Exhibit 99.2

FGL Holdings (“F&G”; NYSE: FG)     

Financial Supplement

September 30, 2019

(Year Ended December 31)

The financial statements and financial exhibits included herein are unaudited. These financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K.

Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures commonly used in our industry that, together with the relevant GAAP measures, may enhance a user’s ability to analyze the Company's operating performance and capital position for the periods presented. These measures should be considered supplementary to our results in accordance with GAAP and should not be viewed as a substitute for the GAAP measures and are not intended to replace GAAP financial results. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner.

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FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

	Page
A. Financial Highlights
Consolidated Financial Highlights	3
Condensed Consolidated Balance Sheets	4
Condensed Consolidated Statements of Operations	6
Reconciliation from Net Income (Loss) to AOI	7
Adjusted Operating Income Statement	8
Notable Items Included in Net Income (Loss) and AOI	9
Capitalization	10
Reconciliation of Return on Equity (ROE) to Adjusted Operating ROE	11
Financial Strength Ratings	12
Net Investment Spread Results	13
Total Product Net Investment Spread	13
FIA Net Investment Spread	14
B. Product Summary
Annuity Account Balance Rollforward	15
Deferred Annuity Rider Reserve Summary	15
Annuity Deposits by Product Type	16
Surrender Charge Protection and Account Values by Product Type	16
Annuity Liability Characteristics	17
C. Investment Summary
Summary of Invested Assets by Asset Class	19
Credit Quality of Fixed Maturity Securities	21
Summary of Residential Mortgage Backed Securities by Collateral Type and NAIC Designation	22
D. Counterparty Risk
Top 10 Holdings by Issuers	23
Reinsurance Counterparty Risk Top 5 Reinsurers	24
E. Shareholder Information	25
F. Non-GAAP Financial Measures Definitions	26
G. Research Analyst Coverage	30

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Financial Supplement - September 30, 2019

(All periods are unaudited)

FGL HOLDINGS

Consolidated Financial Highlights

	Three months ended															Nine months ended
	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			September 30, 2019			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	(Dollars in millions, except per share data)
Selected Income Statement Data:
Net income (loss)	$	65		$	46		$	171		$	(148)		$	56		$	282		$	161
Net income (loss) available to common shareholders	58			38			163			(156)			49			259			140
AOI available to common shareholders (1)	79			65			82			76			62			226			181
Earnings Per Share
Diluted net income (loss) available to common shareholders	0.26			0.17			0.74			(0.70)			0.23			1.19			0.65
Diluted AOI available to common shareholders (1)	0.36			0.30			0.37			0.34			0.29			1.04			0.84
Diluted weighted-average shares outstanding (in millions)	216.54			217.26			219.68			220.91			214.42			217.81			214.39
Select Metrics:
Return on average common shareholders' equity (1) (3)	11.6		%	9.6		%	71.6		%	(80.0)		%	19.0		%	7.5		%	15.1		%
Adjusted Operating return on common shareholders' equity, excluding AOCI (1) (3)	19.7		%	16.6		%	22.1		%	19.8		%	15.3		%	19.3		%	15.3		%
Common shares outstanding (in millions)	215.04			217.19			217.33			221.06			214.37			215.04			214.37
GAAP Book value per common share	9.97			8.46			6.15			2.19			5.02			9.97			5.02
GAAP Book value per common share, excluding AOCI (1)	7.56			7.31			7.15			6.43			7.67			7.56			7.67
Statutory Book value per share (1) (2)	8.99			8.63			8.56			8.15			8.83			8.99			8.83
Statutory Book value per share, excluding IMR and AVR (1) (2)	11.81			11.33			11.28			10.78			11.65			11.81			11.65
AAUM (1)	27,871			27,388			25,862			26,140			25,883			27,050			25,437
Yield on average assets under management "AAUM" (1)	4.32		%	4.60		%	4.47		%	4.51		%	4.13		%	4.46		%	4.26		%
Total product net investment spread (1)	2.05		%	2.26		%	2.17		%	2.10		%	1.71		%	2.16		%	1.89		%
Sales
FIA	590			767			668			667			631			2,025			1,616
Fixed rate annuities (MYGA)	107			263			280			185			211			650			573
Institutional spread based	100			92			105			105			—			297			200
Total annuity	797			1,122			1,053			957			842			2,972			2,389
Index universal life	9			10			8			8			7			27			20
Flow reinsurance	108			104			60			53			45			272			132
Total Sales	$	914		$	1,236		$	1,121		$	1,018		$	894		$	3,271		$	2,541
(1) Refer to "Non-GAAP Financial Measures Definitions"
(2) Statutory book value per share measures reflect an increase in the share count at December 31, 2018 as a result of the tender of warrants on our common stock. The book value of our international subsidiaries and statutory per share measures have been trued-up in prior periods to be more representative of our combined regulatory capital position.
(3) Return on shareholders' equity marked for the nine months ended represents the twelve months ended September 30

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Financial Supplement - September 30, 2019

(All periods are unaudited)

FGL HOLDINGS

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except per share data)

	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
ASSETS
Investments:
Fixed maturity securities, available-for-sale, at fair value (amortized cost: September 30, 2019 - $23,047; December 31, 2018 - $22,219)	$	23,907	$	23,362	$	21,605	$	21,109	$	21,421
Equity securities, at fair value (cost: September 30, 2019 - $1,104; December 31, 2018 - $1,526)	1,097		1,144		1,171		1,382		1,440
Derivative investments	454		383		305		97		432
Short term investments	—		—		—		—		15
Mortgage loans	836		760		674		667		497
Other invested assets	1,078		1,030		755		662		606
Total investments	27,372		26,679		24,510		23,917		24,411
Cash and cash equivalents	990		772		1,357		571		944
Accrued investment income	246		232		238		216		230
Funds withheld for reinsurance receivables, at fair value	2,045		1,922		837		757		708
Reinsurance recoverable	3,250		3,264		3,113		3,190		2,460
Intangibles, net	1,397		1,421		1,421		1,359		1,205
Deferred tax assets, net	92		150		283		343		285
Goodwill	467		467		467		467		467
Other assets	258		191		220		125		250
Total assets	$	36,117	$	35,098	$	32,446	$	30,945	$	30,960

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Financial Supplement - September 30, 2019

(All periods are unaudited)

	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Contractholder funds (a)	$	25,355	$	24,828	$	23,881	$	23,387	$	23,164
Future policy benefits, including $1,887 and $725 at fair value at September 30, 2019 and December 31, 2018, respectively (b)	5,714		5,641		4,677		4,641		4,631
Funds withheld for reinsurance liabilities	838		839		653		722		3
Liability for policy and contract claims (c)	63		66		70		64		60
Debt	542		542		541		541		540
Revolving credit facility	15		—		—		—		—
Other liabilities	1,015		922		873		700		1,088
Total liabilities	33,542		32,838		30,695		30,055		29,486
Shareholders' equity:
Preferred stock ($.0001 par value, 100,000,000 shares authorized, 421,885 and 399,033 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively)	—		—		—		—		—
Common stock ($.0001 par value, 800,000,000 shares authorized, 221,660,974 issued and outstanding at September 30, 2019 and December 31, 2018)	—		—		—		—		—
Additional paid-in capital	2,022		2,014		2,007		1,998		2,056
Retained earnings (Accumulated deficit)	85		30		(6)		(167)		(13)
Accumulated other comprehensive income (loss)	520		251		(216)		(937)		(569)
Treasury stock, at cost (6,622,420 shares at September 30, 2019; 600,000 shares at December 31, 2018)	(52)		(35)		(34)		(4)		—
Total shareholders' equity	2,575		2,260		1,751		890		1,474
Total liabilities and shareholders' equity	$	36,117	$	35,098	$	32,446	$	30,945	$	30,960
Equity attributable to preferred shareholders (1)	$	430	$	422	$	414	$	406	$	398

(1) Refer to "Non-GAAP Financial Measures Definitions"

(a) Contractholder funds include amounts on deposit for annuity and universal life contracts plus the fair value of future index credits and guarantees on our FIA and IUL products.

(b) Future policy benefits include the present value of future benefits on our traditional life insurance products, life contingent SPIA contracts, long-term care block and offshore reinsurance annuity products.

(c) Liability for policy and contract claims represents policyholder pending claims.

5

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three months ended										Nine months ended
	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		September 30, 2019		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	(Dollars in millions, except per share data)
Revenues:
Traditional life insurance premiums	$	5	$	7	$	8	$	7	$	7	$	20	$	23
Life contingent immediate annuity	4		1		8		2		5		13		22
Net investment income	301		315		289		295		267		905		812
Net investment gains (losses)	103		135		240		(555)		119		478		(74)
Surrender charges	7		8		8		9		9		23		35
Cost of insurance fees and other income	35		29		47		31		37		111		104
Total revenues	455		495		600		(211)		444		1,550		922
Benefits and expenses:
Traditional life insurance policy benefits and change in future policy benefits	19		22		18		20		17		59		57
Life contingent immediate annuity benefits and changes in future policy benefits	20		15		5		12		13		40		44
Interest sensitive and index product benefits and changes in future policy benefits	292		231		316		(84)		267		839		374
General expenses	26		44		31		47		31		101		103
Acquisition expenses	97		207		103		106		94		407		242
Deferred acquisition costs ("DAC")	(75)		(104)		(90)		(98)		(85)		(269)		(219)
Amortization of intangibles	12		13		29		(23)		28		54		72
Total benefits and expenses	391		428		412		(20)		365		1,231		673
Operating income	64		67		188		(191)		79		319		249
Interest expense	(8)		(8)		(8)		(8)		(8)		(24)		(21)
Income before income taxes	56		59		180		(199)		71		295		228
Income tax (expense) benefit	9		(13)		(9)		51		(15)		(13)		(67)
Net income (loss)	$	65	$	46	$	171	$	(148)	$	56	$	282	$	161
Less Preferred stock dividend	7		8		8		8		7		23		21
Net income (loss) available to common shareholders	$	58	$	38	$	163	$	(156)	$	49	$	259	$	140
Net income (loss) per common share:
Basic	$	0.26	$	0.17	$	0.74	$	(0.70)	$	0.23	$	1.19	$	0.65
Diluted	$	0.26	$	0.17	$	0.74	$	(0.70)	$	0.23	$	1.19	$	0.65
Weighted average common shares used in computing net income (loss) per common share:
Basic (millions)	216.44		217.19		219.65		220.91		214.37		217.75		214.37
Diluted (millions)	216.54		217.26		219.68		220.91		214.42		217.81		214.39

6

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Reconciliation from Net Income (Loss) to AOI (1)

	Three months ended										Nine months ended
	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		September 30, 2019		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	(Dollars in millions, except per share data)
Net income (loss)	$	65	$	46	$	171	$	(148)	$	56	$	282	$	161
Adjustments to arrive at AOI:
Effect of investment losses (gains), net of offsets (a)	(44)		(22)		(70)		174		38		(136)		114
Impacts related to changes in the fair values of FIA related derivatives and embedded derivatives, net of hedging cost, and the fair value accounting impacts of assumed reinsurance by our international subsidiaries (a) (b)	63		69		(17)		77		(30)		115		(102)
Effect of change in fair value of reinsurance related embedded derivative, net of offsets (a)	18		(10)		19		—		—		27		—
Effect of integration, merger related & other non-operating items	(6)		(3)		(3)		25		4		(12)		15
Effects of extinguishment of debt	—		—		—		—		—		—		(2)
Tax effect of affiliated reinsurance embedded derivative	—		—		—		(15)		—		—		15
Net impact of Tax Cuts and Jobs Act (c)	—		—		—		—		3		—		3
Tax impact of adjusting items	(10)		(7)		(10)		(29)		(2)		(27)		(2)
AOI	$	86	$	73	$	90	$	84	$	69	$	249	$	202
Dividends on preferred stock	(7)		(8)		(8)		(8)		(7)		(23)		(21)
AOI available to common shareholders	$	79	$	65	$	82	$	76	$	62	$	226	$	181
Per diluted common share:
Net income (loss) available to common shareholders	$	0.26	$	0.17	$	0.74	$	(0.70)	$	0.23	$	1.19	$	0.65
Adjustments to arrive at AOI:
Effect of investment (gains) losses, net of offsets (a)	(0.20)		(0.10)		(0.32)		0.78		0.18		(0.62)		0.53
Impacts related to changes in the fair values of FIA related derivatives and embedded derivatives, net of hedging cost, and the fair value accounting impacts of assumed reinsurance by our international subsidiaries (a) (b)	0.29		0.32		(0.08)		0.35		(0.14)		0.53		(0.47)
Effect of change in fair value of reinsurance related embedded derivative, net of offsets (a)	0.08		(0.05)		0.09		—		—		0.12		—
Effect of integration, merger related & other non-operating items	(0.03)		(0.01)		(0.01)		0.11		0.02		(0.06)		0.07
Effects of extinguishment of debt	—		—		—		—		—		—		(0.01)
Tax effect of affiliated reinsurance embedded derivative	—		—		—		(0.07)		—		—		0.07
Net impact of Tax Cuts and Jobs Act (c)	—		—		—		—		0.01		—		0.01
Tax impact of adjusting items	(0.04)		(0.03)		(0.05)		(0.13)		(0.01)		(0.12)		(0.01)
AOI available to common shareholders per diluted share	$	0.36	$	0.30	$	0.37	$	0.34	$	0.29	$	1.04	$	0.84

(1)Refer to "Non-GAAP Financial Measures Definitions"

(a) Amounts are net of offsets related to value of business acquired ("VOBA"), deferred acquisition cost ("DAC"), deferred sale inducement ("DSI"), unearned revenue ("UREV") amortization and cost of reinsurance, as applicable.

(b) The updated definition of AOI removes the fair value impacts of assumed reinsurance by our international subsidiaries for periods after September 30, 2018.

(c) The Company recorded an immaterial out of period adjustment related to the December 1, 2017 fair value of the deferred income tax valuation allowance acquired from the Business Combination. See "Note 2. Significant Accounting Policies and Practices" of the Company’s Form 10-K for additional information.

7

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Adjusted Operating Income Statement (1)

	Three months ended										Nine months ended
	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		September 30, 2019		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	(Dollars in millions)
Revenues:
Premiums	$	9	8		16		9		$	12	$	33	$	45
Net investment income	301		315		289		295		267		905		812
Net investment gains (losses) (a)	5		11		19		(62)		27		35		(6)
Insurance and investment product fees and other (b)	40		40		47		40		46		127		139
Total revenues	355		374		371		282		352		1,100		990
Benefits and expenses:
Benefits and other changes in policy reserves (c)	175		93		178		130		192		446		519
Acquisition and operating expenses, net of deferrals (d)	54		150		47		43		41		251		116
Amortization of intangibles (e)	31		30		29		24		28		90		79
Total benefits and expenses	260		273		254		197		261		787		714
Adjusted operating income before interest and taxes (1)	95		101		117		85		91		313		276
Interest expense	(8)		(8)		(8)		(8)		(8)		(24)		(23)
Adjusted operating income before taxes (1)	87		93		109		77		83		289		253
Income tax expense	(1)		(20)		(19)		7		(14)		(40)		(51)
Adjusted operating income (1)	86		73		90		84		69		249		202
Less Preferred stock dividend	(7)		(8)		(8)		(8)		(7)		(23)		(21)
Adjusted operating income available to common shareholders (1)	$	79	$	65	$	82	$	76	$	62	$	226	$	181

(1)Refer to "Non-GAAP Financial Measures Definitions"

(a) Net investment gains (losses): includes the effect of net investment gains (losses) including OTTI, changes in fair values of FIA related derivatives and embedded derivatives, net of hedging costs. For periods after September 30, 2018, effects of net investment gains include the change in fair value of the reinsurance related embedded derivative.

(b) Insurance and investment product fees and other: includes the effect of cost of reinsurance and contract fee termination.

(c) Benefits and other changes in policy reserves: includes the effects of the changes in fair values of FIA embedded derivatives and the fair value impacts of assumed reinsurance by our international subsidiaries.

(d) Acquisition and operating expenses, net of deferrals: includes the effects of integration, merger related and other non-operating items.

(e) Amortization of intangibles includes the impact on DAC, VOBA, and DSI of the adjustments in a and c above.

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FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Notable Items Included in Net Income (Loss) and AOI

Each quarterly reporting period, we identify notable items that help explain the trends in our Net income (loss) and AOI. The amounts below are included in disclosures within the Company's earnings releases to explain our Net income (loss) and AOI results as we believe these items provide further clarity to the financial performance of the business.

	Three months ended										Nine months ended
	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018		September 30, 2019		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	(Dollars in millions)
Net income (loss)	$	65	$	46	$	171	$	(148)	$	56	$	282	$	161
AOI	$	86	$	73	$	90	$	84	$	69	$	249	$	202
Notable Items (Not Trendable) Included within AOI and Net income (loss) [(unfavorable)/favorable]
Project expenses (a)	—		(11)		(2)		(2)		—		(13)		(3)
Single premium immediate annuities ("SPIA") mortality & other reserve adjustments (b)	(2)		3		14		4		5		15		18
Assumption review & DAC, VOBA, DSI and cost of reinsurance unlocking (c)	7		—		—		(4)		5		7		5
Bond prepay income / other (d)	15		4		5		15		—		24		4

(a) Project related expenses.

(b) The release of annuity reserves associated with mortality of annuitants, which varies due to timing, volume and severity of experience, and other reserve adjustments.

(c) Reflects unlocking from updating our DAC, VOBA, DSI and cost of reinsurance amortization models for actual experience and equity market fluctuations. Also, annually in the 3rd calendar quarter, we complete our Annual Assumption Review & Unlocking process by adjusting our valuation assumptions to align with actual experience.

(d) Bond prepayment income, changes in tax valuation, and other allowances related to reinsurance and agent debt, reinsurance settlements and other net favorable activity.

9

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Capitalization

	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	(Dollars in millions, except per share data)
Capitalization:
Debt	$	565		$	550		$	550		$	550		$	550
Total debt	565			550			550			550			550
Total shareholders' equity	2,575			2,260			1,751			890			1,474
Total capitalization	3,140			2,810			2,301			1,440			2,024
AOCI	520			251			(216)			(937)			(569)
Total capitalization excluding AOCI (1)	$	2,620		$	2,559		$	2,517		$	2,377		$	2,593
Total shareholders' equity	2,575			2,260			1,751			890			1,474
Equity available to preferred shareholders	430			422			414			406			398
Common shareholders' equity	2,145			1,838			1,337			484			1,076
AOCI	520			251			(216)			(937)			(569)
Total common shareholders' equity excluding AOCI (1)	$	1,625		$	1,587		$	1,553		$	1,421		$	1,645
Debt-to-Capital Ratios: (1)
Total Debt to Capitalization, excluding AOCI (1)	21.6		%	21.5		%	21.9		%	23.1		%	21.2		%
Rating Agency Adjusted Debt to Capitalization, excluding AOCI (1)	29.8		%	29.7		%	30.1		%	31.7		%	28.9		%

10

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Reconciliation of Return on Equity (ROE) to Adjusted Operating ROE

	Twelve months ended
Reconciliation of the Twelve Month Rolling ROE to Adjusted Operating ROE	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Return on average common shareholders' equity (1)	7.5	%	8.2	%	10.3	%	(1.5)	%	15.1	%
AOCI	(0.9)	%	(2.2)	%	(4.6)	%	0.5	%	(3.3)	%
Return on average common shareholders' equity, excluding AOCI (1)	6.6	%	6.0	%	5.7	%	(1.0)	%	11.8	%
Aggregate adjustments to arrive at AOI available to common shareholders (2)	12.7	%	12.3	%	12.2	%	17.6	%	3.5	%
Adjusted Operating return on common shareholders' equity, excluding AOCI (1)	19.3	%	18.3	%	17.9	%	16.6	%	15.3	%
	Three months ended
Reconciliation of Quarterly ROE to Adjusted Operating ROE	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Return on average common shareholders' equity (1)	11.6	%	9.6	%	71.6	%	(80.0)	%	19.0	%
AOCI	2.8	%	0.1	%	(27.8)	%	39.3	%	(6.9)	%
Return on average common shareholders' equity, excluding AOCI (1)	14.4	%	9.7	%	43.8	%	(40.7)	%	12.1	%
Aggregate adjustments to arrive at AOI available to common shareholders (2)	5.3	%	6.9	%	(21.7)	%	60.5	%	3.2	%
Adjusted Operating return on common shareholders' equity, excluding AOCI (1)	19.7	%	16.6	%	22.1	%	19.8	%	15.3	%

(1) Refer to "Non-GAAP Financial Measures Definitions"

(2) Refer to "Reconciliation from Net Income (Loss) to AOI" for further details on individual adjustments

11

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Financial Strength Ratings

	A.M. Best	Fitch	Moody's	S&P
Holding Company Ratings
FGL Holdings
Issuer Credit / Default Rating	Not Rated	BBB-	Ba3	BB+
Outlook		Stable	Stable	Stable
CF Bermuda Holdings Limited
Issuer Credit / Default Rating	Not Rated	BBB-	Ba2	BB+
Outlook		Stable	Stable	Stable
Fidelity & Guaranty Life Holdings, Inc.
Issuer Credit / Default Rating	bbb-	BBB-	Not Rated	BB+
Outlook	Stable	Stable	Not Rated	Stable
Senior Unsecured Notes	bbb-	BB+	Ba2	BB+
Outlook	Stable		Stable
Operating Subsidiary Ratings
Fidelity & Guaranty Life Insurance Company
Financial Strength Rating	A-	BBB+	Baa2	BBB+
Outlook	Stable	Stable	Stable	Stable
Fidelity & Guaranty Life Insurance Company of New York
Financial Strength Rating	A-	BBB+	Not Rated	BBB+
Outlook	Stable	Stable	Not Rated	Stable
F&G Reinsurance Ltd
Financial Strength Rating	A-	BBB-	Not Rated	Not Rated
Outlook	Stable	Stable	Not Rated	Not Rated
F&G Life Re Ltd
Financial Strength Rating	Not Rated	BBB-	Baa2	BBB+
Outlook		Stable	Stable	Stable
*Reflects current ratings and outlooks as of date of filing

12

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Net Investment Spread Results

(Dollars in millions)	Three months ended						Nine months ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Yield AAUM (1)	4.32		%	4.13		%	4.46		%	4.26		%
Less: Interest credited and option cost	(2.27)		%	(2.42)		%	(2.30)		%	(2.37)		%
Total product net investment spread (1)	2.05		%	1.71		%	2.16		%	1.89		%
FIA net investment spread	2.69		%	2.16		%	2.69		%	2.36		%
Gross investment book yield - bonds purchased during the period (1)	4.30		%	5.58		%	4.87		%	5.25		%
Net investment book yield - bonds purchased during the period (1)	3.86		%	5.23		%	4.45		%	4.99		%
AAUM (1)	$	27,871		$	25,883		$	27,050		$	25,437
(1) Refer to "Non-GAAP Financial Measures Definitions"
Total Product Net Investment Spread
(Dollars in millions)	Three months ended						Nine months ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net investment income	$	301		$	267		$	905		$	812
AAUM (1)	27,871			25,883			27,050			25,437
Yield	4.32		%	4.13		%	4.46		%	4.26		%
Interest credits, less DSI	$	79		$	77		$	228		$	222
Option & futures costs	63			59			187			167
Total interest credited and option costs	$	142		$	136		$	415		$	389
Average account value	25,049			22,367			24,072			21,895
Interest credited & option cost	2.27		%	2.42		%	2.30		%	2.37		%
Net investment spread (1)	2.05		%	1.71		%	2.16		%	1.89		%
(1) Refer to "Non-GAAP Financial Measures Definitions"

13

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

FIA Net Investment Spread
(Dollars in millions)	Three months ended						Nine months ended
	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net investment income	$	196		$	158		$	571		$	491
AAUM (1)	17,120			15,181			16,565			15,143
Yield	4.57		%	4.15		%	4.59		%	4.32		%
Interest credits, less DSI	$	13		$	15		$	39		$	46
Option & futures costs	63			59			187			167
Total interest credited and option costs	$	76		$	74		$	226		$	213
Average account value	16,213			14,766			15,845			14,495
Interest credited & option cost	1.88		%	1.99		%	1.90		%	1.96		%
Net investment spread (1)	2.69		%	2.16		%	2.69		%	2.36		%

(1) Refer to "Non-GAAP Financial Measures Definitions"

14

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Annuity Account Balance Rollforward (a)

(Dollars in millions)	Three months ended
	September 30, 2019		June 30, 2019		March 31, 2019		December 31, 2018		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Account balances at beginning of period:	$	19,701	$	19,191	$	18,927	$	19,335	$	18,769
Net deposits	696		1,047		921		884		845
Premium and interest bonuses	16		16		16		17		14
Fixed interest credited and index credits	86		95		64		99		148
Guaranteed product rider fees	(27)		(27)		(26)		(27)		(21)
Surrenders, withdrawals, deaths, etc.	(420)		(436)		(711)		(624)		(420)
Reinsurance treaty cession	—		(185)		—		(758)		—
Account balance at end of period	$	20,052	$	19,701	$	19,191	$	18,926	$	19,335

(a) The rollforward reflects the vested account balance of our fixed index annuities and fixed rate annuities, net of reinsurance.

Deferred Annuity Rider Reserve Summary

(Dollars in millions)	September 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Rider reserve	$	244		$	244		$	227		$	211		$	193
Account value with rider reserves	10,621			10,365			9,924			9,593			9,177
Rider reserves as a percentage of account value with rider reserves	2.3		%	2.3		%	2.3		%	2.2		%	2.1		%

15

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Annuity Deposits by Product Type

	Three months ended				Nine months ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Product Type	(Dollars in millions)				(Dollars in millions)
Fixed Index Annuities:
Index Strategies	$	521	$	556	$	1,764	$	1,338
Fixed Strategy	67		75		244		229
	588		631		2,008		1,567
Fixed Rate Annuities:
Single-Year Rate Guaranteed	1		1		7		4
Multi-Year Rate Guaranteed	107		213		650		578
Total before coinsurance ceded	696		845		2,665		2,149
Coinsurance ceded	—		—		1		—
Net after coinsurance ceded	$	696	$	845	$	2,664	$	2,149

Surrender Charge Protection and Account Values by Product Type

Annuity Surrender Charges and Account Values (net of reinsurance) at September 30, 2019 (unaudited):

	Surrender Charge				Net Account Value
	(Unaudited)
Product Type	Avg. Years at Issue	Avg. Years Remaining	Avg. % Remaining		Dollars in millions		%
Fixed Index Annuities	11	6	8	%	$	16,348	82	%
Single-Year Rate Guaranteed	10	1	1	%	295		1	%
Multi-Year Rate Guaranteed	5	4	7	%	3,409		17	%
Total					$	20,052	100	%

16

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Annuity Liability Characteristics

	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	(Unaudited)
	(Dollars in millions)
SURRENDER CHARGE PERCENTAGES:
No surrender charge	$	394	$	2,317
0.0% < 2.0%	18		66
2.0% < 4.0%	13		392
4.0% < 6.0%	272		1,157
6.0% < 8.0%	1,150		1,983
8.0% < 10.0%	1,847		3,653
10.0% or greater	10		6,780
	$	3,704	$	16,348

	Fixed and Fixed Index Annuities Account Value		Weighted Average Surrender Charge
	(Unaudited)
	(Dollars in millions)
SURRENDER CHARGE EXPIRATION BY YEAR:
Out of surrender charge	$	2,580	—	%
2019	335		4	%
2020 - 2021	3,127		5	%
2022 - 2023	2,828		7	%
2024 - 2025	3,649		9	%
Thereafter	7,533		11	%
	$	20,052	8	%

17

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	(Unaudited)
	(Dollars in millions)
CREDITED RATE (INCLUDING BONUS INTEREST) VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL:
No differential	$	520	$	1,319
0.0% - 1.0%	198		1,374
1.0% - 2.0%	519		44
2.0% - 3.0%	2,467		5
Allocated to index strategies	—		13,606
	$	3,704	$	16,348

FIXED INDEX ANNUITIES ACCOUNT VALUE - INDEX STRATEGIES

Monthly Average, Point to Point and Gain Trigger Strategies with Cap

	Minimum Guaranteed Cap
	(Unaudited)
	1%		2%		3%		5%		6%
Current Cap	(Dollars in millions)
At minimum	$	—	$	—	$	1,597	$	533	$	5
2-3%	1,322		—		—		—		—
3-4%	1,207		—		300		—		—
4-5%	482		—		171		—		—
5-6%	336		3		22		—		—
6-7%	126		6		29		—		2
7% +	141		76		204		—		63
Total:	$	3,614	$	85	$	2,323	$	533	$	70

18

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Monthly Point-to-Point with Cap

	Minimum Guaranteed Cap 1%
	(Unaudited)
Current Cap	(Dollars in millions)
At minimum	$	2,196
1% to 2%	2,674
2% to 3%	496
3% +	83
Total:	$	5,449

3 Year Step Forward with Cap

	Minimum Guaranteed Cap 2%		Minimum Guaranteed Cap 5%
	(Unaudited)
Current Cap	(Dollars in millions)
At minimum	$	—	$	18
2% to 5%	2		—
5% to 7%	12		45
7% to 9%	—		35
9% to 11%	—		15
11% to 13%	—		8
Total:	$	14	$	121

There is an additional $1,397 million Account Value allocated to strategies not listed above. Of this $1,397 million, $13 million is at the guaranteed rates.

19

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Summary of Invested Assets by Asset Class

(Dollars in millions)	September 30, 2019						December 31, 2018
	(Unaudited)						(Unaudited)
	Amortized Cost		Fair Value		Percent		Amortized Cost		Fair Value		Percent
Fixed maturity securities, available for sale:
United States Government full faith and credit	$	37	$	38	—	%	$	120	$	119	—	%
United States Government sponsored entities	138		139		1	%	107		106		—	%
United States municipalities, states and territories	1,245		1,334		5	%	1,216		1,187		5	%
Foreign Governments	138		155		1	%	129		121		1	%
Corporate securities:
Finance, insurance and real estate	4,174		4,373		16	%	4,307		4,088		17	%
Manufacturing, construction and mining	722		750		3	%	632		574		2	%
Utilities, energy and related sectors	2,428		2,537		9	%	2,527		2,306		10	%
Wholesale/retail trade	1,608		1,638		6	%	1,520		1,376		6	%
Services, media and other	2,406		2,576		9	%	2,227		2,035		9	%
Hybrid securities	1,035		1,067		4	%	992		901		4	%
Non-agency residential mortgage-backed securities	826		864		3	%	920		925		4	%
Commercial mortgage-backed securities	2,857		3,040		11	%	2,568		2,537		11	%
Asset-backed securities	1,691		1,737		6	%	1,542		1,549		6	%
CLO securities	3,742		3,658		13	%	3,411		3,283		14	%
Alternative investments	993		985		4	%	563		560		2	%
Equity securities	1,035		1,030		4	%	1,475		1,332		6	%
Commercial mortgage loans	444		460		2	%	482		483		2	%
Residential mortgage loans	392		397		1	%	185		187		1	%
Other (primarily derivatives and limited partnerships)	486		605		2	%	481		240		1	%
Short term investments	—		—		—	%	—		—		—	%
Total (a)	$	26,397	$	27,383	100	%	$	25,404	$	23,909	100	%
(a) Asset duration, including cash and cash equivalents, of 6.73 years and 6.57 years vs. liability duration of 6.79 years and 6.19 years for the periods ending September 30, 2019 and December 31, 2018, respectively.

20

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Credit Quality of Fixed Maturity Securities at September 30, 2019 (unaudited)

NAIC Designation	Fair Value		Percent
	(Dollars in millions)
1	$	12,919	54	%
2	9,527		40	%
3	1,118		5	%
4	269		1	%
5	72		—	%
6	2		—	%
	$	23,907	100	%

Rating Agency Rating	Fair Value		Percent
	(Dollars in millions)
AAA	$	585	2	%
AA	1,556		7	%
A	6,579		28	%
BBB	9,170		38	%
Not rated	4,153		17	%
Total investment grade	22,043		92	%
BB	1,316		6	%
B and below	434		2	%
Not rated	114		—	%
Total below investment grade	1,864		8	%
	$	23,907	100	%

21

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Summary of Residential Mortgage Backed Securities by Collateral Type and NAIC Designation

		September 30, 2019
		(Unaudited)
Collateral Type		Amortized Cost		Fair Value
	(Dollars in millions)
Total by collateral type
Government agency		$	138	$	139
Prime		591		623
Subprime		87		90
Alt-A		148		151
		$	964	$	1,003
Total by NAIC designation
1		$	912	$	952
2		43		43
3		7		6
4		2		2
5
		$	964	$	1,003

22

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Top 10 Holdings by Issuers

(Dollars in millions)	September 30, 2019
	(Unaudited)
Issuer (a):	Fair Value		Percentage of Total Invested Assets
AT&T Inc.	$	138	0.5	%
HSBC Holdings	130		0.5	%
Metropolitan Transportation Authority (NY)	124		0.5	%
General Motors Co	121		0.4	%
HP Enterprise Co	119		0.4	%
Prudential Financial Inc	118		0.4	%
American Intl Group	116		0.4	%
Viacom Inc	112		0.4	%
Nationwide Mutual Insurance Company	110		0.4	%
JP Morgan Chase & Co.	110		0.4	%

(a) Issuers excluding U.S. Governmental securities.

23

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Reinsurance Counterparty Risk Top 5 Reinsurers

(Dollars in millions)			(Unaudited)
			Financial Strength Rating
Parent Company/Principal Reinsurers	Reinsurance Recoverable (a)		AM Best	S&P	Fitch	Moody's
Wilton Re	$	1,519	A+	Not Rated	A+	Not Rated
Kubera Insurance (SAC) Ltd	852		Not Rated	Not Rated	Not Rated	Not Rated
Security Life of Denver	158		Not Rated	A+	A	A2
Hannover Re	130		A+	AA-	Not Rated	Not Rated
London Life	107		A+	Not Rated	Not Rated	Not Rated

(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.

24

FGL HOLDINGS

Financial Supplement - September 30, 2019

(All periods are unaudited)

Shareholder Information

Corporate Offices:

FGL Holdings

Boundary Hall, Cricket Square, 4th Floor

Grand Cayman KY1-1102

Cayman Islands

Investor Contact:

Jon Bayer

Investors@fglife.com

(410) 487-8898

Common stock and Dividend Information:

NYSE symbol: "FG"

	High		Low		Close		Dividend Declared
2019 (Unaudited)
First Quarter	$	8.80	$	6.57	$	7.87	$	0.01
Second Quarter	$	8.96	$	7.87	$	8.40	$	0.01
Third Quarter	$	8.75	$	6.31	$	7.98	$	0.01

Transfer Agent

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Phone: (212) 509-4000

http://www.continentalstock.com

25

FGL HOLDINGS

Financial Supplement - September 30, 2019

(unaudited)

NON-GAAP FINANCIAL MEASURES DEFINITIONS

The following represents the definitions of non-GAAP measures used by the FGL Holdings.

Adjusted Operating Income (AOI)

AOI is a non-GAAP economic measure we use to evaluate financial performance each period. AOI is calculated by adjusting net income (loss) to eliminate:

(i) the impact of net investment gains/losses, including other than temporary impairment ("OTTI") losses recognized in operations, but excluding realized gains and losses on derivatives hedging our indexed annuity policies,

(ii) the impacts related to changes in the fair values of FIA related derivatives and embedded derivatives, net of hedging cost, and the fair value accounting impacts of assumed reinsurance by our international subsidiaries,

(iii) the tax effect of affiliated reinsurance embedded derivative,

(iv) the effect of change in fair value of the reinsurance related embedded derivative,

(v) the effect of integration, merger related & other non-operating items,

(vi) impact of extinguishment of debt, and

(vii) net impact from Tax Cuts and Jobs Act.

Adjustments to AOI are net of the corresponding impact on amortization of intangibles, as appropriate. The income tax impact related to these adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction. While these adjustments are an integral part of the overall performance of the Company, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations.

Beginning with the quarter ended December 31, 2018, the Company updated its AOI definition to remove the incremental change due to the impact of the fair value accounting election for international subsidiaries. Management believes this revision will enhance the understanding of our business as the Company executes its growth strategy through international third party assumed business and is more relevant to investors as the impact of fair value accounting election can create an increases/decreases in the assumed liabilities that does not match the increase/decrease of the corresponding assets. This change will be applied on a prospective basis as the Company executes its growth strategy through international third party assumed reinsurance.

AOI Available to Common Shareholders

AOI available to common shareholders is a non-GAAP economic measure we use to evaluate financial performance attributable to our common shareholders each period. AOI available to common shareholders is calculated by adjusting net income (loss) available to common shareholders to eliminate the same items as described in the AOI paragraph above. While these adjustments are an integral part of the overall performance of the Company, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, Management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations.

Common Shareholders’ Equity

Common Shareholders’ Equity is based on Total Shareholders’ Equity excluding Equity Available to Preferred Shareholders. Management considers this to be a useful measure internally and to investors to assess the level of equity that is attributable common stock holders.

26

FGL HOLDINGS

Financial Supplement - September 30, 2019

(unaudited)

Common Shareholders’ Equity Excluding AOCI

Common Shareholders’ Equity Excluding AOCI is based on Common Shareholders' Equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on common equity.

Equity Attributable to Preferred Shareholders

Equity attributable to preferred shareholders is equal to the product of (a) the number of preferred shares outstanding plus share dividends declared but not yet issued and (b) the original liquidation preference amount per share. Management considers this non-GAAP measure to provide useful information internally and to investors and analysts to assess the level of equity that is attributable to preferred stock holders.

Total Capitalization Excluding AOCI

Total Capitalization Excluding AOCI is based on shareholders’ equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company.

GAAP Book Value per Common Share (including and excluding AOCI)

GAAP Book Value per Common Share including and excluding AOCI is calculated as Common Shareholders’ Equity and Common Shareholders Equity Excluding AOCI divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company.

Statutory Book Value per Common Share (including and excluding Interest maintenance reserve ("IMR") and asset valuation reserve ("AVR"))

Statutory Book Value per Common Share including IMR and AVR is calculated as Fidelity & Guaranty Life Insurance Company ("FGL Insurance")’s statutory basis capital and surplus plus the international insurance entities’ common shareholder’s equity and related distributable capital, excluding AOCI divided by the total number of shares of common stock outstanding at FGL Holdings. Statutory Book Value per Common Share excluding IMR and AVR is calculated as FGL Insurance’s statutory basis capital and surplus excluding IMR and AVR plus the international insurance entities’ common shareholder’s equity and related distributable capital, excluding AOCI, divided by the total number of shares of common stock outstanding at FGL Holdings. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of our primary insurance entities.

Return on Average Common Shareholders’ Equity

Return on Average Common Shareholders' Equity is calculated by dividing net income (loss) available to common shareholders by total average Common Shareholders’ Equity. Average Common Shareholders Equity for the twelve months rolling, is the average of 5 points throughout the period and for the quarterly average Common Shareholders Equity is calculated using the beginning and ending Common Shareholders’ Equity for the period. For periods less than a full fiscal year, amounts disclosed in the table are annualized. As a result of the merger, the starting point for calculation of average Common Shareholders’ Equity was reset to December 1, 2017. The rolling average will be updated from the merger date forward to use available historical data points until 5 historical data points are available. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this to be a useful measure internally and for investors and analysts to assess the level of return driven by the Company that is attributable to common shareholders.

Return on Average Common Shareholders Equity Excluding AOCI

Return on Average Common Shareholders' Equity Excluding AOCI is calculated by dividing net income (loss) available to common shareholders by total average Common Shareholders’ Equity Excluding AOCI. Average Common Shareholders Equity Excluding AOCI for the twelve months rolling, is the average of 5 points throughout the period and for the quarterly average Common Shareholders Equity Excluding AOCI is calculated using the beginning and ending Common Shareholders’ Equity, excluding AOCI, for the period. For periods less than a full fiscal year, amounts disclosed in the table are annualized. As a result of the merger, the starting point for calculation of average Common Shareholders’ Equity was reset to December 1, 2017. The rolling average will be updated from the merger date forward to use available historical data

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points until 5 historical data points are available. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this to be a useful measure internally and for investors and analysts to assess the level of return driven by the Company that is attributable to common shareholders.

Adjusted Operating Return on Average Common Shareholders’ Equity Excluding AOCI

Adjusted Operating Return on Common Shareholders’ Equity Excluding AOCI is calculated by dividing AOI Available to Common Shareholders’ by total average Common Shareholders’ Equity Excluding AOCI. Average Common Shareholders’ Equity Excluding AOCI for the twelve months rolling, is the average of 5 points throughout the period and for the quarterly average Common Shareholders Equity is calculated using the beginning and ending Common Shareholders Equity, Excluding AOCI, for the period. For periods less than a full fiscal year, amounts disclosed in the table are annualized. As a result of the merger, the starting point for calculation of average Common Shareholders’ Equity was reset to December 1, 2017. The rolling average will be updated from the merger date forward to use available historical data points until 5 historical data points are available. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of adjusted earned return on common equity.

Debt-to-Capital excluding AOCI

Debt-to-capital ratio is computed by dividing total debt by total capitalization excluding AOCI. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.

Rating Agency Adjusted Debt to Capitalization, excluding AOCI

Rating Agency Adjusted Debt to Capitalization, excluding AOCI is computed by dividing the sum of total debt and 50% Equity Available to Preferred Shareholders by total capitalization excluding AOCI less a 50% credit for Equity Available to Preferred Shareholders. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.

Average Assets Under Management (AAUM)

AAUM is calculated as the sum of:

(i) total invested assets at amortized cost, excluding derivatives;

(ii) related party loans and investments;

(iii) accrued investment income;

(iv) funds withheld at fair value;

(v) the net payable/receivable for the purchase/sale of investments, and

(iv) cash and cash equivalents, excluding derivative collateral, at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.

Yield on AAUM

Yield on AAUM is calculated by dividing annualized net investment income by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM.

Net Investment Spread

Net investment spread is the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on FIA policies. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the performance of the Company’s invested assets against the level of investment return provided to policyholders, inclusive of hedging costs.

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Investment Book Yield

Investment book yield on bonds purchased during the period excludes yield on short-term treasuries and cash and cash equivalents. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return on the Company’s income generating invested assets.

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Research Analyst Coverage

Daniel Bergman

Citi Research

(212) 816-2132

Daniel.bergman@citi.com

Andrew Kligerman

Credit Suisse

(212) 325-5069

andrew.kligerman@credit-suisse.com

Alex Scott

Goldman Sachs

(917) 343-7160

alex.scott@gs.com

Pablo Singzon

J.P. Morgan

(212) 622-2295

pablo.s.singzon@jpmorgan.com

Mark A. Dwelle

RBC Capital Markets

(804) 782-4008

mark.dwelle@rbccm.com

John Barnidge

Sandler O'Neill + Partners

(312) 281-3412

jbarnidge@sandleroneill.com

John Nadel

UBS Research

(212) 713-4299

john.nadel@ubs.com

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