and Bank of America, N.A., as administrative agent, swing line lender and an issuing bank (the "Second Amended and Restated F&G Credit Agreement").

For more information related to the Second Amended and Restated F&G Credit Agreement refer to Note G Notes Payable .

Investment of $ 250 million in F&G

On January 12, 2024, we completed a $ 250 million preferred stock investment in F&G.

F&G will use the net proceeds from the investment to support growth of its assets under management.

Under the terms of the agreement, we invested $ 250 million in exchange for 5 million shares of F&G's 6.875 % Series A Mandatory Convertible Preferred Stock, par value $ 0.001 per share (the "Mandatory Convertible Preferred Stock").

Each share of Mandatory Convertible Preferred Stock has a liquidation preference of $ 50.00 per share.

Unless earlier converted at the option of the holder, each outstanding share of the Mandatory Convertible Preferred Stock will automatically convert into shares of common stock of F&G on January 15, 2027 (the "Mandatory Conversion Date").

Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory Convertible Preferred Stock will be no more than 1.1111 shares of common stock and no less than 0.9456 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the value of F&G's common stock.

Acquisition of ROAR

On January 2, 2024, F&G acquired a 70 % majority ownership stake in the equity of Roar Joint Venture, LLC ("Roar") resulting in the consolidation of Roar in F&G's financial statements.

Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents.

Total initial consideration is comprised of cash of approximately $ 269 million and $ 48 million of contingent consideration.

Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to approximately $ 90 million over a three year period upon the achievement by Roar of certain earnings before interest, taxes, depreciation and amortization ("EBITDA") milestones.

For more information regarding the Roar and PALH acquisitions, refer to Note B Acquisitions .

F&G used the remaining net proceeds for general corporate purposes.

The 7.30 % F&G Notes were registered under the Securities Act of 1933 (as

amended) (the “Securities Act”).

Principles of Consolidation and Basis of Presentation

The Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include our accounts as well as our wholly-owned subsidiaries and majority-owned subsidiaries.

All intercompany profits, transactions, and balances have been eliminated.

4 unchanged sentences

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.

We assess our relationships with VIEs to evaluate if we are the primary beneficiary of the VIE.

If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our Consolidated Financial Statements.

See Note E Investments for additional information on our investments in VIEs.

Fixed Maturity Securities Available-for-Sale

We consolidate VIEs for which we are the primary beneficiary and account for all other VIEs as unconsolidated VIEs.

We assess our relationships with VIEs to evaluate if we are the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant.

See Note D Investments for additional information on our investments in VIEs.

Fixed Maturity Securities

Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements.

Our investments in fixed maturity securities have 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 AOCI, net of deferred income taxes.

Our investments in fixed maturity securities have 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 AOCI, net of deferred income taxes.

Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable.

We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value.

In our title segment, realized gains and losses on sales of our fixed maturity securities are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis.

Our F&G segment uses first-in first-out cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis.

Realized gains and losses on sales of our fixed maturity securities are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis except for private placements, which are recorded on a settlement date basis.

Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and (losses), net in the accompanying Consolidated Statements of Earnings.

Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and (losses), net.

For details on our policy around allowance for expected credit losses on AFS securities, refer to Note E Investments.

Preferred and Equity Securities

Preferred and equity securities held are carried at fair value as of the balance sheet dates.

Changes in fair value and realized gains and losses on sales of our preferred and equity securities are reported within Recognized gains and losses, net in the Consolidated Statements of Earnings.

Realized gains and losses on sales of our preferred and equity securities are determined on the first in first out cost basis and are credited or charged to earnings on a trade date basis unless the security is a private placement in which case settlement date basis is used.

For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.

Equity Securities

Preferred and common equity securities held are carried at fair value as of the balance sheet dates.

Changes in fair value and realized gains and losses on sales of our preferred and common equity securities are reported within Recognized gains and losses, net in the Consolidated Statements of Earnings.

Realized gains and losses on sales of our preferred and common equity securities are determined on the specific identification basis and are credited or charged to earnings on a trade date basis unless the security is a private placement in which case settlement date basis is used.

Interest and dividend income from these investments is reported in Interest and investment income in the Consolidated Statements of Earnings.

Derivative Financial Instruments

In our F&G segment, we hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options).

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments.

Freestanding Derivatives

In our F&G segment, we economically hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily equity options and, to a lesser degree, futures contracts).

We also utilize certain interest rate swaps, to reduce market risks from interest rate changes on our earnings associated with our floating rate investments, and foreign currency swaps, to reduce market risks from fluctuations in foreign exchange rates that impact earnings associated with our foreign currency denominated investments.

All such derivative instruments are recognized as either assets or liabilities in the Consolidated Balance Sheets at fair value.

The changes in fair value are reported within Recognized gains and losses, net in the Consolidated Statements of Earnings.

The change in the fair value of derivative instruments is included in (Gain) loss on sales of investments and other assets and asset impairments, net, in the Consolidated Statements of Cash Flow.

We purchase financial instruments that may contain embedded derivative instruments.

The changes in fair value of derivatives not designated to hedge relationships are reported within Recognized gains and losses, net in the Consolidated Statements of Earnings.

The change in the fair value of these derivative instruments is included in operating activities in the Consolidated Statements of Cash Flows.

Hedge Accounting

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

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

When a derivative is designated as a cash flow hedge and is determined to be highly effective, changes in the fair value of the derivative included in the assessment of effectiveness are recorded in AOCI until earnings are affected by the variability of cash flows being hedged.

At the time the variability of cash flows being hedged impacts net earnings, the related portion of deferred gains or losses on the derivative instrument is reclassified and reported in net earnings in the same line item on the Consolidated Statements of Earnings that is used to report the earnings effect of the hedged item.

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

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

In our hedge documentation, we explain how the hedging instrument is expected to hedge the designated risks related to the hedged item and the method that will be used to test for hedge effectiveness on both a prospective and retrospective basis.

A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item.

Effectiveness of the hedge is formally assessed at inception and at least quarterly throughout the life of the hedging relationship.

We prospectively discontinue hedge accounting when (1) the criteria to qualify for hedge accounting is no longer met;

(2) the derivative expires, is sold, terminated, or is exercised;

or (3) we de-designate the derivative from being the hedging instrument for a fair value or cash flow hedge.

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

For discontinued fair value hedges, the hedged item will no longer be adjusted for changes in the hedged risk and any existing basis adjustment will be amortized into the Consolidated Statements of Earnings within the same line item that is used to report other earnings effects of the hedged item.

Any amounts remaining in AOCI associated with a component of the change in derivative fair value excluded from the assessment of effectiveness will be amortized into earnings in a manner consistent with how any basis adjustment associated with the hedged item would be amortized.

The component of AOCI related to discontinued cash flow hedges where it is probable the hedged forecasted transaction will not occur, will be immediately reclassified from AOCI into earnings.

In all other cases any amounts remaining in AOCI will be amortized into earnings consistent with the earnings impacts expected from the original hedged cash flows.

Embedded Derivatives

We purchase financial instruments and enter into agreements that may contain embedded derivatives.

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

For further information, refer to Note E Derivative Financial Instruments .

Mortgage Loans

Our investment in mortgage loans consists of commercial and residential mortgage loans on real estate, which are reported at amortized cost, less allowance for expected credit losses.

For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note E Investments .

For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note D Investments .

Commercial mortgage loans ("CMLs") are continuously monitored by reviewing appraisals, operating statements, rent revenues, annual inspection reports, loan specific credit quality, property characteristics, market trends and other factors.

1 unchanged sentence

Loans are placed on a watch list when the debt service coverage ("DSC") ratio falls below certain thresholds and the loan-to-value ("LTV") ratios exceeds certain thresholds.

Loans on the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest.

the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest.

We define delinquent mortgage loans as 30 days past due, consistent with industry practice.

12 unchanged sentences

Initial investments are recorded at cost.

For investments subsequently measured using the equity method (primarily limited partnerships), adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value ("NAV") in the unconsolidated affiliates’ financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles.

For investments subsequently measured using the equity method (primarily limited partnerships, including those held by consolidated VIEs), adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value ("NAV") in the unconsolidated affiliates’ financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles.

Our pro rata share of NAV adjustments are reported in Interest and investment income and realized gains and losses on sales are reported in Recognized gains and losses, net in the Consolidated Statements of Earnings.

4 unchanged sentences

Distributions received from investments measured using the fair value option are reported within Interest and investment income in the Consolidated Statements of Earnings.

For descriptions of the fair value methodologies used for our investments, refer to Note D Fair Value of Financial Instruments .

For descriptions of the fair value methodologies used for our investments, refer to Note C Fair Value of Financial Instruments .

In our title segment, we account for our investments in unconsolidated affiliates using the equity method of accounting and earnings on our investments in unconsolidated affiliates are recorded within Equity in earnings of unconsolidated affiliates within the Consolidated Statements of Earnings.

8 unchanged sentences

For higher rated securities, interest income will be estimated based on an effective yield that considers cash flows received to date plus current expectations of future cash flows.

For all other securities, interest income will be estimated based upon an effective yield that considers current expectations of future cash flows.

For all other securities, interest

income will be estimated based upon an effective yield that considers current expectations of future cash flows.

For both interest income models, the estimated future cash flows include assumptions regarding the performance of the underlying collateral pool.

14 unchanged sentences

These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data.

See a description of the fair value methodology used in Note D Fair Value of Financial Instruments .

See a description of the fair value methodology used in Note C Fair Value of Financial Instruments .

Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations

15 unchanged sentences

VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition.

It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date.

It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business inforce at the acquisition date.

VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability.

The VIF is determined by the present value of statutory distributable earnings less opening required capital.

DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts that are deferred as they

are incurred.

DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts that are deferred as they are incurred.

When insurance contracts are reinsured and reinsurance accounting is applied, acquisition cost reimbursements from reinsurers are recorded as a reduction to DAC.

4 unchanged sentences

The constant level amortization bases of VOBA, DAC, DSI, and COR varies by product type.

For universal life and IUL insurance products, the constant level basis used is face amount in force.

For universal life and indexed universal life (“IUL”) insurance products, the constant level basis used is face amount inforce.

For deferred annuities (indexed annuities and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA and ceded initial premium for COR.

16 unchanged sentences

Trademarks and tradenames are generally amortized over ten years .

Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs.

Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software

development costs.

Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life.

4 unchanged sentences

We review VOBA, DSI and other intangible assets for impairment annually or when events or circumstances occur that indicate a potential change in the underlying basis.

F or further information, refer to Note M Intangibles for details of impairment expense.

F or further information, refer to Note L Intangibles for details of impairment expense.

Title plants are recorded at the cost incurred to construct or obtain and organize historical title information to the point it can be used to perform title searches.

1 unchanged sentence

Title plants are not amortized as they are considered to have an indefinite life, if maintained.

Sales of title plants are reported at the

amount received net of the adjusted costs of the title plant sold.

Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold.

Sales of title plant copies are reported at the amount received.

1 unchanged sentence

Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.

We reviewed title plants for impairment for the years ended December 31, 2024, 2023 and 2022 and did not record any impairment expense in the year ended December 31, 2023.

We reco rded $ 2 million and $ 1 million of impair ment expense related to title plants in the year ended December 31, 2024 and 2022, respectively .

We reviewed title plants for impairment for the years ended December 31, 2025, 2024, and 2023 and did not record any impairment expense in the years ended December 31, 2025 and 2023.

We reco rded $ 2 million of impair ment expense related to title plants in the year ended December 31, 2024 .

Property and Equipment

4 unchanged sentences

Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.

We recorded $ 2 million of impairment expense related to property and equipment in our title segment in the year ended December 31, 2022 .

We did not record any impairment expense related to property and equipment in the years ended December 31, 2025, 2024, and 2023.

4 unchanged sentences

The embedded derivative liability is carried at fair value in Contractholder funds in the Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the Consolidated Statements of Earnings.

See a description of the fair value methodology used in Note D Fair Value of Financial Instruments .

See a description of the fair value methodology used in Note C Fair Value of Financial Instruments .

Future Policy Benefits

43 unchanged sentences

MRBs can either be in an asset or liability position and are presented separately on the Consolidated Balance Sheets as the right of setoff criteria are not met.

Changes in fair value, net, are recognized in Market risk benefit (gains) losses in the Consolidated Statements of Earnings, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the Consolidated Statements of Comprehensive Earnings.

See a description of the fair value methodology used in Note D Fair Value of Financial Instruments and Note X Market Risk Benefits .

Changes in fair value, net, are recognized in Market risk benefit (gains) losses in the Consolidated

Statements of Earnings, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the Consolidated Statements of Comprehensive Earnings.

See descriptions of the fair value methodology used in Note C Fair Value of Financial Instruments and Note W Market Risk Benefits .

Reserve for Title Claim Losses

31 unchanged sentences

F&G cedes certain business on a coinsurance funds withheld basis.

Investment results for the assets that support the coinsurance that are segregated within the funds withheld account 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.

The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account.

embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position on the Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and (losses), net, on the Consolidated Statements of Earnings.

See Note O F&G Reinsurance for more details over F&G's reinsurance agreements.

Assets supporting the arrangements are reported within Funds withheld for reinsurance liabilities on our Consolidated Balance Sheets.

All assets within the Funds withheld for reinsurance liabilities are recorded in a manner consistent with each respective item of our accounting policies discussed in this Note A Business and Summary of Significant Accounting Policies .

Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps.

These embedded derivatives are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation.

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.

Beginning in 2025, these embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the Consolidated Balance Sheets and prior periods have been reclassified from Prepaid expenses and other assets to conform with the current presentation.

The related gains or losses are reported in Recognized gains and losses, net, on the Consolidated Statements of Earnings.

See Note N F&G Reinsurance for more details over F&G's reinsurance agreements.

Revenue Recognition

Refer to Note L Revenue Recognition for a description of our accounting for our various revenue streams.

Refer to Note K Revenue Recognition for a description of our accounting for our various revenue streams.

Benefits and Other Changes in Policy Reserves

2 unchanged sentences

Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies.

All changes in the Reinsurance recoverable balance that need to be reflected in earnings are included within Benefits and other changes in policy reserves on the Consolidated Statements of Operations.

With the exception of reinsured MRBs discussed above, changes in the Reinsurance recoverable balance that need to be reflected in earnings are included within Benefits and other changes in policy reserves on the Consolidated Statements of Earnings.

For reinsurance arrangements that apply reinsurance accounting, this primarily relates to changes in the reserve balance ceded.

8 unchanged sentences

Basic earnings per share, as presented on the Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the 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 the impact of assumed conversions of potentially dilutive securities.

For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive.

4 unchanged sentences

Restricted stock, options or other instruments, which provide the ability to acquire shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.

There were fewer than 1 million antidilutive instruments outstanding for the years ended December 31, 2024 and 2023.

There were no antidilutive instruments outstanding for the years ended December 31, 2025 and 2024.

Comprehensive Earnings (Loss)

2 unchanged sentences

While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date.

Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated

affiliates, and are included in Recognized gains and losses, net on the Consolidated Statements of Earnings.

Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and losses, net on the Consolidated Statements of Earnings.

The income tax effects are released from AOCI when the related activity is reclassified to net earnings.

13 unchanged sentences

Other comprehensive earnings 711 ( 235 ) ( 24 ) 25 477

F&G Distribution 16 — — — 16

Non-controlling interest ( 116 ) 40 4 ( 1 ) ( 73 )

4 unchanged sentences

Periodically, and at least annually, typically in the third quarter, we review the assumptions associated with reserves for policy benefits and product guarantees.

During the third quarter of 2024 and for the year ended December 31, 2024, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds.

These changes resulted in a decrease in total benefits and other changes in policy reserves of approximately $ 89 million for the year ended December 31, 2024.

During the third quarter of 2023 and for the year ended December 31, 2023, based on increases in interest rates and pricing changes, we updated certain indexed annuities assumptions to calculate the fair value of the embedded derivative component within the contractholder funds and also aligned reserves to actual policyholder behavior.

During the third quarter and for the years ended December 31, 2025 and 2024, based on

policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds.

These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $ 20 million and $ 89 million for the years ended December 31, 2025 and 2024, respectively.

During the third quarter and for the year ended December 31, 2023, based on increases in interest rates and pricing changes, we updated certain indexed annuities assumptions to calculate the fair value of the embedded derivative component within the contractholder funds and also aligned reserves to actual policyholder behavior.

These changes resulted in an increase in total benefits and other changes in policy reserves of approximately $ 73 million .

During the fourth quarter of 2022, based on increases in interest rates and pricing changes during 2022, we updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and the fair value of market risk benefits.

These changes, taken together, resulted in an increase in contractholder funds and market risk benefits of $ 99 million .

Reclassifications

Prior period amounts have been reclassified to conform with the current period presentation.

Refer to “ Funds Withheld Arrangements ” above for further information.

Owned Distribution Investments

For the years ended December 31, 2025, 2024, and 2023, we expensed approximately $ 55 million, $ 119 million, and $ 154 million in commissions on sales through our funded owned distribution investments and their affiliates, respectively, with the acquisition expense deferred and amortized in Depreciation and amortization on the accompanying Consolidated Statements of Earnings.

Note B — Acquisitions

Owned Distribution - Acquisition of Roar Joint Venture, LLC

On January 2, 2024, F&G acquired a 70 % majority ownership stake in the equity of Roar Joint Venture, LLC (“Roar”).

Roar wholesales life insurance and annuity products to banks and broker-dealers through a network of agents.

Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to approximately $ 90 million over a three-year period upon the achievement of certain EBITDA milestones of Roar.

The initial purchase price is as follows (in millions):

Cash paid for 70 % majority interest of Roar shares

Cash acquired net of non-controlling interests 1

Net cash paid for 70 % majority interest of Roar

Initial fair value of contingent consideration 48

Total initial consideration $ 316

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date:

Fair value as of

January 2, 2024

(In millions)

Goodwill $ 268

Prepaid expenses and other assets 3

Other intangible assets 183

Total assets acquired 454

Accounts payable and accrued liabilities 2

Total liabilities assumed 2

Non-controlling interests (fair value determined using income approach) 136

Total liabilities assumed and non-controlling interests 138

Net assets acquired $ 316

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the Roar acquisition consist of the following:

Gross Carrying Value Estimated Useful Life

Other intangible assets:

(In millions) (In years)

Customer relationships $ 179 12

Definite lived trademarks, tradenames, and other 4 10

Total Other intangible assets $ 183

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities.

The total amount of goodwill recorded is expected to be deductible for tax purposes.

Roar’s revenues of $ 78 million and net earnings attributable to F&G common shareholders of $ 6 million are included in the Consolidated Statements of Earnings for the year ended December 31, 2024.

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to $ 90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones.

The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities.

Refer to Note A Basis of Financial Statements for more information on the Roar purchase and refer to Note D Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

Owned Distribution - Acquisition of PALH, LLC

On July 18, 2024, F&G acquired a 100 % ownership stake in the equity of PALH, LLC (“PALH”).

PALH markets and sells life insurance and annuity products of various insurance carriers to individuals through a network of agents.

Prior to the acquisition date, PALH owned a 70 % ownership stake in an operating company of which F&G owned 30 % equity.

Immediately before the acquisition date, the fair value of F&G’s minority stake in the operating company was approximately $ 92 million, derived from the transaction value.

The transaction value contemplates measures such as EBITDA margin, revenue growth over time periods and growth opportunities.

This remeasurement resulted in a realized gain of $ 2 million recorded in Recognized gains and losses, net in the Consolidated Statements of Earnings during the year ended December 31, 2024 .

The initial purchase price is as follows:

(In millions)

Cash paid $ 215

Cash acquired 1

Net cash paid 214

Settlement of prepaid asset 8

Acquisition date fair value of previously held interests 92

Total consideration $ 314

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date:

Fair value as of

July 18, 2024

(In millions)

Goodwill $ 162

Prepaid expenses and other assets 5

Other intangible assets 149

Total assets acquired 316

Accounts payable and accrued liabilities 2

Total liabilities assumed 2

Net assets acquired $ 314

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the PALH acquisition consist of the following:

Gross Carrying Value Estimated Useful Life

Other intangible assets:

(In millions) (In years)

Customer relationships $ 131 20

Definite lived trademarks, tradenames, and other 18 5 to 10

Total Other intangible assets $ 149

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities.

A portion of the total amount of goodwill recorded is expected to be deductible for tax purposes.

PALH’s revenues and net loss attributable to F&G common shareholders of $ 3 million and $ 6 million, respectively, are included in the Consolidated Statements of Earnings for the year ended December 31, 2024.

Note C — Summary of Reserve for Title Claim Losses

Note B — Summary of Reserve for Title Claim Losses

A summary of the reserve for title claim losses follows:

14 unchanged sentences

Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 % 4.5 %

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses.

Plaintiffs further alleged that employees of Chicago Title Company assisted Ms.

Champion-Cain and her entities in diverting the funds placed into an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v.

Gina Champion-Cain and ANI Development, LLC , pending in the United States District Court for the Southern District of California.

The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v.

Chicago Title Co.

and Chicago Title Ins.

The Named Companies reached a global settlement with the receiver and several other investor claimants and jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme.

On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement barring further claims against the Named Companies (“Settlement and Bar Order”).

After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies.

Some of the non-joining investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083).

On February 20, 2025, the Ninth Circuit affirmed the district court's Settlement and Bar Order, barring all ongoing and future litigation against CTC stemming from the scheme operated by Ms.

Champion-Cain.

If appellants wish to seek further review of the Ninth Circuit's decision, they have a limited time to file a petition for rehearing or rehearing en banc , and/or a petition for review with the U.S.

Supreme Court.

Once the appellate decision is final, the remaining lawsuits pending in the Superior Court of San Diego County for the State of California involving claimants/investors who objected to CTC's settlement with the receiver are expected to be dismissed as to CTC.

Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms.

Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We 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.

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.

Due 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, it is possible that additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

Note D — Fair Value of Financial Instruments

Note C — Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk.

7 unchanged sentences

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.

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

Net Asset Value ("NAV") – Certain equity investments are measured using NAV as a practical expedient in determining fair value.

In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient.

22 unchanged sentences

Foreign Governments 107 238 23 — 368

Short term investments 2,995 18 37 — 3,050

Preferred securities 189 246 8 — 443

Equity securities:

Preferred equity securities 174 254 8 — 436

Common equity securities 441 — 17 35 493

Derivative investments — 1,156 — — 1,156

Investment in unconsolidated affiliates — — 272 — 272

Investments in unconsolidated affiliates — — 270 — 270

Other long-term investments (a) — 248 41 — 289

Short term investments 1,764 82 74 — 1,920

Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable — — 399 — 399

Loan receivable, included in Prepaid expenses and other assets — — 24 — 24

Reinsurance related embedded derivative, included in other assets — 109 — — 109

Market risk benefits asset — — 285 — 285

Other assets — — 129 — 129

Other long-term investments — — 32 — 32

Total financial assets at fair value $ 6,136 $ 41,896 $ 14,530 $ 35 $ 62,597

Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds $ — $ — $ 6,542 $ — $ 6,542

Interest rate swaps — 10 — — 10

Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities — 3 9 — 12

Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities — 75 — — 75

Equity options 1 — — — 1

Contingent consideration obligation — — 74 — 74

Contingent consideration, included in Accounts payable and accrued liabilities — — 72 — 72

Market risk benefits liability — — 903 — 903

Total financial liabilities at fair value $ 1 $ 78 $ 7,526 $ — $ 7,605

(a) Includes certain interests in VIEs for which the fair value option has been elected.

Refer to Note D - Investments for further details.

December 31, 2024

11 unchanged sentences

Foreign Governments — 280 4 — 284

Preferred securities 214 399 8 — 621

Equity securities:

Preferred equity securities 189 246 8 — 443

Common equity securities 575 — 10 57 642

Derivative investments — 791 3 — 794

Investment in unconsolidated affiliates — — 285 — 285

Short-term investments 2,111 8 — — 2,119

Reinsurance related embedded derivative, included in other assets — 152 — — 152

Investments in unconsolidated affiliates — — 272 — 272

Other long-term investments — — 32 — 32

Short term investments 2,995 18 37 — 3,050

Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable — — 98 — 98

Loan receivable, included in Prepaid expenses and other asset — — 11 — 11

Market risk benefits asset — — 189 — 189

Other assets — — 65 — 65

Total financial assets at fair value $ 7,945 $ 37,459 $ 11,832 $ 57 $ 57,293

Indexed annuities/IUL embedded derivatives, included in Contractholder funds $ — $ — $ 5,220 $ — $ 5,220

Market risk benefits liability — — 403 — 403

Interest rate swaps, included in Accounts payable and accrued liabilities — 10 — — 10

Equity options 1 — — — 1

Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities — ( 109 ) — — ( 109 )

Contingent consideration, included in Accounts payable and accrued liabilities — — 74 — 74

Market risk benefits liability — — 549 — 549

Total financial liabilities at fair value $ 1 $ ( 99 ) $ 5,843 $ — $ 5,745

12 unchanged sentences

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.

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.

4 unchanged sentences

Derivative Financial Instruments

Our call options and put options (together referred to as “equity options”), futures contracts, and interest rate swaps can either be exchange traded or over the counter.

Derivative contracts can either be exchange traded or traded over the counter.

Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity.

1 unchanged sentence

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, and other factors.

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 aren’t 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.

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.

Effective September 30, 2024, pricing for certain derivatives was obtained from internal models using substantially all market observable inputs, and those derivatives were transferred out of Level 3 to Level 2.

The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities.

The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2.

See Note O F&G Reinsurance for further discussion on F&G reinsurance agreements.

The fair value measurement of the indexed annuities/IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method.

The 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.

The fair value measurement of the indexed annuities/IUL embedded derivatives, representing the indexed crediting feature of the policies included in Contractholder funds, and the ceded portion, the reinsured indexed crediting feature embedded derivatives recorded as a component of the Reinsurance recoverable, is determined through a combination of market observable information and significant unobservable inputs using the option budget method.

The market observable inputs are the market value of option and treasury rates.

4 unchanged sentences

Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

Also refer to Management's Estimates in Note A Business and Summary of Significant Accounting Policies regarding certain assumption updates.

Investments in Unconsolidated affiliates

We have elected the fair value option 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 fair value option are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ EBITDA.

We have elected the fair value option (“FVO”) for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value.

Investments measured using the FVO are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ earnings before interest, taxes, depreciation and amortization (“EBITDA”).

The EBITDA is based on the affiliates’ financial information.

7 unchanged sentences

The loan is collateralized by the sellers’ minority equity stake in Roar.

The loan receivable is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated cash flows at each measurement period and for each simulated path relative to the estimated collateral value.

The loan receivable is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated cash flows at each measurement period and for each

simulated path relative to the estimated collateral value.

The Monte Carlo simulation utilizes the outstanding principal balance, a risk-adjusted discount rate, and risk-free rates to discount the expected cash flows and compare to the estimated collateral value for each payment period and simulated path.

2 unchanged sentences

Other long-term Investments

We have elected the fair value option (“FVO”) for certain loans held by consolidated VIEs to better align measurement with the economic characteristics of the underlying structures and to reduce accounting mismatches that would otherwise result from measuring the assets and liabilities using different attributes.

We have also elected to apply the collateralized financing entity guidance in ASC 810 to measure both the financial assets and the financial liabilities of the VIE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities.

We believe that the value of the debt securities, that trade in the secondary market, are more observable than the pricing of the individual loans and will use the fair value of the debt securities issued by the VIE as a practical expedient in determining the fair value of the loans.

Based on the market-observable inputs of the debt securities, the fair value of the loans are included in Level 2.

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund.

5 unchanged sentences

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 F Derivative Financial Instruments .

The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis.

The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate.

The fair value of the note is provided by the fund manager at the end of each quarter.

See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments .

Mortgage servicing rights are measured at fair value using a discounted cash flow model, which incorporates assumptions that market participants use in estimating future net servicing income cash flows.

1 unchanged sentence

Contingent Consideration

We have recorded contingent consideration pursuant to the terms of the purchase agreement for the acquisition of Roar.

The contingent consideration is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones.

1 unchanged sentence

The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation.

See further discussion on the contingent consideration in Note H Commitments and Contingencies.

This contingent consideration is included in Level 3 and the inputs are considered unobservable, as not all market participants have access to this data.

See further discussion on the contingent consideration in Note G Commitments and Contingencies.

Market Risk Benefits ("MRBs")

MRBs (inclusive of reinsured MRBs) are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder (or paid to the reinsurer) used to cover the excess benefits.

3 unchanged sentences

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 X Market Risk Benefits .

See further discussion on MRBs in Note W Market Risk Benefits .

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

7 unchanged sentences

Foreign Governments 5 Third-Party Valuation Discount Rate 5.73 % - 5.73 % ( 5.73 %)

Investment in unconsolidated affiliates 272 Market Comparable Company Analysis EBITDA Multiple 8.7 x - 23.6 x ( 14.6 x)

Preferred securities 1 Discounted Cash Flow Discount rate 100.00 % - 100.00 % ( 100.00 %)

Equity securities 4 Discounted Cash Flow Discount rate 4.80 % - 14.10 % ( 9.40 %)

Municipals 3 Third-Party Valuation Discount Rate 4.94 % - 4.94 % ( 4.94 %)

Investments in unconsolidated affiliates 270 Market Comparable Company Analysis EBITDA Multiple 7.4 x - 15.5 x ( 12.10 x)

Equity securities:

Preferred equity securities 1 Discounted Cash Flow Discount rate 100.00 % - 100.00 % ( 100.00 %)

Common equity securities 12 Discounted Cash Flow Discount rate 8.10 % - 14.00 % ( 14.29 %)

Market Comparable Company Analysis EBITDA multiple 4.8 x - 6.7 x ( 5.5 x)

Other assets 65 Discounted Cash Flow Discount Rate 10.60 % - 12.00 % ( 11.30 %)

MSRs 129 Discounted Cash Flow Discount Rate 6.38 % - 10.69 % ( 8.00 %)

Conditional Prepayment Rate 5.85 % - 13.65 % ( 7.77 %)

1 unchanged sentence

Available-for-sale embedded derivative 41 Black Scholes Model Market Value of AnchorPath Fund 100.00 %

Reinsurance recoverable:

Indexed annuities/IUL ceded embedded derivatives 399 Discounted Cash Flow Market Value of Option 0.00 % - 31.77 % ( 2.74 %)

Mortality Multiplier 80.00 % - 115.00 % ( 100.00 %)

Surrender Rates 0.25 % - 50.00 % ( 3.33 %)

Partial Withdrawals 2.00 % - 6.50 % ( 2.22 %)

Non-Performance Spread 0.53 % - 1.15 % ( 0.90 %)

Option Cost 1.39 % - 5.30 % ( 1.98 %)

Prepaid expenses and other assets:

7 unchanged sentences

Total financial assets at fair value (a) $ 1,933

Indexed annuity/ IUL embedded derivatives, included in contractholder funds $ 5,220 Discounted Cash Flow Market Value of Option 0.00 % - 20.81 % ( 2.92 %)

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds $ 6,542 Discounted Cash Flow Market Value of Option 0.00 % - 40.13 % ( 3.84 %)

Mortality Multiplier 80.00 % - 115.00 % ( 100.00 %)

12 unchanged sentences

Total financial liabilities at fair value $ 7,517

(a) Excludes $ 10,301 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

(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.

Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average)

4 unchanged sentences

Corporates 7 Discounted Cash Flow Discount Rate 13.33 % - 100.00 % ( 96.45 %)

Municipals 32 Third-Party Valuation Discount Rate 6.25 % - 6.25 % ( 6.25 %)

Residential mortgage-backed securities 3 Third-Party Valuation Discount Rate 5.89 % - 5.89 % ( 5.89 %)

Foreign Governments 4 Third-Party Valuation Discount Rate 12.14 % - 12.14 % ( 12.14 %)

Investment in unconsolidated affiliates 285 Market Comparable Company Analysis EBITDA Multiple 4.4 x - 31.8 x ( 23.2 x)

Preferred securities 1 Discounted Cash Flow Discount rate 100.00 %

Equity securities 7 Discounted Cash Flow Discount rate 11.50 % - 11.50 % ( 11.50 %)

Investments in unconsolidated affiliates 272 Market Comparable Company Analysis EBITDA Multiple 8.7 x - 23.6 x ( 14.6 x)

Equity securities:

Preferred equity securities 1 Discounted Cash Flow Discount rate 100.00 % - 100.00 % ( 100.00 %)

Common equity securities 4 Discounted Cash Flow Discount rate 4.80 % - 14.10 % ( 9.40 %)

Market Comparable Company Analysis EBITDA multiple 5.8 x - 7.5 x ( 7.0 x)

Other assets 65 Discounted Cash Flow Discount Rate 10.60 % - 12.00 % ( 11.30 %)

Conditional Prepayment Rate 6.24 % - 11.99 % ( 9.12 %)

Other long-term investments:

Available-for-sale embedded derivative 28 Black Scholes Model Market Value of Fund 100 %

Available-for-sale embedded derivative 32 Black Scholes Model Market Value of AnchorPath Fund 100 %

Reinsurance recoverable:

Indexed annuities/IUL ceded embedded derivatives 98 Discounted Cash Flow Market Value of Option 0.35 % - 2.53 % ( 1.39 %)

Mortality Multiplier 80.00 % - 115.00 % ( 100.00 %)

Surrender Rates 0.25 % - 50.00 % ( 3.24 %)

Partial Withdrawals 2.00 % - 5.00 % ( 2.13 %)

Non-Performance Spread 0.48 % - 0.95 % ( 0.75 %)

Option Cost 1.40 % - 1.40 % ( 1.40 %)

Prepaid expenses and other assets:

Loan receivable 11 Discounted Cash Flow Risk-Adjusted Discount Rate 7.22 % - 7.22 % ( 7.22 %)

Collateral Volatility 35.00 % - 35.00 % ( 35.00 %)

Market risk benefits asset 189 Discounted Cash Flow Mortality 80.00 % - 115.00 % ( 100.00 %)

5 unchanged sentences

Indexed annuities/IUL embedded derivatives, included in Contractholder funds $ 5,220 Discounted Cash Flow Market Value of Option 0.00 % - 20.81 %

Swap Rates 3.84 % - 5.26 %

Mortality Multiplier 80.00 % - 115.00 %

3 unchanged sentences

Option Cost 0.07 % - 5.70 %

Contingent consideration 74 Discounted Cash Flow Risk-Adjusted Discount Rate 13.50 % - 13.50 % ( 13.50 %)

EBITDA Volatility 35.00 % - 35.00 % ( 35.00 %)

Counterparty Discount Rate 6.50 % - 6.50 % ( 6.50 %)

Market risk benefits liability 549 Discounted Cash Flow Mortality 80.00 % - 115.00 % ( 100.00 %)

18 unchanged sentences

Corporates 2,957 ( 12 ) 72 1,490 ( 889 ) ( 407 ) ( 66 ) 3,145 73

Hybrids — — — 15 — — — 15 —

Municipals — — — 4 — ( 1 ) — 3 —

1 unchanged sentence

Foreign Governments 4 — 2 19 — ( 2 ) — 23 1

Preferred securities 8 — — — — — — 8 —

Equity securities:

Interest rate swaps 57 ( 50 ) 3 — — — ( 7 ) 3 1

Investment in unconsolidated affiliates (b) 285 79 — — — — ( 92 ) 272 —

Preferred equity securities 8 ( 1 ) 1 — — — — 8 —

Common equity securities 10 2 — 5 — — — 17 —

Derivative investments 3 ( 2 ) ( 2 ) 1 — — — — ( 2 )

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

Other assets 65 ( 4 ) — 85 ( 17 ) — — 129 —

2 unchanged sentences

Available-for-sale embedded derivative 32 — 9 — — — — 41 9

Credit linked note 10 1 — — — ( 11 ) — — —

Reinsurance recoverable:

Indexed annuities/IUL ceded embedded derivatives 98 48 — 256 — ( 3 ) — 399 —

Prepaid expenses and other assets:

Loan receivable (c) — — — 11 — — — 11 —

Loan receivable (b) 11 — — 13 — — — 24 —

Subtotal Level 3 assets at fair value $ 11,643 $ 24 $ 162 $ 5,699 $ ( 1,339 ) $ ( 1,679 ) $ ( 265 ) $ 14,245 $ 154

Market risk benefits asset (d)) 88 189

Market risk benefits asset (c) 189 285

Total Level 3 assets at fair value $ 11,832 $ 14,530

Indexed annuity/ IUL embedded derivatives, included in contractholder funds $ 4,258 $ 45 $ — $ 1,351 $ — $ ( 434 ) $ — $ 5,220 $ —

Interest rate swaps — 28 — — — — ( 28 ) — —

Contingent consideration (e) — 26 — 48 — — — 74 —

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds $ 5,220 $ 450 $ — $ 1,357 $ — $ ( 485 ) $ — $ 6,542 $ —

Foreign currency swaps, included in Accounts payable and accrued liabilities — 9 — — — — — 9 —

Contingent consideration, included in Accounts payable and accrued liabilities 74 10 — — — ( 12 ) — 72 —

Subtotal Level 3 liabilities at fair value $ 5,294 $ 469 $ — $ 1,357 $ — $ ( 497 ) $ — $ 6,623 $ —

Market Risk benefits liability (d) 403 549

Market Risk benefits liability (c) 549 903

Total Level 3 liabilities at fair value $ 5,843 $ 7,526

(a) The net transfers out of Level 3 during the year ended December 31, 2024 were exclusively to Level 2 with the exception of (b) below.

(b) The transfer out of investments in unconsolidated affiliates reflects F&G’s majority acquisition of PALH on July 18, 2024.

Refer to Note B Acquisitions for details of the PALH majority acquisition.

Refer to Note H - Commitments and Contingencies for further details.

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

(e) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

Refer to Note B Acquisitions for more information.

(a) The net transfers out of Level 3 during the year ended December 31, 2025 were exclusively to Level 2.

(b) Purchases represent advances on the loan commitment to Roar.

Refer to Note G Commitments and Contingencies for further details.

Year ended December 31, 2024

11 unchanged sentences

Foreign Governments 16 — ( 1 ) — — ( 11 ) — 4 ( 1 )

Investment in unconsolidated affiliates 23 13 — 249 — — — 285 —

Short-term investments — — — 204 ( 19 ) ( 185 ) — — —

Derivative Instruments — 57 — — — — — 57 —

Preferred securities 8 — — — — — — 8 —

Equity securities 15 ( 5 ) — — — — — 10 —

Derivative investments 57 ( 50 ) 3 — — — ( 7 ) 3 1

Investments in unconsolidated affiliates 285 79 — — — — ( 92 ) 272 —

Other assets — — — 65 — — — 65 —

Short-term investments — — — 236 ( 190 ) ( 9 ) — 37 —

Other long-term assets:

1 unchanged sentence

Credit linked note 10 1 — — — ( 11 ) — — —

Secured borrowing receivable 10 — — — — ( 10 ) — — —

Reinsurance recoverable:

Indexed annuities/IUL ceded embedded derivatives 20 ( 2 ) — 81 — ( 1 ) — 98 —

Prepaid expenses and other assets:

Loan receivable (b) — — — 11 — — — 11 —

Subtotal Level 3 assets at fair value $ 9,609 $ 39 $ 217 $ 6,704 $ ( 3,165 ) $ ( 1,381 ) $ ( 380 ) $ 11,643 $ 216

Market risk benefits asset (b) 117 88

Market risk benefits asset (c) 88 189

Total Level 3 assets at fair value $ 9,697 $ 11,832

Indexed annuities embedded derivatives, included in Contractholder funds $ 4,258 $ 45 $ — $ 1,351 $ — $ ( 434 ) $ — $ 5,220 $ —

Interest rate swaps — 28 — — — — ( 28 ) — —

Contingent consideration, included in Accounts payable and accrued liabilities — 26 — 48 — — — 74 —

Subtotal Total liabilities at Level 3 fair value $ 4,258 $ 99 $ — $ 1,399 $ — $ ( 434 ) $ ( 28 ) $ 5,294 $ —

Market risk benefits liability (b) 282 403

Market risk benefits liability (c) 403 549

Total Level 3 liabilities at fair value $ 4,661 $ 5,843

( a) The net transfers out of Level 3 during the year ended December 31, 2023, were to Level 2.

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

(a) The net transfers out of Level 3 during the year ended December 31, 2024 were exclusively to Level 2.

(b) Purchases represent advances on the loan commitment to Roar.

Refer to Note G Commitments and Contingencies for further details.

Fair Value Option

F&G has 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.

The following table presents information regarding the assets for which the fair value option was elected.

Investments in unconsolidated affiliates $ 270 $ 272

Other loans, within other long-term investments (a)

Fair Value $ 248 $ —

Aggregate unpaid principal 250 —

Loan receivable, within prepaid expenses and other assets (a)

Fair Value $ 24 $ 11

Aggregate unpaid principal 24 11

(a) No loans are 90 days or more past due or on nonaccrual status

The 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 Consolidated Statements of Earnings.

Investments in unconsolidated affiliates ( 2 ) 79

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

34 unchanged sentences

The 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 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms.

The carrying value of the F&G Credit Agreement would approximate fair value as the rates are comparable to those at which we could currently borrow under similar terms.

As of December 31, 2025 and 2024, there were no outstanding balance on 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.

As of December 31, 2024 and 2023, the outstanding balance on the F&G Credit Agreement was $ 0 million and $ 365 million, respectively.

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the accompanying Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

December 31, 2025

33 unchanged sentences

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.

Note E — Investments

Note D — Investments

Our investments in fixed maturity securities have been designated as AFS, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes.

Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings.

Our consolidated investments are summarized as follows:

F&G's 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 N F&G Reinsurance , for more information on the funds withheld agreements.

The Company's consolidated AFS investments are summarized as follows:

December 31, 2025

Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value

Available-for-sale securities (In millions)

AFS securities (In millions)

Asset-backed securities $ 18,853 $ ( 25 ) $ 166 $ ( 256 ) $ 18,738

6 unchanged sentences

Foreign Governments 400 — 5 ( 37 ) 368

Total available-for-sale securities $ 51,681 $ ( 67 ) $ 406 $ ( 3,802 ) $ 48,218

Total AFS securities $ 57,161 $ ( 112 ) $ 622 $ ( 3,110 ) $ 54,561

December 31, 2024

Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value

Available-for-sale securities (In millions)

AFS securities (In millions)

Asset-backed securities $ 15,784 $ ( 13 ) $ 202 $ ( 317 ) $ 15,656

Commercial mortgage-backed/asset-backed securities 4,797 ( 22 ) 23 ( 323 ) 4,475

Commercial mortgage-backed securities 5,379 ( 49 ) 53 ( 201 ) 5,182

Corporates 24,425 ( 5 ) 108 ( 2,832 ) 21,696

4 unchanged sentences

Foreign Governments 337 — — ( 53 ) 284

Total available-for-sale securities $ 45,606 $ ( 42 ) $ 457 $ ( 3,648 ) $ 42,373

Total AFS securities $ 51,681 $ ( 67 ) $ 406 $ ( 3,802 ) $ 48,218

Securities held on deposit with various state regulatory authorities had a fair value of $ 155 million and $ 997 million at December 31, 2025 and 2024, respectively.

As of December 31, 2024 and 2023, we held $ 32 million and $ 47 million of investments that were non-income producing for a period greater than twelve months, respectively.

As of December 31, 2025 and 2024, the Company held $ 54 million and $ 32 million, respectively, of investments that were non-income producing for a period greater than twelve months.

As of December 31, 2025 and 2024, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under "Mortgage Loans", was $ 542 million and $ 476 million, respectively.

2 unchanged sentences

The collateral investments had a fair value of $ 4,621 million and $ 4,289 million as of December 31, 2025 and 2024, respectively.

The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below.

The amortized cost and fair value of fixed maturity securities AFS by contractual maturities, as applicable, are shown below.

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

2 unchanged sentences

Amortized Cost Fair Value Amortized Cost Fair Value

Corporates, Non-structured Hybrids, Municipal and Government securities:

Corporates, Non-structured Hybrids, Municipal, Foreign and U.S.

Government Securities:

Due in one year or less $ 623 $ 619 $ 961 $ 955

2 unchanged sentences

Due after ten years 18,090 15,716 16,761 13,959

27,649 24,584 23,671 21,127

Subtotal 30,121 27,773 27,649 24,584

Other securities, which provide for periodic payments:

2 unchanged sentences

Residential mortgage-backed securities 2,846 2,851 2,869 2,796

24,032 23,634 21,935 21,246

Total fixed maturity available-for-sale securities $ 51,681 $ 48,218 $ 45,606 $ 42,373

Subtotal 27,040 26,788 24,032 23,634

Total fixed maturity AFS securities $ 57,161 $ 54,561 $ 51,681 $ 48,218

Allowance for Current Expected Credit Loss

10 unchanged sentences

We recognize an allowance for current 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.

1 unchanged sentence

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.

We consider the following in determining whether write-offs of a security’s amortized cost is necessary:

We consider the following in determining whether write-offs of a security’s amortized cost are necessary:

• We believe amounts related to securities have become uncollectible;

2 unchanged sentences

If 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 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 Consolidated Statements of Earnings.

loss, to Recognized gains and losses, net in the 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 Consolidated Statements of Earnings.

The remainder of unrealized loss is held in AOCI.

As of December 31, 2025 and 2024, our allowance for expected credit losses for AFS securities was $ 112 million and $ 67 million, respectively.

The fair value and gross unrealized losses of available-for-sale 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 were as follows:

The 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 were as follows:

December 31, 2025

3 unchanged sentences

Losses Fair Value Gross Unrealized

Available-for-sale securities (Dollars in millions)

AFS securities (Dollars in millions)

Asset-backed securities $ 4,756 $ ( 30 ) $ 2,160 $ ( 209 ) $ 6,916 $ ( 239 )

6 unchanged sentences

Foreign Government 60 — 148 ( 37 ) 208 ( 37 )

Total available-for-sale securities $ 10,420 $ ( 290 ) $ 16,141 $ ( 3,485 ) $ 26,561 $ ( 3,775 )

Total AFS securities $ 9,600 $ ( 103 ) $ 15,352 $ ( 2,966 ) $ 24,952 $ ( 3,069 )

Total number of available-for-sale securities in an unrealized loss position less than twelve months 1,962

6 unchanged sentences

Losses Fair Value Gross Unrealized

Available-for-sale securities

AFS securities

Asset-backed securities $ 1,164 $ ( 30 ) $ 2,637 $ ( 276 ) $ 3,801 $ ( 306 )

6 unchanged sentences

Foreign Government 120 ( 5 ) 157 ( 48 ) 277 ( 53 )

Total available-for-sale securities $ 5,841 $ ( 302 ) $ 20,908 $ ( 3,291 ) $ 26,749 $ ( 3,593 )

Total AFS securities $ 10,420 $ ( 290 ) $ 16,141 $ ( 3,485 ) $ 26,561 $ ( 3,775 )

Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,005

3 unchanged sentences

For securities in an unrealized loss position as of December 31, 2025, our allowance for expected credit loss was $ 112 million.

We believe the unrealized loss position for which we have not recorded an

allowance for expected credit loss as of December 31, 2024 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of December 31, 2025 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

Mortgage Loans

1 unchanged sentence

Commercial Mortgage Loans

CMLs represented approximately 4 % of our total investments as of December 31, 2024 and 2023.

Commercial mortgage loans (“CMLs”) represented approximately 4 % of our total investments as of December 31, 2025 and 2024.

The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans.

15 unchanged sentences

Other 654 19 501 18

Total commercial mortgage loans, gross of valuation allowance $ 2,722 100 % $ 2,550 100 %

Total CMLs, gross of valuation allowance $ 3,260 100 % $ 2,722 100 %

Allowance for expected credit loss ( 18 ) ( 17 )

Total commercial mortgage loans, net of valuation allowance $ 2,705 $ 2,538

Total CMLs, net of valuation allowance $ 3,242 $ 2,705

East North Central $ 124 4 % $ 98 4 %

7 unchanged sentences

West South Central 180 6 171 6

Total commercial mortgage loans, gross of valuation allowance $ 2,722 100 % $ 2,550 100 %

Total CMLs, gross of valuation allowance $ 3,260 100 % $ 2,722 100 %

Allowance for expected credit loss ( 18 ) ( 17 )

Total commercial mortgage loans, net of valuation allowance $ 2,705 $ 2,538

CMLs segregated by aging of the loans and charge offs (by year of origination) were as follows for the year ended December 31, 2024:

Total CMLs, net of valuation allowance $ 3,242 $ 2,705

An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible.

There were no charge offs for CMLs for the years ended December 31, 2025 and 2024.

CMLs segregated by aging of the loans (by year of origination), gross of valuation allowances, were as follows for the years ended December 31, 2025 and 2024 :

December 31, 2025

1 unchanged sentence

2025 2024 2023 2022 2021 Prior Total

(In millions)

CMLs (In millions)

Current (less than 30 days past due) $ 646 $ 295 $ 194 $ 292 $ 1,252 $ 569 $ 3,248

1 unchanged sentence

90 days or more past due — — — — — 12 12

Total commercial mortgage loans $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 210 $ 2,722

Charge offs $ — $ — $ — $ — $ — $ — $ —

CMLs segregated by aging of loans (by year of origination) were as follows for the year ended December 31, 2023:

Total CMLs $ 646 $ 295 $ 194 $ 292 $ 1,252 $ 581 $ 3,260

December 31, 2024

1 unchanged sentence

2024 2023 2022 2021 2020 Prior Total

(In millions)

CMLs (In millions)

Current (less than 30 days past due) $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 201 $ 2,713

1 unchanged sentence

90 days or more past due — — — — — 9 9

Total commercial mortgage loans(a) $ 213 $ 288 $ 1,256 $ 512 $ — $ 259 $ 2,528

Charge offs $ — $ — $ — $ — $ — $ 3 $ 3

(a) Excludes loans under development with an amortized cost and estimated fair value of $ 22 million at December 31, 2023.

LTV and DSC ratios are measures commonly used to assess the risk and quality of mortgage loans.

Total CMLs $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 210 $ 2,722

Loan-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.

3 unchanged sentences

We normalize our DSC ratios to a 25 -year amortization period for purposes of our general loan allowance evaluation.

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances :

The 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 :

Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total

5 unchanged sentences

75.00% to 84.99% — 9 9 18 1 17 1

Total Commercial mortgage loans $ 2,535 $ 166 $ 21 $ 2,722 100 % $ 2,404 100 %

Total CMLs $ 2,859 $ 349 $ 52 $ 3,260 100 % $ 3,025 100 %

December 31, 2024

3 unchanged sentences

75.00% to 84.99% 4 4 9 17 1 17 1

Total Commercial mortgage loans (a) $ 2,443 $ 66 $ 19 $ 2,528 100 % $ 2,231 100 %

(a) Excludes loans under development with an amortized cost and estimated fair value of $ 22 million at December 31, 2023.

Total CMLs $ 2,535 $ 166 $ 21 $ 2,722 100 % $ 2,404 100 %

December 31, 2025

6 unchanged sentences

75.00% to 84.99% — 4 5 9 — — 18

Total commercial mortgage loans $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 210 2,722

Total CMLs $ 646 $ 295 $ 194 $ 292 1,252 $ 581 3,260

Greater than 1.25x $ 469 $ 140 $ 182 $ 283 $ 1,240 $ 545 $ 2,859

1 unchanged sentence

Less than 1.00x 8 — — 9 12 23 52

Total commercial mortgage loans $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 210 $ 2,722

Total CMLs $ 646 $ 295 $ 194 $ 292 $ 1,252 $ 581 $ 3,260

December 31, 2024

6 unchanged sentences

75.00% to 84.99% 4 4 9 — — — 17

Total commercial mortgage loans (a) $ 213 $ 288 $ 1,256 $ 512 $ — $ 259 $ 2,528

Total CMLs $ 273 $ 227 $ 290 $ 1,253 $ 469 $ 210 $ 2,722

Greater than 1.25x $ 140 $ 215 $ 278 $ 1,241 $ 469 $ 192 $ 2,535

1 unchanged sentence

Less than 1.00x — — 9 12 — — 21

Total commercial mortgage loans (a) $ 213 $ 288 $ 1,256 $ 512 $ — $ 259 $ 2,528

(a) Excludes loans under development with an amortized cost and estimated fair value of $ 22 million at December 31, 2023.

Total CMLs $ 273 $ 227 $ 290 $ 1253 $ 469 $ 210 $ 2,722

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due.

At December 31, 2024, we had one CML that was delinquent in principal or interest payments compared to none at December 31, 2023 as shown in the tables above.

As of December 31, 2025 and 2024, we had one CML that was delinquent in principal or interest payments as shown in the tables above.

Residential Mortgage Loans

RMLs represented approximately 5 % of our total investments as of December 31, 2024 and 2023.

Our residential mortgage loans are closed end, amortizing loans and 100 % of the properties are located in the United States.

Residential mortgage loans (“RMLs”) represented approximately 7 % and 5 % of our total investments reported on the Condensed Consolidated Balance Sheets as of December 31, 2025 and 2024, 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.

2 unchanged sentences

Amortized Cost (In millions) % of Total

California $ 288 6 %

Florida 246 5

All Other States (1) 3,110 95

Total residential mortgage loans, gross of valuation allowance $ 3,274 100 %

New York 232 5

All other states (a) 3,951 84

Total RMLs, gross of valuation allowance $ 4,717 100 %

Allowance for expected credit loss ( 68 )

Total residential mortgage loans, net of valuation allowance $ 3,221

(1) The individual concentration of each state is less than 5% as of December 31, 2024.

Total RMLs, net of valuation allowance $ 4,649

(a) The individual concentration of each state is less than 5% as of December 31, 2025.

December 31, 2024

1 unchanged sentence

Florida $ 164 5 %

New York 129 5

All other states (1) 2,431 84

Total residential mortgage loans, gross of valuation allowance $ 2,852 100 %

All other states (a) 3,110 95

Total RMLs, gross of valuation allowance $ 3,274 100 %

Allowance for expected credit loss ( 53 )

Total residential mortgage loans, net of valuation allowance $ 2,798

(1) The individual concentration of each state is less than 5% as of December 31, 2023.

Total RMLs, net of valuation allowance $ 3,221

(a) The individual concentration of each state is less than 5% as of December 31, 2024.

RMLs 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.

We define non-performing residential mortgage loans as those that are 90 or more days past due or in non-accrual status, which is assessed monthly.

The credit quality of RMLs was as follows:

December 31, 2025 December 31, 2024

Performance indicators:

Amortized Cost % of Total Amortized Cost % of Total

(Dollars in millions)

Performance indicators:

(In millions) (In millions)

Performing $ 4,650 99 % $ 3,188 97 %

Non-performing 67 1 86 3

Total residential mortgage loans, gross of valuation allowance $ 3,274 100 % $ 2,852 100 %

Total RMLs, gross of valuation allowance $ 4,717 100 % $ 3,274 100 %

Allowance for expected loan loss ( 68 ) ( 53 )

Total residential mortgage loans, net of valuation allowance $ 3,221 100 % $ 2,798 100 %

Total RMLs, net of valuation allowance $ 4,649 $ 3,221

An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible.

There were no charge offs recorded for RMLs during the year ended December 31, 2025.

3 unchanged sentences

2025 2024 2023 2022 2021 Prior Total

Residential mortgages (In millions)

RMLs (In millions)

Current (less than 30 days past due) $ 1,568 $ 736 $ 327 $ 798 $ 731 $ 419 $ 4,579

1 unchanged sentence

90 days or more past due 2 4 4 12 21 25 68

Total residential mortgages $ 614 $ 376 $ 928 $ 840 $ 176 $ 340 $ 3,274

Total RMLS $ 1,585 $ 742 $ 348 $ 839 $ 756 $ 447 $ 4,717

December 31, 2024

1 unchanged sentence

2024 2023 2022 2021 2020 Prior Total

Residential mortgages (In millions)

RMLs (In millions)

Current (less than 30 days past due) $ 610 $ 368 $ 911 $ 805 $ 162 $ 312 $ 3,168

1 unchanged sentence

90 days or more past due 3 2 13 29 13 25 85

Total residential mortgages $ 373 $ 995 $ 877 $ 208 $ 204 $ 195 $ 2,852

Total RMLS $ 614 $ 376 $ 928 $ 840 $ 176 $ 340 $ 3,274

Non-accrual loans by amortized cost as of December 31, 2025 and 2024 were as follows:

Amortized cost of loans on non-accrual December 31, 2024 December 31, 2023

December 31, 2025 December 31, 2024

(In millions)

13 unchanged sentences

Allowance for Expected Credit Loss

We estimate expected credit losses for our CML and RML portfolios using a probability of default/loss given default model.

We 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 Consolidated Statements of Earnings.

The allowances for our mortgage loan portfolio are summarized as follows (in millions):

Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the Consolidated Statements of Earnings.

The allowances for our mortgage loan portfolio are summarized as follows:

Year ended December 31, 2025 Year ended December 31, 2024

( In millions) ( In millions)

Residential Mortgage Commercial Mortgage Total Residential Mortgage Commercial Mortgage Total

1 unchanged sentence

Provision (expense) benefit for loan losses ( 15 ) ( 1 ) ( 16 ) 1 ( 5 ) ( 4 )

Loans charged-off — — — — 3 3

Ending Balance $ ( 68 ) $ ( 18 ) $ ( 86 ) $ ( 53 ) $ ( 17 ) $ ( 70 )

An 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 as of December 31, 2024 and 2023.

An allowance for expected credit loss is not measured on accrued interest income for commercial mortgage loans 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 residential mortgage loans and were immaterial as of December 31, 2025 and 2024.

There were no purchases of purchased credit deteriorated mortgage loans during the years ended December 31, 2025 and 2024.

As of December 31, 2024 and 2023, the accrued interest receivable balance on CMLs totaled $ 8 million and $ 7 million, respectively.

As of December 31, 2024 and 2023, the accrued interest receivable on RMLs totaled $ 28 million and $ 24 million, respectively.

As of December 31, 2025 and 2024, the accrued interest receivable balance on CMLs totaled $ 11 million and $ 8 million, respectively, and the accrued interest receivable on RMLs totaled $ 45 million and $ 28 million, respectively.

Accrued interest receivable is classified within Prepaid expenses and other assets within the Consolidated Balance Sheets.

Interest and Investment Income

The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows:

The major sources of Interest and investment income reported on the Consolidated Statements of Earnings were as follows:

December 31, 2025 December 31, 2024 December 31, 2023

1 unchanged sentence

Fixed maturity securities, available-for-sale $ 2,329 $ 2,261 $ 1,911

Equity securities 33 33 31

Preferred securities 34 52 67

Preferred equity securities 26 34 52

Common equity securities 36 33 33

Mortgage loans 374 273 229

6 unchanged sentences

Interest and investment income $ 3,237 $ 3,124 $ 2,607

The Company’s Interest 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 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 $ 816 million, $ 636 million, and $ 339 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Recognized Gains and Losses, Net

Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows:

Details underlying Recognized gains and losses, net reported on the Consolidated Statements of Earnings were as follows:

December 31, 2025 December 31, 2024 December 31, 2023

(In millions)

Net realized (losses) gains on fixed maturity available-for-sale securities $ ( 9 ) $ ( 155 ) $ ( 253 )

Net realized/unrealized gains (losses) on equity securities (1) 2 23 ( 386 )

Net realized/unrealized gains (losses) on preferred securities (2) 12 ( 1 ) ( 230 )

Realized gains (losses) on other invested assets 61 ( 25 ) ( 68 )

Net realized (losses) on fixed maturity available-for-sale securities $ ( 10 ) $ ( 9 ) $ ( 155 )

Net realized/unrealized (losses) gains on preferred equity securities (a) ( 167 ) 2 23

Net realized/unrealized (losses) gains on common equity securities (b) ( 4 ) 12 ( 1 )

Net realized gains (losses) on other invested assets 70 61 ( 25 )

Change in allowance for expected credit losses ( 60 ) ( 33 ) ( 36 )

Derivatives and embedded derivatives:

Realized gains (losses) on certain derivative instruments 254 ( 211 ) ( 164 )

Unrealized (losses) gains on certain derivative instruments ( 184 ) 358 ( 693 )

Change in fair value of reinsurance related embedded derivatives ( 32 ) ( 128 ) 352

Realized (losses) gains on certain derivative instruments ( 62 ) 254 ( 211 )

Unrealized gains (losses) on certain derivative instruments 312 ( 184 ) 358

Change in fair value of reinsurance related embedded derivatives (c) ( 148 ) ( 32 ) ( 128 )

Change in fair value of other derivatives and embedded derivatives 9 12 11

Realized gains (losses) on derivatives and embedded derivatives 50 30 ( 515 )

Net realized/unrealized gains on derivatives and embedded derivatives 111 50 30

Recognized gains and losses, net $ ( 60 ) $ 83 $ ( 164 )

(1) Includes net valuation (losses) gains of $( 131 ) million, $ 47 million and $( 387 ) million for the years ended December 31, 2024, 2023, and 2022, respectively.

(2) Includes net valuation gains (losses) of $ 13 million, $ 80 million, and $( 198 ) million for the years ended December 31, 2024, 2023 and 2022, respectively.

(a) Includes net valuation (losses) gains of $( 8 ) million, $( 131 ) million, and $ 47 million for the years ended December 31, 2025, 2024, and 2023, respectively.

(b) Includes net valuation gains (losses) of $( 1 ) million, $ 13 million, and $ 80 million for the years ended December 31, 2025, 2024, and 2023, respectively

(c) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Recognized gains and losses 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.

6 unchanged sentences

Gross losses ( 27 ) ( 80 ) ( 145 )

Unconsolidated Variable Interest Entities

The Company owns investments in VIEs that are not consolidated within our financial statements.

Variable Interest Entities

Our involvement with VIEs is primarily through investments in entities that provide exposure to a diversified portfolio of investment asset classes.

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.

While the Company participates in the benefits from VIEs in which it invests, but does not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under common control with the Company.

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.

Consolidated variable interest entities

We 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.

Consolidated VIEs at December 31, 2025 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 only to settle obligations of the VIE.

Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows:

Assets (In millions)

Investments in unconsolidated affiliates $ 262 $ —

Other long-term investments 248 —

Short-term investments 116 —

Cash and cash equivalents 2 —

Total assets $ 628 $ —

Total consolidated VIE investments $ 628 $ —

We 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 G Commitments and Contingencies ).

The maximum loss exposure of our consolidated VIEs as of December 31, 2025 was $ 878 million.

Unconsolidated Variable Interest Entities

The Company owns investments in VIEs that are not consolidated within our financial statements.

While the Company participates in the benefits from these VIEs in which the Company invests, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under the Company's common control.

It is for this reason that the Company is not considered the primary beneficiary for the VIE investments that are not consolidated.

3 unchanged sentences

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 Consolidated Balance Sheets.

Our maximum loss exposure with respect to these VIEs is limited to the investment carrying amounts reported in our 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 H Commitments and Contingencies ).

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 Consolidated Balance Sheets.

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs:

5 unchanged sentences

Total unconsolidated VIE investments $ 31,564 $ 35,192 $ 26,807 $ 28,945

Note F — Derivative Financial Instruments

The notional and carrying amounts of derivative instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance is as follows:

Note E — Derivative Financial Instruments

Refer to Note A Business and Summary of Significant Accounting Policies , for a description of the Company's accounting policies for derivative financial instruments and Note C Fair Value of Financial Instruments for descriptions of the fair value methodologies used for derivative financial instruments.

The notional and carrying amounts of derivative financial instruments, including derivative instruments embedded in indexed annuities and IUL contracts, and reinsurance are as follows:

December 31, 2025 December 31, 2024

Notional Amount Carrying Amount Notional Amount Carrying Amount

Gross Notional Assets Liabilities Gross Notional Assets Liabilities

(In millions)

Derivative investments:

Equity options $ 29,594 $ 773 $ 27,263 $ 739

Interest rate swaps 2,445 19 2,705 57

Other derivative investments 157 3 137 1

Other long-term investments:

Other embedded derivatives 32 28

Prepaid expenses and other assets:

Reinsurance related embedded derivatives 109 152

Total $ 936 $ 977

Contractholder funds:

Indexed annuities/IUL embedded derivatives $ 5,220 $ 4,258

Accounts payable and accrued liabilities:

Equity Options — 1 — 1

Interest rate swaps $ 2,700 10 —

Total $ 5,231 $ 4,259

The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows:

Derivatives designated as hedging instruments

Interest rate swaps (a) $ 850 $ 11 $ 1 $ — $ — $ —

Foreign currency swaps (a) 21 — 3 39 2 —

Total derivatives designated as hedging instruments 871 11 4 39 2 —

Derivatives not designated as hedging instruments

Equity options (a) 29,651 1,062 — 29,594 773 —

Interest rate swaps (a) 6,453 83 3 5,145 19 10

Foreign currency swaps (a) 503 — 6 — — —

Futures contracts (a) 68 — 1 152 — —

Other derivative investments (a) 93 — — 118 1 —

Other embedded derivatives (b) — 41 — — 32 —

Indexed annuities/IUL embedded derivatives (c) — 399 6,542 — 98 5,220

Reinsurance related embedded derivatives (d) — — 75 — — ( 109 )

Total derivatives not designated as hedging instruments 36,768 1,585 6,627 35,009 923 5,121

Total derivatives $ 37,639 $ 1,596 $ 6,631 $ 35,048 $ 925 $ 5,121

(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 Consolidated Balance Sheets.

(b) The fair value is included in Other long term investments on the Consolidated Balance Sheets.

(c) The fair value of the liability is included in Contractholder funds and the ceded portion is included in Reinsurance recoverable on the Consolidated Balance Sheets.

(d) The fair value of the embedded derivative asset is included in Funds withheld for reinsurance liabilities as a contra-liability on the Consolidated Balance Sheet as of December 31, 2024.

The amounts and locations of gains losses, net recognized for derivatives items included in the Consolidated Statements of Earnings are as follows:

Year Ended December 31,

2025 2024 2023

Net investment gains (losses):

Recognized gains losses, net for derivatives Benefits and other changes in policy reserves for derivatives Recognized gains losses, net for derivatives Benefits and other changes in policy reserves for derivatives Recognized gains losses, net for derivatives Benefits and other changes in policy reserves for derivatives

(In millions)

Derivatives designated as hedging instruments

Interest rate swaps $ — $ 11 $ — $ — $ — $ —

Foreign currency swaps ( 3 ) — — — — —

Total derivatives designated as hedging instruments ( 3 ) 11 — — — —

Derivatives not designated as hedging instruments

Equity options 177 — 145 — 92 —

Interest rate swaps 60 — ( 103 ) — 48 —

Foreign currency swaps ( 6 ) — — — — —

Futures contracts 32 — 18 — 9 —

1 unchanged sentence

Other embedded derivatives 9 — 4 — 5 —

Indexed annuities/IUL embedded derivatives — 402 — 47 — 257

Reinsurance related embedded derivatives ( 148 ) — ( 32 ) — ( 128 ) —

Total net investment gains (losses) $ 50 $ 30 $ ( 515 )

Benefits and other changes in policy reserves:

Indexed annuities/IUL embedded derivatives increase (decrease) $ 962 $ 1,143 $ ( 768 )

Additional Disclosures

See descriptions of the fair value methodologies used for derivative financial instruments in Note D Fair Value of Financial Instruments .

Total derivatives not designated as instruments 115 402 42 47 24 257

Total derivatives $ 112 $ 413 $ 42 $ 47 $ 24 $ 257

The amounts and locations of gains losses, net recognized for hedged items included in the Consolidated Statements of Earnings are as follows:

Year Ended December 31,

2025 2024 2023

Recognized gains losses, net for hedged item Benefits and other changes in policy reserves for hedged item Recognized gains losses, net for hedged item Benefits and other changes in policy reserves for hedged item Recognized gains losses, net for hedged item Benefits and other changes in policy reserves for hedged item

(In millions)

Derivatives designated as hedging instruments

Interest rate swaps $ — $ ( 11 ) $ — $ — $ — $ —

Foreign currency swaps 3 — — — — —

Total derivatives designated as hedging instruments $ 3 $ ( 11 ) $ — $ — $ — $ —

The following amounts are recorded in the 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:

Year Ended December 31,

Line Item in the Consolidated Balance Sheet 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)

(In millions)

Fixed maturity securities, AFS, at amortized cost $ 21 $ — $ — $ —

Contractholder funds ( 862 ) ( 11 ) — —

For the years ended December 31, 2025, 2024, and 2023, the derivative instruments’ gains losses, net excluded from the assessment of hedge effectiveness was immaterial.

There were no cumulative fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued as of December 31, 2025 and 2024.

Derivatives designated as hedging instruments

We 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 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.

Derivatives not designated as hedging instruments

Indexed Annuities/IUL Embedded Derivative, Equity Options and Futures

1 unchanged sentence

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 Consolidated Balance Sheets with changes in

fair value included as a component of Benefits and other changes in policy reserves in the Consolidated Statements of Earnings.

The indexed annuities/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the 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 Consolidated Balance Sheets.

Changes in fair value are included as a component of Benefits and other changes in policy reserves in the Consolidated Statements of Earnings.

We 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.

13 unchanged sentences

The 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 Consolidated Statements of Earnings.

Foreign Currency Swaps

We 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.

The 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 Consolidated Statements of Earnings.

Reinsurance Related Embedded Derivatives

F&G cedes certain business on a coinsurance funds withheld basis.

Investment results for the assets that support the coinsurances that are segregated within the funds withheld account 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 contract and thus require bifurcation.

The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account.

These embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position on the Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and (losses), net, on the Consolidated Statements of Earnings.

These total return swaps are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation.

The related gains or losses are reported in Recognized gains and losses, net, on the Consolidated Statements of Earnings.

We 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.

3 unchanged sentences

(ii) obtaining collateral, such as cash and securities when appropriate;

(iii) establishing counterparty exposure limits, which are subject to periodic management review.

and (iii) establishing counterparty exposure limits, which are subject to periodic management review.

Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:

10 unchanged sentences

For all counterparties, except one , the threshold is set to zero .

As of December 31, 2024 and 2023, counterparties posted collateral of $ 771 million and $ 775 million, respectively, of which $ 679 million and $ 588 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the 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 was $ 34 million at December 31, 2024, and $ 39 million at December 31, 2023.

As of December 31, 2025 and 2024, counterparties posted collateral of $ 1,185 million and $ 771 million, respectively.

This included cash collateral of $ 928 million and $ 679 million, respectively, for which we record an associated payable included in Accounts payable and accrued liabilities on the 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 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 $ 34 million at both December 31, 2025 and 2024.

We 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 Consolidated Balance Sheets, to reduce the interest cost.

Changes in cash collateral are included in the Change in derivative collateral liabilities in the Consolidated Statements of Cash Flow.

Changes in cash collateral are included in the Change in derivative collateral liabilities in the Consolidated Statements of Cash Flows.

We held 172 and 527 futures contracts at December 31, 2025 and 2024, respectively.

2 unchanged sentences

The amount of cash collateral held by the counterparties for such contracts was $ 4 million and $ 7 million at December 31, 2025 and 2024, respectively.

Note G — Notes Payable

Note F — Notes Payable

Notes payable consists of the following:

9 unchanged sentences

7.40 % F&G Notes, net of discount

7.30% F&G Notes 364 —

7.95 % F&G Notes, net of discount

2 unchanged sentences

$ 4,400 $ 4,321

On January 13, 2025, F&G completed its public offering of the 7.30 % F&G Junior Notes.

F&G used a portion of the net proceeds of this offering to redeem the outstanding $ 300 million aggregate principal amount of its 5.50 % F&G Senior Notes.

F&G used the remaining net proceeds for general corporate purposes.

The 7.30 % F&G Junior Notes are junior, unsecured subordinated obligations of F&G.

Interest is payable quarterly in arrears beginning on April 15, 2025, and the 7.30 % F&G Junior Notes mature on January 15, 2065, unless earlier repurchased or redeemed.

The 7.30 % F&G Junior Notes become redeemable in whole or in part, any time and from time to time on or after January 15, 2030 or within 90 days of the occurrence of certain events as described in the indenture.

The 7.30 % F&G Junior Notes were registered under the Securities Act of 1933 (as amended) (the “Securities Act”).

On October 4, 2024, F&G issued $ 500 million of its 6.25 % Senior Notes due 2034.

The 6.25 % F&G Notes were issued at 99.36 % of face value, net of deferred issuance costs of approximately $ 8 million.

The 6.25 % F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G's subsidiaries that are guarantors of F&G's obligations under its existing credit agreement.

The 6.25 % F&G Notes were issued at 99.36 % of face value, net of deferred issuance costs of approximately $ 8 million The 6.25 % F&G Notes are senior unsecured, unsubordinated obligations of F&G and are guaranteed by each of F&G's subsidiaries that are guarantors of F&G's obligations under its existing credit agreement.

The 6.25 % F&G Notes mature on October 4, 2034, and become callable on July 4, 2034.

Interest is payable semi-annually at a fixed rate of 6.25 %, and if the 6.25 % F&G Notes are downgraded, the interest rate

payable is subject to adjustment from time to time per the terms of the indenture.

Interest is payable semi-annually at a fixed rate of 6.25 %, and if the 6.25 % F&G Notes are downgraded, the interest rate payable is subject to adjustment from time to time per the terms of the indenture.

A portion of the net proceeds were used to pay off the outstanding balance of $ 365 million on the F&G Credit Agreement described below.

F&G intends to use the remaining net proceeds of this offering for general corporate purposes, including the support of organic growth opportunities.

The remaining net proceeds of this offering were used for general corporate purposes, including the support of organic growth opportunities.

On June 4, 2024, F&G issued $ 550 million of its 6.50 % Senior Notes due 2029.

5 unchanged sentences

(“FGLH”) for an aggregate principal amount of $ 250 million of FGLH’s 5.50 % Senior Notes due 2025 (the “ 5.50 % F&G Notes”).

F&G intends to use the remaining net proceeds of this offering for general corporate purposes, which may include the repurchase, redemption or repayment at maturity of outstanding indebtedness.

The remaining net proceeds of this offering were used for for general corporate purposes, including the repurchase, redemption or repayment at maturity of outstanding indebtedness.

On December 6, 2023, F&G issued $ 345 million of its 7.95 % Senior Notes due 2053 (the "7.95% F&G Notes").

13 unchanged sentences

A portion of the net proceeds of the 6.50 % F&G Notes were used for a $ 250 million cash tender offer of the 5.50 % F&G Notes in June 2024.

Refer to Note A - Business and Summary of Significant Accounting Policies for a discussion of the redemption of the 5.50 % F&G Notes on February 1, 2025.

On February 1, 2025, F&G redeemed the outstanding $ 300 million aggregate principal amount of the 5.50 % F&G Senior Notes.

The notes were redeemed for a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to, but excluding, the redemption date.

Refer to Note A Business and Summary of Significant Accounting Policies for a discussion of the redemption of the 5.50 % F&G Notes.

On November 22, 2022, F&G entered into the F&G Credit Agreement pursuant to which the Lenders have made available the F&G Credit Facility in an aggregate principal amount of $ 550 million to be used for working capital and general corporate purposes.

2 unchanged sentences

On February 16, 2024, F&G entered into a Second Amended and Restated F&G Credit Agreement.

Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date to November 22, 2027, and increase the aggregate principal amount of commitments under the revolving credit facility to $ 750 million.

Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date to November 22,

2027, and increase the aggregate principal amount of commitments under the revolving credit facility to $ 750 million.

Revolving loans under the Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G.

28 unchanged sentences

Thereafter 2,270

Note H — Commitments and Contingencies

Note G — Commitments and Contingencies

Legal and Regulatory Contingencies

1 unchanged sentence

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 C 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.

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.

6 unchanged sentences

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.

F&G is a defendant in two putative class action lawsuits related that allege some customers’ personally identifiable information was disclosed due to a 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.

4:23-cv-00326 ("Miller"), 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 personally identifiable information was disclosed in the MOVEit incident and brings common law tort and implied contract claims.

Plaintiff seeks injunctive relief and damages.

Progress Software Corp.

1:23-cv-12067 ("Cooper"), 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 whose personally identifiable information was disclosed and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract.

Plaintiff seeks declaratory and injunctive relief and damages.

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 proceeding under MDL Case No.

1:23-md-03083-ADB-PGL.

Plaintiffs filed amendments to their complaints, and the Defendants filed their omnibus motion to dismiss for lack of Article III standing on July 23, 2024.

The case is proceeding under a modified bellwether structure to decide critical issues and facilitate reciprocal discovery.

At this time, we do not believe the incident will have a material impact on our business, operations, or financial results.

In connection with the cybersecurity incident initially reported on November 21, 2023, the Company and/or its subsidiaries is a party to a consolidated putative nationwide class action, In Re:

LoanCare Data Security Breach Litigation , Case No.

3:23cv1508, pending in the U.S.

District Court for the Middle District of Florida and originating from the consolidation of putative class actions filed in the U.S.

District Courts for the Middle District of Florida, the Central District of California, and the Western District of Missouri.

On March 19, 2024, plaintiffs filed their consolidated class action complaint on behalf of a nationwide class, along with a California subclass and a Florida subclass, alleging common law tort and contract claims and certain state statutory claims.

The parties mediated the case on July 25, 2024, and reached an agreement in principle to resolve the case on a class-wide basis.

The parties have sought preliminary court approval of the class-wide settlement.

If approved, once the settlement administrator disburses all the funds, final court approval of the settlement will be sought, and the case dismissed.

On May 28, 2024, a stockholder derivative lawsuit styled, Roofers Local 149 Pension Fund v.

Fidelity National Financial Inc., William P.

Foley, F&G Annuities & Life Inc.

2024-0562-LWW, was filed in the Chancery Court of the State of Delaware against defendants Fidelity National Financial, Inc.

(“FNF”), in its capacity as F&G Annuities & Life Inc.’s (“F&G”) controlling stockholder, and William P.

Foley, Executive Chairman of F&G and Chairman of FNF, alleging breach of fiduciary duty related to F&G’s January 11, 2024 sale of $ 250 million of 6.875 % Series A Mandatory Convertible Preferred Stock to FNF.

Plaintiff alleges that, based upon the unfair process and unfair price, the preferred stock investment was advantageous to FNF and unfair to F&G.

Plaintiff seeks to recover damages on behalf of F&G for the alleged unfair preferred stock investment and the adoption of certain corporate governance measures.

On July 24, 2024, F&G filed its answer and the remaining defendants, including FNF, filed their motion to dismiss Plaintiff’s complaint.

On September 23, 2024, Plaintiff voluntarily dismissed its action against William P.

Foley, leaving FNF’s motion to dismiss fully briefed and a decision pending with the court.

On February 4, 2025, FNF argued the motion to dismiss before the court.

The remaining defendants will vigorously contest the Plaintiff’s claims in the action.

On June 10, 2025, a stockholder derivative lawsuit styled, Patrick Ayers v.

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.

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.

A hearing on the motion has been rescheduled for March 9, 2026.

At this time, FNF does not believe the lawsuit will have a material impact on its business, operations, or financial results.

Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) is a defendant in a lawsuit filed in U.S.

District Court for the Southern District of Texas styled, Insurance Distribution Consulting, LLC v.

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 (IMOs), 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”).

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.

2 unchanged sentences

FGL Insurance denies the allegations and denies any contract or agreement existed with plaintiff to pay commissions.

Dispositive motions are due April 21, 2025, and the case is expected to be set for trial in the summer of 2025.

FGL Insurance will vigorously contest the Plaintiff’s claims in the action.

As this case continues to evolve, it is not possible to reasonably estimate the probability that Plaintiff will ultimately prevail on its claims or that FGL Insurance will be held liable for the dispute.

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, and a decision is pending with the court.

Additionally, FGL Insurance’s motion to exclude plaintiff’s expert testimony as inadmissible, filed June

9, 2025, remains pending with the Southern District of Texas.

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.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain 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.

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.

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.

From 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.

17 unchanged sentences

Commitment Type (In millions)

Unconsolidated VIEs:

Limited partnerships $ 1,138

Whole loans 278

Fixed maturity securities, ABS 338

Direct Lending 1,618

Other fixed maturity securities, AFS $ 126

Other assets 162

Commercial mortgage loans 74

Residential mortgage loans 300

Other invested assets 134

Total $ 3,889

Concurrent 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 as of December 31, 2024 was $ 11 million and is included in Prepaid expenses and other assets on the Consolidated Balance Sheet.

Other assets 122

Consolidated VIEs:

Other long-term investments 250

Unconsolidated VIEs:

Limited partnerships $ 1,224

Asset-backed lending 263

Fixed maturity securities, asset-backed securities 684

Direct Lending 1,199

Concurrent with the purchase agreement for a prior year acquisition, we executed a separate loan agreement with the sellers for us to lend up to $ 40 million The loan matures on August 5, 2027.

The principal balance outstanding as of December 31, 2025 and 2024 was $ 24 million and $ 11 million, respectively.

The balance is included in Prepaid expenses and other assets on the Consolidated Balance Sheets.

Changes in fair value are reported within Recognized gains and losses, net in the Consolidated Statements of Earnings.

1 unchanged sentence

The remainder of the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item.

Refer to Note B Acquisitions for more information on the Roar acquisition, and refer to Note D Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.

Refer to Note C Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to approximately $ 90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones.

Under the terms of the purchase agreement for a prior year acquisition, we have agreed to make cash payments of up to approximately $ 90 million over a three-year period upon the achievement by the acquiree of certain EBITDA milestones.

The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities on the Consolidated Balance Sheets.

Refer to Note B Acquisitions for more information on the Roar purchase and refer to Note D Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

Refer to Note C Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

See Note A Business and Summary of Significant Accounting Policies , for discussion of funding agreements that have been issued pursuant to the FABN Program as well as to the FHLB that are included in Contractholder funds.

The Company leases office space under operating leases.

The largest leases expire in 2030.

Rent expense and minimum rental commitments under all leases are immaterial.

F&G has a reinsurance agreement with Kubera to cede certain FIA statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance.

The Company has a reinsurance agreement with Kubera to cede certain FIA statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance.

To enhance Kubera's ability to pay its obligations under the amended reinsurance agreement, effective October 31, 2021, F&G entered into a Variable Note Purchase Agreement (the “NPA”), whereby F&G agreed to fund a note to Kubera to be used to ultimately settle with F&G, with principal increases up to a maximum amount of $ 435 million, to the extent a potential funding shortfall (treaty assets are less than the total funding requirement) is projected relative to the business ceded to Kubera from F&G as part of the amended reinsurance agreement.

3 unchanged sentences

As of December 31, 2025 and 2024, the amount funded under the NPA was insignificant.

Note I — Dividends

Note H — Dividends

On February 19, 2026, our Board of Directors declared cash dividends of $ 0.52 per share, payable on March 31, 2026, to FNF common shareholders of record as of March 17, 2026.

During the years ended December 31, 2025, 2024 and 2023, we declared dividends on our common stock of $ 2.02 , $ 1.94 and $ 1.83 , respectively.

Note J — Segment Information

Note I — Segment Information

The 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.

63 unchanged sentences

As of and for the year ended December 31, 2023:

Title F&G Corporate and Other Total

Title F&G Corporate and Other Elimination Total

Segment revenues:

35 unchanged sentences

This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

Refer to Note L Revenue Recognition for a description of our accounting for our various revenue streams.

Note K — Supplemental Cash Flow Information

Refer to Note K Revenue Recognition for a description of our accounting for our various revenue streams.

Note J — Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities.

7 unchanged sentences

Non-cash investing and financing activities:

Distribution of 15 % of the common stock of F&G

Investments transferred subject to reinsurance agreement ( 500 ) — —

Investments received from pension risk transfer premiums — 129 464

7 unchanged sentences

Liabilities and noncontrolling interests assumed $ 3 $ 203 $ 5

Note L — Revenue Recognition

Note K — Revenue Recognition

Disaggregation of Revenue

56 unchanged sentences

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals.

Subscriptions are only offered on a month-by-month basis and fees are billed monthly.

Revenue is recognized in the month services are provided.

14 unchanged sentences

During the years ended December 31, 2025 and 2024, we recognized $ 84 million and $ 80 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

Note M — Other Intangible Assets

Note L — Other Intangible Assets

The following table reconciles to Other intangible assets, net, on the Consolidated Balance Sheets as of December 31, 2025 and 2024:

14 unchanged sentences

Amortization ( 122 ) ( 4 ) ( 6 ) ( 7 ) ( 14 ) ( 153 )

Actuarial model updates and refinements (a) — — — — 63 63

Balance at December 31, 2025

$ 770 $ 18 $ 178 $ 119 $ 111 $ 1,196

(a) net of amortization of ($ 15 million).

Indexed Annuities Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total

3 unchanged sentences

Amortization ( 133 ) ( 5 ) ( 7 ) ( 8 ) ( 7 ) ( 160 )

Actuarial model updates and refinements (a) — — — — 63 63

Balance at December 31, 2024

$ 892 $ 22 $ 184 $ 126 $ 125 $ 1,349

(a) net of amortization of ($ 15 million).

VOBA amortization expense of $ 153 million, $ 175 million, and $ 169 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.

14 unchanged sentences

Amortization ( 156 ) ( 86 ) ( 38 ) ( 280 )

Reinsurance related adjustments — 79 — 79

Balance at December 31, 2024

8 unchanged sentences

Universal Life 1,021 781

Funding Agreements 4 4

Total $ 3,637 $ 3,036

7 unchanged sentences

DSI amortization expense of $ 66 million, $ 40 million, and $ 22 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuities, and will be reviewed and unlocked, if applicable, in the same period as those balances.

The 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, DAC and DSI reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities.

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.

Refer to Note A Business and Summary of Significant Accounting Policies for further information about accounting policies for amortization of VOBA, DAC and DSI.

F&G reviews cash flow assumptions annually, generally in the third quarter.

In 2024 and 2023, F&G undertook a review of all significant assumptions and revised several assumptions relating to deferred annuity (indexed annuity and fixed rate annuity) and IUL products.

In 2024 and 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 year ended December 31, 2025, F&G updated the assumption for option budgets, surrenders, lapses, mortality and mortality improvement, and free partial withdrawals.

For the year ended December 31, 2024, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, mortality improvement, and option budgets.

For the year ended December 31, 2023, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, and option budgets.

All updates to these assumptions brought F&G more in line with our company and overall industry experience since the prior assumption update.

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.

For the in-force liabilities as of December 31, 2025, the estimated amortization expense for VOBA in future fiscal periods is as follows:

Estimated Amortization Expense

Fiscal Year (In millions)

(In millions)

Thereafter 645

8 unchanged sentences

Trademarks, tradenames, and other 289 ( 72 ) 217 Varies

(a) Includes intangible assets acquired with ROAR and PALH.

Refer to Note B Acquisitions for further details.

Other intangible assets as of December 31, 2024, consist of the following:

9 unchanged sentences

Amortization of $ 9 million, $ 5 million, and $ 1 million was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2025, 2024, and 2023, respectively.

Note N — Goodwill

Note M — Goodwill

A summary of the changes in Goo dwill consists of the following:

6 unchanged sentences

Balance, December 31, 2025 $ 2,799 $ 2,180 $ 293 $ 5,272

Note O — F&G Reinsurance

Note N — F&G Reinsurance

The Company reinsures portions of its policy risks with other insurance companies.

5 unchanged sentences

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.

Refer to Note A Business and Summary of Significant Accounting Policies for more information over our accounting policy for reinsurance agreements.

As of December 31, 2024, we had an immaterial amount of COR included in Prepaid expenses and other assets on the Consolidated Balance Sheets compared to none as of December 31, 2023.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2024, 2023 and 2022 respectively, were as follows:

December 31, 2024 December 31, 2023 December 31, 2022

Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred

Refer to Note A Business and Summary of

Significant Accounting Policies for more information over our accounting policy for reinsurance agreements.

As of December 31, 2025 and 2024 we had an immaterial amount of cost of reinsurance recorded on the Consolidated Balance Sheets.

The effects of reinsurance on net premiums earned, net product fees and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2025, 2024, and 2023 respectively, were as follows:

Year Ended December 31,

2025 2024 2023

Net Premiums Earned Net Product

Fees Net Benefits Incurred Net Premiums Earned Net Product

Fees Net Benefits Incurred

(In millions)

7 unchanged sentences

The following summarizes significant changes to third-party reinsurance agreements for the years ended December 31, 2025 and 2024:

Aspida Re Cayman:

Effective November 1, 2025, FGL Insurance entered into a reinsurance agreement with Aspida Re Cayman Ltd.

(“Aspida Re Cayman”), an unaffiliated reinsurer, to cede certain flow MYGA business, on a funds withheld coinsurance basis, net of applicable existing reinsurance.

New Re Reinsurance Transaction:

Effective October 1, 2025, FGL Insurance recaptured and terminated the indemnity reinsurance agreement with New Reinsurance Company Ltd., an unaffiliated reinsurer and wholly owned subsidiary of Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (d/b/a “Munich Re”).

FGL Insurance recaptured 100% of the liabilities and obligations ceded and entered into a new indemnity reinsurance agreement with Munich Re to cede certain inforce and future flow FIA policies on a coinsurance basis.

The coinsurance basis is applicable to the base contract benefits, waiver of surrender charges, and minimum guaranteed surrender value benefits and for certain FIA policies, return of premium rider and minimum interest credit rider benefits.

New Reinsurance Vehicle:

Effective August 1, 2025, F&G executed this forward flow reinsurance agreement with Fort Greene Reinsurance SPC Limited Segregated Portfolio No.

1, (“Fort Greene”) to cede certain FIA policies on a coinsurance funds withheld quota share basis and certain funding agreements on a modified coinsurance basis.

F&G does not hold any ownership stake in the unaffiliated Fort Greene entity.

Effective January 1, 2025, F&G amended the existing flow reinsurance agreement with Everlake Life Insurance Company (“Everlake”) to cede future additional MYGA business for agreed upon periods to Everlake pursuant to an offer and acceptance process, rather than on a flow basis.

The amendment included a cession of an inforce block of certain MYGA policies on a coinsurance quota share basis.

IUL YRT Reinsurance:

Effective January 1, 2025, F&G entered into separate flow reinsurance agreements with several unaffiliated reinsurers to reinsure mortality risk on certain new IUL policies and effective July 1, 2025, F&G entered into additional separate reinsurance agreements with several unaffiliated reinsurers to reinsure mortality risk on certain inforce IUL policies.

In accordance with the terms of these agreements, F&G cedes the net amount at risk on the IUL policies, which is the difference between the stated death benefit and the contractholder funds balance, on a yearly renewable term basis.

Effective July 1, 2024, F&G amended the existing flow reinsurance agreement with Somerset Reinsurance Ltd.

3 unchanged sentences

This agreement has been amended several times to include additional FIA policies, with the latest amendment effective December 1, 2025.

Everlake and Somerset:

F&G executed flow reinsurance agreements with Everlake Life Insurance Company (“Everlake”) and Somerset, third-party reinsurers, to cede certain MYGA business written effective September 1, 2023, and December 1, 2023, respectively, on a coinsurance quota share basis.

Effective May 1, 2020, F&G entered into an indemnity reinsurance agreement with Canada Life Assurance Company (“Canada Life”) United States Branch, a third-party reinsurer, to reinsure FIA policies with GMWB riders.

In accordance with the terms of this agreement, F&G cedes a quota share percentage of the net retention of guaranteed payments in excess of account value for GMWB.

Effective December 31, 2023, we entered a Recapture and Termination Agreement with Canada Life whereby 100% of the liabilities and obligations were recaptured.

The following summarizes significant changes to third-party reinsurance agreements subsequent to the year ended December 31, 2024:

Everlake Reinsurance Amendment

Effective January 1, 2025, F&G amended the existing flow reinsurance agreement with Everlake to cede future additional MYGA business for agreed upon periods to Everlake pursuant to an offer and acceptance process, rather than on a flow basis.

The amendment included a cession of an inforce block of certain MYGA policies on a coinsurance quota share basis.

The following summarizes our reinsurance recoverable (in millions) as of December 31, 2024 and 2023:

The following summarizes our reinsurance recoverable as of December 31, 2025 and 2024:

Parent Company/

2 unchanged sentences

December 31, 2025 December 31, 2024

Aspida Life Re Ltd $ 7,844 $ 6,128 Coinsurance Funds Withheld Certain MYGA (b) Deposit

Somerset (c) 2,822 716 Coinsurance Funds Withheld Certain MYGA (b) and deferred annuities Deposit

(In millions)

Aspida (b) $ 8,589 $ 7,844 Coinsurance Funds Withheld Certain MYGA Deposit

Somerset Reinsurance Ltd.

Coinsurance Funds Withheld Certain FIA Reinsurance

Everlake 1,168 509 Coinsurance Certain MYGA (b) (d) Deposit

Everlake 1,868 1,168 Coinsurance Certain MYGA (d) Deposit

Wilton Reassurance Company 1,032 1,066 Coinsurance Block of traditional, IUL, and UL (e) Reinsurance

Fort Greene 502 — Coinsurance Funds Withheld Certain FIA Deposit

Other (f) 501 489

Reinsurance recoverable, gross of allowance for credit losses 13,389 8,981

Reinsurance recoverable, gross of allowance 17,563 13,389

Allowance for expected credit loss ( 18 ) ( 20 )

Reinsurance recoverable, net of allowance for credit losses $ 13,369 $ 8,960

Reinsurance recoverable, net of allowance for expected credit losses $ 17,545 $ 13,369

(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.

(b) The combined quota share flow reinsurance amongst all reinsurers for 2024 varied between 30 % and 90 %.

As of December 31, 2024, the combined quota share flow reinsurance amongst all reinsurers was 90 %.

(b) Includes Aspida Life Re Ltd.

and Aspida Re Cayman Ltd.

2 unchanged sentences

(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

As of December 31, 2024, and 2023, the company had a deposit asset of $ 11,039 million and $ 7,481 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the Consolidated Balance Sheet.

As of December 31, 2025 and 2024, the Company had a deposit asset of $ 13,279 million and $ 11,039 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the Consolidated Balance Sheets.

The Company incurred risk charge fees of $ 42 million, $ 42 million, and $ 39 million during the years ended December 31, 2025, 2024, and 2023, respectively, in relation to reinsurance agreements.

3 unchanged sentences

The expected credit loss reserves were as follows:

December 31, 2024 December 31, 2023

Year Ended December 31,

(In millions)

3 unchanged sentences

Concentration of Reinsurance Risk

As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida Life Re Ltd.

(“Aspida Re”), Wilton Reassurance (“Wilton Re”), Somerset, and Everlake 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.

As indicated above, the Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida, Somerset Reinsurance Ltd (“Somerset Re”), Everlake, Wilton Reassurance (“Wilton Re”), and Fort Greene 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 Re, Wilton Re, Somerset, and Everlake for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of December 31, 2024.

The following table presents financial strength ratings as of December 31, 2024:

We believe that all amounts

due from Aspida, Somerset Re, Everlake, Wilton Re, and Fort Greene for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of December 31, 2025:

Parent Company/Principal Reinsurers Financial Strength Rating

AM Best S&P Fitch Moody's

Aspida Re A- — — —

Somerset A- BBB+ — —

Aspida A- — — —

Somerset Re A BBB+ — —

Everlake A — — —

Wilton Re A+ — A- —

Fort Greene — — — —

“—” indicates not rated

8 unchanged sentences

With Corbeau Re, non-economic reserves were financed through the maturity date of the XOL and statutory reserves are recorded for all risks expected to be incurred after the maturity date of the XOL.

The XOL is not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP;

therefore, deposit accounting is applied.

Note P — Regulation and Equity

Note O — Regulation and Equity

Our insurance subsidiaries, including title insurers, underwritten title companies and insurance agencies, are subject to extensive regulation under applicable state laws.

Each of the insurance underwriters is subject to a holding company act in its state of domicile that regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates.

accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules.

The laws of most states in which we transact business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules.

The process of state regulation of changes in rates ranges from states that set rates, to states where individual companies or associations of companies prepare rate filings that are submitted for approval, to a few states in which rate changes do not need to be filed for approval.

26 unchanged sentences

There are no restrictions on our retained earnings regarding our ability to pay dividends to shareholders although there are limits on the ability of certain subsidiaries to pay dividends to us, as described above.

Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP.

Through our majority owned F&G subsidiary, our 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 so prescribed but approved by state regulators.

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.

7 unchanged sentences

FGL Insurance (IA) FGL NY Insurance (NY) Raven Re (VT) Corbeau Re (VT)

Statutory Net income (loss):

Statutory Net (loss) income:

(In millions)

Year ended December 31, 2025

$ ( 257 ) $ 29 $ 38 $ ( 201 )

Year ended December 31, 2024

150 8 54 ( 458 )

Year ended December 31, 2023

( 462 ) 5 60 ( 644 )

Statutory Capital and Surplus:

December 31, 2025

$ 1,735 $ 122 $ 182 $ 236

December 31, 2024

1,654 97 168 178

(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.

9 unchanged sentences

FGL Insurance dividends are paid as declared by its Board of Directors.

Pursuant to Iowa insurance law, any proposed payment of a dividend is classified as an "extraordinary dividend" if it, together with the aggregate fair market value of other dividends or distributions made during the preceding twelve months, exceeds the greater of (i) 10% of capital and surplus as of the preceding December 31 or (ii) net gain from operations before realized capital gains or losses for twelve month period ending December 31 of the preceding year.

Pursuant to Iowa insurance law, any proposed payment of a dividend is classified as an "extraordinary dividend" if it, together with the aggregate fair market value of other dividends or distributions made during the preceding twelve months, exceeds the greater of (i) 10% of capital and surplus as of the preceding December 31 or (ii) net gain from operations before realized capital gains or losses for the twelve month period ending December 31 of the preceding year.

No extraordinary dividends may be paid without prior approval of the IID.

4 unchanged sentences

Each year, FGL NY Insurance may pay a certain limited amount of ordinary dividends or other distributions without being required to obtain the prior consent of the New York State Department of Financial Services (“NYDFS”).

However, to pay any

dividends or distributions in a calendar year immediately following a calendar year in which the FGL NY's net gain from operations, not including realized capital gains, was negative, approval from the NY Superintendent is required.

However, to pay any dividends or distributions in a calendar year immediately following a calendar year in which the FGL NY's net gain from operations, not including realized capital gains, was negative, approval from the NY Superintendent is required.

FGL NY Insurance has historically not paid dividends.

1 unchanged sentence

Raven Re and Corbeau Re dividends are paid as declared by their Board of Directors.

Under the laws of the State of Vermont, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, without prior approval.

Based on the limitations described above, no dividends may be paid in 2025 by either Raven Re or Corbeau Re without prior regulatory approval.

Under the laws of the State of Vermont, no captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus, without the prior approval of the Commissioner.

Prescribed and permitted practices

6 unchanged sentences

This limited partnership investment was redeemed as of December 31, 2025.

In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulations.

Without these permitted practices, the carry value of these two entities would be zero.

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 at December 31, 2025, but would have fallen below the minimum regulatory requirements at December 31, 2024.

Without such permitted statutory accounting practices, Corbeau Re’s risk-based capital would have fallen below the minimum regulatory requirements as of December 31, 2025 and 2024.

The prescribed and permitted practices resulted in increases to statutory capital and surplus of $ 249 million and $ 454 million at December 31, 2025 and 2024, respectively.

1 unchanged sentence

In addition, FGL Insurance’s statutory carrying value of Corbeau Re reflects the effect of permitted practices Corbeau Re received to treat the excess of loss as an admitted asset, which increased Corbeau Re’s statutory capital and surplus by $ 1,489 million and $ 1,230 million at December 31, 2025 and 2024, respectively.

Refer to Note O - F&G Reinsurance for a discussion of the XOL and letter of credit.

Refer to Note N F&G Reinsurance for a discussion of the XOL and letter of credit.

Raven Re - Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance and also has approval to include as an admitted asset the value of a letter of credit serving as collateral for reinsurance credit taken by FGL Insurance.

Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $( 13 ) million and $( 89 ) million as of December 31, 2024 and 2023, respectively, and its risk-based capital would fall below the minimum regulatory requirements.

Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $ 29 million and $( 13 ) million as of December 31, 2025 and 2024, respectively, thus its risk-based capital would fall below the minimum regulatory requirements in the prior year.

The letter of credit facility is collateralized by NAIC 1 rated debt securities.

If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent (refer to discussion of letter of credit in Note O F&G Reinsurance ).

If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent (refer to discussion of letter of credit in Note N F&G Reinsurance ).

FGL Insurance’s statutory carrying value of Raven Re was $ 182 million and $ 168 million at December 31, 2025 and 2024, respectively.

1 unchanged sentence

§ 6048k(a)(2), whereby the Vermont Department authorizes the Company to (i) account for the amount equal to the excess of loss amount (“XOL Asset”) as an asset on its statutory financial statements;

(ii) calculate the reserves with respect to the Retirement Pro Contracts in accordance with the following reserving methodology:

(ii) that the reserves assumed by Corbeau Re are equal to the reserves ceded by FGL Insurance, which includes application of IAC Insurance 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 “ and to (a) calculate the reserves with respect to the Retirement Pro Contracts in accordance with the following reserving methodology:

the reserves are calculated as the present value of reinsured benefits when account value equals zero less the present value of reinsurance premiums from the winning integrated stream, floored at zero and capped as necessary to keep the net statutory reserve at the net cash surrender value;

For benefits associated with all other contracts (“the GMWB Riders”), the reserves are calculated as the statutory reserves for the entire contract (i.e., the base contracts plus the GMWB Riders) minus the statutory reserves for the base contracts only (“Reserve Calculation Permitted Practice”);

(iii) calculate its company action level risk-based capital as defined in Section 8301(13)(A) and, calculated using the risk-based capital factors and formulas prescribed by the NAIC, applying a factor of 0.62% to the

XOL Asset Value;

and (b) for benefits associated with all other contracts (“the GMWB Riders”), the reserves are calculated as the statutory reserves for the entire contract (i.e., the base contracts plus the GMWB Riders) minus the statutory reserves for the base contracts only (“Reserve Calculation Permitted Practice”);

and (iv) annually perform a total company solvency analysis in lieu of cash flow testing and actuarial opinion and memorandum under Section 2010-2 of the Vermont Administrative Code.

In addition, Corbeau Re assumes reserves that are equal to the reserves ceded by FGL Insurance which includes application of IAC Insurance 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".

Without such permitted statutory accounting practices, the Company’s statutory capital and surplus (deficit) would be $( 1,052 ) million and $( 594 ) million as of December 31, 2024 and 2023, respectively, and its risk-based capital would fall below the minimum regulatory requirements.

Without such permitted statutory accounting practices, the Company’s statutory capital deficit would be $ 1,253 million and $ 1,052 million as of December 31, 2025 and 2024, respectively, and its risk-based capital would fall below the minimum regulatory requirements.

FGL Insurance’s statutory carrying value of Corbeau Re was $ 236 million and $ 178 million at December 31, 2025 and 2024, respectively.

7 unchanged sentences

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).

statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to Accounting Standards Update ("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 $( 64 ) million and $ 102 million as of December 31, 2024 and December 31, 2023, respectively.

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 (deficit) would be $ 20 million and $( 64 ) million as of December 31, 2025 and 2024, respectively.

Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would fall below the minimum regulatory requirements as of December 31, 2025 and December 31, 2024.

3 unchanged sentences

F&G Cayman Re (Cayman Islands) F&G Life Re (Bermuda)

Statutory Net income (loss):

Statutory Net (loss) income:

(In millions)

13 unchanged sentences

In addition, as a Class E insurer, F&G Life Re must not declare or pay a dividend to any person other than a policyholder unless the value of the assets of such insurer, as certified by the insurer’s approved actuary, exceeds its liabilities (as so certified) by the greater of its margin of solvency or ECR.

event a dividend complies with the above, F&G Life Re must ensure the amount of any such dividend does not exceed that excess.

In the event a dividend complies with the above, F&G Life Re must ensure the amount of any such dividend does not exceed that excess.

Furthermore, as a Class E insurer, F&G Life Re must not declare or pay a dividend in any financial year which would exceed 25% of its total statutory capital and surplus, as set out in its previous year’s Bermuda statutory financial statements, unless at least seven days before payment of such dividend F&G Life Re files with the BMA an affidavit signed by at least two directors of F&G Life Re and its principal representative under the Bermuda Insurance Act stating that, in the opinion of those signing, declaration of such dividend has not caused the insurer to fail to meet its relevant margins.

The Bermuda Companies Act also limits F&G Life Re’s ability to pay dividends and make distributions to its shareholders.

F&G Life Re is not permitted to declare or pay a dividend, or make a distribution out of its contributed surplus, if it is, or would after the payment be, unable to pay its liabilities as they become due or if the realizable value of its assets would be less than its liabilities.

F&G Life Re is not permitted

to declare or pay a dividend, or make a distribution out of its contributed surplus, if it is, or would after the payment be, unable to pay its liabilities as they become due or if the realizable value of its assets would be less than its liabilities.

F&G Life Re’s ability to pay dividends in 2026 is subject to the limitations described above.

11 unchanged sentences

We may make repurchases from time to time in the open market, in block purchases or in privately negotiated transactions, depending on market conditions and other factors.

During the year ended December 31, 2023, we repurchased a total of 100,000 FNF common shares for an aggregate of $ 4 million or an average of $ 38.45 per share under the 2021 Repurchase Program.

During the year ended December 31, 2024, we did not repurchase any FNF common stock under the 2021 Repurchase Program or the 2024 Repurchase Program.

Subsequent to December 31, 2024 and through market close on February 21, 2025, we did not repurchase any FNF common stock under the 2024 Repurchase Program.

Note Q - Leases

During the year ended December 31, 2025, we repurchased a total of 4,426,224 FNF common shares for approximately $ 252 million, at an average price of $ 56.80 per shares under the 2024 Repurchase Program.

Subsequent to December 31, 2025 and through market close on February 19, 2026, we repurchased a total of 60,000 shares, for approximately $ 3 million, or an average of $ 55.66 under the 2024 Repurchase Program.

Note P - Leases

Right-of-use assets and lease liabilities related to operating leases under ASC Topic 842 are recorded when we are party to a contract, which conveys the right for us to control an asset for a specified period of time.

9 unchanged sentences

Our operating lease liability is determined by discounting future lease payments using a discount rate based on our incremental borrowing rate for similar collateralized borrowing.

The discount rate is calculated as an average of the current

yield on our unsecured notes payable and 140 basis points in excess of the current five year SOFR swap rate.

The discount rate is calculated as an average of the current yield on our unsecured notes payable and 140 basis points in excess of the current five year SOFR swap rate.

As of December 31, 2025, the weighted-average discount rate used to determine our operating lease liability was 5.0 %.

7 unchanged sentences

Lease liability, at present value $ 368

See Note K Supplementary Cash Flow Information for certain information on noncash investing and financing activities related to our operating lease arrangements.

Note R - Property and Equipment

See Note J Supplementary Cash Flow Information for certain information on noncash investing and financing activities related to our operating lease arrangements.

Note Q - Property and Equipment

Property and equipment consist of the following:

7 unchanged sentences

Total property and equipment, net $ 189 $ 173

Depreciation expense on property and equipment was $ 53 million, $ 55 million and $ 59 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Note S - Accounts Payable and Other Accrued Liabilities

Depreciation expense on property and equipment wa s $ 53 mill ion, $ 53 million, and $ 55 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Note R - Accounts Payable and Other Accrued Liabilities

Accounts payable and other accrued liabilities consist of the following:

20 unchanged sentences

For 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.

In 2024, F&G undertook a review of all significant assumptions, resulting in a revision to the IUL assumptions involving premium persistency and morality improvement.

In 2023, F&G undertook a review of all significant assumptions, resulting in revisions to IUL assumptions involving surrender rates, partial withdrawal rates, mortality improvement, premium persistency, and option budgets.

Note T — Income Taxes

F&G reviews cash flow assumptions annually, generally in the third quarter.

In 2024 and 2025, F&G undertook a review of all significant assumptions.

For the year ended December 31, 2025, F&G updated the assumptions for surrenders, lapses, and mortality.

For the year ended December 31, 2024, F&G updated assumptions including premium persistency and mortality improvement.

All updates to these assumptions brought F&G more in line with our Company and overall industry experience since the prior assumption update.

Note S — Income Taxes

Income tax expense (benefit) on continuing operations consists of the following:

Year Ended December 31,

2024 2023 2022

(In millions)

Current tax expense

Total current tax expense $ 115

Deferred tax expense

Total deferred tax expense $ 638

Total income tax expense on continuing operations $ 753

Year Ended December 31,

(In millions)

Current $ 360 $ 241

Deferred 7 ( 49 )

$ 367 $ 192 $ 439

Total income tax expense was allocated as follows:

Year Ended December 31,

2024 2023 2022

(In millions)

1 unchanged sentence

Other comprehensive earnings (loss):

Unrealized gain on investments and other financial instruments 160

Unrealized gain on foreign currency translation 4

Changes in current discount rate - future policy benefits ( 62 )

Changes in instrument - specific credit risk - market risk benefits ( 6 )

Tax effects of F&G Distribution ( 16 )

Other comprehensive earnings attributable to non-controlling interest ( 18 )

Total income tax expense allocated to other comprehensive earnings 62

Total income taxes $ 815

Year Ended December 31,

(In millions)

Net earnings from continuing operations $ 367 $ 192

Other comprehensive earnings (loss):

Unrealized (loss) gain on investments and other financial instruments ( 35 ) 275

Unrealized (loss) gain on foreign currency translation and cash flow hedging ( 6 ) 2 ( 4 )

Unrealized (loss) gain on foreign currency translation ( 6 ) 2

Changes in current discount rate - future policy benefits 59 ( 50 )

1 unchanged sentence

F&G 15 % Distribution

( 3 ) ( 35 ) 9

Minimum pension liability adjustment — — 2

Total income tax expense (benefit) allocated to other comprehensive earnings 16 183 ( 970 )

Total income tax expense (benefit) $ 383 $ 375 $ ( 531 )

Total income tax expense) allocated to other comprehensive earnings 16 183

Total income tax expense $ 383 $ 375

A reconciliation of the federal statutory rate to our effective tax rate is as follows:

Year Ended December 31, 2025

2024 2023 2022

(In millions)

Federal statutory rate 21.0 % $ 293

State income taxes, net of federal income tax effect (1) 1.9 26

Tax credits ( 0.6 ) ( 8 )

Changes in valuation allowances ( 2.0 ) ( 28 )

Outside basis difference in F&G (2) 33.7 471

Nontaxable or nondeductible items and other ( 0.1 ) ( 1 )

Effective tax rate 53.9 % $ 753

(1) State taxes in California and Illinois made up the majority (greater than 50 percent) of the tax effect in this category.

(2) State taxes of $ 23 million are included in this category, of which Illinois and Florida made up the majority (greater than 50 percent).

Year Ended December 31,

Federal statutory rate 21.0 % 21.0 %

State income taxes, net of federal benefit 1.8 2.4

2 unchanged sentences

Valuation allowance for deferred tax assets ( 1.0 ) 5.0

Benefit on Capital Loss Carryback — — ( 1.3 )

Officers Compensation 0.8 1.2

1 unchanged sentence

Effective tax rate 21.1 % 27.7 %

Total income taxes paid was allocated as follows:

Year Ended December 31,

(In millions)

Federal $ 198

State & Foreign 52

The significant components of deferred tax assets and liabilities consist of the following:

10 unchanged sentences

Bermuda corporate income tax net operating loss carryforward — 10

Section 263a Costs 30 —

Total gross deferred tax asset 2,821 2,623

9 unchanged sentences

Deferred acquisition costs ( 677 ) ( 543 )

Outside basis difference in F&G ( 404 ) —

Funds held under reinsurance agreements ( 1,261 ) ( 945 )

1 unchanged sentence

Total deferred tax liability $ ( 3,066 ) $ ( 2,144 )

Net deferred tax asset $ 315 $ 343

Our net deferred tax asset was $ 315 million and $ 343 million as of December 31, 2024 and 2023, respectively.

Net deferred tax (liability) asset $ ( 359 ) $ 315

Our net deferred tax (liability) asset was $( 359 ) million and $ 315 million as of December 31, 2025 and 2024, respectively.

The significant changes in the deferred taxes are as follows:

the deferred tax asset for investment securities increased by $ 89 million primarily due to unrealized losses recorded for investment securities, of which $ 26 million was related to unrealized losses in our Title segment and $ 63 million was related to unrealized losses in our F&G segment's life insurance business.

the deferred tax asset for investment securities decreased by $ 271 million primarily due to unrealized gains recorded for investment securities, of which $ 29 million was related to unrealized gains in our Title segment and $ 242 million was related to unrealized gains in our F&G segment's life insurance business.

The deferred tax liability related to deferred acquisition costs increased by $ 134 million, which is consistent with the growth in sales in our F&G segment.

The reinsurance receivable deferred tax asset increased by $ 322 million and the reinsurance receivable deferred tax liability increased by $ 324 million, both due to the increase in the Modco reinsurance in the F&G segment.

The deferred tax asset relating to life insurance receivables decreased by $ 96 million primarily due to tax reserves increasing more than GAAP reserves by F&G.

The tax credits deferred tax asset increased by $ 85 million, primarily due to additional corporate alternative minimum tax credits at the F&G segment’s life insurance business offset by utilization of low-income housing tax credits at the F&G segment’s life insurance business.

The reinsurance receivable deferred tax asset increased by $ 356 million and the reinsurance receivable deferred tax liability increased by $ 316 million, both due to the increase in modified coinsurance reinsurance in the F&G segment.

The deferred tax asset relating to life insurance receivables increased by $ 88 million primarily due to GAAP reserves increasing more than tax reserves by F&G.

The deferred tax liability relating to partnerships increased by $ 79 million, of which $ 30 million relates to partnerships in our Title segment and $ 49 million relates to partnerships in our F&G segment.

In connection with the 2025 F&G distribution, we recorded a deferred tax liability of $ 404 million for our outside basis difference in F&G.

This deferred tax liability represents the difference between the book basis and tax basis of the retained F&G shares as of December 31, 2025, as we can no longer recover our investment tax free.

$ 471 million was recorded through continuing operations, with the remaining movement in the deferred tax liability recorded through other comprehensive income and equity, following the accounting guidance regarding intraperiod allocation under ASC 740 and ASC 810.

result of the 2025 F&G distribution, certain F&G subsidiaries who have historically filed a consolidated tax return with FNF will no longer be eligible to file a consolidated tax return after the 2025 tax year.

As of December 31, 2025, we have net operating losses ("NOLs") on a pretax basis of $ 548 million, of which $ 42 million relates to our Title segment and $ 506 million relates to our F&G segment's life insurance business, which are available to carryforward and offset future federal taxable income.

8 unchanged sentences

The credits primarily consist of general business credits and corporate alternative minimum tax credits, including $ 124 million associated with our F&G segment's life insurance business.

The F&G segment's corporate alternative minimum tax credit has an indefinite life.

We anticipate the remainder of the credits will be utilized prior to expiration with the exception of $ 30 million relating to general business credits in our Title segment which have a corresponding $ 30 million valuation allowance recorded.

As of December 31, 2024, a full valuation allowance on the net deferred tax asset related to the Bermuda corporate income tax net operating loss carryforward of $ 10 million was recorded.

The net change in the Bermuda corporate income tax net loss operating carryforward valuation allowance was a $ 14 million decrease for the year ended December 31, 2024.

Our corporate alternative minimum tax credit has an indefinite life.

We anticipate the remainder of the credits will be utilized prior to expiration with the exception of $ 31 million relating primarily to general business credits in our Title segment which have a corresponding $ 31 million valuation allowance recorded.

As of December 31, 2025, a valuation allowance of $ 71 million on the net deferred tax asset for capital losses was recorded, of which $ 34 million related to the Title segment and $ 37 million related to the F&G segment.

4 unchanged sentences

Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2025, includes:

$ 20 million of deferred tax assets related to the FNF consolidated group as well as $ 6 million of tax receivables and $ 295 million of deferred tax assets related to F&G subsidiaries who file separate tax returns.

As of December 31, 2023, prepaid expenses and other assets included $ 26 million of tax receivables related to the FNF consolidated group as well as $ 28 million of tax receivables and $ 372 million of deferred tax assets related to the F&G subsidiaries.

$ 82 million of deferred tax assets as well as $ 84 million of tax receivables related to F&G subsidiaries who file separate tax returns.

As of December 31, 2024, prepaid expenses and other assets included $ 20 million of deferred tax assets related to the FNF consolidated group as well as $ 6 million of tax receivables and $ 295 million of deferred tax assets related to F&G subsidiaries who file separate tax returns.

We continue to be a participant in the Internal Revenue Service (“IRS”) Compliance Assurance Process that is a real-time audit.

7 unchanged sentences

As of December 31, 2025, based on the countries in which we do business that have enacted legislation, the Company does not expect these rules to have a material impact on our income tax provision.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law.

The application of the OBBBA tax provisions did not result in material changes to the Company's total income tax expense or effective tax rate for the year ended December 31, 2025.

The Company considers its non-U.S.

4 unchanged sentences

A determination of an unrecognized deferred tax liability related to these earnings is not practicable.

Note U - Employee Benefit Plans

Note T - Employee Benefit Plans

Stock Purchase Plan

23 unchanged sentences

The options vest over a 3 year period, based on the option's initial grant date, and have a contractual life of 7 years.

As of December 31, 2024, there were no shares of restricted stock and 100,000 stock options outstanding under the F&G Omnibus Plan.

FNF stock option transactions under the Omnibus Plan for 2024 , 2023, and 2022 are as follows:

Options Weighted Average

Exercise Price Exercisable

Balance, January 1, 2022 996,113 $ 25.53 996,113

Exercised ( 996,113 ) 25.53

Balance, December 31, 2022 — $ — —

As of December 31, 2025, there were no shares of restricted stock and no stock options outstanding under the F&G Omnibus Plan.

FNF stock option transactions under the F&G Omnibus Plan for 2025, 2024 , and 2023 are as follows:

6 unchanged sentences

Exercised ( 543,623 ) 38.74

Canceled ( 26,570 ) 38.07

Balance, December 31, 2024 100,000 $ 39.10 100,000

5 unchanged sentences

Granted 966,093 44.44

Canceled ( 23,975 ) 41.42

Vested ( 908,267 ) 40.26

17 unchanged sentences

Balance, December 31, 2024 — $ —

Canceled ( 13,082 ) 48.28

Vested ( 168,397 ) 40.53

Balance, December 31, 2025 — $ —

The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2024 :

Options Outstanding Options Exercisable

Weighted Weighted

Average Weighted Average Weighted

Remaining Average Remaining Average

Range of Number of Contractual Exercise Intrinsic Number of Contractual Exercise Intrinsic

Exercise Prices Options Life Price Value Options Life Price Value

(In years) (In millions) (In years) (In millions)

$ 0.00 - $ 39.10

100,000 0.97 $ 39.10 $ 2 100,000 0.97 $ 39.10 $ 2

100,000 $ 2 100,000 $ 2

We account for stock-based compensation plans in accordance with GAAP on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award.

Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period.

Fair value of restricted stock awards and units is based on the

grant date value of the underlying stock derived from quoted market prices.

Fair value of restricted stock awards and units is based on the grant date value of the underlying stock derived from quoted market prices.

In 2024, we issued a $ 50 million restricted stock grant to our chairman, of which one quarter of the grant vested immediately, with the remaining three quarters vesting in equal installments over a period of three years on each anniversary of the grant date.

3 unchanged sentences

The intrinsic value of options exercised in the years ended December 31, 2025 , 2024, and 2023 was $ 3 million, $ 9 million, and $ 8 million, respectively.

Net earnings attributable to FNF Shareholders reflects stock-based compensation expense amounts of $ 82 million for the year ended December 31, 2024, $ 60 million for the year ended December 31, 2023 and $ 49 million for the year ended December 31, 2022 , which are included in personnel costs in the reported financial results of each period.

Net earnings attributable to FNF Shareholders reflects stock-based compensation expense amounts of $ 88 million for the year ended December 31, 2025, $ 82 million for the year ended

December 31, 2024 and $ 60 million for the year ended December 31, 2023 , which are included in personnel costs in the reported financial results of each period.

At December 31, 2025 , the total unrecognized compensation cost related to non-vested stock option grants and restricted stock grants is $ 91 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.69 years.

13 unchanged sentences

As of December 31, 2024 , the project benefit obligation and fair value of plan assets were immaterial .

The discount rate used to determine the benefit obligation as of December 31, 2023 wa s 4.67 % .

As of December 31, 2023, the projected benefit obligation was $ 64 million and the fair value of plan assets was $ 54 million.

The net pension liability and net periodic expense included in our financial position and results of operations relating to the Pension Plan is not considered material for any period presented.

Note V - Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk

Note U - Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk

In the normal course of business, we and certain of our subsidiaries enter into off-balance sheet credit arrangements associated with certain aspects of the title insurance business and other activities.

12 unchanged sentences

We control credit risk through monitoring procedures.

Note W - Recent Accounting Pronouncements

Note V - Recent Accounting Pronouncements

Adopted Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the CODM and included in each reported measure of a segment’s profit or loss.

In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements.

The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments.

We adopted this standard using the retrospective approach for all periods presented as required.

Refer to Note J Segment Information for additional information.

In March 2023, the FASB issued ASU 2023-02, Accounting for Investments in Tax Credit Structure Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force).

The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met.

We adopted this standard on January 1, 2024, as required, and there was no material impact to our audited Condensed Consolidated Financial Statements.

Refer to Note T Income Taxes for further information.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820):

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.

The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction.

Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions:

the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s).

The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments.

The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years.

We adopted this standard as of January 1, 2024, and it did not have a material impact on our unaudited Condensed Consolidated Financial Statements and related disclosures upon adoption.

Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold.

Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold.

The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024.

Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance.

The amendments should be applied on a prospective basis, and, retrospective application is permitted.

We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

Additionally, the amendments require annual disclosure of income taxes paid (net

of refunds received) disaggregated by jurisdiction based on a quantitative threshold.

We adopted this standard as of December 31, 2025 and are applying this guidance on a prospective basis.

Refer to Note S Income Taxes for further information.

Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

3 unchanged sentences

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.

Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements.

We do not expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

Note X - Market Risk Benefits

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

The amendments in this update refine capitalization thresholds by removing all references to project stages.

The amendments require that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”).

Additionally, the amendments clarify the disclosure requirements for internal-use software costs.

The amendments in this update are effective for all companies for annual and interim reporting periods beginning after December 15, 2027.

Early adoption is permitted, and the amendments should be applied using a prospective, retrospective, or modified transition approach.

We are in the process of assessing this standard and its impact upon adoption.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements.

The amendments in this update make improvements to the hedge accounting guidance, with the overall goal of simplifying the application of hedge accounting guidance.

The main amendments in this Update include:

Issue 1) Similar Risk Assessment for Cash Flow Hedges:

expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge, enabling entities to apply hedge accounting to potentially broader portfolios of forecasted transactions, Issue 2) Hedging Forecasted Interest Payments on Choose-Your-Rate Debt Instruments:

establishes a model that enables hedge accounting to be applied more broadly to choose-your-rate debt and address existing diversity in practice, Issue 3) Cash Flow Hedges of Nonfinancial Forecasted Transactions:

expands hedge accounting for forecasted purchases and sales of nonfinancial assets subject to certain criteria, Issue 4) Net Written Options as Hedging Instruments:

accommodates differences in the loan and swap markets that resulted from reference rate reform, eliminating the requirement for the net written option test in certain instances, and Issue 5) Foreign-Currency-Denominated Debt Instrument as Hedging Instrument and Hedged Item (Dual Hedge):

eliminates the recognition and presentation mismatch related to a dual hedge strategy.

The amendments in this update are effective for public companies for annual and interim reporting periods beginning after December 15, 2026.

Early adoption is permitted, and the amendments should be applied using a prospective basis for all hedging relationships.

We are in the process of assessing this standard and its impact upon adoption.

Note W - Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the years ended December 31, 2025 and 2024:

1 unchanged sentence

Indexed annuities Fixed rate annuities Indexed annuities Fixed rate annuities

(Dollars in millions)

(In millions)

Balance, beginning of period, net liability $ 420 $ 1 $ 314 $ 1

14 unchanged sentences

December 31, 2025 December 31, 2024

Direct Reinsured Net Direct Reinsured Net

Direct Reinsured Total Direct Reinsured Total

(In millions)

6 unchanged sentences

Total MRB liability $ 901 $ 2 $ 903 $ 549 $ — $ 549

The net MRB liability increased for the year ended December 31, 2025, primarily as a result of collection of attributed fees, interest accrual, and MRB reserves for contracts issued within the period.

For 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.

The net MRB liability increased for the year ended December 31, 2024, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions.

3 unchanged sentences

and an increase in the rider benefit utilization assumption, leading to an unfavorable change in the value of the associated MRBs.

The net MRB liability increased for the year ended December 31, 2023, primarily as a result of attributed fees collected, increases as a result of actual policyholder behavior different than expected and changes in assumptions as discussed below.

These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

For the year ended December 31, 2023, notable changes made to the inputs to the fair value estimates of MRBs calculations included a significant increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities;

increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs;

and F&G’s credit spread decreased, lead to a corresponding unfavorable change in the MRBs associated with both indexed annuities and fixed rate annuities.

In 2024 and 2023, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (indexed annuities and fixed rate annuities) with MRBs.

For the year ended December 31, 2024, we updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, and option budgets.

For the year ended December 31, 2023, we updated assumptions including surrender rates, partial withdrawal rates, mortality improvement, and option budgets.

All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption updates.

These updates, in total, led to increases in the net MRB liability for the years ended December 31, 2024 and 2023.

Note Y — Contractholder Funds

In 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 2024 and 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 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.

For the year ended December 31, 2024, F&G updated assumptions including surrender rates, rider benefit election utilization, mortality improvement, 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, 2024.

Note X — Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

1 unchanged sentence

Indexed annuities Fixed rate annuities Universal life FABN (b) FHLB (b)

(Dollars in millions)

(In millions)

Balance, beginning of year $ 30,235 $ 17,442 $ 2,817 $ 2,463 $ 2,852

7 unchanged sentences

Balance, end of year 33,226 19,265 3,292 3,324 2,898

Embedded derivative adjustment (c) 219 — 79 — —

Gross liability, end of period 30,454 17,442 2,896 2,463 2,852

Reconciling items (c) 321 2 115 11 —

Gross liability, end of year 33,547 19,267 3,407 3,335 2,898

Reinsurance recoverable 3,198 12,863 887 — —

Net liability, after reinsurance recoverable $ 29,593 $ 6,433 $ 2,019 $ 2,463 $ 2,852

Net liability, after reinsurance $ 30,349 $ 6,404 $ 2,520 $ 3,335 $ 2,898

Weighted-average crediting rate 2.65 % 4.84 % 6.13 % N/A N/A

4 unchanged sentences

However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives.

For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.

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

2 unchanged sentences

Indexed annuities Fixed rate annuities Universal life FABN (b) FHLB (b)

(Dollars in millions)

(In millions)

Balance, beginning of year $ 27,164 $ 13,443 $ 2,391 $ 2,613 $ 2,539

8 unchanged sentences

Embedded derivative adjustment (c) 219 — 79 — —

Gross liability, end of period 27,407 13,443 2,475 2,613 2,539

Gross liability, end of year 30,454 17,442 2,896 2,463 2,852

Reinsurance recoverable 861 11,009 877 — —

Net liability, after reinsurance recoverable $ 27,390 $ 5,923 $ 1,581 $ 2,613 $ 2,539

Net liability, after reinsurance $ 29,593 $ 6,433 $ 2,019 $ 2,463 $ 2,852

Weighted-average crediting rate 2.90 % 4.42 % 6.20 % N/A N/A

15 unchanged sentences

Traditional life 4 5

Funding Agreement-FABN 2,463 2,613

FABN 3,335 2,463

FHLB 2,898 2,852

Total $ 62,726 $ 56,404

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees.

These changes resulted in a decrease in total benefits and other changes in policy reserves of approximately $ 89 million for the year ended December 31, 2024.

During the third quarter of 2023 and for the year ended December 31, 2023, based on increases in interest rates and pricing changes, we updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and also aligned reserves to actual policyholder behavior.

These changes resulted in an increase in total benefits and other changes in policy reserves of approximately $ 73 million for the year ended December 31, 2023.

Annually, typically in the third quarter, F&G reviews assumptions associated with reserves for policy benefits and product guarantees.

During the years ended December 31, 2025 and 2024, 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 a decrease in Contractholder funds of approximately $ 22 million and $ 89 million for the years ended December 31, 2025 and December 31, 2024, respectively.

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

4 unchanged sentences

Indexed annuities (In millions)

0.00%-1.50% $ 23,540 $ 1,236 $ 492 $ 1,846 $ 27,114

Up to 1.50% $ 659 $ 464 $ 298 $ 812 $ 2,233

1.51%-2.50% 548 17 633 630 1,828

Greater than 2.50% 212 1 — 1 214

Subtotal 1,419 482 931 1,443 $ 4,275

No guaranteed minimum crediting rate 28,951

Total $ 33,226

Fixed rate annuities

0.00%-1.50% $ 57 $ 20 $ 773 $ 14,407 $ 15,257

Up to 1.50% $ 94 $ 75 $ 792 $ 15,548 $ 16,509

1.51%-2.50% 4 6 16 466 492

2 unchanged sentences

Universal Life

0.00%-1.50% $ 2,421 $ 7 $ — $ 24 $ 2,452

Up to 1.50% $ 2,898 $ 9 $ — $ 31 $ 2,938

1.51%-2.50% — — — — —

6 unchanged sentences

Indexed annuities (In millions)

0.00%-1.50% $ 22,392 $ 1,444 $ 526 $ 1,953 $ 26,315

Up to 1.50% $ 721 $ 596 $ 309 $ 880 $ 2,506

1.51%-2.50% 432 1 313 485 1,231

Greater than 2.50% 253 — — 14 267

Subtotal $ 1,406 $ 597 $ 622 $ 1,379 $ 4,004

No guaranteed minimum crediting rate 26,231

Total $ 30,235

Fixed rate annuities

0.00%-1.50% $ 23 $ 25 $ 1,532 $ 10,271 $ 11,851

Up to 1.50% $ 57 $ 20 $ 773 $ 14,407 $ 15,257

1.51%-2.50% 4 7 20 462 493

2 unchanged sentences

Universal Life

0.00%-1.50% $ 1,987 $ 5 $ — $ 21 $ 2,013

Up to 1.50% $ 2,421 $ 7 $ — $ 24 $ 2,452

1.51%-2.50% — — — — —

1 unchanged sentence

Total $ 2,785 $ 7 $ 1 $ 24 $ 2,817

Note Z — Future Policy Benefits

Note Y — Future Policy Benefits

The 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:

45 unchanged sentences

Beginning balance at original discount rate 1,732 1,788

Effect of changes in cash flow assumptions — —

Effect of actual variances from expected experience ( 11 ) ( 27 )

15 unchanged sentences

Balance, beginning of year $ 90 $ 6 $ 87 $ 10

Effect of modeling changes — — 4 —

Effect of changes in cash flow assumptions — — — ( 8 )

34 unchanged sentences

(a) Included in Life insurance premiums and other fees on the Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves (remeasurement gains (a)) on the Consolidated Statements of Earnings.

The following table presents the weighted-average interest rate:

9 unchanged sentences

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

December 31, 2024

Traditional life Immediate annuities PRT

Actual experience 1.4 % 2.7 % 2.7 %

Expected experience 1.5 % 1.9 % 2.5 %

Actual experience 0.1 % — % — %

Expected experience 0.5 % — % — %

December 31, 2023

Traditional life Immediate annuities PRT

Actual experience 1.7 % 3.2 % 3.2 %

Expected experience 1.4 % 1.8 % 2.3 %

Actual experience — % — % — %

Expected experience 0.3 % — % — %

December 31, 2022

Traditional life Immediate annuities PRT

2025 2024 2023

Traditional life Immediate annuities PRT Traditional life Immediate annuities PRT Traditional life Immediate annuities PRT

Actual experience 2.4 % 2.4 % 2.6 % 1.4 % 2.7 % 2.7 % 1.7 % 3.2 % 3.2 %

3 unchanged sentences

The 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):

December 31, 2024

Cohort X Description

NPR before capping 108 % Term with return of premium Non-NY Cohort

Reserves before NPR capping $ 1,147 Term with return of premium Non-NY Cohort

Reserves after NPR capping 1,174 Term with return of premium Non-NY Cohort

Loss Expense 27 Term with return of premium Non-NY Cohort

F&G realized actual-to-expected experience variances and made changes to assumptions during the years ended December 31, 2024 and 2023 as follows:

December 31, 2025 December 31, 2024

Cohort X Description Cohort X Description

NPR before capping 104 % Term with return of premium Non-NY Cohort 108 % Term with return of premium Non-NY Cohort

Reserves before NPR capping $ 1,145 Term with return of premium Non-NY Cohort $ 1,147 Term with return of premium Non-NY Cohort

Reserves after NPR capping 1,156 Term with return of premium Non-NY Cohort 1,174 Term with return of premium Non-NY Cohort

Loss Expense 11 Term with return of premium Non-NY Cohort 27 Term with return of premium Non-NY Cohort

F&G made changes to assumptions during the years ended December 31, 2025 and 2024.

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.

Traditional life

2 unchanged sentences

Significant 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).

We review the cash flow assumptions annually, typically in the third quarter.

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 2024, F&G made an adjustment to the calculation to reflect additional actuarial precision, unrelated to the assumptions, driving an increase to the FPB liability.

In 2023, F&G undertook a review of all significant assumptions and revised the lapse assumption, resulting in a slight decrease to the FPB.

There have been no other significant changes.

Market data that underlies current discount rates was updated in 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB.

Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Market data that underlies current discount rates was updated in 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.

Immediate annuities (life contingent)

Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current).

We review the cash flow assumptions annually, typically in the third quarter.

In 2024 and 2023, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality.

F&G reviews the cash flow assumptions annually, typically in the third quarter.

In 2024, 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 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB.

Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Market data that underlies current discount rates was updated in 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.

PRT (life contingent)

The PRT line of business has issued a significant volume of contracts for both 2024 and 2023, which is the primary impact in increasing the reserve balance in each of those periods.

The PRT line of business has issued a significant volume of contracts for 2025 and 2024, which is the primary impact in increasing the reserve balance in each of those periods.

Significant 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.

We review the cash flow assumptions annually, typically in the third quarter.

In 2024 and 2023, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality.

F&G reviews the cash flow assumptions annually, typically in the third quarter.

In 2024, 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 2025 from that utilized in 2024 resulting in decreased discount rates that drove an increase to the FPB.

Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a decrease to the FPB.

Market data that underlies current discount rates was updated in 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.

Premium deficiency testing

5 unchanged sentences

Due to that result, 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 December 31, 2024.

During 2023, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

The liability balance was immaterial at December 31, 2025 and December 31, 2024.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data