Order Prints

August 14, 2024 Reinsurance No comments

2Q24 FGLIFE Statutory Key Schedules

U.S. Markets via PUBT

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

ASSETS

					Current Statement Date		4
				1	2		3	December 31
							Net Admitted Assets	Prior Year Net
				Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds		.......... 39,525,701,805	...................................	..........	39,525,701,805	...........36,593,732,655
2.	Stocks:
	2.1 Preferred stocks	................296,354,678	...................................	................	296,354,678	............... 402,086,185
	2.2 Common stocks	............ 2,278,907,739	........................ 31,631	............	2,278,876,108	............ 2,705,835,808
3.	Mortgage loans on real estate:
	3.1 First liens		................439,807,812	...................................	................	439,807,812	................438,713,152
	3.2 Other than first liens	................... 3,362,760	...................................	...................	3,362,760	................... 3,321,364
4.	Real estate:
	4.1 Properties occupied by the company (less $
	encumbrances)	...................................	...................................	...................................	...................................
	4.2 Properties held for the production of income (less
	$	encumbrances)	...................................	...................................	...................................	...................................
	4.3 Properties held for sale (less $

	.......................................................................................encumbrances)	...................................	...................................	...................................	...................................
5.	Cash ($	1,862,597,462 ), cash equivalents
	($	315,236,864	) and short-term
	investments ($	70,558,197 )	2,248,392,523	...................................	............	2,248,392,523	............ 1,697,551,338
6.	Contract loans (including $	................................... premium notes)	85,247,694	...................................	.................	85,247,694	................. 69,763,047
7.	Derivatives		429,849,472	...................................	................	429,849,472	................413,396,171
8.	Other invested assets	3,906,692,626	3,206,814	............	3,903,485,812	............ 3,399,892,746
9.	Receivables for securities	11,908,301	...................................	.................	11,908,301	................. 14,111,791
10.	Securities lending reinvested collateral assets	...................................	...................................	...................................	...................................
11.	Aggregate write-ins for invested assets	...................................	...................................	...................................	...................................
12.	Subtotals, cash and invested assets (Lines 1 to 11)	49,226,225,410	3,238,445	..........	49,222,986,965	.......... 45,738,404,257
13.	Title plants less $	charged off (for Title insurers
	only)		...................................	...................................	...................................	...................................
14.	Investment income due and accrued	429,412,824	...................................	...............	429,412,824	................383,331,434

15. Premiums and considerations:

15.1	Uncollected premiums and agents' balances in the course of collection	93,560,770	93,560,770	...................................	...................................
15.2	Deferred premiums, agents' balances and installments booked but
	...................................deferred and not yet due (including $
	earned but unbilled premiums)	42,607,010	42,607,010	44,206,004
15.3	Accrued retrospective premiums ($	) and
	contracts subject to redetermination ($	)	................................... ................................... ................................... ...................................

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	................123,581,436	...................................	................123,581,436	................. 93,161,674
	16.2	Funds held by or deposited with reinsured companies	...................... 540,000	...................................	...................... 540,000	...................... 540,000
	16.3	Other amounts receivable under reinsurance contracts	................338,535,327	...................................	................338,535,327	................657,749,486
17.	Amounts receivable relating to uninsured plans	...................................	...................................	...................................	...................................
18.1	....Current federal and foreign income tax recoverable and interest thereon	...................................	...................................	...................................	...................................
18.2	...................................................................................Net deferred tax asset	................339,927,057	................117,187,887	................222,739,170	................213,762,329
19.	Guaranty funds receivable or on deposit	................... 1,820,634	...................................	1,820,634	1,826,157
20.	Electronic data processing equipment and software	80,035,505	80,035,505	...................................	...................................

21. Furniture and equipment, including health care delivery assets

	($	)	................... 8,538,654	................... 8,538,654	...................................	...................................
22.	.........Net adjustment in assets and liabilities due to foreign exchange rates	...................................	...................................	...................................	...................................
23.	.....................................Receivables from parent, subsidiaries and affiliates	.......................316,631	...................................	.......................316,631	...................... 906,255
24.	Health care ($	) and other amounts receivable	...................................	...................................	...................................	...................................
25.	Aggregate write-ins for other than invested assets	............... 499,044,114	................... 1,962,830	................497,081,284	................482,219,976
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	.......... 51,184,145,372	................304,524,091	.......... 50,879,621,281	.......... 47,616,107,572

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	10,158,241,281	...................................	10,158,241,281	8,749,524,597
28.	Total (Lines 26 and 27)	61,342,386,653	304,524,091	61,037,862,562	56,365,632,169
	DETAILS OF WRITE-INS
1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	...................................	...................................	...................................	...................................
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)
2501.	Cash surrender value of company owned life insurance ("CSV of COLI") .	................381,479,247	...................................	................381,479,247	................360,592,631
2502.	Due from Separate Account	............... 105,545,224	...................................	............... 105,545,224	................108,073,079
2503.	LOC collateral - Kubera	................. 10,050,000	...................................	................. 10,050,000	................. 10,050,000
2598.	Summary of remaining write-ins for Line 25 from overflow page	................... 1,969,643	................... 1,962,830	..........................6,813	................... 3,504,266
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	499,044,114	1,962,830	497,081,284	482,219,976

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

					1	2
					Current	December 31
					Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	.......... 20,488,213,213 less $	................................... included in Line 6.3
	(including $	Modco Reserve)	20,488,213,213	17,993,510,432
2.	Aggregate reserve for accident and health contracts (including $	Modco Reserve)	.......................1,981	1,981
3.	Liability for deposit-type contracts (including $	Modco Reserve)	3,375,593,078	2,753,901,358
4.	Contract claims:
	4.1 Life		41,751,230	42,343,226
	4.2 Accident and health			...................................	...................................
5.	Policyholders' dividends/refunds to members $	and coupons $	due
	and unpaid			...................................	...................................

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1 Policyholders' dividends and refunds to members apportioned for payment (including $ ...................................

		Modco)	...................................	...................................
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	Modco)	...................................
	6.3	Coupons and similar benefits (including $	Modco)	...................................
7.	Amount provisionally held for deferred dividend policies not included in Line 6	...................................
8.	Premiums and annuity considerations for life and accident and health contracts received in advance less
	$	................................... discount; including $	accident and health premiums	...................... 124,968	...................... 124,968

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts			...................................	...................................
	9.2	Provision for experience rating refunds, including the liability of $	...................................	accident and health
		experience rating refunds of which $	is for medical loss ratio rebate per the Public Health
		Service Act				...................................	...................................
	9.3 Other amounts payable on reinsurance, including $	971	assumed and $	453,119,211
		ceded				453,120,182	807,849,576
	9.4 Interest Maintenance Reserve			119,299,702	125,170,503
10.	Commissions to agents due or accrued-life and annuity contracts $	.................	16,157,007 , accident and health
	$	...................................	and deposit-type contract funds $	..................................................	................. 16,157,007	................. 18,033,430
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed		...................................	...................................
12.	............................................................................................................................................General expenses due or accrued			................. 70,119,358	................. 55,377,823
13.	Transfers to Separate Accounts due or accrued (net) (including $	accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			...................................	...................................
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes		...................4,646,255	................... 7,738,850
15.1 Current federal and foreign income taxes, including $	on realized capital gains (losses)	...................9,868,814	................. 84,525,838
15.2	Net deferred tax liability				...................................	...................................
16.	Unearned investment income			...................................	...................................
17.	.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee			...................... 924,228	................... 1,574,532
18.	Amounts held for agents' account, including $	...........................................agents' credit balances	...................................	...................................
19.	........................................................................................................................................Remittances and items not allocated			................266,269,037	................285,373,293
20.	Net adjustment in assets and liabilities due to foreign exchange rates	....................................................................................		...................................	...................................
21.	.......................................................................................Liability for benefits for employees and agents if not included above			...................................	...................................
22.	Borrowed money $	and interest thereon $	................................... ...........................................	...................................	...................................

23.	.......................................................................................................................Dividends to stockholders declared and unpaid			...................................	...................................
24.	Miscellaneous liabilities:
	...................................................................................................................................................24.01 Asset valuation reserve			............ 1,195,503,272	................997,895,097
	24.02 Reinsurance in unauthorized and certified ($	.......................................................) companies	...................................	.......................321,235
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	................507,699,426	) reinsurers	.......... 22,718,986,819	.......... 23,158,496,000
	24.04 Payable to parent, subsidiaries and affiliates			................. 29,111,114	................. 48,519,083
	...........................................................................................................................................................24.05 Drafts outstanding				...................................	...................................
	............................................................................................................24.06 Liability for amounts held under uninsured plans			...................................	...................................
	........................................................................................................................................24.07 Funds held under coinsurance			............ 1,582,477,508	................590,800,360
	24.08 Derivatives				.......................339,953	...................................
	24.09 Payable for securities				................. 89,059,337	................. 20,213,858
	.........................................................................................................................................24.10 Payable for securities lending			...................................	...................................
	24.11 Capital notes $	and interest thereon $	................................... ...........................................	...................................	...................................
25.	Aggregate write-ins for liabilities			978,196,390	761,349,654
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)	.....................................................................................		51,439,763,446	47,753,121,097
27.	From Separate Accounts Statement			7,820,903,632	6,603,037,666
28.	Total liabilities (Lines 26 and 27)			59,260,667,078	54,356,158,763
29.	Common capital stock				3,000,000	3,000,000
30.	..............................................................................................................................................................Preferred capital stock				...................................	...................................
31.	..........................................................................................................Aggregate write-ins for other than special surplus funds			...................................	...................................
32.	............................................................................................................................................................................Surplus notes				............... 225,000,000	............... 225,000,000
33.	Gross paid in and contributed surplus			2,148,811,290	2,148,811,290
34.	Aggregate write-ins for special surplus funds			823,740,287	895,951,621
35.	Unassigned funds (surplus)				(1,423,356,093)	(1,263,289,505)

36. Less treasury stock, at cost:

	36.1	shares common (value included in Line 29	$	................................... )	...................................	...................................
	36.2	shares preferred (value included in Line 30	$	................................... )	...................................	...................................
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	2,337,337,650	in Separate Accounts Statement)	1,774,195,484	2,006,473,406
38.	Totals of Lines 29, 30 and 37	...................................................................................................................................................			1,777,195,484	2,009,473,406
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)				61,037,862,562	56,365,632,169
	DETAILS OF WRITE-INS
2501.	..............................................................................................................................................Options collateral liabilities			................806,301,198	................586,431,198
2502.	Retained asset account				................. 67,787,799	................. 80,848,022
2503.	Agents' deferred compensation plan liability			................. 52,157,839	................. 49,041,575
2598.	Summary of remaining write-ins for Line 25 from overflow page	..............................................................................................		................. 51,949,554	................. 45,028,859
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)				978,196,390	761,349,654
3101	....................................	....................................

3102	....................................	....................................
3103	....................................	....................................
3198.	Summary of remaining write-ins for Line 31 from overflow page	...................................	...................................
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)
3401.	Deferred reinsurance gain net of amortization	823,740,287	895,951,621

3402	....................................	....................................
3403	....................................	....................................
3498.	Summary of remaining write-ins for Line 34 from overflow page	...................................	...................................
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)	823,740,287	895,951,621

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	............ 4,125,140,260	............ 4,080,839,753	............ 2,263,748,624
2.	Considerations for supplementary contracts with life contingencies	................... 3,421,373	................... 2,691,593	................... 4,054,784
3.	Net investment income	............ 1,151,719,467	................755,996,180	............ 1,744,858,410
4.	Amortization of Interest Maintenance Reserve (IMR)	................. 10,807,522	................... 1,863,897	.......................963,597
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	................(47,128,109)	................. (5,191,730)	................. (2,759,340)
6.	Commissions and expense allowances on reinsurance ceded	................203,822,038	................167,208,719	................570,197,962
7.	Reserve adjustments on reinsurance ceded	................576,688,358	................(89,975,034)	............ 1,459,442,300
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	................... 3,476,931	................... 1,922,304	................... 4,464,553
	8.2 Charges and fees for deposit-type contracts	...................................	...................................	...................................
	8.3 Aggregate write-ins for miscellaneous income	15,220,889	12,713,741	26,840,291
9.	Totals (Lines 1 to 8.3)	6,043,168,729	4,928,069,423	6,071,811,181
10.	Death benefits	27,303,055	................. 23,984,166	................. 55,890,834
11.	Matured endowments (excluding guaranteed annual pure endowments)	........................ 51,578	..........................1,923	........................ 24,088
12.	Annuity benefits	............... 222,045,496	................200,710,117	............... 421,524,645
13.	Disability benefits and benefits under accident and health contracts	.......................310,371	.......................273,407	...................... 615,469
14.	Coupons, guaranteed annual pure endowments and similar benefits	...................................	...................................	...................................
15.	Surrender benefits and withdrawals for life contracts	................977,081,360	............... 665,149,841	............ 1,513,087,207
16.	Group conversions	...................................	...................................	...................................
17.	Interest and adjustments on contract or deposit-type contract funds	................. 61,062,537	................. 44,452,921	................. 88,167,536
18.	Payments on supplementary contracts with life contingencies	................... 5,329,162	...................6,508,059	................. 11,938,852
19.	Increase in aggregate reserves for life and accident and health contracts	2,494,702,782	2,356,407,187	451,445,073
20.	Totals (Lines 10 to 19)	............ 3,787,886,341	............ 3,297,487,621	............ 2,542,693,704
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................531,789,092	............... 415,496,804	................844,585,072
22.	Commissions and expense allowances on reinsurance assumed	..........................1,188	..........................1,391	..........................1,696
23.	General insurance expenses and fraternal expenses	................223,973,921	................204,718,266	................437,578,209
24.	Insurance taxes, licenses and fees, excluding federal income taxes	................. 12,993,288	................. 10,476,705	................. 21,213,056
25.	Increase in loading on deferred and uncollected premiums	.....................(103,381)	...................... 419,422	.....................(588,683)
26.	Net transfers to or (from) Separate Accounts net of reinsurance	................705,613,894	................625,013,816	............ 1,714,801,417
27.	Aggregate write-ins for deductions
671,830,928	367,224,097	982,961,649
28.	Totals (Lines 20 to 27)	5,933,985,271	4,920,838,122	6,543,246,120
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	................109,183,458	................... 7,231,301	..............(471,434,939)
30.	Dividends to policyholders and refunds to members
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	................109,183,458	................... 7,231,301	..............(471,434,939)
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	49,944,912	(4,955,410)	84,579,049
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	................. 59,238,546	................. 12,186,711	..............(556,013,988)

34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

	gains tax of $	(88,390) (excluding taxes of $	88,390
	transferred to the IMR)		18,172,696	(51,704,577)	93,943,014
35.	Net income (Line 33 plus Line 34)	77,411,242	(39,517,866)	(462,070,974)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	2,009,473,406	1,876,858,294	1,876,858,294
37.	Net income (Line 35)		77,411,242	(39,517,866)	(462,070,974)
38.	...............................Change in net unrealized capital gains (losses) less capital gains tax of $	................. 51,151,236	87,235,058	157,863,127
39.	Change in net unrealized foreign exchange capital gain (loss)	(4,166,129)	3,287,619	5,222,310
40.	Change in net deferred income tax	52,048,058	15,266,219	134,557,849
41.	............................................................................................................Change in nonadmitted assets	................(57,297,868)	................(20,764,625)	................(95,209,536)
42.	.......................................Change in liability for reinsurance in unauthorized and certified companies	.......................321,235	...................... 429,584	................. 20,896,475
43.	..........................Change in reserve on account of change in valuation basis, (increase) or decrease	...................................	...................................	...................................
44.	Change in asset valuation reserve	(197,608,175)	(151,904,143)	(281,740,029)
45.	Change in treasury stock		...................................	...................................	...................................
46.	.........................................Surplus (contributed to) withdrawn from Separate Accounts during period	..............(235,451,481)	..............(195,862,159)	................(46,286,469)
47.	................................................................Other changes in surplus in Separate Accounts Statement	................237,978,827	................198,945,278	................. 49,789,822
48.	Change in surplus notes		...................................	...................................	...................................
49.	Cumulative effect of changes in accounting principles	...................................	...................................	...................................
50.	Capital changes:
	50.1 Paid in		...................................	...................................	...................................
	..................................................................................50.2 Transferred from surplus (Stock Dividend)	...................................	...................................	...................................
	50.3 Transferred to surplus		...................................	...................................	...................................
51.	Surplus adjustment:
	51.1 Paid in		...................................	130,000,000	130,000,000
	........................................................................................51.2 Transferred to capital (Stock Dividend)	...................................	...................................	...................................
	...............................................................................................................51.3 Transferred from capital		...................................	...................................	...................................
	...............................................................................51.4 Change in surplus as a result of reinsurance	...................................	...................................	...................................
52.	Dividends to stockholders		...................................	...................................	...................................
53.	.............................................................................Aggregate write-ins for gains and losses in surplus	(156,664,867)	(69,656,413)	519,592,537
54.	Net change in capital and surplus for the year (Lines 37 through 53)	(232,277,922)	(42,541,448)	132,615,112
55.	Capital and surplus, as of statement date (Lines 36 + 54)		1,777,195,484	1,834,316,846	2,009,473,406
	DETAILS OF WRITE-INS
..........................................................................................................................08.301. Miscellaneous income		...................... 103,656	...................... 570,908	................... 3,004,775
08.302. Miscellaneous income other CSV of COLI	12,886,616	................. 11,702,230	................. 21,790,875
08.303. Miscellaneous income unfunded commitment fee rebate
2,230,617	440,603	2,044,641
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	...................................	...................................	...................................
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)		15,220,889	12,713,741	26,840,291
2701.	Investment retutransferred to reinsurer on funds held under reinsurance treaty	655,434,934	348,487,148	882,399,584
2702.	Risk charge ceded		4,132,345	................... 2,770,890	...................5,964,492
2703.	Policy settlements		230,643	...................... 716,524	................... 2,027,427
2798.	.........................................................Summary of remaining write-ins for Line 27 from overflow page	................. 12,033,006	................. 15,249,535	................. 92,570,146
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)
	671,830,928	367,224,097	982,961,649
5301.	Amortization of ceding commission	(72,211,334)	(54,180,004)	(115,647,056)
5302.	...........Change in net unrealized capital (gains) losses from derivatives on reinsurance ceded	(84,453,533)	(15,476,409)	54,913,371
5303.	Ceding commission on reinsurance transactions	...................................	...................................	580,326,222
5398.	.........................................................Summary of remaining write-ins for Line 53 from overflow page	...................................	...................................	...................................
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)		(156,664,867)	(69,656,413)	519,592,537

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

CASH FLOW

Cash from Operations

Current Year

To Date

Prior Year

To Date

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	............ 3,876,763,359	............ 4,011,820,128	............ 6,648,842,077
2.	Net investment income	............ 1,139,724,821	................931,712,874	............ 2,018,008,163
3.	Miscellaneous income	1,109,771,422	99,871,765	917,019,196
4.	Total (Lines 1 to 3)	6,126,259,602	5,043,404,767	9,583,869,436
5.	Benefit and loss related payments	............ 1,619,065,028	............... 866,560,852	............ 1,237,996,643
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	................705,613,894	................625,013,816	............ 1,261,176,587
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	............ 1,443,501,549	............ 1,208,277,295	............ 3,101,718,757
8.	Dividends paid to policyholders	...................................	...................................	...................................
9.	Federal and foreign income taxes paid (recovered) net of $	tax on capital
	gains (losses)	81,530,719	23,066,838	(70,222,370)
10.	Total (Lines 5 through 9)	3,849,711,190	2,722,918,801	5,530,669,617
11.	Net cash from operations (Line 4 minus Line 10)	2,276,548,412	2,320,485,966	4,053,199,819

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	............ 2,181,282,339	............ 1,103,754,271	............ 2,789,943,910
	12.2	Stocks	................302,818,539	................201,863,354	................507,111,340
	12.3	Mortgage loans	................... 9,843,161	...................2,495,859	................. 51,069,639
	12.4	Real estate	...................................	...................................	...................................
	12.5	Other invested assets	................145,719,652	................301,139,290	............ 1,324,898,599
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	...................................	...................................	........................ (2,971)
	12.7	Miscellaneous proceeds	370,185,009	150,391,207	261,673,266
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	............ 3,009,848,700	............ 1,759,643,981	............ 4,934,693,783
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	............ 4,952,680,267	............ 5,259,127,896	............ 9,251,802,013
	13.2	Stocks	................274,353,112	................586,357,639	............... 942,858,402
	13.3	Mortgage loans	................. 25,801,013	................. 13,599,222	................106,836,118
	13.4	Real estate	...................................	...................................	...................................
	13.5	Other invested assets	................708,787,875	............... 481,112,566	............ 1,723,770,277
	13.6	Miscellaneous applications	335,556,169	281,593,857	612,140,510
	13.7	Total investments acquired (Lines 13.1 to 13.6)	6,297,178,436	6,621,791,180	12,637,407,320
14.	Net increase (or decrease) in contract loans and premium notes	15,446,908	7,704,348	18,939,706
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(3,302,776,644)	(4,869,851,547)	(7,721,653,243)
		Cash from Financing and Miscellaneous Sources

16.	Cash provided (applied):
	16.1	Surplus notes, capital notes	...................................	...................................	...................................
	16.2	Capital and paid in surplus, less treasury stock	...................................	................130,000,000	................130,000,000
	16.3	Borrowed funds	...................................	...................................	...................................
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	................561,832,036	................(43,595,501)	................(78,987,541)
	..........................................................................................................16.5 Dividends to stockholders	...................................	...................................	...................................
	....................................................................................................16.6 Other cash provided (applied)	1,015,237,381	1,535,755,677	3,239,998,854
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	1,577,069,417	1,622,160,176	3,291,011,313
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
18.	.Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17)	............... 550,841,185	..............(927,205,405)	..............(377,442,111)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	............ 1,697,551,338	............ 2,074,993,449	............ 2,074,993,449
	19.2 End of period (Line 18 plus Line 19.1)	2,248,392,523	1,147,788,044	1,697,551,338

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001.	Non-cashfrom operations:	...................................	...................................	...................................
20.0002.	Experience Rating Refund	194,544,473	................. 74,434,863	............... 559,864,665
20.0003.	Distribution in excess of BV from OIA to Bonds	...................................	...................................	...................... 132,454
20.0004.	Kubera ceded premium	...................................	...................................	............ 3,543,227,507
20.0005.	Corbeau ceded premium	...................................	...................................	................. 78,309,241
20.0006.	F&G Cayman Re ceded premium	...................................	...................................	................. 17,988,053
20.0007.	Non-cashfrom investments (net):	...................................	...................................	...................................
20.0008.	Bonds interest capitalization	...................6,066,084	................... 6,104,657	................. 12,192,313
20.0009.	Bonds and stocks acquired as a result of transfers to subsidiary	...................................	...................................	................. 44,589,010
20.0010.	Bonds and stocks disposed of as a result of transfers to subsidiary	...................................	...................................	................(44,589,010)

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0011.	Bonds and stocks acquired (disposed of) as a result of transfers to affiliates	...................................	...................................	................. (1,486,188)
20.0012.	OIA acquired (disposed of) as a result of transfers to affiliates	...................................	...................................	................(83,714,341)
20.0013. Bonds and stocks acquired (disposed of) as a result of transfers - excluding Separate
	Accounts	................118,060,497	................. 85,111,335	................184,567,275
20.0014.	OIA acquired (disposed of) as a result of transfers - excluding Separate Accounts
..............(102,685,051)	................(85,111,335)	..............(184,699,731)
20.0015.	Mortgages disposed of as a result of transfers - excluding Separate Accounts	(15,375,446)	...................................	............................... (1)
20.0016.	Bonds and stocks acquired (disposed of) as a result of transfers with Separate Accounts .	(427,054,897)	............... 122,095,541	.............. (353,362,103)
20.0017.	OIA acquired (disposed of) as a result of transfers with Separate Accounts	(64,662,961)	................. (5,883,892)	................(40,411,739)
20.0018.	Non-cashfrom other cash provided (applied):	...................................	...................................	...................................
20.0019.	Bond interest capitalization	(6,066,084)	................. (6,104,657)	................(12,192,313)
20.0020.	Asset transfer to affiliates	...................................	...................................	................. 85,200,529
20.0021.	Asset transfer to Separate Accounts	491,717,858	..............(116,211,648)	................393,773,842
20.0022.	Experience Rating Refund	(194,544,473)	................(74,434,863)	..............(559,864,665)
20.0023.	Kubera ceded premium	...................................	...................................	...........(3,543,227,507)
20.0024.	Corbeau ceded premium	...................................	...................................	................(78,309,241)
20.0025.	F&G Cayman Re ceded premium	...................................	...................................	................(17,988,053)

5.1

STATEMENT AS OF JUNE 30, 2024 OF THE FIDELITY & GUARANTY LIFE INSURANCE COMPANY

EXHIBIT 1

DIRECT PREMIUMS AND DEPOSIT-TYPE CONTRACTS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Individual life	................392,296,183	................339,161,361	............... 698,624,848
2.	Group life	...................................	............................(288)	............................(288)
3.	Individual annuities	5,866,088,841	5,007,636,988	9,802,189,309
4.	Group annuities	897,388,202	715,223,105	1,922,728,621
5.	Accident & health	...................................	...................................	...................................
6.	Fraternal	...................................	...................................	...................................
7.	Other lines of business	...................................	...................................	...................................
8.	Subtotal (Lines 1 through 7)	7,155,773,226	6,062,021,166	12,423,542,490
9.	Deposit-type contracts	............ 1,952,713,120	................457,716,686	............ 1,258,597,193
10.	Total (Lines 8 and 9)	9,108,486,346	6,519,737,852	13,682,139,683

ｓｔａｔｅｍｅｎｔ＠ａｓ＠ｏｆ＠ｊｕｎｅ＠ＳＰＬ＠ＲＰＲＴ＠ｏｆ＠ｔｈｅ＠ｆｉｄｅｌｉｔｙ＠Ｆ＠ｇｕａｒａｎｔｙ＠ｌｉｆｅ＠ｉｎｓｕｒａｎｃｅ＠ｃｏｍｐａｎｙ

Fidelity & Guaranty Life Insurance Company ("FGLIC" or "the Company") is an Iowa domiciled life insurance company. The Company is a direct, wholly-owned subsidiary of Fidelity & Guaranty Life Holdings, Inc. ("FGLH"), a Delaware corporation, which is a direct, wholly-owned subsidiary of FGL US Holdings, Inc. ("FGL US"), a Delaware corporation, and wholly-owned subsidiary of CF Bermuda Holdings Limited ("CF Bermuda"), a Bermuda exempted company and wholly-owned direct subsidiary of F&G Annuities and Life, Inc. ("FGAL"), a Delaware corporation and, effective December 1, 2022, approximately 85% owned direct subsidiary of Fidelity National Financial, Inc. ("FNF"), a Delaware corporation. On December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of FGAL.

Raven Reinsurance Company ("Raven Re") and Corbeau Re, Inc. ("Corbeau Re"), captive life insurers domiciled in the state of Vermont, and Fidelity & Guaranty Life Insurance Co. of NY ("FGLICNY"), a life insurer domiciled in the state of New York, and F&G Life Re Ltd. ("F&G Life Re"), a life insurer domiciled in Bermuda, are wholly owned subsidiaries of the Company.

1. Summary of Significant Accounting Policies and Going Concern

Accounting Practices
The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Iowa Department of Commerce, Insurance Division (the "Iowa Insurance Division" or "IID"). The IID recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under Iowa Insurance Law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of Iowa.
The Company has elected to use the alternative accounting practices prescribed by Iowa Administrative Code ("IAC") 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 fixed indexed annuities ("FIA") products and indexed universal life ("IUL") products. Under this prescribed accounting practice, the call option derivative instruments that hedge the growth in interest credited on FIA and IUL products are accounted for at amortized cost with the corresponding amortization recorded as a decrease to net investment income and FIA reserves are calculated based on Standard Valuation Law and Actuarial Guideline XXXV which assumes the market value of the call options associated with the current index term is zero regardless of the observable market value for such options.
Based on a permitted practice received from the IID, the Company 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 U.S. GAAP equity (prior to any impairment considerations). The financial statements of Raven Re and Corbeau Re include certain permitted practices approved by the Vermont Department of Financial Regulation. Without these permitted practices, the Company's carry value of Raven Re and Corbeau Re would be $0.
A reconciliation of the Company's net income and capital and surplus between NAIC SAP and practices prescribed and permitted by the Iowa Insurance Division is shown below:

			SSAP #	F/S	F/S Line		June 30,		December 31,
			Page	#		2024		2023
NET INCOME (LOSS)
(1)	FIDELITY & GUARANTY LIFE INSURANCE COMPANY
state basis (Page 4, Line 35, Columns 1 & 2)	XXX	XXX	XXX	$	77,411,242	$	(462,070,974)

(2)	State Prescribed Practices that are an increase/(decrease) from NAIC SAP:
	Net investment income - Derivatives - 191 IAC 97	86	4	3, 27		(54,700,672)		(62,096,337)
	Change in Indexed Annuity reserves - 191 IAC 97	51R, 61R	4	19		172,049,637		210,403,255
	Tax impact - 191 IAC 97	101	4	32		-		27,666,996
	Net Impact of 191 IAC 97					117,348,965		175,973,914
(3)	State Permitted Practices that are an increase/(decrease) from NAIC SAP:
	Net investment income - limited partnership reporting at net	48	4	3		2,490,510		5,006,349
	asset value
	Tax impact		101	4	32		-		(1,051,333)
	Net Impact of Permitted Practices					2,490,510		3,955,016
(4)	NAIC SAP	(1 - 2 - 3 = 4)	XXX	XXX	XXX	$	(42,428,233)	$	(641,999,904)
SURPLUS
(5)	FIDELITY & GUARANTY LIFE INSURANCE COMPANY
state basis (Page 3, Line 38, Columns 1 & 2)	XXX	XXX	XXX	$	1,777,195,484	$	2,009,473,406

(6)	State Prescribed Practices that are an increase/(decrease) from NAIC SAP:
	Derivative Instruments - 191 IAC 97	86	2, 3	7, 24.3		(605,477,477)		(442,211,515)
	Reserves for Indexed Annuities - 191 IAC 97	51R, 61R	3	1		435,824,385		263,774,748
	Asset Valuation Reserve - 191 IAC 97	86	3	24.01		-		106,302
	Tax impact - 191 IAC 97	101	2, 3	18.2, 15.1		35,627,149		45,338,581
	Total Net Impact of 191 IAC 97					(134,025,943)		(132,991,884)
(7)	State Permitted Practices that are an increase/(decrease) from NAIC SAP:
	Net investment income - limited partnership reporting at net	48	2, 3, 4	8, 24.01,		23,378,024		20,758,129
	asset value		38
	Tax impact		101	2, 3	18.2, 15.1		(4,909,385)		(4,359,207)
	Raven Re and Corbeau Re valuation	97	2	2.2		230,815,259		310,602,895
	Net Impact of Permitted Practices					249,283,898		327,001,817
(8)	NAIC SAP	(5 - 6 - 7 = 8)	XXX	XXX	XXX	$	1,661,937,529	$	1,815,463,473

Ｗ

C. Accounting Policy

Bonds and other short term investments not backed by other loans are carried at amortized cost using the scientific interest method, except for bonds deemed to be other-than-temporarily impaired ("OTTI") that are written down to estimated fair value and those bonds rated NAIC 6 which are carried at the lower of amortized cost or fair value. The Company holds SVO-Identified exempt money market mutual funds which are reported at fair value on Schedule E, Part 2, as cash equivalents.

1. Loan-backedand structured securities are stated at either amortized cost or, for those securities rated NAIC 6, the lower of amortized cost or fair value. Changes to the estimated cash flows on these securities are accounted for retrospectively for securities that are highly rated at the time of purchase. The prospective method is used for those securities where an other-than-temporary impairment has been taken or securities not highly rated at the time of purchase. Loan-backed and structured securities that are deemed to be other-than-temporarily impaired are written down through the statement of operations to fair value or to the amount of the discounted estimated future cash flows. See Note 5D (5) for the circumstances that result in the recognition of an other-than-temporary impairment loss.
Going Concern
There is no substantial doubt regarding the Company's ability to continue as going concern.

No other significant changes

Accounting Changes and Corrections of Errors - No Significant Change
Business Combinations and Goodwill - No Significant Change
Discontinued Operations - No Significant Change
Investments
D. Loan-Backed and Structured Securities
1. Prepayment assumptions for single class and multi-classmortgage-backed and asset-backed securities were obtained from dealer survey values and are consistent with the current interest rate and economic environment.
2. During second quarter 2024, the Company did not recognize other-than temporary impairments related to an intent to sell and/or lack of intent to retain the loan-backed or structured securities.

		(1)			(2)					(3)
	Amortized Cost			Other-than-Temporary
		Impairment Recognized in Loss
		Basis Before
		Other-than-						(2b) Non-		Fair Value
		Temporary			(2a) Interest
		Impairment				interest		1 - (2a+2b)
OTTI recognized 1st Quarter
a. Intent to sell	$	4,119,896	$	1,166,203		$	-	$	2,953,693
b. Inability or lack of intent to retain the investment in the
security for a period of time sufficient to recover the amortized		-			-			-			-
cost basis
c. Total 1st Quarter	$	4,119,896	$	1,166,203		$	-	$	2,953,693
OTTI recognized 2nd Quarter
a. Intent to sell	$	-	$	-	$	-	$	-
b. Inability or lack of intent to retain the investment in the
security for a period of time sufficient to recover the amortized		-			-			-			-
cost basis
c. Total 2nd Quarter	$	-		$	-		$	-		$	-
			$	1,166,203		$	-

ＷＮＱ

For the six months ended June 30, 2024, the Company did recognize other-than-temporary impairments where the present value of cash flows expected to be collected was less than the amortized cost basis of the securities.

		2				4		5
		Book/Adjusted		3		Amortized Cost		6	7
		Carrying Value			Recognized		After Other-
1	Amortized Cost		Present Value		Other-Than-		Than-	Fair Value at the	Date of Financial
	Before Current		Projected		Temporary		Temporary		Date of OTTI	Statement Where
CUSIP		Period OTTI		Cash Flows		Impairment		Impairment		Recognition	Reported
17320QAN9	$	80,675,746	$	80,518,814	$	156,932	$	80,518,814	$	72,772,681	3/31/2024
92538XAG0	$	4,475,902	$	4,410,478	$	65,423	$	4,410,478	$	5,086,757	3/31/2024
43289VAS2	$	12,150,424	$	11,786,345	$	364,079	$	11,786,345	$	545,064	3/31/2024
92538XAH8	$	2,536,051	$	2,338,903	$	197,148	$	2,338,903	$	2,174,126	3/31/2024
28852FAA4	$	5,679,150	$	5,582,200	$	96,950	$	5,582,200	$	5,582,979	3/31/2024
17320QAN9	$	80,602,915	$	80,313,352	$	289,563	$	80,313,352	$	72,925,900	6/30/2024
43289VAS2	$	12,604,251	$	1,079,123	$	11,525,127	$	1,079,123	$	1,079,559	6/30/2024
92538XAH8	$	2,254,682	$	2,158,912	$	95,769	$	2,158,912	$	2,162,135	6/30/2024
12515AAN0	$	10,839,470	$	5,765,760	$	5,073,710	$	5,765,760	$	5,759,996	6/30/2024
43289VAQ6	$	4,992,812	$	700,000	$	4,292,812	$	700,000	$	700,000	6/30/2024
46644YAE0	$	302,045	$	169,920	$	132,125	$	169,920	$	169,904	6/30/2024
98162JAN6	$	6,658,600	$	3,338,175	$	3,320,426	$	3,338,175	$	1,800,351	6/30/2024
98162JAQ9	$	132,122	$	65,506	$	66,616	$	65,506	$	30,800	6/30/2024
28852FAA4	$	6,448,126	$	5,190,800	$	1,257,326	$	5,190,800	$	5,190,686	6/30/2024
Totals		XXX		XXX	$	26,934,006		XXX		XXX	XXX

The following table presents the unrealized loss aging for the Company's investments in loan-backed and structured securities at June 30, 2024 by length of time the security was in a continuous unrealized loss position.

The aggregate amount of unrealized losses:

1.	Less than 12 Months	$	31,470,105
2.	12 Months or Longer	$	568,178,673

b) The aggregate related fair value of securities with unrealized losses:

1.	Less than 12 Months	$	2,344,636,805
2.	12 Months or Longer	$	6,125,907,620

1. If the fair value of a loan-backed or structured security is less than its amortized cost basis at the balance sheet date, the Company determines whether the following circumstances exist and, if so, recognizes an- other-than- temporary impairment loss:
2. - If the Company intends to sell the security or does not have the intent and ability to retain the security until its amortized cost is recovered, the security is other-than-temporarily impaired. A realized loss is recognized for the entire difference between the security's amortized cost and its fair value at the balance-sheet date.
  - If the Company does not expect to recover the entire amortized cost from the present value of the security's future cash flows, it cannot assert it has the ability to recover the security's amortized cost even though it has no intent to sell and has the intent and ability to retain. The security is therefore other-than-temporarily impaired. A realized loss is recognized for the non-interest-related decline, which is the difference between the security's amortized cost and the present value of cash flows expected to be collected.
Dollar Repurchase Agreements and/or Securities Lending Transactions
The Company did not have any dollar repurchase agreements and/or securities lending transactions as of June 30, 2024.
Repurchase Agreements Transactions Accounted for as Secured Borrowing
The Company did not have any repurchase agreements accounted for as secured borrowing as of June 30, 2024.
Reverse Repurchase Agreements Transactions Accounted for as Secured Borrowing
The Company did not have any reverse repurchase agreements accounted for as secured borrowing as of June 30, 2024.
Repurchase Agreements Transactions Accounted for as a Sale
The Company did not have any repurchase agreements transactions accounted for as a sale as of June 30, 2024.
Reverse Repurchase Agreements Transactions Accounted for as a Sale
The Company did not have any reverse repurchase agreements transactions accounted for as a sale as of June 30, 2024.

Working Capital Finance Investments
The Company did not have any working capital finance investments as of June 30, 2024.

ＷＮＲ

Attachments

Disclaimer

F&G Annuities & Life Inc. published this content on 14 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2024 22:14:02 UTC.