F&G Annuities & Life, Inc.

Previous wording

As of June 30, 2026 and December 31, 2025, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $6.0 billion and 4.81% and $6.4 billion and 4.84%, respectively. Some of our products, most notably our fixed rate annuities, include guaranteed minimum crediting rates. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

Current wording

As of September 30, 2026 and December 31, 2025, our reserves, net of reinsurance, and weighted average crediting rate on our fixed rate annuities were $5.8 billion and 4.85% and $6.4 billion and 4.84%, respectively. Some of our products, most notably our fixed rate annuities, include guaranteed minimum crediting rates. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

Previous wording

The accounting estimates described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 are those we consider critical in preparing our unaudited Condensed Consolidated Financial Statements. There were no changes to the Company’s critical accounting policies or estimates during the six months ended June 30, 2026. Management is required to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures with respect to contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. See Note A -Basis of Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our unaudited Condensed Consolidated Financial Statements.

Current wording

The accounting estimates described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2025 are those we consider critical in preparing our unaudited Condensed Consolidated Financial Statements. There were no changes to the Company’s critical accounting policies or estimates during the nine months ended September 30, 2026. Management is required to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosures with respect to contingent assets and liabilities at the date of the unaudited Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates. See Note A -Basis of Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our unaudited Condensed Consolidated Financial Statements.

Previous wording

On December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of F&G. The purpose of the distribution was to enhance and more fully recognize the overall market value of each company. Additionally, on December 31, 2025, FNF distributed, on a pro rata basis, approximately 12% of the outstanding shares of F&G common stock. Following the distribution, FNF retained approximately 70% ownership of F&G common stock as of December 31, 2025.

Current wording

On December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of F&G. The purpose of the distribution was to enhance and more fully recognize the overall market value of each company. Additionally, on December 31, 2025, FNF distributed, on a pro rata basis, approximately 12% of the outstanding shares of F&G common stock. Following the distribution, FNF retained approximately 70% ownership of F&G common stock as of December 31, 2025 (approximately 72% as of September 30, 2026) .

Previous wording

ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.

Current wording

ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, non-recurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.

Previous wording

(ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

Current wording

(ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of actuarial assumption updates and other refinements on the change in fair value of embedded derivatives and market risk benefits; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

Previous wording

(vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own; and

Current wording

(vi) Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that F&G does not wholly own;

Previous wording

(vii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.

Current wording

(viii) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.

Previous wording

The results of operations for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):

Current wording

The results of operations for the three and nine months ended September 30, 2026 and 2025 were as follows (in millions):

Previous wording

•Gross sales were lower for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. Core sales of indexed annuities, IUL, and PRT were lower for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively, reflecting increases in indexed annuities more than offset by decreases in PRT. Opportunistic sales of MYGA and funding agreements are subject to fluctuation period to period based on economics and market opportunity; we continue to prioritize pricing discipline and capital allocation to the highest return opportunities.

Current wording

•Gross sales were lower for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively. Core sales of indexed annuities, IUL, and PRT were higher for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively, reflecting increases in indexed annuities, offset by decreases in PRT. Opportunistic sales of MYGA and funding agreements are subject to fluctuation period to period based on economics and market opportunity; we continue to prioritize pricing discipline and capital allocation to the highest return opportunities.

Previous wording

•Sales attributable to flow reinsurance to third parties, including the new reinsurance vehicle effective August 1, 2025, were lower during the three months ended June 30, 2026 and higher during the six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively, primarily reflecting the addition of new reinsurance, changes in the percentages ceded during the periods and the levels of MYGA sales during the respective periods.

Current wording

•Sales attributable to flow reinsurance to third parties, including the new reinsurance vehicle effective August 1, 2025, were higher during the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively, primarily reflecting the addition of new reinsurance and changes in the percentages ceded during the periods, partially offset by the levels of MYGA sales during the respective periods.

Previous wording

Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Operations (in millions):

Current wording

Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on indexed annuity policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, on the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2026 and 2025 (in millions):

Previous wording

a) Reported net of ceded premiums of $19 million, and $21 million for the three months ended June 30, 2026 and 2025, and $39 million and $43 million for the six months ended June 30, 2026 and 2025, respectively. Ceded product fees were $29 million and $12 million for the three months ended June 30, 2026 and 2025, and $53 million and $24 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

(a)Reported net of ceded premiums of $19 million, and $21 million for the three months ended September 30, 2026 and 2025, and $58 million and $64 million for the nine months ended September 30, 2026 and 2025, respectively. Ceded product fees were $32 million and $11 million for the three months ended September 30, 2026 and 2025, and $85 million and $35 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

•Life-contingent pension risk transfer premiums were lower for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively, reflecting the timing of PRT transactions. PRT premiums are subject to fluctuation period to period.

Current wording

•Life-contingent pension risk transfer premiums were lower for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively, reflecting the timing of PRT transactions. PRT premiums are subject to fluctuation period to period.

Previous wording

•Surrender charges were lower for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. These charges primarily reflect withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities and IUL policies, and are subject to changes in the interest rate environment.

Current wording

•Surrender charges were lower for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively. These charges primarily reflect withdrawals from policyholders with surrender charges and market value adjustments (“MVAs”), primarily on our indexed annuities and IUL policies, and are subject to changes in the interest rate environment.

Previous wording

•Policyholder fees and other income were relatively unchanged for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Policyholder fees and other income decreased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily reflecting the impact of a reinsurance true-up adjustment during the six months ended June 30, 2025, partially offset by higher guaranteed minimum withdrawal benefit (“GMWB”) rider fees, net of reinsurance. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.

Current wording

•Policyholder fees and other income were lower for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025. The decrease for the three months ended September 30, 2026 primarily reflected lower cost of insurance charges, net of reinsurance and changes in unearned revenue liabilities (“URL”) on IUL policies and lower guaranteed minimum withdrawal benefit (“GMWB”) rider fees, net of reinsurance. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year. The decrease for the nine months ended September 30, 2026 primarily reflected the impact of a reinsurance true-up adjustment during the nine months ended September 30, 2025 and lower cost of insurance charges, net of reinsurance and changes in unearned revenue liabilities (“URL”) on IUL policies.

Previous wording

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $263 million and $491 million for the three and six months ended June 30, 2026, respectively, and $189 million and $373 million for the three and six months ended June 30, 2025, respectively.

Current wording

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $291 million and $782 million for the three and nine months ended September 30, 2026, respectively, and $219 million and $592 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

•AAUM was higher for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, reflecting net new business asset flows and stable inforce retention, partially offset by reinsurance to third parties.

Current wording

•AAUM was higher for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, reflecting net new business asset flows and stable inforce retention, partially offset by reinsurance to third parties.

Previous wording

•Interest and investment income was higher for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to $10 million from invested asset growth, $4 million of higher returns on alternative investments and $22 million of all other rate and mix impacts.

Current wording

•Interest and investment income was lower for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to $28 million of lower returns on alternative investments and $28 million of all other rate and mix impacts, partially offset by $6 million from invested asset growth.

Previous wording

•Interest and investment income was higher for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to $60 million from invested asset growth and $39 million of higher returns on alternative investments, partially offset by $(6) million of all other rate and mix impacts.

Current wording

•Interest and investment income was higher for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to $66 million from invested asset growth and $11 million of higher returns on alternative investments, partially offset by $34 million of all other rate and mix impacts.

Previous wording

•Owned distribution revenues represent commissions received by our majority owned distribution partners generated from third-party annuity and life insurance sales. Override and bonus commissions are recognized as revenue at the effective date of each policy sold under a contract. Owned distribution revenues were lower for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, primarily reflecting lower commission revenues.

Current wording

•Owned distribution revenues represent commissions received by our majority owned distribution partners generated from third-party annuity and life insurance sales. Override and bonus commissions are recognized as revenue at the effective date of each policy sold under a contract. Owned distribution revenues were lower for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, primarily reflecting lower commission revenues.

Previous wording

Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $(82) million and $132 million for the three and six month periods ended June 30, 2026, and $(57) million and $(99) million for the three and six month periods ended June 30, 2025, respectively.

Current wording

Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $559 million and $691 million for the three and nine month periods ended September 30, 2026, and $(77) million and $(176) million for the three and nine month periods ended September 30, 2025, respectively.

Previous wording

•For the three and six months ended June 30, 2026, net realized and unrealized gains (losses) on fixed maturity securities, equity securities and other invested assets is primarily the result of net realized losses on fixed maturity securities primarily reflecting portfolio repositioning.

Current wording

•For the three and nine months ended September 30, 2026, net realized and unrealized gains (losses) on fixed maturity securities, equity securities and other invested assets is primarily the result of net realized losses on fixed maturity securities, primarily reflecting portfolio repositioning and net realized and unrealized losses on equity securities.

Previous wording

•For the six months ended June 30, 2026, Recognized gains and (losses), net includes a pre-tax gain from the sale of F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”) an unrelated third party, of $14 million, subject to certain post-closing adjustments that are expected to be finalized in the third quarter of 2026.

Current wording

•For the nine months ended September 30, 2026, Recognized gains and (losses), net includes a pre-tax gain from the sale of F&G Life Re, to Ancient Financial Holdings, LP (“Ancient”), an unrelated third party, of $7 million. During the third quarter of 2026, the Company finalized post-closing adjustments which decreased the pre-tax gain by $7 million, reflecting a $12 million purchase price adjustment, partially offset by a $5 million update to the allocation of goodwill. See Note F -Intangibles for further information regarding the impact on goodwill.

Previous wording

•For the three and six months ended June 30, 2025, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities.

Current wording

•For the three and nine months ended September 30, 2025, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities and net realized losses on fixed maturity available-for-sale securities.

Previous wording

(a) Reported net of ceded benefits and other changes in policy reserves of $76 million and $64 million for the three months ended June 30, 2026 and 2025, and $126 million and $117 million for the six months ended June 30, 2026 and 2025 respectively.

Current wording

(a)Reported net of ceded benefits and other changes in policy reserves of $30 million and $56 million for the three months ended September 30, 2026 and 2025, and $156 million and $173 million for the nine months ended September 30, 2026 and 2025 respectively.

Previous wording

•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, decreased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.

Current wording

•PRT agreements, primarily representing the change in reserves associated with PRT premiums during the periods, decreased for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, reflecting the timing of PRT transactions. PRT transactions are subject to fluctuation period to period.

Previous wording

•The indexed annuities/IUL market related liability movements during the three and six months ended June 30, 2026 and 2025, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads increased the direct indexed annuities market related liability by $10 million and $36 million during the three months ended June 30, 2026 and 2025, respectively. The change in risk free rates and non-performance spreads (decreased) increased the direct indexed annuities market related liability by $(135) million and $83 million during the six months ended June 30, 2026 and 2025, respectively.

Current wording

•The indexed annuities/IUL market related liability movements during the three and nine months ended September 30, 2026 and 2025, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the respective periods. The change in risk free rates and non-performance spreads (decreased) increased the direct indexed annuities market related liability by $(372) million and $92 million during the three months ended September 30, 2026 and 2025, respectively. The change in risk free rates and non-performance spreads (decreased) increased the direct indexed annuities market related liability by $(507) million and $175 million during the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

◦During the three and six months ended June 30, 2025, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $5 million and $26 million for the three and six months ended June 30, 2025, respectively.

Current wording

◦During the three and nine months ended September 30, 2026, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected policyholder behavior, as well as updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $259 million and $273 million for the three and nine months ended September 30, 2026, respectively.

Previous wording

◦During the the three and six months ended June 30, 2026, based on experience, we reflected updates to the option budget assumption used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $4 million and $14 million for the three and six months ended June 30, 2026, respectively.

Current wording

◦During the three and nine months ended September 30, 2025, based on policyholder behavior, experience and interest rate movements, we reflected updates to surrender assumptions for recent and expected near term policyholder behavior, as well as updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within Contractholder funds. These changes resulted in decreases in total benefits and other changes in policy reserves of approximately $4 million and $30 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

•Index credits, interest credited and bonuses for the three and six months ended June 30, 2026, were higher compared to the three and six months ended June 30, 2025, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.

Current wording

•Index credits, interest credited and bonuses for the three and nine months ended September 30, 2026, were higher compared to the three and nine months ended September 30, 2025, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.

Previous wording

•Other changes in policy reserves increased for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily reflecting an actuarial model update that lowered the ceded deposit asset accretion associated with the reinsurance of annuity products, partially offset by higher FIA bonus recapture upon surrender. Other changes in policy reserves decreased for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily reflecting higher FIA bonus recapture upon surrender, partially offset by lower ceded deposit asset accretion associated with the reinsurance of annuity products which includes the actuarial model update noted above.

Current wording

•Other changes in policy reserves decreased for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily reflecting higher FIA ceded deposit asset accrual and higher FIA bonus recapture upon surrender.

Previous wording

•Market risk benefit losses (gains) are primarily driven by issuances, attributed fees collected, effects of market related movements (including changes in equity markets and risk-free rates), and actual policyholder behavior as compared with expected changes in assumptions during the periods. Market risk benefit losses (gains) are reported net of reinsurance.

Current wording

•Market risk benefit (gains) losses are primarily driven by issuances, attributed fees collected, effects of market related movements (including changes in equity markets and risk-free rates), and actual policyholder behavior as compared with expected changes in assumptions during the periods. Market risk benefit (gains) losses are reported net of reinsurance.

Previous wording

•DAC, VOBA and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Depreciation and amortization increased for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily reflecting increased DAC and DSI associated with the growth of the business. In addition, as a result of our annual actuarial assumption update process, amortization rates on some DAC and DSI balances increased primarily for indexed annuities.

Current wording

•DAC, VOBA and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Depreciation and amortization increased for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, primarily reflecting increased DAC and DSI associated with the growth of the business, partially offset by lower amortization of other intangible assets. In addition, as a result of our annual actuarial assumption update process, amortization rates on some DAC and DSI balances increased primarily for indexed annuities.

Previous wording

•Personnel costs and other operating expenses were relatively unchanged for the three months ended June 30, 2026 and were lower for the six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively, primarily reflecting costs in line with sales volumes and growth in assets, disciplined expense management, including one-time management actions taken in the second quarter of 2025, along with continued investments in our operating platform.

Current wording

•Personnel costs and other operating expenses were lower for the three and nine months ended September 30, 2026, compared to the three and nine months ended September 30, 2025, respectively, primarily reflecting costs in line with sales volumes and growth in assets, disciplined expense management, including one-time management actions taken in the second quarter of 2025, along with continued investments in our operating platform.

Previous wording

•Interest expense was relatively unchanged for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025.

Current wording

•Interest expense was relatively unchanged for the three and nine months ended September 30, 2026, as compared to the three and nine months ended September 30, 2025.

Previous wording

•Income tax benefit for the three months ended June 30, 2026 was $19 million, compared to income tax expense of $15 million for the three months ended June 30, 2025. The effective tax rate was 20% and 26% for the three months ended June 30, 2026 and 2025, respectively. The decrease in income tax expense period over period is primarily related to the decrease in pre-tax income.

Current wording

•Income tax expense for the three months ended September 30, 2026 was $195 million, compared to income tax expense of $11 million for the three months ended September 30, 2025. The effective tax rate was 21% and 8% for the three months ended September 30, 2026 and 2025, respectively. The increase in income tax expense period over period is primarily related to the increase in pre-tax income.

Previous wording

•Income tax expense for the six months ended June 30, 2026 was $55 million, compared to income tax expense of $10 million for the six months ended June 30, 2025. The effective tax rate was 24% and 32% for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense period over period is primarily related to the increase in pre-tax income.

Current wording

•Income tax expense for the nine months ended September 30, 2026 was $250 million, compared to income tax expense of $21 million for the nine months ended September 30, 2025. The effective tax rate was 21% and 13% for the nine months ended September 30, 2026 and 2025, respectively. The increase in income tax expense period over period is primarily related to the increase in pre-tax income.

Previous wording

•Adjusted net earnings of $85 million for the three months ended June 30, 2026. Investment income from alternative investments was $49 million below management's current long-term expected return of approximately 12%.

Current wording

•Adjusted net earnings of $96 million for the three months ended September 30, 2026. Investment income from alternative investments was $60 million below management’s current long-term expected return of approximately 12%.

Previous wording

•Adjusted net earnings of $195 million for the six months ended June 30, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $93 million below management's long-term expected return.

Current wording

•Adjusted net earnings of $291 million for the nine months ended September 30, 2026 included expense from $5 million of investment and other income true-up adjustments. Investment income from alternative investments was $153 million below management's long-term expected return.

Previous wording

•Adjusted net earnings of $194 million for the six months ended June 30, 2025 included income from a $16 million reinsurance true-up adjustment. Investment income from alternative investments was $112 million below management's long-term expected return.

Current wording

•Adjusted net earnings of $359 million for the nine months ended September 30, 2025 included income from a $16 million reinsurance true-up adjustment, $10 million tax valuation allowance benefit, and $4 million of actuarial reserve release. Investment income from alternative investments was $165 million below management's long-term expected return.