CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net earnings	$ 174	$ 21
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	348	311
(Gain) loss on sales of investments and other assets and asset impairments, net	42	117
(Gain) on sale of F&G Life Re	(14)	0
Interest credited/index credits to contractholder account balances	907	608
Change in market risk benefits, net	105	105
Deferred policy acquisition costs and deferred sales inducements	(576)	(645)
Charges assessed to contractholders for mortality and administration	(161)	(165)
Distributions from unconsolidated affiliates, return on investment	66	85
Stock-based compensation cost	17	14
Change in NAV of limited partnerships, net	(194)	(126)
Change in valuation of derivatives, equity and preferred securities and other assets, net	(286)	95
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	18	(5)
Change in derivative collateral liabilities	(77)	95
Change in future policy benefits	295	548
Change in funds withheld from reinsurers	1,624	1,607
Net change in income taxes	31	(33)
Net change in other assets and other liabilities	(89)	(56)
Net cash provided by operating activities	2,230	2,576
Cash Flows from Investing Activities:
Proceeds from sales, calls and maturities of investments	10,268	6,109
Additions to property and equipment and capitalized software	(4)	(9)
Purchases of investment securities	(11,462)	(11,251)
Net proceeds from sales, maturities and purchases of short-term investment securities	499	1,802
Other acquisitions/disposals, net of cash acquired	88	0
Additional investments in unconsolidated affiliates	(527)	(1,077)
Net increase in policy loans	(24)	(21)
Distributions from unconsolidated affiliates, return of investment	343	180
Net change in notes receivable	(12)	(6)
Net cash used in investing activities	(831)	(4,273)
Cash Flows from Financing Activities:
Borrowings	0	375
Debt issuance costs	0	(11)
Payment of contingent consideration for acquisitions	(7)	(10)
Repayments of outstanding debt	0	(300)
Dividends paid	(75)	(65)
Dividends and distributions paid to non-controlling interest shareholders	(10)	(8)
Purchases of treasury stock	(123)	(3)
Issuance of common stock	0	269
Contractholder account deposits	4,437	5,500
Contractholder account withdrawals	(5,004)	(4,430)
Net cash (used in) provided by financing activities	(782)	1,317
Net increase (decrease) in cash and cash equivalents	617	(380)
Cash and cash equivalents at beginning of period	1,486	2,264
Cash and cash equivalents at end of period	$ 2,103	$ 1,884

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $71 in 2026 and $104 in 2025 (amortized cost: $55,206 in 2026 and $55,292 in 2025)	$ 52,228	$ 52,700
Fixed maturity securities, at fair value under fair value option (related to investments held by consolidated variable interest entities (“VIEs”))	94	0
Derivative investments	1,305	1,148
Mortgage loans, net of allowance for credit losses of $108 in 2026 and $86 in 2025	9,265	7,891
Investments in unconsolidated affiliates (2026 and 2025 include $277 and $262 related to investments held by consolidated VIEs and 2026 and 2025 include certain investments at fair value of $267 and $270)	5,065	4,878
Other long-term investments (2026 and 2025 include $264 and $248 related to investments held by consolidated VIEs)	1,315	1,294
Policy loans	171	147
Short-term investments (2026 and 2025 include $34 and $116 related to investments held by consolidated VIEs)	545	1,043
Total investments	70,281	69,442
Cash and cash equivalents (2026 and 2025 include $0 and $2 related to investments held by consolidated VIEs)	2,103	1,486
Reinsurance recoverable, net of allowance for credit losses of $19 in 2026 and $18 in 2025	20,876	17,545
Goodwill	2,124	2,180
Prepaid expenses and other assets (certain assets held at fair value of $0 in 2026 and $24 in 2025)	1,142	1,052
Other intangible assets, net	6,536	6,275
Market risk benefits asset	364	285
Income taxes receivable	81	83
Deferred tax asset, net	85	82
Total assets	103,592	98,430
Liabilities:
Contractholder funds	64,398	62,726
Future policy benefits	10,856	10,755
Market risk benefits liability	1,102	903
Accounts payable and accrued liabilities	2,846	2,701
Notes payable	2,239	2,237
Funds withheld for reinsurance liabilities	17,457	14,191
Total liabilities	98,898	93,513
Equity:
Preferred stock $0.001 par value; 2026 and 2025 shares authorized 25,000,000: outstanding and issued 5,000,000	0	0
Common stock, $0.001 par value; 2026 and 2025 shares authorized 500,000,000; outstanding of 130,940,695 and 135,610,292; and issued of 137,004,894 and 137,056,106	0	0
Additional paid-in-capital	3,765	3,764
Retained earnings	2,665	2,568
Accumulated other comprehensive income (loss) ("AOCI")	(1,658)	(1,488)
Treasury stock, at cost (6,064,199 shares and 1,445,814 shares as of June 30, 2026 and December 31, 2025, respectively)	(163)	(40)
Total F&G Annuities & Life, Inc. shareholders' equity	4,609	4,804
Non-controlling interests	85	113
Total equity	4,694	4,917
Total liabilities and equity	103,592	98,430
Preferred Stock
Investments:
Equity securities, at fair value	$ 293	$ 341