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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 June 30, 2025


☐			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 August 7, 2025, 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 June 30, 2025 and December 31, 2024	5
		Unaudited Interim Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2025 and 2024	6
		Unaudited Interim Consolidated Statements of Equity for the three and six months ended June 30, 2025 and 2024	7
		Unaudited Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	8
		Notes to Unaudited Interim Consolidated Financial Statements	9
		1. Business and Basis of Presentation	9
		2. Significant Accounting Policies and Pronouncements	9
		3. Segment Information	10
		4. Fair Value of Assets and Liabilities	14
		5. Investments	30
		6. Derivatives, Hedging and Offsetting	33
		7. Income Taxes	37
		8. Equity	38
		9. Commitments and Contingent Liabilities	38
		10. Related Party Transactions	40
		11. Separate Accounts	41
		12. Credit and Liquidity Agreements	42

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	51
	Item 4.	Controls and Procedures	52
PART II - OTHER INFORMATION			52
	Item 1.	Legal Proceedings	52
	Item 1A.	Risk Factors	52
	Item 6.	Exhibits	53
SIGNATURES			54

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 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 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, human error or misconduct, and the use of generative artificial intelligence by either us or third-parties 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; (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. 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, 2024 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)



	June 30, 2025		December 31, 2024

ASSETS
Fixed maturity securities, at fair value	$	5,281	$	5,022
Mortgage loans, at fair value	354		364
Short-term investments	—		8
Other invested assets (includes $398 and $354 of assets measured at fair value at June 30, 2025 and December 31, 2024, respectively)	416		395
Total investments	6,051		5,789
Cash and cash equivalents	442		563
Accrued investment income	64		58
Reinsurance recoverables, at fair value	173		163

Deposit asset, at fair value	342		364
Income taxes	139		76
Other assets (Receivables from parent and affiliates: June 30, 2025 - $50; December 31, 2024 - $10)	208		69
Separate account assets, at fair value	22,448		22,857
TOTAL ASSETS	$	29,867	$	29,939

LIABILITIES AND EQUITY

LIABILITIES
Insurance liabilities, at fair value	$	4,488	$	4,380

Net modified coinsurance payable, at fair value	145		145
Liabilities associated with secured borrowing arrangements	1,367		1,200
Other liabilities (Payables to parent and affiliates: June 30, 2025 - $3; December 31, 2024 - $4)	231		208
Separate account liabilities, at fair value	22,448		22,857
TOTAL LIABILITIES	28,679		28,790

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		1,714
Retained deficit	(511)		(518)
Accumulated other comprehensive loss	(18)		(50)
TOTAL EQUITY	1,188		1,149
TOTAL LIABILITIES AND EQUITY	$	29,867	$	29,939

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Operations and Comprehensive Income

(in millions)



	June 30
	Three Months Ended				Six Months Ended


	2025		2024		2025		2024

REVENUES
Premiums	$	10	$	8	$	17	$	18
Policy charges and fee income	103		113		210		225
Net investment income	71		75		136		145
Asset management and service fees	21		23		43		46
Other income (loss)	1		—		(2)		2
Investment losses, net	(235)		(147)		(63)		(468)
TOTAL REVENUES	(29)		72		341		(32)

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(33)		62		326		(252)
Commission expense	20		23		42		46
General, administrative and other expenses	15		20		32		38
TOTAL BENEFITS AND EXPENSES	2		105		400		(168)

INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(31)		(33)		(59)		136
Less: Income tax expense (benefit)	(62)		(3)		(66)		21
NET INCOME (LOSS)	$	31	$	(30)	$	7	$	115
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	(8)		61		40		48
Less: Income tax expense (benefit) related to other comprehensive income (loss)	(2)		13		8		10
Other comprehensive income (loss), net of taxes	(6)		48		32		38
COMPREHENSIVE INCOME	$	25	$	18	$	39	$	153

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Equity

(in millions)


	Common Stock		Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Total Equity
Balance, December 31, 2024	$	3	$	1,714	$	(518)	$	(50)	$	1,149

Comprehensive income (loss):
Net loss	—		—		(24)		—		(24)
Other comprehensive income, net of tax	—		—		—		38		38
Total comprehensive income									14
Balance, March 31, 2025	$	3	$	1,714	$	(542)	$	(12)	$	1,163

Comprehensive income (loss):
Net income	—		—		31		—		31
Other comprehensive loss, net of tax	—		—		—		(6)		(6)
Total comprehensive income									25
Balance, June 30, 2025	$	3	$	1,714	$	(511)	$	(18)	$	1,188


	Common Stock		Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Total Equity
Balance, December 31, 2023	$	3	$	1,714	$	(290)	$	(65)	$	1,362
Dividend to parent	—		—		(75)		—		(75)
Comprehensive income (loss):
Net income	—		—		145		—		145
Other comprehensive loss, net of tax	—		—		—		(10)		(10)
Total comprehensive income									135
Balance, March 31, 2024	$	3	$	1,714	$	(220)	$	(75)	$	1,422
Dividend to parent	—		—		(75)		—		(75)
Comprehensive income (loss):
Net loss	—		—		(30)		—		(30)
Other comprehensive income, net of tax	—		—		—		48		48
Total comprehensive income									18
Balance, June 30, 2024	$	3	$	1,714	$	(325)	$	(27)	$	1,365

See Notes to Unaudited Interim Consolidated Financial Statements

Fortitude Life Insurance & Annuity Company

Unaudited Interim Consolidated Statements of Cash Flows

(in millions)


	Six Months Ended June 30
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7	$	115
Adjustments to reconcile net income to net cash from (used in) operating activities:
Investment losses, net	63		468
Other, net	(21)		(10)
Change in:
Insurance liabilities, at fair value	244		(468)
Deposit asset, at fair value	22		34
Net modified coinsurance payable, at fair value	—		50
Accrued investment income	(6)		(5)
Income taxes	(67)		11
Reinsurance recoverables, net	(10)		55
Derivatives, net	(98)		(431)
Other, net	17		11
Cash flows from (used in) operating activities	151		(170)

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale/maturity/prepayment of:
Fixed maturity securities, at fair value	588		238
Mortgage loans	43		66
Other invested assets	5		—
Short-term investments	8		32
Payments for the purchase/origination of:
Fixed maturity securities, at fair value	(794)		(620)
Mortgage loans	(35)		(7)
Other invested assets	—		(4)
Short-term investments	—		(31)
Other, net	—		1
Short-term loan to parent	(50)		—
Cash flows used in investing activities	(235)		(325)

CASH FLOWS FROM FINANCING ACTIVITIES:
Net policyholder's account withdrawals	(96)		(101)


Drafts outstanding	(3)		(17)
Secured borrowing arrangements:
Net proceeds related to repurchase agreements with maturities three months or less	8		200
Gross proceeds related to repurchase agreements with maturities greater than three months	54		200
Gross repayments related to repurchase agreements with maturities greater than three months	—		(200)
Net proceeds related to securities lending with maturities three months or less	—		2
Dividend to parent	—		(150)

Cash flows used in financing activities	(37)		(66)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(121)		(561)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	563		940
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	442	$	379

See Note 5 for non-cash disclosures regarding collateral transferred under repurchase agreements.

See Notes to Unaudited Interim Consolidated Financial Statements

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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”).

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 FLIAC. All intercompany transactions have been eliminated in consolidation.

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, 2024.

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.

Revision to Previously Issued Consolidated Statements of Cash Flows

In 2024, we identified an error that impacted our previously issued consolidated statements of cash flows for the six months ended June 30, 2024. It was determined that the gross proceeds and gross repayments related to repurchase agreements with original maturity dates greater than three months were both overstated by $100 million. These revisions resulted in offsetting changes that were contained within “Cash Flows from Financing Activities”.

We assessed the materiality of the error on our prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification ("ASC") 250-10, Accounting Changes and Error Corrections, and concluded that this error was not material to the prior period. However, we determined it was appropriate to correctly present and revise the consolidated statements of cash flows for the impacted prior period.

2. SIGNIFICANT ACCOUNTING POLICIES AND PRONOUNCEMENTS

Accounting Policy Election

Fair Value Option

We have elected to apply the fair value option to certain financial instruments and insurance and reinsurance contracts that give rise to 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 contracts, and associated reinsurance activity with how we expect to manage the business. See Note 4 herein and Notes 2 and 4 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 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 in our preparation of the financial statements. 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.

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

ASUs adopted in 2025:


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 improved reportable segment disclosures, primarily through enhanced disclosures regarding a company’s significant segment expenses and certain other items. The update also required expanded disclosures regarding the chief operating decision maker (“CODM”) and the information they are provided when assessing segment performance and allocating resources.	The Company adopted the update for interim reporting periods beginning January 1, 2025 using the retrospective method. The Company adopted this update for annual disclosures on January 1, 2024 using the retrospective method.	This adoption of the update for both interim and annual periods expanded the Company’s disclosures but did not have an impact on its financial position or results of operations. See Note 3 herein for further information regarding the expanded interim disclosures. See Note 3 within the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for further information regarding the expanded annual disclosures.

ASUs issued but not yet adopted as of June 30, 2025:


Standard	Description	Effective date and method of adoption	Effect on the financial statements or other significant matters
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 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures	This ASU requires additional disclosures regarding certain expense types included in the income statement. The requirements include disclosure of the amounts associated with 1. purchases of inventory, 2. employee compensation, 3. depreciation and 4. intangible asset amortization. These disclosures should be included in each relevant expense caption. Furthermore, entities must disclose specific expenses, gains, or losses already required under US GAAP, offer a qualitative description of amounts not separately quantified, and present the total amount of selling expenses along with a definition of these expenses in their annual reports.	Effective for annual reporting periods beginning January 1, 2027, and interim reporting periods beginning January 1, 2028, using either the prospective or retrospective method. Early adoption is permitted	The Company is currently evaluating the potential impact of this update on its financial position, results of operations, and disclosures.

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 we retain 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

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

been fully ceded to The Prudential Insurance Company of America (“Prudential Insurance”) and Pruco Life Insurance Company (“Pruco Life”) under existing coinsurance and modified coinsurance agreements. At June 30, 2025 and December 31, 2024, we had a gross modified coinsurance payable of $1,811 million and $1,757 million, respectively, equal to the assets held in the Ceded Business, which are included in the net modified coinsurance payable on the consolidated statements of financial position.

The following are the consolidated statements of financial position by segment:


	June 30, 2025						December 31, 2024
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
ASSETS
Total investments	$	4,296	$	1,755	$	6,051	$	4,062	$	1,727	$	5,789
Cash and cash equivalents	340		102		442		498		65		563
Accrued investment income	51		13		64		46		12		58
Reinsurance recoverables	—		173		173		—		163		163

Deposit asset	—		342		342		—		364		364
Income taxes	139		—		139		76		—		76
Other assets	208		—		208		69		—		69
Separate account assets	20,459		1,989		22,448		20,842		2,015		22,857
TOTAL ASSETS	$	25,493	$	4,374	$	29,867	$	25,593	$	4,346	$	29,939

LIABILITIES AND EQUITY
LIABILITIES
Insurance liabilities	$	2,271	$	2,217	$	4,488	$	2,196	$	2,184	$	4,380
Net modified coinsurance payable	—		145		145		—		145		145
Liabilities associated with secured borrowing arrangements	1,367		—		1,367		1,200		—		1,200
Other liabilities	208		23		231		206		2		208
Separate account liabilities	20,459		1,989		22,448		20,842		2,015		22,857
TOTAL LIABILITIES	$	24,305	$	4,374	$	28,679	$	24,444	$	4,346	$	28,790

TOTAL EQUITY	1,188		—		1,188		1,149		—		1,149
TOTAL LIABILITIES AND EQUITY	$	25,493	$	4,374	$	29,867	$	25,593	$	4,346	$	29,939

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

The following is comprehensive income by segment:


	Three Months Ended June 30
	2025						2024
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	10	$	—	$	10	$	8	$	—	$	8
Policy charges and fee income	103		—		103		113		—		113
Net investment income (1)	55		16		71		59		16		75
Asset management and service fees	21		—		21		23		—		23
Other income	1		—		1		—		—		—
Investment gains (losses), net	(348)		113		(235)		(179)		32		(147)
TOTAL REVENUES	(158)		129		(29)		24		48		72

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	(162)		129		(33)		14		48		62
Commission expense	20		—		20		23		—		23
General, administrative and other expenses (2)	15		—		15		20		—		20
TOTAL BENEFITS AND EXPENSES	(127)		129		2		57		48		105
LOSS FROM OPERATIONS BEFORE INCOME TAXES	(31)		—		(31)		(33)		—		(33)
Less: Income tax benefit	(62)		—		(62)		(3)		—		(3)
NET INCOME (LOSS)	$	31	$	—	$	31	$	(30)	$	—	$	(30)
Other comprehensive income (loss), before tax:
Changes in own-credit risk related to insurance liabilities	(8)		—		(8)		61		—		61
Less: Income tax expense (benefit)	(2)		—		(2)		13		—		13
Other comprehensive income (loss), net of taxes	(6)		—		(6)		48		—		48
COMPREHENSIVE INCOME	$	25	$	—	$	25	$	18	$	—	$	18

(1) For the three months ended June 30, 2025 and 2024, investment expenses within the Retained Business include $16 million and $18 million, respectively, of expense related to liabilities associated with repurchase agreements.

(2) Represents “other segment items,” which include expense charges and allocations from FGH, reinsurer expense allowances, professional service fees, and certain other miscellaneous expenses.

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	Six Months Ended June 30
	2025						2024
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
REVENUES
Premiums	$	17	$	—	$	17	$	18	$	—	$	18
Policy charges and fee income	210		—		210		225		—		225
Net investment income (1)	104		32		136		115		30		145
Asset management and service fees	43		—		43		46		—		46
Other income (loss)	(2)		—		(2)		2		—		2
Investment gains (losses), net	(126)		63		(63)		(604)		136		(468)
TOTAL REVENUES	246		95		341		(198)		166		(32)

BENEFITS AND EXPENSES
Policyholder benefits and changes in fair value of insurance liabilities	231		95		326		(418)		166		(252)
Commission expense	42		—		42		46		—		46
General, administrative and other expenses (2)	32		—		32		38		—		38
TOTAL BENEFITS AND EXPENSES	305		95		400		(334)		166		(168)
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES	(59)		—		(59)		136		—		136
Less: Income tax expense (benefit)	(66)		—		(66)		21		—		21
NET INCOME	$	7	$	—	$	7	$	115	$	—	$	115
Other comprehensive income, before tax:
Changes in own-credit risk related to insurance liabilities	40		—		40		48		—		48
Less: Income tax expense	8		—		8		10		—		10
Other comprehensive income, net of taxes	32		—		32		38		—		38
COMPREHENSIVE INCOME	$	39	$	—	$	39	153		$	—	$	153

(1) For the six months ended June 30, 2025 and 2024, investment expenses within the Retained Business include $31 million and $33 million, respectively, of expense related to liabilities associated with repurchase agreements.

(2) Represents “other segment items,” which include expense charges and allocations from FGH, reinsurer expense allowances, professional service fees, and certain other miscellaneous expenses.

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

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, 2024.

Fair Value Option Election

We have elected to apply the fair value option to certain financial instruments and insurance and reinsurance contracts that give rise to assets and liabilities. With respect to our insurance contracts, as a result of this election, we do not separately disclose on our consolidated balance sheets, or provide any associated disclosures, regarding liabilities for future policyholder benefits, market risk benefits, or deferred acquisition costs as required under ASC 944. See Note 11 for certain disclosures regarding our separate account 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, 2024 for further information.

•Fixed maturity securities

•Mortgage loans

•Reinsurance recoverables

•Separate account assets and liabilities

•Net modified coinsurance receivable/payable

•Deposit asset

•Insurance liabilities

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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.


	June 30, 2025
	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	$	—	$	490	$	—	$	—	$	490

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,678		—		—		2,678
U.S. corporate private securities	—		143		270		—		413
Foreign corporate public securities	—		273		—		—		273
Foreign corporate private securities	—		31		72		—		103
Asset-backed securities (2)	—		1,118		59		—		1,177
Commercial mortgage-backed securities	—		28		—		—		28
Residential mortgage-backed securities	—		118		—		—		118
Total fixed maturity securities	—		4,880		401		—		5,281
Mortgage loans (3)	—		—		354		—		354

Cash and cash equivalents	442		—		—		—		442
Other invested assets - derivatives	4		1,068		—		(697)		375
Deposit asset	—		—		342		—		342
Reinsurance recoverables	—		—		173		—		173

Subtotal excluding separate account assets	446		5,948		1,270		(697)		6,967
Separate account assets	—		22,448		—		—		22,448
Total assets	$	446	$	28,396	$	1,270	$	(697)	$	29,415
Liabilities
Insurance liabilities	$	—	$	—	$	4,488	$	—	$	4,488
Other liabilities - derivatives	30		1,510		—		(1,449)		91
Net modified coinsurance payable	—		—		145		—		145
Separate account liabilities	—		22,448		—		—		22,448
Total liabilities	$	30	$	23,958	$	4,633	$	(1,449)	$	27,172

(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 June 30, 2025, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $5 million.

Excluded from the above chart are private equity funds, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At June 30, 2025, the fair value of these private equity funds was $23 million.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	June 30, 2025
	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	$	—	$	412	$	—	$	—	$	412


U.S. corporate public securities	—		1,887		—		—		1,887
U.S. corporate private securities	—		—		269		—		269
Foreign corporate public securities	—		110		—		—		110
Foreign corporate private securities	—		—		68		—		68
Asset-backed securities (2)	—		1,053		52		—		1,105
Commercial mortgage-backed securities	—		28		—		—		28
Residential mortgage-backed securities	—		7		—		—		7
Total fixed maturity securities	—		3,497		389		—		3,886
Mortgage loans (3)	—		—		354		—		354

Cash and cash equivalents	340		—		—		—		340
Other invested assets - derivatives	4		684		—		(668)		20

Subtotal excluding separate account assets	344		4,181		743		(668)		4,600
Separate account assets	—		20,459		—		—		20,459
Total assets	$	344	$	24,640	$	743	$	(668)	$	25,059
Liabilities
Insurance liabilities	$	—			$	2,271	$	—	$	2,271
Other liabilities - derivatives	30		1,477		—		(1,420)		87
Separate account liabilities	—		20,459		—		—		20,459
Total liabilities	$	30	$	21,936	$	2,271	$	(1,420)	$	22,817

(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 June 30, 2025, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $5 million.

Excluded from the above chart are private equity funds, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At June 30, 2025 the fair values of these private equity funds was $23 million.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	June 30, 2025
	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	$	—	$	78	$	—	$	—	$	78

Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		791		—		—		791
U.S. corporate private securities	—		143		1		—		144
Foreign corporate public securities	—		163		—		—		163
Foreign corporate private securities	—		31		4		—		35
Asset-backed securities (2)	—		65		7		—		72

Residential mortgage-backed securities	—		111		—		—		111
Total fixed maturity securities	—		1,383		12		—		1,395


Cash and cash equivalents	102		—		—		—		102
Other invested assets - derivatives	—		384		—		(29)		355
Deposit asset	—		—		342		—		342
Reinsurance recoverables	—		—		173		—		173

Subtotal excluding separate account assets	102		1,767		527		(29)		2,367
Separate account assets	—		1,989		—		—		1,989
Total assets	$	102	$	3,756	$	527	$	(29)	$	4,356
Liabilities
Insurance liabilities	$	—	$	—	$	2,217	$	—	$	2,217
Other liabilities - derivatives	—		33		—		(29)		4
Net modified coinsurance payable	—		—		145		—		145
Separate account liabilities	—		1,989		—		—		1,989
Total liabilities	$	—	$	2,022	$	2,362	$	(29)	$	4,355

(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.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	December 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	$	—	$	479	$	—	$	—	$	479
Obligations of U.S. states and their political subdivisions	—		112		—		—		112
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		2,775		—		—		2,775
U.S. corporate private securities	—		148		272		—		420
Foreign corporate public securities	—		270		—		—		270
Foreign corporate private securities	—		29		68		—		97
Asset-backed securities (2)	—		618		81		—		699
Commercial mortgage-backed securities	—		34		—		—		34
Residential mortgage-backed securities	—		119		3		—		122
Total fixed maturity securities	—		4,585		424		—		5,009

Mortgage loans (3)	—		—		364		—		364
Short-term investments	—		8		—		—		8
Cash and cash equivalents	563		—		—		—		563
Other invested assets - derivatives	36		940		—		(649)		327
Deposit asset	—		—		364		—		364
Reinsurance recoverables	—		—		163		—		163
Subtotal excluding separate account assets	599		5,533		1,315		(649)		6,798
Separate account assets	—		22,857		—		—		22,857
Total assets	$	599	$	28,390	$	1,315	$	(649)	$	29,655
Liabilities

Insurance liabilities	—		—		4,380		—		4,380
Other liabilities - derivatives	9		1,112		—		(1,035)		86
Net modified coinsurance payable	—		—		145		—		145
Separate account liabilities	—		22,857		—		—		22,857
Total liabilities	$	9	$	23,969	$	4,525	$	(1,035)	$	27,468

(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 December 31, 2024, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $10 million.

Excluded from the above chart are certain private equity funds, which are classified as other invested assets on the consolidated statements of financial position. Also excluded from the above chart are beneficial interests held through private equity funds that are classified as fixed maturity securities, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At December 31, 2024 the fair values of these private equity funds and beneficial interests were $27 million and $13 million, respectively.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	December 31, 2024
	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	$	—	$	402	$	—	$	—	$	402
Obligations of U.S. states and their political subdivisions	—		112		—		—		112

U.S. corporate public securities	—		1,969		—		—		1,969
U.S. corporate private securities	—		—		271		—		271
Foreign corporate public securities	—		107		—		—		107
Foreign corporate private securities	—		—		64		—		64
Asset-backed securities (2)	—		568		70		—		638
Commercial mortgage-backed securities	—		34		—		—		34
Residential mortgage-backed securities	—		8		3		—		11
Total fixed maturity securities	$	—	$	3,200	$	408	$	—	$	3,608
Mortgage loans (3)	—		—		364		—		364
Cash and cash equivalents	498		—		—		—		498
Other invested assets - derivatives	36		593		—		(615)		14
Subtotal excluding separate account assets	534		3,793		772		(615)		4,484
Separate account assets	—		20,842		—		—		20,842
Total assets	$	534	$	24,635	$	772	$	(615)	$	25,326
Liabilities
Insurance liabilities	—		—		2,196		—		2,196
Other liabilities - derivatives	9		1,078		—		(1,001)		86
Separate account liabilities	—		20,842		—		—		20,842
Total liabilities	$	9	$	21,920	$	2,196	$	(1,001)	$	23,124

(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 December 31, 2024, the aggregate fair value of mortgage loans exceeded the aggregate unpaid principal by $10 million.

Excluded from the above chart are certain private equity funds, which are classified as other invested assets on the consolidated statements of financial position. Also excluded from the above chart are beneficial interests held through private equity funds that are classified as fixed maturity securities, for which fair value is measured at NAV per share (or its equivalent) as a practical expedient. At December 31, 2024, the fair values of these private equity funds and beneficial interests were $27 million and $13 million, respectively.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	December 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	$	—	$	77	$	—	$	—	$	77
Foreign government bonds	—		1		—		—		1
U.S. corporate public securities	—		806		—		—		806
U.S. corporate private securities	—		148		1		—		149
Foreign corporate public securities	—		163		—		—		163
Foreign corporate private securities	—		29		4		—		33
Asset-backed securities (2)	—		50		11		—		61
Residential mortgage-backed securities	—		111		—		—		111
Total fixed maturity securities	$	—	$	1,385	$	16	$	—	$	1,401
Short-term investments	—		8		—		—		8
Cash and cash equivalents	65		—		—		—		65
Other invested assets - derivatives	—		347		—		(34)		313
Deposit asset	—		—		364		—		364
Reinsurance recoverables	—		—		163		—		163
Subtotal excluding separate account assets	65		1,740		543		(34)		2,314
Separate account assets	—		2,015		—		—		2,015
Total assets	$	65	$	3,755	$	543	$	(34)	$	4,329
Liabilities
Insurance liabilities	—		—		2,184		—		2,184
Other liabilities - derivatives	—		34		—		(34)		—
Net modified coinsurance payable	—		—		145		—		145
Separate account liabilities	—		2,015		—				2,015
Total liabilities	$	—	$	2,049	$	2,329	$	(34)	$	4,344

(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.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Quantitative 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.


	June 30, 2025
	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	$	226	Discounted cash flow	Discount rate	4.87	%	9.45	%	6.69	%	Decrease

Foreign corporate private securities	46		Discounted cash flow	Discount rate	4.88	%	7.49	%	6.49	%	Decrease

Asset-backed securities	20		Discounted cash flow	Discount rate	6.83	%	12.86	%	9.34	%	Decrease

Mortgage loans
Residential mortgage loans	276		Level yield	Market yield	5.05	%	10.14	%	6.91	%	Decrease
Commercial mortgage loans	78		Discounted cash flow	Discount rate	5.64	%	7.04	%	6.56	%	Decrease
Total Mortgage loans	354

Ceded business
Foreign corporate private securities	4		Discounted cash flow	Discount rate	11.57	%	20.00	%	12.30	%	Decrease
Deposit asset	342		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	173		Fair values are determined using the same unobservable inputs as insurance liabilities.


Liabilities:
Insurance liabilities
Retained business	$	2,271	Discounted cash flow	Equity volatility curve (2)	15	%	26	%			Increase
				Lapse rate (3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.00	%	2.15	%			Decrease
				Utilization rate (5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate (7)	0	%	16	%			Decrease

Ceded business	2,217		Discounted cash flow	Equity volatility curve (2)	15	%	26	%			Increase
				Lapse rate (3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.50	%	0.50	%			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	145		Fair values are determined using the same unobservable inputs as insurance liabilities.

Excluded from the above chart are certain level 3 assets that were valued by an external vendor and for which the unobservable inputs were not readily available. As of June 30, 2025, fixed maturity securities of $97 million and $8 million were excluded from the Retained business and Ceded business, respectively, under this criteria.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	December 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	$	228	Discounted cash flow	Discount rate	4.96	%	8.92	%	6.78	%	Decrease
Foreign corporate private securities	42		Discounted cash flow	Discount rate	4.80	%	7.76	%	6.07	%	Decrease
Asset-backed securities	45		Discounted cash flow	Discount rate	6.68	%	12.29	%	8.33	%	Decrease
Mortgage loans
Residential mortgage loans	286		Discounted cash flow	Discount rate	3.77	%	9.94	%	6.41	%	Decrease
Commercial mortgage loans	78		Discounted cash flow	Discount rate	6.04	%	7.32	%	6.92	%	Decrease
Total Mortgage loans	364
Ceded business
Foreign corporate private securities	4		Discounted cash flow	Discount rate	12.00	%	20.00	%	13.00	%	Decrease
Deposit asset	364		Fair values are determined using the same unobservable inputs as insurance liabilities.
Reinsurance recoverables	163		Fair values are determined using the same unobservable inputs as insurance liabilities.

Liabilities:
Retained business
Insurance liabilities	$	2,196	Discounted cash flow	Equity volatility curve (2)	16	%	26	%			Increase
				Lapse rate (3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.46	%	2.10	%			Decrease
				Utilization rate (5)	87.5	%	100	%			Increase
				Withdrawal rate (6)	See table footnote (6) below.
				Mortality rate (7)	0	%	16	%			Decrease
Ceded business
Insurance liabilities	$	2,184	Discounted cash flow	Equity volatility curve (2)	16	%	26	%			Increase
				Lapse rate (3)	0.65	%	13	%			Decrease
				Spread over risk free (4)	0.50	%	0.50	%			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	145		Fair values are determined using the same unobservable inputs as insurance liabilities.

Excluded from the above chart are certain level 3 assets that were valued by an external vendor and for which the unobservable inputs were not readily available. As of December 31, 2024, fixed maturity securities of $93 million and $12 million were excluded from the Retained business and Ceded business, respectively, under this criteria.

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2) The 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.

(3) Lapse rate assumptions for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rate assumptions are reduced when contracts are more in-the-money. Lapse rate assumptions for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply.

(4) The spread 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 payout phases and index-linked interest crediting guarantees. This spread includes an estimate of own-credit risk (OCR), which is the risk that the obligation will not be fulfilled by the Company. OCR 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.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

(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.

(6) The withdrawal rate assumption 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 the duration since the contractholder began lifetime withdrawals. As of both June 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption was 84% 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 reportable 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


	Three Months Ended June 30, 2025
	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		Change in unrealized gains (losses) for assets still held (1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	272	$	2	$	—	$	—	$	—	$	(30)	$	25	$	—	$	—	$	269	$	—
Foreign corporate private securities	65		3		—		—		—		—		—		—		—		68		2

Asset-backed securities	69		—		10		—		—		(2)		(25)		—		—		52		—
Mortgage loans
Residential mortgage loans	266		—		32		—		—		(22)		—		—		—		276		—
Commercial mortgage loans	77		1		—		—		—		—		—		—		—		78		1
Ceded Business
U.S. corporate private securities	1		—		—		—		—		—		—		—		—		1		—
Asset-backed securities	9		—		—		—		—		(2)		—		—		—		7		—
Foreign corporate private securities	4		—		3		—		—		(3)		—		—		—		4		—

Deposit asset	352		(10)		—		—		—		—		—		—		—		342		—
Reinsurance recoverables	198		(25)		—		—		—		—		—		—		—		173		—
Net modified coinsurance receivable (payable)	(156)		11		—		—		—		—		—		—		—		(145)		—

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	Six Months Ended June 30, 2025
	Fair Value, beginning of year		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		Change in unrealized gains (losses) for assets still held (1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	271	$	3	$	—	$	—	$	—	$	(30)	$	25	$	—	$	—	$	269	$	3
Foreign corporate private securities	64		4		—		—		—		—		—		—		—		68		3
Residential mortgage-backed securities	3		—		—		—		—		(3)		—		—		—		—		—
Asset-backed securities	70		1		10		—		—		(4)		(25)		—		—		52		1
Mortgage loans
Residential mortgage loans	286		(5)		35		—		—		(40)		—		—		—		276		(5)
Commercial mortgage loans	78		—		—		—		—		—		—		—		—		78		—
Ceded Business
U.S. corporate private securities	1		—		—		—		—		—		—		—		—		1		—
Asset-backed securities	11		—		—		—		—		(4)		—		—		—		7		—
Foreign corporate private securities	4		—		7		—		—		(7)		—		—		—		4		—

Deposit asset	364		(22)		—		—		—		—		—		—		—		342		—
Reinsurance recoverables	163		10		—		—		—		—		—		—		—		173		—
Net modified coinsurance receivable (payable)	(145)		—		—		—		—		—		—		—		—		(145)		—

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	Three Months Ended June 30, 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		Change in unrealized gains (losses) for assets still held (1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	271	$	(4)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	267	$	(2)
Foreign corporate private securities	57		(1)		—		—		—		—		—		—		—		56		(1)
Residential mortgage-backed securities	5		—		—		—		—		—		—		—		—		5		—
Asset-backed securities	258		—		4		—		—		(3)		—		—		—		259		—
Mortgage loans
Residential mortgage loans	348		(2)		3		—		—		(44)		—		—		—		305		(4)
Commercial mortgage loans	77		—		—		—		—		—		—		—		—		77		(1)
Ceded Business
U.S. corporate private securities	1		—		1		—		—		—		—		—		—		2		—
Asset-backed securities	28		—		—		—		—		(2)		—		—		(10)		16		—
Deposit asset	426		(21)		—		—		—		—		(1)		—		—		404		—
Reinsurance recoverables	155		(4)		—		—		—		—		—		—		—		151		—
Net modified coinsurance receivable (payable)	(72)		(56)		—		—		—		—		—		—		—		(128)		—

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	Six Months Ended June 30, 2024
	Fair Value, beginning of year		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		Change in unrealized gains (losses) for assets still held (1)
	(in millions)
Retained Business
Fixed maturity securities
U.S. corporate private securities	$	244	$	(1)	$	24	$	—	$	—	$	—	$	—	$	—	$	—	$	267	$	—
Foreign corporate private securities	56		—		—		—		—		—		—		—		—		56		—
Residential mortgage-backed securities	5		—		—		—		—		—		—		—		—		5		—
Asset-backed securities	246		(1)		18		—		—		(4)		—		—		—		259		(2)
Mortgage loans
Residential mortgage loans	361		3		7		—				(66)		—		—		—		305		1
Commercial mortgage loans	76		1		—		—		—		—		—		—		—		77		—
Ceded Business
U.S. corporate private securities	1		—		1		—		—		—		—		—		—		2		—
Asset-backed securities	—		—		28		—		—		(2)		—		—		(10)		16		—
Foreign corporate private securities	1		—		—		—		—		(1)		—		—		—		—		—
Short-term investments	4		—		3		—		—		(7)				—		—		—		—
Deposit asset	438		(31)		—		—		—		—		(3)		—		—		404		—
Reinsurance recoverables	206		(55)		—		—		—		—		—		—		—		151		—
Net modified coinsurance receivable (payable)	(78)		(50)		—		—		—		—		—		—		—		(128)		—

(1)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

Table of Contents

Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements


	Three Months Ended June 30, 2025
			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	$	2,481	$	(380)	$	163	$	(31)	$	39	$	(1)	$	2,271
Ceded Business	2,143		(75)		141		1		7		—		2,217


	Six Months Ended June 30, 2025
			Incurred losses
	Fair Value, beginning of year		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	$	2,196	$	(471)	$	387	$	40	$	119	$	—	$	2,271
Ceded Business	2,184		(184)		168		33		16		—		2,217


	Three Months Ended June 30, 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	$	2,342	$	(121)	$	105	$	(137)	$	44	$	—	$	2,233
Ceded Business	2,203		(96)		59		(14)		1		—		2,153


	Six Months Ended June 30, 2024
			Incurred losses
	Fair Value, beginning of year		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	$	(506)	$	213	$	(382)	$	73	$	—	$	2,233
Ceded Business	2,168		(192)		218		(45)		4		—		2,153

"Total realized and unrealized gains (losses)" related to our level 3 assets are included in earnings in Investment gains (losses). Activity within our level 3 liabilities is primarily recognized in earnings within Policyholder benefits and changes in fair value of insurance liabilities. However, the changes related to the Company's own-credit risk, included in "Change in fair value (discount rate)" above, is recorded in other comprehensive income (loss). Additionally, as noted in the following section, there are other components of the change in fair value that are recognized separately in the consolidated statements of operations.

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Fortitude Life Insurance & Annuity Company

Notes to Unaudited Interim Consolidated Financial Statements

Change in Fair Value of Insurance Contracts

The components of the change in fair value of our insurance contracts are reported in several line items within Revenues and Benefits and expenses in our consolidated statements of operations and comprehensive income (loss). The revenue items include Premiums, Policy charges and fee income, and Asset management and service fees. The Benefits and expenses items include Policyholders' benefits and changes in fair value of insurance liabilities and Commission expense. Policyholder benefits and changes in fair value of insurance liabilities includes the following changes in fair value of the assets and liabilities related to the insurance contracts for which we have elected the fair value option:


	June 30, 2025						December 31, 2024
	Retained Business		Ceded Business		Total		Retained Business		Ceded Business		Total
	(in millions)
Assets:
Reinsurance recoverables	$	—	$	10	$	10	$	—	$	(43)	$	(43)
Modified coinsurance receivable	—		54		54		—		87		87
Deposit asset	—		(22)		(22)		—		(74)		(74)
Liabilities:
Insurance liabilities	$	75	$	33	$	108	$	(639)	$	16	$	(623)

Changes in insurance liabilities attributable to the Company's own-credit risk are recorded in other comprehensive income (loss). Changes in the modified coinsurance payable are reported in Policyholder benefits and changes in fair value of insurance liabilities, however, they are not included in the above chart as they relate to the investment portfolio within the modified coinsurance agreement.

Fair Value of Financial Instruments

The table below presents the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Consolidated Statements of Financial Position. In some cases the carrying amount equals or approximates fair value. For additional information regarding the carrying amounts and fair value amounts of the below financial instruments, see Notes 2 and 4, respectively, to the Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.


	June 30, 2025
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	64	$	—	$	64	$	64
Other invested assets - Other	3		—		11		14		14
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements	$	—	$	1,383	$	—	$	1,383	$	1,367


	December 31, 2024
	Fair Value								Carrying Amount
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:
Accrued investment income	$	—	$	58	$	—	$	58	$	58
Other invested assets - Other	26		—		11		37		37
Liabilities:
Liabilities associated with secured borrowing arrangements
Repurchase agreements

FORTITUDE LIFE INSURANCE & ANNUITY CO 10-Q