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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 ~~September~~March 3031, ~~2023~~2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File Number 033-44202

_________________________________________________________________

Fortitude Life Insurance & Annuity Company

(Exact Name of Registrant as Specified in its Charter)


Arizona						06-1241288
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification Number)

Ten Exchange Place

Suite 2210

Jersey City, NJ 07302

(615) 981-8801

(Address and Telephone Number of Registrant’s Principal Executive Offices)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Not Applicable	Not Applicable	Not Applicable

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the 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 ☒ 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 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 ☐ No ☒

As of ~~November~~May 914, ~~2023~~2024, 25,000 shares of the registrant’s Common Stock (par value $100) consisting of 100 voting shares and 24,900 non-voting shares were outstanding. As of such date, Fortitude Group Holdings, LLC, a Delaware limited liability company, owned all of the registrant’s Common Stock.

TABLE OF CONTENTS

			Page
PART I FINANCIAL INFORMATION
	Item 1.	Financial Statements:
		Unaudited Interim Consolidated Statements of Financial Position as of September 30, 2023 and December 31, 2022	5
		Unaudited Interim Consolidated Statements of Financial Position as of March 31, 2024 and December 31, 2023	5
		Unaudited Interim Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2023, the three and six months ended September 30, 2022 (Successor Company), and the three months ended March 31, 2022 (Predecessor Company)	6
		Unaudited Interim Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2024 and 2023	6
		Unaudited Interim Consolidated Statements of Equity for the three and nine months ended September 30, 2023, the three and six months ended September 30, 2022 (Successor Company), and the three months ended March 31, 2022 (Predecessor Company)	7
		Unaudited Interim Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023	7
		Unaudited Interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2023, the six months ended September 30, 2022 (Successor Company), and the three months ended March 31, 2022 (Predecessor Company)	8
		Unaudited Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	8
		Notes to Unaudited Interim Consolidated Financial Statements	9
		1. Business and Basis of Presentation	9
		2. Significant Accounting Policies and Pronouncements	1110
		3. Segment Information	11
		4. Investments	17
		4. Fair Value of Assets and Liabilities	15
		5. Derivatives and Hedging	22
		5. Investments	28
		6. Fair Value of Assets and Liabilities	27
		6. Derivatives and Hedging	30
		7. Income Taxes	4334
		8. Equity	4335
		9. Commitments and Contingent Liabilities	4536
		10. Related Party Transactions	4738
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5139
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6146
	Item 4.	Controls and Procedures	6247
PART II OTHER INFORMATION			6247
	Item 1.	Legal Proceedings	6247
	Item 1A.	Risk Factors	6247
	Item 6.	Exhibits	6348
SIGNATURES			6449

FORWARD-LOOKING STATEMENTS

Certain of the statements included in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Fortitude Life Insurance & Annuity Company (FLIAC). There can be no assurance that future developments affecting FLIAC will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (1) the ongoing impact of the uncertain and evolving economic environment on the global economy, financial ~~markets~~market and our business,; (2) losses on investments or financial contracts due to deterioration in credit quality or value, or counterparty default; (3) losses on insurance products due to mortality experience or policyholder behavior experience that differs significantly from our expectations when we ~~priced~~price our products; (4) changes in interest rates and equity prices that may (a) adversely impact the profitability of our products, the value of separate accounts supporting these products or the value of assets we manage, (b) result in losses on derivatives we use to hedge risk or increase collateral posting requirements and (c) limit opportunities to invest at appropriate returns; (5) guarantees within certain of our products which are market sensitive and may decrease our earnings or increase the volatility of our results of operations or financial position; (6) liquidity needs resulting from (a) derivative collateral market exposure, (b) asset/liability mismatches, (c) the lack of available funding in the financial markets or (d) unexpected cash demands due to severe mortality calamity or lapse events; (7) financial or customer losses, or regulatory and legal actions, due to inadequate or failed processes or systems, external events, and human error or misconduct such as (a) disruption of our systems and data, (b) an information security breach, (c) a failure to protect the privacy of sensitive data, (d) reliance on third -parties or (e) labor and employment matters; (8) changes in the regulatory landscape, including related to (a) financial sector regulatory reform, (b) changes in tax laws, (c) fiduciary rules and other standards of care, (d) state insurance laws and developments regarding group-wide supervision, capital and reserves, or (e) privacy and cybersecurity regulation ~~or (f) climate risk and environmental, social, and governance (ESG) regulation~~; (9) technological changes which may adversely impact companies in our investment portfolio or cause insurance experience to deviate from our assumptions; (10) ratings downgrades; (11) market conditions that may adversely affect the sales or persistency of our products; (12) competition; and (13) reputational damage~~; and (14) risks associated with the integration process related to the Company's recent change in ownership~~. FLIAC does not intend, and is under no obligation, to update any particular forward-looking statement included in this document. See “Risk Factors” included in the Annual Report on Form 10-K for the year ended December 31, ~~2022~~2023 for discussion of certain risks relating to our business.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Financial Position

(in millions, except share data)

	Successor Company
	March 31, 2024		December 31, 2023
	September 30, 2023		December 31, 2022
ASSETS
Fixed maturity securities, at fair value	$	45,~~839~~377	$	5,~~024~~210
Equity securities, at fair value (cost - September 30, 2023 - $0; December 31, 2022 - $201)	—		175
Mortgage loans, at fair value	425		437
Mortgage and other loans, at fair value	422		196
Short-term investments	25		21
Short-term investments	30		42
Other invested assets (includes $267 and $141 of assets measured at fair value at March 31, 2024 and December 31, 2023, respectively)	341		211
Other invested assets (includes $599 and $430 of assets measured at fair value at September 30, 2023 and December 31, 2022, respectively)	617		450
Total investments	6,168		5,879
Total investments	5,908		5,887
Cash and cash equivalents	441		940
Cash and cash equivalents	592		872
Accrued investment income	60		60
Accrued investment income	57		52
Reinsurance recoverables, at fair value	155		206
Reinsurance recoverables, at fair value	179		235
Deposit asset, at fair value	426		438
Net modified coinsurance receivable, at fair value	—		18
Income taxes	80		99
Deposit asset, at fair value	430		607
Other assets: (Receivables from parent and affiliates: March 31, 2024 - $1; December 31, 2023 - $0)	90		61
Goodwill	—		93
Separate account assets, at fair value	24,262		23,870
Income tax	86		50
TOTAL ASSETS	$	31,682	$	31,553
Other assets (Receivables from parent and affiliates: September 30, 2023 - $0; December 31, 2022 - $40)	106		127
Separate account assets, at fair value	22,557		23,601
TOTAL ASSETS	$	29,915	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities, at fair value	$	4,~~574~~545	$	5,~~546~~003
Net modified coinsurance payable, at fair value	6872		—78
Cash collateral for repurchase agreements and securities lending transactions	1,009		417
Liabilities associated with secured borrowing arrangements	1,121		967
Other liabilities (Payables to parent and affiliates: September 30, 2023 - $0; December 31, 2022 - $3)	331		391
Other liabilities: (Payables to parent and affiliates: March 31, 2024 - $79; December 31, 2023 - $10)	260		273
Separate account liabilities, at fair value	2224,~~557~~262		23,~~601~~870
Total liabilities	28,539		29,955
TOTAL LIABILITIES	30,260		30,191
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
EQUITY
Common stock, $100 par value; 25,000 shares authorized, issued and outstanding	3		3
Additional paid-in capital	1,714		1,~~759~~714
Retained deficit	(~~343~~220)		(~~286~~290)
Accumulated other comprehensive income	2		111
Accumulated other comprehensive loss	(75)		(65)
Total equity	1,~~376~~422		1,~~587~~362
TOTAL LIABILITIES AND EQUITY	$	2931,~~915~~682	$	31,~~542~~553

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of ~~Operations~~Income and Comprehensive ~~Loss~~Income

(in millions)

	Successor Company								Predecessor Company
	Three Months Ended March 31
	September 30								March 31
	2024		2023
	Three Months Ended				Nine Months Ended		Six Months Ended		Three Months Ended
REVENUES
	2023		2022		2023		2022		2022
Premiums	$	10	$	7
REVENUES
Policy charges and fee income	112		117
Premiums	$	8	$	8	$	22	$	11	$	8
Net investment income	70		76
Policy charges and fee income	113		131		345		261		97
Asset management and service fees	23		22
Net investment income	73		92		227		189		99
Other income	2		1
Asset management and service fees	23		26		68		48		20
Investment gains (losses), net	(321)		165
Other income (loss)	1		(16)		5		(15)		(19)
TOTAL REVENUES	(104)		388
Investment gains (losses), net	(482)		(455)		(604)		(1,753)		481
BENEFITS AND EXPENSES
TOTAL REVENUES	(264)		(214)		63		(1,259)		686
Policyholder benefits and changes in fair value of insurance liabilities	(314)		340
BENEFITS AND EXPENSES
Commission expense	23		23
Policyholder benefits and changes in fair value of insurance liabilities	(177)		(104)		(92)		(974)		—
General, administrative and other expenses	18		18
Policyholder benefits	—		—		—		—		26
TOTAL BENEFITS AND EXPENSES	(273)		381
Interest credited to policyholders account balances	—		—		—		—		85
INCOME FROM OPERATIONS BEFORE INCOME TAXES	169		7
Amortization of deferred policy acquisition costs	—		—		—		—		104
Less: Income tax expense	24		—
Commission expense	22		27		68		45		35
NET INCOME	$	145	$	7
Goodwill impairment	93		—		93		—		—
Other comprehensive income (loss), before tax:
General, administrative and other expenses	21		17		55		55		3
Changes in own-credit risk related to insurance liabilities	(13)		22
TOTAL BENEFITS AND EXPENSES	(41)		(60)		124		(874)		253
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(3)		5
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(223)		(154)		(61)		(385)		433
Other comprehensive income (loss), net of taxes	(10)		17
Income tax expense (benefit)	(29)		3		(4)		(48)		77
COMPREHENSIVE INCOME	$	135	$	24
NET INCOME (LOSS)	$	(194)	$	(157)	$	(57)	$	(337)	$	356
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	(45)		149		(138)		394		—
Net unrealized investment losses	—		—		—		—		(561)
Total	(45)		149		(138)		394		(561)
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(9)		32		(29)		83		(118)
Other comprehensive income (loss), net of taxes	(36)		117		(109)		311		(443)
COMPREHENSIVE LOSS	$	(230)	$	(40)	$	(166)	$	(26)	$	(87)

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Equity

(in millions)

	Successor Company
	Common Stock		Additional Paid-inCapital		Retained Deficit		Accumulated Other Comprehensive Loss		Total Equity
	Common Stock		Additional Paid-inCapital		Retained Deficit		AccumulatedOtherComprehensive Income		Total Equity
Balance, December 31, 2023	$	3	$	1,714	$	(290)	$	(65)	$	1,362
Balance, December 31, 2022	$	3	$	1,759	$	(286)	$	111	$	1,587
Dividend to parent	—		—		(75)		—		(75)
Distribution to parent	—		(45)		—		—		(45)
Comprehensive income:
Net income	—		—		7		—		7
Other comprehensive income, net of tax	—		—		—		17		17
Total comprehensive income									24
Balance, March 31, 2023	$	3	$	1,714	$	(279)	$	128	$	1,566
Comprehensive income (loss):
Net income	—		—		~~130~~145		—		~~130~~145
Other comprehensive loss, net of tax	—		—		—		(9010)		(9010)
Total comprehensive income									40135
Balance, June 30, 2023	$	3	$	1,714	$	(149)	$	38	$	1,606
Balance, March 31, 2024	$	3	$	1,714	$	(220)	$	(75)	$	1,422
Comprehensive loss:
Net loss	—		—		(194)		—		(194)
Other comprehensive loss, net of tax	—		—		—		(36)		(36)
Total comprehensive loss									(230)
Balance, September 30, 2023	$	3	$	1,714	$	(343)	$	2	$	1,376

	Common Stock		Additional Paid-inCapital		Retained ~~Earnings (~~Deficit)		~~AccumulatedOtherComprehensive~~AccumulatedOther ~~Income~~Comprehensive ~~(Loss)~~Income		Total Equity
Balance, December 31, 2021 (Predecessor Company)	$	3	$	592	$	917	$	170	$	1,682
Balance, December 31, 2022	$	3	$	1,759	$	(286)	$	111	$	1,587
Return of capital	—		(306)		—		—		(306)
Distribution payable to parent	—		(45)		—		—		(45)
Comprehensive income (loss):
Comprehensive income:
Net income	—		—		~~356~~7		—		~~356~~7
Other comprehensive loss, net of tax	—		—		—		(443)		(443)
Other comprehensive income, net of tax	—		—		—		17		17
Total comprehensive loss									(87)
Total comprehensive income									24
Balance, March 31, 2022 (Predecessor Company)	$	3	$	286	$	1,273	$	(273)	$	1,289
Balance, March 31, 2023	$	3	$	1,714	$	(279)	$	128	$	1,566
Balance, April 1, 2022 (Successor Company)	$	3	$	1,759	$	—	$	—	$	1,762
Comprehensive income (loss):
Net loss	—		—		(180)		—		(180)
Other comprehensive income, net of tax	—		—		—		194		194
Total comprehensive income									14
Balance, June 30, 2022 (Successor Company)	$	3	$	1,759	$	(180)	$	194	$	1,776
Comprehensive income (loss):
Net loss	—		—		(157)		—		(157)
Other comprehensive income, net of tax	—		—		—		117		117
Total comprehensive loss									(40)
Balance, September 30, 2022 (Successor Company)	$	3	$	1,759	$	(337)	$	311	$	1,736

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Cash Flows

(in millions)

	Successor Company				Predecessor Company
	Three Months Ended March 31
	Nine Months Ended September 30		Six Months Ended September 30		Three Months Ended March 31
	2024		2023
	2023		2022		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	145	$	7
Net income (loss)	$	(57)	$	(337)	$	356
Adjustments to reconcile net income to net cash from (used in) operating activities:
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Investment (gains) losses, net	321		(165)
Investment (gains) losses, net	604		1,753		(481)
Other, net	(7)		(10)
Goodwill impairment	93		—		—
Change in:
Interest credited to policyholder account balances	—		—		85
Insurance liabilities, at fair value	(423)		277
Other, net	(24)		(10)		2
Deposit asset, at fair value	12		(1)
Change in:
Net modified coinsurance receivable/payable, at fair value	(6)		55
Insurance liabilities, at fair value	(957)		(6,888)		—
Accrued investment income	(1)		(1)
Deposit asset, at fair value	177		1,748		—
Income taxes	24		—
Net modified coinsurance receivable/payable, at fair value	577		4,114		—
Reinsurance recoverables, net	51		(12)
Future policy benefits	—		—		60
Derivatives, net	(456)		(91)
Accrued investment income	(9)		(20)		1
Other, net	13		35
Deferred policy acquisition costs	—		—		104
Cash flows from (used in) operating activities	(327)		94
Income taxes	(7)		262		142
CASH FLOWS FROM INVESTING ACTIVITIES:
Reinsurance recoverables, net	56		19		(39)
Proceeds from the sale/maturity/prepayment of:
Derivatives, net	(526)		(37)		(1,079)
Fixed maturity securities, at fair value	85		149
Other, net	(6)		(14)		(40)
Mortgage loans	49		18
Cash flows from (used in) operating activities	(79)		590		(889)
Other invested assets	—		6
CASH FLOWS FROM INVESTING ACTIVITIES:
Short-term investments	18		36
Proceeds from the sale/maturity/prepayment of:
Payments for the purchase/origination of:
Fixed maturity securities, at fair value	~~281~~(425)		~~3,048~~(261)		—
Fixed maturity securities, available-for-sale	—		—		422
Mortgage loans	(4)		(28)
Equity securities	—		—		95
Other invested assets	(4)		(9)
Secured receivable	—		60		—
Short-term investments	(22)		(41)
Mortgage and other loans	60		—		39
Other, net	—		(1)
Other invested assets	39		5		1
Cash flows used in investing activities	(303)		(131)
Short-term investments	78		289		795
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for the purchase/origination of:
Net policyholder's account withdrawals	(48)		(49)
Fixed maturity securities, at fair value	(630)		(4,134)		—
Cash collateral for loaned securities	—		58
Fixed maturity securities, available-for-sale	—		—		(751)
Drafts outstanding	(23)		1
Equity securities	—		(10)		—
Repurchase agreements	202		—
Secured receivable	—		(7)		—
Cash flows from financing activities	131		10
Mortgage and other loans	(332)		—		(13)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(499)		(27)
Other invested assets	(25)		(131)		—
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	940		872
Short-term investments	(81)		(23)		(94)
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	441	$	845
Derivatives, net	—		—		3
Other, net	4		(41)		—
Cash flows from (used in) investing activities	(606)		(944)		497
CASH FLOWS FROM FINANCING ACTIVITIES:
Net policyholder's account deposits (withdrawals)	(151)		(109)		62
Cash collateral for loaned securities	(106)		(36)		205
Drafts outstanding	(2)		(3)		(7)
Repurchase agreements	709		200		—
Distribution to parent	(45)		—		(306)
Cash flows from (used in) financing activities	405		52		(46)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(280)		(302)		(438)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	872		1,578		2,016
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	592	$	1,276	1,578

•During the nine months ended September 30, 2023 and the six months ended September 30, 2022, we had novations within our Ceded Business related to variable-indexed annuities under the reinsurance agreement with Pruco Life Insurance Company that resulted in non-cash transactions of $491 million and $4,116 million, respectively, of investments with a corresponding offset of $491 million and $4,116 million, respectively, to the modified coinsurance payable.

•There were no significant non-cash transactions for the the three months ended March 31,2022.

See Notes to Unaudited Interim Consolidated Financial Statements

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

1. BUSINESS AND BASIS OF PRESENTATION

Fortitude Life Insurance & Annuity Company and its wholly-owned subsidiary (collectively, “FLIAC” or the “Company”), with its principal offices in Jersey City, New Jersey, is a wholly-owned subsidiary of Fortitude Group Holdings, LLC (“FGH”). Prior to April 1, 2022, the Company (previously named Prudential Annuities Life Assurance Corporation ("PALAC")) was a wholly-owned subsidiary of Prudential Annuities, Inc ("PAI"), an indirect wholly-owned subsidiary of Prudential Financial, Inc. ("Prudential Financial"), a New Jersey Corporation. On April 1, 2022, PAI completed the sale of its equity interest in the Company to FGH. As a result, the Company is no longer an affiliate of Prudential Financial or any of its affiliates. See Basis of Presentation below and Note 1 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further information regarding the acquisition.

Basis of Presentation

The Unaudited Interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”). The accompanying Unaudited Consolidated Financial Statements present the consolidated results of operations, financial condition, and cash flows of ~~the Successor Company and a variable interest entity ("VIE") that meets the requirements for consolidation~~FLIAC. All intercompany transactions have been eliminated in consolidation. ~~The financial statements of the Predecessor Company were not consolidated as it was a single entity prior to acquisition.~~

~~Following~~In the ~~acquisition~~opinion of ~~FLIAC~~management, ~~purchase~~all ~~accounting~~adjustments ~~was~~necessary ~~applied~~for to FGH's financial statements and we elected to "push down" the basis to FLIAC in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. The application of push-down accounting created a ~~new~~fair ~~basis~~statement of ~~accounting for all assets and liabilities based on fair value at~~ the ~~date of acquisition. As a result, FLIAC's~~ financial position, and results of operations, ~~and~~have ~~cash~~been ~~flows~~made. ~~subsequent~~All tosuch ~~the~~adjustments ~~acquisition~~ are ~~not~~of ~~comparable~~a ~~with those prior to April 1~~normal, ~~2022,~~recurring ~~and~~nature. ~~therefore~~Interim ~~have~~results ~~been~~are ~~segregated~~not tonecessarily ~~indicate~~indicative ~~pre-acquisition~~of ~~and~~the ~~post-acquisition~~results ~~periods. The~~that ~~pre-acquisition~~may ~~period~~be ~~through~~expected ~~March~~for ~~31, 2022 is referred to as~~ the ~~Predecessor~~full ~~Company~~year. ~~The~~ ~~post-acquisition~~These ~~period,~~financial ~~April~~statements 1,should ~~2022~~be ~~and~~read ~~forward,~~in ~~includes~~conjunction ~~the~~with ~~impact of push-down accounting and is referred to as~~ the ~~Successor~~ Company.’s Financial ~~See~~Statements ~~Notes~~included ~~1 and 2~~ in the Company'’s Annual Report on Form 10-K for the year ended December 31, ~~2022 for further information regarding the acquisition and our application of push-down accounting~~2023.

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

~~Fair~~Novation ~~Value~~ of ~~Insurance~~Ceded ~~Liabilities~~Business ~~- Actuarial Assumption Update~~

~~During~~In ~~the~~2022, ~~third~~in ~~quarter~~accordance ofwith ~~2023,~~applicable ~~the~~state ~~Company~~law, ~~completed~~a ~~its~~program ~~annual~~was ~~review~~instituted ofto ~~actuarial~~novate ~~assumptions~~a ~~related~~significant toportion ~~its~~of ~~fair~~the ~~value~~Ceded ofBusiness ~~insurance~~policies ~~liabilities. Based~~from onFLIAC ~~that~~to ~~review,~~Pruco ~~the~~Life Insurance Company ~~updated~~("Pruco ~~certain~~Life"). ~~assumptions~~The ~~associated~~program ~~with~~did ~~its~~not ~~variable~~have ~~annuity~~an ~~contracts~~impact ~~with~~on ~~guaranteed~~total ~~benefits,~~equity ~~which~~or ~~resulted~~net inincome anbut ~~increase~~resulted in ~~its~~the ~~fair~~reduction ~~value~~ of ~~insurance~~certain ~~liabilities~~activity/balances ofassociated ~~$116 million~~with these policies. ~~The~~During ~~increase~~the ~~was~~three ~~driven~~months byended ~~updates~~March to31, ~~our~~2023, ~~assumptions~~approximately ~~regarding~~$7 ~~policyholder~~million ~~behavior,~~of ~~primarily~~account tovalue, ~~reflect~~which ~~lower~~generally ~~observed~~approximates ~~surrender~~fair ~~rates. The~~values ~~impact~~ of ~~the~~insurance ~~assumption~~liabilities, ~~update~~ was ~~included~~transferred ~~within~~out ~~"Policyholder~~of ~~benefits~~the ~~and~~Company ~~changes~~as ina ~~fair~~result ~~value~~ of ~~insurance liabilities" on~~ the ~~Consolidated~~novation ~~Statement of Operations~~program.

~~The~~There ~~assumptions~~was ~~used~~no insignificant ~~establishing~~novation ~~our~~activity ~~insurance~~during ~~liabilities are generally based on~~ the ~~Company’s~~three ~~experience,~~months ~~industry~~ended ~~experience,~~March ~~market observable data~~31, 2024 and~~/or~~ ~~other~~we ~~factors,~~do asnot ~~applicable.~~expect ~~The~~significant ~~Company~~future ~~evaluates~~novation ~~its~~activity ~~actuarial~~under ~~assumptions~~the atcurrent ~~least~~program. Approximately ~~annually~~72 ~~and~~percent ~~updates~~of ~~them~~account asvalue ~~appropriate,~~(since ~~unless~~the aacquisition ~~material~~of ~~change that~~ the Company ~~feels~~on isApril ~~indicative~~1, of2022) ~~a long-term trend is observed~~ in ~~an interim period. Generally,~~ the ~~Company~~Ceded ~~does~~Business ~~not~~was ~~expect~~novated ~~trends~~ to ~~change~~Pruco ~~significantly~~Life inunder ~~the~~this ~~short-term~~ program.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

and, to the extent these trends may change, the Company expects such changes to be gradual over the long-term. See Note 7 in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion regarding significant assumptions related to our fair value of insurance liabilities.

Goodwill Impairment

As a result of our actuarial assumption update, the Company identified a triggering event in the third quarter of 2023 regarding its goodwill impairment analysis for the Retained Business. Following a qualitative analysis that indicated the fair value of the reporting unit may be lower than its carrying value, the Company performed a quantitative analysis that involved both discounted cash flow techniques and market price comparisons to establish fair values on its underlying assets and liabilities. After performing this quantitative analysis, the Company determined that the goodwill was fully impaired, and accordingly, recorded a non-cash goodwill impairment of $93 million through the Consolidated Statement of Operations. Following this impairment, there was no remaining goodwill as of September 30, 2023.

The goodwill impairment was primarily driven by unfavorable actuarial assumption updates, as compared to its initial projections, related to the determination of the fair value of its insurance liabilities, and lower overall projected future earnings as a result of capital market volatility.

Novation of Ceded Business

In 2022, in accordance with applicable state law, a program was instituted to novate a significant portion of the Ceded Business policies from FLIAC to Pruco Life Insurance Company ("Pruco Life"). The program does not have an impact on total equity or net income but has resulted in the reduction of certain activity/balances associated with these policies. During the three and nine months ended September 30, 2023, approximately $172 million and $635 million, respectively, of account value which generally approximates fair values of insurance liabilities, was transferred out of the Company as a result of the novation program. As of September 30, 2023, approximately 72 percent of account value in the Ceded Business has been novated since the acquisition of the Company on April 1, 2022.

Reclassifications

Certain amounts in prior periods have been reclassified to conform to the current period presentation.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Accounting Policy Election

Fair Value Option

We have elected to ~~prospectively~~ apply the fair value option to several of FLIAC's assets and liabilities. We have made this election as it improves our operational efficiency and better aligns the recognition and measurement of our investments, insurance liabilities, and associated reinsurance activity with how we expect to manage the business. See Note 64 herein and Notes 2 and 64 in the Company's Annual Report on Form 10-K for the year ended December 31, ~~2022~~2023 for further information.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board ("FASB") in the form of an Accounting Standards Update ("ASU") to the Accounting Standards Codification ("ASC"). We consider the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

~~Effective~~ ASUs -issued ~~2023~~ but not yet adopted as of March 31, 2024

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, was issued by the FASB. This update became effective January 1, 2023 but is not applicable due to our election to adopt the fair value option on all of our insurance liabilities, which includes our separate account liabilities.


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures regarding a company’s significant segment expenses and certain other items. The update will also require expanded disclosures regarding the chief operating decision maker (CODM) and the information they are provided when assessing segment performance and allocating resources.	Effective for annual reporting periods beginning January 1, 2024, and interim reporting periods beginning January 1, 2025, using the retrospective method. Early adoption is permitted	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	This ASU improves income tax disclosure requirements by requiring 1. the use of consistent categories and greater disaggregation of information in the rate reconciliation and 2. income taxes paid disaggregated by jurisdiction.	Effective for annual reporting periods beginning January 1, 2025, and is required to be applied prospectively with the option of retrospective application. Early adoption is permitted.	The update is expected to expand the Company’s disclosures but will not have an impact on the Company’s financial position or results of operations.

ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, was issued by the FASB. This update became effective January 1, 2023 but is not applicable due to our election to adopt the fair value option on financial instruments that are within the scope of this update.10

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

3. SEGMENT INFORMATION

FLIAC has two reportable segments, which we refer to as the "Retained Business" and the "Ceded Business."

The Retained Business consists of variable annuity products with guaranteed lifetime withdrawal benefit features as well as smaller blocks of variable annuity products with certain other living benefit and death benefit features. The Retained Business also includes variable universal life and fixed payout annuity products. The Retained Business is actively managed by FLIAC management and ~~the Successor Company~~ retains the full economic benefits and risks.

The Ceded Business represents certain business (primarily registered index-linked annuities and fixed annuities, which includes fixed indexed and fixed deferred annuities, and other variable annuities) where 100 percent of the assets and liabilities have been fully ceded to Prudential Insurance and Pruco Life under existing coinsurance and modified coinsurance agreements. At ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, we had a modified coinsurance payable of $1,~~493~~695 million and $1,~~745~~603 million, respectively, equal to the assets held in the Ceded Business, and are included in the net modified coinsurance receivable/payable. ~~Information prior to acquisition has not been revised for the segment presentation and is not comparable following the election of push-down accounting as of April 1, 2022.~~

~~During~~The ~~the~~following ~~third~~is ~~quarter of 2023,~~ the ~~Company determined that the goodwill associated with its Retained Business was fully impaired. Accordingly, the Company recorded a non-cash goodwill impairment of $93 million through the~~ Consolidated Statement of ~~Operations. Following~~Financial ~~this~~Position ~~impairment,~~by ~~there~~segment: ~~was no remaining goodwill as of September 30, 2023. See Note 1 contained herein for further information.~~


	March 31, 2024
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,661	$	1,507	$	6,168
Cash and cash equivalents	298		143		441
Accrued investment income	52		8		60
Reinsurance recoverables	—		155		155
Deposit asset	—		426		426
Income taxes	80		—		80
Other assets	43		47		90
Separate account assets	22,146		2,116		24,262
TOTAL ASSETS	$	27,280	$	4,402	$	31,682

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,342	$	2,203	$	4,545
Net modified coinsurance payable	—		72		72
Liabilities associated with secured borrowing arrangements	1,121		—		1,121
Other liabilities	249		11		260
Separate account liabilities	22,146		2,116		24,262
TOTAL LIABILITIES	25,858		4,402		30,260

EQUITY	1,422		—		1,422
TOTAL LIABILITIES AND EQUITY	$	27,280	$	4,402	$	31,682

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

The following is the Consolidated Statement of Financial Position by segment:


	December 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,680	$	1,199	$	5,879
Cash and cash equivalents	534		406		940
Accrued investment income	51		9		60
Reinsurance recoverables	—		206		206
Deposit asset	—		438		438

Income taxes	99		—		99
Other assets	61		—		61
Separate account assets	21,800		2,070		23,870
TOTAL ASSETS	$	27,225	$	4,328	$	31,553

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,835	$	2,168	$	5,003
Net modified coinsurance payable	—		78		78
Liabilities associated with secured borrowing arrangements	967		—		967
Other liabilities	261		12		273
Separate account liabilities	21,800		2,070		23,870
TOTAL LIABILITIES	25,863		4,328		30,191

EQUITY	1,362		—		1,362
TOTAL LIABILITIES AND EQUITY	$	27,225	$	4,328	$	31,553

	September 30, 2023
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,674	$	1,234	$	5,908
Cash and cash equivalents	335		257		592
Accrued investment income	50		7		57
Reinsurance recoverables	—		179		179
Deposit asset	—		430		430
Income tax	86		—		86
Other assets	93		13		106
Separate account assets	20,600		1,957		22,557
TOTAL ASSETS	$	25,838	$	4,077	$	29,915
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,542	$	2,032	$	4,574
Net modified coinsurance payable	—		68		68
Cash collateral for repurchase agreements and securities lending transactions	1,009		—		1,009
Other liabilities	311		20		331
Separate account liabilities	20,600		1,957		22,557
TOTAL LIABILITIES	24,462		4,077		28,539
EQUITY	1,376		—		1,376
TOTAL LIABILITIES AND EQUITY	$	25,838	$	4,077	$	29,915

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	December 31, 2022
	Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,257	$	1,630	$	5,887
Cash and cash equivalents	433		439		872
Accrued investment income	41		11		52
Reinsurance recoverables	—		235		235
Net modified coinsurance receivable	—		18		18
Deposit asset	—		607		607
Goodwill	93		—		93
Income tax	50		—		50
Other assets	113		14		127
Separate account assets	21,558		2,043		23,601
TOTAL ASSETS	$	26,545	$	4,997	$	31,542
LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,941	$	2,605	$	5,546
Cash collateral for repurchase agreements and securities lending transactions	311		106		417
Other liabilities	148		243		391
Separate account liabilities	21,558		2,043		23,601
TOTAL LIABILITIES	24,958		4,997		29,955
EQUITY	1,587		—		1,587
TOTAL LIABILITIES AND EQUITY	$	26,545	$	4,997	$	31,542

The following is comprehensive income by segment:


	Three Months Ended March 31, 2024
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	10	$	—	$	10
Policy charges and fee income	112		—		112
Net investment income	56		14		70
Asset management and service fees	23		—		23
Other income	2		—		2
Investment gains (losses), net	(425)		104		(321)
TOTAL REVENUES	(222)		118		(104)

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(432)		118		(314)
Commission expense	23		—		23
General, administrative and other expenses	18		—		18
TOTAL BENEFITS AND EXPENSES	(391)		118		(273)
INCOME FROM OPERATIONS BEFORE INCOME TAXES	169		—		169
Less: Income tax expense	24		—		24
NET INCOME	$	145	$	—	$	145
Other comprehensive loss, before tax:
Changes in own-credit risk related to insurance liabilities	(13)		—		(13)
Less: Income tax benefit	(3)		—		(3)
Other comprehensive loss, net of taxes	(10)		—		(10)
COMPREHENSIVE INCOME	$	135	$	—	$	135

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

The following is comprehensive income by segment:


	Three Months Ended March 31, 2023
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	7	$	—	$	7
Policy charges and fee income	117		—		117
Net investment income	56		20		76
Asset management and service fees	22		—		22
Other income	1		—		1
Investment gains, net	30		135		165
TOTAL REVENUES	233		155		388

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	185		155		340
Commission expense	23		—		23
General, administrative and other expenses	18		—		18
TOTAL BENEFITS AND EXPENSES	226		155		381
INCOME FROM OPERATIONS BEFORE INCOME TAXES	7		—		7
Income tax expense	—		—		—
NET INCOME	$	7	$	—	$	7
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	22		—		22
Less: Income tax expense	5		—		5
Other comprehensive income, net of taxes	17		—		17
COMPREHENSIVE INCOME	$	24	$	—	$	24

	Three Months Ended September 30, 2023
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	8	$	—	$	8
Policy charges and fee income	113		—		113
Net investment income	56		17		73
Asset management and service fees	23		—		23
Other income	1		—		1
Investment losses, net	(433)		(49)		(482)
TOTAL REVENUES	(232)		(32)		(264)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(145)		(32)		(177)
Commission expense	22		—		22
Goodwill impairment	93		—		93
General, administrative and other expenses	21		—		21
TOTAL BENEFITS AND EXPENSES	(9)		(32)		(41)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(223)		—		(223)
Income tax benefit	(29)		—		(29)
NET LOSS	$	(194)	$	—	$	(194)
Other comprehensive loss, before tax:
Changes in own-credit risk related to insurance liabilities	(45)		—		(45)
Less: Income tax benefit	(9)		—		(9)
Other comprehensive loss, net of taxes	(36)		—		(36)
COMPREHENSIVE LOSS	$	(230)	$	—	$	(230)

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Nine Months Ended September 30, 2023
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	22	$	—	$	22
Policy charges and fee income	345		—		345
Net investment income	170		57		227
Asset management and service fees	68		—		68
Other income	4		1		5
Investment gains (losses), net	(806)		202		(604)
TOTAL REVENUES	(197)		260		63
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(352)		260		(92)
Commission expense	68		—		68
Goodwill impairment	93		—		93
General, administrative and other expenses	55		—		55
TOTAL BENEFITS AND EXPENSES	(136)		260		124
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(61)		—		(61)
Income tax benefit	(4)		—		(4)
NET LOSS	$	(57)	$	—	$	(57)
Other comprehensive loss, before tax:
Changes in own-credit risk related to insurance liabilities	(138)		—		(138)
Less: Income tax benefit	(29)		—		(29)
Other comprehensive loss, net of taxes	(109)		—		(109)
COMPREHENSIVE LOSS	$	(166)	$	—	$	(166)

4. FAIR VALUE OF ASSETS AND LIABILITIES

Fair Value Measurement – Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative fair value guidance establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows:

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.

Level 2 - Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability through corroboration with observable market data. Level 2 inputs include quoted market prices in active markets for similar assets and liabilities, quoted market prices in markets that are not active for identical or similar assets or liabilities, and other market observable inputs.

Level 3 - Fair value is based on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.

For a discussion of the Company's valuation methodologies for assets and liabilities measured at fair value and the fair value hierarchy, see Note 4 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Fair Value Option Election

We have elected to adopt the fair value option for several of our financial assets and liabilities. The following are the financial assets and liabilities for which we have elected the fair value option. See Notes 2 and 4 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

•Fixed maturity securities

•Equity securities

•Mortgage loans

•Reinsurance recoverables

•Separate account assets and liabilities

•Net modified coinsurance receivable/payable

•Deposit asset

•Insurance liabilities

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Three Months Ended September 30, 2022
	Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	8	$	—	$	8
Policy charges and fee income	131		—		131
Net investment income	47		45		92
Asset management and service fees	26		—		26
Other losses	(4)		(12)		(16)
Investment gains (losses), net	(463)		8		(455)
TOTAL REVENUES	(255)		41		(214)
BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(145)		41		(104)
Commission expense	27		—		27
General, administrative and other expenses	17		—		17
TOTAL BENEFITS AND EXPENSES	(101)		41		(60)
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(154)		—		(154)
Income tax expense	3		—		3
NET LOSS	$	(157)	$	—	$	(157)
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	149		—		149
Less: Income tax expense	32		—		32
Other comprehensive income, net of taxes	117		—		117
COMPREHENSIVE LOSS	$	(40)	$	—	$	(40)

Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	March 31, 2024
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	514	$	—	$	—	$	514
Obligations of U.S. states and their political subdivisions	—		125		—		—		125
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,767		—		—		2,767
U.S. corporate private securities	—		146		272		—		418
Foreign corporate public securities	—		236		—		—		236
Foreign corporate private securities	—		31		57		—		88
Asset-backed securities (2)	—		773		286		—		1,059
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		144		5		—		149
Total fixed maturity securities	—		4,749		620		—		5,369
Mortgage loans (3)	—		—		425		—		425
Short-term investments	3		22		—		—		25
Cash and cash equivalents	441		—		—		—		441
Other invested assets (4)	3		718		—		(483)		238
Deposit asset	—		—		426		—		426
Reinsurance recoverables	—		—		155		—		155

Subtotal excluding separate account assets	447		5,489		1,626		(483)		7,079
Separate account assets	—		24,262		—		—		24,262
Total assets	$	447	$	29,751	$	1,626	$	(483)	$	31,341
Liabilities
Insurance liabilities	$	—	$	—	$	4,545	$	—	$	4,545
Other liabilities - derivatives	46		1,047		—		(1,040)		53
Net modified coinsurance payable	—		—		72		—		72
Separate account liabilities	—		24,262		—		—		24,262
Total liabilities	$	46	$	25,309	$	4,617	$	(1,040)	$	28,932

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(3)As of March 31, 2024, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $4 million.

(4)Other invested assets within the above chart are comprised of derivative assets.

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At March 31, 2024 the fair values of private equity funds and fixed maturity securities were $29 million and $8 million, respectively.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Six Months Ended September 30, 2022
	March 31, 2024
	Retained Business		Ceded Business		Total
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
REVENUES
Retained Business
Premiums	$	11	$	—	$	11
Assets
Policy charges and fee income	261		—		261
Fixed maturity securities
Net investment income	82		107		189
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	440	$	—	$	—	$	440
Asset management and service fees	48		—		48
Obligations of U.S. states and their political subdivisions	—		125		—		—		125
Other losses	(4)		(11)		(15)
U.S. corporate public securities	—		2,048		—		—		2,048
Investment losses, net	(571)		(1,182)		(1,753)
U.S. corporate private securities	—		—		271		—		271
TOTAL REVENUES	(173)		(1,086)		(1,259)
Foreign corporate public securities	—		123		—		—		123
BENEFITS AND EXPENSES
Foreign corporate private securities	—		—		57		—		57
Policyholder benefits and changes in fair value of insurance liabilities	112		(1,086)		(974)
Asset-backed securities (2)	—		754		258		—		1,012
Commission expense	45		—		45
Commercial mortgage-backed securities	—		12		—		—		12
General, administrative and other expenses	55		—		55
Residential mortgage-backed securities	—		22		5		—		27
TOTAL BENEFITS AND EXPENSES	212		(1,086)		(874)
Total fixed maturity securities	—		3,524		591		—		4,115
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(385)		—		(385)
Mortgage loans (3)	—		—		425		—		425
Income tax benefit	(48)		—		(48)
Cash and cash equivalents	298		—		—		—		298
NET LOSS	$	(337)	$	—	$	(337)
Other invested assets (4)	3		451		—		(438)		16
Other comprehensive income, before tax:
Subtotal excluding separate account assets	301		3,975		1,016		(438)		4,854
Changes in own-credit risk related to insurance liabilities	394		—		394
Separate account assets	—		22,146		—		—		22,146
Less: Income tax expense	83		—		83
Total assets	$	301	$	26,121	$	1,016	$	(438)	$	27,000
Other comprehensive income, net of taxes	311		—		311
Liabilities
COMPREHENSIVE LOSS	$	(26)	$	—	$	(26)
Insurance liabilities	$	—	$	—	$	2,342	$	—	$	2,342
Other liabilities - derivatives	46		1,000		—		(993)		53
Separate account liabilities	—		22,146		—		—		22,146
Total liabilities	$	46	$	23,146	$	2,342	$	(993)	$	24,541

4(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6. ~~INVESTMENTS~~

We(2)Includes ~~have~~credit-tranched ~~elected~~securities tocollateralized ~~apply~~by ~~the~~syndicated ~~fair~~bank ~~value~~loans, ~~option~~sub-prime ~~for~~mortgages, ~~FLIAC's~~auto ~~entire~~loans, ~~portfolio~~credit ofcards, ~~fixed~~education ~~maturity~~loans and ~~equity securities and mortgage and~~ other ~~loans. The~~asset ~~impact of the election has resulted in the following changes:~~types.

~~•Elimination~~(3)As of ~~the "available-for-sale" designation on all fixed maturity securities~~March 31, ~~resulting in a change in the recording of unrealized gains and losses through "Investment gains~~2024, ~~net" in~~ the ~~consolidated~~aggregate ~~statement~~fair ofvalue ~~income rather than in "Accumulated other comprehensive income" ("AOCI") as a component~~ of ~~equity~~mortgage inloans exceeded the ~~consolidated~~aggregate ~~statements~~unpaid ofprincipal ~~financial~~by ~~position;~~$4 million.

~~•Elimination~~(4)Other ofinvested ~~the required allowance for current expected credit losses on applicable financial~~ assets ~~under~~within ~~ASC~~the ~~326~~above -chart ~~Financial~~are ~~Instruments~~comprised -of ~~Credit~~derivative ~~Losses, which include fixed maturity securities designated as "available-for-sale" and mortgage and other loans; and~~assets.

~~•Elimination~~Excluded offrom athe ~~significant~~above ~~portion~~chart ofare private equity funds, which are classified as other invested assets on the ~~required~~Consolidated ~~disclosures~~Statements ~~for~~of ~~available-for-sale~~Financial ~~securities~~Position, and ~~mortgage~~certain ~~and~~fixed ~~other~~maturity ~~loans. These~~securities, ~~disclosures~~for ~~primarily~~which ~~relate~~fair tovalue ~~the~~is ~~amortized~~measured ~~cost~~at ~~and~~net ~~unrealized~~asset ~~gains~~value ~~and~~(“NAV”) ~~losses~~per onshare ~~available-for-sale~~(or ~~securities~~its equivalent) as a practical expedient. ~~Disclosures~~At ~~for~~March 31, ~~historical~~2024 ~~periods~~the ~~under~~fair ~~the~~values ~~Predecessor~~of ~~Company~~private ~~are~~equity ~~retained~~funds atand ~~the~~fixed ~~end~~maturity ofsecurities ~~this~~were ~~note~~$28 million ~~under~~and ~~"Predecessor~~$8 ~~Company"~~million, respectively.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

SUCCESSOR COMPANY


	March 31, 2024
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Ceded Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	74	$	—	$	—	$	74

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		719		—		—		719
U.S. corporate private securities	—		146		1		—		147
Foreign corporate public securities	—		113		—		—		113
Foreign corporate private securities	—		31		—		—		31
Asset-backed securities(2)	—		19		28		—		47

Residential mortgage-backed securities	—		122		—		—		122
Total fixed maturity securities	—		1,225		29		—		1,254

Short-term investments	3		22		—		—		25
Cash and cash equivalents	143		—		—		—		143
Other invested assets(3)	—		267		—		(45)		222
Deposit asset	—		—		426		—		426
Reinsurance recoverables	—		—		155		—		155

Subtotal excluding separate account assets	146		1,514		610		(45)		2,225
Separate account assets	—		2,116		—		—		2,116
Total assets	$	146	$	3,630	$	610	$	(45)	$	4,341
Liabilities
Insurance liabilities	$	—	$	—	$	2,203	$	—	$	2,203
Other liabilities - derivatives	—		47		—		(47)		—
Net modified coinsurance payable	—		—		72		—		72
Separate account liabilities	—		2,116		—		—		2,116
Total liabilities	$	—	$	2,163	$	2,275	$	(47)	$	4,391

~~Other~~(1)“Netting” ~~Invested~~amounts ~~Assets~~represent offsetting considerations as disclosed in Note 6.

~~The~~(2)Includes ~~following~~credit-tranched ~~table~~securities ~~sets~~collateralized ~~forth~~by ~~the~~syndicated ~~composition~~bank ofloans, ~~“Other~~sub-prime ~~invested~~mortgages, ~~assets~~auto loans,” ascredit ofcards, ~~the~~education ~~dates~~loans ~~indicated~~and other asset types.

	September 30, 2023						December 31, 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	4	$	4	$	—	$	4	$	4
Real estate-related	—		5		5		—		5		5
Subtotal equity method	—		9		9		—		9		9
Fair value:
Private equity	346		—		346		344		1		345
Total LPs/LLCs	346		9		355		344		10		354
Derivative instruments	180		71		251		85		—		85
Policy loans	11		—		11		11		—		11
Total other invested assets	$	537	$	80	$	617	$	440	$	10	$	450

(3)Other invested assets within the above chart are comprised of derivative assets.

Excluded ~~Accrued~~from ~~Investment~~the ~~Income~~above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position. At March 31, 2024 the fair values of private equity funds were $1 million.

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

	September 30, 2023						December 31, 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturity securities	$	42	$	6	$	48	$	37	$	10	$	47
Mortgage and other loans	3		—		3		1		—		1
Short-term investments and cash equivalents	5		1		6		3		1		4
Total accrued investment income	$	50	$	7	$	57	$	41	$	11	$	52

As of September 30, 2023, the aggregate fair value of mortgage and other loans that were 90 days or more past due and in non-accrual status was $2 million. The aggregate unpaid principal balance for these loans approximated fair value as of September 30, 2023. As of December 31, 2022, there were no mortgage and other loans that were 90 days or more past due or in non-accrual status.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Net Investment Income


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	581	$	—	$	—	$	581
Obligations of U.S. states and their political subdivisions	—		129		—		—		129
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,762		—		—		2,762
U.S. corporate private securities	—		146		245		—		391
Foreign corporate public securities	—		150		—		—		150
Foreign corporate private securities	—		31		57		—		88
Asset-backed securities(2)	—		706		246		—		952
Commercial mortgage-backed securities	—		12		—		—		12
Residential mortgage-backed securities	—		131		5		—		136
Total fixed maturity securities	—		4,649		553		—		5,202
Mortgage loans(3)	—		—		437		—		437
Short-term investments	—		17		4		—		21
Cash and cash equivalents	940		—		—		—		940
Other invested assets(4)	—		811		—		(694)		117
Deposit asset	—		—		438		—		438
Reinsurance recoverables	—		—		206		—		206

Subtotal excluding separate account assets	940		5,477		1,638		(694)		7,361
Separate account assets	—		23,870		—		—		23,870
Total assets	$	940	$	29,347	$	1,638	$	(694)	$	31,231
Liabilities

Insurance liabilities	$	—	$	—	$	5,003	$	—	$	5,003
Other liabilities - derivatives	71		1,230		—		(1,207)		94
Net modified coinsurance payable	—		—		78		—		78
Separate account liabilities	—		23,870		—		—		23,870
Total liabilities	$	71	$	25,100	$	5,081	$	(1,207)	$	29,045

~~The following tables set forth~~ (1)“~~Net investment income~~Netting” byamounts ~~investment~~represent ~~type,~~offsetting ~~for~~considerations ~~the~~as ~~periods~~disclosed ~~indicated:~~in Note 6.

	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	58	$	13	$	71	$	156	$	40	$	196
Equity securities	—		—		—		—		2		2
Mortgage and other loans	6		—		6		14		—		14
Other invested assets	14		1		15		33		2		35
Short-term investments and cash equivalents	1		4		5		6		16		22
Gross investment income	79		18		97		209		60		269
Less: investment expenses	(23)		(1)		(24)		(39)		(3)		(42)
Net investment income	$	56	$	17	$	73	$	170	$	57	$	227

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

	Three Months Ended September 30, 2022						Six Months Ended September 30 2022
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Fixed maturities securities	$	42	$	34	$	76	$	78	$	78	$	156
Equity securities	—		1		1		—		2		2
Secured receivable	—		7		7		—		18		18
Other invested assets	9		1		10		9		5		14
Short-term investments and cash equivalents	—		3		3		—		5		5
Gross investment income	51		46		97		87		108		195
Less: investment expenses	(4)		(1)		(5)		(5)		(1)		(6)
Net investment income	$	47	$	45	$	92	$	82	$	107	$	189

(3)As of December 31, 2023, the difference between the aggregate fair value and the aggregate unpaid principal of mortgage loans was de minimis.

~~The~~(4)Other ~~activity~~invested ~~above~~assets ~~includes~~within ~~interest~~the ~~income~~above ~~related~~chart toare ~~fair~~comprised ~~value~~of ~~option~~derivative ~~investments, where applicable~~assets.

~~Investment~~Excluded ~~Gains~~from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (~~Losses~~“NAV”), ~~Net~~per share (or its equivalent) as a practical expedient. At December 31, 2023 the fair values of private equity funds and fixed maturity securities were $24 million and $8 million, respectively.

The following tables set forth “Investment gains (losses), net” by investment type, for the periods indicated:

	Three Months Ended September 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(252)	$	(4)	$	(256)	$	(6)	$	(14)	$	(20)	$	(258)	$	(18)	$	(276)
Derivatives	—		(177)		(177)		—		(29)		(29)		—		(206)		(206)
Total	$	(252)	$	(181)	$	(433)	$	(6)	$	(43)	$	(49)	$	(258)	$	(224)	$	(482)

	Nine Months Ended September 30, 2023
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(158)	$	(32)	$	(190)	$	3	$	(21)	$	(18)	$	(155)	$	(53)	$	(208)
Equity securities	—		—		—		5		—		5		5		—		5
Derivatives	—		(616)		(616)		—		215		215		—		(401)		(401)
Total	$	(158)	$	(648)	$	(806)	$	8	$	194	$	202	$	(150)	$	(454)	$	(604)

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Three Months Ended September 30, 2022
	December 31, 2023
	Retained Business						Ceded Business						Total Business
	Level 1				Level 2		Level 3				Netting(1)		Total
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
	(in millions)
Retained Business
Fixed maturity securities	$	(312)	$	(26)	$	(338)	$	40	$	(160)	$	(120)	$	(272)	$	(186)	$	(458)
Assets
Secured receivable	—		—		—		—		(8)		(8)		—		(8)		(8)
Fixed maturity securities
Equity securities	—		—		—		(13)		—		(13)		(13)		—		(13)
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—			$	506	$	—			$	—	$	506
Derivatives	—		(125)		(125)		—		149		149		—		24		24
Obligations of U.S. states and their political subdivisions	—				129		—				—		129
Total	$	(312)	$	(151)	$	(463)	$	27	$	(19)	$	8	$	(285)	$	(170)	$	(455)
U.S. corporate public securities	—				2,099		—				—		2,099
U.S. corporate private securities	—				—		244				—		244
Foreign corporate public securities	—				124		—				—		124
Foreign corporate private securities	—				—		56				—		56
Asset-backed securities(2)	—				706		246				—		952
Commercial mortgage-backed securities	—				12		—				—		12
Residential mortgage-backed securities	—				23		5				—		28
Total fixed maturity securities	$	—			$	3,599	$	551			$	—	$	4,150
Mortgage loans(3)	—				—		437				—		437
Cash and cash equivalents	534				—		—				—		534
Other invested assets(4)	—				638						(638)		—
Subtotal excluding separate account assets	534				4,237		988				(638)		5,121
Separate account assets	—				21,800		—				—		21,800
Total assets	$	534			$	26,037	$	988			$	(638)	$	26,921
Liabilities
Insurance liabilities	$	—			$	—	$	2,835			$	—	$	2,835
Other liabilities - derivatives	71				1,174		—				(1,151)		94
Separate account liabilities	—				21,800		—				—		21,800
Total liabilities	$	71			$	22,974	$	2,835			$	(1,151)	$	24,729

	Six Months Ended September 30, 2022
	Retained Business						Ceded Business						Total Business
	Unrealized		Realized		Total		Unrealized		Realized		Total		Unrealized		Realized		Total
	(in millions)
Fixed maturity securities	$	(607)	$	(97)	$	(704)	$	100	$	(498)	$	(398)	$	(507)	$	(595)	$	(1,102)
Secured receivable	—		—		—		—		(59)		(59)		—		(59)		(59)
Equity securities	—		—		—		(32)		—		(32)		(32)		—		(32)
Derivatives	—		133		133		—		(693)		(693)		—		(560)		(560)
Total	$	(607)	$	36	$	(571)	$	68	$	(1,250)	$	(1,182)	$	(539)	$	(1,214)	$	(1,753)

(1)“Netting” amounts represent offsetting considerations as disclosed in Note 6.

~~Repurchase~~(2)Includes ~~Agreements~~credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and ~~Securities~~other ~~Lending~~asset types.

In(3)As ~~the normal course~~ of ~~business~~December 31, ~~FLIAC~~2023, ~~sells~~the ~~securities~~difference ~~under~~between ~~agreements~~the toaggregate ~~repurchase~~fair value and ~~enters~~the ~~into~~aggregate ~~securities~~unpaid ~~lending~~principal ~~transactions.~~of ~~These~~mortgage ~~balances~~loans ~~are~~was ~~recorded~~de ~~within Other liabilities in the unaudited interim consolidated statements of financial position~~minimis.

~~The~~(4)Other ~~following~~invested ~~table~~assets ~~sets~~within ~~forth, by type,~~ the ~~securities~~above ~~that~~chart weare ~~have~~comprised ~~agreed to repurchase, all~~ of ~~which~~derivatives ~~are contained in the Retained Business~~assets. ~~The below amounts represent the cash received under the outstanding repurchase agreements.~~

	September 30, 2023								December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Up to 30 days		30-90 days		1-5 Years		Total		Up to 30 days		30-90 days		Total
	(in millions)
U.S. corporate public securities	$	101	$	414	$	494	$	1,009	$	111	$	200	$	311

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At December 31, 2023 the fair values of private equity funds and fixed maturity securities were $24 million and $8 million, respectively.

The market value of the securities posted as collateral under the repurchase agreements was $1,015 million and $326 million as of September 30, 2023 and December 31, 2022, respectively.

The following table sets forth the remaining contractual maturities of the Successor Company's securities lending transactions by the security type that was loaned, all of which are contained in the Ceded Business. The amounts below represent the cash collateral received for the loaned securities.

	September 30, 2023								December 31, 2022
	Remaining Contractual Maturities of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Total			Overnight & Continuous		Up to 30 days		30-90 days		Total
	(in millions)
Equity securities	$	—	$	—	$	—	$	—		$	106	$	—	$	—	$	106

There were no outstanding securities lending agreements at September 30, 2023. The market value of the securities loaned at December 31, 2022 was $103 million.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

PREDECESSOR COMPANY


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Ceded Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	75	$	—	$	—	$	75

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		663		—		—		663
U.S. corporate private securities	—		146		1		—		147
Foreign corporate public securities	—		26		—		—		26
Foreign corporate private securities	—		31		1		—		32


Residential mortgage-backed securities	—		108		—		—		108
Total fixed maturity securities	$	—	$	1,050	$	2	$	—	$	1,052

Short-term investments	—		17		4		—		21
Cash and cash equivalents	406		—		—		—		406
Other invested assets (2)	—		173		—		(56)		117
Deposit asset	—		—		438		—		438
Reinsurance recoverables	—		—		206		—		206

Subtotal excluding separate account assets	406		1,240		650		(56)		2,240
Separate account assets	—		2,070		—		—		2,070
Total assets	$	406	$	3,310	$	650	$	(56)	$	4,310
Liabilities
Insurance liabilities	$	—	$	—	$	2,168	$	—	$	2,168
Other liabilities - derivatives	—		56		—		(56)		—
Net modified coinsurance payable	—		—		78		—		78
Separate account liabilities	—		2,070		—				2,070
Total liabilities	$	—	$	2,126	$	2,246	$	(56)	$	4,316

~~The~~(1)“Netting” ~~following~~amounts ~~table~~represent ~~sets~~offsetting ~~forth~~considerations ~~the~~as ~~sources~~disclosed ofin ~~proceeds~~Note ~~and~~6. ~~related investment losses for available-for-sale fixed maturity securities:~~

	Three months ended March 31
	2022
	(in millions)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	294
Proceeds from maturities/prepayments	108
Gross investment losses on sales and maturities	(21)

(2)Other invested assets within the above chart are comprised of derivative assets.

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $20 million for three months ended March 31, 2022.

Allowance for credit losses

The activity in the allowance for credit losses for fixed maturity securities, available-for-sale, was de minimis for the three months ended March 31, 2022.

The allowance for credit losses for mortgage and other loans declined by $1 million for the three months ended March 31, 2022. The decrease related to the improving credit environment.

See Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information about the Predecessor Company’s methodology for developing the allowance for credit losses.

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:

	Three Months Ended
	March 31, 2022
	(in millions)
Fixed maturities securities (1)	$	61
Equity securities	1
Mortgage and other loans	11
Other invested assets	29
Short-term investments and cash equivalents	1
Gross investment income	103
Less: investment expenses	(4)
Net investment income	$	99

(1)Includes fixed maturity securities classified as available-for-sale and trading.

Investment Gains, Net

The following table sets forth “Investment gains, net” by investment type, for the periods indicated:

	Three Months Ended March 31, 2022
	(in millions)
Fixed maturity securities (1)	$	(21)
Derivatives	502
Total	$	481

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

5Quantitative Information Regarding Internally Priced Level 3 Assets and Liabilities – The tables below present information about the significant unobservable inputs used for recurring fair value measurements regarding certain Level 3 assets and liabilities. ~~DERIVATIVES~~ ~~AND~~Excluded ~~HEDGING~~from the tables are assets that are externally priced and for which information about the inputs is not readily available to the Company.

Types of Derivative Instruments and Derivative Strategies


	March 31, 2024
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Retained business
Fixed maturity securities
U.S. corporate private securities	$	227	Discounted cash flow	Discount rate	4.95	%	8.94	%	6.81	%	Decrease



Foreign corporate private securities	37		Discounted cash flow	Discount rate	4.51	%	6.55	%	5.53	%	Decrease



Asset-backed securities	104		Discounted cash flow	Discount rate	6.37	%	12.17	%	7.94	%	Decrease
	128		Trade price	Trade price	N/A		N/A		N/A		Increase
Total asset-backed securities	232

Mortgage loans
Residential mortgage loans	347		Level yield	Market yield	5.39	%	10.55	%	7.50	%	Decrease

Commercial mortgage loans	78		Discounted cash flow	Discount rate	6.30	%	7.58	%	7.14	%	Decrease
Total Mortgage loans	425

Ceded business

Deposit asset	426		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	155		Fair values are determined using the same unobservable inputs as insurance liabilities.


Liabilities:
Insurance liabilities
Retained business	$	2,342	Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.84	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Ceded business	2,203		Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.70	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Net modified coinsurance payable	72		Fair values are determined using the same unobservable inputs as insurance liabilities.

The Company utilizes various derivative instruments and strategies to manage its risk. Commonly used derivative instruments include but are not necessarily limited to:

•Interest rate contracts: swaps, swaptions, futures, forwards, options, caps and floors

•Equity contracts: futures, options, and total return swaps

•Foreign exchange contracts: futures, options, forwards and swaps

•Credit contracts: single and index reference credit default swaps

See below for information on these contracts and the related strategies.

Interest Rate Contracts

Interest rate swaps, swaptions, and futures are used by the Company to reduce risks from changes in interest rates, manage interest rate exposures arising from mismatches between assets and liabilities and to hedge against changes in their values it owns or anticipates acquiring or selling.

Interest rate swaps may be attributed to specific assets or liabilities or to a portfolio of assets or liabilities. The Company agrees with counterparties to exchange, at specified intervals, the difference between fixed-rate and floating-rate interest amounts calculated by reference to an agreed upon notional principal amount.

Swaptions are options that give the holder the right but not obligation to enter into a specified interest rate swap. The Company uses these instruments for protection against the direction of future interest rates. Swaptions are included in the interest rate swaps line item on the subsequent tables within this note.

In standardized exchange-traded interest rate futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values of underlying referenced investments. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Equity Contracts

Equity options, total return swaps, and futures are used by the Company to manage its exposure to the equity markets which impacts the value of assets and liabilities it owns or anticipates acquiring or selling.

Equity options are contracts which will settle in cash based on differentials in the underlying indices at the time of exercise and the strike price. The Company uses combinations of purchases and sales of equity index options to hedge the effects of adverse changes in equity indices within a predetermined range.

Total return swaps are contracts whereby the Company agrees with counterparties to exchange, at specified intervals, the difference between the return on an asset (or market index) and Secured Overnight Financing Rate ("SOFR") plus an associated funding spread based on a notional amount. The Company generally uses total return swaps to hedge the effect of adverse changes in equity indices.

In standardized exchange-traded equity futures transactions, the Company purchases or sells a specified number of contracts, the values of which are determined by the daily market values underlying referenced equity indices. The Company enters into exchange-traded futures with regulated futures commission's merchants who are members of a trading exchange.

Foreign Exchange Contracts

Currency derivatives, including currency swaps and forwards, are used by the Company to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company either holds or intends to acquire or sell.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Under currency forwards, the Company agrees with counterparties to deliver a specified amount of an identified currency at a specified future date. Typically, the price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company executes forward sales of the hedged currency in exchange for U.S. dollars at a specified exchange rate. The maturities of these forwards correspond with the future periods in which the non-U.S. dollar-denominated earnings are expected to be generated.


	December 31, 2023
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Retained business
Fixed maturity securities
U.S. corporate private securities	$	203	Discounted cash flow	Discount rate	5.19	%	9.36	%	6.93	%	Decrease

Foreign corporate private securities	36		Discounted cash flow	Discount rate	4.65	%	6.78	%	5.72	%	Decrease

Asset-backed securities	107		Discounted cash flow	Discount rate	6.37	%	12.17	%	7.96	%	Decrease
	113		Trade price	Trade price	N/A		N/A		N/A		Increase
Total asset-backed securities	220

Mortgage loans
Residential mortgage loans	361		Level yield	Market yield	6.43	%	11.61	%	7.94	%	Decrease
Commercial mortgage loans	76		Discounted cash flow	Discount rate	5.87	%	7.15	%	6.72	%	Decrease
Total Mortgage loans	437

Ceded business
Deposit asset	438		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	206		Fair values are determined using the same unobservable inputs as insurance liabilities.

Liabilities:
Insurance liabilities
Retained business	$	2,835	Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.94	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Ceded business	2,168		Discounted cash flow	Equity volatility curve (2)	15	%	25	%			Increase
				Lapse rate(3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	1.73	%			Decrease
				Utilization rate(5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate(7)	0	%	16	%			Decrease

Net modified coinsurance payable	78		Fair values are determined using the same unobservable inputs as insurance liabilities.

~~Under currency swaps~~(1)Conversely, the ~~Company~~impact ~~agrees~~of ~~with~~a ~~counterparties~~decrease toin ~~exchange,~~input atwould ~~specified~~have ~~intervals,~~ the ~~difference~~opposite ~~between~~impact ~~one~~on ~~currency~~fair ~~and~~value ~~another~~as atthat anpresented ~~exchange~~in ~~rate and calculated by reference to an agreed principal amount. Generally,~~ the ~~principal amount of each currency is exchanged at the beginning and termination of the currency swap by each party~~table.

~~Credit~~(2) The ~~Contracts~~equity volatility curve assumption is based on 1 year and 2 year index-specific at-the-money implied volatilities grading to 10 year total variance. Increased volatility increases the fair value of the liability.

~~The~~(3) Lapse ~~Company,~~rates ~~primarily~~for incontracts ~~the~~with ~~retained~~living ~~business,~~benefit ~~sells~~guarantees ~~credit~~are ~~protection~~adjusted ~~using~~at ~~credit~~the ~~derivatives~~contract level based on the in-the-moneyness ~~order~~of tothe ~~generate~~living abenefit ~~credit~~and ~~spread~~reflect ~~for~~other factors, such as the ~~benefit~~applicability of ~~the~~any ~~Company’s~~surrender ~~investment~~charges. ~~portfolio~~Lapse rates are reduced when contracts are more in-the-money. In ~~addition,~~Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the ~~Company,~~contract ~~primarily~~level inbased on the ~~ceded~~applicability ~~business~~of any surrender charges, ~~has~~product ~~also~~type, ~~purchased~~and ~~credit~~market ~~protection~~related ~~using~~factors ~~credit~~such ~~derivatives~~as ininterest ~~order~~rates. toLapse ~~hedge~~rates ~~specific~~are ~~credit~~also ~~exposures~~generally inassumed to be lower for the ~~Company’s~~period ~~investment~~where ~~portfolio~~surrender charges apply.

~~Primary~~(4) The ~~Risks~~spread ~~Managed~~over the risk-free rate swap curve represents the premium added to the proxy for the risk-free rate to reflect the Company's estimates of rates that a market participant would use to value the living benefits in both the accumulation and~~/or~~ ~~Accessed~~payout phases and index-linked interest crediting guarantees. This spread includes an estimate of NPR, which is the risk that the obligation will not be fulfilled by ~~Derivatives~~the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements, living benefit guarantees, and index-linked interest crediting guarantees are insurance liabilities and are therefore senior to debt.

The tables below provide a summary, by operating segment, of the gross notional amount and fair value of derivative contracts, by the primary underlying risks. Many derivative instruments contain multiple underlying risks. The fair value amounts below represent the value of derivative contracts prior to taking into account the netting effects of master netting agreements and cash collateral.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	September 30, 2023						December 31, 2022
Primary Underlying Risk/Instrument Type	Gross Notional Values/Units		Fair Value				Gross Notional Values/Units		Fair Value
			Assets		Liabilities				Assets		Liabilities
	(in millions)
Retained Business
Interest Rate
Interest Rate Swaps	$	18,846	$	481	$	(890)	$	12,131	$	228	$	(553)
Currency/Interest Rate
Foreign Currency Swaps	100		8		—		100		11		—
Credit
Credit Default Swaps	520		7		—		520		5		—
Equity
Equity Futures	(1,657)		72		—		(1,737)		46		—
Total Return Swaps	1,079		65		(139)		—		24		(49)
Equity Options	4,046		167		(34)		3,286		118		—
Total Derivatives, Retained Business	22,934		800		(1,063)		14,300		432		(602)
Ceded Business
Interest Rate
Interest Rate Swaps	840		56		(16)		2,517		48		(117)
Currency/Interest Rate
Foreign Currency Swaps	39		6		—		48		6		—
Credit
Credit Default Swaps	—		—		—		71		1		—
Equity
Total Return Swaps	9		—		—		—		—		—
Equity Options	3,230		99		(74)		7,139		180		(356)
Total Derivatives, Ceded Business	4,118		161		(90)		9,775		235		(473)
Total Derivatives (1)	$	27,052	$	961	$	(1,153)	$	24,075	$	667	$	(1,075)

(5) The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal.

(16) ~~Recorded~~ The inwithdrawal ~~“Other~~rate ~~invested~~assumption ~~assets”~~estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and ~~“Other~~the ~~liabilities”~~duration insince the ~~Consolidated~~contractholder ~~Statements~~began lifetime withdrawals. As of ~~Financial~~March 31, ~~Position~~2024 and December 31, 2023, the minimum withdrawal rate assumption is 88% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(7) The range reflects the mortality rates for the vast majority of business with living benefits, with policyholders ranging from 45 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits.

Interrelationships Between Unobservable Inputs – In addition to the sensitivities of fair value measurements to changes in each unobservable input in isolation, as reflected in the table above, interrelationships between these inputs may also exist, such that a change in one unobservable input may give rise to a change in another, or multiple, inputs. Examples of such interrelationships for significant internally-priced Level 3 assets and liabilities are as follows:

Corporate Securities – The rate used to discount future cash flows reflects current risk-free rates plus credit and liquidity spread requirements that market participants would use to value an asset. The discount rate may be influenced by many factors, including market cycles, expectations of default, collateral, term and asset complexity. Each of these factors can influence discount rates, either in isolation, or in response to other factors. During weaker economic cycles, as the expectations of default increases, credit spreads widen, which results in a decrease in fair value.

Insurance Liabilities, at fair value – The Company expects efficient benefit utilization and withdrawal rates to generally be correlated with lapse rates. However, behavior is highly dependent on the facts and circumstances surrounding the individual contractholder, such as their liquidity needs or tax situation, which could drive lapse behavior independent of other contractholder behavior assumptions. To the extent that more efficient contractholder behavior results in greater in-the-moneyness at the contract level, lapse rates may decline for those contracts. Similarly, to the extent that increases in equity volatility are correlated with overall declines in the capital markets, lapse rates may decline as contracts become more in-the-money.

Changes in Level 3 Assets and Liabilities – The following tables describe changes in fair values of Level 3 assets and liabilities, by business segment, and in the aggregate. In addition, the following tables include the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods. When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Offsetting Assets and Liabilities


	Three Months Ended March 31, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	244	$	3	$	24	$	—	$	—	$	—	$	—	$	—	$	—	$	271	$	2
Foreign corporate private securities	56		1		—		—		—		—		—		—		—		57		1
Residential mortgage-backed securities	5		—		—		—		—		—		—		—		—		5		—
Asset-backed securities	246		(1)		14		—		—		(1)		—		—		—		258		(2)
Mortgage loans
Residential mortgage loans	361		5		4		—		—		(22)		—		—		—		348		5
Commercial mortgage loans	76		1		—		—		—		—		—		—		—		77		1
Ceded Business
U.S. corporate private securities	1		—		—		—		—		—		—		—		—		1		—
Asset-backed securities	—		—		28		—		—		—		—		—		—		28		—
Foreign corporate private securities	1		—		—		—		—		(1)		—		—		—		—		—
Short-term investments	4		—		3		—		—		(7)		—		—		—		—		—
Deposit asset	438		(10)		—		—		—		—		(2)		—		—		426		—
Reinsurance recoverables	206		(51)		—		—		—		—		—		—		—		155		—
Net modified coinsurance receivable (payable)	(78)		6		—		—		—		—		—		—		—		(72)		—

The following table presents recognized derivative instruments that are offset in the Consolidated Statements of Financial Position, and/or are subject to an enforceable master netting arrangement or similar agreement, irrespective of whether they are offset in the Consolidated Statements of Financial Position.

	September 30, 2023
	GrossAmounts ofRecognizedFinancialInstruments		Gross AmountsOffset in the Statements ofFinancialPosition		NetAmountsPresented inthe Statementsof FinancialPosition		FinancialInstruments/Collateral(1)		NetAmount
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	247	$	(67)	$	180	$	(180)	$	—
Ceded Business	161		(90)		71		—		71
Total	$	408	$	(157)	$	251	$	(180)	$	71
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	510	$	(510)	$	—	$	—	$	—
Ceded Business	90		(90)		—		—		—
Total	$	600	$	(600)	$	—	$	—	$	—
Repurchase agreements	$	1,009	$	—	$	1,009	$	(1,009)	$	—

	December 31, 2022
`	GrossAmounts ofRecognizedFinancialInstruments		Gross AmountsOffset in theStatement ofFinancialPosition		NetAmountsPresented inthe Statementof FinancialPosition		FinancialInstruments/Collateral(1)		NetAmount
	(in millions)
Offsetting of Financial Assets:
Derivatives
Retained Business	$	183	$	(98)	$	85	$	(85)	$	—
Ceded Business	235		(235)		—		—		—
Total	$	418	$	(333)	$	85	$	(85)	$	—
Offsetting of Financial Liabilities:
Derivatives
Retained Business	$	353	$	(353)	$	—	$	—	$	—
Ceded Business	473		(272)		201		—		201
Total	$	826	$	(625)	$	201	$	—	$	201
Repurchase agreements	$	311	$	—	$	311	$	(311)	$	—
Securities lending transactions	$	106	$	—	$	106	$	(103)	$	3

(1)Amounts exclude the excess of collateral received/pledged from/to the counterparty.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. FLIAC manages credit risk by (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreement, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single-party credit exposures which are subject to periodic management review. Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position.


	Three Months Ended March 31, 2023
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3		Transfers out of Level 3		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	146	$	—	$	19	$	—	$	—	$	(1)	$	—	$	—	$	18	$	182	$	—
Foreign corporate private securities	36		—		—		—		—		—		—		—		—		36		1
Asset-backed securities	155		(2)		38		—		—		—		—		—		—		191		(2)
Mortgage loans
Residential mortgage loans	161		—		13		—		—		(16)		—		—		—		158		—
Commercial mortgage loans	35		—		13		—		—		—		—		—		—		48		—
Ceded Business

Deposit asset	607		1		—		—		—		—		—		—		—		608		—
Reinsurance recoverables	235		12		—		—		—		—		—		—		—		247		—
Net modified coinsurance receivable (payable)	18		(63)		—		—		—		—		—		—		—		(45)		—

~~For~~(1) ~~securities~~Unrealized ~~purchased~~gains ~~under~~or ~~agreements~~losses torelated ~~resell and securities sold under agreements~~ to ~~repurchase,~~assets ~~the~~still ~~Company~~held ~~monitors~~at the ~~value~~end of the ~~securities~~period ~~and~~do ~~maintains~~not ~~collateral,~~include asamortization ~~appropriate,~~or toaccretion ~~protect against credit exposure. Where the Company has entered into repurchase and resale agreements with the same counterparty, in the event~~ of ~~default,~~premiums ~~the Company would generally be permitted to exercise rights of offset. For additional information on the Company’s accounting policy for securities repurchase~~ and ~~resale agreements, see Note 2 to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022~~discounts.

Classification of Derivatives Activity


	Three Months Ended March 31, 2024
			Incurred losses
	Fair Value, beginning of period		Reduction in estimates of ultimate losses		Increase in estimates of ultimate losses		Change in fair value (discount rate)		Fee income and paid losses		Other		Fair Value, end of period
	(in millions)
Insurance Liabilities
Retained Business	$	2,835	$	(385)	$	108	$	(245)	$	29	$	—	$	2,342
Ceded Business	2,168		(96)		159		(31)		3		—		2,203

As part of our application of push-down accounting in connection with the acquisition of the Company, we have de-designated the Predecessor Company's hedging relationships for all of our derivative instruments, and accordingly, any related accumulated unrealized gains and losses that were previously recorded in AOCI were reset to zero at the acquisition date. Historical information has not been restated under the updated segmentation and is not comparable following the change in ownership on April 1, 2022.


	Three Months Ended March 31, 2023
			Incurred losses
	Fair Value, beginning of period		Reduction in estimates of ultimate losses		Increase in estimates of ultimate losses		Change in fair value (discount rate)		Fee income and paid losses		Other		Fair Value, end of period
	(in millions)
Insurance Liabilities
Retained Business	$	2,941	$	(348)	$	132	$	235	$	100	$	(4)	$	3,056
Ceded Business	2,605		(66)		67		76		13		—		2,695

The following tables provide the financial statement classification and impact of derivatives, by segment.

	Successor Company
	Three Months Ended		Nine Months Ended		Three Months Ended		Six Months Ended
	September 30, 2023				September 30, 2022
	Investment gains (losses), net
	(in millions)
Retained Business
Interest Rate	$	(206)	$	(168)	$	(259)	$	(704)
Currency/Interest Rate	—		—		12		12
Credit	2		4		(2)		(2)
Equity	27		(452)		124		827
Total, Retained Business	(177)		(616)		(125)		133
Ceded Business
Interest Rate	5		72		(36)		(56)
Currency	—		—		—		2
Currency/Interest Rate	—		—		(36)		94
Credit	2		3		2		(4)
Equity	(36)		140		219		(729)
Total, Ceded Business	(29)		215		149		(693)
Total	$	(206)	$	(401)	$	24	$	(560)

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Predecessor Company
	Three Months Ended March 31, 2022
	InvestmentGains, net		Net InvestmentIncome		Other Income		Change in AOCI
	(in millions)
Derivatives Designated as Hedge Accounting Instruments:
Cash flow hedges
Currency/Interest Rate	$	1	$	1	$	2	$	4
Derivatives Not Qualifying as Hedge Accounting Instruments:
Interest Rate	(527)		—		—		—
Currency/Interest Rate	(6)		—		—		—
Credit	(12)		—		—		—
Equity	59		—		—		—
Embedded Derivatives	986		—		—		—
Total Derivatives Not Qualifying as Hedge Accounting Instruments	500		—		—		—
Total	$	501	$	1	$	2	$	4

"Total realized and unrealized gains (losses)" related to our level 3 assets are included in earnings in Investment gains (losses). Activity related to our level 3 liabilities is primarily recognized in earnings within change in Policyholder benefits and changes in fair value of insurance liabilities with the exception of changes related to the Company's own-credit risk, which are included in "Change in fair value (discount rate)" above and recorded in other comprehensive income (loss).

~~6. FAIR~~Change ~~VALUE~~in OFFair ~~ASSETS~~Value ~~AND~~of ~~LIABILITIES~~Insurance Contracts

~~Fair~~The ~~Value~~components ~~Measurement~~of –the ~~Fair~~change ~~value~~in ~~represents~~fair ~~the~~value ~~price~~of ~~that~~our ~~would~~insurance becontracts ~~received~~are toreported ~~sell~~in anseveral ~~asset~~line oritems ~~paid~~within toRevenues ~~transfer~~and aBenefits ~~liability~~and expenses in anour ~~orderly~~consolidated ~~transaction~~statements ~~between~~of ~~market~~income ~~participants~~and atcomprehensive ~~the~~income ~~measurement date~~(loss). The ~~authoritative~~revenue ~~fair~~items ~~value~~include ~~guidance~~Premiums, ~~establishes~~Policy acharges ~~framework~~and ~~for~~fee ~~measuring~~income, ~~fair~~and ~~value~~Asset ~~that~~management ~~includes~~and aservice ~~hierarchy~~fees. ~~used~~The toBenefits ~~classify~~and ~~the~~expenses ~~inputs~~items ~~used~~include inPolicyholders' ~~measuring~~benefits and changes in fair value. ~~The~~of ~~level~~insurance inliabilities ~~the~~and ~~fair~~commission ~~value~~expense. ~~hierarchy~~Policyholder ~~within~~benefits ~~which~~and ~~the~~changes in fair value ~~measurement~~of ~~falls~~insurance isliabilities ~~determined~~includes ~~based on~~ the ~~lowest~~following ~~level~~changes ~~input~~in ~~that~~fair isvalue ~~significant~~of to the ~~fair~~assets ~~value~~and ~~measurement.~~liabilities ~~The~~for ~~levels~~which ofwe have elected the fair value ~~hierarchy are as follows~~option:

Level 1 - Fair value is based on unadjusted quoted prices in active markets that are accessible to the Company for identical assets or liabilities.


	March 31, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Assets:
Reinsurance recoverables	$	—	$	(51)	$	(51)	$	—	$	(29)	$	(29)
Modified coinsurance receivable	—		97		97		—		(238)		(238)
Deposit asset	—		(12)		(12)		—		(169)		(169)
Liabilities:
Insurance liabilities	$	(493)	$	35	$	(458)	$	(106)	$	(437)	$	(543)

~~Level~~Changes ~~2 - Fair value is based on significant inputs, other than quoted prices included~~ in ~~Level~~insurance 1,liabilities ~~that~~attributable ~~are~~to ~~observable for~~ the ~~asset~~Company's orown-credit ~~liability,~~risk ~~either~~are ~~directly~~recorded orin ~~indirectly,~~other ~~for~~comprehensive ~~substantially~~income ~~the~~(loss). Changes ~~full~~in ~~term of~~ the ~~asset~~modified orcoinsurance ~~liability~~payable ~~through~~are ~~corroboration~~reported ~~with~~in ~~observable~~Policyholder ~~market~~benefits ~~data.~~and ~~Level~~changes ~~2 inputs include quoted market prices~~ in ~~active~~fair ~~markets~~value ~~for~~of ~~similar~~insurance ~~assets and~~ liabilities, ~~quoted~~however, ~~market~~they ~~prices~~are innot ~~markets~~included ~~that~~in ~~are~~the ~~not~~above ~~active~~chart ~~for~~as ~~identical~~they orrelate ~~similar~~to ~~assets~~the orinvestment ~~liabilities,~~portfolio ~~and~~within ~~other~~the ~~market~~modified ~~observable~~coinsurance ~~inputs~~agreement.

~~Level 3 -~~ Fair ~~value~~Value isof ~~based~~Financial ~~on at least one significant unobservable input for the asset or liability. The assets and liabilities in this category may require significant judgment or estimation in determining the fair value.~~ Instruments

~~For~~The atable ~~discussion~~below ofpresents the ~~Company's~~carrying ~~valuation~~amount ~~methodologies for assets~~ and ~~liabilities~~fair ~~measured~~value atby fair value ~~and~~hierarchy ~~the~~level of certain financial instruments that are not reported at fair value. ~~hierarchy,~~The ~~see~~financial ~~Note~~instruments 6presented tobelow ~~the~~are ~~Financial~~reported ~~Statements~~at ~~included~~carrying invalue on the Company'’s ~~Annual~~Consolidated ~~Report~~Statements onof ~~Form~~Financial ~~10-K~~Position. In ~~for~~some cases the ~~year~~carrying ~~ended~~amount ~~December 31,~~equals ~~2022~~or approximates fair value.

Fair Value Option Election


	March 31, 2024
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	60	$	—	$	60	$	60
Other invested assets - Other	57		—		11		68		68
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements	$	—	$	993	$	—	$	993	$	1,121

We have elected to adopt the fair value option for several of our financial assets and liabilities. The following are the financial assets and liabilities for which we have elected the fair value option. See Notes 2 and 6 to the Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further information.

•Fixed maturity securities

•Equity securities

•Mortgage and other loans

•Reinsurance recoverable

•Separate account assets and liabilities

•Net modified coinsurance receivable/payable

•Deposit asset

•Insurance liabilities

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Assets and Liabilities by Hierarchy Level – The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	December 31, 2023
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	60	$	—	$	60	$	60
Other invested assets - Other	50		—		11		61		61
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements	$	—	$	825	$	—	$	825	$	967

	Successor Company
	September 30, 2023
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Total Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	469	$	—	$	—	$	469
Obligations of U.S. states and their political subdivisions	—		113		—		—		113
Foreign government bonds	—		4		—		—		4
U.S. corporate public securities	—		2,522		—		—		2,522
U.S. corporate private securities	—		142		205		—		347
Foreign corporate public securities	—		143		—		—		143
Foreign corporate private securities	—		30		48		—		78
Asset-backed securities (2)	—		706		213		—		919
Commercial mortgage-backed securities	—		16		—		—		16
Residential mortgage-backed securities	—		221		—		—		221
Total fixed maturity securities	—		4,366		466		—		4,832
Mortgage and other loans (3)	—		—		422		—		422
Short-term investments	—		30		—		—		30
Cash and cash equivalents	592		—		—		—		592
Other invested assets (4)	72		889		—		(710)		251
Deposit asset	—		—		430		—		430
Reinsurance recoverables	—		—		179		—		179
Subtotal excluding separate account assets	664		5,285		1,497		(710)		6,736
Separate account assets	—		22,557		—		—		22,557
Total assets	$	664	$	27,842	$	1,497	$	(710)	$	29,293
Liabilities
Insurance liabilities	$	—	$	—	$	4,574	$	—	$	4,574
Other liabilities - derivatives	—		1,153		—		(1,153)		—
Net modified coinsurance payable	—		—		68		—		68
Separate account liabilities	—		22,557		—		—		22,557
Total liabilities	$	—	$	23,710	$	4,642	$	(1,153)	$	27,199

5. INVESTMENTS

~~(1)“Netting”~~We ~~amounts~~have ~~represent~~elected ~~offsetting~~to ~~considerations~~apply asthe ~~disclosed~~fair invalue option for FLIAC's entire portfolio of fixed maturity securities and mortgage and other loans. See Note 54 for further information.

~~(2)Includes~~Other ~~credit-tranched~~Invested ~~securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.~~Assets

~~(3)As~~The offollowing ~~September 30,~~table ~~2023,~~sets ~~the~~forth ~~difference between~~ the ~~aggregate~~composition ~~fair~~of ~~value~~“Other ~~and~~invested ~~the~~assets,” ~~aggregate~~as ~~unpaid principal~~ of ~~mortgage~~the ~~and~~dates ~~other loans was de minimis~~indicated.

(4)Other invested assets within the above chart are comprised of derivatives.


	March 31, 2024						December 31, 2023
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
LPs/LLCs:
Equity method:
Private equity	$	—	$	3	$	3	$	—	$	4	$	4
Real estate-related	—		3		3		—		5		5
Subtotal equity method	—		6		6		—		9		9
Fair value:
Private equity	28		1		29		24		—		24
Total LPs/LLCs	28		7		35		24		9		33
Derivative instruments	16		222		238		—		117		117
Other	68		—		68		61		—		61
Total other invested assets	$	112	$	229	$	341	$	85	$	126	$	211

Excluded from the above chart are private equity funds, which are classified as other invested assets on the Consolidated Statements of Financial Position, and certain fixed maturity securities, for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. At September 30, 2023 the fair values of private equity funds and fixed maturity securities were $346 million and $7 million.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

	Successor Company
	September 30, 2023
	Level 1		Level 2		Level 3		Netting (1)		Total
	(in millions)
Retained Business
Assets
Fixed maturity securities
U.S Treasury securities and obligations of U.S. government authorities and agencies	$	—	$	395	$	—	$	—	$	395
Obligations of U.S. states and their political subdivisions	—		113		—		—		113
U.S. corporate public securities	—		1,877		—		—		1,877
U.S. corporate private securities	—		—		205		—		205
Foreign corporate public securities	—		114		—		—		114
Foreign corporate private securities	—		—		43		—		43
Asset-backed securities (2)	—		706		213		—		919
Commercial mortgage-backed securities	—		16		—		—		16
Residential mortgage-backed securities	—		26		—		—		26
Total fixed maturity securities	—		3,247		461		—		3,708
Mortgage and other loans	—		—		422		—		422
Cash and cash equivalents	335		—		—		—		335
Other invested assets(3)	72		728		—		(620)		180
Subtotal excluding separate account assets	407		3,975		883		(620)		4,645
Separate account assets	—		20,600		—		—		20,600
Total assets	$	407	$	24,575	$	883	$	(620)	$	25,245
Liabilities
Insurance liabilities	$	—	$	—	$	2,542	$	—	$	2,542
Other liabilities - derivatives	—		1,063		—		(1,063)		—
Separate account liabilities	—		20,600		—		—		20,600
Total liabilities	$	—	$	21,663	$	2,542	$	(1,063)	$	23,142

Accrued Investment Income

~~(1)“Netting”~~The ~~amounts~~following ~~represent~~table ~~offsetting~~sets ~~considerations~~forth the composition of “Accrued investment income,” as ~~disclosed~~of inthe ~~Note~~dates 5.indicated:

(2)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

March 31, 2024

December 31, 2023

Retained Business

Ceded Business

Total

Retained Business

Ceded Business

Total

(in millions)

Fixed maturity securities

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