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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
Form 10-K
 
 
 
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to
Commission file number: 001-37779
 
 
 
FGL HOLDINGS
(Exact name of registrant as specified in its charter)
 
 
 

Cayman Islands
 
98-1354810
(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)
4th Floor
Boundary Hall, Cricket Square
Grand Cayman, Cayman Islands KY1-1102
(Address of principal executive offices, including zip code)

(800) 445-6758
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
Trading Symbol:
Name of each exchange on which registered:
Ordinary shares, par value $.0001 per share
FG
New York Stock Exchange
Warrants to purchase ordinary shares
FG WS
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes         No  
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes         No  



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes         No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes         No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes        No  
The aggregate market value of the ordinary shares held by non-affiliates of the registrant as of the last business day of the registrant's most recently completed second quarter, computed by reference to the closing price reported on the New York Stock Exchange as of June 30, 2019 was approximately $1,214 million.
As of February 24, 2020, there were 221,807,598 ordinary shares, $.0001 par value, issued and outstanding.
 



FGL HOLDINGS
ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
 
 
 
Page
 
PART I
 
 
 
 
 
PART II
 
 
 
 
 
 
 
 
 
 
 
PART III
 
 
PART IV
 
 
 
 

3

Table of Contents

 
PART I

Unless the context otherwise indicates or requires, the terms “we”, “our”, “us”, and the “Company”, as used in this Form 10-K filing, refer for periods prior to the completion of the Business Combination to Fidelity & Guaranty Life ("FGL") and its subsidiaries and, for periods upon or after completion of the Business Combination, to FGL Holdings and its subsidiaries, including FGL and its subsidiaries. The term “FGLH” refers to FGL’s direct subsidiary Fidelity & Guaranty Life Holdings, Inc. FGL Holdings primarily operates through FGL and FGLH’s subsidiary, Fidelity & Guaranty Life Insurance Company (“FGL Insurance”), which is domiciled in Iowa.

Dollar amounts in the accompanying sections are presented in millions, unless otherwise noted.

Special Note Regarding Forward-Looking Statements
This annual report includes forward-looking statements. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “should”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. However, not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not related to present facts or current conditions or that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our consolidated results of operations, financial condition, liquidity, prospects and growth strategies and the industries in which we operate and including, without limitation, statements relating to our future performance.
Forward-looking statements are subject to known and unknown risks and uncertainties, many of which are beyond our control. We caution you that forward-looking statements are not guarantees of future performance and that our actual consolidated results of operations, financial condition and liquidity, and industry development may differ materially from those made in or suggested by the forward-looking statements contained in this report. In addition, even if our consolidated results of operations, financial condition and liquidity, and industry development are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods. A number of important factors could cause actual results to differ materially from those contained in or implied by the forward-looking statements, including the risks and uncertainties discussed in “Risk Factors” (Part I, Item 1A of this Form 10-K). Factors that could cause actual results to differ from those reflected in forward-looking statements relating to our operations and business include:

general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance;
concentration in certain states for distribution of our products;
the impact of interest rate fluctuations;
equity market volatility;
credit market volatility or disruption;
the impact of credit risk of our counterparties;
volatility or decline in the market price of our ordinary shares could impair our ability to raise necessary capital;
changes in our assumptions and estimates regarding the amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances;
changes in our methodologies, estimates and assumptions regarding our valuation of investments and the determinations of the amounts of allowances and impairments;
changes in our valuation allowance against our deferred tax assets, and restrictions on our ability to fully utilize such assets;
the accuracy of management’s reserving assumptions;
regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products, and minimum capitalization and statutory reserve requirements for insurance companies, or the

4

Table of Contents

ability of our insurance subsidiaries to make cash distributions to us (including dividends or payments on surplus notes those subsidiaries issue to us);
the ability to maintain or obtain approval of Iowa Insurance Division ("IID") and other regulatory authorities as required for our operations and those of our insurance subsidiaries
the impact of the "fiduciary" rule proposals on the Company, its products, distribution and business model;
changes in the federal income tax laws and regulations which may affect the relative income tax advantages of our products;
changes in tax laws which affect us and/or our shareholders;
potential adverse tax consequences if we are treated as a passive foreign investment company;
the impact on our business of new accounting rules or changes to existing accounting rules;
our potential need and our insurance subsidiaries’ potential need for additional capital to maintain our and their financial strength and credit ratings and meet other requirements and obligations;
our ability to successfully acquire new companies or businesses and integrate such acquisitions into our existing framework;
the impact of potential litigation, including class action litigation;
our ability to protect our intellectual property;
our ability to maintain effective internal controls over financial reporting;
the impact of restrictions in the Company's debt instruments on its ability to operate its business, finance its capital needs or pursue or expand its business strategies;
our ability and our insurance subsidiaries’ ability to maintain or improve financial strength ratings;
the performance of third parties including third party administrators, independent distributors, underwriters, actuarial consultants and other outsourcing relationships;
the loss of key personnel;
interruption or other operational failures in telecommunication, information technology and other operational systems, or a failure to maintain the security, integrity, confidentiality or privacy of sensitive data residing on such systems;
our exposure to unidentified or unanticipated risk not adequately addressed by our risk management policies and procedures;
the impact on our business of natural and man-made catastrophes, pandemics, and malicious and terrorist acts;
our ability to compete in a highly competitive industry;
our ability to attract and retain national marketing organizations and independent agents;
our subsidiaries’ ability to pay dividends to us; and
the other factors discussed in “Risk Factors”, of (Part I, Item 1A of this Form 10-K).
You should read this report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this report and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data.


5


Item 1. Business
Overview
FGL Holdings
FGL Holdings (the “Company” or “F&G”), formerly known as CF Corporation (“CF Corp”), a Cayman Islands exempted company, was originally incorporated in the Cayman Islands on February 26, 2016 as a Special Purpose Acquisition Company (“SPAC”). CF Corp formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. Prior to November 30, 2017, CF Corp. was a shell company with no operations. On November 30, 2017, CF Corp consummated the acquisition of Fidelity & Guaranty Life ("FGL"), a Delaware corporation, and its subsidiaries, pursuant to the Agreement and Plan of Merger, dated as of May 24, 2017 (the “FGL Merger Agreement”). The transactions contemplated by the FGL Merger Agreement are referred to herein as the “Business Combination.” In connection with the closing of the Business Combination, CF Corp. changed its name to “FGL Holdings” and the Company’s ordinary shares and warrants began trading on the NYSE under the symbols “FG” and “FG WS,” respectively.
F&G Reinsurance Ltd (“F&G Re”), an exempted company incorporated in Bermuda with limited liability has a license to carry on business as an Unrestricted Class "C" reinsurer to provide a platform for non-affiliated offshore reinsurance business. Front Street Re Cayman Ltd, an exempted company incorporated in the Cayman Islands with limited liability (“FSRC”) has a license to carry on business as an Unrestricted Class “B” Insurer that permits FSRC to conduct offshore direct and reinsurance business. F&G Re and FSRC (together herein referred to as the “F&G Reinsurance Companies”), are indirect wholly owned subsidiaries of FGL Holdings and parties to reinsurance transactions.
Our Company
For more than 60 years, our Company has helped middle-income Americans prepare for retirement and for their loved ones' financial security. We partner with leading independent marketing organizations ("IMO") and their agents to serve the needs of the middle-income market and develop competitive products to align with their evolving needs. As of December 31, 2019, we have approximately 650,000 policyholders who count on the safety and protection features our fixed annuity and life insurance products provide.
Through the efforts of our 352 employees, most of whom are located in Des Moines, IA and Baltimore, MD, and through a network of approximately 200 IMOs that represent approximately 37,000 independent agents, we offer various types of fixed annuities and life insurance products. Our fixed annuities serve as a retirement and savings tool for which our customers rely on principal protection and predictable income streams. In addition, our indexed universal life ("IUL") insurance products provide our customers with a complementary product that allows them to build on their savings and provide a payment to their designated beneficiaries upon the policyholder’s death. Our most popular products are fixed indexed annuities (“FIAs”) that tie contractual returns to specific market indices, such as the Standard & Poor's Ratings Services ("S&P") 500 Index. Our customers value our FIAs, which provide a portion of the gains of an underlying market index, while also providing principal protection. We believe this mix of “some upside but limited downside” fills the need for middle-income Americans who must save for retirement but who want to limit the risk of decline in their savings.
For the year ended December 31, 2019, FIAs generated approximately 65% of our total sales. The remaining 35% of sales were primarily generated from fixed rate annuity sales and flow reinsurance during the year. We invest the annuity premiums primarily in fixed income securities, options and futures that hedge our risk and replicate the market index returns to our policyholders. We invest predominantly in call options on the S&P 500 Index. The majority of our products contain provisions that permit us to adjust annually the formula by which we provide index credits in response to changing market conditions. In addition, our annuity contracts generally either cannot be surrendered or include surrender charges that discourage early redemptions.

Pending Transaction with Fidelity National Financial
    
On February 7, 2020, we announced that we had entered into an Agreement and Plan of Merger (the “FNF Merger Agreement”), by and among the Company, Fidelity National Financial, Inc., a Delaware corporation (“FNF”), F I Corp., a Cayman Islands exempted company and wholly owned subsidiary of FNF (“Merger Sub I”), and F II Corp., a Cayman Islands exempted company and wholly owned subsidiary of FNF (“Merger Sub II” and, together with Merger Sub I, “Merger Subs”). Upon the terms and subject to the conditions set forth in the FNF Merger Agreement, at the time of the closing of the transactions contemplated by the FNF Merger Agreement: (i) Merger Sub I will be merged with and into the Company (the “First Merger”) with the Company surviving the First Merger (the “Surviving Company”) and becoming a wholly owned subsidiary of FNF as a result of the First Merger in accordance with the Companies Law (2018 Revision) of the Cayman Islands (the “CICL”); and (ii) immediately following the First Merger, the Surviving Company will be

6


merged with and into Merger Sub II (the “Second Merger” and, together with the First Merger, the “Mergers”) with Merger Sub II surviving the Second Merger and remaining a wholly owned subsidiary of FNF as a result of the Second Merger in accordance with the CICL. Following the close of the Mergers, the Company will operate as a subsidiary of FNF.
A special committee of our board of directors, comprised solely of independent directors not affiliated with FNF, unanimously determined that it is fair and in the best interests of the Company, and declared it advisable, to enter into the FNF Merger Agreement. Subject to the terms and conditions of the FNF Merger Agreement, each of our ordinary shares issued and outstanding immediately prior to the effective time of the First Merger (other than those owned by FNF, the merger subsidiaries or any other subsidiary of FNF) will be canceled and converted automatically into the right to receive (i) $12.50 in cash or (ii) 0.2558 shares of FNF common stock, at the election of the holder of such ordinary share, subject to the allocation and proration provisions of the FNF Merger Agreement. In addition, subject to the terms and conditions of the Series A Preferred Share Purchase Agreement, FNF will purchase our outstanding Series A Preferred Shares.
The Mergers are expected to occur in the second or third quarter of 2020, subject to shareholder and regulatory approvals and the satisfaction of customary closing conditions. Certain conditions include, among other things, (i) the adoption of the FNF Merger Agreement, the Mergers and the other transactions contemplated thereby by the affirmative vote of the holders of ordinary shares of the Company representing at least two-thirds of the ordinary shares of the Company present and voting in person or by proxy as a single class at the shareholders’ meeting in accordance with the CICL and the Amended and Restated Memorandum and Articles of Association of the Company (as amended and restated), (ii) the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and obtaining any requisite approvals, consents or authorizations from governmental authorities, including insurance regulators in the jurisdictions of domicile of our and FNF’s insurance subsidiaries, (iii) the absence of any injunction or applicable law or order preventing or prohibiting consummation of the Mergers, (iv) a declaration by the Securities and Exchange Commission of the effectiveness of the Form S-4 to be filed with the SEC by FNF relating to the registration under the Securities Act of the shares of FNF’s common stock to be issued in the Mergers, (v) approval for listing by the New York Stock Exchange of the shares of FNF common stock to be issued in the Mergers and (vi) the receipt of an opinion of counsel or an accounting firm to the effect that, for U.S. federal income tax purposes, the Mergers, together with the purchase of the Series A Preferred Shares pursuant to the Series A Preferred Share Purchase Agreement, will constitute a reorganization within the meaning of Section 368(a) of the Code. The FNF Merger Agreement does not contain any financing condition or contingency.
Upon termination of the FNF Merger Agreement, under specified circumstances, we may be required to pay a termination fee to FNF in an aggregate amount of either $40 or $67. The termination fee shall be an amount equal to $40 if such termination fee becomes payable in the event that (i) the Company terminates the FNF Merger Agreement to enter into any Takeover Proposal Documentation regarding a Superior Proposal with an Excluded Party (as such terms are defined in the FNF Merger Agreement) or (ii) FNF terminates the FNF Merger Agreement where the event giving rise to the right of termination is based on the submission of a Takeover Proposal by an Excluded Party (as such terms are defined in the FNF Merger Agreement). The termination fee shall be an amount equal to $67 in all other circumstances that require us to pay a termination fee.
We have filed a Current Report on Form 8-K with the SEC on February 7, 2020 with respect to the proposed Mergers. In addition, please see “Risks relating to the Pending Transaction with Fidelity National Financial, Inc. (FNF)” under “Item 1A. Risk Factors” below for further discussion of the Mergers and risks and uncertainties related thereto.
Our Strategy
At F&G we seek to deliver profitable growth for our shareholders through a number of strategic pillars.
Serve the growing retirement market needs by collaborating with our existing and new distribution partners to deliver peace of mind solutions. We believe the demand for retirement and principal protection products will continue to grow. As both a direct writer and a reinsurer, we offer valuable products and capabilities tailored to serve this growing demographic need.
Strengthen our foundation. With our process rigor, we pay close attention to market and profitability trends and fine-tune our actions throughout the year. By partnering with Blackstone Insurance Solutions, we are able to source the breadth and volume of assets that enable us to offer competitive products while we optimize our risk-adjusted returns.
Enhance the F&G experience. With products that provide downside protection coupled with opportunity for market upside, we are focused on giving our policyholders peace of mind. We partner with agents who help their clients select the best products for their individual needs. Our customer care professionals provide personalized support, and we offer self-serve options through our digital platforms.
Focus on bottom-line, profit-oriented objectives. In both our organic and inorganic growth plans as a writer and as a reinsurer, we focus on markets and products where we can achieve targeted profit margins.

7


The F&G Reinsurance Companies were formed with the intention of building a flexible and diversified portfolio of life and annuity reinsurance treaties. F&G Re has entered into three reinsurance agreements as of December 31, 2019 and is actively evaluating additional opportunities.
Competition
Our ability to compete is dependent upon many factors which include, among other things, our ability to develop competitive and profitable products, our ability to maintain stable relationships with our contracted IMOs, our ability to maintain low unit costs, our ability to source and secure investments with attractive returns and risk profiles and our ability to maintain adequate financial strength ratings from rating agencies. Principal competitive factors for FIAs are initial crediting rates, reputation for renewal crediting action, product features, brand recognition, customer service, cost, distribution capabilities and financial strength ratings of the provider. Competition may affect, among other matters, both business growth and the pricing of our products and services. Principal competitive factors for IULs are based on service and distribution channel relationships, price, brand recognition, financial strength ratings of our insurance subsidiaries and financial stability.
The reinsurance industry is highly competitive. The F&G Reinsurance Companies compete with major reinsurers, most of which are well established and have significant operating histories, strong financial strength ratings and long-standing client relationships.
For detailed information about revenues, operating income and total assets of our Company, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements beginning on page F-1 in this report.
Products
Our experience designing and developing annuities and life insurance products will allow us to continue to introduce innovative products and solutions designed to meet customers’ changing needs. We work hand-in-hand with our distributors to devise the most suitable product solutions for the ever-changing market. We believe that, on a practical basis, we have a unique understanding of the safety, accumulation, protection, and income needs of middle-income Americans.
Annuity Products
Through our insurance subsidiaries, we issue a broad portfolio of deferred annuities (fixed indexed and fixed rate annuities) and immediate annuities. A deferred annuity is a type of contract that accumulates value on a tax deferred basis and typically begins making specified periodic or lump sum payments a certain number of years after the contract has been issued. An immediate annuity is a type of contract that begins making specified payments within one annuity period (e.g., one month or one year) and typically pays principal and earnings in equal payments over some period of time.
Deferred Annuities
FIAs. Our FIAs allow contract owners the possibility of earning returns linked to the performance of a specified market index, predominantly the S&P 500 Index, while providing principal protection. The contracts include a provision for a minimum guaranteed surrender value calculated in accordance with applicable law. A market index tracks the performance of a specific group of stocks representing a particular segment of the market, or in some cases an entire market. For example, the S&P 500 Composite Stock Price Index is an index of 500 stocks intended to be representative of a broad segment of the market. All FIA products allow policyholders to allocate funds once a year among several different crediting strategies, including one or more index-based strategies and a traditional fixed rate strategy. High surrender charges apply for early withdrawal, typically for seven to fourteen years after purchase. For the year ended December 31, 2019, we sold $2,820 of FIAs.
The contractholder account value of a FIA contract is equal to the sum of deposits paid, premium bonuses, if any, (described below), and index credits based on the change in the relevant market index (subject to a cap, spread and/or a participation rate) less any fees for riders and any withdrawals taken to-date. Caps (a maximum rate that may be credited) generally range from 2% to 5% when measured annually and 1% to 3% when measured monthly, spreads (a credited rate determined by deducting a specific rate from the index return) generally range from 1% to 6% when measured annually, and participation rates (a credited rate equal to a percentage of index return) generally range from 100% to 140% of the performance of the applicable market index. The cap, spread and participation rate can typically be reset annually and in some instances every two to five years. Certain riders provide a variety of benefits, such as the ability to increase their cap, lifetime income or additional liquidity for a set fee. As this fee is fixed, the contractholder may lose principal if the index credits received do not exceed the amount of such fee.

8


Approximately 72% of the FIA sales for the year ended December 31, 2019 involved “premium bonuses” or vesting bonuses. Premium bonuses increase the initial annuity deposit by a specified rate of 2% to 5%. The vesting bonuses, which range from 1% to 10%, increase the initial annuity deposit liability but are subject to adjustment for unvested amounts in the event of surrender by the policyholder prior to the end of the vesting period. We made compensating adjustments in the commission paid to the agent or the surrender charges on the policy to offset the premium bonus.
Approximately 66% of our FIA contracts were issued with a guaranteed minimum withdrawal benefit (“GMWB”) rider for the year ended December 31, 2019. With this rider, a contract owner can elect to receive guaranteed payments for life from the FIA contract without requiring the owner to annuitize the FIA contract value. The amount of the income benefit available is determined by the growth in the policy's benefit base value as defined in the FIA contract rider. Typically this accumulates for 10 years based on a guaranteed rate of 3% to 8%. Guaranteed withdrawal payments may be stopped and restarted at the election of the contract owner. Some of the FIA contract riders that we offer include an additional death benefit or an increase in benefit amounts under chronic health conditions. Rider fees range from 0% to 1%.
As of December 31, 2019, the distribution of the FIA account values by cap rate and by strategy was as follows:
 
 
Cap rate
Strategy
 
 0% to 3%
 
 3% to 5%
 
> 5%
 
Total
1 year gain trigger
 
$
612

 
$
170

 
$
35

 
$
817

1-2 year monthly average
 
890

 
532

 
168

 
1,590

1-3 year monthly point-to-point
 
5,316

 
24

 

 
5,340

1-3 year annual point-to-point
 
2,174

 
1,475

 
704

 
4,353

3 year step forward
 

 
23

 
110

 
133

Total
 
$
8,992


$
2,224


$
1,017


$
12,233

As of December 31, 2019, the distribution of the FIA account values by cap rate and by index was as follows:
 
 
Cap rate
Index
 
 0% to 3%
 
 3% to 5%
 
> 5%
 
Total
S&P 500
 
$
8,964

 
$
2,007

 
$
987

 
$
11,958

Dow Jones
 

 
117

 

 
117

Nasdaq
 
28

 
100

 
30

 
158

Total
 
$
8,992

 
$
2,224

 
$
1,017

 
$
12,233

Fixed Rate Annuities. Fixed rate annuities include annual reset and multi-year rate guaranteed policies. Fixed rate annual reset annuities issued by us have an annual interest rate (the “crediting rate”) that is guaranteed for the first policy year. After the first policy year, we have the discretionary ability to change the crediting rate once annually to any rate at or above a guaranteed minimum rate. Multi-year guaranteed annuities ("MYGA") are similar to fixed rate annual reset annuities except that the initial crediting rate is guaranteed for a specified number of years before it may be changed at our discretion. For the year ended December 31, 2019 we sold $776 of fixed rate MYGA. As of December 31, 2019, crediting rates on outstanding (i) single-year guaranteed annuities generally ranged from 2% to 6% and (ii) MYGA ranged from 1% to 6%. The average crediting rate on all outstanding fixed rate annuities at December 31, 2019 was 3%.
As of December 31, 2019, the distribution of the fixed rate annuity account values by crediting rate was as follows:
Crediting rate
 
 1% to 2%
 
 2% to 3%
 
 3% to 4%
 
 4% to 5%
 
 5% to 6%
 
Total
Account value (gross)
 
$
31

 
$
260

 
$
2,866

 
$
423

 
$
4

 
$
3,584


9


As of December 31, 2019, the MYGA expiring guaranty account values, net of reinsurance, by year were as follows:
Year of expiry:
 
Account Value
2020
 
131

2021
 
646

2022
 
764

2023
 
719

2024
 
566

Thereafter
 
467

Total
 
$
3,293

Withdrawal Options for Deferred Annuities. After the first year following the issuance of a deferred annuity policy, holders of deferred annuities are typically permitted penalty-free withdrawals up to 10% of the prior year’s value, subject to certain limitations. Withdrawals in excess of allowable penalty-free amounts are assessed a surrender charge if such withdrawals are made during the penalty period of the deferred annuity policy. The penalty period typically ranges from seven to fourteen years for FIAs and three to ten years for fixed rate annuities. This surrender charge initially ranges from 0% to 15% of the contract value for FIAs and 0% to 10% of the contract value for fixed rate annuities and generally decreases by approximately one to two percentage points per year during the penalty period. The average surrender charge is 8% for our FIAs and 7% for our fixed rate annuities as of December 31, 2019.
The following table summarizes our deferred annuity account values and surrender charge protection as of December 31, 2019:
 
 
Fixed Rate and Fixed Index Annuities Account Value
 
Percent of Total
 
Weighted Average Surrender Charge
SURRENDER CHARGE EXPIRATION BY YEAR
 
 
 
 
 
 
Out of surrender charge
 
$
2,564

 
13
%
 
%
2020
 
588

 
3
%
 
3
%
2021 - 2023
 
3,771

 
18
%
 
6
%
2024 - 2025
 
3,214

 
16
%
 
8
%
2026 - 2027
 
3,608

 
18
%
 
9
%
Therafter
 
6,657

 
32
%
 
11
%
Total
 
$
20,402

 
100
%
 
8
%
Subsequent to the penalty period, the policyholder may elect to take the proceeds of the surrender either in a single payment or in a series of payments over the life of the policyholder or for a fixed number of years (or a combination of these payment options). In addition to the foregoing withdrawal rights, policyholders may also elect to have additional withdrawal benefits by purchasing a GMWB.
Immediate Annuities
We also sell single premium immediate annuities (or “SPIAs”), which provide a series of periodic payments for a fixed period of time or for the life of the policyholder, according to the policyholder’s choice at the time of issue. The amounts, frequency and length of time of the payments are fixed at the outset of the annuity contract. SPIAs are often purchased by persons at or near retirement age who desire a steady stream of payments over a future period of years.

10


The following table presents the deposits (also known as “sales”) on annuity policies issued for the period presented as well as reserves required by U.S. generally accepted accounting principles (“U.S. GAAP”) as of the periods presented:
 
Year ended
December 31, 2019
 
Year ended
December 31, 2018
 
Period from December 1 to December 31, 2017
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
Products (net of reinsurance)
 
 
 
 
 
 
 
 
 
 
 
Fixed indexed annuities
$
2,800

 
$
18,058

 
$
2,253

 
$
16,076

 
$
178

 
$
15,178

Fixed rate annuities
539

 
4,477

 
61

 
4,462

 
45

 
4,022

Single premium immediate annuities
14

 
3,291

 
24

 
3,217

 

 
3,144

Total
$
3,353

 
$
25,826

 
$
2,338

 
$
23,755

 
$
223

 
$
22,344

 
Period from October 1 to November 30, 2017
 
Period from October 1 to December 31, 2016 (Unaudited)
 
Year ended
September 30, 2017
 
 
 
 
Predecessor
 
Predecessor
 
Predecessor
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
 
Deposits  on
Annuity
Policies
 
U.S.
GAAP
Reserves
Products (net of reinsurance)
 
 
 
 
 
 
 
 
 
 
 
Fixed indexed annuities
$
288

 
$
14,464

 
$
556

 
$
13,317

 
$
1,892

 
$
14,237

Fixed rate annuities
116

 
3,993

 
99

 
3,627

 
556

 
3,910

Single premium immediate annuities
1

 
2,809

 
2

 
2,866

 
15

 
2,845

Total
$
405

 
$
21,266

 
$
657

 
$
19,810

 
$
2,463

 
$
20,992

Life Insurance
We currently offer IUL insurance policies and have previously sold universal life, term and whole life insurance products. Holders of universal life insurance policies earn returns on their policies which are credited to the policyholder’s cash value account. The insurer periodically deducts its expenses and the cost of life insurance protection from the cash value account. The balance of the cash value account is credited interest at a fixed rate or returns based on the performance of a market index, or both, at the option of the policyholder, using a method similar to that described above for FIAs.
Almost all of the life insurance policies in force, except for the return of premium benefits on term life insurance products and universal life contracts issued after March 1, 2010, are subject to an arrangement with Wilton Reassurance Company (“Wilton Re”). See section titled “Reinsurance-Wilton Re Transaction” in Item 1. Business.
As of December 31, 2019, the distribution of the retained IUL account values by cap rate and by strategy was as follows:
 
 
Cap rate
Strategy
 
 2.5%-5.0%
 
 5.0-7.5%
 
 7.5%-10.0%
 
 10.0-12.5%
 
 12.5+
 
Total
1 year annual point-to-point, Gold Index
 
$

 
$

 
$

 
$

 
$
44

 
$
44

1 year monthly point-to-point, S&P Index
 
33

 

 

 

 

 
33

1 year annual point-to-point with 100% par rate, S&P Index
 
14

 
2

 
57

 
135

 
168

 
376

1 year annual point-to-point with 140% par rate, S&P Index
 
3

 
4

 
23

 

 

 
30

Total
 
$
50


$
6


$
80


$
135


$
212


$
483


11


Distribution