Companies: 10,831     total market cap: $147.030 T
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Fidelity National Financial
FNF
#1636
Rank
$13.22 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$49.13
Share price
0.53%
Change (1 day)
-12.14%
Change (1 year)
๐Ÿฆ Insurance
Categories
Fidelity National Financial, Inc. or simply FNF is an American company that provides title insurance and settlement services to the real estate and mortgage industries.
  1. Fidelity National Financial
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-08

Fidelity National Financial - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32630
FNF_Updated_Marks.jpg
FIDELITY NATIONAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Nevada16-1725106
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
601 Riverside Avenue
Jacksonville, Florida, 32204
(Address of principal executive offices, including zip code)

(904) 854-8100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par valueFNFNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    or    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ or No¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.




Large Accelerated Filer☒Accelerated Filer
☐
Non-accelerated Filer
☐
Smaller reporting Company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   or    No  ☒
The registrant had 269,157,540 shares of common stock issued and outstanding as of April 30, 2026.



Table of Contents
FORM 10-Q
QUARTERLY REPORT
Quarter Ended March 31, 2026
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets (unaudited)
2
Condensed Consolidated Statements of Earnings (unaudited)
3
Condensed Consolidated Statements of Comprehensive Earnings (unaudited)
4
Condensed Consolidated Statements of Equity (unaudited)
5
Condensed Consolidated Statements of Cash Flows (unaudited)
6
Notes to Unaudited Condensed Consolidated Financial Statements
7
61
Item 3. Quantitative and Qualitative Disclosures about Market Risk
85
85
PART II. OTHER INFORMATION
86
86
86
87
87
87
88
89
 
1
Table of Contents

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except par values)
 March 31,
2026		December 31,
2025
(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, as of March 31, 2026 and December 31, 2025, at an amortized cost of $57,703 and $57,161, respectively, net of allowance for credit losses of $91 and $112, respectively, and includes pledged fixed maturity securities of $470 and $446, respectively, related to secured trust deposits
$54,407 $54,561 
Fixed maturity securities, at fair value under the fair value option93 — 
Preferred securities, at fair value432 436 
Equity securities, at fair value410 493 
Derivative investments898 1,156 
Mortgage loans, net of allowance of $97 and $86 as of March 31, 2026 and December 31, 2025, respectively
8,459 7,891 
Investments in unconsolidated affiliates (2026 and 2025 includes $270 and $262 related to investments held by consolidated variable interest entities ("VIEs") and 2026 and 2025 include certain investments at fair value of $260 and $270, respectively)
5,299 5,166 
Other long-term investments (2026 and 2025 include $246 and $248 related to investments held by consolidated VIEs)
1,579 1,572 
Short-term investments (2026 and 2025 include $33 and $116 related to investments held by consolidated VIEs)
1,655 1,920 
Total investments73,232 73,195 
Cash and cash equivalents, as of March 31, 2026 and December 31, 2025 includes $329 and $261, respectively, of pledged cash related to secured trust deposits (2026 and 2025 include $1 and $2 related to investments held by consolidated VIEs)
2,467 2,636 
Trade and notes receivables, net of allowance of $30 and $31 as of March 31, 2026 and December 31, 2025, respectively
473 473 
Reinsurance recoverable, net of allowance of $18 and $18 as of March 31, 2026 and December 31, 2025, respectively
19,979 17,551 
Goodwill5,216 5,272 
Prepaid expenses and other assets2,116 2,012 
Market risk benefits asset308 285 
Lease assets336 336 
Other intangible assets, net6,761 6,641 
Title plants424 424 
Property and equipment, net187 189 
Total assets$111,499 $109,014 
LIABILITIES AND EQUITY
Liabilities:  
Contractholder funds$63,474 $62,726 
Future policy benefits10,748 10,755 
Accounts payable and accrued liabilities3,344 3,828 
Market risk benefits liability968 903 
Notes payable4,402 4,400 
Reserve for title claim losses1,704 1,700 
Funds withheld for reinsurance liabilities16,487 14,191 
Secured trust deposits802 731 
Lease liabilities367 368 
Income taxes payable46 1 
Deferred tax liability438 439 
Total liabilities102,780 100,042 
Equity:  
FNF common stock, $0.0001 par value; authorized 600 shares as of March 31, 2026 and December 31, 2025; outstanding of 269 and 271 as of March 31, 2026 and December 31, 2025, respectively
— — 
Preferred stock, $0.0001 par value; authorized 50 shares; issued and outstanding, none
— — 
Additional paid-in capital6,068 6,042 
Retained earnings5,586 5,484 
Accumulated other comprehensive loss(1,895)(1,678)
Treasury stock, 63 and 61 shares as of March 31, 2026 and December 31, 2025, respectively, at cost
(2,505)(2,424)
Total Fidelity National Financial, Inc. shareholders’ equity7,254 7,424 
Non-controlling interests1,465 1,548 
Total equity8,719 8,972 
Total liabilities and equity$111,499 $109,014 
See Notes to Condensed Consolidated Financial Statements
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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share data)

Three months ended March 31,
 20262025
(Unaudited)
Revenues:  
Direct title insurance premiums$583 $510 
Agency title insurance premiums788 681 
Escrow, title-related and other fees1,111 1,065 
Interest and investment income822 760 
Recognized gains and losses, net(78)(287)
Total revenues3,226 2,729 
Expenses: 
Personnel costs827 770 
Agent commissions608 528 
Other operating expenses398 377 
Benefits and other changes in policy reserves484 524 
Market risk benefit losses73 109 
Depreciation and amortization215 196 
Provision for title claim losses62 54 
Interest expense61 60 
Total expenses2,728 2,618 
Earnings before income taxes and equity in earnings of unconsolidated affiliates498 111 
Income tax expense175 29 
Earnings before equity in earnings of unconsolidated affiliates323 82 
Equity in (losses) earnings of unconsolidated affiliates(2)1 
Net earnings321 83 
Less: Net earnings attributable to non-controlling interests78 — 
Net earnings attributable to Fidelity National Financial, Inc. common shareholders$243 $83 
Earnings per share
Net earnings per share attributable to common shareholders, basic$0.90 $0.30 
Net earnings per share attributable to common shareholders, diluted$0.90 $0.30 
Weighted average common shares outstanding - basic 269 273 
Weighted average common shares outstanding - diluted 269 273 
See Notes to Condensed Consolidated Financial Statements
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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In millions)
Three months ended March 31,
 
 20262025
 (Unaudited)
Net earnings $321 $83 
Other comprehensive earnings (loss): 
Unrealized (loss) gain on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1)(591)267 
Unrealized gain on investments in unconsolidated affiliates (2)— 8 
Unrealized (loss) gain on foreign currency translation (3)(11)6 
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4)25 (2)
Changes in current discount rate - future policy benefits (5)162 (86)
Changes in instrument-specific credit risk - market risk benefits (6)38 23 
 Other comprehensive loss attributable to non-controlling interest (7) 105 (30)
 Change in F&G outside tax basis55 — 
Other comprehensive earnings(217)186 
Comprehensive earnings104 269 
Less: Comprehensive earnings attributable to non-controlling interests78 — 
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders$26 $269 

(1)Net of income tax (benefit) expense of $(154) million and $63 million for the three months ended March 31, 2026 and 2025, respectively.
(2)Net of income tax expense of $2 million for the three months ended March 31, 2025.
(3)Net of income tax (benefit) expense of $(3) million and $1 million for the three months ended March 31, 2026 and 2025, respectively.
(4)Net of income tax expense of $6 million for the three months ended March 31, 2026.
(5)Net of income tax expense (benefit) of $43 million and $(21) million for the three months ended March 31, 2026 and 2025, respectively.
(6)Net of income tax expense of $10 million and $6 million for the three months ended March 31, 2026 and 2025, respectively.
(7)Net of income tax expense (benefit) of $29 million and $(8) million for the three months ended March 31, 2026 and 2025, respectively.

See Notes to Condensed Consolidated Financial Statements

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share data)
(Unaudited)
 Fidelity National Financial, Inc. Common Shareholders  
 FNF  Accumulated  
 CommonAdditionalOtherTreasuryNon- 
 StockPaid-inRetainedComprehensiveStockcontrollingTotal
 Shares$CapitalEarningsLossShares$InterestsEquity
Balance, January 1, 2025
331 $— $5,976 $5,982 $(2,052)56 $(2,152)$778 $8,532 
Exercise of stock options— — 4 — — — — — 4 
F&G common stock offering — — 8 — — — — 109 117 
Other comprehensive earnings - unrealized gain on investments and other financial instruments— — — — 267 — — — 267 
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates— — — — 8 — — — 8 
Other comprehensive earnings - unrealized gain on foreign currency translation— — — — 6 — — — 6 
Reclassification adjustments for change in unrealized gains and losses included in net earnings— — — — (2)— — — (2)
Change in instrument-specific credit risk - market risk benefits— — — — 23 — — — 23 
Change in current discount rate - liability for future policy benefits— — — — (86)— — — (86)
Stock-based compensation— — 20 — — — — 1 21 
Shares withheld for taxes and in treasury— — — — — — — (2)(2)
Dilution from share issuance by consolidated sub— — — — — — — — — 
Repurchases of treasury stock— — — — — 1 (25)— (25)
Dividends declared, $0.50 per common share
— — — (137)— — — — (137)
Other comprehensive loss associated with noncontrolling interests— — — — (30)— — 30 — 
Subsidiary dividends declared to non-controlling interests— — — — — — — (12)(12)
Net earnings— — — 83 — — — — 83 
Balance, March 31, 2025
331 $— $6,008 $5,928 $(1,866)57 $(2,177)$904 $8,797 
Balance, January 1, 2026
332 $— $6,042 $5,484 $(1,678)61 $(2,424)$1,548 $8,972 
Other comprehensive earnings - unrealized gain on investments and other financial instruments— — — — (591)— — — (591)
Other comprehensive loss - unrealized loss on foreign currency translation— — — — (11)— — — (11)
Reclassification adjustments for change in unrealized gains and losses included in net earnings— — — — 25 — — — 25 
Change in current discount rate — liability for future policy benefits— — — — 162 — — — 162 
Change in instrument-specific credit risk - market risk benefits — — — — 38 — — — 38 
Other comprehensive loss associated with noncontrolling interests— — — — 105 — — (105)— 
Stock-based compensation— — 21 — — — — 2 23 
Repurchases of treasury stock— — — — — 2 (81)— (81)
F&G repurchases of F&G stock— — 9 — — — — (38)(29)
Dividends declared, $0.52 per common share
— — — (141)— — — — (141)
Change in F&G outside tax basis— — (4)— 55 — — — 51 
Subsidiary dividends declared to non-controlling interests— — — — — — — (20)(20)
Net earnings— — — 243 — — — 78 321 
Balance, March 31, 2026
332 $— $6,068 $5,586 $(1,895)63 $(2,505)$1,465 $8,719 

See Notes to Condensed Consolidated Financial Statements




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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Three months ended March 31,
 
 20262025
 (Unaudited)
Cash flows from operating activities: 
Net earnings$321 $83 
Adjustments to reconcile net earnings to net cash provided by operating activities:
            Depreciation and amortization215 196 
            Equity in earnings of unconsolidated affiliates2 (1)
            Loss on sales of investments and other assets and asset impairments, net26 24 
            Gain on the sale of businesses(14)— 
            Interest credited/index credits to contractholder account balances49 125 
            Change in market risk benefits, net73 109 
            Deferred policy acquisition costs and deferred sales inducements(284)(287)
            Charges assessed to contractholders for mortality and admin(115)(79)
            Non-cash lease costs32 33 
            Operating lease payments(34)(35)
            Distributions from unconsolidated affiliates, return on investment33 7 
            Stock-based compensation cost23 21 
            Change in NAV of limited partnerships, net(106)(63)
            Change in valuation of derivatives, equity securities, preferred securities, and other assets, net66 259 
Changes in assets and liabilities, net of effects from acquisitions:
Change in derivative collateral liabilities(396)(135)
Change in reinsurance recoverable14 (13)
Change in future policy benefits197 210 
Change in funds withheld from reinsurers787 648 
Net decrease in trade receivables7 34 
Net increase (decrease) in reserve for title claim losses4 (18)
Net change in income taxes167 11 
Net change in other assets and other liabilities(192)(14)
Net cash provided by operating activities875 1,115 
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities2,973 3,071 
Additions to property and equipment, capitalized software and title plants(27)(37)
Purchases of investment securities(4,079)(5,128)
Net proceeds from sales and maturities of short-term investment securities265 1,890 
Acquisitions and dispositions73 — 
Additional investments in unconsolidated affiliates(264)(665)
Distributions from unconsolidated affiliates, return of investment122 81 
Net other investing activities(8)3 
Net cash used in investing activities(945)(785)
Cash flows from financing activities:  
Debt offering— 375 
Debt service payments — (300)
Dividends paid(140)(136)
Subsidiary dividends paid to non-controlling interest shareholders(20)(12)
Subsidiary repurchases of own equity(30)(2)
Net change in secured trust deposits70 77 
Payment of contingent consideration for prior period acquisitions(14)(18)
Contractholder account deposits2,669 2,789 
Contractholder account withdrawals(2,557)(2,194)
Purchases of treasury stock(78)(24)
F&G common stock offering— 117 
Other financing activities1 3 
Net cash (used in) provided by financing activities(99)675 
Net (decrease) increase in cash and cash equivalents(169)1,005 
Cash and cash equivalents at beginning of period2,636 3,479 
Cash and cash equivalents at end of period$2,467 $4,484 
See Notes to Condensed Consolidated Financial Statements
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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note A — Basis of Financial Statements
The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2025.
Description of the Business
We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services, and home warranty, (ii) transaction services to the real estate and mortgage industries, and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").
For information about our reportable segments refer to Note H Segment Information.
Recent Developments
F&G Life Re Ltd. (“F&G Life Re”)
On March 1, 2026, F&G completed the sale of its Bermuda based subsidiary, F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”) an unrelated third party. As a result of this transaction, we no longer hold a controlling financial interest and deconsolidated F&G Life Re. Following the sale, F&G Life Re was renamed Ancient Re Ltd. (“Ancient Re”) and is no longer considered a related party. Blackstone retained asset management for the inforce assets, relating to certain inforce FIA policies, and Ancient manages assets under a new forward flow reinsurance agreement, effective March 1, 2026, to cede certain MYGA business. Consideration for the sale included cash received of approximately $102 million and a 19.9% limited partnership interest in Ancient, resulting in a pre-tax gain for the three months ended March 31, 2026 of approximately $14 million, subject to certain post-closing adjustments that are expected to be finalized in the second or third quarter of 2026. The gain is recorded in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Earnings. The calculation of the gain included derecognition of F&G Life Re’s net assets, which included goodwill of approximately $56 million.
Income Tax
Income tax expense was $175 million and $29 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense attributable to increases in our valuation allowance were $17 million and $4 million for the three months ended March 31, 2026 and 2025, respectively. Income tax expense as a percentage of earnings before income taxes was 35% and 26% for the three months ended March 31, 2026 and 2025, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2026 as compared to the corresponding period in 2025 is primarily attributable to the adjustment to the deferred tax liability for the outside basis difference in our investment in F&G, as well as F&G's outside basis difference in F&G Life Re in the three months ended March 31, 2026.
Earnings Per Share     
Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.
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Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were no antidilutive instruments outstanding during the three months ended March 31, 2026 and 2025.
Unconsolidated Owned Distribution Investments
We paid commissions on sales through our unconsolidated owned distribution investments and their affiliates of approximately $14 million and $15 million for the three months ended March 31, 2026 and 2025, respectively. The acquisition expense is deferred and amortized in Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Earnings.
Recent Accounting Pronouncements
Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update enhance transparency of certain expense captions by disclosing more granular information of specific expenses within those captions such as personnel costs, depreciation, and amortization. The amendments also require disclosure of qualitative description of amounts remaining in relevant expense captions that are not separately disaggregated. The amendments in this update are effective for all public companies for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to all prior periods presented in the financial statements. We do not expect to early adopt this standard and are in the process of assessing this standard and its impact on our disclosures upon adoption.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this update refine capitalization thresholds by removing all references to project stages. The amendments require that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the function intended (“probable-to-complete recognition threshold”). Additionally, the amendments clarify the disclosure requirements for internal-use software costs. The amendments in this update are effective for all companies for annual and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied using a prospective, retrospective, or modified transition approach. We do not expect to early adopt this standard and are in the process of assessing this standard and its impact upon adoption.
























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Note B — Summary of Reserve for Title Claim Losses
 A summary of the reserve for title claim losses follows:
 Three months ended March 31,
 20262025
 (In millions)
Beginning balance$1,700 $1,713 
Change in insurance recoverable(1)(7)
Claim loss provision related to: 
Current year62 54 
Total title claim loss provision62 54 
Claims paid, net of recoupments related to: 
Current year(7)(1)
Prior years(50)(64)
Total title claims paid, net of recoupments(57)(65)
Ending balance of claim loss reserve for title insurance$1,704 $1,695 
Provision for title insurance claim losses as a percentage of title insurance premiums4.5 %4.5 %
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.
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, additional reserve adjustments may be required in future periods to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

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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. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability ("exit price") in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability ("entry price"). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The three-level hierarchy for fair value measurement is defined as follows:
Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.
Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.
Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.
Net Asset Value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate's financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period valuation and investment income.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.
 
The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:
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March 31, 2026
Level 1Level 2Level 3NAVFair Value
Assets(In millions)
Cash and cash equivalents $2,467 $— $— $— $2,467 
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")— 8,324 10,281 — 18,605 
Commercial mortgage-backed securities— 4,997 — — 4,997 
Corporates39 21,405 3,382 — 24,826 
Hybrids34 571 14 — 619 
Municipals— 1,364 3 — 1,367 
Residential mortgage-backed securities— 2,655 3 — 2,658 
U.S. Government950 15 — — 965 
Foreign Governments105 242 23 — 370 
Fixed maturity securities, at fair value under fair value option (a)93 — — — 93 
Equity securities:
Preferred equity securities170 254 8 — 432 
Common equity securities353 — 22 35 410 
Derivative investments2 889 7 — 898 
Investments in unconsolidated affiliates— — 260 — 260 
Other long-term investments (a)— 246 39 — 285 
Short term investments1,516 65 74 — 1,655 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 630 — 630 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 308 — 308 
Mortgage servicing rights ("MSRs")— — 140 — 140 
Total financial assets at fair value$5,729 $41,027 $15,218 $35 $62,009 
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds$— $— $6,380 $— $6,380 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 6 2 — 8 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— (122)— — (122)
Contingent consideration, included in Accounts payable and accrued liabilities— — 61 — 61 
Market risk benefits liability— — 968 — 968 
Total financial liabilities at fair value$— $(116)$7,411 $— $7,295 
(a) Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note D Investments for further details.

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December 31, 2025
Level 1Level 2Level 3NAVFair Value
Assets(In millions)
Cash and cash equivalents $2,636 $— $— $— $2,636 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,644 10,094 — 18,738 
Commercial mortgage-backed securities— 5,200 — — 5,200 
Corporates40 21,263 3,145 — 24,448 
Hybrids36 558 15 — 609 
Municipals— 1,390 3 — 1,393 
Residential mortgage-backed securities— 2,848 3 — 2,851 
U.S. Government938 15 — — 953 
Foreign Governments107 238 23 — 368 
Equity securities:
Preferred equity securities174 254 8 — 436 
Common equity securities441 — 17 35 493 
Derivative investments— 1,156 — — 1,156 
Investments in unconsolidated affiliates— — 270 — 270 
Other long-term investments (a)— 248 41 — 289 
Short term investments1,764 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 
Market risk benefits asset— — 285 — 285 
MSRs— — 129 — 129 
Total financial assets at fair value$6,136 $41,896 $14,530 $35 $62,597 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,542 $— $6,542 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 3 9 — 12 
Equity options1 — — — 1 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— 75 — — 75 
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.
Valuation Methodologies
Cash and Cash Equivalents
The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.
Fixed Maturity, Preferred and Equity Securities
We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market
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indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.
For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.
We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of March 31, 2026 or December 31, 2025.
Certain equity investments are measured using NAV as a practical expedient in determining fair value.
Derivative Financial Instruments
Derivative contracts can either be exchange traded or traded over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, foreign currency exchange rates, and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs are not available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.
The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements are estimated based upon the 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. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase equity options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier, and non-performance spread. The mortality multiplier at March 31, 2026 and December 31, 2025 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.
Investments in Unconsolidated affiliates
We have elected the fair value option (“FVO”) for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the FVO are included in Level 3 and the fair values of these investments are determined using a multiple of the affiliates’ earnings before interest, taxes, depreciation and amortization ("EBITDA"). The EBITDA is based on the affiliates’ financial information. The multiple is derived from market analysis of transactions involving comparable companies. The inputs are considered unobservable, as not all market participants have access to this data.
Other Long-term Investments
We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to an equity option on
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the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the equity option regardless of the values used for the other inputs to the option pricing model. The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments.
Short-term Investments
The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Certain short-term investments are valued based on third-party pricing services or broker quotes and are classified as Level 2 or 3.
Contingent Consideration
The contingent consideration is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar, LLC's ("Roar") EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation.
MSRs
MSRs are measured at fair value using a discounted cash flow analysis and calculated using a computer pricing model, which incorporates assumptions that market participants use in estimating future net servicing income cash flows. These assumptions include estimates of prepayment rates, discount rates, cost to service (including delinquency and foreclosure costs), escrow account earnings, contractual servicing fee income, and ancillary income. The assumptions that are significant in the determination of fair value of MSRs include the conditional prepayment rates and discount rates. MSRs are included in Prepaid expenses and other assets in the accompanying unaudited Condensed Consolidated Balance Sheets. Realized gains and losses related to MSRs are a result of changes in fair value due to changes in assumptions during the period, which are included in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.
Market Risk Benefits ("MRBs")
MRBs (inclusive of reinsured MRBs) are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder (or paid to the reinsurer) used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options, and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. Reinsured MRBs are valued using a methodology consistent with direct MRBs, with the exception of the non-performance spread, which reflects the credit of the reinsurer. See further discussion on MRBs in Note N 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 March 31, 2026 and December 31, 2025, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows:





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Fair Value as ofValuation TechniqueUnobservable Input(s)Range (Weighted average)
March 31, 2026
(In millions)March 31, 2026
Assets
Asset-backed securities$99 Third-Party ValuationDiscount Rate
3.83% - 13.17% (6.68%)
Corporates 9 Discounted Cash FlowDiscount Rate
75.00% - 100.00% (98.68%)
Corporates676 Third-Party Valuation Discount Rate
3.67% - 9.07% (6.32%)
Municipals3 Third-Party ValuationDiscount Rate
5.20% - 5.20% (5.20%)
Residential mortgage-backed securities3 Third-Party Valuation Discount Rate
5.69% - 5.69% (5.69%)
Foreign Governments5 Third-Party Valuation Discount Rate
8.16% - 8.16% (8.16%)
Preferred equity securities1 Discounted Cash FlowDiscount rate
100.00% - 100.00% (100.00%)
Common equity securities5 Discounted Cash FlowDiscount rate
8.20% - 8.20% (8.20%)
Investments in unconsolidated affiliates260 Market Comparable Company AnalysisEBITDA Multiple
6.5x - 14.9x (10.89x)
Other long-term investments:
Available-for-sale embedded derivative39 Black Scholes ModelMarket Value of AnchorPath Fund
100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives630 Discounted Cash FlowMarket Value of Option
0.00% - 56.64% (1.80%)
Mortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 50.00% (3.35%)
Partial Withdrawal Rate
2.00% - 25.64% (2.54%)
Non-Performance Spread
0.96% - 2.49% (1.51%)
Option Cost
0.56% - 5.20% (1.99%)
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.63% - 6.63% (6.63%)
Collateral Volatility
32.50% - 32.50% (32.50%)
Market risk benefits asset308 Discounted Cash FlowMortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 30.00% (5.23%)
Partial Withdrawal Rate
0.00% - 25.64% (2.47%)
Non-Performance Spread
0.54% - 1.01% (0.81%)
GMWB Utilization
50.00% - 75.00% (63.34%)
MSRs 140 Discounted Cash Flow Discount Rate
7.71% - 10.82% (8.72%)
Conditional Prepayment Rate
5.81% -13.95% (7.78%)
Total financial assets at fair value (a)$2,202 
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds$6,380 Discounted Cash FlowMarket Value of Option
0.00% - 28.32% (2.84%)
Mortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 50.00% (6.47%)
Partial Withdrawal Rate
2.00% - 35.71% (2.69%)
Non-Performance Spread
0.54% - 1.01% (0.81%)
Option Cost
0.50% - 6.09% (2.81%)
Contingent consideration, included in Accounts payable and accrued liabilities61 Discounted Cash FlowRisk-Adjusted Discount Rate
12.00% - 12.00% (12.00%)
EBITDA Volatility
35.00% - 35.00% (35.00%)
Market risk benefits liability 968 Discounted Cash FlowMortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 30.00% (5.23%)
Partial Withdrawal Rate
0.00% - 25.64% (2.47%)
Non-Performance Spread
0.54% - 1.01% (0.81%)
GMWB Utilization
50.00% - 75.00% (63.34%)
Total financial liabilities at fair value $7,409 
(a) Assets of $13,016 million and liabilities of $2 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.
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Fair Value as ofValuation TechniqueUnobservable Input(s)Range (Weighted average)
December 31, 2025
(In millions)December 31, 2025
Assets
Asset-backed securities$92 Third-Party ValuationDiscount Rate
4.36% - 7.15% (5.80%)
Corporates8Discounted Cash FlowDiscount Rate
5.50% - 100.00% (98.73%)
Corporates661 Third-Party ValuationDiscount Rate
3.45% - 8.68% (5.84%)
Residential mortgage-backed securities3 Third-Party ValuationDiscount Rate
5.41% - 5.41% (5.41%)
Foreign Governments5 Third-Party ValuationDiscount Rate
5.73% - 5.73% (5.73%)
Municipals3Third-Party ValuationDiscount Rate
4.94% - 4.94% (4.94%)
Investments in unconsolidated affiliates270 Market Comparable Company AnalysisEBITDA Multiple
7.4x - 15.5x (12.10x)
Preferred equity securities1 Discounted Cash FlowDiscount rate
100.00% - 100.00% (100.00%)
Common equity securities12 Discounted Cash FlowDiscount rate
8.10% - 14.00% (14.29%)
MSRs 129 Discounted Cash FlowDiscount Rate
6.38% - 10.69% (8.00%)
Conditional Prepayment Rate
5.85% - 13.65% (7.77%)
Other long-term investments:
Available-for-sale embedded derivative41 Black Scholes ModelMarket 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 Withdrawal Rate
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:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.35% - 6.35% (6.35%)
Collateral Volatility
35.00% - 35.00% (35.00%)
Market risk benefits asset285 Discounted Cash FlowMortality
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 30.00% (5.33%)
Partial Withdrawal Rates
0.00% -25.64% (2.47%)
Non-Performance Spread
0.43% - 0.85% (0.64%)
GMWB Utilization
50.00% -75.00% (63.03%)
Total financial assets at fair value (a)$1,933 
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds$6,542 Discounted Cash FlowMarket Value of Option
0.00% - 40.13% (3.84%)
Mortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 50.00% (6.68%)
Partial Withdrawal Rate
2.00% - 35.71% (2.69%)
Non-Performance Spread
0.43% - 0.85% (0.64%)
Option Cost
0.50% - 6.09% (2.78%)
Contingent consideration, included in Accounts payable and accrued liabilities72Discounted Cash FlowRisk-Adjusted Discount Rate
11.50% - 11.50% (11.50%)
EBITDA Volatility
35.00% - 35.00% (35.00%)
Counterparty Discount Rate
6.30% - 6.30% (6.30%)
Market risk benefits liability903Discounted Cash FlowMortality Multiplier
80.00% - 115.00% (100.00%)
Surrender Rates
0.25% - 30.00% (5.33%)
Partial Withdrawal Rate
0.00% - 25.64% (2.47%)
Non-Performance Spread
0.43% - 0.85% (0.64%)
GMWB Utilization
50.00% - 75.00% (63.03%)
Total financial liabilities at fair value$7,517 
(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.
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The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2026 and 2025. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Three months ended March 31, 2026
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in
AOCL
Assets(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities$10,094 $11 $(45)$596 $(84)$(338)$47 $10,281 $(42)
Corporates3,145 — (42)312 (18)(14)(1)3,382 (41)
Hybrids15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Preferred equity securities8 — — — — — — 8 — 
Common equity securities17 — — 5 — — — 22 — 
Derivative investments— 10 — — — (3)— 7 — 
Investments in unconsolidated affiliates270 (10)— — — — — 260 — 
Short term investments74 — — — — — — 74 — 
Other long-term investments:
Available-for-sale embedded derivative41 — (2)— — — — 39 (2)
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (24)— 257 — (2)— 630 — 
Prepaid expenses and other assets:
Loan receivable24 — — — — — — 24 — 
MSRs129 (4)— 15 — — — 140 — 
Subtotal Level 3 assets at fair value$14,245 $(17)$(90)$1,185 $(102)$(357)$46 $14,910 $(85)
Market risk benefits asset (b)285 308 
Total Level 3 assets at fair value$14,530 $15,218 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(284)$— $256 $— $(134)$— $6,380 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 (7)— — — — — 2 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 (11)— — — — — 61 — 
Subtotal Level 3 liabilities at fair value$6,623 $(302)$— $256 $— $(134)$— $6,443 $— 
Market risk benefits liability (b)903 968 
Total Level 3 liabilities at fair value$7,526 $7,411 
(a) The net transfers into Level 3 during the three months ended March 31, 2026 were exclusively from Level 2.
(b) Refer to Note N Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

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Three months ended March 31, 2025
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in
AOCL
Assets(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities$8,143 $1 $3 $1,029 $(143)$(185)$— $8,848 $2 
Corporates2,957 (13)34 353 (314)(11)— 3,006 33 
Hybrids— — — 6 — — — 6 — 
Municipals— — — 4 — — — 4 — 
Residential mortgage-backed securities3 — — — — — — 3 — 
Foreign Governments4 — — 19 — — — 23 — 
Preferred equity securities8 (1)1 — — — — 8 — 
Common equity securities10 — — — — — 10 — 
Derivative investments3 (2)— — — — 1 (2)
Investments in unconsolidated affiliates272 — — — — — — 272 — 
Short term investments37 — — 3 — — — 40 — 
Other long-term investments:
Available-for-sale embedded derivative32 — — — — — — 32 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives:98 (5)— 36 — — — 129 — 
Other assets65 — — 2 — — — 67 — 
Prepaid expenses and other assets:
Loan receivable 11 — — — — — — 11 — 
Subtotal Level 3 assets at fair value$11,545 $(18)$36 $1,416 $(457)$(196)$— $12,331 $33 
Market risk benefits asset (a)189 187 
Total Level 3 assets at fair value$11,734 $12,518 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $(67)$— $256 $— $(93)$— $5,316 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities— — 1 — — — — 1 (1)
Contingent consideration, included in Accounts payable and accrued liabilities74 2 — — — (12)— 64 — 
Subtotal Level 3 liabilities at fair value$5,294 $(65)$1 $256 $— $(105)$— $5,381 $(1)
Market risk benefits liability (a)549 635 
Total Level 3 liabilities at fair value$5,843 $6,016 
(a) Refer to Note N Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.
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Fair Value Option
We have elected the FVO for certain investments held by consolidated VIEs, including certain loans reported in other long term investments. See Note D Investments for additional information on our investments in VIEs. As discussed above, we have also elected the FVO for certain other investments in unconsolidated affiliates and for a loan receivable.
The following table presents information regarding the assets for which the fair value option was elected.
March 31,December 31,
20262025
Assets
Fixed maturity securities, at fair value under fair value option$93 $— 
Investments in unconsolidated affiliates$260 $270 
Other loans, within other long-term investments (a)
Fair Value$246 $248 
Aggregate unpaid principal249 250 
Loan receivable, within prepaid expenses and other assets (b)
Fair Value$24 $24 
Aggregate unpaid principal24 24 
(a) The fair value and unpaid principal balance of loans that are 90 days or more past due was $4 million and $0 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the $4 million of delinquent loans are in nonaccrual status.
(b) No loans are 90 days or more past due or in 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 unaudited Condensed Consolidated Statements of Earnings.
Three months ended March 31,
20262025
Fixed maturity securities, at fair value under fair value option$1 $— 
Investments in unconsolidated affiliates(10)— 
Other loans(1)— 
Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value
The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.
Mortgage Loans
The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity, and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.
Investments in Unconsolidated affiliates
In our F&G segment, the fair value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. In our title segment, Investments in unconsolidated affiliates accounted for under the equity method of accounting were $286 million and $288 million as of March 31, 2026 and December 31, 2025, respectively.
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Policy Loans
Policy loans are reported at the unpaid principal balance and are fully collateralized by the cash surrender value of underlying insurance policies. The carrying value of the policy loans approximates the fair value and are classified as Level 3 in the fair value hierarchy.
Company Owned Life Insurance (included within Other long-term investments)
Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.
Other Invested Assets (included within Other long-term investments)
The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.
Investment Contracts
Investment contracts include deferred annuities (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers ("PRT"), and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in Contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.
Other
Federal Home Loan Bank of Atlanta (“FHLB”) common stock is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.
Debt
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 would approximate fair value as the rates would be comparable to those at which we could currently borrow under similar terms. As of March 31, 2026 and December 31, 2025, there were no outstanding balances under the F&G Credit Agreement. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.
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The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.
March 31, 2026
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets(In millions)
FHLB common stock$— $146 $— $— $146 $146 
Commercial mortgage loans— — 3,303 — 3,303 3,515 
Residential mortgage loans— — 4,668 — 4,668 4,944 
Investments in unconsolidated affiliates— — — 4,753 4,753 4,753 
Policy loans— — 157 — 157 157 
Other invested assets18 — — 77 95 95 
Company-owned life insurance— — 894 — 894 894 
Trade and notes receivables, net of allowance — — 473 — 473 473 
Total$18 $146 $9,495 $4,830 $14,489 $14,977 
Liabilities
Investment contracts, included in Contractholder funds$— $— $52,123 $— $52,123 $57,094 
Debt— 4,059 — — 4,059 4,402 
Total$— $4,059 $52,123 $— $56,182 $61,496 

December 31, 2025
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets(In millions)
FHLB common stock$— $155 $— $— $155 $155 
Commercial mortgage loans— — 3,025 — 3,025 3,242 
Residential mortgage loans— — 4,424 — 4,424 4,649 
Investments in unconsolidated affiliates— — — 4,608 4,608 4,608 
Policy loans— — 147 — 147 147 
Other invested assets18 — — 75 93 93 
Company-owned life insurance— — 887 — 887 887 
Trade and notes receivables, net of allowance— — 473 — 473 473 
Total$18 $155 $8,956 $4,683 $13,812 $14,254 
Liabilities
Investment contracts, included in Contractholder funds$— $— $51,027 $— $51,027 $56,184 
Debt— 4,204 — — 4,204 4,400 
Total$— $4,204 $51,027 $— $55,231 $60,584 
For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe that it is probable a price less than NAV would be received in the event of a liquidation.
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.
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Note D — Investments
Our investments in fixed maturity securities have generally been designated as available-for-sale (“AFS”) and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within Accumulated other comprehensive loss ("AOCL"), net of deferred income taxes. We have elected the FVO for certain fixed maturity securities held by consolidated VIEs. See below for additional information on our investments in VIEs. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings.
Our investments include assets backing reserves as part of coinsurance with funds withheld agreements. The funds withheld invested assets are reported within their respective line items. See Note L F&G Reinsurance, for more information on the funds withheld agreements.
The Company’s consolidated AFS investments as of March 31, 2026 and December 31, 2025 are summarized as follows:
March 31, 2026
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,868 $(20)$119 $(362)$18,605 
Commercial mortgage-backed securities5,179 (63)35 (154)4,997 
Corporates27,372 (7)155 (2,694)24,826 
Hybrids643 — 3 (27)619 
Municipals1,587 — 3 (223)1,367 
Residential mortgage-backed securities2,672 (1)59 (72)2,658 
U.S. Government967 — 3 (5)965 
Foreign Governments415 — 1 (46)370 
Total available-for-sale securities$57,703 $(91)$378 $(3,583)$54,407 
December 31, 2025
 Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available-for-sale securities (In millions)
Asset-backed securities$18,853 $(25)$166 $(256)$18,738 
Commercial mortgage-backed/asset-backed securities5,341 (61)58 (139)5,199 
Corporates26,538 (25)302 (2,368)24,447 
Hybrids625 — 6 (22)609 
Municipals1,604 — 4 (215)1,393 
Residential mortgage-backed securities2,846 (1)76 (70)2,851 
U.S. Government954 — 5 (3)956 
Foreign Governments400 — 5 (37)368 
Total available-for-sale securities$57,161 $(112)$622 $(3,110)$54,561 
Securities held on deposit with various state regulatory authorities had a fair value of $157 million and $155 million at March 31, 2026 and December 31, 2025, respectively.
As of March 31, 2026 and December 31, 2025, the Company held $50 million and $54 million, respectively, of investments that were non-income producing for a period greater than twelve months.
As of March 31, 2026 and December 31, 2025, the Company's accrued interest receivable balance, excluding accrued interest receivable balances related to mortgage loans discussed below under "Mortgage Loans," was $592 million and $542 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.
In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $4,422 million and $4,621 million as of March 31, 2026 and December 31, 2025, respectively.
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The amortized cost and fair value of fixed maturity securities AFS by contractual maturities as of March 31, 2026 and December 31, 2025 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
March 31, 2026December 31, 2025
(In millions)(In millions)
Amortized Cost Fair ValueAmortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less$777 $771 $623 $619 
Due after one year through five years6,027 5,999 5,597 5,626 
Due after five years through ten years5,832 5,737 5,811 5,812 
Due after ten years18,348 15,640 18,090 15,716 
Subtotal30,984 28,147 30,121 27,773 
Other securities, which provide for periodic payments:
Asset-backed securities18,868 18,605 18,853 18,738 
Commercial mortgage-backed securities5,179 4,997 5,341 5,199 
Residential mortgage-backed securities2,672 2,658 2,846 2,851 
Subtotal26,719 26,260 27,040 26,788 
Total fixed maturity available-for-sale securities$57,703 $54,407 $57,161 $54,561 
Allowance for Expected Credit Loss
We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:
•The extent to which the fair value is less than the amortized cost basis;
•The reasons for the decline in value (credit event, foreign currency or interest-rate related, including general credit spread widening);
•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);
•Current delinquencies and non-performing assets of underlying collateral;
•Expected future default rates;
•Collateral value by vintage, geographic region, industry concentration or property type;
•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and
•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.
We recognize an allowance for expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e., the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage-backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCL. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.
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;
•We intend to sell a security; or
•It is more likely than not that we will be required to sell a security prior to recovery.
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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 unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible, an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCL. As of March 31, 2026 and December 31, 2025, our allowance for expected credit losses for AFS securities was $91 million and $112 million, respectively.

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 as of March 31, 2026 and December 31, 2025 were as follows:
March 31, 2026
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$6,481 $(128)$2,023 $(225)$8,504 $(353)
Commercial mortgage-backed securities1,169 (11)957 (111)2,126 (122)
Corporates7,905 (183)9,712 (2,513)17,617 (2,696)
Hybrids166 (4)311 (23)477 (27)
Municipals234 (6)1,024 (216)1,258 (222)
Residential mortgage-backed securities456 (3)351 (67)807 (70)
U.S. Government551 (4)82 (1)633 (5)
Foreign Government86 (2)189 (43)275 (45)
Total available-for-sale securities$17,048 $(341)$14,649 $(3,199)$31,697 $(3,540)
Total number of available-for-sale securities in an unrealized loss position less than twelve months3,930 
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,146
Total number of available-for-sale securities in an unrealized loss position 6,076 
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December 31, 2025
Less than 12 months12 months or longerTotal
Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses		Fair ValueGross Unrealized
Losses
Available-for-sale securities(In millions)
Asset-backed securities$4,756 $(30)$2,160 $(209)$6,916 $(239)
Commercial mortgage-backed securities542 (11)1,051 (106)1,593 (117)
Corporates3,419 (55)10,097 (2,312)13,516 (2,367)
Hybrids61 (1)372 (21)433 (22)
Municipals201 (3)1,050 (212)1,251 (215)
Residential mortgage-backed securities208 (2)390 (67)598 (69)
U.S. Government353 (1)84 (2)437 (3)
Foreign Government60 — 148 (37)208 (37)
Total available-for-sale 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 months1,962
Total number of available-for-sale securities in an unrealized loss position twelve months or longer2,194
Total number of available-for-sale securities in an unrealized loss position 4,156 
The unrealized losses as of March 31, 2026 and December 31, 2025 were caused by higher treasury rates compared to those at the time of the F&G acquisition or the purchase of the security if later. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2026 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.
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Mortgage Loans
Our mortgage loans are collateralized by commercial and residential properties.
Commercial Mortgage Loans
Commercial mortgage loans (“CMLs”) represented approximately 5% and 4% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets for both March 31, 2026 and December 31, 2025, respectively. The mortgage loans in our investment portfolio are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties, and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
March 31, 2026December 31, 2025
Gross Carrying Value% of TotalGross Carrying Value% of Total
Property Type:(In millions)(In millions)
Hotel$9 — %$9 — %
Industrial710 20 671 21 
Mixed Use20 1 21 1 
Multifamily1,253 35 1,150 35 
Office340 10 345 11 
Retail293 8 327 10 
Student Housing 83 2 83 3 
Other830 24 654 19 
Total CMLs, gross of valuation allowance
$3,538 100 %$3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
U.S. Region:
East North Central$172 5 %$124 4 %
East South Central86 2 86 3 
Middle Atlantic370 10 356 11 
Mountain472 13 396 12 
New England183 5 183 6 
Pacific706 20 709 22 
South Atlantic1,188 35 1,157 34 
West North Central167 5 69 2 
West South Central194 5 180 6 
Total CMLs, gross of valuation allowance
$3,538 100 %$3,260 100 %
Allowance for expected credit loss(23)(18)
Total CMLs, net of valuation allowance
$3,515 $3,242 
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An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs for CMLs during the three months ended March 31, 2026 and for the year ended December 31, 2025. CMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025 were as follows, gross of valuation allowances:
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$319 $612 $292 $195 $292 $1,819 $3,529 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 9 9 
Total CMLs$319 $612 $292 $195 $292 $1828 $3,538 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
Current (less than 30 days past due)$646 $295 $194 $292 $1,252 $569 $3,248 
30-89 days past due— — — — — — — 
90 days or more past due— — — — — 12 12 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
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. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.
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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 at March 31, 2026 and December 31, 2025:
Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
>1.251.00 - 1.25<1.00
March 31, 2026(In millions)
LTV Ratios:
Less than 50.00%$720 $53 $— $773 22 %$757 23 %
50.00% to 59.99%875 6 47 928 26 860 26 
60.00% to 74.99%1,405 387 15 1,807 51 1,656 50 
75.00% to 84.99%7 14 9 30 1 30 1 
Total CMLs$3,007 $460 $71 $3,538 100 %$3,303 100 %
December 31, 2025
LTV Ratios:
Less than 50.00%$594 $16 $— $610 19 %$596 19 %
50.00% to 59.99%850 36 37 923 28 852 28 
60.00% to 74.99%1,415 288 6 1,709 52 1,560 52 
75.00% to 84.99%— 9 9 18 1 17 1 
Total CMLs $2,859 $349 $52 $3,260 100 %$3,025 100 %
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$125 $147 $87 $67 $21 $326 $773 
50.00% to 59.99%45 155 — 54 150 524 928 
60.00% to 74.99%136 310 201 70 112 978 1,807 
75.00% to 84.99%13 — 4 4 9 — 30 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
CMLs
DSC Ratios
Greater than 1.25x$194 $436 $142 $182 $283 $1,770 $3,007 
1.00x - 1.25x116 169 150 13 — 12 460 
Less than 1.00x9 7 — — 9 46 71 
Total CMLs$319 $612 $292 $195 $292 $1,828 $3,538 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222021PriorTotal
CMLs(In millions)
LTV Ratios:
Less than 50.00%$148 $49 $66 $21 $75 $251 $610 
50.00% to 59.99%157 36 53 149 320 208 923 
60.00% to 74.99%341 206 70 113 857 122 1,709 
75.00% to 84.99%— 4 5 9 — — 18 
Total CMLs$646 $295 $194 $292 $1,252 $581 $3,260 
CMLs
DSC Ratios
Greater than 1.25x$469 $140 $182 $283 $1,240 $545 $2,859 
1.00x - 1.25x169 155 12 — — 13 349 
Less than 1.00x8 — — 9 12 23 52 
Total CMLs $646 $295 $194 $292 $1,252 $581 $3,260 
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We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of March 31, 2026 and December 31, 2025, we had one CML that was delinquent in principal or interest payments as shown in the tables above.
Residential Mortgage Loans
Residential mortgage loans (“RMLs”) represented approximately 7%and 6% of our total investments reported on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. Our RMLs are primarily closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:
March 31, 2026
Amortized Cost% of Total
U.S. States:(In millions)
California$375 7 %
Florida270 6 
New York270 6 
All other states (a)4,103 81 
      Total RMLs, gross of valuation allowance5,018 100 %
            Allowance for expected credit loss(74)
      Total RMLs, net of valuation allowance$4,944 
(a)     The individual concentration of each state is less than 5% as of March 31, 2026.
December 31, 2025
Amortized Cost% of Total
U.S. States:(In millions)
California $288 6 %
Florida246 5 
New York232 5 
All other states (a)3,951 84 
      Total RMLs, gross of valuation allowance4,717 100 %
            Allowance for expected credit loss
(68)
      Total RMLs, net of valuation allowance$4,649 
(a)     The individual concentration of each state is less than 5% as of December 31, 2025.
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. The credit quality of RMLs as of March 31, 2026 and December 31, 2025, was as follows:
March 31, 2026December 31, 2025
Amortized Cost% of TotalAmortized Cost% of Total
Performance indicators:(In millions)(In millions)
Performing$4,893 98 %$4,650 99 %
Non-performing125 2 67 1 
Total RMLs, gross of valuation allowance5,018 100 %4,717 100 %
Allowance for expected loan loss(74)(68)
Total RMLs, net of valuation allowance$4,944 $4,649 
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An individual loan, or a portion thereof, is charged off when it is determined to be uncollectible. There were no charge offs recorded by RMLs during the three months ended March 31, 2026 or during the year ended December 31, 2025. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2026 and December 31, 2025, were as follows, gross of valuation allowances:
March 31, 2026
Amortized Cost by Origination Year
20262025202420232022PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$195 $1,758 $715 $313 $746 $1,099 $4,826 
30-89 days past due— 14 6 — 38 10 68 
90 days or more past due— 5 13 22 37 47 124 
Total RMLs$195 $1,777 $734 $335 $821 $1,156 $5,018 
December 31, 2025
Amortized Cost by Origination Year
20252024202320222020PriorTotal
RMLs(In millions)
Current (less than 30 days past due)$1,568 $736 $327 $798 $731 $419 $4,579 
30-89 days past due15 2 17 29 4 3 70 
90 days or more past due2 4 4 12 21 25 68 
Total RMLs$1,585 $742 $348 $839 $756 $447 $4,717 
    Non-accrual loans by amortized cost as of March 31, 2026 and December 31, 2025, were as follows:
March 31, 2026December 31, 2025
Amortized cost of loans on non-accrual(In millions)
Residential mortgage:$125 $67 
Commercial mortgage:9 12 
Total non-accrual mortgages$134 $79 
    
Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2026 and 2025.
It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2026 and December 31, 2025, we had $134 million and $79 million, respectively, of mortgage loans that were over 90 days past due.
As of March 31, 2026 and December 31, 2025, we had $174 million and $111 million, respectively, of residential mortgage loans that were in the process of foreclosure.

Allowance for Expected Credit Loss
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 unaudited Condensed Consolidated Statements of Earnings.
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The allowances for our mortgage loan portfolio are summarized as follows:
Three months ended March 31, 2026
(In millions)
Residential MortgageCommercial MortgageTotal
Beginning Balance$(68)$(18)$(86)
Provision (expense) benefit for loan losses(6)(5)(11)
Ending Balance$(74)$(23)$(97)
Three months ended March 31, 2025
(In millions)
Residential MortgageCommercial MortgageTotal
Beginning Balance
$(53)$(17)$(70)
Provision (expense) benefit for loan losses(3)— (3)
Ending Balance
$(56)$(17)$(73)
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 for the three months ended March 31, 2026 and 2025.
As of March 31, 2026 and December 31, 2025, the accrued interest receivable balance on CMLs totaled $11 million and $11 million, respectively, and the accrued interest receivable on RMLs totaled $47 million and $45 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.
Interest and Investment Income
The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended March 31,
20262025
(In millions)
Fixed maturity securities, available-for-sale$582 $569 
Equity securities7 8 
Preferred securities6 6 
Mortgage loans105 82 
Invested cash and short-term investments34 53 
Limited partnerships101 55 
Tax deferred property exchange income30 29 
Other investments30 22 
Gross investment income895 824 
Investment expense(73)(64)
Interest and investment income$822 $760 
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 $228 million and $184 million for the three months ended March 31, 2026 and 2025, respectively.
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Recognized Gains and Losses, Net
Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:
Three months ended March 31,
20262025
(In millions)
Net realized losses on fixed maturity available-for-sale securities$(32)$(2)
Net realized/unrealized losses on equity securities (1)(50)(38)
Net realized/unrealized losses on preferred securities (2)(5)(2)
Net realized/unrealized losses on other invested assets(7)(1)
Change in allowance for expected credit losses2 (22)
Net realized gain on sale of F&G Life Re14— 
Derivatives and embedded derivatives:
Realized gains and losses on certain derivative instruments25 (25)
Unrealized losses on certain derivative instruments(285)(159)
Change in fair value of reinsurance related embedded derivatives (3)261 (41)
Change in fair value of other derivatives and embedded derivatives(1)3 
Net realized/unrealized losses on derivatives and embedded derivatives— (222)
Recognized gains and losses, net$(78)$(287)
(1) Includes net valuation losses of $56 million and $43 million for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes net valuation losses of $5 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.
(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.
Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and losses attributable to these agreements, and thus excluded from the totals in the table above, were $260 million and $(42) million for the three months ended March 31, 2026 and 2025, respectively.
The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:
Three months ended March 31,
20262025
(In millions)
Proceeds$1,013 $2,084 
Gross gains4 12 
Gross losses(8)(14)
Variable Interest Entities
Our involvement with VIEs is primarily through investments in entities that provide exposure to a diversified portfolio of investment asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary,’ a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. We perform ongoing qualitative assessments of our variable interests in VIEs to determine whether we have a controlling financial interest and are therefore the primary beneficiary of the VIE. We consolidate the assets and liabilities (if applicable) of VIEs for which we are determined to be the primary beneficiary in our consolidated financial statements.
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 March 31, 2026 are structured investments that are managed by third parties. These structured investments are established as special purpose vehicles (“SPVs”) designed to hold specific assets which include limited partnerships, middle market loans, short-term investments, and cash and cash equivalents. The assets of each VIE can be used
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only to settle obligations of the VIE. Asset and liability information held by consolidated VIEs included on the Consolidated Balance Sheets are as follows:
March 31, 2026December 31, 2025
Assets:(In millions)
Investments in unconsolidated affiliates$270 $262 
Fixed maturity securities, at fair value under fair value option93 — 
Other long-term investments246 248 
Short-term investments33 116 
Cash and cash equivalents1 2 
Total assets$643 $628 
Total consolidated VIE investments$643 $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 F Commitments and Contingencies). The maximum loss exposure of our consolidated VIEs as of March 31, 2026 was $893 million.
Unconsolidated VIEs
We own investments in VIEs that are not consolidated within our financial statements. While we participate in the benefits from these VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.
We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.
Our maximum loss exposure with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of certain of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).
The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
(In millions)(In millions)
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$5,277 $6,491 $5,145 $6,389 
Fixed maturity securities25,894 28,164 26,419 28,803 
Total unconsolidated VIE investments$31,171 $34,655 $31,564 $35,192 

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Note E — Derivative Financial Instruments
Refer to 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:
March 31, 2026December 31, 2025
Gross NotionalAssets LiabilitiesGross NotionalAssetsLiabilities
(In millions)
Derivatives designated as hedging instruments
Interest rate swaps (a)$1,600 $— $— $850 $11 $1 
Foreign currency swaps (a)— — — 21 — 3 
Total derivatives designated as hedging instruments1,600 — — 871 11 4 
Derivatives not designated as hedging instruments
Equity options (a)30,812 837 — 29,651 1,062 — 
Interest rate swaps (a)6,734 52 7 6,453 83 3 
Foreign currency swaps (a)687 6 2 503 — 6 
Futures contracts (a)76 2 — 68 — 1 
Other derivative investments (a)90 — — 93 — — 
Other embedded derivatives (b)— 39 — — 41 — 
Indexed annuities/IUL embedded derivatives (c)— 630 6,380 — 399 6,542 
Reinsurance related embedded derivatives (d)— — (122)— — 75 
Total derivatives not designated as hedging instruments38,399 1,566 6,267 36,768 1,585 6,627 
Total derivatives $39,999 $1,566 $6,267 $37,639 $1,596 $6,631 
(a)The fair value of derivative assets is reported in Derivative investments, and the fair value of derivative liabilities is reported in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets.
(b)The fair value is included in Other long term investments on the unaudited Condensed Consolidated Balance Sheets.
(c)The fair value of the liability is included in Contractholder funds and the ceded portion is included in Reinsurance recoverable on the unaudited Condensed Consolidated Balance Sheets.
(d)The fair value of the reinsurance related embedded derivative is included in Funds withheld for reinsurance liabilities on the unaudited Condensed Consolidated Balance Sheets, irrespective if in a net asset or net liability position.
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The amounts and locations of gains losses, net recognized for derivatives and gains losses, net recognized for hedged items included in the unaudited Condensed Consolidated Statements of Earnings are as follows:
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Recognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged itemRecognized gains (losses), net for derivativesRecognized gains (losses), net for hedged itemBenefits and other changes in policy reserves for derivativesBenefits and other changes in policy reserves for hedged item
(In millions)
Derivatives designated as hedging instruments
Interest rate swaps$— $— $(11)$11 $— $— $9 $(10)
Foreign currency swaps(1)1 — — (1)1 — — 
Total derivatives designated as hedging instruments(1)1 (11)11 (1)1 9 (10)
Derivatives not designated as hedging instruments
Equity options(247)— — — (234)— — — 
Interest rate swaps(28)— — — 52 — — — 
Foreign currency swaps12 — — — — — — — 
Futures contracts3 — — — 5 — — — 
Other derivative investments2 — — — (4)— — — 
Other embedded derivatives(1)— — — — — — — 
Indexed annuities/IUL embedded derivatives— — (260)— — — (62)— 
Reinsurance related embedded derivatives261 — — — (41)— — — 
Total derivatives not designated as hedging instruments2 — (260)— (222)— (62)— 
Total derivatives $1 $1 $(271)$11 $(223)$1 $(53)$(10)
The following amounts are recorded in the unaudited Condensed Consolidated Balance Sheets related to the carrying amount of hedged assets and (liabilities) and the cumulative basis adjustment included in the carrying amount for fair value hedges:
March 31, 2026December 31, 2025
Line Item in the unaudited Condensed Consolidated Balance Sheets that includes hedged item Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)Carrying Amount of Hedged Assets (Liabilities)Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of the Hedged Assets (Liabilities)
(In millions)
Fixed maturity securities, AFS, at amortized cost$— $— $21 $— 
Contractholder funds (1,611)— (862)(11)
For the three months ended March 31, 2026 and 2025, the derivative instruments’ gains losses, net excluded from the assessment of hedge effectiveness was immaterial.
During the three months ended March 31, 2026, the foreign currency swap designated as a fair value hedge of foreign fixed maturity AFS securities matured and fair value hedge accounting was discontinued. There were no significant impacts associated with the discontinuation and no cumulative fair value hedging adjustments remain as of March 31, 2026. There were no cumulative fair value hedging adjustments for hedged assets and liabilities for which hedge accounting was discontinued as of March 31, 2026 and December 31, 2025.
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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 unaudited Condensed Consolidated Statement of Earnings. The change in the fair value of components excluded from the assessment of hedge effectiveness is recorded in OCI and is recognized in net income through periodic settlements.
Derivatives not designated as hedging instruments
Indexed Annuities/IUL Embedded Derivative, Equity Options and Futures
We have indexed annuities and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, such as the S&P 500 Index. This feature represents an embedded derivative under GAAP. The indexed annuities/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the unaudited Condensed Consolidated Balance Sheets with the ceded portion of the reinsured indexed crediting feature embedded derivatives, recorded as a component of the Reinsurance recoverable in the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings.
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. The equity options are one, two, three, five and six year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new equity options to fund the next index credit. We manage the cost of these purchases through the terms of our indexed annuities/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the equity options and futures contracts is generally designed to offset the portion of the change in the fair value of the indexed annuities/IUL embedded derivatives related to index performance through the current credit period. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.
Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our indexed annuities/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.
Interest Rate Swaps
We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal.
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 unaudited Condensed 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 unaudited Condensed Consolidated Statements of Earnings.
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Reinsurance Related Embedded Derivatives
F&G cedes certain business on a coinsurance funds withheld basis. Investment results for the assets that support the coinsurance are segregated within the funds withheld account and are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These total return swaps are not clearly and closely related to the underlying reinsurance agreement and thus require bifurcation. For arrangements reinsuring indexed annuities products, the funds withheld account additionally contains an embedded derivative representing the index credit obligation due the reinsurer, resulting in a compound embedded derivative. These embedded derivatives are reported in Funds withheld for reinsurance liabilities, irrespective if in a net asset position or a net liability position, on the unaudited Condensed Consolidated Balance Sheets. The related gains or losses are reported in Recognized gains and losses, net, on the unaudited Condensed Consolidated Statements of Earnings.
Credit Risk
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. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.
We manage credit risk related to non-performance by our counterparties by (i) entering into derivative transactions with creditworthy counterparties; (ii) obtaining collateral, such as cash and securities when appropriate; and (iii) establishing counterparty exposure limits, which are subject to periodic management review.
Net credit risk at any balance sheet date may reflect the timing of collateral settlements, as collateral calls issued or received near the balance sheet date may not be fully reflected in collateral balances until the subsequent settlement date. Information regarding our exposure to credit loss on the derivative instruments we hold, excluding futures contracts, is presented below:
Fair ValueCollateral (a)Net Credit Risk (a)
(In millions)
March 31, 2026$879 $737 $142 
December 31, 20251,137 1,185 34 
(a)Approximately $110 million of additional collateral was received on April 1, 2026.

Collateral Agreements
We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open derivative contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except one, the threshold is set to zero. As of March 31, 2026 and December 31, 2025, counterparties posted collateral of $737 million and $1,185 million, respectively. This included cash collateral of $533 million and $928 million, respectively, for which we record an associated payable included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Cash collateral received is not legally segregated and may be used by the Company in the normal course of business. The Company is obligated to return an equivalent amount of collateral upon settlement or termination of the related derivative contracts, or otherwise in accordance with the collateral provisions of such agreements, including in circumstances where changes in market conditions cause the Company’s mark-to-market position to decline. The remaining collateral represents securities collateral received that is not reported on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the derivatives failed completely to perform according to the terms of the contracts, after giving effect to cash and securities collateral held,was $142 million and $34 million as of March 31, 2026 and December 31, 2025, respectively.
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 unaudited Condensed Consolidated Balance Sheets, to reduce the interest cost. Changes in cash collateral are included in the Change in derivative collateral liabilities in the unaudited Condensed Consolidated Statements of Cash Flows.
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We held 182 and 172 futures contracts as of March 31, 2026 and December 31, 2025, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $6 million and $4 million as of March 31, 2026 and December 31, 2025, respectively.

Note F — Commitments and Contingencies
Legal and Regulatory Contingencies
In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.
We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $8 million and $7 million as of March 31, 2026 and December 31, 2025, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.
On June 10, 2025, a stockholder derivative lawsuit styled, Patrick Ayers v. William P. Foley, Douglas K. Ammerman, Halim Dhanidina, Thomas M. Hagerty, Daniel D. Lane, Heather H. Miller, Sandra D. Morgan, John D. Rood, Peter O. Shea, Jr., Cary H. Thompson, and Fidelity National Financial, Inc., C.A. No. 2025-0650-LWW, was filed in the Chancery Court of the State of Delaware against FNF and its non-employee members of its Board of Directors alleging they breached their fiduciary duties related to their compensation in 2022, 2023, and 2024, and were unjustly enriched. Plaintiff seeks disgorgement of any alleged excessive and unfair compensation payments, the recovery of damages on behalf of FNF, and the reformation of certain corporate governance and internal measures to protect FNF and its stockholders going forward. On August 1, 2025, defendants filed a motion to dismiss the lawsuit based on various grounds. The motion was argued on March 9, 2026, and a decision is pending with the court. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.
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 (the “Southern District of Texas”) styled, Insurance Distribution Consulting, LLC v. Fidelity & Guaranty Life Insurance Company, Case No. 3:23-cv-00126. Plaintiff, which provides consulting services to independent marketing organizations (“IMO”), alleges FGL Insurance failed to pay commissions owed to plaintiff and diverted commissions from one of plaintiff’s IMO customers, Syncis, to another IMO, Freedom Equity Group, LLC (“Freedom Equity”). Further, plaintiff alleges after FGL Insurance purportedly purchased a partial ownership interest in Syncis and Freedom Equity, plaintiff offered to sell its interests in its contracts with Syncis but FGL Insurance declined, leading plaintiff to allege a statutory violation of 42 U.S.C. §1981 for discrimination where plaintiff’s sole member is a racial minority. Plaintiff claims its damages for breach of contract from FGL Insurance’s purported failure to pay commissions are more than $162 million and its damages from FGL Insurance’s declining to purchase plaintiff’s interest in its contracts with Syncis are over $11 million. FGL Insurance denies the allegations and denies any contract or agreement existed with plaintiff to pay commissions. On April 21, 2025, FGL Insurance filed its initial motion for summary judgment. On June 5, 2025, plaintiff amended its complaint to include an additional breach of contract claim, prompting FGL Insurance to file a second motion for summary judgment on July 18, 2025, addressing the new allegation. Both motions for summary judgment were argued on February 20, 2026.On March 2, 2026, the magistrate judge issued a Memorandum and Recommendation (the “Recommendations”) recommending that FGL Insurance’s motions for summary judgment be granted, and that its motion to exclude Plaintiff’s expert testimony as inadmissible, filed June 9, 2025, be denied as moot. Plaintiff has filed its objections to the Recommendations, and FGL Insurance has responded. The trial judge will review the Recommendations and objections and is expected to issue an order adopting, rejecting, or
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modifying them. On July 18, 2025, Peak Altitude Equity, LLC (“Peak”), a subsidiary of Fidelity & Guaranty Life Holdings, Inc., was served with a new lawsuit filed by Insurance Distribution Consulting, LLC (“IDC”) as a counterclaim in response to a separate breach of contract lawsuit initiated against IDC by Syncis. The case, styled, Syncis Insurance Solutions, LLC v. Insurance Distribution Consulting, LLC, Case No. 2:25-cv-03874, is pending in the U.S. District Court for the Central District of California, (the “Central District of California”), and certain facts alleged by IDC against Peak overlap with those asserted in the lawsuit filed by IDC against FGL Insurance. On September 8, 2025, Peak filed its motion to dismiss IDC’s counterclaim on various grounds. A decision is pending with the Central District of California. FGL Insurance and Peak will vigorously contest the plaintiff’s claims in the actions. As these cases continue to evolve, it is not possible to reasonably estimate the probability that plaintiff will ultimately prevail on its claims or that FGL Insurance or Peak will be held liable for the dispute. At this time, we do not believe the lawsuit will have a material impact on our business, operations, or financial results.
F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is a F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. Cooper also alleges that he is a F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract. Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation created a multidistrict litigation (“MDL”) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. Both Miller and Cooper have been transferred to the MDL and are consolidated under MDL Case No. 1:23-md-03083-ADB-PGL. The case is proceeding under a modified bellwether structure to decide critical issues and facilitate reciprocal discovery, and plaintiffs’ consolidated class action complaint against all the bellwether Defendants was filed on December 6, 2024. F&G was not selected as a bellwether Defendant, and there is no schedule in place for further proceedings involving the non-bellwether Defendants like F&G. At this time, we do not believe the incident will have a material impact on our business, operations, or financial results.
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. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries, and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our business, operations, or financial results.
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In our F&G segment, we have unfunded commitments as of March 31, 2026 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2026 is included below:
March 31, 2026
Commitment Type(In millions)
Other fixed maturity securities, AFS$158 
Commercial mortgage loans71 
Residential mortgage loans423 
Other assets113 
Consolidated VIEs:
Other long-term investments250 
Unconsolidated VIEs:
Limited partnerships1,195 
Asset-backed lending210 
Fixed maturity securities, asset-backed securities572 
Direct Lending1,043 
Total
$4,035 
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 was $24 million as of March 31, 2026 and December 31, 2025, respectively. The balance is included in Prepaid expenses and other assets on the unaudited Condensed Consolidated Balance Sheets. Changes in fair value are reported within Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings. Interest income is recorded in Interest and investment income in the unaudited Condensed Consolidated Statements of Earnings and recognized when earned. The remainder of the unfunded loan commitment is included in the unfunded commitments table above in the Other assets line item. Refer to Note C Fair Value of Financial Instruments for information regarding the fair value calculation of this loan receivable.
Note G — Dividends
On May 6, 2026, our Board of Directors declared cash dividends of $0.52 per share, payable on June 30, 2026, to FNF common shareholders of record as of June 16, 2026.


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Note H — 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. The Company's primary methods of measuring profitability and performance on a reportable segment basis are Revenues and Net earnings from continuing operations, which are also measures used by the CODM to evaluate segment results and are factors in determining capital allocation among the segments.
Summarized financial information concerning our reportable segments is shown in the following tables. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
As of and for the three months ended March 31, 2026:
 TitleF&GCorporate and OtherEliminationTotal
 (In millions)
Direct title insurance premiums 583 — — — 583 
Agency title insurance premiums 788 — — — 788 
Escrow, title related and other fees588 496 27 — 1,111 
Interest and investment income 91 723 36 (28)822 
Recognized gains and losses, net(46)(32)— — (78)
Total segment revenues2,004 1,187 63 (28)3,226 
Significant segment expenses:
Personnel costs748 60 19 — 827 
Agent commissions608 — — — 608 
Other operating expenses 340 33 25 — 398 
Benefits and other changes in policy reserves— 484 — — 484 
      Total significant segment expenses1,696 577 44 — 2,317 
Other segment items:
Depreciation and amortization35 173 7 — 215 
Provision for title claim losses62 — — — 62 
Market risk benefit gains— 73 — — 73 
Interest expense— 41 20 — 61 
     Total other segment items 97 287 27 — 411 
      Total segment expenses1,793 864 71 — 2,728 
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates211 323 (8)(28)498 
Income tax expense 69 74 32 — 175 
Earnings (loss) before equity in earnings of unconsolidated affiliates142 249 (40)(28)323 
Equity in earnings of unconsolidated affiliates(2)— — — (2)
Net earnings (loss) from continuing operations$140 $249 $(40)$(28)$321 
Assets$8,139 $101,035 $2,325 $— $111,499 
Goodwill2,799 2,124 293 — 5,216 















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As of and for the three months ended March 31, 2025:
TitleF&GCorporate and OtherEliminationTotal
 (In millions)
Direct title insurance premiums510 — — — 510 
Agency title insurance premiums681 — — — 681 
Escrow, title related and other fees525 505 35 — 1,065 
Interest and investment income83 666 39 (28)760 
Recognized gains and losses, net(25)(263)1 — (287)
Total segment revenues1,774 908 75 (28)2,729 
Significant segment expenses:
Personnel costs672 67 31 — 770 
Agent commissions528 — — — 528 
Other operating expenses313 41 23 — 377 
Benefits and other changes in policy reserves— 524 — — 524 
     Total significant segment expenses1,513 632 54 — 2,199 
Other segment items:
Depreciation and amortization36 153 7 — 196 
Provision for title claim losses54 — — — 54 
Market risk benefit losses— 109 — — 109 
Interest expense— 40 20 — 60 
    Total other segment items90 302 27 — 419 
     Total segment expenses1,603 934 81 — 2,618 
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates171 (26)(6)(28)111 
Income tax expense (benefit)42 (5)(8)— 29 
Earnings (loss) before equity in earnings of unconsolidated affiliates129 (21)2 (28)82 
Equity in earnings of unconsolidated affiliates1 — — — 1 
Net earnings (loss) from continuing operations$130 $(21)$2 $(28)$83 
Assets$7,723 $88,013 $2,473 $— $98,209 
Goodwill2,799 2,179 293 — 5,271 
The activities in our segments include the following:
•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty.
•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (indexed annuities and fixed rate annuities), immediate annuities, and IUL. This segment also provides funding agreements and PRT solutions.
•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries, and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.
•Elimination. This segment consists of the elimination of intercompany dividends paid from F&G to FNF, which are included in the Corporate and Other segment.
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Note I — 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:
 Three months ended March 31,
20262025
Cash paid for:(In millions)
Interest$57 $54 
Income taxes2 6 
Deferred sales inducements73 71 
Non-cash investing and financing activities:
Investments transferred subject to reinsurance agreement— (500)
Investment received as non-cash consideration for sale of F&G Life Re38 — 
Change in proceeds of sales of investments available for sale receivable in period(38)1 
Change in purchases of investments available for sale payable in period37 52 
Lease liabilities recognized in exchange for lease right-of-use assets9 9 
Remeasurement of lease liabilities19 14 
Liabilities assumed in connection with acquisitions
Fair value of assets acquired 1 5 
Less: Total Purchase price 1 3 
Liabilities and noncontrolling interests assumed $— $2 

Note J — Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
Three months ended March 31,
20262025
Revenue StreamIncome Statement ClassificationSegmentTotal Revenue
Revenue from insurance contracts:(In millions)
Direct title insurance premiumsDirect title insurance premiumsTitle$583 $510 
Agency title insurance premiumsAgency title insurance premiumsTitle788 681 
Life insurance premiums, insurance and investment product fees, and otherEscrow, title-related and other feesF&G496 505 
Home warrantyEscrow, title-related and other feesTitle36 36 
Total revenue from insurance contracts1,903 1,732 
Revenue from contracts with customers:
Escrow feesEscrow, title-related and other feesTitle208 187 
Other title-related fees and incomeEscrow, title-related and other feesTitle171 152 
ServiceLink, excluding title premiums, escrow fees, and subservicing feesEscrow, title-related and other feesTitle94 83 
Real estate technologyEscrow, title-related and other feesCorporate and other33 33 
Total revenue from contracts with customers506 455 
Other revenue:
Loan subservicing revenueEscrow, title-related and other feesTitle79 67 
OtherEscrow, title-related and other feesCorporate and other(6)2 
Interest and investment incomeInterest and investment incomeVarious822 760 
Recognized gains and losses, netRecognized gains and losses, netVarious(78)(287)
Total revenuesTotal revenues$3,226 $2,729 




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Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.
Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.
Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.
Revenues from ServiceLink, excluding its title premiums, escrow fees, and loan subservicing fees, primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client, and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.
F&G derives its revenue from external customers primarily located in the United States. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products, and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("FIA") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.
Premium and annuity deposit collections for indexed annuities, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., Contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for Contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from Contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), other operating costs and expenses, and income taxes.
Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Revenue is recognized in the month services are provided.
Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.
Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.
We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Contract Balances
The following table provides information about trade receivables and deferred revenue:
 March 31, 2026December 31, 2025
 (In millions)
Trade receivables$368 $375 
Deferred revenue (contract liabilities)93 95 
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Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months ended March 31, 2026 and March 31, 2025, we recognized $37 million and $35 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.
URL
The following table rolls forward URL for our universal life product for the three months ended March 31, 2026 and March 31, 2025:
Three months ended March 31,
20262025
(In millions)
Balance at January 1,$551 $401 
Capitalization49 41 
Amortization(8)(6)
Balance at March 31,$592 $436 
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.

Note K —Value of Business Acquired ("VOBA"), Deferred Acquisition Costs ("DAC"), and Deferred Sales Inducements ("DSI")
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(In millions)
Customer relationships and contracts$330 $349 
Value of business acquired 1,161 1,196 
Deferred acquisition costs 3,752 3,637 
Deferred sales inducements 944 891 
Value of distribution asset60 62 
Computer software286 289 
Trademarks, tradenames, and other 228 217 
Total Other intangible assets, net$6,761 $6,641 
The following tables roll forward VOBA by product for the three months ended March 31, 2026 and 2025:
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2026
$770 $18 $178 $119 $111 $1,196 
Amortization(29)(1)(2)(1)(2)(35)
Balance at March 31, 2026
$741 $17 $176 $118 $109 $1,161 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2025
$892 $22 $184 $126 $125 $1,349 
Amortization(31)(1)(2)(1)(3)(38)
Balance at March 31, 2025
$861 $21 $182 $125 $122 $1,311 
VOBA amortization expense of $35 million and $38 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively.
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The following tables roll forward DAC by product for the three months ended March 31, 2026 and 2025.
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization126 8 77 211 
Amortization(54)(28)(16)(98)
Balance at March 31, 2026
$2,277 $382 $1,082 $3,741 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization126 21 69 216 
Amortization(45)(25)(12)(82)
Balance at March 31, 2025
$1,955 $372 $838 $3,165 
(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.
DAC amortization expense of $98 million and $82 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively, excluding insignificant amounts related to FABN and PRT.
The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
(In millions)
Indexed Annuities$2,277 $2,205 
Fixed Rate Annuities382 402 
Universal Life1,082 1,021 
FABN7 5 
PRT4 4 
Total$3,752 $3,637 
The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
20262025
(In millions)
Balance at January 1,$891 $625 
Capitalization73 71 
Amortization(20)(14)
Balance at March 31,$944 $682 
DSI amortization expense of $20 million and $14 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the three months ended March 31, 2026 and 2025, respectively.
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, and DAC reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities.
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F&G reviews cash flow assumptions annually, generally in the third quarter. In 2025, F&G undertook a review of all significant assumptions and revised several assumptions relating to their deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the three months ended March 31, 2026, F&G updated the assumption for option budgets. For the year ended December 31, 2025, F&G updated the assumptions for option budgets, surrenders, lapses, mortality and mortality improvement, and free partial withdrawals. For both periods, these assumption updates resulted in increased amortization rates on some DAC and DSI balances, primarily for indexed annuities. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption update.
There has been no material change to the estimated future amortization expense of intangible assets since December 31, 2025.
Note L — F&G Reinsurance
The Company reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk and any acquisition cost reimbursements reduce policy acquisition costs deferred and maintenance expense reimbursements reduce direct expenses incurred. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk. As of March 31, 2026 and December 31, 2025, we had an immaterial amount of cost of reinsurance recorded on the unaudited Condensed Consolidated Balance Sheets.
The effects of reinsurance on net premiums earned, net product fees and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2026 and 2025 were as follows:
Three months ended March 31,
20262025
(In millions)
Net Premiums EarnedNet Product
Fees		Net Benefits IncurredNet Premiums EarnedNet Product
Fees		Net Benefits Incurred
Direct$353 $170 $534 $343 $180 $577 
Ceded(20)(24)(50)(22)(12)(53)
   Net$333 $146 $484 $321 $168 $524 
Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.
Reinsurance Transactions
The following summarizes significant changes to third-party reinsurance agreements for the period ended March 31, 2026:
Ancient Re: Effective February 28, 2026, in conjunction with the sale of F&G Life Re to Ancient, F&G amended the existing reinsurance agreement with F&G Life Re for certain inforce FIA policies and effective March 1, 2026, added a new forward flow component to cede certain MYGA policies, both on a coinsurance funds withheld quota share basis.
There have been no other significant changes to third party reinsurance agreements for the three months ended March 31, 2026.
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The following summarizes our reinsurance recoverable as of March 31, 2026 and December 31, 2025:
Parent Company/
Principal Reinsurers		Reinsurance Recoverable (a)Agreement TypeProducts
Covered		Accounting
March 31, 2026December 31, 2025
(In millions)
Aspida (b)$8,522 $8,589 Coinsurance Funds WithheldCertain MYGA Deposit
Somerset Reinsurance Ltd. (c)5,607 5,071 Coinsurance Funds WithheldCertain MYGA and deferred annuitiesDeposit
Coinsurance Funds WithheldCertain FIAReinsurance
Everlake1,875 1,868 Coinsurance Certain MYGA (d)Deposit
Ancient Re1,735 — Coinsurance Funds WithheldCertain FIA and certain MYGADeposit
Wilton Reassurance Company1,026 1,032 CoinsuranceBlock of traditional, IUL, and UL (e)Reinsurance
Other (f)1,228 1,003 
Reinsurance recoverable, gross of allowance19,993 17,563 
Allowance for expected credit losses(18)(18)
Reinsurance recoverable, net of allowance for expected credit losses$19,975 $17,545 
(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) Includes Aspida Life Re Ltd. and Aspida Re Cayman Ltd.
(c) The balance represents the total reinsurance recoverable for all reinsurance agreements with Somerset.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(f) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.
As of March 31, 2026 and December 31, 2025, F&G had a deposit asset of $15,007 million and $13,279 million, respectively, which is reported in the Reinsurance recoverable, net of allowance for credit losses on the unaudited Condensed Consolidated Balance Sheets.
The Company incurred risk charge fees of $11 million for both the three months ended March 31, 2026 and 2025, in relation to reinsurance agreements.
Credit Losses
The Company estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. There was no material change in the expected credit loss reserve for the three months ended March 31, 2026 and 2025.














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Funds Withheld
The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown below in the unaudited Condensed Consolidated Balance Sheets (in millions):
March 31, 2026December 31, 2025
(in millions)
Fixed maturities, AFS$14,204 $12,530 
Equity securities65 60 
Derivative instruments76 55 
Mortgage loans217 65 
Investments in unconsolidated affiliates936 752 
Policy loans1 1 
Cash and cash equivalents920 702 
Accrued interest receivable, included in Prepaid expenses and other assets152 146 
Accounts payable and accrued liabilities and reconciling items (a)(84)(120)
Net assets$16,487 $14,191 
(a) Reconciling items primarily represent net balances in process of settlement or clearing.
Concentration of Reinsurance Risk
As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, Aspida, Somerset Reinsurance Ltd. (“Somerset”), Everlake, Ancient Re Ltd. (“Ancient Re”) and Wilton Reassurance Company (“Wilton Re”) that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts, and irrevocable letters of credit. We believe that all amounts due from Aspida, Somerset, Everlake, Ancient Re, and Wilton Re for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2026. The following table presents financial strength ratings as of March 31, 2026:
Parent Company/Principal ReinsurersFinancial Strength Rating
AM BestS&PFitchMoody's
Aspida A- ———
Somerset ABBB+——
EverlakeA———
Ancient Re Ltd.————
Wilton ReA+—A-—
“—” indicates not rated

Note M — F&G Insurance Subsidiary Financial Information and Regulatory Matters
Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re, file financial statements with state insurance regulatory authorities and, except for Raven Re, with the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations, and administrative rules. Permitted SAP encompasses all accounting practices not prescribed but approved by state regulators. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions, and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.
Our non-U.S. insurance subsidiary, F&G Cayman Re Ltd (“F&G Cayman Re”), a Cayman Islands entity, files financial statements with its regulator the Cayman Islands Monetary Authority (“CIMA”).


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U.S. Companies
Our principal insurance subsidiaries' audited statutory financial statements are based on a December 31 year end. Statutory net income for the three months ended March 31, 2026 and 2025, and statutory capital and surplus as of March 31, 2026 and December 31, 2025, of our wholly owned U.S. regulated insurance subsidiaries, were as follows:
Subsidiary (state of domicile) (a)
FGL Insurance
(IA)		FGL NY Insurance (NY)Raven Re
(VT)		Corbeau Re
(VT)
Statutory Net income (loss):(In millions)
For the three months ended March 31, 2026
$(14)$3 $8 $(40)
For the three months ended March 31, 2025
(127)4 10 (52)
Statutory Capital and Surplus:
March 31, 2026$1,551 $125 $190 $228 
December 31, 20251,735 122 182 236 
(a) FGL NY Insurance, Raven Re, and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together.
Prescribed and permitted practices
FGL Insurance - FGL Insurance applies Iowa-prescribed accounting practices prescribed by Iowa Administrative Code 191 Chapter 97, “Accounting for Certain Derivative Instruments Used to Hedge the Growth in Interest Credited for Indexed Insurance Products and Accounting for the Indexed Insurance Products Reserve,” for its indexed annuities and IUL products. Under these alternative accounting practices, the equity option derivative instruments that hedge the growth in interest credited on index products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and indexed annuity reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV assuming the market value of the equity options associated with the current index term is zero regardless of the observable market value for such options.
In addition, based on a permitted practice received from the Iowa Insurance Division, FGL Insurance carries one of its limited partnership interests, which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies,” on a net asset value per share basis. This is a departure from SSAP No. 48, which requires such investments to be carried based on the investees underlying GAAP equity (prior to any impairment considerations). In addition, the financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without such permitted statutory accounting practices, Raven Re’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices, Corbeau Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.
The prescribed and permitted practices resulted in increases to statutory capital and surplus of $249 million for both March 31, 2026 and December 31, 2025. Without such permitted statutory accounting practices, FGL Insurance’s risk-based capital would have been above the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.
There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no other significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2026.
Non-U.S. Company
F&G Cayman Re files financial statements that are prepared in accordance with SAP prescribed or permitted by its regulator, which may vary materially from GAAP. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.
F&G Cayman Re has two permitted practices, which have been approved by CIMA. F&G Cayman Re has a permitted practice approved by CIMA to include, as an admitted asset, the value of the letters of credit (“LOCs”) acquired to support reinsurance transactions. Also, F&G Cayman Re has a permitted practice, approved by CIMA, for PRT reinsurance transactions to use U.S. statutory book value adjusted for best estimate reserve calculations (consistent with GAAP prior to ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts). These reserve calculations will be subject to annual assumption reviews consistent with other GAAP liability balances. If F&G Cayman Re had not been permitted to calculate PRT assumed reserves using best estimate reserve calculations or include the value of the LOCs as an admitted asset, statutory surplus would be $13 million and $20 million as of March 31, 2026 and December 31, 2025, respectively. Without such permitted statutory accounting practices, F&G Cayman Re’s risk-based capital would have fallen below the minimum regulatory requirements as of March 31, 2026 and December 31, 2025.
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Net income and capital and surplus of our wholly owned Cayman Islands insurance subsidiary under SAP were as follows:
Subsidiary (country of domicile)
F&G Cayman Re (Cayman Islands)
(In millions)
Statutory Net income (loss):
For the three months ended March 31, 2026
$(9)
For the three months ended March 31, 2025
15 
Statutory Capital and Surplus:
March 31, 2026$1,145 
December 31, 20251134

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Note N — Market Risk Benefits
The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2026 and the year ended December 31, 2025:
March 31, 2026December 31, 2025
Indexed
annuities		Fixed rate annuitiesIndexed
annuities		Fixed rate annuities
(In millions)
Balance, beginning of period, net liability$812 $1 $420 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$684 $1 $322 $1 
Issuances and benefit payments45 — 147 — 
Attributed fees collected and interest accrual44 — 156 — 
Actual policyholder behavior different from expected 53 — 45 — 
Changes in assumptions and other(10)— 8 — 
Effects of market related movements(12)— 6 — 
Balance, end of period, before effect of changes in the instrument-specific credit risk804 1 684 1 
Effect of changes in the instrument-specific credit risk80 — 128 — 
Balance, end of period, net liability884 1 812 1 
Less: reinsured market risk benefits225 — 195 — 
Balance, end of period, net of reinsurance$659 $1 $617 $1 
Weighted-average attained age of policyholders weighted by total AV (years)67.8284.7467.8484.69
Net amount at risk$2,082 $2 $1,900 $2 

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRBs amounts in the unaudited Condensed Consolidated Balance Sheets:
March 31, 2026December 31, 2025
DirectReinsuredTotal DirectReinsuredTotal
(In millions)
MRB asset
Indexed annuities$80 $228 $308 $88 $197 $285 
Fixed rate annuities — — — — — — 
Total MRB asset $80 $228 $308 $88 $197 $285 
MRB liability
Indexed annuities$964 $3 $967 $900 $2 $902 
Fixed rate annuities1 — 1 1 — 1 
Total MRB liability$965 $3 $968 $901 $2 $903 

The net MRB liability increased for the three months ended March 31, 2026, primarily as a result of collection of attributed fees, interest accrual, actual to expected policyholder behavior, and MRB reserves for contracts issued within the period.
For the three months ended March 31, 2026, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs.
The net MRB liability increased for the year ended December 31, 2025, primarily as a result of collection of attributed fees, interest accrual, MRB reserves for contracts issued within the period, and changes in actuarial assumptions. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.
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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.
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 2025, F&G undertook a review of all significant assumptions and revised several assumptions relating to their deferred annuities (indexed annuities and fixed rate annuities) with MRBs. For the three months ended March 31, 2026, F&G updated the option budget assumption. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These updates, in total, led to a decrease in the net MRB liability for the three months ended March 31, 2026. For the year ended December 31, 2025, F&G updated assumptions including surrender rates, mortality and mortality improvement, partial withdrawals, projected CPI, and option budgets. All updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These updates, in total, led to an increase in the net MRB liability for the year ended December 31, 2025.

Note O — Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances:
March 31, 2026
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$33,226 $19,265 $3,292 $3,324 $2,898 
Issuances1,644 184 60 750 901 
Premiums received8 — 163 — — 
Policy charges (a)(57)— (103)— — 
Surrenders and withdrawals(978)(605)(33)— — 
Benefit payments(115)(93)(5)(30)(1,122)
Interest credited245 222 57 39 25 
Other(4)— — — — 
Balance, end of period33,969 18,973 3,431 4,083 2,702 
Reconciling items (c)(47)2 92 — — 
Gross liability, end of period33,922 18,975 3,523 4,083 2,702 
Less: Reinsurance recoverable5,655 12,834 883 — — 
Net liability, after reinsurance$28,267 $6,141 $2,640 $4,083 $2,702 
Weighted-average crediting rate2.96 %4.76 %7.07 %N/AN/A
Net amount at risk (d)N/AN/A$29,648 N/AN/A
Cash surrender value (e)$31,607 $17,783 $2,641 N/AN/A
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December 31, 2025
Indexed annuitiesFixed rate annuitiesUniversal lifeFABN (b)FHLB (b)
(Dollars in millions)
Balance, beginning of year$30,235 $17,442 $2,817 $2,463 $2,852 
Issuances6,714 3,801 229 1,148 2,241 
Premiums received31 — 593 — — 
Policy charges (a)(222)— (378)— — 
Surrenders and withdrawals(3,831)(2,485)(130)— — 
Benefit payments(536)(358)(21)(395)(2,298)
Interest credited830 866 182 107 103 
Other5 (1)— 1 — 
Balance, end of period33,226 19,265 3,292 3,324 2,898 
Reconciling items (c)321 2 115 11 — 
Gross liability, end of period33,547 19,267 3,407 3,335 2,898 
Less: Reinsurance recoverable3,198 12,863 887 — — 
Net liability, after reinsurance$30,349 $6,404 $2,520 $3,335 $2,898 
Weighted-average crediting rate2.65 %4.84 %6.13 %N/AN/A
Net amount at risk (d)N/AN/A$29,581 N/AN/A
Cash surrender value (e)$30,920 $18,034 $2,533 N/AN/A
(a) Contracts included in the Contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The reconciling items reconcile the account balance to the gross GAAP liability. For indexed annuities and universal life, the reconciling items represent embedded derivatives and include the combination of the host contracts and the fair value of the embedded derivatives. For FABN, the reconciling items represent basis adjustments due to the impact of fair value hedge accounting.
(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.
(e) These amounts are gross of reinsurance.
The following table reconciles contractholder funds’ account balances to the Contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:
March 31, 2026December 31, 2025
(In millions)
Indexed annuities$33,922 $33,547 
Fixed rate annuities18,975 19,267 
Immediate annuities259 262 
Universal life3,523 3,407 
Traditional life4 4 
FABN4,083 3,335 
FHLB2,702 2,898 
PRT6 6 
Total$63,474 $62,726 

Annually, typically in the third quarter, F&G reviews assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2026 and the year ended December 31, 2025, based on policyholder behavior, experience, and interest rate movements, F&G reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain indexed annuities assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in Contractholder funds of approximately $5 million and $22 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.

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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:
March 31, 2026
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
Up to 1.50%$701 $422 $295 $777 $2,195 
1.51%-2.50%534 17 767 655 1,973 
Greater than 2.50%203 — — 2 205 
Subtotal$1,438 $439 $1,062 $1,434 $4,373 
No guaranteed minimum crediting rate29,596 
Total$33,969 
Fixed rate annuities
Up to 1.50%$101 $88 $676 $15,350 $16,215 
1.51%-2.50%3 6 24 444 477 
Greater than 2.50%709 1 5 1,566 2,281 
Total$813 $95 $705 $17,360 $18,973 
Universal life
Up to 1.50%$3,042 $9 $— $28 $3,079 
1.51%-2.50%— — — — — 
Greater than 2.50%351 — 1 — 352 
Total$3,393 $9 $1 $28 $3,431 

December 31, 2025
Range of guaranteed minimum crediting rateAt Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
Indexed annuities(In millions)
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 rate28,951 
Total$33,226 
Fixed rate annuities
Up to 1.50%$94 $75 $792 $15,548 $16,509 
1.51%-2.50%4 6 16 466 492 
Greater than 2.50%727 2 5 1,530 2,264 
Total$825 $83 $813 $17,544 $19,265 
Universal life
Up to 1.50%$2,898 $9 $— $31 $2,938 
1.51%-2.50%— — — — — 
Greater than 2.50%353 — 1 — 354 
Total$3,251 $9 $1 $31 $3,292 



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Note P — 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:
Traditional life
March 31, 2026December 31, 2025
Expected net premiums(Dollars in millions)
Balance, beginning of year$585 $631 
Beginning balance at original discount rate700 780 
     Effect of actual variances from expected experience(2)1 
Balance adjusted for variances from expectation698 781 
     Interest accrual3 15 
     Net premiums collected(22)(96)
Ending balance at original discount rate679 700 
     Effect of changes in discount rate assumptions(120)(115)
Balance, end of period$559 $585 
Expected FPB
Balance, beginning of year$1,855 $1,933 
Beginning balance at original discount rate2,167 2,368 
     Effect of actual variances from expected experience(3)(21)
Balance adjusted for variances from expectation2,164 2,347 
     Interest accrual12 50 
     Benefits payments(50)(230)
Ending balance at original discount rate2,126 2,167 
     Effect of changes in discount rate assumptions(334)(312)
Balance, end of period$1,792 $1,855 
Net liability for future policy benefits$1,233 $1,270 
Less: Reinsurance recoverable498 489 
Net liability for future policy benefits, after reinsurance recoverable$735 $781 
Weighted-average duration of liability for future policyholder benefits (years)6.026.84


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The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
PRT
March 31, 2026December 31, 2025
(Dollars in millions)
Balance, beginning of year$8,112 $6,054 
Beginning balance at original discount rate8,268 6,417 
     Effect of changes in cash flow assumptions— (36)
     Effect of actual variances from expected experience1 13 
Balance adjusted for variances from expectation8,269 6,394 
     Issuances333 2,206 
     Interest accrual99 331 
     Benefits payments(202)(663)
Ending balance at original discount rate8,499 8,268 
     Effect of changes in discount rate assumptions(321)(156)
Balance, end of period$8,178 $8,112 
Net liability for future policy benefits, after reinsurance recoverable$8,178 $8,112 
Weighted-average duration of liability for future policyholder benefits (years)7.627.80

Immediate annuities
March 31, 2026December 31, 2025
(Dollars in millions)
Balance, beginning of year$1,276 $1,297 
Beginning balance at original discount rate1,679 1,732 
     Effect of actual variances from expected experience4 (11)
Balance adjusted for variances from expectation1,683 1,721 
     Issuances5 17 
     Interest accrual13 54 
     Benefits payments(28)(113)
Ending balance at original discount rate1,673 1,679 
     Effect of changes in discount rate assumptions(431)(403)
Balance, end of period$1,242 $1,276 
Net liability for future policy benefits$1,242 $1,276 
Less: Reinsurance recoverable104 106 
Net liability for future policy benefits, after reinsurance recoverable$1,138 $1,170 
Weighted-average duration of liability for future policyholder benefits (years)12.2212.32

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The following tables summarize balances and changes in the liability for deferred profit liability ("DPL") for limited-payment contracts:
March 31, 2026December 31, 2025
Immediate annuitiesPRTImmediate annuitiesPRT
(In millions)
Balance, beginning of year$90 $7 $90 $6 
     Effect of actual variances from expected experience(2)1 2 1 
Balance adjusted for variances from expectation88 8 92 7 
     Issuances1 — 6 1 
     Interest accrual— — 1 — 
     Amortization(2)— (9)(1)
Balance, end of period$87 $8 $90 $7 
The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:
March 31, 2026December 31, 2025
(In millions)
Traditional life$1,233 $1,270 
Immediate annuities1,242 1,276 
PRT8,178 8,112 
Immediate annuities DPL87 90 
PRT DPL8 7 
Total$10,748 $10,755 
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:
UndiscountedDiscounted
March 31,March 31,
2026202520262025
Traditional life(In millions)
Expected future benefit payments$2,458 $2,720 $1,794 $1,938 
Expected future gross premiums821 923 601 671 
Immediate annuities
Expected future benefit payments$3,082 $3,168 $1,242 $1,297 
Expected future gross premiums— — — — 
PRT
Expected future benefit payments$13,431 $10,535 $8,178 $6,360 
Expected future gross premiums— — — — 
The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:
Gross Premiums (a)Interest Expense (b)
March 31,March 31,
2026202520262025
(In millions)
Traditional life$23 $26 $9 $9 
Immediate annuities5 6 13 14 
PRT324 311 99 74 
Total$352 $343 $121 $97 
(a) Included in Life insurance premiums and other fees on the unaudited Condensed Consolidated Statements of Earnings.
(b) Included in Benefits and other changes in policy reserves on the unaudited Condensed Consolidated Statements of Earnings.
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The following table presents the weighted-average interest rate:
March 31, 2026December 31, 2025
Traditional life
Interest accretion rate2.36 %2.35 %
Current discount rate5.07 %4.77 %
Immediate annuities
Interest accretion rate3.22 %3.20 %
Current discount rate5.59 %5.29 %
PRT
Interest accretion rate4.96 %4.87 %
Current discount rate5.28 %4.98 %
The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:
March 31, 2026
Traditional lifeImmediate annuities PRT
Mortality
Actual experience1.3 %1.1 %3.5 %
Expected experience1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %
Expected experience0.5 %— %— %
December 31, 2025
Traditional lifeImmediate annuities PRT
Mortality
Actual experience2.4 %2.4 %2.6 %
Expected experience1.6 %1.7 %2.5 %
Lapses
Actual experience— %— %— %
Expected experience0.6 %— %— %

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):
March 31, 2026December 31, 2025
Cohort XDescriptionCohort XDescription
NPR before capping103 %Term with return of premium Non-NY Cohort104 %Term with return of premium Non-NY Cohort
Reserves before NPR capping$1,113 Term with return of premium Non-NY Cohort$1,145 Term with return of premium Non-NY Cohort
Reserves after NPR capping1,122 Term with return of premium Non-NY Cohort1,156 Term with return of premium Non-NY Cohort
Loss Expense9 Term with return of premium Non-NY Cohort11 Term with return of premium Non-NY Cohort
F&G made changes to assumptions during the three months ended March 31, 2026 and the year ended December 31, 2025. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.
Traditional life
The traditional life line of business primarily consists of policies that were sold prior to 2010. As this line of business continues to age, benefit payments made from these contracts will be the primary driver of the emergence of reserves, decreasing the reserve balance.
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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). F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G updated the assumptions for surrenders and lapses. Updates to these assumptions brought F&G more in line with internal and overall industry experience since the prior assumption updates. These assumption updates resulted in a decrease to the FPB liability for the year ended December 31, 2025. In 2026, no updates have been made to any significant assumptions used in the FPB liability.
Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.
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). F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.
PRT (life contingent)
The PRT line of business has issued a significant volume of contracts for 2026 and 2025, which is the primary impact in increasing the reserve balance in each of those periods.
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. F&G reviews the cash flow assumptions annually, typically in the third quarter. In 2025, F&G undertook a review of the significant cash flow assumptions and did not make any changes to any significant assumptions. Market data that underlies current discount rates was updated in 2026 from that utilized in 2025 resulting in increased discount rates that drove a decrease to the FPB.
Premium deficiency testing
F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. F&G began accruing a liability in the fourth quarter of 2024 that increases the amortization of traditional life VOBA. The liability balance was immaterial at both March 31, 2026 and December 31, 2025.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business, and political conditions, including changes in the financial markets and geopolitical uncertainties associated with international conflicts; consumer spending; government spending; government shutdowns; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding, or a weak U.S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission ("SEC").
Unless the context indicates otherwise, as used herein, the terms “we,” “us,” “our,” the “Company” or “FNF” refer collectively to Fidelity National Financial, Inc., and its subsidiaries.
The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025.
Overview
For a description of our business, including descriptions of recent business developments, see the discussion in Note A Basis of Financial Statements in the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.
Business Trends and Conditions
Title
Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing, and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.
We have found that residential real estate activity is generally dependent on the following factors:
•mortgage interest rates;
•mortgage funding supply;
•housing inventory and home prices;
•supply and demand for commercial real estate; and
•the strength of the United States economy, including employment levels.
The most recent forecast of the Mortgage Bankers Association ("MBA"), as of April 20, 2026, estimates (actual for fiscal year 2025) the size of the U.S. residential mortgage originations market as shown in the following table for 2025 - 2028 in its "Mortgage Finance Forecast" (in trillions):
2028202720262025
Purchase originations$1.5 $1.5 $1.4 $1.3 
Refinance originations$0.7 $0.7 $0.8 $0.7 
Total U.S. mortgage originations forecast$2.2 $2.2 $2.2 $2.0 
As of April 20, 2026, the MBA expects residential purchase originations to increase in 2026 and 2027, and remain flat in 2028, and expects residential refinance originations to increase in 2026, decrease in 2027 and remain flat in 2028. Overall mortgage originations are expected to increase in 2026 and remain flat in 2027 and 2028.
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Following a decline in inflation in 2024, the Federal Reserve reduced the target range for the federal funds rate to 4.25%–4.50%, where it remained as of March 31, 2025. After additional rate cuts during 2025, the Federal Reserve maintained the federal funds rate at a target range of 3.50%–3.75% as of March 31, 2026. Average interest rates for a 30-year fixed rate mortgage were 6.1% for the three months ended March 31, 2026, as compared to 6.8% for the corresponding period in 2025.
A shortage in the supply of homes for sale, increasing home prices, high mortgage interest rates, disrupted labor markets including the potential for rising unemployment, government shutdowns, changes in U.S. trade policies, including tariffs and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2025, which has continued into 2026. Existing-home sales declined 1% in March 2026 as compared to the corresponding period in 2025, while median existing-home sales prices increased to $408,800, or approximately 1%, from the corresponding period in 2025.
Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 4.3% and 4.2% in March 2026 and 2025, respectively.
We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail, and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file increased in the three months ended March 31, 2026 as compared to the corresponding period in 2025.
We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.
Seasonality. Historically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates.
F&G
The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.
Market Conditions
Market conditions can change rapidly with significant positive or negative impacts on our results. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. We anticipate various macroeconomic factors will continue to drive uncertainty and instability, which could have a significant impact on the Company during fiscal year 2026. These factors include, among others, consumer spending, business investment, government spending, government shutdown, the volatility and strength of the capital markets, investor and consumer confidence, foreign currency exchange rates, commodity prices, inflation levels, changes in trade policy, tariffs and trade sanctions on goods, trade wars, United States-China relations, and supply chain disruptions.
In light of increasing uncertainty in the markets we serve, we are unable to predict how long the current environment will last or the significance of the financial and operational impacts to us. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates, which vary in response to changes in market conditions. See “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026, for further discussion of risk factors that could affect market conditions.
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Interest Rate Environment
As of March 31, 2026 and December 31, 2025, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $6.1 billion and 4.76% and $6.4 billion and 4.84%, respectively. Some of our F&G products, most notably our fixed rate annuities, include guaranteed minimum crediting rates. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
See Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 for a more detailed discussion of interest rate risk.
Aging of the U.S. Population
We believe that the aging of the U.S. population will continue to increase demand for retirement savings, growth, and income solutions, including demand for our indexed annuity and indexed universal life (“IUL”) products. We serve a growing retirement population, with more than 11,000 Americans turning 65 every day and a projected 30% increase in people age 65-100 over the next 25 years according to the U.S. Census Bureau. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.
Industry Factors and Trends Affecting Our Results of Operations
We operate in the sector of the insurance industry that focuses on the needs of middle-income Americans. The underserved middle-income market represents a major growth opportunity for us. As a tool for addressing the unmet need for retirement planning, we believe that many middle-income Americans have grown to appreciate the financial certainty that annuities such as our indexed annuity products afford. For example, the fixed index annuity market grew from nearly $12 billion of sales in 2002 to $127 billion of sales in 2025 and the registered index-linked annuities ("RILA") market grew from $17 billion of sales in 2019 to $76 billion of sales in 2025. Additionally, this market demand has positively impacted the IUL market as it has expanded from $100 million of annual sales in 2002 to $3 billion of annual sales in 2025.
See Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 for a more detailed discussion of industry factors and trends affecting our Results of Operations.
Critical Accounting Policies and Estimates
The accounting estimates described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 are those we consider critical in preparing our unaudited Condensed Consolidated Financial Statements. There were no changes to the Company’s critical accounting policies or estimates during the three months ended March 31, 2026. Management is required to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures with respect to contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates.











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Results of Operations
Consolidated Results of Operations
Net Earnings. The following table presents certain financial data for the periods indicated:
 Three months ended March 31,
20262025
 (In millions)
Revenues:  
Direct title insurance premiums$583 $510 
Agency title insurance premiums788 681 
Escrow, title-related and other fees1,111 1,065 
Interest and investment income822 760 
Recognized gains and losses, net(78)(287)
Total revenues3,226 2,729 
Expenses:  
Benefits and other changes in policy reserves484 524 
Personnel costs827 770 
Agent commissions608 528 
Other operating expenses398 377 
Market risk benefit losses (gains)73 109 
Depreciation and amortization215 196 
Provision for title claim losses62 54 
Interest expense61 60 
Total expenses2,728 2,618 
Earnings before income taxes and equity in earnings of unconsolidated affiliates498 111 
Income tax expense 175 29 
Equity in earnings of unconsolidated affiliates(2)1 
Net earnings$321 $83 
 Revenues
Total revenues increased by $497 million in the three months ended March 31, 2026 compared to the corresponding period in 2025.
Net earnings increased by $238 million in the three months ended March 31, 2026 compared to corresponding period in 2025.
The change in revenue and net earnings from our reportable segments is discussed in further detail at the segment level below.    
Expenses
Our operating expenses consist primarily of Personnel costs; Other operating expenses, which in our title business are incurred as orders are received and processed; Agent commissions, which are incurred as title agency revenue is recognized; and Benefits and other changes in policy reserves, which in our F&G segment are charged to earnings in the period they are earned by the policyholder based on their selected strategy. For traditional life and immediate annuities, policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Title insurance premiums, escrow, and title-related fees are generally recognized as income at the time the underlying transaction closes or other service is provided. Direct title operations revenue often lags approximately 45-60 days behind expenses and therefore gross margins may fluctuate. The changes in the market environment, mix of business between direct and agency operations, and the contributions from our various business units have historically impacted margins and net earnings. We have implemented programs and have taken necessary actions to maintain expense levels consistent with revenue streams. However, a short-term lag exists in reducing controllable fixed costs and certain fixed costs are incurred regardless of revenue levels.
Personnel costs include base salaries, commissions, benefits, stock-based compensation and bonuses paid to employees, and are one of our most significant operating expenses. 
Agent commissions represent the portion of premiums retained by our third-party agents pursuant to the terms of their respective agency contracts.
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Benefit expenses for deferred annuity, indexed annuity, and IUL policies include index credits and interest credited to contractholder account balances and benefit claims in excess of contract account balances, net of reinsurance recoveries. Other changes in policy reserves include the change in the fair value of the indexed annuity embedded derivative and the change in the reserve for secondary guarantee benefit payments. Other changes in policy reserves also include the change in reserves for life insurance products.
Other operating expenses consist primarily of facilities expenses, title plant maintenance, premium taxes (which insurance underwriters are required to pay on title premiums in lieu of franchise and other state taxes), appraisal fees and other cost of sales on ServiceLink product offerings and other title-related products, postage and courier services, computer services, professional services, travel expenses, general insurance, and bad debt expense on our trade and notes receivable. 
The provision for title claim losses includes an estimate of anticipated title and title-related claims and escrow losses.
The change in expenses attributable to our reportable segments is discussed in further detail at the segment level below. 
Income tax expense was $175 million and $29 million in the three months ended March 31, 2026 and 2025, respectively. Income tax expense attributable to increases in our valuation allowance were $17 million and $4 million in the three months ended March 31, 2026 and 2025, respectively. Income tax expense as a percentage of earnings before income taxes was 35% and 26% in the three months ended March 31, 2026 and 2025, respectively. The increase in income tax expense as a percentage of earnings before taxes in the three months ended March 31, 2026 as compared to the corresponding period in 2025 is primarily attributable to the adjustment to the deferred tax liability for the outside basis difference in our investment in F&G, as well as F&G's outside basis difference in F&G Life Re in the three months ended March 31, 2026.
The Organization for Economic Cooperation and Development has developed guidance known as the Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15% and are intended to apply to tax years beginning in 2024. As of March 31, 2026, 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, Public Law 119-21, popularly known as the One Big Beautiful Bill Act ("OBBBA") was signed into law. The OBBBA includes a broad range of tax reform provisions that may affect the Company’s financial results. 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 three months ended March 31, 2026.
The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to the U.S. income tax under an anti-deferral tax regime. Given our intent to reinvest these earnings for an indefinite period of time, the Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable.

















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Title
The following table presents the results from operations of our Title segment:
 Three months ended March 31,
 20262025
Revenues:(In millions)
Direct title insurance premiums$583 $510 
Agency title insurance premiums788 681 
Escrow, title-related and other fees588 525 
Interest and investment income91 83 
Recognized gains and losses, net(46)(25)
Total revenues2,004 1,774 
Expenses:  
Personnel costs748 672 
Agent commissions608 528 
Other operating expenses340 313 
Depreciation and amortization35 36 
Provision for title claim losses62 54 
Total expenses1,793 1,603 
Earnings before income taxes and equity in earnings of unconsolidated affiliates$211 $171 
Orders opened by direct title operations (in thousands)389 343 
Orders closed by direct title operations (in thousands)234 201 
Fee per file (in dollars)$3,655 $3,761 
Total revenues for the Title segment increased by $230 million, or 13%, in the three months ended March 31, 2026 from the corresponding period in 2025.
The following table presents the percentages of title insurance premiums generated by our direct and agency operations:
 Three months ended March 31,
  % of % of
 2026Total2025Total
 (Dollars in millions)
Title premiums from direct operations$583 43 %$510 43 %
Title premiums from agency operations788 57 681 57 
Total title premiums$1,371 100 %$1,191 100 %
Title premiums increased by $180 million, or 15%, in the three months ended March 31, 2026 from the corresponding period in 2025. The increase was comprised of an increase in Title premiums from direct operations of $73 million, or 14%, and an increase in Title premiums from agency operations of $107 million, or 16%.
The following table presents the percentages of opened and closed title insurance orders generated by purchase and refinance transactions by our direct operations:
Three months ended March 31,
20262025
Opened title insurance orders from purchase transactions (1)67 %75 %
Opened title insurance orders from refinance transactions (1)33 25 
100 %100 %
Closed title insurance orders from purchase transactions (1)63 %75 %
Closed title insurance orders from refinance transactions (1)37 25 
100 %100 %
(1)    Percentages exclude consideration of an immaterial number of non-purchase and non-refinance orders.
Title premiums from direct operations increased in the three months ended March 31, 2026 from the corresponding period in 2025. The increase was attributable to increases in the average fee per file and closed order volume.
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We experienced an increase in closed title insurance order volumes from both purchase and refinance transactions in the three months ended March 31, 2026 from the corresponding period in 2025. Total closed order volume was 234,000 in the three months ended March 31, 2026 compared to 201,000 in the three months ended March 31, 2025. This represented an overall increase of 16% in the three months ended March 31, 2026 from the corresponding period in 2025. The increase was primarily attributable to higher housing inventory in the three months ended March 31, 2026 as compared to the corresponding period in 2025.
Total opened title insurance order volumes increased in the three months ended March 31, 2026 from the corresponding period in 2025.
The average fee per file in our direct operations was $3,655 in the three months ended March 31, 2026, compared to $3,761 in the three months ended March 31, 2025. The decrease in average fee per file in the three months ended March 31, 2026 as compared to the corresponding period in 2025 reflects an increased proportion of refinance transactions relative to total closed order volume. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.
Title premiums from agency operations increased $107 million, or 16%, in the three months ended March 31, 2026 from the corresponding period in 2025.
Escrow, title-related and other fees increased by $63 million, or 12%, in the three months ended March 31, 2026 from the corresponding period in 2025. Escrow and title-related fees increased by $22 million, or 12%, in the three months ended March 31, 2026 from the corresponding period in 2025. The increase in escrow and title-related fees in the three months ended March 31, 2026 as compared to the corresponding period in 2025 is primarily attributable to increased closed order volume. Other fees, excluding escrow and title-related fees, increased by $41 million, or 12%, in the three months ended March 31, 2026. The increases in Other fees, excluding escrow and title-related fees, in the three months ended March 31, 2026 as compared to the corresponding period in 2025 were attributable to various immaterial items.
Interest and investment income levels are primarily a function of securities markets, interest rates, and the amount of cash available for investment. Interest and investment income was relatively flat in the three months ended March 31, 2026 as compared to the corresponding period in 2025.
Net recognized losses were $46 million and $25 million in the three months ended March 31, 2026 and 2025, respectively. The fluctuations in recognized gains and losses, net in the three months ended March 31, 2026 as compared to the corresponding period in 2025, are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.
Personnel costs include base salaries, commissions, benefits, stock-based compensation, and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs increased $76 million, or 11%, in the three months ended March 31, 2026 from the corresponding period in 2025. The increase is due to increased health insurance claims, inflationary salary increases, and increased variable costs from the increase in revenues in the three months ended March 31, 2026 as compared to the corresponding period in 2025. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 64% and 65% for the three months ended March 31, 2026 and 2025, respectively. Average employee count in the Title segment was 22,854 and 21,399 in the three months ended March 31, 2026 and 2025, respectively.
Other operating expenses increased by $27 million, or 9%, in the three months ended March 31, 2026 from the corresponding period in 2025. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 29% and 30% in the three months ended March 31, 2026 and 2025, respectively.
Agent commissions represent the portion of premiums retained by agents pursuant to the terms of their respective agency contracts. Agent commissions and the resulting percentage of agent premiums that we retain vary according to regional differences in real estate closing practices and state regulations.
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The following table illustrates the relationship of agent premiums and agent commissions:
 Three months ended March 31,
 2026%2025%
 (Dollars in millions)
Agent premiums$788 100 %$681 100 %
Agent commissions608 77 %528 78 %
Net retained agent premiums$180 23 %$153 22 %
The claim loss provision for title insurance was $62 million and $54 million for the three months ended March 31, 2026 and 2025, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid, and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.
F&G
Segment Overview
Through our majority-owned F&G subsidiary, we have five distribution channels across retail and institutional markets. Our three retail channels include agent-based Independent Marketing Organizations ("IMOs"), banks, and broker dealers. We have deep, long-tenured relationships with our network of leading IMOs and their agents to serve the needs of the middle-income market and develop competitive annuity and life products to align with their evolving needs. Upon FNF’s ownership and F&G’s subsequent rating upgrades in mid-2020, we launched into banks and broker dealers. Further, in 2021, we launched into two institutional markets to originate Funding Agreement Backed Notes ("FABN") and pension risk transfer ("PRT") transactions. The FABN Program offers funding agreements to institutional clients by means of capital markets transactions through investment banks. The funding agreements issued under the FABN Program are in addition to those issued to the Federal Home Loan Bank of Atlanta ("FHLB"). The PRT solutions business is supported by an experienced team, and we partner with brokers and institutional consultants for distribution. These markets leverage our existing team's spread-based capabilities as well as our strategic partnership with Blackstone ISG-I Advisors LLC (“Blackstone”).
In setting the features and pricing of our flagship indexed annuity products relative to our targeted net margin, we take into account our expectations regarding (1) the difference between the net investment income we earn and the sum of the interest credited to policyholders and the cost of hedging our risk on the policies; (2) fees, including surrender charges and rider fees, partly offset by vesting bonuses that we pay our policyholders; and (3) a number of related expenses, including benefits and changes in reserves, acquisition costs, and general and administrative expenses.
Key Components of Our Historical Results of Operations
Through our insurance subsidiaries, we issue a broad portfolio of deferred annuities (indexed annuities and fixed rate annuities), IUL insurance, immediate annuities, funding agreements and PRT solutions. A deferred annuity is a type of contract that accumulates value on a tax deferred basis and typically begins making specified periodic or lump sum payments a certain number of years after the contract has been issued. IUL insurance is a complementary type of contract that accumulates value in a cash value account and provides a payment to designated beneficiaries upon the policyholder’s death. An immediate annuity is a type of contract that begins making specified payments within one annuity period (e.g., one month or one year) and typically makes payments of principal and interest earnings over a period of time. As defined by the Iowa Insurance Division, a funding agreement is an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the person to whom the funding agreement is issued. In essence, funding agreement providers issue fixed maturity contracts with fixed or floating interest rates in exchange for a single upfront premium. Our PRT products are comparable to income annuities, as we generally receive a single, upfront premium in exchange for paying a guaranteed stream of future income payments, which are typically fixed in nature but may vary in duration based on participant mortality experience.
Under GAAP, premium collections for deferred annuities (indexed annuities and fixed rate annuities), immediate annuities and PRT without life contingency, and deposits received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities are net investment income, surrender charges, cost of insurance and other charges deducted from contractholder funds (i.e., amortization of unearned revenue liabilities (“URL”)), and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization
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of value of business acquired (“VOBA”), deferred acquisition costs (“DAC”) and deferred sales inducements (“DSI”), and other operating costs and expenses.
F&G hedges certain portions of its exposure to product related equity market risk by entering into derivative transactions. We purchase derivatives consisting predominantly of equity options and, to a lesser degree, futures contracts (specifically for indexed annuity contracts) on the equity indices underlying the applicable policy. These derivatives are used to offset the reserve impact of the index credits due to policyholders under the indexed annuity and IUL contracts. The majority of all such equity options are one-year options purchased to match the funding requirements underlying the indexed annuity/IUL contracts. We attempt to manage the cost of these purchases through the terms of our indexed annuity/IUL contracts, which permit us to change caps, spread, or participation rates on each policy's annual anniversary, subject to certain guaranteed minimums that must be maintained. The equity options and futures contracts are marked to fair value with the change in fair value included as a component of net investment gains (losses). The change in fair value of the equity options and futures contracts includes the gains and losses recognized at the expiration of the instruments’ terms or upon early termination and the changes in fair value of open positions. In addition, to reduce market risks from interest rate changes and foreign exchange rate fluctuations on our earnings associated with our floating rate and foreign currency denominated investments, we execute pay-float and receive-fixed interest rate swaps and utilize foreign currency swaps.

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs (inclusive of reinsured MRBs) are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors. The change in fair value of MRBs generally reflects impacts from actual policyholder behavior (including surrenders of the benefit), changes in interest rates, and changes in equity market returns. Generally higher interest rates and equity returns result in gains whereas lower interest rates and equity returns result in losses. 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.
Earnings from products accounted for as deposit liabilities are primarily generated from the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed annuity/IUL policies, which includes the expenses incurred to fund the index credit with respect to indexed annuities/IULs. Proceeds received upon expiration or early termination of equity options purchased to fund annual index credits are recorded as part of the change in fair value of derivatives and are largely offset by an expense for index credits earned on annuity contractholder fund balances.
F&G Results of Operations
The results of operations of our F&G segment for the three months ended March 31, 2026 and 2025 were as follows:
Three months ended March 31,
20262025
Revenues(In millions)
Life insurance premiums and other fees$479 $489 
Interest and investment income723 666 
Owned distribution revenues17 16 
Recognized gains and losses, net(32)(263)
Total revenues1,187 908 
Benefits and expenses
Benefits and other changes in policy reserves484 524 
Market risk benefit losses73 109 
Depreciation and amortization173 153 
Personnel costs60 67 
Other operating expenses33 41 
Interest expense41 40 
Total benefits and expenses864 934 
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates$323 $(26)
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Revenues
Life insurance premiums and other fees
Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies, and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Earnings:
Three months ended March 31,
20262025
(In millions)
Life-contingent pension risk transfer premiums$324 $311 
Traditional life insurance and life-contingent immediate annuity premiums9 10 
Surrender charges56 57 
Policyholder fees and other income90 111 
Life insurance premiums and other fees (a)$479 $489 
a) Reported net of ceded premiums of $20 million, and $22 million and ceded product fees of $24 million, and $12 million for the three months ended March 31, 2026 and 2025 respectively.
•Life-contingent pension risk transfer premiums increased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, reflecting the timing of PRT transactions. PRT premiums are subject to fluctuation period to period.
•Surrender charges were relatively unchanged for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. These charges primarily reflect withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities and IUL policies, and are subject to changes in the interest rate environment.
•Policyholder fees and other income decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily reflecting the impact of a reinsurance true-up adjustment during the three months ended March 31, 2025, partially offset by higher guaranteed minimum withdrawal benefit (“GMWB”) rider fees, net of reinsurance. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.
Interest and investment income
Below is a summary of interest and investment income:
Three months ended March 31,
20262025
(In millions)
Fixed maturity securities$561 $549 
Preferred equity securities3 3 
Common equity securities4 5 
Mortgage loans105 82 
Invested cash and short-term investments17 34 
Limited partnerships101 54 
Other investments5 2 
Gross investment income796 729 
Investment expense(73)(63)
Interest and investment income$723 $666 
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
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attributable to these agreements, and thus excluded from the totals in the table above, was $228 million and $184 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Recognized gains and losses, net
Below is a summary of the major components included in recognized gains and losses, net:
Three months ended March 31,
20262025
(In millions)
Net realized and unrealized losses on fixed maturity available-for-sale securities, equity securities and other invested assets$(47)$(16)
Net realized gain on sale of F&G Life Re14 — 
Change in allowance for expected credit losses1 (22)
Net realized and unrealized losses on certain derivatives instruments(260)(184)
Change in fair value of reinsurance related embedded derivatives261 (41)
Change in fair value of other derivatives and embedded derivatives(1)— 
Recognized gains and losses, net$(32)$(263)
Recognized gains and losses, net 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. Recognized gains (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $260 million for the three month periods ended March 31, 2026, and $(42) million for the three month periods ended March 31, 2025, respectively.
•For the three months ended March 31, 2026, net realized and unrealized losses on fixed maturity securities, equity securities and other invested assets is primarily the result of net realized losses on fixed maturity securities.
•For the three months ended March 31, 2026, Recognized gains and losses, net includes a pre-tax gain from the sale of F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”) an unrelated third party, of $14 million, subject to certain post-closing adjustments that are expected to be finalized in the second or third quarter of 2026.
•For the three months ended March 31, 2025, net realized and unrealized losses on fixed maturity securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities.
•The change in allowance for expected credit losses primarily relates to available for sale securities.
•For all periods, net realized and unrealized losses on certain derivative instruments primarily relate to the net realized and unrealized gains (losses) on equity options and futures used to hedge indexed annuity and IUL products, including gains on option and futures expiration and changes in the fair value of interest rate swaps. See the table below for primary drivers of gains (losses) on certain derivatives.
•The fair value of the reinsurance-related embedded derivatives in our funds withheld (“FWH”) 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.
We utilize a combination of static (equity options) and dynamic (long futures contracts) instruments in our product hedging strategy. Equity options and futures contracts are generally based upon the performance of various equity indices, such as the S&P 500 Index, as well as other bond and gold market indices.
We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments and 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.

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The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuities, universal life products and floating rate investments are summarized in the table below:
Three months ended March 31,
20262025
(Dollars in millions)
Equity options:
Realized gains (losses)$22 $(20)
Change in unrealized losses(269)(214)
Futures contracts:
Gains (losses) on future contracts expiration4 (1)
Change in unrealized (losses) gains(1)6 
Foreign currency swaps losses
Losses on foreign currency swaps(3)— 
Change in unrealized gains (losses)14 (1)
Interest rate swaps (losses) gains(29)49 
Other derivative investments:
Gains (losses) on other derivative investments2 (3)
Total net change in fair value$(260)$(184)
Annual Point-to-Point Change in S&P 500 Index during the periods 17 %6 %
Secured Overnight Financing Rates3.68 %4.41 %
R
•Realized gains (losses) on certain derivative instruments are directly correlated to the performance of the indices upon which the equity options and futures contracts are based and the value of the derivatives at the time of expiration compared to the value at the time of purchase.
•The changes in unrealized gains (losses) due to the net changes in fair value of equity options and futures contracts are driven by the underlying performance of the indices, such as the S&P 500 Index, upon which the equity options and futures contracts are based during each respective period relative to the respective indices on the policyholder buy dates.
•The net change in fair value of the foreign currency and interest rate swaps were primarily driven by fluctuations in the foreign currency exchange rates and interest rate indexes underlying the swap contracts.
The average index credits to policyholders are as follows:
Three months ended March 31,
20262025
Average Crediting Rate4 %5 %
S&P 500 Index:
Point-to-point strategy5 %5 %
Monthly average strategy3 %4 %
Monthly point-to-point strategy2 %4 %
3 year high water mark15 %2 %
•Actual amounts credited to contractholder fund balances may differ from the index appreciation due to contractual features in the indexed annuity contracts and certain IUL contracts (caps, spreads and participation rates), which allow us to manage the cost of the options purchased to fund the annual index credits.
•The credits for the periods presented were based on comparing the S&P 500 Index on each issue date in the period to the same issue date in the respective prior year periods.
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Benefits and expenses
Benefits and other changes in policy reserves
Below is a summary of the major components included in Benefits and other changes in policy reserves:
Three months ended March 31,
20262025
(In millions)
PRT agreements$338 $314 
Indexed annuities/IUL market related liability movements(377)(240)
Index credits, interest credited and bonuses538 438 
Other changes in policy reserves(15)12 
Benefits and other changes in policy reserves (a)$484 $524 
(a) Reported net of ceded benefits and other changes in policy reserves of $50 million and $53 million for the three months ended March 31, 2026 and 2025 respectively.
•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, increased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.
•The indexed annuities/IUL market related liability movements during the three months ended March 31, 2026 and 2025, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads (decreased) increased the direct indexed annuities market related liability by $(145) million and $47 million during the three months ended March 31, 2026 and 2025, respectively. The remaining changes in market value of the market related liability movements for all periods were primarily driven by equity market impacts. See “Revenues — Recognized gains and losses, net” above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.
•Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees.
◦During the three months ended March 31, 2026 and 2025, 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 annuity assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in increases (decreases) in total benefits and other changes in policy reserves of approximately $(10) million and $(21) million for the three months ended March 31, 2026 and 2025, respectively.
•Index credits, interest credited and bonuses for the three months ended March 31, 2026, were higher compared to the three months ended March 31, 2025, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.
•Other changes in policy reserves decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily reflecting higher ceded deposit asset accretion associated with the reinsurance of annuity products.


Market Risk Benefit losses
Below is a summary of market risk benefit losses:

Three months ended March 31,
20262025
(In millions)
Market risk benefit losses$73 $109 
•Market risk benefit losses (gains) are primarily driven by issuances, attributed fees collected, effects of market related movements (including changes in equity markets and risk-free rates), actual policyholder behavior as compared with expected changes in assumptions during the periods. Market risk benefit losses (gains) are reported net of reinsurance.
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•Changes in market risk benefit losses (gains) for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily reflect favorable market related movements, partially offset by unfavorable actual policyholder behavior as compared to expected.
Depreciation and Amortization
Below is a summary of the major components included in depreciation and amortization:

Three months ended March 31,
20262025
(In millions)
Amortization of DAC, VOBA and DSI$153 $134 
Amortization of other intangible assets and fixed asset depreciation20 19 
Depreciation and amortization$173 $153 
•DAC, VOBA and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Depreciation and amortization increased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily reflecting increased DAC and DSI associated with the growth of the business. In addition, as a result of our annual actuarial assumption update process, amortization rates on some DAC and DSI balances increased primarily for indexed annuities.

Personnel Costs and Other Operating Expenses
Below is a summary of personnel costs and other operating expenses:
Three months ended March 31,
20262025
(In millions)
Personnel costs$60 $67 
Other operating expenses33 41 
Total personnel costs and other operating expenses$93 $108 
•Personnel costs and other operating expenses were lower for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, respectively, primarily reflecting costs in line with sales volumes and growth in assets, disciplined expense management, including one-time management actions taken in the second quarter of 2025, along with continued investments in our operating platform.
Investment Portfolio
The types of assets in which we may invest are influenced by various state laws, which prescribe qualified investment assets applicable to insurance companies. Within the parameters of these laws, we invest in assets giving consideration to four primary investment objectives: (i) maintain robust absolute returns; (ii) provide reliable yield and investment income; (iii) preserve capital; and (iv) provide liquidity to meet policyholder and other corporate obligations.
Our investment portfolio is designed to contribute stable earnings, excluding short term mark to market effects, and balance risk across diverse asset classes and is primarily invested in high quality fixed income securities.
Our investments include assets backing reserves as part of coinsurance with funds withheld agreements. The funds withheld invested assets are reported within their respective line items. See Note L F&G Reinsurance, to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for more information on the funds withheld agreements.
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As of March 31, 2026 and December 31, 2025, the fair value of our investment portfolio was approximately $69 billion, for both periods, and was divided among the following asset classes and sectors:
March 31, 2026December 31, 2025
Fair ValuePercentFair ValuePercent
Fixed maturity securities, available for sale ("AFS"):(Dollars in millions)
United States Government full faith and credit$434 1 %$493 1 %
United States Government sponsored entities121 — 196 — 
United States municipalities, states and territories1,330 2 1,355 2 
Foreign Governments265 — 261 — 
Corporate securities:
 Finance, insurance and real estate9,295 14 9,309 14 
 Manufacturing, construction and mining1,343 2 1,386 2 
 Utilities, energy and related sectors3,800 5 3,681 5 
 Wholesale/retail trade4,011 6 3,732 5 
 Services, media and other5,059 7 5,142 8 
 Hybrid securities619 1 609 1 
 Non-agency residential mortgage-backed securities 2,531 4 2,649 4 
 Commercial mortgage-backed securities4,953 7 5,155 8 
 Asset-backed securities ("ABS") 7,811 11 7,842 11 
 Collateral loan obligations and loan backed-private obligations ("CLO")
10,789 16 10,890 16 
Total fixed maturity available for sale securities 52,361 76 52,700 77 
Fixed maturity securities, at fair value under fair value option93 — — — 
Equity securities (a)336 1 341 1 
Limited partnerships: (includes alternative investments with a FV of $3,622 million and $3,708 million for 2026 and 2025, respectively, net of amounts attributable to funds withheld reinsurance agreements) (b)
93 
Private equity2,196 3 2,079 3 
Real assets919 1 886 1 
Credit1,638 2 1,643 2 
  Limited partnerships4,753 6 4,608 6 
Commercial mortgage loans3,303 5 3,025 4 
Residential mortgage loans4,668 7 4,424 6 
Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments) (includes alternative investments with a FV of $428 million for 2026 and 2025) (b)
2,594 4 2,859 4 
Short term investments992 1 1,043 2 
Total investments $69,100 100 %$69,000 100 %
Interest and investment income (year to date and net of amounts attributable to funds withheld reinsurance agreements):
Alternative investments (b)$86 12 %$242 9 %
All other non-alternative investment income637 88 %2,595 91 
Total$723 100 %$2,837 100 %
(a) Includes investment grade non-redeemable preferred stocks ($196 million and $197 million at March 31, 2026 and December 31, 2025, respectively).
(b) Alternative investments primarily include certain limited partnerships and other equity interests, including limited liability corporations classified as investments in unconsolidated affiliates and certain company owned life insurance (“COLI”) classified as other long-term investments.
Insurance statutes regulate the type of investments that our life insurance subsidiaries are permitted to make and limit the amount of funds that may be used for any one type of investment. In light of these statutes and regulations, and our business and investment strategy, we generally seek to invest in primarily high-grade fixed-income assets across a wide range of sectors, including Corporate securities, U.S. Government and government-sponsored agency securities, and Structured securities, among others.
The NAIC’s Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for regulatory filings. The SVO conducts credit analysis on these securities for the purpose of assigning a NAIC designation or unit price. Typically, if a security has been rated by a nationally recognized statistical rating
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organization (“NRSRO”), the SVO utilizes that rating and assigns a NAIC designation based upon the NAIC published comparison of NRSRO ratings to NAIC designations.
The NAIC determines ratings for non-agency Residential Mortgage-backed Securities (“RMBS”) and Commercial Mortgage-backed Securities (“CMBS”) using modeling that estimates security level expected losses under a variety of economic scenarios. For such assets issued prior to January 1, 2013, an insurer’s amortized cost basis in applicable assets can impact the assigned rating. In the tables below, we present the rating of structured securities based on ratings from the NAIC rating methodologies described above (which in some cases do not correspond to rating agency designations). All NAIC designations (e.g., NAIC 1-6) are based on the NAIC methodologies.
The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our fixed maturity AFS portfolio as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
NRSRO RatingNAIC DesignationAmortized CostFair ValueFair Value PercentAmortized CostFair ValueFair Value Percent
(Dollars in millions)
AAA/AA/A1$34,182 $32,216 62 %$34,360 $32,738 62 %
BBB218,715 17,665 34 18,300 17,524 34 
BB31,821 1,707 3 1,705 1,660 3 
B4519 473 1 495 464 1 
CCC5123 109 — 127 107 — 
CC and lower6271 191 — 305 207 — 
  Total
$55,631 $52,361 100 %$55,292 $52,700 100 %

The following table shows the composition of our invested assets and cash and cash equivalents (in millions) as of March 31, 2026 and December 31, 2025, a portion of which represent funds withheld backing reserves as part of coinsurance with funds withheld reinsurance arrangements.

March 31, 2026December 31, 2025
Invested AssetsInvestments excluding Funds WithheldFunds WithheldTotalInvestments excluding Funds WithheldFunds WithheldTotal
Fixed maturities, AFS$38,157 $14,204 $52,361 $40,170 $12,530 $52,700 
Fixed maturity securities, at fair value under fair value option93 — 93 — — — 
Equity securities271 65 336 281 60 341 
Derivative instruments813 76 889 1,093 55 1,148 
Mortgage loans8,242 217 8,459 7,826 65 7,891 
Investments in unconsolidated affiliates4,077 936 5,013 4,126 752 4,878 
Other long-term investments1,288 — 1,288 1,294 — 1,294 
Policy loans156 1 157 146 1 147 
Short-term investments992 — 992 1,043 — 1,043 
      Total invested assets54,089 15,499 69,588 55,979 13,463 69,442 
Cash and cash equivalents404 920 1,324 784 702 1,486 
    Total invested assets and cash and cash equivalents$54,493 $16,419 $70,912 $56,763 $14,165 $70,928 

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Investment Concentrations
The tables below present the top ten structured security and industry categories of our fixed maturity and equity securities including the fair value and percent of total fixed maturity and equity securities fair value as of March 31, 2026 and December 31, 2025.
March 31, 2026
Top 10 ConcentrationsFair Value (In millions)Percent of Total Fair Value
CLO$10,789 20 %
ABS7,811 15 
Commercial mortgage backed securities4,953 9 
Diversified financial services 4,011 8 
Whole loan collateralized mortgage obligation2,515 5 
Banking2,325 4 
Insurance1,900 4 
Electric 1,449 3 
Municipal 1,330 2 
Pipelines 1,007 2 
Total$38,090 72 %

December 31, 2025
Top 10 ConcentrationsFair ValuePercent of Total Fair Value
CLO$10,890 21 %
ABS7,842 15 
Commercial mortgage-backed securities5,155 10 
Diversified financial services4,161 8 
Whole loan collateralized mortgage obligation2,630 5 
Banking2,246 4 
Insurance1,902 4 
Electric1,413 3 
Municipal1,355 2 
Pipelines945 2 
Total $38,539 74 %

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities as of March 31, 2026 are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
March 31, 2026
Amortized CostFair Value
Corporate, Non-structured Hybrids, Municipal, Foreign and U.S. Government securities:(In millions)
Due in one year or less$456 $452 
Due after one year through five years4,977 4,963 
Due after five years through ten years5,319 5,227 
Due after ten years18,215 15,514 
Subtotal28,967 26,156 
Other securities, which provide for periodic payments:
Asset-backed securities18,863 18,600 
Commercial-mortgage-backed securities5,135 4,953 
Residential mortgage-backed securities2,666 2,652 
Subtotal26,664 26,205 
Total fixed maturity available-for-sale securities$55,631 $52,361 
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Non-Agency RMBS Exposure
Our investment in non-agency RMBS securities is predicated on the conservative and adequate cushion between purchase price and NAIC 1 rating, general lack of sensitivity to interest rates, positive convexity to prepayment rates, and correlation between the price of the securities and the unfolding recovery of the housing market.
The fair value of our investments in subprime securities and Alternative-A (“Alt-A") RMBS securities were $4 million and $47 million as of March 31, 2026, respectively, and $4 million and $48 million as of December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, approximately 94% and 92%, respectively, of the subprime and Alt-A RMBS exposures were rated NAIC 2 or higher.
ABS and CLO Exposures
Our ABS exposures are largely diversified by underlying collateral and issuer type. Our CLO exposures are generally senior tranches of CLOs, which have leveraged loans as their underlying collateral.
As of March 31, 2026, the CLO and ABS positions were trading at a net unrealized loss of $44 million and a net unrealized loss of $199 million, respectively. As of December 31, 2025, the CLO and ABS positions were trading at a net unrealized gain of $42 million and a net unrealized loss of $133 million, respectively.
The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS ABS portfolio as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
Fair ValuePercentFair ValuePercent
NRSRO RatingNAIC Designation(Dollars in millions)
  AAA/AA/A1$5,336 68 %$5,457 70 %
  BBB22,07127 2,01826 
  BB31882 1902 
  B455117— 
  CCC519—10—
  CC and lower61422 1502
Total$7,811 100%$7,842 100%
The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS CLO portfolio as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
Fair ValuePercentFair ValuePercent
NRSRO RatingNAIC Designation(Dollars in millions)
  AAA/AA/A1$7,368 68%$7,366 67%
  BBB22,385222,46623
  BB380388358
  B420721962
  CCC5——— —
  CC and lower626—27—
Total$10,789 100%$10,890 100%

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Municipal Bond Exposure
The following table summarizes our municipal bond exposure as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
Amortized CostFair ValueAmortized CostFair Value
(Dollars in millions)
General obligation bonds$212 $175 $221 $186 
Special revenue bonds1,318 1,142 1,325 1,156 
Certificate participations16 13 16 13 
Total$1,546 $1,330 $1,562 $1,355 
Across all municipal bonds, the largest issuer represented 5% and 4% respectively, of the category and less than 1% of the total portfolio for both March 31, 2026 and December 31, 2025, and is rated NAIC 1 as of March 31, 2026. Our focus within municipal bonds is on NAIC 1 rated instruments, with 99% and 98% respectively, of our municipal bond exposure rated NAIC 1 as of March 31, 2026 and December 31, 2025.
Mortgage Loans
Commercial Mortgage Loans
We diversify our commercial mortgage loans ("CMLs") portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a level to secure the related debt. Loan-to value ("LTV") and debt-service coverage ("DSC") ratios are utilized to assess the risk and quality of CMLs. As of March 31, 2026 and December 31, 2025, our mortgage loans on real estate portfolio had a weighted average DSC ratio of 2.2 times and 2.3 times, respectively, and a weighted average LTV ratio of 57% for both periods.
We consider a CML delinquent when a loan payment is greater than 30 days past due. For mortgage loans that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. As of March 31, 2026 and December 31, 2025, we had one CML that was delinquent in principal or interest payments. We had no CMLs in the process of foreclosure as of March 31, 2026 and December 31, 2025. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this report for additional information on our CMLs, including our distribution by property type, geographic region, LTV, and DSC ratios.
Residential Mortgage Loans
Our residential mortgage loans ("RMLs") are primarily closed end, amortizing loans, and 100% of the properties are in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. 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 and/or in non-accrual status.
Loans are placed on non-accrual status when they are over 90 days delinquent. If a loan becomes over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current can be put in place. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our RMLs.

Unrealized Losses
The amortized cost and fair value of the fixed maturity AFS securities and the equity securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, were as follows:
March 31, 2026
Number of SecuritiesAmortized CostAllowance for Expected Credit LossesUnrealized LossesFair Value
Fixed maturity securities, available for sale:(Dollars in millions)
 United States Government full faith and credit31 $373 $— $(3)$370 
 United States Government sponsored agencies56 78 — (3)75 
 United States municipalities, states and territories180 1,440 — (219)1,221 
Foreign Governments44 226 — (42)184 
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Corporate securities:
 Finance, insurance and real estate1,065 6,740 — (633)6,107 
 Manufacturing, construction and mining243 1,195 — (148)1,047 
 Utilities, energy and related sectors716 3,269 — (514)2,755 
 Wholesale/retail trade788 3,347 — (491)2,856 
 Services, media and other886 4,906 — (890)4,016 
Hybrid securities48 504 — (27)477 
Non-agency residential mortgage-backed securities247 808 — (69)739 
Commercial mortgage-backed securities357 2,545 (59)(154)2,332 
Asset-backed securities1,226 8,994 (14)(362)8,618 
Total fixed maturity available for sale securities5,887 34,425 (73)(3,555)30,797 
Equity securities26 359 — (92)267 
Total investments5,913 $34,784 $(73)$(3,647)$31,064 
December 31, 2025
Number of SecuritiesAmortized CostAllowance for Expected Credit LossesUnrealized LossesFair Value
Fixed maturity securities, available for sale:(Dollars in millions)
 United States Government full faith and credit23 $346 $— $(2)$344 
 United States Government sponsored agencies49 29 — (2)27 
 United States municipalities, states and territories174 1,424 — (211)1,213 
Foreign Governments38 188 — (35)153 
Corporate securities:
 Finance, insurance and real estate719 4,854 (17)(514)4,323 
 Manufacturing, construction and mining169 993 — (124)869 
 Utilities, energy and related sectors561 2,740 — (464)2,276 
 Wholesale/retail trade546 2,613 — (438)2,175 
 Services, media and other707 4,265 — (816)3,449 
Hybrid securities40 456 — (22)434 
Non-agency residential mortgage-backed securities193 652 (1)(68)583 
Commercial mortgage-backed securities267 1,942 (59)(139)1,744 
Asset-backed securities569 7,231 (23)(256)6,952 
Total fixed maturity available for sale securities4,055 27,733 (100)(3,091)24,542 
Equity securities23 304 — (89)215 
Total investments4,078 $28,037 $(100)$(3,180)$24,757 
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The gross unrealized loss position on the fixed maturity available-for-sale and equity portfolio was $3,647 million and $3,180 million as of March 31, 2026 and December 31, 2025, respectively. Most components of the portfolio exhibited price depreciation caused primarily by higher treasury rates. The total amortized cost of all securities in an unrealized loss position was $34,784 million and $28,037 million as of March 31, 2026 and December 31, 2025, respectively. The average market value/book value of the investment category with the largest unrealized loss position was 82% and 81% for services, media and other as of March 31, 2026 and December 31, 2025, respectively. In the aggregate, services, media and other represented 24% and 26% of the total unrealized loss position for March 31, 2026 and December 31, 2025, respectively.
The amortized cost and fair value of fixed maturity available for sale securities under watch list analysis and the number of months in a loss position with investment grade securities (NRSRO rating of BBB/Baa or higher) as of March 31, 2026 and December 31, 2025 were as follows:
March 31, 2026
Number of SecuritiesAmortized CostFair ValueAllowance for Credit LossGross Unrealized Losses
Investment grade:(Dollars in millions)
Less than six months3 $16 $15 $— $(1)
Six months or more and less than twelve months— — — — — 
Twelve months or greater88 1,306 838 — (468)
Total investment grade91 1,322 853 — (469)
Below investment grade:
Less than six months4 7 7 — — 
Six months or more and less than twelve months3 16 15 — (1)
Twelve months or greater15 260 192 — (68)
Total below investment grade22 283 214 — (69)
Total113 $1,605 $1,067 $— $(538)
December 31, 2025
Number of SecuritiesAmortized CostFair ValueAllowance for Credit LossGross Unrealized Losses
Investment grade:(Dollars in Millions)
Less than six months— $— $— $— $— 
Six months or more and less than twelve months— — — — — 
Twelve months or greater80 1,159 750 — (409)
Total investment grade80 1,159 750 — (409)
Below investment grade:
Less than six months3 35 17 (18)— 
Six months or more and less than twelve months2 33 32 — (1)
Twelve months or greater7 119 94 — (25)
Total below investment grade12 187 143 (18)(26)
Total92 $1,346 $893 $(18)$(435)
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Expected Credit Losses and Watch List
F&G prepares a watch list to identify securities to evaluate for expected credit losses. Factors used in preparing the watch list include fair values relative to amortized cost, ratings and negative ratings actions and other factors. Detailed analysis is performed for each security on the watch list to further assess the presence of credit impairment loss indicators and, where present, calculate an allowance for expected credit loss or direct write-down of a security’s amortized cost.
The watch list excludes structured securities as we have separate processes to evaluate the credit quality on the structured securities.
There were 81 and 71 structured securities with a fair value of $357 million and $237 million, respectively to which we had potential credit exposure as of March 31, 2026 and December 31, 2025, respectively. Our analysis of these structured securities, which included cash flow testing, resulted in allowances for expected credit losses of $84 million and $86 million as of March 31, 2026 and December 31, 2025, respectively.
Exposure to Sovereign Debt and Certain Other Exposures
Our investment portfolio had an immaterial amount of direct exposure to European sovereign debt as of March 31, 2026 and December 31, 2025, respectively. We have no exposure to investments in Russia or Ukraine and de minimis investments in peripheral countries in the region.
Interest and Investment Income
For discussion regarding our interest and investment income and recognized gains and (losses), net refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
AFS Securities
For additional information regarding our AFS securities, including the amortized cost, gross unrealized gains (losses), and fair value as well as the amortized cost and fair value of fixed maturity AFS securities by contractual maturities, as of March 31, 2026 and December 31, 2025, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
Concentrations of Financial Instruments
For certain information regarding our concentrations of financial instruments, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
Derivatives
We are exposed to credit loss in the event of non-performance by our counterparties on derivative instruments. We attempt to reduce this credit risk by purchasing such derivative instruments from large, well-established financial institutions.
We also hold cash and cash equivalents received from counterparties for derivative instrument collateral, as well as U.S. Government securities pledged as derivative instrument collateral, if our counterparty’s net exposures exceed pre-determined thresholds.
We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reduce the negative interest cost associated with cash collateral posted from counterparties under various ISDA agreements by reinvesting derivative cash collateral. This program permits collateral cash received to be invested in short term Treasury securities, bank deposits and commercial paper rated A1/P1, which are included in Cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets.
See Note E Derivative Financial Instruments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information regarding our derivatives and our exposure to credit loss on derivatives.





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Corporate and Other
The Corporate and Other segment consists of the operations of the parent holding company and our real estate technology subsidiaries. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.
The following table presents the results of operations of our Corporate and Other segment:
 Three months ended March 31,
 20262025
Revenues:(In millions)
Escrow, title-related and other fees$27 $35 
Interest and investment income36 39 
Recognized gains and losses, net— 1 
Total revenues63 75 
Expenses:  
Personnel costs19 31 
Other operating expenses25 23 
Depreciation and amortization7 7 
Interest expense20 20 
Total expenses71 81 
Loss from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates$(8)$(6)
The revenue in the Corporate and Other segment represents revenue generated by our non-title real estate technology subsidiaries as well as mark-to-market valuation changes on certain corporate deferred compensation plans.
Total revenues in the Corporate and Other segment decreased $12 million, or 16%, in the three months ended March 31, 2026 from the corresponding period in 2025. The decrease in the three months ended March 31, 2026 from the corresponding period in 2025 is primarily attributable to a decrease in valuations associated with our deferred compensation plan assets of $8 million. Interest and investment income includes dividends received from F&G of $28 million in the three months ended March 31, 2026 and $28 million in the three months ended March 31, 2025. The dividends received from F&G are eliminated upon consolidation.
Personnel costs in the Corporate and Other segment decreased $12 million, or 39%, in the three months ended March 31, 2026 from the corresponding period in 2025. The decrease in the three months ended March 31, 2026 from the corresponding period in 2025 is primarily attributable to the aforementioned decrease in valuations associated with our deferred compensation plan assets of $8 million, which decreased both revenue and personnel costs.
Other operating expenses in the Corporate and Other segment increased $2 million, or 9%, in the three months ended March 31, 2026 from the corresponding period in 2025. The increase in the three months ended March 31, 2026 from the corresponding period in 2025 is attributable to various immaterial items.
Liquidity and Capital Resources
Cash Requirements. Our current cash requirements include personnel costs, operating expenses, claim payments, taxes, payments of interest and principal on our debt, capital expenditures, business acquisitions, stock repurchases, and dividends on our common stock. We paid dividends of $0.52 per share in the first quarter of 2026, or approximately $140 million to our common shareholders. On May 6, 2026, our Board of Directors declared cash dividends of $0.52 per share, payable on June 30, 2026, to FNF common shareholders of record as of June 16, 2026. There are no restrictions on our retained earnings regarding our ability to pay dividends to our shareholders, although there are limits on the ability of certain subsidiaries to pay dividends to us, as described below. The declaration of any future dividends is at the discretion of our Board of Directors.
As of March 31, 2026, we had cash and cash equivalents of $2,467 million, short term investments of $1,655 million, available capacity under our Revolving Credit Facility of $800 million, and available capacity under the Amended F&G Credit agreement of $750 million.
We continually assess our capital allocation strategy, including decisions relating to the amount of our dividend, reducing debt, repurchasing our stock, investing in growth of our subsidiaries, making acquisitions, and/or conserving cash. We believe that all anticipated cash requirements for current operations will be met from internally generated funds, through cash dividends from subsidiaries, cash generated by investment securities, potential sales of non-strategic assets, potential issuances of additional debt or equity securities, and borrowings on our Revolving Credit Facility and the F&G Credit Facility. Our short-
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term and long-term liquidity requirements are monitored regularly to ensure that we can meet our cash requirements. We forecast the needs of all of our subsidiaries and periodically review their short-term and long-term projected sources and uses of funds, as well as the asset, liability, investment, and cash flow assumptions underlying such forecasts. 
Our title insurance subsidiaries generate cash from premiums earned and their respective investment portfolios, and these funds are adequate to satisfy the payments of claims and other liabilities. Due to the magnitude of our title segment investment portfolio in relation to our title claim loss reserves, we do not specifically match durations of our investments to the cash outflows required to pay claims, but do manage outflows on a shorter time frame.
Our two significant sources of internally generated funds are dividends and other payments from our subsidiaries. As a holding company, we receive cash from our subsidiaries in the form of dividends and as reimbursement for operating and other administrative expenses we incur. The reimbursements are paid within the guidelines of management agreements among us and our subsidiaries. Our insurance subsidiaries are restricted by state regulation in their ability to pay dividends and make distributions. Each applicable state of domicile regulates the extent to which our title underwriters can pay dividends or make other distributions. As of December 31, 2025, $1,141 million of our net assets were restricted from dividend payments without prior approval from the relevant departments of insurance. Our title insurance subsidiaries can pay or make dividends in the remainder of 2026 of approximately $349 million. Our underwritten title companies and non-insurance subsidiaries are not regulated to the same extent as our insurance subsidiaries.
The maximum dividend permitted by law is not necessarily indicative of an insurer’s actual ability to pay dividends, which may be constrained by business and regulatory considerations, such as the impact of dividends on surplus, which could affect an insurer’s ratings or competitive position, the amount of premiums that can be written, and the ability to pay future dividends. Further, depending on business and regulatory conditions, we may in the future need to retain cash in our underwriters or even contribute cash to one or more of them in order to maintain their ratings or their statutory capital position. Such a requirement could be the result of investment losses, reserve charges, adverse operating conditions in the current economic environment, or changes in statutory accounting requirements by regulators.
Cash flow from our operations will be used for general corporate purposes including to reinvest in operations, repay debt, pay dividends, repurchase stock, pursue other strategic initiatives, and/or conserve cash.
Operating Cash Flow. Our cash flows provided by operations for the three months ended March 31, 2026 and 2025 totaled $875 million and $1,115 million, respectively. The decrease in cash provided by operating activities in the 2026 period of $240 million was primarily attributable to increased net cash outflows associated with the change in derivative collateral liabilities of $261 million and increased net cash outflows associated with the change in other assets and other liabilities of $178 million, partially offset by increased net cash inflows associated with the change in funds withheld from reinsurers of $139 million and increased cash inflows associated with the increase in net earnings in the 2026 period.
Investing Cash Flows. Our cash flows used in investing activities for the three months ended March 31, 2026 and 2025 were $945 million and $785 million, respectively. The increase in cash used in investing activities in the 2026 period of $160 million was primarily attributable to reduced net proceeds associated with the sales and maturities of short-term investments of $1,625 million, partially offset by reduced cash outflows associated with the purchase of investment securities of $1,049 million and reduced investments in unconsolidated affiliates of $401 million.
Capital Expenditures. Total capital expenditures for property and equipment and capitalized software were $27 million and $37 million for the three months ended March 31, 2026 and 2025, respectively.
Financing Cash Flows. Our cash flows (used in) provided by financing activities for the three months ended March 31, 2026 and 2025 were $(99) million and $675 million, respectively. The change in cash flows associated with financing activities in the 2026 period of $774 million was primarily attributable to increased cash outflows for contractholder account withdrawals of $363 million, increased cash outflows for purchases of treasury stock of $54 million, increased purchases of F&G common stock by F&G of $27 million, reduced cash inflows from contractholder account deposits of $120 million, cash inflows associated with the public offering of the 7.30% F&G Notes of $375 million in 2025 and cash inflows associated with F&G's common stock issuance of $117 million in 2025, partially offset by cash outflows associated with the redemption of the 5.50% F&G Senior Notes of $300 million in 2025.
Financing Arrangements. For a description of our financing arrangements see Note F Notes Payable included in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025.
Capital Stock Transactions. On July 31, 2024, our Board of Directors approved a new three-year stock repurchase program effective July 31, 2024 (the "2024 Repurchase Program") under which we are authorized to purchase up to 25 million shares of our FNF common stock through July 31, 2027. We repurchased 1,740,000 shares of FNF common stock under the 2024 Repurchase Program during the three months ended March 31, 2026 for approximately $82 million, at an average price of
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$47.00. Subsequent to March 31, 2026 and through market close on May 6, 2026, we repurchased a total of 300,000 shares for approximately $14 million, at an average price of $46.11 under this program. Since the original commencement of the 2024 Repurchase Program, we have repurchased a total of 6,466,224 FNF common shares for an aggregate $347 million, or an average price of $53.67 per share.
Equity and Preferred Security Investments. Our equity and preferred security investments may be subject to significant volatility. Currently prevailing accounting standards require us to record the change in fair value of equity and preferred security investments held as of any given period end within earnings. Our results of operations in future periods are anticipated to be subject to such volatility.
Off-Balance Sheet Arrangements. Other than our unfunded investment commitments discussed below, there have been no significant changes to our off-balance sheet arrangements since our Annual Report on Form 10-K for the year ended December 31, 2025.
We have unfunded investment commitments as of March 31, 2026 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. Please refer to Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details on unfunded investment commitments.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes in the market risks described in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is: (a) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms; and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting that occurred during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


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PART II

Item 1. Legal Proceedings
See discussion of legal proceedings in Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.
Item 1A. Risk Factors
There have been no material changes as of the date of this Quarterly Report on Form 10-Q to the risk factors disclosed in “Item IA. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
 
The following table summarizes repurchases of equity securities by FNF during the three months ended March 31, 2026:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
1/1/2026 - 1/31/202660,000 $55.48 60,000 20,513,776 
2/1/2026 - 2/28/202675,000 51.91 75,000 20,438,776 
3/1/2026 - 3/31/20261,605,000 46.46 1,605,000 18,833,776 
Total1,740,000 $47.00 1,740,000 
(1)    On July 31, 2024, our Board of Directors approved a three-year stock repurchase program effective July 31, 2024, under which we are authorized to purchase up to 25 million shares of our FNF common stock through July 31, 2027.
(2)    As of the last day of the applicable month.

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Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
     (a) Exhibits:
31.1** 
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2** 
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*** 
Certification by Chief Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
32.2*** 
Certification by Chief Financial Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
101.INS*Inline XBRL Instance Document*

101.SCHInline XBRL Taxonomy Extension Schema Document
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
101.LABInline XBRL Taxonomy Extension Label Linkbase Document
104Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.
* The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.


** Filed herewith.
***Furnished, not filed.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date:May 8, 2026
FIDELITY NATIONAL FINANCIAL, INC.
(registrant)
 
 
 By:  /s/ Anthony J. Park   
  Anthony J. Park  
  Chief Financial Officer
(Principal Financial and Accounting Officer) 		 
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