Private Equity-Owned Annuity Insurers Compared in SEC Filings

Why these seven, and how to read the tables

Most readers who hold a fixed, fixed-indexed or multi-year guaranteed annuity have a contract issued by an insurance subsidiary, not by the company that files with the SEC. The seven groups here are the ones whose filings we read in full in the last week, plus two that had no page of ours: Global Atlantic, which has no separate 10-Q or 10-K and appears inside KKR’s filings, and Corebridge Financial. Each of the other five has a page of its own with the full tables: Athene, American National Group (American Equity), F&G, Jackson and Brighthouse.

Two cautions apply to every table. First, the filers use different measures: some report liabilities net of reinsurance, some gross; some include separate accounts, some do not. Second, the dates differ. Six insurers report at September 30, 2026. American National Group has not yet filed its 10-Q for that quarter, so its latest figures are for June 30, 2026 and its ratings and statutory capital are from its 10-K at December 31, 2025. Where a table cell has a date, it is the filing’s own date. We describe structure and numbers; we do not rank insurers, and a filing’s own risk-factor sentences are the only judgment quoted.

Who owns each insurer and who manages its investments

The Corebridge ownership percentages are the 10-Q’s own, stated “based solely on publicly available information.” Corebridge also entered into a share repurchase agreement with Argon Holdco LLC on November 6, 2026 for about $110 million at $34.09 a share, expected to complete on November 10, 2026, which is a stockholder transaction and not a change to any contract.

The insurer on your contract is a subsidiary

The 10-Q describes the holding company. The company that signed your contract is one of its insurance subsidiaries, and its name is on the first page of the contract.

What each filing calls policyholder liabilities

Each filer uses a different label. The table keeps the label, because the numbers are not interchangeable.

Athene excludes the share of its reserves that belongs to outside investors in its ACRA vehicles, so its measure is smaller than its gross reserve liabilities. Global Atlantic’s figure includes liabilities it assumed from other insurers, about $105 billion of the total. Jackson’s figure is mostly variable annuities, where the policyholder carries the market risk. Do not read this table as a size ranking.

Private credit and below-investment-grade, each as that filing defines it

The term private credit has no single definition. Athene’s 10-Q says it directly: “Private credit has varying definitions across the financial services industry.” That is why the table gives each filing’s own category and shows a blank where the filing states none.

The below-investment-grade column mixes three bases: NAIC designations, rating agencies and carrying value. A 3.1% on one basis and a 5.3% on another do not tell you which portfolio holds more risk, and neither number includes unrated private loans. Only American National Group shows how large that unrated piece is, which is why its private loan table is the only one that breaks out unrated holdings.

Affiliated and offshore reinsurance

Reinsurance moves part of a contract’s liability to another insurer. The ceding insurer still owes the policyholder. F&G’s 10-Q says “The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer.” On funds-withheld and modified-coinsurance deals, Athene’s 10-K says the US cedant “retains physical possession and legal ownership of the assets supporting the reserves.” Both are quoted as the filings state them; neither is a judgment on any particular reinsurer.

On Jackson, the 10-Q describes Brooke Re as “a Michigan captive reinsurance company”; see our Jackson page for how it holds the variable annuity guarantees. For F&G, our F&G page breaks down reinsurance by reinsurer and product.

Fees paid to the owner or the owner’s asset manager

When the insurer’s owner also manages the assets, part of the investment return goes to the manager as a fee. The filings report this on different periods and scopes.

One worked example (our arithmetic): Athene’s $1,173 million of Apollo fees for nine months is about 0.36% of its $322,491 million of net invested assets at September 30, 2026, a nine-month share and not an annual rate. The 10-Q gives the annual tiers (0.225% a year on the first $103.4 billion of the backbook and 0.15% a year above it, plus sub-allocation fees of 0.065% to 0.70%). We do not annualize or compare the other insurers’ amounts, because their scopes differ.

Capital and ratings, with the date of each

Statutory capital rules differ for US companies (risk-based capital, RBC) and Bermuda companies (the Bermuda Solvency Capital Requirement, BSCR). Where a filing states a ratio, it is shown with its date. Where a filing only says each insurer met its minimum, that is what the table says.

F&G’s statutory capital fell by $744 million between the two dates (our arithmetic: 1,735 minus 991). The 10-Q gives two of the pieces, the $159 million statutory net loss and the $250 million return of capital, and does not itemize the rest, so we do not either. Without its permitted statutory accounting practices, the 10-Q says FGL Insurance’s risk-based capital “would have been above the minimum regulatory requirements” at both dates.

Ratings and capital ratios are year-end or snapshot figures. A rating can change at any time, and none of the filings promises otherwise.

Two deals that change who is behind some contracts

Brighthouse and Aquarian. The 10-Q filed November 5, 2026 says the necessary insurance regulatory approvals in Delaware, New York and Massachusetts are still pending. The merger agreement’s outside date was automatically extended on September 6, 2026 to December 6, 2026, and the parties were discussing an extension. The deal, valued at about $4.1 billion in the joint press release, is not closed. Our Brighthouse page tracks the approvals and the date.

Corebridge and Equitable. Corebridge’s 10-Q describes an all-stock merger in which each Corebridge share converts into one share of a new parent company, with Corebridge shareholders owning about 51% of the combined company. Shareholders of both companies approved it on July 30, 2026, and the 10-Q says it is expected to close by year-end 2026. S&P placed Corebridge’s ratings on CreditWatch with negative implications because of it.

For Apollo-related context from the investor side, see our page on Apollo and its fees; for Brookfield, Brookfield Corporation; for KKR, KKR’s fees and evergreen funds; and for TPG, TPG and Twin Brook. Those pages are for the shareholder. This one is for the policyholder.

What a reader can do with this

Facts first. The filings do not say whether any contract should be kept, surrendered or exchanged, and neither do we. What a policyholder can do is turn the tables into questions for the insurer and for an adviser:

• Name the issuing company on your contract, then look it up in the subsidiary table above, because the 10-Q figures are for the group.
• Ask the insurer in writing for your surrender value today, any market value adjustment and the date your surrender-charge period ends. Surrender charges and income tax on gains apply to a withdrawal (see deferred annuity taxation).
• Check your state guaranty association limit in our table by state. It applies only if a regulator takes over an insurer, and the limit differs by state.
• If you are weighing a different contract, a 1035 exchange can defer tax but starts new surrender terms; our page on 1035 exchanges explains the mechanics.
• If your pension was transferred to an insurer in a group annuity deal, our page on Athene’s pension risk transfer lawsuits covers the court record for that group.

FAQ

Sources: Athene Holding Ltd. Form 10-Q for the quarter ended September 30, 2026 (accession 0001527469-26-000085), financial supplement furnished November 5, 2026 (0001527469-26-000087) and Form 10-K for 2025 (0001527469-26-000013); American National Group Inc. Form 10-Q for the quarter ended June 30, 2026 (0001039828-26-000016) and Form 10-K for 2025 (0001039828-26-000004); KKR & Co. Inc. Form 10-Q for the quarter ended September 30, 2026 (0001404912-26-000034) and Form 10-K for 2025 (0001404912-26-000007); F&G Annuities & Life, Inc. Form 10-Q (0001934850-26-000110) and Form 10-K (0001934850-26-000026); Jackson Financial Inc. Form 10-Q (0001822993-26-000171) and Form 10-K (0001822993-26-000022); Brighthouse Financial, Inc. Form 10-Q (0001685040-26-000037), Form 10-K (0001685040-26-000011), Form 8-K and joint press release of November 6, 2025; Corebridge Financial, Inc. Form 10-Q (0001889539-26-000159), Form 10-K (0001889539-26-000022) and Form 8-K of November 9, 2026 (0001889539-26-000162). Compiled November 10, 2026. This is analysis of public documents, not investment, legal or tax advice.