10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-32630

FIDELITY NATIONAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware	16-1725106
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

601 Riverside Avenue

Jacksonville, Florida, 32204

(Address of principal executive offices, including zip code)

(904) 854-8100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par value	FNF	New York Stock Exchange

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 ☒    or    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 ☒ or 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 Exchange Act). Yes  ☐   or    No  ☒

The number of shares outstanding of the Registrant's common stock as of July 31, 2023 were:    

FNF Common Stock    272,174,342

Table of Contents

FORM 10-Q

QUARTERLY REPORT

Quarter Ended June 30, 2023

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements:	2
Condensed Consolidated Balance Sheets (unaudited)	3
Condensed Consolidated Statements of Earnings (unaudited)	4
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)	5
Condensed Consolidated Statements of Equity (unaudited)	6
Condensed Consolidated Statements of Cash Flows (unaudited)	8
Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	74
Item 3. Quantitative and Qualitative Disclosures about Market Risk	101
Item 4. Controls and Procedures	101
Item 5. Other Information	101
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	102
Item 1A. Risk Factors	102
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	103
Item 6. Exhibits	104
Signatures	105

1

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

2

Table of Contents

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share data)

	June 30, 2023		December 31, 2022
	(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at June 30, 2023 and December 31, 2022, at an amortized cost of $42,312 and $37,708, respectively, net of allowance for credit losses of $35 and $39, respectively, and includes pledged fixed maturity securities of $474 and $448, respectively, related to secured trust deposits	$	38,029	$	33,095
Preferred securities, at fair value	804		903
Equity securities, at fair value	700		678
Derivative investments	649		244
Mortgage loans, net of allowance for credit losses of $64 and $42 at June 30, 2023 and December 31, 2022, respectively	5,076		4,554
Investments in unconsolidated affiliates	3,039		2,642
Other long-term investments	660		664
Short-term investments, at June 30, 2023 and December 31, 2022 includes pledged short-term investments of $0 and $6, respectively, related to secured trust deposits	972		2,590
Total investments	49,929		45,370
Cash and cash equivalents, at June 30, 2023 and December 31, 2022 includes $428 and $242, respectively, of pledged cash related to secured trust deposits	3,136		2,286
Trade and notes receivables, net of allowance for credit losses of $32 and $33 at June 30, 2023 and December 31, 2022, respectively	465		467
Reinsurance recoverable, net of allowance for credit losses of $9 and $10 at June 30, 2023 and December 31, 2022, respectively	7,077		5,418
Goodwill	4,811		4,635
Prepaid expenses and other assets	2,214		2,068
Market risk benefits asset	118		117
Lease assets	362		376
Other intangible assets, net	4,317		3,811
Title plants	417		416
Property and equipment, net	175		179
Total assets	$	73,021	$	65,143
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	45,070	$	40,843
Future policy benefits	5,715		5,021
Accounts payable and accrued liabilities	2,725		2,326
Market risk benefits liability	313		282
Notes payable	3,696		3,238
Reserve for title claim losses	1,781		1,810
Funds withheld for reinsurance liabilities	5,681		3,703
Secured trust deposits	886		862
Lease liabilities	411		418
Income taxes payable	3		—
Deferred tax liability	63		71
Total liabilities	66,344		58,574
Equity:
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of June 30, 2023 and December 31, 2022; outstanding of 272,178,622 and 272,309,890 as of June 30, 2023 and December 31, 2022, respectively, and issued of 327,731,804 and 327,757,349 as of June 30, 2023 and December 31, 2022, respectively	—		—
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	—		—
Additional paid-in capital	5,883		5,870
Retained earnings	5,140		5,225
Accumulated other comprehensive loss	(2,681)		(2,870)
Less: Treasury stock, 55,553,182 shares and 55,447,459 shares as of June 30, 2023 and December 31, 2022, respectively, at cost	(2,113)		(2,109)
Total Fidelity National Financial, Inc. shareholders’ equity	6,229		6,116
Non-controlling interests	448		453
Total equity	6,677		6,569
Total liabilities and equity	$	73,021	$	65,143

See Notes to Condensed Consolidated Financial Statements

3

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Dollars in millions, except per share data)

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Revenues:
Direct title insurance premiums	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	713		1,203		1,263		2,302
Escrow, title-related and other fees	1,212		786		2,092		2,078
Interest and investment income	618		463		1,229		941
Recognized gains and losses, net	(16)		(676)		(11)		(1,145)
Total revenues	3,068		2,635		5,542		5,802
Expenses:
Personnel costs	755		839		1,432		1,662
Agent commissions	550		930		970		1,774
Other operating expenses	394		457		754		899
Benefits and other changes in policy reserves	817		(377)		1,629		(174)
Market risk benefit (gains) losses	(30)		(189)		29		(119)
Depreciation and amortization	151		120		285		235
Provision for title claim losses	56		93		100		177
Interest expense	43		31		85		61
Total expenses	2,736		1,904		5,284		4,515
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	332		731		258		1,287
Income tax expense	90		202		104		358
Earnings before equity in earnings of unconsolidated affiliates	242		529		154		929
Equity in earnings of unconsolidated affiliates	1		14		1		16
Net earnings	243		543		155		945
Less: Net earnings (loss) attributable to non-controlling interests	24		6		(5)		8
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	219	$	537	$	160	$	937
Earnings per share
Basic
Net earnings per share from continuing operations attributable to common shareholders	$	0.81	$	1.93	$	0.59	$	3.36
Net earnings per share attributable to common shareholders, basic	$	0.81	$	1.93	$	0.59	$	3.36
Diluted
Net earnings per share from continuing operations attributable to common shareholders	$	0.81	$	1.92	$	0.59	$	3.33
Net earnings per share attributable to common shareholders, diluted	$	0.81	$	1.92	$	0.59	$	3.33
Weighted average common shares outstanding - basic	270		278		270		279
Weighted average common shares outstanding - diluted	271		279		271		281

See Notes to Condensed Consolidated Financial Statements

4

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(In millions)

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(Unaudited)				(Unaudited)
Net earnings	$	243	$	543	$	155	$	945
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1)	(175)		(1,905)		172		(3,809)
Unrealized (loss) gain on investments in unconsolidated affiliates (2)	(5)		1		6		7
Unrealized gain (loss) on foreign currency translation (3)	4		(9)		6		(11)
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4)	42		27		78		53
Changes in current discount rate - future policy benefits (5)	57		310		(43)		602
Changes in instrument-specific credit risk - market risk benefits (6)	(4)		50		3		83
Other comprehensive earnings (loss) attributable to non-controlling interest (7)	10		—		(33)		—
Other comprehensive (loss) earnings	(71)		(1,526)		189		(3,075)
Comprehensive earnings (loss)	172		(983)		344		(2,130)
Less: Comprehensive earnings (loss) attributable to non-controlling interests	24		6		(5)		8
Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$	148	$	(989)	$	349	$	(2,138)

_______________________________________

(1)Net of income tax (benefit) expense of $(28) million and $(502) million for the three months ended June 30, 2023 and 2022, respectively, and $35 million and $(892) million for the six months periods ended June 30, 2023 and 2022, respectively.

(2)Net of income tax (benefit) expense of $(1) million and for the three months ended June 30, 2023 and $2 million for the six months ended June 30, 2023 and 2022.

(3)Net of income tax expense (benefit) of less than $1 million and $(3) million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $(3) million for the six months ended June 30, 2023 and 2022, respectively.

(4)Net of income tax expense of $11 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $21 million and $14 million for the six months ended June 30, 2023 and 2022, respectively.

(5)Net of income tax expense (benefit) of $15 million and $82 million for the three months ended June 30, 2023 and 2022, respectively, and $(12) million and $160 million for the six months ended June 30, 2023 and 2022, respectively.

(6)Net of income tax (benefit) expense of $(1) million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $22 million for the six months ended June 30, 2023 and 2022, respectively.

(7)Net of income tax expense (benefit) of $3 million and $(9) million for the three and six months ended June 30, 2023, respectively.

See Notes to Condensed Consolidated Financial Statements

5

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions, except per share data)

(Unaudited)

	Fidelity National Financial, Inc. Common Shareholders
								Accumulated
	FNF							Other
	Common			Additional				Comprehensive		Treasury			Non-
	Stock			Paid-in		Retained		Earnings		Stock			controlling		Total
	Shares	$		Capital		Earnings		(Loss)		Shares	$		Interests		Equity
Balance, March 31, 2022	326	$	—	$	5,826	$	5,094	$	(670)	45	$	(1,679)	$	41	$	8,612
Exercise of stock options	—	—		5		—		—		—	—		—		5
Treasury stock repurchased	—	—		—		—		—		4	(172)		—		(172)
Other comprehensive earnings - unrealized loss on investments and other financial instruments	—	—		—		—		(1,905)		—	—		—		(1,905)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		1		—	—		—		1
Other comprehensive earnings - unrealized loss on foreign currency translation	—	—		—		—		(9)		—	—		—		(9)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		27		—	—		—		27
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		50		—	—		—		50
Change in current discount rate - liability for future policy benefits	—	—		—		—		310		—	—		—		310
Stock-based compensation	—	—		12		—		—		—	—		—		12
Dividends declared, $0.44 per common share	—	—		—		(122)		—		—	—		—		(122)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(4)		(4)
Net earnings	—	—		—		537		—		—	—		6		543
Balance, June 30, 2022	326	$	—	$	5,843	$	5,509	$	(2,196)	49	$	(1,851)	$	43	$	7,348
Balance, March 31, 2023	328	$	—	$	5,871	$	5,044	$	(2,610)	55	$	(2,113)	$	456	$	6,648
Other comprehensive earnings - unrealized loss on investments and other financial instruments	—	—		—		—		(175)		—	—		—		(175)
Other comprehensive earnings - unrealized loss on investments in unconsolidated affiliates	—	—		—		—		(5)		—	—		—		(5)
Other comprehensive earnings - unrealized gain on foreign currency translation	—	—		—		—		4		—	—		—		4
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		42		—	—		—		42
Change in current discount rate — liability for future policy benefits	—	—		—		—		57		—	—		—		57
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		(4)		—	—		—		(4)
Other comprehensive income associated with noncontrolling interests	—	—		(1)		—		10		—	—		(9)		—
Stock-based compensation	—	—		14		—		—		—	—		—		14
F&G purchases of FG stock	—	—		(1)		—		—		—	—		(15)		(16)
Dividends declared, $0.45 per common share	—	—		—		(123)		—		—	—		—		(123)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(8)		(8)
Net earnings	—	—		—		219		—		—	—		24		243
Balance, June 30, 2023	328	$	—	$	5,883	$	5,140	$	(2,681)	55	$	(2,113)	$	448	$	6,677

See Notes to Condensed Consolidated Financial Statements

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions, except per share data)

(Unaudited)

	Fidelity National Financial, Inc. Common Shareholders
								Accumulated
	FNF							Other
	Common			Additional				Comprehensive		Treasury			Non-
	Stock			Paid-in		Retained		Earnings		Stock			controlling		Total
	Shares	$		Capital		Earnings		(Loss)		Shares	$		Interests		Equity
Balance, January 1, 2022	325	$	—	$	5,811	$	4,818	$	879	42	$	(1,545)	$	43	$	10,006
Exercise of stock options	1	—		8		—		—		—	—		—		8
Treasury stock repurchased	—	—		—		—		—		7	(306)		—		(306)
Other comprehensive loss - unrealized loss on investments and other financial instruments	—	—		—		—		(3,809)		—	—		—		(3,809)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		7		—	—		—		7
Other comprehensive loss - unrealized loss on foreign currency translation	—	—		—		—		(11)		—	—		—		(11)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		53		—	—		—		53
Change in current discount rate — liability for future policy benefits	—	—		—		—		602		—	—		—		602
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		83		—	—		—		83
Stock-based compensation	—	—		24		—		—		—	—		—		24
Dividends declared, $0.88 per common share	—	—		—		(246)		—		—	—		—		(246)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(8)		(8)
Net earnings	—	—		—		937		—		—	—		8		945
Balance, June 30, 2022	326	$	—	$	5,843	$	5,509	$	(2,196)	49	$	(1,851)	$	43	$	7,348
Balance, January 1, 2023	328	$	—	$	5,870	$	5,225	$	(2,870)	55	$	(2,109)	$	453	$	6,569
Treasury stock repurchased	—	—		—		—		—		—	(4)		—		(4)
Purchase of incremental share in consolidated subs	—	—		(12)		—		—		—	—		(8)		(20)
Other comprehensive loss — unrealized loss on investments and other financial instruments	—	—		—		—		172		—	—		—		172
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	—	—		—		—		6		—	—		—		6
Other comprehensive gain — unrealized gain on foreign currency translation	—	—		—		—		6		—	—		—		6
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		78		—	—		—		78
Change in current discount rate - liability for future policy benefits	—	—		—		—		(43)		—	—		—		(43)
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		3		—	—		—		3
Other comprehensive loss associated with noncontrolling interests				(1)		—		(33)					34		—
Stock-based compensation	—	—		27		—		—		—	—		1		28
F&G purchases of treasury stock	—	—		(1)		—		—		—	—		(15)		(16)
Dividends declared, $0.90 per common share	—	—		—		(245)		—		—	—		—		(245)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(12)		(12)
Net earnings	—	—		—		160		—		—	—		(5)		155
Balance, June 30, 2023	328	$	—	$	5,883	$	5,140	$	(2,681)	55	$	(2,113)	$	448	$	6,677

See Notes to Condensed Consolidated Financial Statements

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

	For the six months ended June 30,
	2023		2022
	(Unaudited)
Cash flows from operating activities:
Net earnings	$	155	$	945
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	285		235
Equity in earnings of unconsolidated affiliates	(1)		(16)
Loss on sales of investments and other assets and asset impairments, net	396		71
Interest credited/index credits to contractholder account balances	857		(827)
Change in market risk benefits, net	29		(119)
Deferred policy acquisition costs and deferred sales inducements	(518)		(371)
Charges assessed to contractholders for mortality and admin	(122)		(107)
Non-cash lease costs	69		71
Operating lease payments	(76)		(75)
Distributions from unconsolidated affiliates, return on investment	89		38
Stock-based compensation cost	28		24
Change in NAV of limited partnerships, net	(96)		(172)
Change in valuation of derivatives, equity and preferred securities, net	(385)		1,072
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	(27)		209
Change in future policy benefits	421		330
Change in funds withheld from reinsurers	1,980		617
Net decrease in trade receivables	10		27
Net decrease in reserve for title claim losses	(29)		(39)
Net change in income taxes	7		146
Net change in other assets and other liabilities	67		(564)
Net cash provided by operating activities	3,139		1,495
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	2,228		3,541
Proceeds from sales of property and equipment	—		5
Additions to property and equipment and capitalized software	(69)		(77)
Purchases of investment securities	(7,170)		(6,958)
Net proceeds from sales and maturities (purchases) of short-term investment securities	1,628		(1,644)
Additions to notes receivable	(8)		(94)
Collections of notes receivable	—		4
Acquisitions and dispositions	(293)		(20)
Additional investments in unconsolidated affiliates	(736)		(741)
Distributions from unconsolidated affiliates, return of investment	187		93
Net other investing activities	2		—
Net cash used in investing activities	(4,231)		(5,891)

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
	For the six months ended June 30,
	2023		2022
	(Unaudited)
Cash flows from financing activities:
Debt offering	500		—
Debt costs/equity issuance additions	(9)		—
F&G Credit Agreement repayments, net	(35)		—
Dividends paid	(243)		(245)
Subsidiary dividends paid to non-controlling interest shareholders	(15)		(8)
Exercise of stock options	—		8
Additional investment in consolidated subsidiary	(20)		—
Net change in secured trust deposits	24		239
Payment of contingent consideration for prior period acquisitions	(5)		(3)
Contractholder account deposits	3,847		4,513
Contractholder account withdrawals	(2,080)		(1,744)
F&G repurchases of FG stock	(16)		—
Purchases of treasury stock	(6)		(298)
Net cash provided by financing activities	1,942		2,462
Net increase (decrease) in cash and cash equivalents	850		(1,934)
Cash and cash equivalents at beginning of period	2,286		4,360
Cash and cash equivalents at end of period	$	3,136	$	2,426

See Notes to Condensed Consolidated Financial Statements

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A — Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022.

Description of the Business

We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty products, (ii) technology to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").

For information about our reportable segments refer to Note H Segment Information.

Recent Developments

7.40% F&G Senior Notes

On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% Senior Notes due 2028 (the "7.40% F&G Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. For further information about the 7.40% F&G Notes refer to Note O Notes Payable.

Title Point Acquisition

On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to customary working capital adjustments. TitlePoint enables searches for detailed property information, images of documents and maps from hundreds of counties across the U.S and is a leader in the science of real estate property research technology. For further information about the TitlePoint acquisition refer to Note N Acquisitions.

Income Tax

Income tax expense was $90 million and $202 million in the three months ended June 30, 2023 and 2022, respectively, and $104 million and $358 million in the six months ended June 30, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was 27% and 28% in the three months ended June 30, 2023 and 2022, respectively, and 40% and 28% in the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax expense as a percentage of earnings before taxes in the three months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of valuation allowances in 2022, partially offset by the recording of valuation allowances in 2023. The increase in income tax expense as a percentage of earnings before taxes in the six months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to recording of valuation allowances in 2023. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three and six months ended June 30, 2023 was further reduced by an increase in the valuation allowance in 2023.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net

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earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were fewer than 1 million antidilutive instruments outstanding during the three and six months ended June 30, 2023 and 2022.

Recent Accounting Pronouncements

Adopted Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of earnings; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policyholder benefits ("FPBs"), Contractholder funds, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $75 million, net of tax.

Pronouncements Not Yet Adopted

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s). The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, though early adoption is permitted. We do not expect this guidance to have a material impact on our Consolidated Financial Statements and related disclosures upon adoption. We do not currently plan to early adopt this standard.

Summary of Updated Significant Accounting Policies

Since our Annual Report for the year ended December 31, 2022, as a result of the adoption of ASU 2018-12 we have updated the following significant accounting policies, which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements:

Investments

Fixed Maturity Securities Available-for-Sale

Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed

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maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. In our title segment, realized gains and losses on sales of our fixed maturity securities are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Our F&G segment uses FIFO cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.

Investments in Unconsolidated Affiliates

We account for our investments in unconsolidated affiliates using the equity method or by electing the fair value option. Initial investments are recorded at cost. For investments subsequently measured using the equity method (primarily limited partnerships), adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value (“NAV”) in the unconsolidated affiliates’s financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. Distributions received are recorded as a decrease in the investment balance. For investments subsequently measured using the fair value option, adjustments to the carrying amount reflecting the change in fair value of the investment are reported along with realized gains and losses on sales of investments in unconsolidated affiliates in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Other income from investments in unconsolidated affiliates, including distributions received from investments measured using the fair value option, is reported within Interest and investment income in the accompanying unaudited Condensed Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount can be delayed due to the availability of the related financial statements, which are obtained from the general partner or managing member generally on a one to three-month delay. For investments using the equity method, management inquires quarterly with the general partner or managing member to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.

VOBA, DAC, DSI and URL

Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI").

VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to contractholder fund balances.

VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable.

The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the FPBs, where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected

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experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Earnings.

Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of June 30, 2023 and December 31, 2022, our URL balance was $215 million and $166 million, respectively

Contractholder Funds

Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments.

Future Policy Benefits

The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions.

For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100%, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100% are not used to offset cohorts with NPRs greater than 100%.

The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. In subsequent periods, the revised NPR, which is capped at 100%, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100%, and therefore capped at 100%, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Earnings in the period of improvement.

For traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities), the discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with

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similar duration to the liability. We selected fixed-income instruments that have been A-rated by Bloomberg. In order to reflect the duration characteristics of the liability, we will use an implied forward yield curve and linear interpolation will be used for durations that have limited or no market observable points on the curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings.

Deferred Profit Liability

For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses.

The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated, the updated estimates are used to recalculate the initial DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, with any differences recognized as a remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. The DPL is recorded as a component of the Future policy benefits in the accompanying unaudited Condensed Consolidated Balance Sheets.

Market Risk Benefits

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders.

MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100%. For each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the unaudited Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the accompanying unaudited Condensed Consolidated Statements of Earnings, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits.

Benefits and Other Changes in Policy Reserves

Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative.

Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings.

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Impacts of adoption of ASU 2018-12 on Financial Statements

The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Earnings.

Condensed Consolidated Balance Sheet

	December 31, 2022
	As Previously Reported		Adjustments		As adjusted
			(Unaudited)		(Unaudited)
	(In millions)
ASSETS
Reinsurance recoverable, net of allowance for credit losses	$	5,588	$	(170)	$	5,418
Goodwill	4,642		(7)		4,635
Prepaid expenses and other assets	2,231		(163)		2,068
Market risk benefits asset	—		117		117
Other intangible assets, net	4,034		(223)		3,811
Total	$	16,495	$	(446)	$	16,049
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	41,233	$	(390)	$	40,843
Future policy benefits	5,923		(902)		5,021
Accounts payable and accrued liabilities	2,352		(26)		2,326
Market risk benefits liability	—		282		282
Total	$	49,508	$	(1,036)	$	48,472
Equity:
Additional paid-in capital	$	5,876	$	(6)	$	5,870
Retained earnings	4,714		511		5,225
Accumulated other comprehensive (loss) earnings	(2,862)		(8)		(2,870)
Non-controlling interests	360		93		453
Total	$	8,088	$	590	$	8,678

Condensed Consolidated Statement of Earnings

	Three months ended June 30, 2022						Six months ended June 30, 2022
	As Previously Reported		Adjustments		As adjusted		As Previously Reported		Adjustments		As adjusted
	(Unaudited)						(Unaudited)
Revenues:	(In millions)						(In millions)
Escrow, title-related and other fees	$	782	$	4	$	786	$	2,072	$	6	$	2,078
Expenses:
Benefits and other changes in policy reserves	$	(418)	$	41	$	(377)	$	(210)	$	36	$	(174)
Market risk benefit gains	—		(189)		(189)		—		(119)		(119)
Depreciation and amortization	161		(41)		120		343		(108)		235
Income tax expense	164		38		202		319		39		358
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	382	$	155	$	537	$	779	$	158	$	937
Earnings per share
Basic
Net earnings per share attributable to common shareholders, basic	$	1.37	$	0.56	$	1.93	$	2.79	$	0.57	$	3.36
Diluted
Net earnings per share attributable to common shareholders, diluted	$	1.37	$	0.55	$	1.92	$	2.77	$	0.56	$	3.33

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Note B — Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Six months ended June 30,
	2023			2022
	(In millions)
Beginning balance	$	1,810		$	1,883
Change in insurance recoverable	—			(108)
Claim loss provision related to:
Current year	100			177
Total title claim loss provision	100			177
Claims paid, net of recoupments related to:
Current year	(4)			(7)
Prior years	(125)			(102)
Total title claims paid, net of recoupments	(129)			(109)
Ending balance of claim loss reserve for title insurance	$	1,781		$	1,843
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co., was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver sought compensatory, incidental, consequential, and punitive damages, and the recovery of attorneys’ fees. In turn, the Named Companies petitioned the federal court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted.

On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver’s lawsuit against the Named Companies has been dismissed. The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed.

The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been

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consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy.

On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms.

On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson, which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies filed a cross-complaint against Ms. Champion-Cain, and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank.

On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992, which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees.

On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed.

Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, it is possible that additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

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Note C — Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The hierarchy for fair value measurement is defined as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

Net asset value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate's financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.

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The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,136	$	—	$	—	$	—	$	3,136
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		6,330		6,510		—		12,840
Commercial mortgage-backed securities	—		3,972		17		—		3,989
Corporates	26		14,475		1,628		—		16,129
Hybrids	95		609		—		—		704
Municipals	—		1,554		49		—		1,603
Residential mortgage-backed securities	—		1,988		28		—		2,016
U.S. Government	468		16		—		—		484
Foreign Governments	—		248		16		—		264
Short term investments	801		45		126		—		972
Preferred securities	266		531		7		—		804
Equity securities	645		—		14		41		700
Derivative investments	—		649		—		—		649
Investment in unconsolidated affiliates	—		—		197		—		197
Reinsurance related embedded derivative, included in other assets	—		277		—		—		277
Market risk benefits asset	—		—		118		—		118
Other long-term investments	—		—		49		—		49
Total financial assets at fair value	$	5,437	$	30,694	$	8,759	$	41	$	44,931
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,821		—		3,821
Market risk benefits liability	$	—	$	—	$	313	$	—	$	313
Total financial liabilities at fair value	$	—	$	—	$	4,134	$	—	$	4,134

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	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,286	$	—	$	—	$	—	$	2,286
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		5,204		6,263		—		11,467
Commercial mortgage-backed securities	—		3,026		37		—		3,063
Corporates	40		12,857		1,440		—		14,337
Hybrids	93		638		—		—		731
Municipals	—		1,431		29		—		1,460
Residential mortgage-backed securities	—		1,225		302		—		1,527
U.S. Government	260		11		—		—		271
Foreign Governments	—		223		16		—		239
Short term investments	2,590		—		—		—		2,590
Preferred securities	320		582		1		—		903
Equity securities	621		—		10		47		678
Derivative investments	—		244		—		—		244
Investment in unconsolidated affiliates	—		—		23		—		23
Reinsurance related embedded derivative, included in other assets	—		279		—		—		279
Market risk benefits asset	—		—		117		—		117
Other long-term investments	—		—		48		—		48
Total financial assets at fair value	$	6,210	$	25,720	$	8,286	$	47	$	40,263
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,115		—		3,115
Market risk benefits liability	—		—		282		—		282
Total financial liabilities at fair value	$	—	$	—	$	3,397	$	—	$	3,397

Valuation Methodologies

Cash and Cash Equivalents

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.

Fixed Maturity Preferred and Equity Securities

We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.

For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.

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We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of June 30, 2023 or December 31, 2022.

Certain equity investments are measured using NAV as a practical expedient in determining fair value.

Derivative Financial Instruments

The fair value of call options is based upon valuation pricing models, which represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on industry accepted valuation pricing models, which use market-observable inputs, including interest rates, yield curve volatilities, and other factors.

The fair value of futures contracts (specifically for FIA contracts) represents the cumulative unsettled variation margin (open trade equity, net of cash settlements), which represents what we would expect to receive or pay at the balance sheet date if we canceled the contracts or entered into offsetting positions. These contracts are classified as Level 1.

The fair value measurement of the FIA/IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at June 30, 2023 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera") (effective October 31, 2021, this agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer) and ASPIDA Life Re Ltd ("Aspida Re") are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2. See Note L F&G Reinsurance for further discussion on F&G reinsurance agreements.

Investments in Unconsolidated affiliates

We have elected the fair value option for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the fair value option are included in Level 3 and the fair value of these investments are determined using a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies. The EBITDA used in this calculation is based on the affiliates’ financial information. The inputs are usually considered unobservable, as not all market participants have access to this data.

Short-term investments

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments

approximate fair value.

Other long-term investments

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to a call option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model.  The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments.

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The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.

Market Risk Benefits

MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. See further discussion on MRBs in Note P - Market Risk Benefits.    

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2023 and December 31, 2022 are as follows:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	June 30, 2023
	(In millions)				June 30, 2023
Assets
Asset-backed securities	$	6,233	Broker-Quoted	Offered Quotes	54.7% - 171.90% (94.28%)
Asset-backed securities	277		Third-Party Valuation	Offered Quotes	39.65% - 101.77% (62.08%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered Quotes	79.35% - 88.61% (84.76%)
Corporates	789		Broker-Quoted	Offered Quotes	46.39% - 104.74% (95.87%)
Corporates	10		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (74.80%)
Corporates	829		Third-Party Valuation	Offered Quotes	0.00% - 103.12% (89.85%)
Municipals	31		Third-Party Valuation	Offered Quotes	102.11% - 102.11% (102.11%)
Municipals	18		Broker-Quoted	Offered Quotes	101.20% - 101.20% (101.20%)
Residential mortgage-backed securities	25		Broker-Quoted	Offered Quotes	0.00% - 90.45% (90.00%)
Residential mortgage-backed securities	3		Third-Party Valuation	Offered Quotes	93.11%
Foreign Governments	16		Third-Party Valuation	Offered Quotes	99.04% - 99.68% (99.24%)
Investment in unconsolidated affiliates	197		Market Comparable Company Analysis	EBITDA Multiple	5x-14x (12.1x)
Short term investments	126		Broker-Quoted	Offered Quotes	100.00% - 100.02% (100.01%)
Preferred securities	6		Broker-Quoted	Offered Quotes	$21.25 - $21.25 ($21.25)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Broker Quoted	Offered quotes	$66.00 - $66.00 ($66.00)
Equity securities	7		Discounted Cash Flow	Discount rate	12.60% - 12.60% (12.60%)
			Market Comparable Company Analysis	EBITDA multiple	5.3x - 5.3x (5.3x)
Other long-term investments:
Available-for-sale embedded derivative	26		Black Scholes Model	Market Value of Fund	100.00%
Secured borrowing receivable	10		Broker-Quoted	Offered Quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	13		Broker-Quoted	Offered Quotes	96.99%
Market risk benefits asset	118		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)

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				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.85%)
Total financial assets at fair value	$	8,759
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	$	3,821	Discounted Cash Flow	Market Value of Option	0.00% - 30.03% (2.36%)
				Swap rates	3.81% - 5.47% (4.64%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.61%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				Option cost	0.07% - 5.67% (2.22%)
Market risk benefits liability	313		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.89%)
Total financial liabilities at fair value	$	4,134

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2022
	(In millions)				December 31, 2022
Assets
Asset-backed securities	$	5,916	Broker-quoted	Offered quotes	52.85% - 117.17% (94.18%)
Asset-backed securities	347		Third-Party Valuation	Offered quotes	41.43% - 210.50% (67.99%)
Commercial mortgage-backed securities	20		Broker-quoted	Offered quotes	109.02% - 109.02% (109.02%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered quotes	74.66% - 88.48% (82.74%)
Corporates	602		Broker-quoted	Offered quotes	79.16% - 102.53% (94.16%)
Corporates	826		Third-Party Evaluation	Offered quotes	0.00% - 104.96% (89.69%)
Corporates	12		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (77.02%)
Municipals	29		Third-Party Evaluation	Offered quotes	93.95% - 93.95% (93.95%)
Foreign governments	16		Third-Party Evaluation	Offered quotes	99.78% - 102.29% (100.56%)
Investment in unconsolidated affiliates	23		Market Comparable Company Analysis	EBITDA multiple	5x-5.50x
Residential mortgage-backed securities	302		Broker-quoted	Offered quotes	0.00% - 91.04% (86.38%)
Preferred Securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	6		Broker-quoted	Offered Quotes	$64.25 - $64.25 ($64.25)
Equity securities	4		Discounted Cash Flow	Discount Rate	11.10% - 11.10% (11.10%)

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			Market Comparable Company Analysis	EBITDA multiple	5.6x - 5.6x (5.6x)
Other long-term investments:
Available-for-sale embedded derivative	23		Black Scholes model	Market value of fund	100.00%
Secured borrowing receivable	10		Broker-quoted	Offered quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	15		Broker-quoted	Offered quotes	96.23%
Market risk benefits asset	117		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (4.69%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.48% - 1.44% (1.30%)
				GMWB Utilization	50.00% - 60.00% (50.94%)
Total financial assets at fair value	$	8,286
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	3,115		Discounted cash flow	Market value of option	0.00% - 23.90% (87.00%)
				Swap rates	3.88% - 4.73% (4.31%)
				Mortality multiplier	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 70.00% (6.57%)
				Partial withdrawals	2.00% - 29.41% (2.73%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				Option cost	0.07% - 4.97% (1.89%)
Market risk benefits liability	282		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 10.00% (4.69%)
				Partial withdrawal rates	2.00% - 21.74% (2.49%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				GMWB utilization	50.00% - 60.00% (50.94%)
Total financial liabilities at fair value	$	3,397

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The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,300	$	(3)	$	15	$	379	$	(15)	$	(151)	$	(15)	$	6,510	$	14
Commercial mortgage-backed securities	29		—		—		—		—		—		(12)		17		—
Corporates	1,544		—		(33)		127		—		(14)		4		1,628		(33)
Municipals	32		—		17		—		—		—		—		49		17
Residential mortgage-backed securities	12		—		—		24		—		—		(8)		28		—
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	107		—		—		90		—		—		—		197		—
Short term investments	23		—		—		103		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	11		(1)		—		—		—		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	25		—		1		—		—		—		—		26		1
Credit linked note	13		—		—		—		—		—		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,123	$	(4)	$	—	$	723	$	(15)	$	(165)	$	(21)	$	8,641	$	(1)
Market risk benefits asset	106														118
Total Level 3 assets at fair value	$	8,229													$	8,759
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds	3,569		197		—		93		—		(38)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,569	$	197	$	—	$	93	$	—	$	(38)	$	—	$	3,821	$	—
Market risk benefits liability	324														313
Total Level 3 liabilities at fair value	$	3,893													$	4,134

(a) The net transfers out of Level 3 during the three months ended June 30, 2023 were exclusively to Level 2.

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	Three months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	4,161	$	1	$	(142)	$	827	$	(39)	$	(126)	$	(5)	$	4,677	$	(153)
Commercial mortgage-backed securities	40		—		(3)		—		—		—		—		37		(2)
Corporates	1,141		—		(64)		307		—		(6)		(4)		1,374		(61)
Municipals	37		—		(4)		—		—		—		—		33		(4)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	17		—		(1)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21		—
Short term investments	19		—		—		—		—		—		(19)		—		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		(1)		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	30		(6)		—		—		—		—		—		24		—
Credit linked note	19		—		—		—		—		(2)		—		17		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Subtotal Level 3 assets at fair value	$	5,496	$	(5)	$	(214)	$	1,144	$	(40)	$	(134)	$	(18)	$	6,229	$	(221)
Market risk benefits asset	29														86
Total Level 3 assets at fair value	$	5,525													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,395		(575)		—		146		—		(25)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,395	$	(575)	$	—	$	146	$	—	$	(25)	$	—	$	2,941	$	—
Market risk benefits liability	486														292
Total Level 3 liabilities at fair value	$	3,881													$	3,233

(a) The net transfers out of Level 3 during the three months ended June 30, 2022 were exclusively to Level 2.

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	Six months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,263	$	(11)	$	33	$	795	$	(98)	$	(386)	$	(86)	$	6,510	$	32
Commercial mortgage-backed securities	37		—		1		12		—		—		(33)		17		1
Corporates	1,440		(1)		(56)		261		(1)		(19)		4		1,628		(56)
Municipals	29		—		20		—		—		—		—		49		20
Residential mortgage-backed securities	302		1		8		32		—		(8)		(307)		28		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		174		—		—		—		197		—
Short-Term	—		—		—		126		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	10		—		—		1		(1)		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		3		—		—		—		—		26		3
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(11)	$	9	$	1,401	$	(100)	$	(415)	$	(412)	$	8,641	$	8
Market risk benefits asset	117														118
Total Level 3 assets at fair value	$	8,286													$	8,759
Liabilities
FIA embedded derivatives, included in contractholder funds	3,115		582		—		189		—		(65)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	582	$	—	$	189	$	—	$	(65)	$	—	$	3,821	$	—
Market risk benefits liability	$	282													$	313
Total Level 3 liabilities at fair value	$	3,397													$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were exclusively to Level 2.

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	Six months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	3,959	$	1	$	(272)	$	1,227	$	(39)	$	(278)	$	79	$	4,677	$	(291)
Commercial mortgage-backed securities	35		—		(5)		—		—		—		7		37		(4)
Corporates	1,135		—		(137)		386		—		(32)		22		1,374		(134)
Municipals	43		—		(10)		—		—		—		—		33		(9)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	18		—		(2)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21
Short-Term	321		—		(1)		20		—		—		(340)		—		(1)
Preferred securities	2		—		(1)		—		—		—		—		1		(1)
Equity securities	9		—		—		1		—		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	34		(10)		—		—		—		—		—		24		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Credit linked note	23		—		(3)		—		—		(3)		—		17		—
Subtotal Level 3 assets at fair value	$	5,600	$	(9)	$	(431)	$	1,643	$	(39)	$	(313)	$	(222)	$	6,229	$	(441)
Market risk benefits asset	41														86
Total Level 3 assets at fair value	$	5,641													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,883		(1,159)		—		272		—		(55)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,883	$	(1,159)	$	—	$	272	$	—	$	(55)	$	—	$	2,941	$	—
Market risk benefits liability	$	469													$	292
Total Level 3 liabilities at fair value	$	4,352													$	3,233

(a) The net transfers out of Level 3 during the six months ended June 30, 2022 were exclusively to Level 2.

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans

The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.

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Investments in Unconsolidated affiliates

In our F&G segment, the carrying value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting. In our title segment, Investments in unconsolidated affiliates were $237 million and $187 million as of June 30, 2023 and December 31, 2022, respectively.

Policy Loans (included within Other long-term investments)

Fair values for policy loans are estimated from a discounted cash flow analysis, using interest rates currently being offered for loans with similar credit risk.  Loans with similar characteristics are aggregated for purposes of the calculations.

Company Owned Life Insurance

Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.

Other Invested Assets (included within Other long-term investments)

The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.

Investment Contracts

Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed IULs, funding agreements, pension risk transfer solutions ("PRTs") and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e., cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements, PRTs and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

Other

Federal Home Loan Bank of Atlanta ("FHLB") common stock, Accounts receivable and Notes receivable are carried at cost, which approximates fair value. FHLB common stock is classified as Level 2 within the fair value hierarchy. Accounts receivable and Notes receivable are classified as Level 3 within the fair value hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement, as defined in Note O Notes Payable, is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.

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The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	106	$	—	$	—	$	106	$	106
Commercial mortgage loans	—		—		2,144		—		2,144		2,457
Residential mortgage loans	—		—		2,377		—		2,377		2,619
Investments in unconsolidated affiliates	—		—		8		2,598		2,606		2,606
Policy loans	—		—		59		—		59		59
Other invested assets	59		—		1		—		60		60
Company-owned life insurance	35		—		352		—		387		387
Trade and notes receivables, net of allowance	—		—		465		—		465		465
Total	$	94	$	106	$	5,406	$	2,598	$	8,204	$	8,759
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	37,228	$	—	$	37,228	$	41,249
Debt	—		3,252		—		—		3,252		3,696
Total	$	—	$	3,252	$	37,228	$	—	$	40,480	$	44,945

	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	99	$	—	$	—	$	99	$	99
Commercial mortgage loans	—		—		2,083		—		2,083		2,406
Residential mortgage loans	—		—		1,892		—		1,892		2,148
Investments in unconsolidated affiliates	—		—		5		2,427		2,432		2,432
Policy loans	—		—		52		—		52		52
Other invested assets	93		—		16		—		109		109
Company-owned life insurance	—		—		363		—		363		363
Trade and notes receivables, net of allowance	—		—		467		—		467		467
Total	$	93	$	99	$	4,878	$	2,427	$	7,497	$	8,076
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	34,464	$	—	$	34,464	$	38,412
Debt	—		2,776		—		—		2,776		3,238
Total	$	—	$	2,776	$	34,464	$	—	$	37,240	$	41,650

For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

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Note D — Investments

Our fixed maturity securities investments have been designated as AFS, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments at June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	13,492	$	(7)	$	65	$	(710)	$	12,840
Commercial mortgage-backed securities	4,348		(18)		4		(345)		3,989
Corporates	18,919		(2)		46		(2,834)		16,129
Hybrids	773		—		4		(73)		704
Municipals	1,843		—		11		(251)		1,603
Residential mortgage-backed securities	2,127		(8)		11		(114)		2,016
U.S. Government	499		—		1		(16)		484
Foreign Governments	311		—		1		(48)		264
Total available-for-sale securities	$	42,312	$	(35)	$	143	$	(4,391)	$	38,029

	December 31, 2022
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	12,209	$	(8)	$	36	$	(770)	$	11,467
Commercial mortgage-backed/asset-backed securities	3,337		(1)		11		(284)		3,063
Corporates	17,396		(22)		32		(3,069)		14,337
Hybrids	806		—		9		(84)		731
Municipals	1,749		—		4		(293)		1,460
Residential mortgage-backed securities	1,638		(8)		6		(109)		1,527
U.S. Government	287		—		—		(16)		271
Foreign Governments	286		—		—		(47)		239
Total available-for-sale securities	$	37,708	$	(39)	$	98	$	(4,672)	$	33,095

Securities held on deposit with various state regulatory authorities had a fair value of $19,993 million and $17,870 million at June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 and December 31, 2022, the Company held no material investments that were non-income producing for a period greater than twelve months.

As of June 30, 2023 and December 31, 2022, the Company's accrued interest receivable balance was $422 million and $365 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $3,543 million and $3,387 million as of June 30, 2023 and December 31, 2022, respectively.

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The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations.

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	594	$	581	$	536	$	527
Due after one year through five years	4,202		4,001		3,288		3,089
Due after five years through ten years	2,394		2,172		2,171		1,939
Due after ten years	15,129		12,403		14,503		11,457
Subtotal	22,319		19,157		20,498		17,012
Other securities, which provide for periodic payments:
Asset-backed securities	13,492		12,840		12,209		11,467
Commercial mortgage-backed securities	4,348		3,989		3,337		3,063
Structured hybrids	26		27		26		26
Residential mortgage-backed securities	2,127		2,016		1,638		1,527
Subtotal	19,993		18,872		17,210		16,083
Total fixed maturity available-for-sale securities	$	42,312	$	38,029	$	37,708	$	33,095

Allowance for Expected Credit Loss

We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:

•The extent to which the fair value is less than the amortized cost basis;

•The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);

•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);

•Current delinquencies and nonperforming assets of underlying collateral;

•Expected future default rates;

•Collateral value by vintage, geographic region, industry concentration or property type;

•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.

We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income as we write-off accrued interest through Interest and investment income when collectability concerns arise.

We consider the following in determining whether write-offs of a security’s amortized cost is necessary:

• We believe amounts related to securities have become uncollectible;

• We intend to sell a security; or

• It is more likely than not that we will be required to sell a security prior to recovery.

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If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible (generally based on proximity to expected credit loss), an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI. As of June 30, 2023 and December 31, 2022, our allowance for expected credit losses for AFS securities was $35 million and $39 million, respectively.

Purchased credit deteriorated ("PCD") financial assets are AFS securities purchased at a discount, where part of that discount is attributable to credit. Credit loss allowances are calculated for these securities as of the date of their acquisition, with the initial allowance serving to increase amortized cost. There were no purchases of PCD AFS securities during the three months ended June 30, 2023 or 2022.

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The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	4,219	$	(182)	$	6,220	$	(517)	$	10,439	$	(699)
Commercial mortgage-backed securities	1,593		(103)		1,665		(243)		3,258		(346)
Corporates	5,267		(317)		9,522		(2,517)		14,789		(2,834)
Hybrids	194		(15)		457		(58)		651		(73)
Municipals	557		(69)		831		(183)		1,388		(252)
Residential mortgage-backed securities	1,035		(17)		620		(93)		1,655		(110)
U.S. Government	150		(3)		189		(12)		339		(15)
Foreign Government	66		(6)		186		(41)		252		(47)
Total available-for-sale securities	$	13,081	$	(712)	$	19,690	$	(3,664)	$	32,771	$	(4,376)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,196
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,725
Total number of available-for-sale securities in an unrealized loss position											4,921

	December 31, 2022
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	7,001	$	(410)	$	3,727	$	(360)	$	10,728	$	(770)
Commercial mortgage-backed securities	2,079		(169)		475		(116)		2,554		(285)
Corporates	9,913		(1,735)		3,523		(1,330)		13,436		(3,065)
Hybrids	628		(83)		3		(1)		631		(84)
Municipals	998		(180)		352		(113)		1,350		(293)
Residential mortgage-backed securities	992		(51)		184		(22)		1,176		(73)
U.S. Government	130		(7)		140		(8)		270		(15)
Foreign Government	119		(32)		59		(14)		178		(46)
Total available-for-sale securities	$	21,860	$	(2,667)	$	8,463	$	(1,964)	$	30,323	$	(4,631)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											1,296
Total number of available-for-sale securities in an unrealized loss position											4,410

We determined the decrease in unrealized losses as of June 30, 2023, compared to December 31, 2022, was caused by long treasury rates being lower as well as spread compression. For securities in an unrealized loss position as of June 30, 2023, our allowance for expected credit loss was $35 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of June 30, 2023 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

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Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans (“CMLs”) represented approximately 6% of our total investments as of June 30, 2023 and December 31, 2022. The mortgage loans in our investment portfolio, are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	June 30, 2023				December 31, 2022
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	538		22	%	520		22	%
Mixed Use	12		1	%	12		1	%
Multifamily	1,012		41	%	1,013		42	%
Office	328		13	%	330		14	%
Retail	103		4	%	105		4	%
Student Housing	83		3	%	83		3	%
Other	376		15	%	335		13	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406
U.S. Region:
East North Central	$	150	6	%	$	151	6	%
East South Central	76		3	%	76		3	%
Middle Atlantic	325		13	%	326		13	%
Mountain	353		14	%	355		15	%
New England	166		7	%	158		7	%
Pacific	726		29	%	708		28	%
South Atlantic	553		22	%	521		22	%
West North Central	4		1	%	4		1	%
West South Central	117		5	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406

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CMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	55	$	338	$	1,299	$	487	$	—	$	265	$	2,444
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	350	$	1,300	$	488	$	—	$	—	$	269	$	2,407
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages	$	350	$	1,300	$	488	$	—	$	—	$	278	$	2,416

(a) Excludes loans under development with an amortized cost and estimated fair value of $17 million for June 30, 2023.

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at June 30, 2023 and December 31, 2022:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
June 30, 2023	(In millions)
LTV Ratios:
Less than 50.00%	$	510	$	4	$	11	$	525	21	%	$	491	23	%
50.00% to 59.99%	740		—		—		740		30	%	649		30	%
60.00% to 74.99%	1,160		10		—		1,170		48	%	973		46	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,410	$	14	$	29	$	2,453	100	%	$	2,127	100	%
December 31, 2022
LTV Ratios:
Less than 50.00%	$	511	$	4	$	11	$	526	22	%	$	490	24	%
50.00% to 59.99%	706		—		—		706		29	%	615		30	%
60.00% to 74.99%	1,154		3		—		1,157		48	%	955		45	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,371	$	7	$	29	$	2,407	100	%	$	2,074	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

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	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	6	$	67	$	119	$	207	$	—	$	126	$	525
50.00% to 59.99%	27		149		267		158		—		139		740
60.00% to 74.99%	22		113		913		122		—		—		1,170
75.00% to 84.99%	—		9		—		—		—		9		18
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453
Commercial mortgages
DSCR
Greater than 1.25x	$	48	$	326	$	1,299	$	487	$	—	$	250	$	2,410
1.00x - 1.25x	7		3		—		—		—		4		14
Less than 1.00x	—		9		—		—		—		20		29
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2017		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	70	$	120	$	207	$	—	$	—	$	129	$	526
50.00% to 59.99%	149		268		158		—		—		131		706
60.00% to 74.99%	113		912		123		—		—		9		1,157
75.00% to 84.99%	9		—		—		—		—		9		18
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407
Commercial mortgages
DSCR
Greater than 1.25x	$	329	$	1,300	$	488	$	—	$	—	$	254	$	2,371
1.00x - 1.25x	3		—		—		—		—		4		7
Less than 1.00x	9		—		—		—		—		20		29
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At June 30, 2023 and December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above.

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Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments as of June 30, 2023 and December 31, 2022, respectively. Our RMLs are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	June 30, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	152	5	%
New York	131		5	%
California	123		5	%
All other states (a)	2,264		85	%
Total residential mortgage loans	$	2,670	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of June 30, 2023.

	December 31, 2022
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	324	15	%
Texas	215		10	%
New Jersey	172		8	%
Pennsylvania	153		7	%
California	139		6	%
New York	138		6	%
Georgia	125		6	%
All other states (a)	914		42	%
Total residential mortgage loans	$	2,180	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2022.

RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of June 30, 2023 and December 31, 2022, was as follows :

	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,598	97	%	$	2,118	97	%
Non-performing	72		3	%	62		3	%
Total residential mortgage loans, gross of valuation allowance	$	2,670	100	%	$	2,180	100	%
Allowance for expected loan loss	(51)		—	%	(32)		—	%
Total residential mortgage loans, net of valuation allowance	$	2,619	100	%	$	2,148	100	%

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RMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	137	$	963	$	862	$	200	$	192	$	199	$	2,553
30-89 days past due	—		6		24		5		4		6		45
90 days or more past due	—		7		20		15		29		1		72
Total residential mortgages	$	137	$	976	$	906	$	220	$	225	$	206	$	2,670

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	766	$	884	$	214	$	185	$	23	$	33	$	2,105
30-89 days past due	2		7		—		4		—		—		13
90 days or more past due	3		9		15		34		1		—		62
Total residential mortgages	$	771	$	900	$	229	$	223	$	24	$	33	$	2,180

    Non-accrual loans by amortized cost as of June 30, 2023 and December 31, 2022, were as follows:

	June 30, 2023		December 31, 2022
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	62
Commercial mortgage:	9		9
Total non-accrual mortgages	$	81	$	71

    

Immaterial interest income was recognized on non-accrual financing receivables for the six months ended June 30, 2023 and June 30, 2022.

It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of June 30, 2023 and December 31, 2022, we had $72 million and $62 million, respectively, of mortgage loans that were over 90 days past due, of which $35 million and $38 million were in the process of foreclosure as of June 30, 2023 and December 31, 2022 respectively.

Allowance for Expected Credit Loss

We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.

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The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended June 30, 2023						Six months ended June 30, 2023
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(48)	$	(12)	$	(60)	$	(32)	$	(10)	$	(42)
Provision for loan losses	(3)		(1)		(4)		(19)		(3)		(22)
Ending Balance	$	(51)	$	(13)	$	(64)	$	(51)	$	(13)	$	(64)

	Three months ended June 30, 2022						Six months ended June 30, 2022
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(26)	$	(6)	$	(32)	$	(25)	$	(6)	$	(31)
Provision for loan losses	(3)		—		(3)		(4)		—		(4)
Ending Balance	$	(29)	$	(6)	$	(35)	$	(29)	$	(6)	$	(35)

An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial as of June 30, 2023 and June 30, 2022.

Interest and Investment Income

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Fixed maturity securities, available-for-sale	$	464	$	350	$	912	$	682
Equity securities	7		7		15		15
Preferred securities	15		20		28		35
Mortgage loans	57		49		108		88
Invested cash and short-term investments	34		13		67		18
Limited partnerships	45		58		103		171
Tax deferred property exchange income	40		10		83		14
Other investments	18		4		38		13
Gross investment income	680		511		1,354		1,036
Investment expense	(62)		(48)		(125)		(95)
Interest and investment income	$	618	$	463	$	1,229	$	941

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $76 million and $20 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $134 million and $38 million for the six months ended June 30, 2023 and June 30, 2022.

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Recognized Gains and Losses, net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Net realized losses on fixed maturity available-for-sale securities	$	(54)	$	(61)	$	(104)	$	(98)
Net realized/unrealized gains (losses) on equity securities (1)	(37)		(221)		(5)		(370)
Net realized/unrealized losses on preferred securities (2)	2		(118)		(8)		(208)
Realized losses on other invested assets	(24)		(9)		(29)		(10)
Change in allowance for expected credit losses	(20)		(9)		(23)		(12)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(65)		(35)		(154)		15
Unrealized gains (losses) on certain derivative instruments	164		(359)		311		(717)
Change in fair value of reinsurance related embedded derivatives (3)	17		141		(2)		263
Change in fair value of other derivatives and embedded derivatives	1		(5)		3		(8)
Realized gains (losses) on derivatives and embedded derivatives	117		(258)		158		(447)
Recognized gains and losses, net	$	(16)	$	(676)	$	(11)	$	(1,145)

(1) Includes net valuation losses of $37 million and $222 million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $9 million and $(388) million for the six months ended June 30, 2023 and 2022, respectively.

(2) Includes net valuation gains (losses) of $16 million and $(118) million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $50 million and $(207) million for the six months ended June 30, 2023 and 2022, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Somerset and Aspida Re.

Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $21 million and $151 million for the three months ended June 30, 2023 and June 30, 2022, respectively and $(1) million and $279 million for the six months ended June 30, 2023 and June 30, 2022, respectively .

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Proceeds	$	609	$	802	$	1,098	$	1,835
Gross gains	—		1		8		5
Gross losses	(33)		(61)		(90)		(69)

Unconsolidated Variable Interest Entities

We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.

We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in Fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.

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Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	2,803	$	4,491	$	2,427	$	4,030
Fixed maturity securities	18,471		20,853		15,680		17,404
Total unconsolidated VIE investments	$	21,274	$	25,344	$	18,107	$	21,434

Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows:

	June 30, 2023
	(In millions)
Blackstone Wave Asset Holdco (1)	$	738
(1) Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

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Note E — Derivative Financial Instruments

The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:

	June 30, 2023		December 31, 2022
Assets:	(In millions)
Derivative investments:
Call options	$	649	$	244
Other long-term investments:
Other embedded derivatives	26		23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	277		279
	$	952	$	546

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives	$	3,821	$	3,115
	$	3,821	$	3,115

The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Recognized gains and losses, net	(In millions)				(In millions)
Net investment gains (losses):
Call options	$	98	$	(395)	$	153	$	(709)
Futures contracts	—		(8)		5		(5)
Foreign currency forwards	—		9		(1)		12
Other derivatives and embedded derivatives	2		(5)		3		(8)
Reinsurance related embedded derivatives	17		141		(2)		263
Total net investment gains (losses)	$	117	$	(258)	$	158	$	(447)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase	$	252	$	(454)	$	706	$	(942)

Additional Disclosures

FIA/IUL Embedded Derivative, Call Options and Futures

We have FIA and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments.

We purchase derivatives consisting of a combination of call options and futures contracts (specifically for FIA contracts) on the applicable market indices to fund the index credits due to FIA/IUL contractholders. The call options are one, two, three, and five year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new call options to fund the next index credit. We manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and

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futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the accompanying unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.

Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our FIA/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.

Reinsurance Related Embedded Derivatives

F&G entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain fixed rate and deferred annuity business, including MYGA, on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. Additionally, F&G entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a coinsurance funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements creates an obligation for F&G to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangements, including gains and losses from sales, were passed directly to the reinsurers pursuant to contractual terms of the reinsurance arrangements. The reinsurance related embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position, on the unaudited Condensed Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Earnings.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties on the call options and reflect assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.

Information regarding our exposure to credit loss on the call options we hold is presented in the following tables.

		June 30, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,033	$	69	$	26	$	43
Morgan Stanley	*/Aa3/A+	2,375		50		60		—
Barclay's Bank	A+/A1/A+	6,137		121		113		8
Canadian Imperial Bank of Commerce	AA/Aa2/A+	6,542		204		180		24
Wells Fargo	A+/A1/BBB+	1,480		54		53		1
Goldman Sachs	A/A2/BBB+	1,212		23		22		1
Credit Suisse	A+/A3/A	266		9		9		—
Truist	A+/A2/A	2,055		89		85		4
Citibank	A+/Aa3/A+	1,272		29		31		—
Total		$	25,372	$	648	$	579	$	81

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		December 31, 2022
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	3,563	$	23	$	—	$	23
Morgan Stanley	*/Aa3/A+	1,699		14		19		—
Barclay's Bank	A+/A1/A	6,049		65		59		6
Canadian Imperial Bank of Commerce	AA/Aa2/A+	5,169		68		64		4
Wells Fargo	A+/A1/BBB+	1,361		17		17		—
Goldman Sachs	A/A2/BBB+	1,133		9		10		—
Credit Suisse	BBB+/A3/A-	1,039		5		5		—
Truist	A+/A2/A	2,489		35		36		—
Citibank	A+/Aa3/A+	795		8		9		—
Total		$	23,297	$	244	$	219	$	33

(a)An * represents credit ratings that were not available.

Collateral Agreements

We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying option contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except Merrill Lynch, this threshold is set to zero. As of June 30, 2023 and December 31, 2022, counterparties posted $579 million and $219 million, respectively, of collateral of which $459 million and $178 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts was $81 million at June 30, 2023 and $33 million at December 31, 2022.

We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reinvest derivative cash collateral to reduce the interest cost. Cash collateral is invested in overnight investment sweep products, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.

We held 409 and 409 futures contracts at June 30, 2023 and December 31, 2022, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $4 million and $3 million at June 30, 2023 and December 31, 2022, respectively.

Note F — Commitments and Contingencies

Legal and Regulatory Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.

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We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $8 million and $12 million as of June 30, 2023 and December 31, 2022, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

In August 2020, a lawsuit styled, In the Matter of FGL Holdings, was filed in the Grand Court of the Cayman Islands related to FNF's acquisition of F&G where dissenting shareholders, Kingfishers LP, Kingstown 1740 Fund LP, Kingstown Partners II LP, Kingstown Partners Master Ltd., and Ktown LP, asserted statutory appraisal rights relative to their ownership of 12,000,000 shares of F&G stock. They sought a judicial determination of the fair value of their shares of F&G stock as of the date of valuation under the law of the Cayman Islands, together with interest and legal costs. On October 5, 2022, the Grand Court of the Cayman Islands decided in favor of F&G. The dissenting shareholders failed to appeal the fair value order, and its appeal period expired on October 19, 2022. On April 19, 2023 the Grand Court of the Cayman Islands determined that the dissenting shareholders should pay F&G's Cayman Islands legal expenses and discovery costs relating to the lawsuit, by way of interim payment of $4 million with the balance to be determined after assessment. We are attempting to collect reimbursement of our expenses in this lawsuit.

From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition.

F&G Commitments

In our F&G segment, we have unfunded investment commitments as of June 30, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class as of June 30, 2023 is included below:

	June 30, 2023
Asset Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,688
Whole loans	1,044
Fixed maturity securities, ABS	247
Direct Lending	910
Other fixed maturity securities, AFS	21
Commercial mortgage loans	16
Other assets	125
Other invested assets	6
Committed amounts included in liabilities	2
Total	$	4,059

Note G — Dividends

On August 8, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on September 29, 2023, to FNF common shareholders of record as of September 15, 2023.

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Note H — Segment Information

Summarized financial information concerning our reportable segments is shown in the following tables.

As of and for the three months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	1,254	$	—	$	—	$	1,254
Other revenues	581		576		55		1,212
Revenues from external customers	1,835		576		55		2,466
Interest and investment income, including recognized gains and losses, net	29		592		(19)		602
Total revenues	1,864		1,168		36		3,068
Depreciation and amortization	39		104		8		151
Interest expense	—		25		18		43
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	233		163		(64)		332
Income tax expense (benefit)	65		33		(8)		90
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	168		130		(56)		242
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	169	$	130	$	(56)	$	243
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the three months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,062	$	—	$	—	$	2,062
Other revenues	706		71		9		786
Revenues from external customers	2,768		71		9		2,848
Interest and investment income, including recognized gains and losses, net	(214)		(1)		2		(213)
Total revenues	2,554		70		11		2,635
Depreciation and amortization	34		80		6		120
Interest expense	—		9		22		31
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	267		482		(18)		731
Income tax expense (benefit)	111		97		(6)		202
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	156		385		(12)		529
Equity in earnings of unconsolidated affiliates	14		—		—		14
Net earnings (loss) from continuing operations	$	170	$	385	$	(12)	$	543
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

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As of and for the six months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,232	$	—	$	—	$	2,232
Other revenues	1,052		941		99		2,092
Revenues from external customers	3,284		941		99		4,324
Interest and investment income, including recognized gains and losses, net	132		1,096		(10)		1,218
Total revenues	3,416		2,037		89		5,542
Depreciation and amortization	76		194		15		285
Interest expense	—		47		38		85
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	390		(40)		(92)		258
Income tax expense (benefit)	92		25		(13)		104
Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates	298		(65)		(79)		154
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	299	$	(65)	$	(79)	$	155
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the six months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	3,928	$	—	$	—	$	3,928
Other revenues	1,371		667		40		2,078
Revenues from external customers	5,299		667		40		6,006
Interest and investment income, including recognized gains and losses, net	(362)		153		5		(204)
Total revenues	4,937		820		45		5,802
Depreciation and amortization	67		156		12		235
Interest expense	—		17		44		61
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	516		827		(56)		1,287
Income tax expense (benefit)	168		203		(13)		358
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	348		624		(43)		929
Equity in earnings of unconsolidated affiliates	16		—		—		16
Net earnings (loss) from continuing operations	$	364	$	624	$	(43)	$	945
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

The activities in our segments include the following:

•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products.

•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (FIA and fixed rate annuities), immediate annuities and IUL. This segment also provides funding agreements and PRT solutions.

•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

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Note I — Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Six months ended June 30,
	2023		2022
Cash paid for:	(In millions)
Interest	$	61	$	63
Income taxes	54		202
Deferred sales inducements	68		38
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(132)		151
Change in purchases of investments available for sale payable in period	238		212
Change in contractholder deposits for FABN issuance	—		300
Lease liabilities recognized in exchange for lease right-of-use assets	21		42
Remeasurement of lease liabilities	41		41
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	299		—
Less: Total Purchase price	293		—
Liabilities and noncontrolling interests assumed	$	6	$	—

Note J — Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended June 30,				Six months ended June 30,
			2023		2022		2023		2022
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	Agency title insurance premiums	Title	713		1,203		1,263		2,302
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	576		71		941		667
Home warranty	Escrow, title-related and other fees	Title	37		43		67		77
Total revenue from insurance contracts			1,867		2,176		3,240		4,672
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	219		294		379		559
Other title-related fees and income	Escrow, title-related and other fees	Title	169		210		315		406
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	87		92		162		186
Real estate technology	Escrow, title-related and other fees	Corporate and other	39		41		76		79
Total revenue from contracts with customers			514		637		932		1,230
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	69		67		129		143
Other	Escrow, title-related and other fees	Corporate and other	16		(32)		23		(39)
Interest and investment income	Interest and investment income	Various	618		463		1,229		941
Recognized gains and losses, net	Recognized gains and losses, net	Various	(16)		(676)		(11)		(1,145)
Total revenues	Total revenues		$	3,068	$	2,635	$	5,542	$	5,802

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated

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with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.

Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, URL on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC, and DSI, other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Contract Balances

The following table provides information about trade receivables and deferred revenue:

	June 30, 2023		December 31, 2022
	(In millions)
Trade receivables	$	344	$	349
Deferred revenue (contract liabilities)	313		271

Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months and six months ended June 30, 2023, we recognized $38 million and $59 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

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Note K —Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.

	June 30, 2023		December 31, 2022
	(In millions)
Customer relationships and contracts	$	209	$	202
VOBA	1,529		$	1,615
DAC	1,856		1,411
DSI	258		200
Value of distribution asset	93		100
Computer software	280		196
Definite lived trademarks, tradenames, and other	32		27
Indefinite lived tradenames and other	60		60
Total Other intangible assets, net	$	4,317	$	3,811

The following tables roll forward VOBA by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2023	$	1,166	$	32	$	201	$	143	$	73	$	1,615
Amortization	(71)		(3)		(6)		(4)		(2)		(86)
Balance at June 30, 2023	$	1,095	$	29	$	195	$	139	$	71	$	1,529
	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2022	$	1,314	$	39	$	212	$	153	$	25	$	1,743
Amortization	(76)		(3)		(6)		(5)		(1)		(91)
Shadow Premium Deficiency Testing (“PDT”)	—		—		—		—		52		52
Balance at June 30, 2022	$	1,238	$	36	$	206	$	148	$	76	$	1,704

VOBA amortization expense of $86 million and $91 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,095	$	1,166
Fixed Rate Annuities	29		32
Immediate Annuities	195		201
Universal Life	139		143
Traditional Life	71		73
Total	$	1,529	$	1,615

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The following tables roll forward DAC by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	249		91		109		449
Amortization	(47)		(20)		(16)		(83)
Reinsurance related adjustments	—		79		—		79
Balance at June 30, 2023	$	1,173	$	233	$	441	$	1,847
	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2022	$	564	$	38	$	173	$	775
Capitalization	216		25		91		332
Amortization	(29)		(4)		(9)		(42)
Balance at June 30, 2022	$	751	$	59	$	255	$	1,065

(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)

DAC amortization expense of $83 million and $42 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,173	$	971
Fixed Rate Annuities	233		83
Universal Life	441		348
Funding Agreements	9		9
Total	$	1,856	$	1,411

The following tables roll forward DSI for the six months ended June 30, 2023 and June 30, 2022:

	FIA		Total
	(In millions)
Balance at January 1, 2023	$	200	$	200
Capitalization	68		68
Amortization	(10)		(10)
Balance at June 30, 2023	$	258	$	258
	FIA		Total
	(In millions)
Balance at January 1, 2022	$	127	$	127
Capitalization	38		38
Amortization	(6)		(6)
Balance at June 30, 2022	$	159	$	159

DSI amortization expense of $10 million and $6 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

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The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	258	$	200
Total	$	258	$	200

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuity and PRT contracts, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For FIA contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the company’s best estimates for policyholder behavior, consistent with the development of assumptions for FIA, immediate annuity, and PRT.

We review cash flow assumptions annually, generally in the third quarter. In 2022, F&G undertook a review of all significant assumptions and revised GMWB utilization for our deferred annuity contracts (FIA and fixed rate annuities) to reflect internal and industry experience in the first several contract years.

For the in-force liabilities as of June 30, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2023	$	80
2024	151
2025	139
2026	128
2027	117
Thereafter	914

Note L — F&G Reinsurance

F&G reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. 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. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. The Company follows reinsurance accounting when there is adequate risk transfer or deposit accounting if there is inadequate risk transfer. If the underlying policy being reinsured is an investment contract, the effects of the agreement are accounted for as a separate investment contract.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three and six months ended June 30, 2023 and June 30, 2022 were as follows:

	Three months ended								Six months ended
	June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2022
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	510	$	862	$	39	$	204	$	811	$	1,734	$	606	$	709
Ceded	(27)		(45)		(35)		(581)		(53)		(105)		(67)		(883)
Net	$	483	$	817	$	4	$	(377)	$	758	$	1,629	$	539	$	(174)

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Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. F&G did not write off any significant reinsurance balances during the three and six months ended June 30, 2023 and June 30, 2022. F&G did not commute any ceded reinsurance treaties during the three and six months ended June 30, 2023 and June 30, 2022.

F&G estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. The expected credit loss reserves were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Balance at Beginning of Period	$	(10)	$	(20)	$	(10)	$	(20)
Changes in the expected credit loss reserve	1		1		1		1
Balance at End of Period	$	(9)	$	(19)	$	(9)	$	(19)

No policies issued by F&G have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance.

F&G has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.

Aspida Reinsurance Transaction. F&G executed a Funds Withheld Coinsurance Agreement with Aspida Re, a Bermuda reinsurer. In accordance with the terms of this agreement, F&G cedes to the reinsurer, on a fifty percent (50%) funds withheld coinsurance basis, certain multiyear guaranteed annuity business written effective January 1, 2021. The agreement was originally executed January 15, 2021 and amended in August 2021 and September 2022. For reinsured policies issued prior to September 1, 2022, the policies are ceded on a fifty percent (50%) quota share basis.  For reinsured policies issued on or after September 1, 2022, the policies are ceded on a seventy-five percent (75%) quota share basis, capped at $350 million cession per month. For the month of March 2023 only, the premiums cap increased to $450 million. As the policies ceded to Aspida are investment contracts, there is no significant insurance risk present and; therefore, the effects of this agreement are accounted for as a separate investment contract.

There have been no other significant changes to reinsurance contracts for the three and six months ended June 30, 2023.

Concentration of Reinsurance Risk

The Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida Re, Wilton Reassurance Company (“Wilton Re”), and Somerset that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. Aspida Re has an A- issuer credit rating from AM Best as of June 30, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. Wilton Re has an A+ issuer credit rating from AM Best and an A issuer credit rating from Fitch as of June 30, 2023. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of June 30, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. On June 30, 2023, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $4,857 million, $1,157 million, and $543 million, respectively. We monitor both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. We believe that all amounts due from Aspida Re, Wilton Re, and Somerset for periodic treaty settlements are collectible as of June 30, 2023.

There have been no other material changes in the reinsurance and the intercompany reinsurance agreements described in our Form 10-K for the year ended December 31, 2022.

Note M — F&G Insurance Subsidiary Financial Information and Regulatory Matters

Our U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed.

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The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP.

FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $202 million and $152 million decrease to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

Based on a permitted practice received from the Iowa Insurance Department, FGL Insurance carries one of its limited partnership interests which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies” on a net asset value per share basis. This is a departure from SSAP No. 48 which requires such investments to be carried based on the investees underlying U.S. GAAP equity (prior to any impairment considerations). This resulted in a $15 million and $13 million increase to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $200 million at June 30, 2023 and December 31, 2022, respectively.

Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $107 million and $121 million at June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

Note N — Acquisitions

TitlePoint

On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to a customary working capital adjustment.

The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The purchase price has been allocated to TitlePoint's assets acquired based on their fair values as of the acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. In connection with the acquisition, we recorded preliminary fair value estimates for goodwill, other intangible assets and other assets of $146 million, $73 million and $5 million, respectively, as of June 30, 2023.

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The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	9	10
Trade name	4		10
Software	60		7
Total Other intangible assets	$	73

AllFirst

On August 9, 2022, we acquired approximately 74% of the outstanding equity of AllFirst Title Insurance Agency ("AllFirst") for approximately $130 million in cash consideration. On December 19, 2022, we purchased an additional 6% of the outstanding equity of AllFirst for approximately $10 million in cash consideration.

The acquisition was accounted for as a business combination under Topic 805. The purchase price has been allocated to AllFirst's assets acquired and liabilities assumed based on their fair values as of acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. We completed our assessment of the fair value of assets acquired and liabilities assumed within the one-year period from the date of the acquisition. We recorded fair value amounts as of the acquisition date for goodwill, other intangibles, other assets, other liabilities and non-controlling interest of $104 million, $55 million, $40 million, $18 million and $46 million, respectively.

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	46	10
Trade name	7		10
Non-compete agreements	1		5
Software	1		2
Total Other intangible assets	$	55

Note O — Notes Payable

Notes payable consists of the following:

	June 30, 2023		December 31, 2022
	(In millions)
4.50% Notes, net of discount	$	445	$	445
3.40% Notes, net of discount	644		644
2.45% Notes, net of discount	594		594
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(2)		(3)
F&G Credit Agreement	511		547
7.40% F&G Notes	495		—
5.50% F&G Notes	565		567
	$	3,696	$	3,238

On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% F&G Notes, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 7.40% F&G Notes are the senior

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unsecured, unsubordinated obligations of F&G and are guaranteed on an unsecured, unsubordinated basis by each of F&G's subsidiaries that are guarantors of its obligations under the F&G Credit Agreement (the “Guarantors”). The interest rate payable on the 7.40% F&G Notes will be subject to adjustment from time to time if either S&P or Fitch (or a substitute rating agency therefor) downgrades (or downgrades and subsequently upgrades) the credit ratings assigned to the 7.40% F&G Notes. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements.

On November 22, 2022, F&G entered into a Credit Agreement (the "F&G Credit Agreement") with certain lenders (the "Lenders") and Bank of America, N.A. as administrative agent (the "Administrative Agent"), swing line lender and issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility (the "F&G Credit Facility") in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes.

The F&G Credit Agreement matures the earlier to occur of November 22, 2025 or 91 days prior to May 1, 2025, the stated maturity date of the 5.50% F&G Notes, unless the principal amount of the 5.50% F&G Notes is $150 million or less at such time, the 5.50% F&G Notes have been redeemed or defeased in full, and any refinancing Indebtedness incurred in connection therewith matures at least 91 days after the date that is 3 years from the Effective Date, as defined in the F&G Credit Agreement, or certain other conditions are met. Revolving loans under the F&G Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. On February 21, 2023, F&G amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The amendment to the F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million.

On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes, pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20% Notes were approximately $443 million, after deducting underwriting discounts, commissions and offering expenses. We plan to use the net proceeds from the offering for general corporate purposes.

On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. As of June 30, 2023, there was no principal outstanding, $2 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Revolving Credit Facility.

On September 15, 2020, we completed our underwritten public offering of $600 million aggregate principal amount of our 2.45% Notes due March 15, 2031 (the "2.45% Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45% Notes were approximately $593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $260 million outstanding indebtedness under the Term Loan, and (ii) for general corporate purposes.

On June 12, 2020, we completed our underwritten public offering of $650 million aggregate principal amount of the 3.40% Notes due June 15, 2030 (the “3.40% Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40% Notes were approximately $642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes.

On June 1, 2020, as a result of the F&G acquisition, we assumed $550 million aggregate principal amount of 5.50% senior notes due 2025 (the "5.50% F&G Notes"), originally issued on April 20, 2018 at 99.5% of face value for proceeds of $547 million.

On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the "4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16,

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2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the "4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange.

Gross principal maturities of notes payable at June 30, 2023 are as follows:

	(In millions)
2023 (remaining)	$	511
2024	—
2025	550
2026	—
2027	—
Thereafter	2,650
	$	3,711

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Note P — Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the six months ended June 30, 2023 and the years ended December 31, 2022 and December 31, 2021:

	June 30, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
	(Dollars in millions)
Balance, beginning of period	$	164	$	1	$	426	$	2	$	478	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(8)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	68		—		107		1		99		1
Actual policyholder behavior different from expected	11		—		43		—		(22)		—
Changes in assumptions and other	1		—		(76)		—		—		—
Effects of market related movements	(38)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	136	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	58		—		62		—		146		1
Balance, end of period	$	194	$	1	$	164	$	1	$	426	$	2
Weighted-average attained age of policyholders weighted by total AV (years)	68.41		72.67		68.59		72.88		68.95		73.10
Net amount at risk	$	1,006	$	3	$	952	$	3	$	1,304	$	4

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	$	118	$	312	$	194	$	117	$	281	$	164	$	41	$	467	$	426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	118	$	313	$	195	$	117	$	282	$	165	$	41	$	469	$	428

For the six months ended June 30, 2023, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased slightly, leading to a decrease in the MRB associated with FIA and fixed rate annuities.

•Increases in the equity market related projections resulted in a decrease in the net amount at risk associated with FIAs, leading to a decrease in the value of the associated MRBs.

•F&G’s credit spread increased slightly, leading to a corresponding decrease in the MRBs associated with both FIA and fixed rate annuities.

In 2022, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased significantly, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.

•Decreases in the equity markets resulted in an increase in the net amount at risk associated with FIAs, leading to an increase in the value of the associated MRBs.

•Volatility indices increased, leading to an increase in the MRBs associated with FIAs.

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•Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review. The GMWB utilization assumption was revised in the second quarter of 2022 to reflect additional internal and industry experience for the first several contract years. This assumption update led to a decrease in the MRBs.

•F&G’s credit spread increased during the year, leading to a corresponding decrease in the MRBs value. Credit spreads on the block of business remain lower than the at-issue or at-purchase credit spreads, but the level has decreased since the beginning of 2022.

In 2021, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•    Risk-free rates increased moderately, leading to a decrease in the MRBs associated with both FIA and fixed

rate annuities.

•Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.

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Note Q — Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	June 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	2,415			2,584			99			—		456
Premiums received	52			1			180			—		—
Policy charges (a)	(87)			—			(124)			—		—
Surrenders and withdrawals	(876)			(520)			(45)			—		—
Benefit payments	(254)			(118)			(16)			(27)		(323)
Interest credited	69			179			20			27		25
Other	23			(1)			—			—		3
Balance, end of year	$	26,108		$	11,483		$	2,226		$	2,613	$	2,143
Embedded derivative adjustment (c)	98			—			73			—		—
Gross Liability, end of period	$	26,206		$	11,483		$	2,299		$	2,613	$	2,143
Less: Reinsurance	(17)			(5,431)			(924)			—		—
Net Liability, after Reinsurance	$	26,189		$	6,052		$	1,375		$	2,613	$	2,143
Weighted-average crediting rate	1.10		%	7.07		%	3.85		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,401			N/A		N/A
Cash surrender value	24,337			10,707			1,760			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	21,997			6,367			1,907			1,904		1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)
Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982
Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value	188			5,992			1,698			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

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(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)
Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543
Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value	20,455			5,992			1,572			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
FIA	$	26,206	$	24,423	$	22,600
Fixed rate annuities	11,483		9,358		6,367
Immediate annuities	317		332		352
Universal life	2,299		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,613		2,613		1,904
FHLB	2,143		1,982		1,543
PRT	4		3		1
Total	$	45,070	$	40,843	$	34,753

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The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	June 30, 2023
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	23,749	$	796	$	403	$	663	$	25,611
1.51%-2.50%	141		—		1		—		142
Greater than 2.50%	353		—		2		—		355
Total	$	24,243	$	796	$	406	$	663	$	26,108
Fixed Rate Annuities
0.00%-1.50%	$	17	$	30	$	1,838	$	8,287	$	10,172
1.51%-2.50%	8		13		28		313		362
Greater than 2.50%	934		3		4		8		949
Total	$	959	$	46	$	1,870	$	8,608	$	11,483
Universal Life
0.00%-1.50%	$	1,822	$	4	$	—	$	18	$	1,844
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		35		1		—		382
Total	$	2,168	$	39	$	1	$	18	$	2,226

	December 31, 2022
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	22,848	$	801	$	410	$	151	$	24,210
1.51%-2.50%	162		—		1		—		163
Greater than 2.50%	390		—		3		—		393
Total	$	23,400	$	801	$	414	$	151	$	24,766
Fixed Rate Annuities
0.00%-1.50%	$	10	$	32	$	1,871	$	6,379	$	8,292
1.51%-2.50%	9		14		30		1		54
Greater than 2.50%	997		4		4		7		1,012
Total	$	1,016	$	50	$	1,905	$	6,387	$	9,358
Universal Life
0.00%-1.50%	$	1,701	$	3	$	—	$	17	$	1,721
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		44		1		—		391
Total	$	2,047	$	47	$	1	$	17	$	2,112

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	December 31, 2021
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	20,162	$	803	$	388	$	—	$	21,353
1.51%-2.50%	171		11		25		—		207
Greater than 2.50%	431		3		3		—		437
Total	$	20,764	$	817	$	416	$	—	$	21,997
Fixed Rate Annuities
0.00%-1.50%	$	2	$	28	$	1,928	$	3,219	$	5,177
1.51%-2.50%	9		15		37		1		62
Greater than 2.50%	954		142		25		7		1,128
Total	$	965	$	185	$	1,990	$	3,227	$	6,367
Universal Life
0.00%-1.50%	$	1,486	$	2	$	—	$	13	$	1,501
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		46		1		—		406
Total	$	1,845	$	48	$	1	$	13	$	1,907

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Note R — Future Policy Benefits

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	June 30, 2023		December 31, 2022		December 31, 2021
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	797	$	1,020	$	1,152
Beginning balance of original discount rate	974		1,045		1,131
Effect of actual variances from expected experience	7		33		25
Balance adjusted for variances from expectation	981		1,078		1,156
Interest accrual	9		20		22
Net premiums collected	(60)		(124)		(133)
Ending Balance at original discount rate	930		974		1,045
Effect of changes in discount rate assumptions	(167)		(177)		(25)
Balance, end of year	$	763	$	797	$	1,020
Expected FPB
Balance, beginning of year	$	2,151	$	2,772	$	3,105
Beginning balance of original discount rate	2,665		2,806		2,995
Effect of actual variances from expected experience	(9)		13		(14)
Balance adjusted for variances from expectation	$	2,656	$	2,819	$	2,981
Interest accrual	28		59		62
Benefits payments	(99)		(213)		(237)
Ending Balance at original discount rate	$	2,585	$	2,665	$	2,806
Effect of changes in discount rate assumptions	(474)		(514)		(34)
Balance, end of year	$	2,111	$	2,151	$	2,772
Net liability for future policy benefits	$	1,348	$	1,354	$	1,752
Less: Reinsurance recoverable	587		612		749
Net liability for future policy benefits, after reinsurance recoverable	$	761	$	742	$	1,003
Weighted-average duration of liability for future policyholder benefits (years)	7.36		7.58		8.54

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The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	June 30, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance of original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(5)
Effect of actual variances from expected experience	(17)		—
Balance adjusted for variances from expectation	1,841		2,470
Issuances	10		755
Interest accrual	33		50
Benefits payments	(65)		(115)
Ending Balance at original discount rate	1,819		3,160
Effect of changes in discount rate assumptions	(408)		(290)
Balance, end of year	$	1,411	$	2,870
Net liability for future policy benefits	$	1,411	$	2,870
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,295	$	2,870
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

	December 31, 2022
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,954	$	1,148
Beginning balance of original discount rate	1,935		1,151
Effect of changes in cash flow assumptions	—		(20)
Effect of actual variances from expected experience	(26)		2
Balance adjusted for variances from expectation	$	1,909	$	1,133
Issuances	26		1,418
Interest accrual	60		50
Benefits payments	(137)		(126)
Ending Balance at original discount rate	$	1,858	$	2,475
Effect of changes in discount rate assumptions	(429)		(310)
Balance, end of year	$	1,429	$	2,165
Net liability for future policy benefits	$	1,429	$	2,165
Less: Reinsurance recoverable	118		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,311	$	2,165
Weighted-average duration of liability for future policyholder benefits (years)	11.76		8.09

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	December 31, 2021
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	2,153	$	—
Beginning balance of original discount rate	2,040		—
Effect of actual variances from expected experience	(47)		—
Balance adjusted for variances from expectation	$	1,993	$	—
Issuances	18		1,155
Interest accrual	60		2
Benefits payments	(136)		(6)
Ending Balance at original discount rate	$	1,935	$	1,151
Effect of changes in discount rate assumptions	19		(3)
Balance, end of year	$	1,954	$	1,148
Net liability for future policy benefits	$	1,954	$	1,148
Less: Reinsurance recoverable	145		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,809	$	1,148
Weighted-average duration of liability for future policyholder benefits (years)	13.61		8.75

The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:

	June 30, 2023				December 31, 2022				December 31, 2021
	Immediate annuities		PRT		Immediate annuities		PRT		Immediate annuities		PRT
					(In millions)
Balance, beginning of year	$	69	$	4	$	57	$	7	$	22	$	—
Effect of modeling changes	4		—		—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(2)		—		—
Effect of actual variances from expected experience	10		2		16		—		39		—
Balance adjusted for variances from expectation	83		6		73		5		61		—
Issuances	1		—		1		—		$	—	$	7
Interest accrual	1		(1)		2		—		2		—
Amortization	(3)		(1)		(7)		(1)		(6)		—
Balance, end of year	$	82	$	4	$	69	$	4	$	57	$	7

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
Traditional Life	$	1,348	$	1,354	$	1,752
Immediate annuities	1,411		1,429		1,954
PRT	2,870		2,165		1,148
Immediate annuities DPL	82		69		57
PRT DPL	4		4		7
Total	$	5,715	$	5,021	$	4,918

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The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Traditional Life	(In millions)
Expected future benefit payments	$	3,027	$	3,201	$	2,089	$	2,686
Expected future gross premiums	1,114		1,245		803		1,091
Immediate annuities
Expected future benefit payments	$	3,361	$	3,516	$	1,411	$	1,907
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	4,724	$	2,265	$	3,161	$	1,652
Expected future gross premiums	—		—		—		—

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Traditional Life	$	63	$	70	$	19	$	20
Immediate annuities	11		16		33		30
PRT	737		520		50		19
Total	$	811	$	606	$	102	$	69

(a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Earnings.

The following table presents the weighted-average interest rate:

	June 30, 2023		December 31, 2022		December 31, 2021
Traditional Life
Interest accretion rate	2.33	%	2.32	%	2.29	%
Current discount rate	4.63	%	5.37	%	2.41	%
Immediate annuities
Interest accretion rate	3.12	%	3.07	%	3.04	%
Current discount rate	5.10	%	5.21	%	3.07	%
PRT
Interest accretion rate	4.04	%	3.20	%	1.20	%
Current discount rate	5.28	%	5.40	%	2.79	%

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	June 30, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	3.2	%	2.3	%
Expected experience	1.4	%	1.6	%	2.1	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

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	December 31, 2022
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.5	%	3.0	%	1.9	%
Expected experience	1.3	%	1.9	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

	December 31, 2021
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	4.2	%	—	%
Expected experience	1.3	%	2.0	%	—	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions):

	June 30, 2023				December 31, 2022
	Cohort X			Description	Cohort X			Description
Net Premium Ratio before capping	100		%	Term with ROP Non-NY Cohort	100		%	Term with ROP Non-NY Cohort
Reserves before NP Ratio capping	$	1,184		Term with ROP Non-NY Cohort	$	1,172		Term with ROP Non-NY Cohort
Reserves after NP Ratio capping	$	1,185		Term with ROP Non-NY Cohort	$	1,173		Term with ROP Non-NY Cohort
Loss Expense	$	1		Term with ROP Non-NY Cohort	$	—		Term with ROP Non-NY Cohort

F&G realized actual-to-expected experience variances and made changes to assumptions during the six months ended June 30, 2023 and the year ended December 31, 2022 as follows:

Traditional life

Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022 resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review in the third quarter of the significant cash flow assumptions and did not make any changes to mortality or lapses.

Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected net premiums and expected future policy benefits due to discount rate changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

Immediate annuities (life contingent)

Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

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PRT (life contingent)

Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from 2022 resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review of the significant cash flow assumption and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

Premium deficiency testing

F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. During 2023 and 2022, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

Note S — ASU 2018-12 Transition

We adopted ASU 2018-12 on January 1, 2023 with a transition date of January 1, 2021, or the beginning of the earliest period that will be presented in the annual December 31, 2023 Consolidated Financial Statements. We elected to adopt ASU 2018-12 using the full retrospective transition method and balances for FPB, DAC and balances amortized on a basis consistent with DAC (VOBA, DSI, and URL), and MRBs were adjusted to conform to ASU 2018-12 starting as of the F&G acquisition date, June 1, 2020. No hindsight was used for the full retrospective adoption of MRBs. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $75 million, net of tax.

The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12:

	Immediate annuities		Traditional Life		Total (3)
	(In millions)
Balance, December 31, 2020	$	1,861	$	2,144	$	4,005
Cumulative effect of retrospective adoption (1)	201		(279)		(78)
Effect of remeasurement of liability at current discount rate (2)	113		88		201
Balance, January 1, 2021	$	2,175	$	1,953	$	4,128
Less: Reinsurance Recoverable	322		793		1,115
Balance, January 1, 2021, net of reinsurance	$	1,853	$	1,160	$	3,013
(1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL.
(2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12.
(3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward.

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The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Immediate annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance, December 31, 2020	$	1,208	$	15	$	86	$	139	$	18	$	1,466
Adjustment for reversal of AOCI adjustments (1)	208		24		—		29		(29)		232
Cumulative effect of retrospective adoption (2)	(14)		7		(5)		(9)		(1)		(22)
Transition opening balance adjustment	69		2		145		5		43		264
Balance, January 1, 2021	$	1,471	$	48	$	226	$	164	$	31	$	1,940
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020
(3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12.

The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	167	$	14	$	41	$	222
Adjustment for reversal of AOCI adjustments (1)	15		2		8		25
Cumulative effect of retrospective adoption (2)	(1)		—		(1)		(2)
Balance, January 1, 2021	$	181	$	16	$	48	$	245
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Total
	(In millions)
Balance, December 31, 2020	$	36	$	36
Adjustment for reversal of AOCI adjustments (1)	5		5
Cumulative effect of retrospective adoption (2)	4		4
Balance, January 1, 2021	$	45	$	45
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12:

	Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	2	$	2
Adjustment for reversal of AOCI adjustments (1)	25		25
Cumulative effect of retrospective adoption (2)	2		2
Balance, January 1, 2021	$	29	$	29
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

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The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Total
	(In millions)
Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1)	$	531	$	—	$	531
Adjustment for reversal of AOCI adjustments (2)	(116)		—		(116)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3)	159		—		159
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs (4)	(96)		1		(95)
Balance, January 1, 2021 - Market risk benefits at fair value	$	478	$	1	$	479
Less: Reinsurance Recoverable	—		—		—
Balance, January 1, 2021, net of reinsurance	$	478	$	1	$	479
(1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944.
(2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI.
(4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.

The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12:

	January 1, 2021
	Retained Earnings		AOCI
	(In millions)
Contractholder funds	$	101	$	115
MRB	30		(160)
FPB	(14)		(159)
VOBA	(21)		233
DAC	(1)		5
Increase to Equity, gross of tax	$	95	$	34
Tax impact	20		9
Increase to Equity, net of tax	$	75	$	25

For MRBs, the transition adjustment reflected within the unaudited Condensed Consolidated Statements of Comprehensive Earnings relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference between the fair value and carrying amount of the MRBs at transition, excluding the amounts recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, was recorded as an adjustment to Retained Earnings as of the transition date.

For the FPB, the net transition adjustment is primarily related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021, partially offset by the removal of provisions for adverse deviation from the cash flow assumptions used in the FPB calculation. At transition, we did not identify any instances, at the cohort level, where net premiums exceeded gross premiums.

Before the adoption of ASU 2018-12, VOBA was amortized consistent with DAC, which was amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”). Based on our historical practice of using consistent amortization methods for VOBA and DAC, we elected to change the amortization method for VOBA associated with fixed rate annuities, FIAs, and IUL/Universal Life products to maintain consistency with the amortization method for DAC. At transition, VOBA associated with these product types is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Additionally, at transition, shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, consistent with the historic amortization of DAC, have been removed.

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For DAC, DSI and URL, we removed shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings for the impact of unrealized gains and losses that were included in the pre-transition expected gross profits amortization calculation as of the transition date.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding, or a weak U.S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022 and other filings with the SEC.

The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022.

Overview

For a description of our business, including descriptions of segments and recent business developments, see the discussion in Note A Basis of Financial Statements in the accompanying unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.

Business Trends and Conditions

Title

Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.

We have found that residential real estate activity is generally dependent on the following factors:

•mortgage interest rates;

•mortgage funding supply;

•housing inventory and home prices;

•supply and demand for commercial real estate; and

•the strength of the United States economy, including employment levels.

The most recent forecast of the Mortgage Bankers Association ("MBA"), as of July 20, 2023, estimates (actual for fiscal year 2022) the size of the U.S. residential mortgage originations market as shown in the following table for 2022 - 2025 in its "Mortgage Finance Forecast" (in trillions):

	2025		2024		2023		2022
Purchase transactions	$	1.8	$	1.6	$	1.4	$	1.6
Refinance transactions	$	0.7	$	0.6	$	0.4	$	0.6
Total U.S. mortgage originations forecast	$	2.5	$	2.2	$	1.8	$	2.2

As of July 20, 2023, the MBA expects residential purchase transactions to decrease in 2023 before increasing in 2024 and 2025. Additionally, the MBA expects residential refinance transactions and overall mortgage originations to decrease in 2023 before increasing in 2024 and 2025.

The Federal Reserve raised the benchmark interest rate from near zero as of March 2022 to a range between 5.0% and 5.25% as of June 2023. Average interest rates for a 30-year fixed rate mortgage increased to 6.5% for the three and six months ended June 30, 2023, as compared to 5.3% and 4.6% for the corresponding periods of 2022. On July 26, 2023, the Federal Reserve raised the benchmark interest rate by an additional 25 basis points.

A shortage in the supply of homes for sale, increasing home prices, rising mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with the war in Ukraine created some volatility in the residential real estate market in

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2022, which has continued into 2023. Existing-home sales decreased 19% in June 2023 as compared to the corresponding period in 2022 while median existing-home sales prices decreased from a record-high of $413,800 in June 2022 to $410,200 in March 2023, a 1% decrease compared with the corresponding period in 2022.

Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 3.6% in June 2023 and 2022, which was near the record-low of 3.5% set in February 2020.

Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space and occupancy rates in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Commercial real estate transaction volume is also often linked to the availability of financing. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In the first half of 2022, we experienced strong demand in commercial real estate markets and, therefore, experienced relatively high volumes and fee-per-file in our commercial business when compared to historical results. In the three and six months ended June 30, 2023, order volumes and fee per file decreased when compared with the prior year period.

We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.

Seasonality. Historically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates. The rapid rise in mortgage rates and resulting decline in housing affordability has resulted in deviations in seasonality from historical patterns in 2022, which has continued into 2023.

F&G

The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.

Market Conditions

Market volatility has affected, and may continue to affect, our business and financial performance in varying ways. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates in our F&G segment, which vary in response to changes in market conditions. See Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion of risk factors that could affect market conditions.

Interest Rate Environment

Some of our F&G products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of June 30, 2023, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $6.0 billion and 3%, respectively. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.

See Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022 for a more detailed discussion of interest rate risk.

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Aging of the U.S. Population

We believe that the aging of the U.S. population will increase the demand for our fixed index annuity ("FIA") and indexed universal life ("IUL") products. As the “baby boomer” generation prepares for retirement, we believe that demand for retirement savings, growth, and income products will grow. Over 10,000 people will turn 65 each day in the United States over the next 15 years, and according to the U.S. Census Bureau, the proportion of the U.S. population over the age of 65 is expected to grow from 18% in 2023 to 21% in 2035. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.

Industry Factors and Trends Affecting Our Results of Operations

We operate in the sector of the insurance industry that focuses on the needs of middle-income Americans. The underserved middle-income market represents a major growth opportunity for us. As a tool for addressing the unmet need for retirement planning, we believe that many middle-income Americans have grown to appreciate the financial certainty that we believe annuities such as our FIA products afford. For example, the FIA market grew from nearly $12 billion of sales in 2002 to $79 billion of sales in 2022. Additionally, this market demand has positively impacted the IUL market as it has expanded from $100 million of annual premiums in 2002 to $3 billion of annual premiums in 2022.

See Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022 for a more detailed discussion of industry factors and trends affecting our Results of Operations.

Critical Accounting Policies and Estimates

As a result of the adoption of ASU 2018-12, we have applied the following additional critical accounting policies and estimates in preparing our Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report. Other than the following additional critical accounting policies and estimates, which are further described in the Notes to our unaudited Condensed Consolidated Financial Statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 2 of Part I, there have been no material changes to our critical accounting policies described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022. See Note A Basis of Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our unaudited Condensed Consolidated Financial Statements.

Reserves for Future Policy Benefits and Certain Information on Contractholder Funds

The determination of future policy benefit ("FPB") reserves is dependent on actuarial assumptions. The principal assumptions used to establish liabilities for FPBs are established at issue of the contract and include discount rates, mortality, and cash surrender or policy lapse for our traditional life insurance products. The assumptions used require considerable judgment. We review policyholder behavior experience at least annually and update these assumptions when deemed necessary based on additional information that becomes available. Discount rate assumptions are updated at each reporting period and also incorporate changes in risk free rates and option market values. Changes in, or deviations from, the assumptions previously used can significantly affect our reserve levels and related results of operations in a positive or negative direction.

Mortality refers to the incidence of death on covered lives, which triggers contractual death benefit provisions. On our deferred annuities and life insurance products, these provisions may allow for lump sum payments, payments over a period of time, or spousal continuation of the contract. On our life-contingent immediate annuities, the death of a named annuitant or pension risk transfer (“PRT”) certificate holder may trigger the cessation or reduction of future life-contingent payments due, depending on the presence of a joint annuitant/certificate holder and any remaining guaranteed non-life contingent payment periods. We utilize a combination of internal and industry experience when setting our mortality assumptions.

A surrender rate is the percentage of account value surrendered by the policyholder in exchange for receipt of a cash surrender value. A lapse rate is the percentage of account value canceled by us due to nonpayment of premiums required to maintain coverage on our life insurance products. We make estimates of expected full and partial surrenders of our deferred annuity products, based on a combination of internal and industry experience. Management’s best estimate of surrender behavior generally represents a medium-to-long term perspective, as we expect to experience a range of policyholder behavior and market conditions period to period. If actual surrender rates are significantly different from those estimated, such differences could have a significant effect on our reserve levels and related results of operations.

Discount rates refers to the interest rates used to discount future cash flows to the current period to determine a present value. For liability for FPB reserves the discount rate used is based on the yield curve for A-rated corporate bonds as of the valuation date. Changes in the discount rates from the at-issue or at-purchase discount rates flow through other comprehensive income (“OCI”).

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Our aggregate reserves for contractholder funds, FPBs and market risk benefits ("MRBs") on a direct and net basis as of June 30, 2023 and December 31, 2022 are summarized as follows:

	As of June 30, 2023
	Direct		Deposit Asset/ Reinsurance Recoverable		Net
	(In millions)
Fixed indexed annuities (“FIA”)	$	26,518	$	(17)	$	26,501
Fixed rate annuities	11,484		(5,431)		6,053
Single premium immediate annuities (“SPIA”) and other	1,810		(116)		1,694
IUL and other life	3,651		(1,512)		2,139
Funding agreement backed notes ("FABN")	4,756		—		4,756
PRT	2,879		—		2,879
Total	$	51,098	$	(7,076)	$	44,022

	As of December 31, 2022
	Direct		Deposit Asset/ Reinsurance Recoverable		Net
	(In millions)
FIA	$	24,704	$	(16)	$	24,688
Fixed rate annuities	9,360		(3,723)		5,637
SPIA and other	1,829		(118)		1,711
IUL and other life	3,486		(1,560)		1,926
FABN	4,595		—		4,595
PRT	2,172		—		2,172
Total	$	46,146	$	(5,417)	$	40,729

FIA and IUL products contain an embedded derivative; a feature that permits the holder to elect an interest rate return or an equity-index linked component, where interest credited to the contract is linked to the performance of various equity indices. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for contractholder funds in our accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in our accompanying unaudited Condensed Consolidated Statements of Earnings.

For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for future policy benefits.

Valuation of Fixed Maturity, Preferred and Equity Securities, and Derivatives and Reinsurance Recoverable

Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI"), net of deferred income taxes. Our equity securities are carried at fair value with unrealized gains and losses included in net income (loss). Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis.

Management’s assessment of all available data when determining fair value of the AFS securities is necessary to appropriately apply fair value accounting. Management utilizes information from independent pricing services, who take into account perceived market movements and sector news, as well as a security’s terms and conditions, including any features specific to that issue that may influence risk and marketability. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. We generally obtain one value from our primary external pricing service. In situations where a price is not available from the independent pricing service, we may obtain broker quotes or prices from additional parties recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flows, matrix pricing, or other similar techniques.

We validate external valuations at least quarterly through a combination of procedures that include the evaluation of methodologies used by the pricing services, comparisons to valuations from other independent pricing services, analytical reviews and performance analysis of the prices against trends, and maintenance of a securities watch list. See Note C Fair

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Value of Financial Instruments and Note D Investments to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

The fair value of derivative assets and liabilities is based upon valuation pricing models and represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally using a conventional model and market observable inputs, including interest rates, yield curve volatilities and other factors. Credit risk related to the counterparty is considered when estimating the fair values of these derivatives. However, we are largely protected by collateral arrangements with counterparties when individual counterparty exposures exceed certain thresholds. The fair value of futures contracts (specifically for FIA contracts) at the balance sheet date represents the cumulative unsettled variation margin (open trade equity net of cash settlements). The fair values of the embedded derivatives in our FIA and IUL contracts are derived using market value of options, use of current and budgeted option cost, swap rates, mortality rates, surrender rates, partial withdrawals, and non-performance spread and are classified as Level 3. The discount rate used to determine the fair value of our FIA/IUL embedded derivative liabilities includes an adjustment to reflect the risk that these obligations will not be fulfilled (“non-performance risk”). For the six months ended June 30, 2023 and the year ended December 31, 2022, our non-performance risk adjustment was based on the expected loss due to default in debt obligations for similarly rated financial companies. See Note C Fair Value of Financial Instruments and Note E Derivative Financial Instruments to our unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

As discussed in Note L Reinsurance of our unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, FGL Insurance entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain MYGAs and other fixed rate annuity GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset. Additionally, FGL Insurance entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements create an obligation for FGL Insurance to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swaps are based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangement, including gains and losses from sales, are passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. The reinsurance related embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position on the accompanying unaudited Condensed Consolidated Balance Sheets. The related gains or losses are reported in Recognized gains and losses, net on the accompanying unaudited Condensed Consolidated Statements of Earnings.

Market Risk Benefits

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA contracts that provide minimum guarantees to policyholders, such as Guaranteed Minimum Death Benefit (“GMDBs”) and Guaranteed Minimum Withdrawal Benefits (“GMWBs”) riders. MRBs are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors.

The principal policyholder behavior assumptions used to calculate MRBs are established at issue of the contract and include mortality, contract full and partial surrenders, and utilization of the GMWB rider benefits. The assumptions used reflect a combination of internal experience, industry experience, and judgment. We review overall policyholder behavior experience at least annually and update these assumptions when deemed necessary based on additional information that becomes available. Changes in, or deviations from, the assumptions previously used can significantly affect our MRBs and related results of operations in a positive or negative direction.

Mortality refers to the incidence of death amongst policyholders on covered lives, which triggers contractual death benefit provisions. These provisions may allow for lump sum payments, payments over a period of time, or spousal continuation of the contract. We utilize a combination of actual internal and industry experience when setting our mortality assumptions.

A surrender rate is the percentage of account value surrendered by the policyholder in exchange for receipt of a cash surrender value. We make estimates of expected full and partial surrenders of our deferred annuity products based on a combination of internal and industry experience. Management’s best estimate of surrender generally represents a medium-to-long term perspective, as we expect to experience a range of policyholder behavior and market conditions period to period. If

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actual surrender rates are significantly different from those estimated, such differences could have a significant effect on our MRBs and related results of operations.

We have been issuing GMWB products since 2008. We make assumptions for policyholder behavior as it relates to GMWB utilization using a higher degree of industry experience and judgment than our other behavioral assumptions because internal experience, which we review annually, is still emerging. If emerging experience deviates from our assumptions on GMWB utilization, it could have a significant effect on MRBs and related results of operations.

Results of Operations

Consolidated Results of Operations

Net Earnings. The following table presents certain financial data for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(In millions)
Revenues:
Direct title insurance premiums	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	713		1,203		1,263		2,302
Escrow, title-related and other fees	1,212		786		2,092		2,078
Interest and investment income	618		463		1,229		941
Recognized gains and losses, net	(16)		(676)		(11)		(1,145)
Total revenues	3,068		2,635		5,542		5,802
Expenses:
Benefits and other changes in policy reserves	817		(377)		1,629		(174)
Personnel costs	755		839		1,432		1,662
Agent commissions	550		930		970		1,774
Other operating expenses	394		457		754		899
Market risk benefit (gains) losses	(30)		(189)		29		(119)
Depreciation and amortization	151		120		285		235
Provision for title claim losses	56		93		100		177
Interest expense	43		31		85		61
Total expenses	2,736		1,904		5,284		4,515
Earnings before income taxes and equity in earnings of unconsolidated affiliates	332		731		258		1,287
Income tax expense	90		202		104		358
Equity in earnings of unconsolidated affiliates	1		14		1		16
Net earnings	$	243	$	543	$	155	$	945

 Revenues.

Total revenues increased by $433 million in the three months ended June 30, 2023 and decreased by $260 million in the six months ended June 30, 2023 compared to the corresponding periods in 2022.

Net earnings decreased by $300 million in the three months ended June 30, 2023 and decreased by $790 million in the six months ended June 30, 2023 compared to the corresponding periods in 2022.

The change in revenue and net earnings from our reportable segments is discussed in further detail at the segment level below.    

Expenses.

Our operating expenses consist primarily of Personnel costs; Other operating expenses, which in our title business are incurred as orders are received and processed; Agent commissions, which are incurred as title agency revenue is recognized; and Benefits and other changes in policy reserves, which in our F&G segment are charged to earnings in the period they are earned by the policyholder based on their selected strategy. For traditional life and immediate annuities, policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Title insurance premiums, escrow and title-related fees are generally recognized as income at the time the underlying transaction closes or other service is provided. Direct title operations revenue often lags approximately 45-60 days behind expenses and therefore gross margins may fluctuate. The changes in the market environment, mix of business between direct and agency operations and the contributions

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from our various business units have historically impacted margins and net earnings. We have implemented programs and have taken necessary actions to maintain expense levels consistent with revenue streams. However, a short-term lag exists in reducing controllable fixed costs and certain fixed costs are incurred regardless of revenue levels.

Personnel costs include base salaries, commissions, benefits, stock-based compensation and bonuses paid to employees, and are one of our most significant operating expenses. 

Agent commissions represent the portion of premiums retained by our third-party agents pursuant to the terms of their respective agency contracts.

Benefit expenses for deferred annuity, FIA and IUL policies include index credits and interest credited to contractholder account balances and benefit claims in excess of contract account balances, net of reinsurance recoveries. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative and the change in the reserve for secondary guarantee benefit payments. Other changes in policy reserves also include the change in reserves for life insurance products.

Other operating expenses consist primarily of facilities expenses, title plant maintenance, premium taxes (which insurance underwriters are required to pay on title premiums in lieu of franchise and other state taxes), appraisal fees and other cost of sales on ServiceLink product offerings and other title-related products, postage and courier services, computer services, professional services, travel expenses, general insurance and bad debt expense on our trade and notes receivable. 

The provision for title claim losses includes an estimate of anticipated title and title-related claims, and escrow losses.

The change in expenses attributable to our reportable segments is discussed in further detail at the segment level below. 

Income tax expense was $90 million and $202 million in the three months ended June 30, 2023 and 2022, respectively, and $104 million and $358 million in the six months ended June 30, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was 27% and 28% in the three months ended June 30, 2023 and 2022, respectively and 40% and 28% in the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax expense as a percentage of earnings before taxes in the three months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of valuation allowances in 2022, partially offset by the recording of valuation allowances in 2023. The increase in income tax expense as a percentage of earnings before taxes in the six months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to recording of valuation allowances in 2023. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three and six months ended June 30, 2023 was further reduced by an increase in the valuation allowance in 2023.

The Inflation Reduction Act of 2022 (the "IRA") was signed into law on August 16, 2022. Among other changes, the IRA introduced a 15% corporate alternative minimum tax on adjusted financial statement income and a 1% excise tax on treasury stock repurchases. The effective date of these provisions was January 1, 2023. We do not anticipate that the IRA will have a material effect on our current or future financial condition or results from operations.

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Title

The following table presents the results from operations of our Title segment:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenues:	(In millions)
Direct title insurance premiums	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	713		1,203		1,263		2,302
Escrow, title-related and other fees	581		706		1,052		1,371
Interest and investment income	79		35		160		62
Recognized gains and losses, net	(50)		(249)		(28)		(424)
Total revenues	1,864		2,554		3,416		4,937
Expenses:
Personnel costs	656		821		1,254		1,597
Agent commissions	550		930		970		1,774
Other operating expenses	330		409		626		806
Depreciation and amortization	39		34		76		67
Provision for title claim losses	56		93		100		177
Total expenses	1,631		2,287		3,026		4,421
Earnings before income taxes and equity in earnings of unconsolidated affiliates	$	233	$	267	$	390	$	516
Orders opened by direct title operations (in thousands)	347		443		655		965
Orders closed by direct title operations (in thousands)	233		348		421		728
Fee per file (in dollars)	$	3,598	$	3,557	$	3,530	$	3,210

Total revenues for the Title segment decreased by $690 million, or 27%, in the three months ended June 30, 2023 and decreased by $1,521 million, or 31% in the six months ended June 30, 2023 from the corresponding periods in 2022.

The following table presents the percentages of title insurance premiums generated by our direct and agency operations:

	Three months ended June 30,								Six months ended June 30,
			% of				% of				% of				% of
	2023		Total		2022		Total		2023		Total		2022		Total
	(Dollars in millions)
Title premiums from direct operations	$	541	43	%	$	859	42	%	$	969	43	%	$	1,626	41	%
Title premiums from agency operations	713		57		1,203		58		1,263		57		2,302		59
Total title premiums	$	1,254	100	%	$	2,062	100	%	$	2,232	100	%	$	3,928	100	%

Title premiums decreased by $808 million, or 39% in the three months ended June 30, 2023 from the corresponding period in 2022. The decrease was comprised of a decrease in Title premiums from direct operations of $318 million, or 37%, and a decrease in Title premiums from agency operations of $490 million, or 41%.

Title premiums decreased by $1,696 million, or 43%, in the six months ended June 30, 2023 as compared to the corresponding period in 2022. The decrease was comprised of a decrease in Title premiums from direct operations of $657 million, or 40%, and a decrease in Title premiums from agency operations of $1,039 million or 45%.

The following table presents the percentages of opened and closed title insurance orders generated by purchase and refinance transactions by our direct operations:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Opened title insurance orders from purchase transactions (1)	79	%	75	%	79	%	68	%
Opened title insurance orders from refinance transactions (1)	21		25		21		32
	100	%	100	%	100	%	100	%
Closed title insurance orders from purchase transactions (1)	81	%	71	%	80	%	62	%
Closed title insurance orders from refinance transactions (1)	19		29		20		38
	100	%	100	%	100	%	100	%

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(1)    Percentages exclude consideration of an immaterial number of non-purchase and non-refinance orders.

Title premiums from direct operations decreased in the three and six months ended June 30, 2023 from the corresponding period in 2022. The decreases were primarily attributable to decreased closed order volume, partially offset by increases in the average fee per file, which were driven by increases in the proportion of purchase transactions versus refinance transactions.

We experienced a significant decrease in closed title insurance order volume from both purchase and refinance transactions in the three and six months ended June 30, 2023 from the corresponding periods in 2022. Total closed order volume was 233,000 in the three months ended June 30, 2023 compared to 348,000 in the three months ended June 30, 2022 and 421,000 in the six months ended June 30, 2023 compared to 728,000 in the six months ended June 30, 2022. This represented an overall decrease of 33% and 42% in the three and six months ended June 30, 2023, respectively, from the corresponding periods in 2022. The decreases were primarily attributable to higher average mortgage interest rates in the three and six months ended June 30, 2023 when compared to the corresponding periods in 2022.

Total opened title insurance order volume decreased in the three and six months ended June 30, 2023 from the corresponding periods in 2022. The decreases were attributable to decreased opened title orders from both purchase and refinance transactions.

The average fee per file in our direct operations was $3,598 and $3,530 in the three and six months ended June 30, 2023, respectively, compared to $3,557 and $3,210 in the three and six months ended June 30, 2022. The increase in average fee per file in the three and six months ended June 30, 2023 reflects an increased proportion of purchase transactions relative to total closed orders compared to the corresponding periods in 2022. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.

Title premiums from agency operations decreased $490 million, or 41%, in the three months ended June 30, 2023 and decreased $1,039 million, or 45% in the six months ended June 30, 2023 from the corresponding period in 2022. The current trends in the agency business reflect a softening residential purchase environment in many markets throughout the country and a dramatic decline in residential refinance transactions, consistent with recent trends in our direct business.

Escrow, title-related and other fees decreased by $125 million, or 18%, in the three months ended June 30, 2023 and decreased $319 million or 23% in the six months ended June 30, 2023 from the corresponding periods in 2022. Escrow fees decreased by $76 million, or 26%, in the three months ended June 30, 2023 and $181 million, or 32% in the six months ended June 30, 2023 from the corresponding periods in 2022. The decreases in the three and six month periods were primarily attributable to the decrease in residential refinance transactions, which have relatively higher escrow fees per transaction than residential purchase and commercial transactions. Other fees, excluding escrow fees, decreased by $49 million, or 12%, in the three months ended June 30, 2023 and decreased by $138 million, or 17% in the six months ended June 30, 2023 from the corresponding periods in 2022. The decreases in Other fees were attributable to various immaterial items.

Interest and investment income levels are primarily a function of securities markets, interest rates and the amount of cash available for investment. Interest and investment income increased $44 million, or 126%, in the three months ended June 30, 2023 and increased $98 million, or 158% in the six months ended June 30, 2023 from the corresponding periods in 2022. The increases were primarily attributable to increased income from our tax-deferred property exchange business and higher yields on our short-term investments when compared to the corresponding period in 2022.

Net recognized losses were $50 million and $249 million in the three months ended June 30, 2023 and 2022, respectively. Net recognized losses were $28 million and $424 million in the six months ended June 30, 2023 and 2022, respectively. The variations in recognized gains and losses, net in the three and six months ended June 30, 2023 compared to the corresponding periods in 2022 are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.

Personnel costs include base salaries, commissions, benefits, stock-based compensation and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs decreased $165 million, or 20%, in the three months ended June 30, 2023 and decreased $343 million, or 21% in the six months ended June 30, 2023 compared to the corresponding periods in 2022. The decreases are due to lower average head count in the 2023 periods in response to the decline in title orders. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 58% and 52% for the three months ended June 30, 2023 and 2022, respectively, and 62% and 53% for the six months ended June 30, 2023 and 2022, respectively. Average employee count in the Title segment was 21,527 and 26,283 in the three months ended June 30, 2023 and 2022, respectively, and 21,521 and 26,628 in the six months ended June 30, 2023 and 2022, respectively.

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Other operating expenses decreased by $79 million, or 19%, in the three months ended June 30, 2023, and decreased by $180 million, or 22% in the six months ended June 30, 2023 from the corresponding periods in 2022. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 29% and 26% in the three months ended June 30, 2023 and 2022, respectively, and 31% and 27% in the six months ended June 30, 2023 and 2022, respectively.

Agent commissions represent the portion of premiums retained by agents pursuant to the terms of their respective agency contracts. Agent commissions and the resulting percentage of agent premiums that we retain vary according to regional differences in real estate closing practices and state regulations.

The following table illustrates the relationship of agent premiums and agent commissions, which has remained relatively consistent since 2022:

	Three months ended June 30,								Six months ended June 30,
	2023		%		2022		%		2023		%		2022		%
	(Dollars in millions)
Agent premiums	$	713	100	%	$	1,203	100	%	$	1,263	100	%	$	2,302	100	%
Agent commissions	550		77	%	930		77	%	970		77	%	1,774		77	%
Net retained agent premiums	$	163	23	%	$	273	23	%	$	293	23	%	$	528	23	%

The claim loss provision for title insurance was $56 million and $93 million for the three months ended June 30, 2023 and 2022, respectively, and $100 million and $177 million for the six months ended June 30, 2023, and 2022, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid, and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.

F&G

Segment Overview

Through our majority-owned F&G subsidiary, we have five distribution channels across retail and institutional markets. Our three retail channels include agent-based Independent Marketing Organizations ("IMOs"), banks and broker dealers. We have deep, long-tenured relationships with our network of leading IMOs and their agents to serve the needs of the middle-income market and develop competitive annuity and life products to align with their evolving needs. Upon FNF’s ownership and F&G’s subsequent rating upgrades in mid-2020, we launched into banks and broker dealers. Further, in 2021, we launched two institutional channels to originate Funding Agreement Backed Note ("FABN") and PRT transactions. The FABN Program offers funding agreements to institutional clients by means of capital markets transactions through investment banks. The funding agreements issued under the FABN Program are in addition to those issued to the Federal Home Loan Bank of Atlanta ("FHLB"). The PRT solutions business was launched by building an experienced team and then working with brokers and institutional consultants for distribution. These markets leverage our existing team's spread-based capabilities as well as our strategic partnership with Blackstone.

In setting the features and pricing of our flagship FIA products relative to our targeted net margin, we take into account our expectations regarding (1) the difference between the net investment income we earn and the sum of the interest credited to policyholders and the cost of hedging our risk on the policies; (2) fees, including surrender charges and rider fees, partly offset by vesting bonuses that we pay our policyholders; and (3) a number of related expenses, including benefits and changes in reserves, acquisition costs, and general and administrative expenses.

Key Components of Our Historical Results of Operations

Through our insurance subsidiaries, we issue a broad portfolio of deferred annuities (FIA and fixed rate annuities), IUL, immediate annuities, funding agreements and PRT solutions. 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. IUL insurance is a complementary type of contract that accumulates value in a cash value account and provides a payment to designated beneficiaries upon the policyholder’s death. 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 makes payments of principal and interest earnings over a period of time.

Under U.S. GAAP, premium collections for deferred annuities, FIAs, fixed rate annuities, immediate annuities and PRT without life contingency, and deposits received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities are net investment income, surrender, cost of insurance and other charges deducted from contractholder funds,

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and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of insurance and reinsurance contracts acquired ("VOBA"), deferred acquisition costs ("DAC"), deferred sales inducements ("DSI") and unearned revenue liability ("URL"), other operating costs and expenses, and income taxes.

We hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions. We purchase derivatives consisting predominantly of call options and, to a lesser degree, futures contracts (specifically for FIA contracts) on the equity indices underlying the applicable policy. These derivatives are used to offset the reserve impact of the index credits due to policyholders under the FIA and IUL contracts. The majority of all such call options are one-year options purchased to match the funding requirements underlying the FIA/IUL contracts. We attempt to manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spread, or participation rates on each policy's annual anniversary, subject to certain guaranteed minimums that must be maintained. The call options and futures contracts are marked to fair value with the change in fair value included as a component of net investment gains (losses). The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instruments’ terms or upon early termination and the changes in fair value of open positions.

As noted above, MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors. The change in fair value of MRBs generally reflects impacts from actual policyholder behavior (including surrenders of the benefit), changes in interest rates, and changes in equity market returns. Generally higher interest rates and equity returns result in gains whereas lower interest rates and equity returns result in losses.

Earnings from products accounted for as deposit liabilities are primarily generated from the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on FIA/IUL policies. With respect to FIAs/IULs, the cost of hedging our risk includes the expenses incurred to fund the index credits. Proceeds received upon expiration or early termination of call options purchased to fund annual index credits are recorded as part of the change in fair value of derivatives, and are largely offset by an expense for index credits earned on annuity contractholder fund balances.

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F&G Results of Operations

The results of operations of our F&G segment for the three and six months ended June 30, 2023 and 2022 were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Revenues:
Life insurance premiums and other fees	$	576	$	71	$	941	$	667
Interest and investment income	525		425		1,044		876
Recognized gains and (losses), net	67		(426)		52		(723)
Total revenues	1,168		70		2,037		820
Benefits and expenses:
Benefits and other changes in policy reserves	817		(377)		1,629		(174)
Market risk benefit (gains) losses	(30)		(189)		29		(119)
Depreciation and amortization	104		80		109		64
Personnel costs	56		34		69		49
Other operating expenses	33		31		194		156
Interest expense	25		9		47		17
Total benefits and expenses	1,005		(412)		2,077		(7)
Earnings (loss) before income taxes	163		482		(40)		827
Income tax expense (benefit)	33		97		25		203
Net earnings (loss)	$	130	$	385	$	(65)	$	624

Revenues

Life insurance premiums and other fees

Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on FIA policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, included within Escrow, title-related and other fees on the accompanying unaudited Condensed Consolidated Statements of Earnings, for the three and six months ended June 30, 2023 and 2022:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Life-contingent pension risk transfer premiums	$	474	$	(5)	$	737	$	520
Traditional life insurance premiums	5		2		11		7
Life-contingent immediate annuity premiums	5		7		11		12
Surrender charges	16		13		39		23
Policyholder fees and other income	76		54		143		105
Life insurance premiums and other fees	$	576	$	71	$	941	$	667

•Life insurance premiums and other fees for the three and six months ended June 30, 2023 increased compared to the three and six months ended June 30, 2022 reflecting higher PRT premiums.

•Surrender charges increased for the three months and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022, primarily reflecting amounts assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts primarily on our FIA policies.

•Policyholder fees and other income increased for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022, primarily due to increased GMWB rider fees, cost of insurance charges on IUL

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policies and IUL premium loads. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.

Interest and investment income

Below is a summary of interest and investment income for the three and six months ended June 30, 2023 and June 30, 2022:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Fixed maturity securities, available-for-sale	$	448	$	336	$	880	$	655
Equity securities	4		4		9		8
Preferred securities	12		15		22		26
Mortgage loans	57		49		108		88
Invested cash and short-term investments	17		9		33		13
Limited partnerships	44		58		101		171
Other investments	5		1		14		7
Gross investment income	587		472		$	1,167	$	968
Investment expense	(62)		(47)		(123)		(92)
Interest and investment income	$	525	$	425	$	1,044	$	876

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $76 million and $134 million for the three and six months ended June 30, 2023, respectively, and $20 million and $38 million for the three and six months ended June 30, 2022, respectively.

Recognized gains and (losses), net

Below is a summary of the major components included in recognized gains and losses, net for the three and six months ended June 30, 2023 and June 30, 2022:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Net realized and unrealized (losses) gains on fixed maturity available-for-sale securities, equity securities and other invested assets	$	(29)	$	(162)	$	(77)	$	(269)
Change in allowance for expected credit losses	(21)		(6)		(29)		(7)
Net realized and unrealized (losses) gains on certain derivatives instruments	99		(394)		157		(702)
Change in fair value of reinsurance related embedded derivatives	17		141		(2)		263
Change in fair value of other derivatives and embedded derivatives	1		(5)		3		(8)
Recognized gains and (losses), net	$	67	$	(426)	$	52	$	(723)

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $21 million and $(1) million for the three and six months ended June 30, 2023, respectively, and $151 million and $279 million for the three and six month periods ended June 30, 2022, respectively.

•For the three and six months ended June 30, 2023, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of realized losses on fixed maturity available-for-sale securities, partially offset by and mark-to-market gains on our equity securities and realized gains on other invested assets.

•For the three and six months ended June 30, 2022, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities and realized losses on fixed maturity available-for-sale securities.

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•For all periods, net realized and unrealized gains (losses) on certain derivative instruments primarily relate to the net realized and unrealized gains (losses) on options and futures used to hedge FIA and IUL products, including gains on option and futures expiration. See the table below for primary drivers of gains (losses) on certain derivatives.

•The fair value of reinsurance related embedded derivative is based on the change in fair value of the underlying assets held in the funds withheld (“FWH”) portfolio.

We utilize a combination of static (call options) and dynamic (long futures contracts) instruments in our hedging strategy. A substantial portion of the call options and futures contracts are based upon the S&P 500 Index with the remainder based upon other equity, bond and gold market indices.

The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuity and universal life products are summarized in the table below for the three and six months ended June 30, 2023 and June 30, 2022:

	Three months ended						Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	(In millions)
Call options:
Realized (losses) gains	$	(68)		$	(41)		$	(159)		$	4
Change in unrealized (losses) gains	166			(354)			312			(713)
Futures contracts:
(Losses) gains on futures contracts expiration	3			(4)			6			(2)
Change in unrealized gains (losses)	(2)			(4)			(1)			(3)
Foreign currency forward:
(Losses) gains on foreign currency forward	—			9			(1)			12
Total net change in fair value	$	99		$	(394)		$	157		$	(702)
Annual Point-to-Point Change in S&P 500 Index during the periods	8		%	(16)		%	16		%	(21)		%

•Realized gains and losses on certain derivative instruments are directly correlated to the performance of the indices upon which the call options and futures contracts are based and the value of the derivatives at the time of expiration compared to the value at the time of purchase. Gains (losses) on option expiration reflect the movement during each period on options settled during the respective period.

•The change in unrealized gains (losses) due to fair value of call options is primarily driven by the underlying performance of the S&P 500 Index during each respective period relative to the S&P 500 Index on the policyholder buy dates.

•The net change in fair value of the call options and futures contracts was primarily driven by movements in the S&P 500 Index relative to the policyholder buy dates.

The average index credits to policyholders are as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Average Crediting Rate	1	%	1	%	1	%	2	%
S&P 500 Index:
Point-to-point strategy	1	%	1	%	1	%	2	%
Monthly average strategy	1	%	3	%	—	%	3	%
Monthly point-to-point strategy	—	%	—	%	—	%	1	%
3 year high water mark	7	%	9	%	10	%	12	%

•Actual amounts credited to contractholder fund balances may differ from the index appreciation due to contractual features in the FIA contracts and certain IUL contracts (caps, spreads and participation rates), which allow F&G to manage the cost of the options purchased to fund the annual index credits.

•The credits for the periods presented were based on comparing the S&P 500 Index on each issue date in the period to the same issue date in the respective prior year periods.

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Benefits and expenses

Benefits and other changes in policy reserves

Below is a summary of the major components included in Benefits and other changes in policy reserves:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
PRT agreements	$	488	$	—	$	754	$	532
FIA/IUL market related liability movements	119		(555)		488		(1,114)
Index credits, interest credited & bonuses	170		148		304		354
Other changes in policy reserves	40		30		83		54
Total benefits and other changes in policy reserves	$	817	$	(377)	$	1,629	$	(174)

•PRT agreements increased for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022, reflecting higher PRT transactions during the periods and are subject to fluctuation period to period.

•The FIA/IUL market related liability movements during the three and six months ended June 30, 2023 and 2022, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the periods. The change in risk free rates and non-performance spreads (decreased) increased the FIA market related liability by $(59) million and $(253) million during the three months ended June 30, 2023 and 2022, respectively. The change in risk free rates and non-performance spreads (decreased) increased the FIA market related liability by $6 million and $(559) million during the six months ended June 30, 2023 and 2022, respectively. The remaining changes in market value of the market related liability movements for all periods was driven by equity market impacts. See “Revenues — Recognized gains and (losses), net” above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.

•Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. During the first quarter of 2023, based on increases in interest rates and pricing changes, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increase in contractholder funds of $102 million.

•Index credits, interest credited & bonuses for the three months ended June 30, 2023, were higher compared to the three months ended June 30, 2022, and primarily reflected higher amounts for PRT, based the growth in the portfolio, and fixed rate annuities, partially offset by lower index credits on FIA policies as a result of market movement during the respective periods. Index credits, interest credited & bonuses for the six months ended June 30, 2023, were lower compared to the six months ended June 30, 2022, and primarily reflected lower index credits on FIA policies as a result of market movement during the respective periods partially offset by higher amounts for PRT and fixed rate annuities. Refer to average policyholder index discussion above for details on drivers.

Market Risk Benefit Losses

Below is a summary of market risk benefit losses:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Market risk benefits (gains) losses	$	(30)	$	(189)	$	29	$	(119)

•Market risk benefits (gains) losses is primarily driven by attributed fees collected, effects of market related movements (including changes in equity markets and risk-free rates), actual policyholder behavior as compared with expected and changes in assumptions during the periods. Changes in market risk benefit (gains) losses for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily reflect a favorable GMWB utilization assumption change in 2022, less favorable market related movements and higher attributed fees. In addition, actual policyholder behavior for the three and six months ended June 30, 2023 was more in line with expected, as compared to the three and six months ended June 30, 2022, resulting in a favorable change to the market risk benefit (gains) losses.

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Depreciation and Amortization

Below is a summary of the major components included in depreciation and amortization:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Amortization of VOBA, DAC and DSI	$	97	$	70	$	179	$	139
Amortization of other intangible assets and other depreciation	7		10		15		17
Total depreciation and amortization	$	104	$	80	$	194	$	156

•VOBA, DAC and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization.

•Depreciation and amortization increased for the three and six months ended June 30, 2023 compared to the three and six months ended June 30, 2022 and primarily reflected increased DAC and DSI associated with the growth in business.

Personnel Costs and Other Operating Expenses

Below is a summary of personnel costs and other operating expenses:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Personnel costs	56		34		$	109	$	64
Other operating expenses	33		31		69		49
Total personnel costs and other operating costs	$	89	$	65	$	178	$	113

•Personnel costs and other operating expenses for the three and six months ended June 30, 2023 were higher compared to the three and six months ended June 30, 2022, and primarily reflect headcount growth to support higher volumes and strategic growth capabilities.

Other Items Affecting Net Earnings

Income Tax (Benefit) Expense

Below is a summary of the major components included in income tax (benefit) expense:

	Three months ended						Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	(Dollars in millions)
Income (loss) before taxes	$	163		$	482		$	(40)		$	827
Income tax expense (benefit) before valuation allowance	31			97			(14)			165
Change in valuation allowance	2			—			39			38
Federal income tax expense	$	33		$	97		$	25		$	203
Effective rate	20		%	20		%	(63)		%	25		%

•Income tax expense for the three months ended June 30, 2023 was $33 million, compared to income tax expense of $97 million for the three months ended June 30, 2022. The effective tax rate was 20% for both periods. The decrease in income tax expense quarter over quarter is primarily related to the decrease in pre-tax income.

•Income tax expense for the six months ended June 30, 2023 was $25 million, compared to income tax expense of $203 million for the six months ended June 30, 2022. The effective tax rate was (63)% and 25% for the six months ended June 30, 2023 and June 30, 2022, respectively. The decrease in income tax expense period over period is primarily related to the decrease in pre-tax income.

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Investment Portfolio

The types of assets in which we may invest are influenced by various state laws, which prescribe qualified investment assets applicable to insurance companies. Within the parameters of these laws, we invest in assets giving consideration to four primary investment objectives: (i) maintain robust absolute returns; (ii) provide reliable yield and investment income; (iii) preserve capital and (iv) provide liquidity to meet policyholder and other corporate obligations.

Our investment portfolio is designed to contribute stable earnings and balance risk across diverse asset classes and is primarily invested in high quality fixed income securities.

As of June 30, 2023 and December 31, 2022, the fair value of our investment portfolio was approximately $46 billion and $41 billion, respectively, and was divided among the following asset classes and sectors:

	June 30, 2023				December 31, 2022
	Fair Value		Percent		Fair Value		Percent
Fixed maturity securities, available for sale:	(Dollars in millions)
United States Government full faith and credit	$	211	—	%	$	32	—	%
United States Government sponsored entities	37		—	%	42		—	%
United States municipalities, states and territories	1,558		3	%	1,410		3	%
Foreign Governments	170		—	%	148		—	%
Corporate securities:
Finance, insurance and real estate	6,222		14	%	5,085		12	%
Manufacturing, construction and mining	893		2	%	737		2	%
Utilities, energy and related sectors	2,180		5	%	2,275		6	%
Wholesale/retail trade	2,065		5	%	2,008		5	%
Services, media and other	3,406		7	%	2,794		7	%
Hybrid securities	677		1	%	705		2	%
Non-agency residential mortgage-backed securities	1,974		4	%	1,479		4	%
Commercial mortgage-backed securities	3,949		9	%	3,036		7	%
Asset-backed securities	8,057		18	%	7,245		18	%
Collateral loan obligations ("CLO")	4,783		10	%	4,222		10	%
Total fixed maturity available for sale securities	36,182		78	%	31,218		76	%
Equity securities (a)	756		2	%	823		2	%
Limited partnerships:
Private equity	1,175		3	%	1,129		3	%
Real assets	435		1	%	431		1	%
Credit	988		2	%	867		2	%
Limited Partnerships	$	2,598	6	%	$	2,427	6	%
Commercial mortgage loans	2,144		5	%	2,083		5	%
Residential mortgage loans	2,377		5	%	1,892		5	%
Other (primarily derivatives and company owned life insurance)	1,419		3	%	809		2	%
Short term investments	347		1	%	1,556		4	%
Total investments	$	45,823	100	%	$	40,808	100	%
(a) Includes investment grade non-redeemable preferred stocks ($607 million and $672 million as of June 30, 2023 and December 31, 2022, respectively).

Insurance statutes regulate the type of investments that our life insurance subsidiaries are permitted to make and limit the amount of funds that may be used for any one type of investment. In light of these statutes and regulations, and our business and investment strategy, we generally seek to invest in (i) corporate securities rated investment grade by established nationally recognized statistical rating organizations (each, an “NRSRO”), (ii) U.S. Government and government-sponsored agency securities, or (iii) securities of comparable investment quality, if not rated.

The NAIC’s Securities Valuation Office (“SVO”) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for regulatory filings. The SVO conducts credit analysis on these securities for the purpose of

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assigning an NAIC designation or unit price. Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based upon the NAIC published comparison of NRSRO ratings to NAIC designations.

The NAIC determines ratings for non-agency Residential Mortgage Backed Securities (“RMBS”) and CMBS using modeling that estimates security level expected losses under a variety of economic scenarios. For such assets issued prior to January 1, 2013, an insurer’s amortized cost basis in applicable assets can impact the assigned rating. In the tables below, we present the rating of structured securities based on ratings from the NAIC rating methodologies described above (which in some cases do not correspond to rating agency designations). All NAIC designations (e.g., NAIC 1-6) are based on the NAIC methodologies.

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our fixed income portfolio at June 30, 2023 and December 31, 2022:

		June 30, 2023					December 31, 2022
NRSRO Rating	NAIC Designation		Fair Value		Fair Value Percent			Fair Value		Fair Value Percent
		(Dollars in millions)
AAA/AA/A	1		$	23,055	64	%		$	18,681	60	%
BBB	2		11,261		31	%		10,737		34	%
BB	3		1,531		4	%		1,425		5	%
B	4		187		1	%		236		1	%
CCC	5		69		—	%		67		—	%
CC or lower	6		79		—	%		72		—	%
Total			$	36,182	100	%		$	31,218	100	%

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Investment Industry Concentration

The tables below present the top ten industry categories of our fixed maturity and equity securities including the fair value and percent of total fixed maturity and equity securities fair value as of June 30, 2023 and December 31, 2022. Effective January 1, 2023, we updated our industry classifications as a result of a change in our investment accounting software and related service providers. Our investment strategy has remained consistent and our portfolio mix has not materially changed. The December 31, 2022 table was updated to reflect a consistent presentation with the June 30, 2023 classifications:

	June 30, 2023
Top 10 Industry Concentration	Fair Value (In millions)		Percent of Total Fair Value
ABS Other	$	8,057	22	%
CLO securities	4,783		13	%
Commercial mortgage backed securities	3,949		11	%
Diversified financial services	2,906		8	%
Banking	2,116		6	%
Whole loan collateralized mortgage obligations	1,685		5	%
Municipal	1,558		4	%
Insurance	1,555		4	%
Electric	1,067		3	%
Telecommunications	598		2	%
Total	$	28,274	78	%
	December 31, 2022
Top 10 Industry Concentration	Fair Value (In millions)		Percent of Total Fair Value
ABS Other	$	7,245	23	%
CLO securities	4,222		13	%
Whole loan collateralized mortgage backed obligation ("CMO")	3,655		12	%
Banking	2,855		9	%
Municipal	1,410		4	%
Electric	1,379		4	%
Life Insurance	1,376		4	%
Technology	855		3	%
Healthcare	659		2	%
Commercial MBS	571		2	%
Total	$	24,227	76	%

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The amortized cost and fair value of fixed maturity AFS securities by contractual maturities as of June 30, 2023 and December 31, 2022, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

	June 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporate, Non-structured Hybrids, Municipal and U.S. Government securities:	(In millions)
Due in one year or less	$	227	$	222	$	124	$	123
Due after one year through five years	3,116		2,968		2,193		2,059
Due after five years through ten years	2,065		1,862		1,840		1,633
Due after ten years	15,046		12,330		14,417		11,379
Subtotal	$	20,454	$	17,382	$	18,574	$	15,194
Other securities, which provide for periodic payments:
Asset-backed securities	$	13,492	$	12,840	$	12,209	$	11,467
Commercial-mortgage-backed securities	4,307		3,949		3,309		3,036
Residential mortgage-backed securities	2,121		2,011		1,631		1,521
Subtotal	$	19,920	$	18,800	$	17,149	$	16,024
Total fixed maturity available-for-sale securities	$	40,374	$	36,182	$	35,723	$	31,218

Non-Agency RMBS Exposure    

Our investment in non-agency RMBS securities is predicated on the conservative and adequate cushion between purchase price and NAIC 1 rating, general lack of sensitivity to interest rates, positive convexity to prepayment rates and correlation between the price of the securities and the unfolding recovery of the housing market.

The fair value of our investments in subprime securities and Alt-A RMBS securities was $36 million and $53 million as of June 30, 2023, respectively, and $40 million and $54 million as of December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022 approximately 94% and 91%, respectively, of the subprime and Alt-A RMBS exposures were rated NAIC 2 or higher.

ABS and CLO Exposures

Our ABS exposures are largely diversified by underlying collateral and issuer type. Our CLO exposures are generally senior tranches of CLOs, which have leveraged loans as their underlying collateral.

As of June 30, 2023, the CLO and ABS positions were trading at a net unrealized loss position of $130 million and $515 million, respectively. As of December 31, 2022, the CLO and ABS positions were trading at a net unrealized loss position of $236 million and $499 million, respectively.

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The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS ABS portfolio (dollars in millions) at June 30,2023 and December 31, 2022.

		June 30, 2023			December 31, 2022
		Fair Value		Percent	Fair Value		Percent
NRSRO Rating	NAIC Designation
AAA/AA/A	1	$	6,247	77%	$	5,570	77%
BBB	2	1,365		17%	1,232		17%
BB	3	366		5%	344		5%
B	4	47		1%	72		1%
CCC	5	8		—%	9		—%
CC and lower	6	24		—%	18		—%
Total		$	8,057	100%	$	7,245	100%

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS CLO portfolio (dollars in millions) at June 30, 2023 and December 31, 2022.

		June 30, 2023			December 31, 2022
		Fair Value		Percent	Fair Value		Percent
NRSRO Rating	NAIC Designation
AAA/AA/A	1	$	2,968	62%	$	2,678	64%
BBB	2	1,374		29%	1,225		29%
BB	3	384		8%	256		6%
B	4	19		—%	19		—%
CCC	5	—		—%	9		—%
CC and lower	6	38		1%	35		1%
Total		$	4,783	100%	$	4,222	100%

Municipal Bond Exposure

Our municipal bond exposure is a combination of general obligation bonds (fair value of $232 million and $188 million and an amortized cost of $269 million and $231 million as of June 30, 2023 and December 31, 2022, respectively) and special revenue bonds (fair value of $1,324 million and $1,017 million and an amortized cost of $1,522 million and $1,248 million as of June 30, 2023 and December 31, 2022, respectively).

Across all municipal bonds, the largest issuer represented 5% and 6% of the category as of June 30, 2023 and December 31, 2022, respectively, with less than 1% of the entire portfolio rated NAIC 1. Our focus within municipal bonds is on NAIC 1 rated instruments, and 97% of our municipal bond exposure is rated NAIC 1 as of June 30, 2023.

Mortgage Loans

Commercial Mortgage Loans

We diversify our commercial mortgage loans ("CMLs") portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a level to secure the related debt. LTV and DSC ratios are utilized to assess the risk and quality of CMLs. As of June 30, 2023 and December 31, 2022, our mortgage loans on real estate portfolio had a weighted average DSC ratio of 2.3 times and 2.4 times, respectively, and a weighted average LTV ratio of 55% and 57%, respectively. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our CMLs, including our distribution by property type, geographic region and LTV and DSC ratios.

We consider a CML delinquent when a loan payment is greater than 30 days past due. For mortgage loans that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. At June 30, 2023, we had one CML that was delinquent in principal or interest payments and none in the process of foreclosure. As of December 31, 2022, we had one CML that was delinquent in principal or interest payments or in process of foreclosure.

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Residential Mortgage Loans

F&G's RMLs are closed end, amortizing loans and 100% of the properties are in the United States. F&G diversifies its RML portfolio by state to attempt to reduce concentration risk. RMLs have a primary credit quality indicator of either a performing or nonperforming loan. F&G defines non-performing RMLs as those that are 90 or more days past due and/or in nonaccrual status.

Loans are placed on nonaccrual status when they are over 90 days delinquent. If a loan becomes over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current can be put in place. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our RMLs.

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Unrealized Losses

The amortized cost and fair value of the fixed maturity securities and the equity securities that were in an unrealized loss position as of June 30, 2023 and December 31, 2022, were as follows:

	June 30, 2023
	Number of securities	Amortized Cost		Allowance for Expected Credit Losses		Unrealized Losses		Fair Value
Fixed maturity securities, available for sale:	(In millions)
United States Government full faith and credit	12	$	67	$	—	$	(2)	$	65
United States Government sponsored agencies	57	34		—		(4)		30
United States municipalities, states and territories	193	1,588		—		(246)		1,342
Foreign Governments	64	202		—		(41)		161
Corporate securities:
Finance, insurance and real estate	805	6,591		—		(858)		5,733
Manufacturing, construction and mining	129	1,002		—		(163)		839
Utilities, energy and related sectors	356	2,558		—		(532)		2,026
Wholesale/retail trade	388	2,311		—		(444)		1,867
Services, media and other	497	3,787		—		(770)		3,017
Hybrid securities	44	725		—		(74)		651
Non-agency residential mortgage-backed securities	316	1,759		(5)		(110)		1,644
Commercial mortgage-backed securities	527	3,617		(15)		(345)		3,257
Asset-backed securities	1,133	11,202		(6)		(710)		10,486
Total fixed maturity available for sale securities	4,521	35,443		(26)		(4,299)		31,118
Equity securities	49	729		—		(130)		599
Total investments	4,570	$	36,172	$	(26)	$	(4,429)	$	31,717
	December 31, 2022
	Number of securities	Amortized Cost		Allowance for Expected Credit Losses		Unrealized Losses		Fair Value
Fixed maturity securities, available for sale:	(In millions)
United States Government full faith and credit	6	$	34	$	—	$	(2)	$	32
United States Government sponsored agencies	58	39		—		(4)		35
United States municipalities, states and territories	167	1,590		—		(289)		1,301
Foreign Governments	44	169		—		(37)		132
Corporate securities:
Finance, insurance and real estate	526	5,586		(15)		(876)		4,695
Manufacturing, construction and mining	120	850		—		(160)		690
Utilities, energy and related sectors	333	2,825		—		(644)		2,181
Wholesale/retail trade	316	2,418		—		(532)		1,886
Services, media and other	360	3,354		—		(783)		2,571
Hybrid securities	43	706		—		(84)		622
Non-agency residential mortgage-backed securities	241	1,353		(5)		(105)		1,243
Commercial mortgage-backed securities	365	2,850		—		(284)		2,566
Asset-backed securities	1,147	11,511		(1)		(770)		10,740
Total fixed maturity available for sale securities	3,726	33,285		(21)		(4,570)		28,694
Equity securities	59	879		—		(174)		705
Total investments	3,785	$	34,164	$	(21)	$	(4,744)	$	29,399

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The gross unrealized loss position on the fixed maturity AFS fixed and equity portfolio was $4,429 million and $4,744 million as of June 30, 2023 and December 31, 2022, respectively. Most components of the portfolio exhibited price depreciation caused by lower treasury rates and spread compression. The total amortized cost of all securities in an unrealized loss position was $36,172 million and $34,164 million as of June 30, 2023 and December 31, 2022, respectively. The average market value/book value of the investment category with the largest unrealized loss position was 87% for Finance, insurance and real estate as of June 30, 2023. In the aggregate, Finance, insurance and real estate represented 19% of the total unrealized loss position as of June 30, 2023. The average market value/book value of the investment category with the largest unrealized loss position was 84% for finance, insurance and real estate as of December 31, 2022. In aggregate, finance, insurance and real estate represented 18% of the total unrealized loss position as of December 31, 2022.

The amortized cost and fair value of fixed maturity AFS securities under watch list analysis and the number of months in a loss position with investment grade securities (NRSRO rating of BBB/Baa or higher) as of June 30, 2023 and December 31, 2022, were as follows:

	June 30, 2023
	Number of securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:	(Dollars in millions)
Less than six months	—	$	—	$	—	$	—	$	—
Six months or more and less than twelve months	5	12		11		—		(1)
Twelve months or greater	78	858		573		—		(285)
Total investment grade	83	870		584		—		(286)
Below investment grade:
Less than six months	2	10		9		—		(1)
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	9	67		55		—		(12)
Total below investment grade	11	77		64		—		(13)
Total	94	$	947	$	648	$	—	$	(299)
	December 31, 2022
	Number of securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:	(Dollars in Millions)
Less than six months	6	$	5	$	3	$	—	$	(2)
Six months or more and less than twelve months	49	299		200		—		(99)
Twelve months or greater	76	969		634		—		(335)
Total investment grade	131	1,273		837		—		(436)
Below investment grade:
Less than six months	1	32		13		15		(4)
Six months or more and less than twelve months	12	124		94		—		(30)
Twelve months or greater	2	6		4		—		(2)
Total below investment grade	15	162		111		15		(36)
Total	146	$	1,435	$	948	$	15	$	(472)

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Expected Credit Losses and Watch List

F&G prepares a watch list to identify securities to evaluate for expected credit losses. Factors used in preparing the watch list include fair values relative to amortized cost, ratings and negative ratings actions and other factors. Detailed analysis is performed for each security on the watch list to further assess the presence of credit impairment loss indicators and, where present, calculate an allowance for expected credit loss or direct write-down of a security’s amortized cost.

At June 30, 2023, our watch list included 88 securities in an unrealized loss position with an amortized cost of $947 million, no allowance for credit loss, unrealized losses of $298 million and a fair value of $648 million.

At December 31, 2022, our watch list included 146 securities in an unrealized loss position with an amortized cost of $1,435 million, allowance for expected credit losses of $15 million, unrealized losses of $472 million and a fair value of $948 million.

The watch list excludes structured securities as we have separate processes to evaluate the credit quality on the structured securities.

There were 59 and 64 structured securities with a fair value of $254 million and $162 million to which we had potential credit exposure as of June 30, 2023 and December 31, 2022, respectively. Our analysis of these structured securities, which included cash flow testing, resulted in allowances for expected credit losses of $32 million and $16 million as of June 30, 2023 and December 31, 2022, respectively.

Exposure to Sovereign Debt and Certain Other Exposures

Our investment portfolio had an immaterial amount of direct exposure to European sovereign debt as of June 30, 2023 and December 31, 2022, respectively. We have no exposure to investments in Russia or Ukraine and de minimis investments in peripheral countries in the region.

Interest and Investment Income

For discussion regarding our net investment income and net investment gains (losses) refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

AFS Securities

For additional information regarding our AFS securities, including the amortized cost, gross unrealized gains (losses), and fair value as well as the amortized cost and fair value of fixed maturity AFS securities by contractual maturities, as of June 30, 2023 and December 31, 2022, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

Concentrations of Financial Instruments

For certain information regarding our concentrations of financial instruments, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.

There have been no other material changes in the concentrations of financial instruments described in our Annual Report on Form 10-K for the year ended December 31, 2022.

Derivatives

We are exposed to credit loss in the event of nonperformance by our counterparties on call options. We attempt to reduce this credit risk by purchasing such options from large, well-established financial institutions.

We also hold cash and cash equivalents received from counterparties for call option collateral, as well as U.S. Government securities pledged as call option collateral, if our counterparty’s net exposures exceed pre-determined thresholds.

We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reduce the negative interest cost associated with cash collateral posted from counterparties under various ISDA agreements by reinvesting derivative cash collateral. This program permits collateral cash received to be invested in short term Treasury securities, bank deposits and commercial paper rated A1/P1, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.

See Note E Derivative Financial Instruments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information regarding our derivatives and our exposure to credit loss on call options.

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Corporate and Other

The Corporate and Other segment consists of the operations of the parent holding company and our real estate technology subsidiaries. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

The following table presents the results of operations of our Corporate and Other segment:

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Revenues:	(In millions)
Escrow, title-related and other fees	$	55	$	9	$	99	$	40
Interest and investment income	14		3		25		3
Recognized gains and losses, net	(33)		(1)		(35)		2
Total revenues	36		11		89		45
Expenses:
Personnel costs	43		(16)		69		1
Other operating expenses	31		17		59		44
Depreciation and amortization	8		6		15		12
Interest expense	18		22		38		44
Total expenses	100		29		181		101
Loss from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates	$	(64)	$	(18)	$	(92)	$	(56)

The revenue in the Corporate and Other segment represents revenue generated by our non-title real estate technology subsidiaries as well as mark-to-market valuation changes on certain corporate deferred compensation plans.

Total revenues in the Corporate and Other segment increased $25 million, or 227%, in the three months ended June 30, 2023 and increased $44 million, or 98% in the six months ended June 30, 2023 from the corresponding periods in 2022. The increases are primarily attributable to an increase in valuations associated with our deferred compensation plan assets of approximately $51 million and $64 million in the three and six months ended June 30, 2023, respectively, and various other immaterial items.

Personnel costs in the Corporate and Other segment increased $59 million, or 369%, in the three months ended June 30, 2023, and increased $68 million, or 6,800% in the six months ended June 30, 2023 from the corresponding periods in 2022. The increases in the 2023 periods were primarily attributable to the aforementioned increases in valuations associated with our deferred compensation plan assets, which increased both revenue and personnel costs, and various other immaterial items.

Other operating expenses in the Corporate and Other segment increased $14 million, or 82%, in the three months ended June 30, 2023 and increased $15 million, or 34% in the six months ended June 30, 2023 from the corresponding periods in 2022. The increases were attributable to various immaterial items.

Interest expense in the Corporate and Other segment decreased $4 million, or 18%, in the three months ended June 30, 2023 and decreased $6 million or 14%, in the six months ended June 30, 2023 from the corresponding periods in 2022. The decrease was primarily attributable to lower average debt outstanding in the three and six months ended June 30, 2023 from the corresponding periods in 2022.

Liquidity and Capital Resources

Cash Requirements. Our current cash requirements include personnel costs, operating expenses, claim payments, taxes, payments of interest and principal on our debt, capital expenditures, business acquisitions, stock repurchases and dividends on our common stock. We paid dividends of $0.45 per share in the second quarter of 2023, or approximately $121 million to our common shareholders. On August 8, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on September 29, 2023, to FNF common shareholders of record as of September 15, 2023. There are no restrictions on our retained earnings regarding our ability to pay dividends to our shareholders, although there are limits on the ability of certain subsidiaries to pay dividends to us, as described below. The declaration of any future dividends is at the discretion of our Board of Directors.

As of June 30, 2023, we had cash and cash equivalents of $3,136 million, short term investments of $972 million and available capacity under our Revolving Credit Facility of $800 million. We continually assess our capital allocation strategy, including decisions relating to the amount of our dividend, reducing debt, repurchasing our stock, investing in growth of our

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subsidiaries, making acquisitions and/or conserving cash. We believe that all anticipated cash requirements for current operations will be met from internally generated funds, through cash dividends from subsidiaries, cash generated by investment securities, potential sales of non-strategic assets, potential issuances of additional debt or equity securities, and borrowings on our Revolving Credit Facility. Our short-term and long-term liquidity requirements are monitored regularly to ensure that we can meet our cash requirements. We forecast the needs of all of our subsidiaries and periodically review their short-term and long-term projected sources and uses of funds, as well as the asset, liability, investment and cash flow assumptions underlying such forecasts. 

Our insurance subsidiaries generate cash from premiums earned and their respective investment portfolios, and these funds are adequate to satisfy the payments of claims and other liabilities. Due to the magnitude of our investment portfolio in relation to our title claim loss reserves, we do not specifically match durations of our investments to the cash outflows required to pay claims, but do manage outflows on a shorter time frame.

Our two significant sources of internally generated funds are dividends and other payments from our subsidiaries. As a holding company, we receive cash from our subsidiaries in the form of dividends and as reimbursement for operating and other administrative expenses we incur. The reimbursements are paid within the guidelines of management agreements among us and our subsidiaries. Our insurance subsidiaries are restricted by state regulation in their ability to pay dividends and make distributions. Each applicable state of domicile regulates the extent to which our title underwriters can pay dividends or make other distributions. As of December 31, 2022, $1,442 million of our net assets were restricted from dividend payments without prior approval from the relevant departments of insurance. We anticipate that our title insurance subsidiaries will pay or make dividends in the remainder of 2023 of approximately $307 million. Our underwritten title companies and non-insurance subsidiaries are not regulated to the same extent as our insurance subsidiaries.

The maximum dividend permitted by law is not necessarily indicative of an insurer’s actual ability to pay dividends, which may be constrained by business and regulatory considerations, such as the impact of dividends on surplus, which could affect an insurer’s ratings or competitive position, the amount of premiums that can be written and the ability to pay future dividends. Further, depending on business and regulatory conditions, we may in the future need to retain cash in our underwriters or even contribute cash to one or more of them in order to maintain their ratings or their statutory capital position. Such a requirement could be the result of investment losses, reserve charges, adverse operating conditions in the current economic environment or changes in statutory accounting requirements by regulators.

Cash flow from our operations will be used for general corporate purposes including to reinvest in operations, repay debt, pay dividends, repurchase stock, pursue other strategic initiatives and/or conserve cash.

Operating Cash Flow. Our cash flows provided by operations for the six months ended June 30, 2023 and 2022 totaled $3,139 million and $1,495 million, respectively. The increase in cash provided by operating activities in 2023 of $1,644 million is primarily attributable to increased net cash inflows associated with the change in funds withheld from reinsurers of approximately $1,363 million, increased net cash inflows associated with the change in future policy benefits of approximately $91 million and reduced net cash outflows associated with the timing of receipts and payments of prepaid assets and payables of approximately $631 million, partially offset by the decrease in net earnings of approximately $790 million in 2023 and increased net cash outflows associated with the change in reinsurance recoverable of approximately $236 million.

Investing Cash Flows. Our cash flows used in investing activities for the six months ended June 30, 2023 and 2022 were $4,231 million and $5,891 million, respectively. The decrease in cash used in investing activities in 2023 of $1,660 million was primarily attributable to increased cash inflows from net proceeds from sales and maturities of short-term investments of approximately $3,272 million and increased cash inflows from distributions from unconsolidated affiliates of approximately $94 million, partially offset by decreased proceeds from sales, calls and maturities of investment securities of approximately $1,313 million, increased purchases of investment securities of approximately $212 million and increased cash outflows associated with acquisitions of approximately $273 million.

Capital Expenditures. Total capital expenditures for property and equipment and capitalized software were $69 million and $77 million for the six months ended June 30, 2023 and 2022, respectively.

Financing Cash Flows. Our cash flows provided by financing activities for the six months ended June 30, 2023 and 2022 were $1,942 million and $2,462 million, respectively. The decrease in cash provided by financing activities in 2023 of $520 million was primarily attributable to reduced cash inflows from contractholder deposits of approximately $666 million, increased cash outflows from contractholder withdrawals of approximately $336 million, and decreased cash inflows associated with the change in secured trust deposits of approximately $215 million, partially offset by the issuance of the 7.40% F&G Notes of $500 million in 2023, and reduced cash outflows associated with the purchase of treasury stock of approximately $292 million.

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Financing Arrangements. For a description of our financing arrangements see Note G Notes Payable included in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022.

Capital Stock Transactions. On August 3, 2021, our Board of Directors approved the 2021 Repurchase Program (the "Repurchase Program") under which we may purchase up to 25 million shares of our FNF common stock through July 31, 2024. We repurchased 100,000 shares of FNF common stock during the six months ended June 30, 2023 for approximately $4 million, at an average price of $38.45 per share. Subsequent to June 30, 2023 and through market close on August 8, 2023 we have not repurchased additional shares under this program. Since the original commencement of the Repurchase Program, we repurchased a total of 16,449,565 FNF common shares for approximately $701 million, at an average price of $42.60 per share.

Equity and Preferred Security Investments. Our equity and preferred security investments may be subject to significant volatility. Currently prevailing accounting standards require us to record the change in fair value of equity and preferred security investments held as of any given period end within earnings. Our results of operations in future periods is anticipated to be subject to such volatility.

Off-Balance Sheet Arrangements. Other than our unfunded investment commitments discussed below, there have been no significant changes to our off-balance sheet arrangements since our Annual Report on Form 10-K for the year ended December 31, 2022.

We have unfunded investment commitments as of June 30, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. Please refer to Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details on unfunded investment commitments.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the market risks described in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 4. Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is: (a) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms; and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 5. Other Information

During the three months ended June 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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PART II

Item 1. Legal Proceedings

See discussion of legal proceedings in Note F Commitment and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.

Item 1A. Risk Factors

In addition to the information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the "Risk Factors" disclosed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K, which was filed with the SEC on February 27, 2023. You should be aware that these risk factors and other information may not describe every risk facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

We adopted Accounting Standards Update (“ASU”) 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) using the full retrospective transition method effective January 1, 2023, with changes applied as of January 1, 2021, also referred to as the transition date. The following updates to Risk Factors relate to the adoption of ASU 2018-12. There have been no other material changes from the Risk Factors previously disclosed in "Item 1A. Risk Factors" in our Annual Report filed with the SEC on February 27, 2023 and hereby incorporated by reference.

ASU 2018-12 requires that VOBA, DAC and DSI be amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Based on this change, we have removed the risk factor previously titled “The pattern of amortizing our VOBA, DAC and DSI balances relies on assumptions and estimates made by management. Changes in these assumptions and estimates could impact our results of operations and financial condition.”

Interest rate fluctuations could adversely affect our business, financial condition, liquidity and results of operations.

Interest rate risk is a significant market risk for us, as our F&G business involves issuing interest rate sensitive obligations backed primarily by investments in fixed income assets. F&G also maintains a portion of the assets in its investment portfolio in floating rate instruments and had executed a variable interest rate Credit Agreement, which are both subject to an element of market risk from changes in interest rates.

Prior to 2022, interest rates had been at or near historical low levels over the preceding several years. A prolonged period of low rates exposes us to the risk of not achieving returns sufficient to meet our earnings targets and/or our contractual obligations. Furthermore, low or declining interest rates may reduce the rate of policyholder surrenders and withdrawals on our life insurance and annuity products, thus increasing the duration of the liabilities, creating asset and liability duration mismatches and increasing the risk of having to reinvest assets at yields below the amounts required to support our obligations. Lower interest rates may also result in decreased sales of certain insurance products, negatively impacting our profitability from new business.

During periods of increasing interest rates, we may offer higher crediting rates on interest-sensitive products, such as universal life insurance and fixed rate annuities, and we may increase crediting rates on in-force products to keep these products competitive. We may be required to accept lower spread income (the difference between the returns we earn on our investments and the amounts we credit to contract holders), thus reducing our profitability, as returns on our portfolio of invested assets may not increase as quickly as current interest rates. Rapidly rising interest rates may also expose us to the risk of financial disintermediation, which is an increase in policy surrenders, withdrawals and requests for policy loans as customers seek to achieve higher returns elsewhere, requiring us to liquidate assets in an unrealized loss position. If we experience unexpected withdrawal activity, we could exhaust our liquid assets and be forced to liquidate other less liquid assets such as limited partnership investments. We may have difficulty selling these investments in a timely manner and/or be forced to sell them for less than we otherwise would have been able to realize, which could have a material adverse effect on our business, financial condition or operating results. We have developed and maintain asset liability management programs and procedures that are, we believe, designed to mitigate interest rate risk by matching asset cash flows to expected liability cash flows. In addition, we assess surrender charges on withdrawals in excess of allowable penalty-free amounts that occur during the surrender charge period. There can be no assurance that actual withdrawals, contract benefits, and maturities will match our estimates. Despite our efforts to reduce the impact of rising interest rates, we may be required to sell assets to raise the cash necessary to respond to an increase in surrenders, withdrawals and loans, thereby realizing capital losses on the assets sold.

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Liabilities that are held on our balance sheet at fair value, including embedded derivatives on our FIA and IUL business and MRBs on our FIA and fixed rate annuity business, are sensitive to fluctuations in interest rates. Decreases in interest rates generally would have the impact of increasing the value of these liabilities, which will result in a reduction in our net income. Liabilities for future policyholder benefits are valued using locked-in discount rates, and any changes in interest rates since the inception of those contracts are reflected in OCI. Decreases in interest rates would result in a reduction in our OCI. In addition, certain statutory capital and reserve requirements are based on formulas or models that consider interest rates and a prolonged period of low interest rates may increase the statutory capital we are required to hold as well as the amount of assets we must maintain to support statutory reserves.

Economic conditions, including higher interest rates, could materially adversely affected our business, results of operations and financial condition. However, we cannot predict if it will impact our business, results of operations or financial condition in the future for the forgoing reasons.

Equity market volatility could negatively impact our business.

The estimated cost of providing GMWB riders associated with our annuity products incorporates various assumptions about the overall performance of equity markets over certain time periods. Periods of significant and sustained downturns in equity markets or increased equity volatility could result in an increase in the valuation of the MRB or contractholder funds balance liabilities associated with such products, resulting in a reduction in our revenues and net income.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

None.

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Table of Contents

Item 6. Exhibits

     (a) Exhibits:

10.1	Investment Management Agreement, dated as of December 16, 2020, by and between F&G Cayman Re Ltd. and Blackstone ISGI Advisors L.L.C.
10.2	Investment Management Agreement, dated as of January 4, 2021, by and between F&G Annuities & Life, Inc. and Blackstone ISG-I Advisors L.L.C.
10.3	Investment Management Agreement, dated as of July 29, 2021, by and between Fidelity & Guaranty Life Insurance Company and Blackstone ISG-I Advisors L.L.C.
10.4	Amended and Restated Amendment to Investment Management Agreements; IMA Omnibus Termination Side Letter; SMA Fee Agreement and Participation Fee Agreement, dated September 24, 2021, by and among F&G Life & Annuities, Inc., Fidelity National Financial, Inc. and Blackstone ISG-I Advisors L.L.C.
10.5	Amended and Restated Fidelity National Financial, Inc. 2013 Employee Stock Purchase Plan (1)
10.6	Indenture relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and Citibank, N.A., as trustee, filed as Exhibit 4.1 to our Current Report on Form 8-K filed January 13, 2023
10.7	First Supplement Indenture relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and Citibank, N.A., as trustee, filed as Exhibit 4.2 to our Current Report on Form 8-K filed January 13, 2023
10.8	Form of 7.400% Senior Notes due 2028, filed as Exhibit 4.3 to our Current Report on Form 8-K filed January 13, 2023
10.9	Registration Rights Agreement relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and BofA Securities, Inc., J.P. Morgan Securities LC and RBC Capital Markets, LLC, as representatives of the initial purchasers, filed as Exhibit 10.1 to our Current Report on Form 8-K filed January 13, 2023
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification by Chief Executive Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
32.2	Certification by Chief Financial Officer of Periodic Financial Reports pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
101.INS	Inline XBRL Instance Document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
104	Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.
(1) A management or compensatory plan or arrangement required to be filed as an exhibit to this report pursuant to Item 601(b)(10)(ii) of Regulation S-K.
* The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

** Furnished herewith in accordance with Item 601(b)(32) of Regulation S-K.

104

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	August 9, 2023	FIDELITY NATIONAL FINANCIAL, INC. (registrant)
		By:	/s/ Anthony J. Park
			Anthony J. Park
			Chief Financial Officer (Principal Financial and Accounting Officer)

105

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Michael J. Nolan, certify that:

1. I have reviewed this annual report on Form 10-Q of Fidelity National Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 9, 2023

By:	/s/ Michael J. Nolan
	Michael J. Nolan Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Anthony J. Park, certify that:

1. I have reviewed this annual report on Form 10-Q of Fidelity National Financial, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 9, 2023

By:	/s/ Anthony J. Park
	Anthony J. Park Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO 18 U.S.C. §1350

     The undersigned hereby certifies that he is the duly appointed and acting Chief Executive Officer of Fidelity National Financial, Inc., a Delaware corporation (the “Company”), and hereby further certifies as follows.

1.The periodic report containing financial statements to which this certificate is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

2.The information contained in the periodic report to which this certificate is an exhibit fairly presents, in all material respects, the financial condition and results of operations of the Company.

     In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date: August 9, 2023

By:	/s/ Michael J. Nolan
	Michael J. Nolan
	Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF PERIODIC FINANCIAL REPORTS PURSUANT TO 18 U.S.C. §1350

     The undersigned hereby certifies that he is the duly appointed and acting Chief Financial Officer of Fidelity National Financial, Inc., a Delaware corporation (the “Company”), and hereby further certifies as follows.

1.The periodic report containing financial statements to which this certificate is an exhibit fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

2.The information contained in the periodic report to which this certificate is an exhibit fairly presents, in all material respects, the financial condition and results of operations of the Company.

     In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date: August 9, 2023

By:	/s/ Anthony J. Park
	Anthony J. Park
	Chief Financial Officer

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-32630
Entity Registrant Name	FIDELITY NATIONAL FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1725106
Entity Address, Address Line One	601 Riverside Avenue
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32204
City Area Code	904
Local Phone Number	854-8100
Title of 12(b) Security	FNF Common Stock, $0.0001 par value
Trading Symbol	FNF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		272,174,342
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001331875
Current Fiscal Year End Date	--12-31

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value, at June 30, 2023 and December 31, 2022, at an amortized cost of $42,312 and $37,708, respectively, net of allowance for credit losses of $35 and $39, respectively, and includes pledged fixed maturity securities of $474 and $448, respectively, related to secured trust deposits	$ 38,029	$ 33,095
Derivative investments	649	244
Mortgage loans, net of allowance for credit losses of $64 and $42 at June 30, 2023 and December 31, 2022, respectively	5,076	4,554
Investments in unconsolidated affiliates	3,039	2,642
Other long-term investments	660	664
Short-term investments, at June 30, 2023 and December 31, 2022 includes pledged short-term investments of $0 and $6, respectively, related to secured trust deposits	972	2,590
Total investments	49,929	45,370
Cash and cash equivalents, at June 30, 2023 and December 31, 2022 includes $428 and $242, respectively, of pledged cash related to secured trust deposits	3,136	2,286
Trade and notes receivables, net of allowance for credit losses of $32 and $33 at June 30, 2023 and December 31, 2022, respectively	465	467
Reinsurance recoverable, net of allowance for credit losses of $20 at March 31, 2022 and December 31, 2021	7,077	5,418
Goodwill	4,811	4,635
Prepaid expenses and other assets	2,214	2,068
Market risk benefits asset	118	117
Lease assets	362	376
Other intangible assets, net	4,317	3,811
Title plants	417	416
Property and equipment, net	175	179
Total assets	73,021	65,143
Liabilities:
Contractholder funds	45,070	40,843
Future policy benefits	5,715	5,021
Accounts payable and accrued liabilities	2,725	2,326
Market risk benefits liability	313	282
Notes payable	3,696	3,238
Reserve for title claim losses	1,781	1,810
Funds withheld for reinsurance liabilities	5,681	3,703
Secured trust deposits	886	862
Lease liabilities	411	418
Income taxes payable	3	0
Deferred tax liability	63	71
Total liabilities	66,344	58,574
Equity:
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of June 30, 2023 and December 31, 2022; outstanding of 272,178,622 and 272,309,890 as of June 30, 2023 and December 31, 2022, respectively, and issued of 327,731,804 and 327,757,349 as of June 30, 2023 and December 31, 2022, respectively	0	0
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	0	0
Additional paid-in capital	5,883	5,870
Retained earnings	5,140	5,225
Accumulated other comprehensive loss	(2,681)	(2,870)
Less: Treasury stock, 55,553,182 shares and 55,447,459 shares as of June 30, 2023 and December 31, 2022, respectively, at cost	(2,113)	(2,109)
Total Fidelity National Financial, Inc. shareholders’ equity	6,229	6,116
Non-controlling interests	448	453
Total equity	6,677	6,569
Total liabilities and equity	73,021	65,143
Preferred securities
Investments:
Securities, at fair value	804	903
Equity securities
Investments:
Securities, at fair value	$ 700	$ 678

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturity securities, available-for-sale securities, amortized cost	$ 42,312	$ 37,708
Fixed maturity securities, available-for-sale securities, allowance for credit losses	35	39
Available-for-sale securities, pledged securities, secured trust deposits	474	448
Allowance for credit loss	64	42
Short-term investments, pledged, secured trust deposits	0	6
Cash, pledged, secured trust deposits	428	242
Allowance for doubtful accounts, premiums and other receivables	32	33
Expected credit losses on reinsurance recoverable	$ 9	$ 10
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares, outstanding (in shares)	272,178,622	272,309,890
Common stock, shares, issued (in shares)	327,731,804	327,757,349
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	55,553,182	55,447,459

XML

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Direct title insurance premiums	$ 541	$ 859	$ 969	$ 1,626
Agency title insurance premiums	713	1,203	1,263	2,302
Escrow, title-related and other fees	1,212	786	2,092	2,078
Interest and investment income	618	463	1,229	941
Recognized gains and losses, net	(16)	(676)	(11)	(1,145)
Total revenues	3,068	2,635	5,542	5,802
Expenses:
Personnel costs	755	839	1,432	1,662
Agent commissions	550	930	970	1,774
Other operating expenses	394	457	754	899
Benefits and other changes in policy reserves	817	(377)	1,629	(174)
Market risk benefit (gains) losses	(30)	(189)	29	(119)
Depreciation and amortization	151	120	285	235
Provision for title claim losses	56	93	100	177
Interest expense	43	31	85	61
Total expenses	2,736	1,904	5,284	4,515
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	332	731	258	1,287
Income tax expense	90	202	104	358
Earnings before equity in earnings of unconsolidated affiliates	242	529	154	929
Equity in earnings of unconsolidated affiliates	1	14	1	16
Net earnings	243	543	155	945
Less: Net earnings (loss) attributable to non-controlling interests	24	6	(5)	8
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$ 219	$ 537	$ 160	$ 937
Basic
Net earnings per share from continuing operations attributable to common shareholders (in usd per share)	$ 0.81	$ 1.93	$ 0.59	$ 3.36
Net earnings per share attributable to common shareholders, basic (in usd per share)	0.81	1.93	0.59	3.36
Diluted
Net earnings per share from continuing operations attributable to common shareholders (in usd per share)	0.81	1.92	0.59	3.33
Net earnings per share attributable to common shareholders, diluted (in usd per share)	$ 0.81	$ 1.92	$ 0.59	$ 3.33
Weighted average common shares outstanding - basic (in shares)	270	278	270	279
Weighted average common shares outstanding - diluted (in shares)	271	279	271	281

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings		$ 243	$ 543	$ 155	$ 945
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)	[1]	(175)	(1,905)	172	(3,809)
Unrealized (loss) gain on investments in unconsolidated affiliates	[2]	(5)	1	6	7
Unrealized gain (loss) on foreign currency translation	[3]	4	(9)	6	(11)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	[4]	42	27	78	53
Changes in current discount rate - future policy benefits	[5]	57	310	(43)	602
Change in instrument-specific credit risk - market risk benefits	[6]	(4)	50	3	83
Other comprehensive earnings (loss) attributable to non-controlling interest	[7]	10	0	(33)	0
Other comprehensive (loss) earnings		(71)	(1,526)	189	(3,075)
Comprehensive earnings (loss)		172	(983)	344	(2,130)
Less: Comprehensive earnings (loss) attributable to non-controlling interests		24	6	(5)	8
Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders		$ 148	$ (989)	$ 349	$ (2,138)

[1] Net of income tax (benefit) expense of $(28) million and $(502) million for the three months ended June 30, 2023 and 2022, respectively, and $35 million and $(892) million for the six months periods ended June 30, 2023 and 2022, respectively.

[2] Net of income tax (benefit) expense of $(1) million and for the three months ended June 30, 2023 and $2 million for the six months ended June 30, 2023 and 2022.

[3] Net of income tax expense (benefit) of less than $1 million and $(3) million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $(3) million for the six months ended June 30, 2023 and 2022, respectively.

[4] Net of income tax expense of $11 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $21 million and $14 million for the six months ended June 30, 2023 and 2022, respectively. (5)Net of income tax expense (benefit) of $15 million and $82 million for the three months ended June 30, 2023 and 2022, respectively, and $(12) million and $160 million for the six months ended June 30, 2023 and 2022, respectively. (6)Net of income tax (benefit) expense of $(1) million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $22 million for the six months ended June 30, 2023 and 2022, respectively. (7)Net of income tax expense (benefit) of $3 million and $(9) million for the three and six months ended June 30, 2023, respectively.

[5] Net of income tax expense (benefit) of $15 million and $82 million for the three months ended June 30, 2023 and 2022, respectively, and $(12) million and $160 million for the six months ended June 30, 2023 and 2022, respectively.

[6] Net of income tax (benefit) expense of $(1) million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $22 million for the six months ended June 30, 2023 and 2022, respectively.

[7] Net of income tax expense (benefit) of $3 million and $(9) million for the three and six months ended June 30, 2023, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized loss on investments and other financial instruments, tax (benefit) expense	$ (28)	$ (502)	$ 35	$ (892)
Unrealized gain on investments in unconsolidated affiliates, tax (benefit) expense	(1)		2	2
Unrealized loss on foreign currency translation, tax expense (benefit)	1	(3)	1	(3)
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax expense	11	7	21	14
Changes in current discount rate - future policy benefits , tax expense (benefit)	15	82	(12)	160
Changes in instrument-specific credit risk - market risk benefits, tax (benefit) expense	(1)	$ 13	1	$ 22
Other comprehensive earnings attributable to non-controlling interest, tax expense (benefit)	$ (3)		$ (9)

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions		Total		F&G	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital F&G	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock	Non-controlling Interests	Non-controlling Interests F&G
Beginning balance (in shares) at Dec. 31, 2021					325,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2021										42,000,000
Beginning balance at Dec. 31, 2021		$ 10,006			$ 0	$ 5,811		$ 4,818	$ 879	$ (1,545)	$ 43
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					1,000,000
Exercise of stock options		8				8
Treasury stock repurchased (in shares)										7,000,000
Treasury stock repurchased		(306)								$ (306)
Other comprehensive loss - unrealized loss on investments and other financial instruments		(3,809)							(3,809)
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates		7	[1]						7
Other comprehensive loss - unrealized loss on foreign currency translation		(11)	[2]						(11)
Reclassification adjustments for change in unrealized gains and losses included in net earnings		53	[3]						53
Changes in current discount rate - future policy benefits		602	[4]						602
Change in instrument-specific credit risk - market risk benefits		83	[5]						83
Other comprehensive income associated with noncontrolling interests	[6]	0
Stock-based compensation		24				24					0
Dividends declared, per common share		(246)						(246)
Subsidiary dividends declared to non-controlling interests		(8)									(8)
Net earnings		945						937			8
Ending balance (in shares) at Jun. 30, 2022					326,000,000
Ending balance, Treasury stock (in shares) at Jun. 30, 2022										49,000,000
Ending balance at Jun. 30, 2022		7,348			$ 0	5,843		5,509	(2,196)	$ (1,851)	43
Beginning balance (in shares) at Mar. 31, 2022					326,000,000
Beginning balance, Treasury stock (in shares) at Mar. 31, 2022										45,000,000
Beginning balance at Mar. 31, 2022		8,612			$ 0	5,826		5,094	(670)	$ (1,679)	41
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)					0
Exercise of stock options		5				5
Treasury stock repurchased (in shares)										4,000,000
Treasury stock repurchased		(172)								$ (172)
Other comprehensive loss - unrealized loss on investments and other financial instruments		(1,905)							(1,905)
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates		1	[1]						1
Other comprehensive loss - unrealized loss on foreign currency translation		(9)	[2]						(9)
Reclassification adjustments for change in unrealized gains and losses included in net earnings		27	[3]						27
Changes in current discount rate - future policy benefits		310	[4]						310
Change in instrument-specific credit risk - market risk benefits		50	[5]						50
Other comprehensive income associated with noncontrolling interests	[6]	0
Stock-based compensation		12				12					0
Dividends declared, per common share		(122)						(122)
Subsidiary dividends declared to non-controlling interests		(4)									(4)
Net earnings		543						537			6
Ending balance (in shares) at Jun. 30, 2022					326,000,000
Ending balance, Treasury stock (in shares) at Jun. 30, 2022										49,000,000
Ending balance at Jun. 30, 2022		$ 7,348			$ 0	5,843		5,509	(2,196)	$ (1,851)	43
Beginning balance (in shares) at Dec. 31, 2022					328,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2022		55,447,459								55,000,000
Beginning balance at Dec. 31, 2022		$ 6,569			$ 0	5,870		5,225	(2,870)	$ (2,109)	453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock repurchased		(4)		$ (16)			$ (1)			$ (4)		$ (15)
Other comprehensive loss - unrealized loss on investments and other financial instruments		172							172
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates		6	[1]						6
Other comprehensive loss - unrealized loss on foreign currency translation		6	[2]						6
Reclassification adjustments for change in unrealized gains and losses included in net earnings		78	[3]						78
Changes in current discount rate - future policy benefits		(43)	[4]						(43)
Change in instrument-specific credit risk - market risk benefits		3	[5]						3
Other comprehensive income associated with noncontrolling interests		(33)	[6]			(1)			(33)		34
Stock-based compensation		28				27					1
Purchase of incremental share in consolidated subsidiaries		(20)				(12)					(8)
Dividends declared, per common share		(245)						(245)
Subsidiary dividends declared to non-controlling interests		(12)									(12)
Net earnings		$ 155						160			(5)
Ending balance (in shares) at Jun. 30, 2023					328,000,000
Ending balance, Treasury stock (in shares) at Jun. 30, 2023		55,553,182								55,000,000
Ending balance at Jun. 30, 2023		$ 6,677			$ 0	5,883		5,140	(2,681)	$ (2,113)	448
Beginning balance (in shares) at Mar. 31, 2023					328,000,000
Beginning balance, Treasury stock (in shares) at Mar. 31, 2023										55,000,000
Beginning balance at Mar. 31, 2023		6,648			$ 0	5,871		5,044	(2,610)	$ (2,113)	456
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss - unrealized loss on investments and other financial instruments		(175)							(175)
Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates		(5)	[1]						(5)
Other comprehensive loss - unrealized loss on foreign currency translation		4	[2]						4
Reclassification adjustments for change in unrealized gains and losses included in net earnings		42	[3]						42
Changes in current discount rate - future policy benefits		57	[4]						57
Change in instrument-specific credit risk - market risk benefits		(4)	[5]						(4)
Other comprehensive income associated with noncontrolling interests		10	[6]			(1)			10		(9)
Stock-based compensation		14				14
Purchase of incremental share in consolidated subsidiaries				$ 16			$ 1					$ 15
Dividends declared, per common share		(123)						(123)
Subsidiary dividends declared to non-controlling interests		(8)									(8)
Net earnings		$ 243						219			24
Ending balance (in shares) at Jun. 30, 2023					328,000,000
Ending balance, Treasury stock (in shares) at Jun. 30, 2023		55,553,182								55,000,000
Ending balance at Jun. 30, 2023		$ 6,677			$ 0	$ 5,883		$ 5,140	$ (2,681)	$ (2,113)	$ 448

[1] Net of income tax (benefit) expense of $(1) million and for the three months ended June 30, 2023 and $2 million for the six months ended June 30, 2023 and 2022.

[2] Net of income tax expense (benefit) of less than $1 million and $(3) million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $(3) million for the six months ended June 30, 2023 and 2022, respectively.

[3] Net of income tax expense of $11 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $21 million and $14 million for the six months ended June 30, 2023 and 2022, respectively. (5)Net of income tax expense (benefit) of $15 million and $82 million for the three months ended June 30, 2023 and 2022, respectively, and $(12) million and $160 million for the six months ended June 30, 2023 and 2022, respectively. (6)Net of income tax (benefit) expense of $(1) million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $22 million for the six months ended June 30, 2023 and 2022, respectively. (7)Net of income tax expense (benefit) of $3 million and $(9) million for the three and six months ended June 30, 2023, respectively.

[4] Net of income tax expense (benefit) of $15 million and $82 million for the three months ended June 30, 2023 and 2022, respectively, and $(12) million and $160 million for the six months ended June 30, 2023 and 2022, respectively.

[5] Net of income tax (benefit) expense of $(1) million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $1 million and $22 million for the six months ended June 30, 2023 and 2022, respectively.

[6] Net of income tax expense (benefit) of $3 million and $(9) million for the three and six months ended June 30, 2023, respectively.

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CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend per common share (in dollars per share)	$ 0.45	$ 0.44	$ 0.90	$ 0.88

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings	$ 155	$ 945
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	285	235
Equity in earnings of unconsolidated affiliates	(1)	(16)
Loss on sales of investments and other assets and asset impairments, net	396	71
Interest credited/index credits to contractholder account balances	857	(827)
Change in market risk benefits, net	29	(119)
Deferred policy acquisition costs and deferred sales inducements	(518)	(371)
Charges assessed to contractholders for mortality and admin	(122)	(107)
Non-cash lease costs	69	71
Operating lease payments	(76)	(75)
Distributions from unconsolidated affiliates, return on investment	89	38
Stock-based compensation cost	28	24
Change in NAV of limited partnerships, net	(96)	(172)
Change in valuation of derivatives, equity and preferred securities, net	(385)	1,072
Changes in assets and liabilities, net of effects from acquisitions:
Change in insurance recoverable	(27)	209
Change in future policy benefits	421	330
Change in funds withheld from reinsurers	1,980	617
Net decrease in trade receivables	10	27
Net decrease in reserve for title claim losses	(29)	(39)
Net change in income taxes	7	146
Net change in other assets and other liabilities	67	(564)
Net cash provided by operating activities	3,139	1,495
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	2,228	3,541
Proceeds from sales of property and equipment	0	5
Additions to property and equipment and capitalized software	(69)	(77)
Purchases of investment securities	(7,170)	(6,958)
Net proceeds from sales and maturities (purchases) of short-term investment securities	1,628	(1,644)
Collections of notes receivable	0	4
Additions to notes receivable	(8)	(94)
Acquisitions and dispositions	(293)	(20)
Additional investments in unconsolidated affiliates	(736)	(741)
Distributions from unconsolidated affiliates, return of investment	187	93
Net other investing activities	2	0
Net cash used in investing activities	(4,231)	(5,891)
Cash flows from financing activities:
Debt offering	500	0
Debt costs/equity issuance additions	(9)	0
F&G Credit Agreement repayments, net	(35)	0
Dividends paid	(243)	(245)
Subsidiary dividends paid to non-controlling interest shareholders	(15)	(8)
Exercise of stock options	0	8
Additional investment in consolidated subsidiary	(20)	0
Net change in secured trust deposits	24	239
Payment of contingent consideration for prior period acquisitions	(5)	(3)
Contractholder account deposits	3,847	4,513
Contractholder account withdrawals	(2,080)	(1,744)
F&G repurchases of FG stock	(16)	0
Purchases of treasury stock	(6)	(298)
Net cash provided by financing activities	1,942	2,462
Net increase (decrease) in cash and cash equivalents	850	(1,934)
Cash and cash equivalents at beginning of period	2,286	4,360
Cash and cash equivalents at end of period	$ 3,136	$ 2,426

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Basis of Financial Statements

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022.

Description of the Business

We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty products, (ii) technology to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").

For information about our reportable segments refer to Note H Segment Information.

Recent Developments

7.40% F&G Senior Notes

On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% Senior Notes due 2028 (the "7.40% F&G Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. For further information about the 7.40% F&G Notes refer to Note O Notes Payable.

Title Point Acquisition

On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to customary working capital adjustments. TitlePoint enables searches for detailed property information, images of documents and maps from hundreds of counties across the U.S and is a leader in the science of real estate property research technology. For further information about the TitlePoint acquisition refer to Note N Acquisitions.

Income Tax

Income tax expense was $90 million and $202 million in the three months ended June 30, 2023 and 2022, respectively, and $104 million and $358 million in the six months ended June 30, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was 27% and 28% in the three months ended June 30, 2023 and 2022, respectively, and 40% and 28% in the six months ended June 30, 2023 and 2022, respectively. The decrease in income tax expense as a percentage of earnings before taxes in the three months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of valuation allowances in 2022, partially offset by the recording of valuation allowances in 2023. The increase in income tax expense as a percentage of earnings before taxes in the six months ended June 30, 2023 as compared to the corresponding period in 2022 is primarily attributable to recording of valuation allowances in 2023. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three and six months ended June 30, 2023 was further reduced by an increase in the valuation allowance in 2023.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net

earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were fewer than 1 million antidilutive instruments outstanding during the three and six months ended June 30, 2023 and 2022.

Recent Accounting Pronouncements

Adopted Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of earnings; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policyholder benefits ("FPBs"), Contractholder funds, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $75 million, net of tax.

Pronouncements Not Yet Adopted

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s). The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, though early adoption is permitted. We do not expect this guidance to have a material impact on our Consolidated Financial Statements and related disclosures upon adoption. We do not currently plan to early adopt this standard.

Summary of Updated Significant Accounting Policies

Since our Annual Report for the year ended December 31, 2022, as a result of the adoption of ASU 2018-12 we have updated the following significant accounting policies, which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements:

Investments

Fixed Maturity Securities Available-for-Sale

Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed

maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. In our title segment, realized gains and losses on sales of our fixed maturity securities are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Our F&G segment uses FIFO cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.

Investments in Unconsolidated Affiliates

We account for our investments in unconsolidated affiliates using the equity method or by electing the fair value option. Initial investments are recorded at cost. For investments subsequently measured using the equity method (primarily limited partnerships), adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value (“NAV”) in the unconsolidated affiliates’s financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. Distributions received are recorded as a decrease in the investment balance. For investments subsequently measured using the fair value option, adjustments to the carrying amount reflecting the change in fair value of the investment are reported along with realized gains and losses on sales of investments in unconsolidated affiliates in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Other income from investments in unconsolidated affiliates, including distributions received from investments measured using the fair value option, is reported within Interest and investment income in the accompanying unaudited Condensed Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount can be delayed due to the availability of the related financial statements, which are obtained from the general partner or managing member generally on a one to three-month delay. For investments using the equity method, management inquires quarterly with the general partner or managing member to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.

VOBA, DAC, DSI and URL

Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI").

VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to contractholder fund balances.

VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable.

The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the FPBs, where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected

experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Earnings.

Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of June 30, 2023 and December 31, 2022, our URL balance was $215 million and $166 million, respectively

Contractholder Funds

Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments.

Future Policy Benefits

The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions.

For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100%, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100% are not used to offset cohorts with NPRs greater than 100%.

The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. In subsequent periods, the revised NPR, which is capped at 100%, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100%, and therefore capped at 100%, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Earnings in the period of improvement.

For traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities), the discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with

similar duration to the liability. We selected fixed-income instruments that have been A-rated by Bloomberg. In order to reflect the duration characteristics of the liability, we will use an implied forward yield curve and linear interpolation will be used for durations that have limited or no market observable points on the curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings.

Deferred Profit Liability

For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses.

The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated, the updated estimates are used to recalculate the initial DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, with any differences recognized as a remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. The DPL is recorded as a component of the Future policy benefits in the accompanying unaudited Condensed Consolidated Balance Sheets.

Market Risk Benefits

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders.

MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100%. For each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the unaudited Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the accompanying unaudited Condensed Consolidated Statements of Earnings, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits.

Benefits and Other Changes in Policy Reserves

Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative.

Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings.

Impacts of adoption of ASU 2018-12 on Financial Statements

The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Earnings.

Condensed Consolidated Balance Sheet

	December 31, 2022
	As Previously Reported		Adjustments		As adjusted
			(Unaudited)		(Unaudited)
	(In millions)
ASSETS
Reinsurance recoverable, net of allowance for credit losses	$	5,588	$	(170)	$	5,418
Goodwill	4,642		(7)		4,635
Prepaid expenses and other assets	2,231		(163)		2,068
Market risk benefits asset	—		117		117
Other intangible assets, net	4,034		(223)		3,811
Total	$	16,495	$	(446)	$	16,049
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	41,233	$	(390)	$	40,843
Future policy benefits	5,923		(902)		5,021
Accounts payable and accrued liabilities	2,352		(26)		2,326
Market risk benefits liability	—		282		282
Total	$	49,508	$	(1,036)	$	48,472
Equity:
Additional paid-in capital	$	5,876	$	(6)	$	5,870
Retained earnings	4,714		511		5,225
Accumulated other comprehensive (loss) earnings	(2,862)		(8)		(2,870)
Non-controlling interests	360		93		453
Total	$	8,088	$	590	$	8,678

Condensed Consolidated Statement of Earnings

	Three months ended June 30, 2022						Six months ended June 30, 2022
	As Previously Reported		Adjustments		As adjusted		As Previously Reported		Adjustments		As adjusted
	(Unaudited)						(Unaudited)
Revenues:	(In millions)						(In millions)
Escrow, title-related and other fees	$	782	$	4	$	786	$	2,072	$	6	$	2,078
Expenses:
Benefits and other changes in policy reserves	$	(418)	$	41	$	(377)	$	(210)	$	36	$	(174)
Market risk benefit gains	—		(189)		(189)		—		(119)		(119)
Depreciation and amortization	161		(41)		120		343		(108)		235
Income tax expense	164		38		202		319		39		358
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	382	$	155	$	537	$	779	$	158	$	937
Earnings per share
Basic
Net earnings per share attributable to common shareholders, basic	$	1.37	$	0.56	$	1.93	$	2.79	$	0.57	$	3.36
Diluted
Net earnings per share attributable to common shareholders, diluted	$	1.37	$	0.55	$	1.92	$	2.77	$	0.56	$	3.33

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Summary of Reserve for Title Claim Losses

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Summary of Reserve for Title Claim Losses

Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Six months ended June 30,
	2023			2022
	(In millions)
Beginning balance	$	1,810		$	1,883
Change in insurance recoverable	—			(108)
Claim loss provision related to:
Current year	100			177
Total title claim loss provision	100			177
Claims paid, net of recoupments related to:
Current year	(4)			(7)
Prior years	(125)			(102)
Total title claims paid, net of recoupments	(129)			(109)
Ending balance of claim loss reserve for title insurance	$	1,781		$	1,843
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co., was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver sought compensatory, incidental, consequential, and punitive damages, and the recovery of attorneys’ fees. In turn, the Named Companies petitioned the federal court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted.

On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver’s lawsuit against the Named Companies has been dismissed. The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed.

The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been

consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy.

On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms.

On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson, which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies filed a cross-complaint against Ms. Champion-Cain, and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank.

On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992, which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees.

On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed.

Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, it is possible that additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

F&G Insurance Subsidiary Financial Information and Regulatory MattersOur U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed.

The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP.

FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $202 million and $152 million decrease to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

Based on a permitted practice received from the Iowa Insurance Department, FGL Insurance carries one of its limited partnership interests which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies” on a net asset value per share basis. This is a departure from SSAP No. 48 which requires such investments to be carried based on the investees underlying U.S. GAAP equity (prior to any impairment considerations). This resulted in a $15 million and $13 million increase to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $200 million at June 30, 2023 and December 31, 2022, respectively.

Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $107 million and $121 million at June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The hierarchy for fair value measurement is defined as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

Net asset value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the unconsolidated affiliate's financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the unconsolidated affiliates may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.

The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,136	$	—	$	—	$	—	$	3,136
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		6,330		6,510		—		12,840
Commercial mortgage-backed securities	—		3,972		17		—		3,989
Corporates	26		14,475		1,628		—		16,129
Hybrids	95		609		—		—		704
Municipals	—		1,554		49		—		1,603
Residential mortgage-backed securities	—		1,988		28		—		2,016
U.S. Government	468		16		—		—		484
Foreign Governments	—		248		16		—		264
Short term investments	801		45		126		—		972
Preferred securities	266		531		7		—		804
Equity securities	645		—		14		41		700
Derivative investments	—		649		—		—		649
Investment in unconsolidated affiliates	—		—		197		—		197
Reinsurance related embedded derivative, included in other assets	—		277		—		—		277
Market risk benefits asset	—		—		118		—		118
Other long-term investments	—		—		49		—		49
Total financial assets at fair value	$	5,437	$	30,694	$	8,759	$	41	$	44,931
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,821		—		3,821
Market risk benefits liability	$	—	$	—	$	313	$	—	$	313
Total financial liabilities at fair value	$	—	$	—	$	4,134	$	—	$	4,134

	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,286	$	—	$	—	$	—	$	2,286
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		5,204		6,263		—		11,467
Commercial mortgage-backed securities	—		3,026		37		—		3,063
Corporates	40		12,857		1,440		—		14,337
Hybrids	93		638		—		—		731
Municipals	—		1,431		29		—		1,460
Residential mortgage-backed securities	—		1,225		302		—		1,527
U.S. Government	260		11		—		—		271
Foreign Governments	—		223		16		—		239
Short term investments	2,590		—		—		—		2,590
Preferred securities	320		582		1		—		903
Equity securities	621		—		10		47		678
Derivative investments	—		244		—		—		244
Investment in unconsolidated affiliates	—		—		23		—		23
Reinsurance related embedded derivative, included in other assets	—		279		—		—		279
Market risk benefits asset	—		—		117		—		117
Other long-term investments	—		—		48		—		48
Total financial assets at fair value	$	6,210	$	25,720	$	8,286	$	47	$	40,263
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,115		—		3,115
Market risk benefits liability	—		—		282		—		282
Total financial liabilities at fair value	$	—	$	—	$	3,397	$	—	$	3,397

Valuation Methodologies

Cash and Cash Equivalents

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.

Fixed Maturity Preferred and Equity Securities

We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.

For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.

We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of June 30, 2023 or December 31, 2022.

Certain equity investments are measured using NAV as a practical expedient in determining fair value.

Derivative Financial Instruments

The fair value of call options is based upon valuation pricing models, which represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on industry accepted valuation pricing models, which use market-observable inputs, including interest rates, yield curve volatilities, and other factors.

The fair value of futures contracts (specifically for FIA contracts) represents the cumulative unsettled variation margin (open trade equity, net of cash settlements), which represents what we would expect to receive or pay at the balance sheet date if we canceled the contracts or entered into offsetting positions. These contracts are classified as Level 1.

The fair value measurement of the FIA/IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at June 30, 2023 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.

The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera") (effective October 31, 2021, this agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer) and ASPIDA Life Re Ltd ("Aspida Re") are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2. See Note L F&G Reinsurance for further discussion on F&G reinsurance agreements.

Investments in Unconsolidated affiliates

We have elected the fair value option for certain investments in unconsolidated affiliates as we believe this better aligns them with other investments in unconsolidated affiliates that are measured using NAV as a practical expedient in determining fair value. Investments measured using the fair value option are included in Level 3 and the fair value of these investments are determined using a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies. The EBITDA used in this calculation is based on the affiliates’ financial information. The inputs are usually considered unobservable, as not all market participants have access to this data.

Short-term investments

The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments

approximate fair value.

Other long-term investments

We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to a call option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model.  The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments.

The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.

Market Risk Benefits

MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. See further discussion on MRBs in Note P - Market Risk Benefits.    

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2023 and December 31, 2022 are as follows:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	June 30, 2023
	(In millions)				June 30, 2023
Assets
Asset-backed securities	$	6,233	Broker-Quoted	Offered Quotes	54.7% - 171.90% (94.28%)
Asset-backed securities	277		Third-Party Valuation	Offered Quotes	39.65% - 101.77% (62.08%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered Quotes	79.35% - 88.61% (84.76%)
Corporates	789		Broker-Quoted	Offered Quotes	46.39% - 104.74% (95.87%)
Corporates	10		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (74.80%)
Corporates	829		Third-Party Valuation	Offered Quotes	0.00% - 103.12% (89.85%)
Municipals	31		Third-Party Valuation	Offered Quotes	102.11% - 102.11% (102.11%)
Municipals	18		Broker-Quoted	Offered Quotes	101.20% - 101.20% (101.20%)
Residential mortgage-backed securities	25		Broker-Quoted	Offered Quotes	0.00% - 90.45% (90.00%)
Residential mortgage-backed securities	3		Third-Party Valuation	Offered Quotes	93.11%
Foreign Governments	16		Third-Party Valuation	Offered Quotes	99.04% - 99.68% (99.24%)
Investment in unconsolidated affiliates	197		Market Comparable Company Analysis	EBITDA Multiple	5x-14x (12.1x)
Short term investments	126		Broker-Quoted	Offered Quotes	100.00% - 100.02% (100.01%)
Preferred securities	6		Broker-Quoted	Offered Quotes	$21.25 - $21.25 ($21.25)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Broker Quoted	Offered quotes	$66.00 - $66.00 ($66.00)
Equity securities	7		Discounted Cash Flow	Discount rate	12.60% - 12.60% (12.60%)
			Market Comparable Company Analysis	EBITDA multiple	5.3x - 5.3x (5.3x)
Other long-term investments:
Available-for-sale embedded derivative	26		Black Scholes Model	Market Value of Fund	100.00%
Secured borrowing receivable	10		Broker-Quoted	Offered Quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	13		Broker-Quoted	Offered Quotes	96.99%
Market risk benefits asset	118		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)

				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.85%)
Total financial assets at fair value	$	8,759
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	$	3,821	Discounted Cash Flow	Market Value of Option	0.00% - 30.03% (2.36%)
				Swap rates	3.81% - 5.47% (4.64%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.61%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				Option cost	0.07% - 5.67% (2.22%)
Market risk benefits liability	313		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.89%)
Total financial liabilities at fair value	$	4,134

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2022
	(In millions)				December 31, 2022
Assets
Asset-backed securities	$	5,916	Broker-quoted	Offered quotes	52.85% - 117.17% (94.18%)
Asset-backed securities	347		Third-Party Valuation	Offered quotes	41.43% - 210.50% (67.99%)
Commercial mortgage-backed securities	20		Broker-quoted	Offered quotes	109.02% - 109.02% (109.02%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered quotes	74.66% - 88.48% (82.74%)
Corporates	602		Broker-quoted	Offered quotes	79.16% - 102.53% (94.16%)
Corporates	826		Third-Party Evaluation	Offered quotes	0.00% - 104.96% (89.69%)
Corporates	12		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (77.02%)
Municipals	29		Third-Party Evaluation	Offered quotes	93.95% - 93.95% (93.95%)
Foreign governments	16		Third-Party Evaluation	Offered quotes	99.78% - 102.29% (100.56%)
Investment in unconsolidated affiliates	23		Market Comparable Company Analysis	EBITDA multiple	5x-5.50x
Residential mortgage-backed securities	302		Broker-quoted	Offered quotes	0.00% - 91.04% (86.38%)
Preferred Securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	6		Broker-quoted	Offered Quotes	$64.25 - $64.25 ($64.25)
Equity securities	4		Discounted Cash Flow	Discount Rate	11.10% - 11.10% (11.10%)

			Market Comparable Company Analysis	EBITDA multiple	5.6x - 5.6x (5.6x)
Other long-term investments:
Available-for-sale embedded derivative	23		Black Scholes model	Market value of fund	100.00%
Secured borrowing receivable	10		Broker-quoted	Offered quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	15		Broker-quoted	Offered quotes	96.23%
Market risk benefits asset	117		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (4.69%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.48% - 1.44% (1.30%)
				GMWB Utilization	50.00% - 60.00% (50.94%)
Total financial assets at fair value	$	8,286
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	3,115		Discounted cash flow	Market value of option	0.00% - 23.90% (87.00%)
				Swap rates	3.88% - 4.73% (4.31%)
				Mortality multiplier	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 70.00% (6.57%)
				Partial withdrawals	2.00% - 29.41% (2.73%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				Option cost	0.07% - 4.97% (1.89%)
Market risk benefits liability	282		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 10.00% (4.69%)
				Partial withdrawal rates	2.00% - 21.74% (2.49%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				GMWB utilization	50.00% - 60.00% (50.94%)
Total financial liabilities at fair value	$	3,397

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,300	$	(3)	$	15	$	379	$	(15)	$	(151)	$	(15)	$	6,510	$	14
Commercial mortgage-backed securities	29		—		—		—		—		—		(12)		17		—
Corporates	1,544		—		(33)		127		—		(14)		4		1,628		(33)
Municipals	32		—		17		—		—		—		—		49		17
Residential mortgage-backed securities	12		—		—		24		—		—		(8)		28		—
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	107		—		—		90		—		—		—		197		—
Short term investments	23		—		—		103		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	11		(1)		—		—		—		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	25		—		1		—		—		—		—		26		1
Credit linked note	13		—		—		—		—		—		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,123	$	(4)	$	—	$	723	$	(15)	$	(165)	$	(21)	$	8,641	$	(1)
Market risk benefits asset	106														118
Total Level 3 assets at fair value	$	8,229													$	8,759
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds	3,569		197		—		93		—		(38)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,569	$	197	$	—	$	93	$	—	$	(38)	$	—	$	3,821	$	—
Market risk benefits liability	324														313
Total Level 3 liabilities at fair value	$	3,893													$	4,134

(a) The net transfers out of Level 3 during the three months ended June 30, 2023 were exclusively to Level 2.

	Three months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	4,161	$	1	$	(142)	$	827	$	(39)	$	(126)	$	(5)	$	4,677	$	(153)
Commercial mortgage-backed securities	40		—		(3)		—		—		—		—		37		(2)
Corporates	1,141		—		(64)		307		—		(6)		(4)		1,374		(61)
Municipals	37		—		(4)		—		—		—		—		33		(4)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	17		—		(1)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21		—
Short term investments	19		—		—		—		—		—		(19)		—		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		(1)		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	30		(6)		—		—		—		—		—		24		—
Credit linked note	19		—		—		—		—		(2)		—		17		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Subtotal Level 3 assets at fair value	$	5,496	$	(5)	$	(214)	$	1,144	$	(40)	$	(134)	$	(18)	$	6,229	$	(221)
Market risk benefits asset	29														86
Total Level 3 assets at fair value	$	5,525													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,395		(575)		—		146		—		(25)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,395	$	(575)	$	—	$	146	$	—	$	(25)	$	—	$	2,941	$	—
Market risk benefits liability	486														292
Total Level 3 liabilities at fair value	$	3,881													$	3,233

(a) The net transfers out of Level 3 during the three months ended June 30, 2022 were exclusively to Level 2.

	Six months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,263	$	(11)	$	33	$	795	$	(98)	$	(386)	$	(86)	$	6,510	$	32
Commercial mortgage-backed securities	37		—		1		12		—		—		(33)		17		1
Corporates	1,440		(1)		(56)		261		(1)		(19)		4		1,628		(56)
Municipals	29		—		20		—		—		—		—		49		20
Residential mortgage-backed securities	302		1		8		32		—		(8)		(307)		28		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		174		—		—		—		197		—
Short-Term	—		—		—		126		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	10		—		—		1		(1)		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		3		—		—		—		—		26		3
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(11)	$	9	$	1,401	$	(100)	$	(415)	$	(412)	$	8,641	$	8
Market risk benefits asset	117														118
Total Level 3 assets at fair value	$	8,286													$	8,759
Liabilities
FIA embedded derivatives, included in contractholder funds	3,115		582		—		189		—		(65)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	582	$	—	$	189	$	—	$	(65)	$	—	$	3,821	$	—
Market risk benefits liability	$	282													$	313
Total Level 3 liabilities at fair value	$	3,397													$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were exclusively to Level 2.

	Six months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	3,959	$	1	$	(272)	$	1,227	$	(39)	$	(278)	$	79	$	4,677	$	(291)
Commercial mortgage-backed securities	35		—		(5)		—		—		—		7		37		(4)
Corporates	1,135		—		(137)		386		—		(32)		22		1,374		(134)
Municipals	43		—		(10)		—		—		—		—		33		(9)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	18		—		(2)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21
Short-Term	321		—		(1)		20		—		—		(340)		—		(1)
Preferred securities	2		—		(1)		—		—		—		—		1		(1)
Equity securities	9		—		—		1		—		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	34		(10)		—		—		—		—		—		24		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Credit linked note	23		—		(3)		—		—		(3)		—		17		—
Subtotal Level 3 assets at fair value	$	5,600	$	(9)	$	(431)	$	1,643	$	(39)	$	(313)	$	(222)	$	6,229	$	(441)
Market risk benefits asset	41														86
Total Level 3 assets at fair value	$	5,641													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,883		(1,159)		—		272		—		(55)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,883	$	(1,159)	$	—	$	272	$	—	$	(55)	$	—	$	2,941	$	—
Market risk benefits liability	$	469													$	292
Total Level 3 liabilities at fair value	$	4,352													$	3,233

(a) The net transfers out of Level 3 during the six months ended June 30, 2022 were exclusively to Level 2.

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value

The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.

Mortgage Loans

The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.

Investments in Unconsolidated affiliates

In our F&G segment, the carrying value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting. In our title segment, Investments in unconsolidated affiliates were $237 million and $187 million as of June 30, 2023 and December 31, 2022, respectively.

Policy Loans (included within Other long-term investments)

Fair values for policy loans are estimated from a discounted cash flow analysis, using interest rates currently being offered for loans with similar credit risk.  Loans with similar characteristics are aggregated for purposes of the calculations.

Company Owned Life Insurance

Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.

Other Invested Assets (included within Other long-term investments)

The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.

Investment Contracts

Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed IULs, funding agreements, pension risk transfer solutions ("PRTs") and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e., cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements, PRTs and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

Other

Federal Home Loan Bank of Atlanta ("FHLB") common stock, Accounts receivable and Notes receivable are carried at cost, which approximates fair value. FHLB common stock is classified as Level 2 within the fair value hierarchy. Accounts receivable and Notes receivable are classified as Level 3 within the fair value hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement, as defined in Note O Notes Payable, is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	106	$	—	$	—	$	106	$	106
Commercial mortgage loans	—		—		2,144		—		2,144		2,457
Residential mortgage loans	—		—		2,377		—		2,377		2,619
Investments in unconsolidated affiliates	—		—		8		2,598		2,606		2,606
Policy loans	—		—		59		—		59		59
Other invested assets	59		—		1		—		60		60
Company-owned life insurance	35		—		352		—		387		387
Trade and notes receivables, net of allowance	—		—		465		—		465		465
Total	$	94	$	106	$	5,406	$	2,598	$	8,204	$	8,759
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	37,228	$	—	$	37,228	$	41,249
Debt	—		3,252		—		—		3,252		3,696
Total	$	—	$	3,252	$	37,228	$	—	$	40,480	$	44,945

	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	99	$	—	$	—	$	99	$	99
Commercial mortgage loans	—		—		2,083		—		2,083		2,406
Residential mortgage loans	—		—		1,892		—		1,892		2,148
Investments in unconsolidated affiliates	—		—		5		2,427		2,432		2,432
Policy loans	—		—		52		—		52		52
Other invested assets	93		—		16		—		109		109
Company-owned life insurance	—		—		363		—		363		363
Trade and notes receivables, net of allowance	—		—		467		—		467		467
Total	$	93	$	99	$	4,878	$	2,427	$	7,497	$	8,076
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	34,464	$	—	$	34,464	$	38,412
Debt	—		2,776		—		—		2,776		3,238
Total	$	—	$	2,776	$	34,464	$	—	$	37,240	$	41,650

For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

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Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our fixed maturity securities investments have been designated as AFS, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments at June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	13,492	$	(7)	$	65	$	(710)	$	12,840
Commercial mortgage-backed securities	4,348		(18)		4		(345)		3,989
Corporates	18,919		(2)		46		(2,834)		16,129
Hybrids	773		—		4		(73)		704
Municipals	1,843		—		11		(251)		1,603
Residential mortgage-backed securities	2,127		(8)		11		(114)		2,016
U.S. Government	499		—		1		(16)		484
Foreign Governments	311		—		1		(48)		264
Total available-for-sale securities	$	42,312	$	(35)	$	143	$	(4,391)	$	38,029

	December 31, 2022
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	12,209	$	(8)	$	36	$	(770)	$	11,467
Commercial mortgage-backed/asset-backed securities	3,337		(1)		11		(284)		3,063
Corporates	17,396		(22)		32		(3,069)		14,337
Hybrids	806		—		9		(84)		731
Municipals	1,749		—		4		(293)		1,460
Residential mortgage-backed securities	1,638		(8)		6		(109)		1,527
U.S. Government	287		—		—		(16)		271
Foreign Governments	286		—		—		(47)		239
Total available-for-sale securities	$	37,708	$	(39)	$	98	$	(4,672)	$	33,095

Securities held on deposit with various state regulatory authorities had a fair value of $19,993 million and $17,870 million at June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023 and December 31, 2022, the Company held no material investments that were non-income producing for a period greater than twelve months.

As of June 30, 2023 and December 31, 2022, the Company's accrued interest receivable balance was $422 million and $365 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $3,543 million and $3,387 million as of June 30, 2023 and December 31, 2022, respectively.

The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations.

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	594	$	581	$	536	$	527
Due after one year through five years	4,202		4,001		3,288		3,089
Due after five years through ten years	2,394		2,172		2,171		1,939
Due after ten years	15,129		12,403		14,503		11,457
Subtotal	22,319		19,157		20,498		17,012
Other securities, which provide for periodic payments:
Asset-backed securities	13,492		12,840		12,209		11,467
Commercial mortgage-backed securities	4,348		3,989		3,337		3,063
Structured hybrids	26		27		26		26
Residential mortgage-backed securities	2,127		2,016		1,638		1,527
Subtotal	19,993		18,872		17,210		16,083
Total fixed maturity available-for-sale securities	$	42,312	$	38,029	$	37,708	$	33,095

Allowance for Expected Credit Loss

We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:

•The extent to which the fair value is less than the amortized cost basis;

•The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);

•The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);

•Current delinquencies and nonperforming assets of underlying collateral;

•Expected future default rates;

•Collateral value by vintage, geographic region, industry concentration or property type;

•Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and

•Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.

We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income as we write-off accrued interest through Interest and investment income when collectability concerns arise.

We consider the following in determining whether write-offs of a security’s amortized cost is necessary:

• We believe amounts related to securities have become uncollectible;

• We intend to sell a security; or

• It is more likely than not that we will be required to sell a security prior to recovery.

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible (generally based on proximity to expected credit loss), an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI. As of June 30, 2023 and December 31, 2022, our allowance for expected credit losses for AFS securities was $35 million and $39 million, respectively.

Purchased credit deteriorated ("PCD") financial assets are AFS securities purchased at a discount, where part of that discount is attributable to credit. Credit loss allowances are calculated for these securities as of the date of their acquisition, with the initial allowance serving to increase amortized cost. There were no purchases of PCD AFS securities during the three months ended June 30, 2023 or 2022.

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	4,219	$	(182)	$	6,220	$	(517)	$	10,439	$	(699)
Commercial mortgage-backed securities	1,593		(103)		1,665		(243)		3,258		(346)
Corporates	5,267		(317)		9,522		(2,517)		14,789		(2,834)
Hybrids	194		(15)		457		(58)		651		(73)
Municipals	557		(69)		831		(183)		1,388		(252)
Residential mortgage-backed securities	1,035		(17)		620		(93)		1,655		(110)
U.S. Government	150		(3)		189		(12)		339		(15)
Foreign Government	66		(6)		186		(41)		252		(47)
Total available-for-sale securities	$	13,081	$	(712)	$	19,690	$	(3,664)	$	32,771	$	(4,376)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,196
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,725
Total number of available-for-sale securities in an unrealized loss position											4,921

	December 31, 2022
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	7,001	$	(410)	$	3,727	$	(360)	$	10,728	$	(770)
Commercial mortgage-backed securities	2,079		(169)		475		(116)		2,554		(285)
Corporates	9,913		(1,735)		3,523		(1,330)		13,436		(3,065)
Hybrids	628		(83)		3		(1)		631		(84)
Municipals	998		(180)		352		(113)		1,350		(293)
Residential mortgage-backed securities	992		(51)		184		(22)		1,176		(73)
U.S. Government	130		(7)		140		(8)		270		(15)
Foreign Government	119		(32)		59		(14)		178		(46)
Total available-for-sale securities	$	21,860	$	(2,667)	$	8,463	$	(1,964)	$	30,323	$	(4,631)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											1,296
Total number of available-for-sale securities in an unrealized loss position											4,410

We determined the decrease in unrealized losses as of June 30, 2023, compared to December 31, 2022, was caused by long treasury rates being lower as well as spread compression. For securities in an unrealized loss position as of June 30, 2023, our allowance for expected credit loss was $35 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of June 30, 2023 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans (“CMLs”) represented approximately 6% of our total investments as of June 30, 2023 and December 31, 2022. The mortgage loans in our investment portfolio, are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	June 30, 2023				December 31, 2022
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	538		22	%	520		22	%
Mixed Use	12		1	%	12		1	%
Multifamily	1,012		41	%	1,013		42	%
Office	328		13	%	330		14	%
Retail	103		4	%	105		4	%
Student Housing	83		3	%	83		3	%
Other	376		15	%	335		13	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406
U.S. Region:
East North Central	$	150	6	%	$	151	6	%
East South Central	76		3	%	76		3	%
Middle Atlantic	325		13	%	326		13	%
Mountain	353		14	%	355		15	%
New England	166		7	%	158		7	%
Pacific	726		29	%	708		28	%
South Atlantic	553		22	%	521		22	%
West North Central	4		1	%	4		1	%
West South Central	117		5	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406

CMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	55	$	338	$	1,299	$	487	$	—	$	265	$	2,444
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	350	$	1,300	$	488	$	—	$	—	$	269	$	2,407
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages	$	350	$	1,300	$	488	$	—	$	—	$	278	$	2,416

(a) Excludes loans under development with an amortized cost and estimated fair value of $17 million for June 30, 2023.

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at June 30, 2023 and December 31, 2022:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
June 30, 2023	(In millions)
LTV Ratios:
Less than 50.00%	$	510	$	4	$	11	$	525	21	%	$	491	23	%
50.00% to 59.99%	740		—		—		740		30	%	649		30	%
60.00% to 74.99%	1,160		10		—		1,170		48	%	973		46	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,410	$	14	$	29	$	2,453	100	%	$	2,127	100	%
December 31, 2022
LTV Ratios:
Less than 50.00%	$	511	$	4	$	11	$	526	22	%	$	490	24	%
50.00% to 59.99%	706		—		—		706		29	%	615		30	%
60.00% to 74.99%	1,154		3		—		1,157		48	%	955		45	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,371	$	7	$	29	$	2,407	100	%	$	2,074	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	6	$	67	$	119	$	207	$	—	$	126	$	525
50.00% to 59.99%	27		149		267		158		—		139		740
60.00% to 74.99%	22		113		913		122		—		—		1,170
75.00% to 84.99%	—		9		—		—		—		9		18
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453
Commercial mortgages
DSCR
Greater than 1.25x	$	48	$	326	$	1,299	$	487	$	—	$	250	$	2,410
1.00x - 1.25x	7		3		—		—		—		4		14
Less than 1.00x	—		9		—		—		—		20		29
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2017		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	70	$	120	$	207	$	—	$	—	$	129	$	526
50.00% to 59.99%	149		268		158		—		—		131		706
60.00% to 74.99%	113		912		123		—		—		9		1,157
75.00% to 84.99%	9		—		—		—		—		9		18
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407
Commercial mortgages
DSCR
Greater than 1.25x	$	329	$	1,300	$	488	$	—	$	—	$	254	$	2,371
1.00x - 1.25x	3		—		—		—		—		4		7
Less than 1.00x	9		—		—		—		—		20		29
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At June 30, 2023 and December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above.

Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments as of June 30, 2023 and December 31, 2022, respectively. Our RMLs are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	June 30, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	152	5	%
New York	131		5	%
California	123		5	%
All other states (a)	2,264		85	%
Total residential mortgage loans	$	2,670	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of June 30, 2023.

	December 31, 2022
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	324	15	%
Texas	215		10	%
New Jersey	172		8	%
Pennsylvania	153		7	%
California	139		6	%
New York	138		6	%
Georgia	125		6	%
All other states (a)	914		42	%
Total residential mortgage loans	$	2,180	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2022.

RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of June 30, 2023 and December 31, 2022, was as follows :

	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,598	97	%	$	2,118	97	%
Non-performing	72		3	%	62		3	%
Total residential mortgage loans, gross of valuation allowance	$	2,670	100	%	$	2,180	100	%
Allowance for expected loan loss	(51)		—	%	(32)		—	%
Total residential mortgage loans, net of valuation allowance	$	2,619	100	%	$	2,148	100	%

RMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	137	$	963	$	862	$	200	$	192	$	199	$	2,553
30-89 days past due	—		6		24		5		4		6		45
90 days or more past due	—		7		20		15		29		1		72
Total residential mortgages	$	137	$	976	$	906	$	220	$	225	$	206	$	2,670

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	766	$	884	$	214	$	185	$	23	$	33	$	2,105
30-89 days past due	2		7		—		4		—		—		13
90 days or more past due	3		9		15		34		1		—		62
Total residential mortgages	$	771	$	900	$	229	$	223	$	24	$	33	$	2,180

    Non-accrual loans by amortized cost as of June 30, 2023 and December 31, 2022, were as follows:

	June 30, 2023		December 31, 2022
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	62
Commercial mortgage:	9		9
Total non-accrual mortgages	$	81	$	71

    

Immaterial interest income was recognized on non-accrual financing receivables for the six months ended June 30, 2023 and June 30, 2022.

It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of June 30, 2023 and December 31, 2022, we had $72 million and $62 million, respectively, of mortgage loans that were over 90 days past due, of which $35 million and $38 million were in the process of foreclosure as of June 30, 2023 and December 31, 2022 respectively.

Allowance for Expected Credit Loss

We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.

The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended June 30, 2023						Six months ended June 30, 2023
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(48)	$	(12)	$	(60)	$	(32)	$	(10)	$	(42)
Provision for loan losses	(3)		(1)		(4)		(19)		(3)		(22)
Ending Balance	$	(51)	$	(13)	$	(64)	$	(51)	$	(13)	$	(64)

	Three months ended June 30, 2022						Six months ended June 30, 2022
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(26)	$	(6)	$	(32)	$	(25)	$	(6)	$	(31)
Provision for loan losses	(3)		—		(3)		(4)		—		(4)
Ending Balance	$	(29)	$	(6)	$	(35)	$	(29)	$	(6)	$	(35)

An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial as of June 30, 2023 and June 30, 2022.

Interest and Investment Income

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Fixed maturity securities, available-for-sale	$	464	$	350	$	912	$	682
Equity securities	7		7		15		15
Preferred securities	15		20		28		35
Mortgage loans	57		49		108		88
Invested cash and short-term investments	34		13		67		18
Limited partnerships	45		58		103		171
Tax deferred property exchange income	40		10		83		14
Other investments	18		4		38		13
Gross investment income	680		511		1,354		1,036
Investment expense	(62)		(48)		(125)		(95)
Interest and investment income	$	618	$	463	$	1,229	$	941

Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $76 million and $20 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $134 million and $38 million for the six months ended June 30, 2023 and June 30, 2022.

Recognized Gains and Losses, net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Net realized losses on fixed maturity available-for-sale securities	$	(54)	$	(61)	$	(104)	$	(98)
Net realized/unrealized gains (losses) on equity securities (1)	(37)		(221)		(5)		(370)
Net realized/unrealized losses on preferred securities (2)	2		(118)		(8)		(208)
Realized losses on other invested assets	(24)		(9)		(29)		(10)
Change in allowance for expected credit losses	(20)		(9)		(23)		(12)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(65)		(35)		(154)		15
Unrealized gains (losses) on certain derivative instruments	164		(359)		311		(717)
Change in fair value of reinsurance related embedded derivatives (3)	17		141		(2)		263
Change in fair value of other derivatives and embedded derivatives	1		(5)		3		(8)
Realized gains (losses) on derivatives and embedded derivatives	117		(258)		158		(447)
Recognized gains and losses, net	$	(16)	$	(676)	$	(11)	$	(1,145)

(1) Includes net valuation losses of $37 million and $222 million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $9 million and $(388) million for the six months ended June 30, 2023 and 2022, respectively.

(2) Includes net valuation gains (losses) of $16 million and $(118) million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $50 million and $(207) million for the six months ended June 30, 2023 and 2022, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Somerset and Aspida Re.

Recognized gains and (losses), net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains (losses) attributable to these agreements, and thus excluded from the totals in the table above, was $21 million and $151 million for the three months ended June 30, 2023 and June 30, 2022, respectively and $(1) million and $279 million for the six months ended June 30, 2023 and June 30, 2022, respectively .

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Proceeds	$	609	$	802	$	1,098	$	1,835
Gross gains	—		1		8		5
Gross losses	(33)		(61)		(90)		(69)

Unconsolidated Variable Interest Entities

We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.

We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in Fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.

Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies).

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	2,803	$	4,491	$	2,427	$	4,030
Fixed maturity securities	18,471		20,853		15,680		17,404
Total unconsolidated VIE investments	$	21,274	$	25,344	$	18,107	$	21,434

Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows:

	June 30, 2023
	(In millions)
Blackstone Wave Asset Holdco (1)	$	738
(1) Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:

	June 30, 2023		December 31, 2022
Assets:	(In millions)
Derivative investments:
Call options	$	649	$	244
Other long-term investments:
Other embedded derivatives	26		23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	277		279
	$	952	$	546

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives	$	3,821	$	3,115
	$	3,821	$	3,115

The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Recognized gains and losses, net	(In millions)				(In millions)
Net investment gains (losses):
Call options	$	98	$	(395)	$	153	$	(709)
Futures contracts	—		(8)		5		(5)
Foreign currency forwards	—		9		(1)		12
Other derivatives and embedded derivatives	2		(5)		3		(8)
Reinsurance related embedded derivatives	17		141		(2)		263
Total net investment gains (losses)	$	117	$	(258)	$	158	$	(447)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase	$	252	$	(454)	$	706	$	(942)

Additional Disclosures

FIA/IUL Embedded Derivative, Call Options and Futures

We have FIA and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments.

We purchase derivatives consisting of a combination of call options and futures contracts (specifically for FIA contracts) on the applicable market indices to fund the index credits due to FIA/IUL contractholders. The call options are one, two, three, and five year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new call options to fund the next index credit. We manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and

futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the accompanying unaudited Condensed Consolidated Statements of Earnings. The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.

Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our FIA/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.

Reinsurance Related Embedded Derivatives

F&G entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain fixed rate and deferred annuity business, including MYGA, on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. Additionally, F&G entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a coinsurance funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements creates an obligation for F&G to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangements, including gains and losses from sales, were passed directly to the reinsurers pursuant to contractual terms of the reinsurance arrangements. The reinsurance related embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position, on the unaudited Condensed Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Earnings.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties on the call options and reflect assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.

Information regarding our exposure to credit loss on the call options we hold is presented in the following tables.

		June 30, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,033	$	69	$	26	$	43
Morgan Stanley	*/Aa3/A+	2,375		50		60		—
Barclay's Bank	A+/A1/A+	6,137		121		113		8
Canadian Imperial Bank of Commerce	AA/Aa2/A+	6,542		204		180		24
Wells Fargo	A+/A1/BBB+	1,480		54		53		1
Goldman Sachs	A/A2/BBB+	1,212		23		22		1
Credit Suisse	A+/A3/A	266		9		9		—
Truist	A+/A2/A	2,055		89		85		4
Citibank	A+/Aa3/A+	1,272		29		31		—
Total		$	25,372	$	648	$	579	$	81

		December 31, 2022
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	3,563	$	23	$	—	$	23
Morgan Stanley	*/Aa3/A+	1,699		14		19		—
Barclay's Bank	A+/A1/A	6,049		65		59		6
Canadian Imperial Bank of Commerce	AA/Aa2/A+	5,169		68		64		4
Wells Fargo	A+/A1/BBB+	1,361		17		17		—
Goldman Sachs	A/A2/BBB+	1,133		9		10		—
Credit Suisse	BBB+/A3/A-	1,039		5		5		—
Truist	A+/A2/A	2,489		35		36		—
Citibank	A+/Aa3/A+	795		8		9		—
Total		$	23,297	$	244	$	219	$	33

(a)An * represents credit ratings that were not available.

Collateral Agreements

We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying option contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except Merrill Lynch, this threshold is set to zero. As of June 30, 2023 and December 31, 2022, counterparties posted $579 million and $219 million, respectively, of collateral of which $459 million and $178 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts was $81 million at June 30, 2023 and $33 million at December 31, 2022.

We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reinvest derivative cash collateral to reduce the interest cost. Cash collateral is invested in overnight investment sweep products, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.

We held 409 and 409 futures contracts at June 30, 2023 and December 31, 2022, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $4 million and $3 million at June 30, 2023 and December 31, 2022, respectively.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal and Regulatory Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $8 million and $12 million as of June 30, 2023 and December 31, 2022, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

In August 2020, a lawsuit styled, In the Matter of FGL Holdings, was filed in the Grand Court of the Cayman Islands related to FNF's acquisition of F&G where dissenting shareholders, Kingfishers LP, Kingstown 1740 Fund LP, Kingstown Partners II LP, Kingstown Partners Master Ltd., and Ktown LP, asserted statutory appraisal rights relative to their ownership of 12,000,000 shares of F&G stock. They sought a judicial determination of the fair value of their shares of F&G stock as of the date of valuation under the law of the Cayman Islands, together with interest and legal costs. On October 5, 2022, the Grand Court of the Cayman Islands decided in favor of F&G. The dissenting shareholders failed to appeal the fair value order, and its appeal period expired on October 19, 2022. On April 19, 2023 the Grand Court of the Cayman Islands determined that the dissenting shareholders should pay F&G's Cayman Islands legal expenses and discovery costs relating to the lawsuit, by way of interim payment of $4 million with the balance to be determined after assessment. We are attempting to collect reimbursement of our expenses in this lawsuit.

From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition.

F&G Commitments

In our F&G segment, we have unfunded investment commitments as of June 30, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class as of June 30, 2023 is included below:

	June 30, 2023
Asset Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,688
Whole loans	1,044
Fixed maturity securities, ABS	247
Direct Lending	910
Other fixed maturity securities, AFS	21
Commercial mortgage loans	16
Other assets	125
Other invested assets	6
Committed amounts included in liabilities	2
Total	$	4,059

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Dividends	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Dividends	DividendsOn August 8, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on September 29, 2023, to FNF common shareholders of record as of September 15, 2023.

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Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

Summarized financial information concerning our reportable segments is shown in the following tables.

As of and for the three months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	1,254	$	—	$	—	$	1,254
Other revenues	581		576		55		1,212
Revenues from external customers	1,835		576		55		2,466
Interest and investment income, including recognized gains and losses, net	29		592		(19)		602
Total revenues	1,864		1,168		36		3,068
Depreciation and amortization	39		104		8		151
Interest expense	—		25		18		43
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	233		163		(64)		332
Income tax expense (benefit)	65		33		(8)		90
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	168		130		(56)		242
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	169	$	130	$	(56)	$	243
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the three months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,062	$	—	$	—	$	2,062
Other revenues	706		71		9		786
Revenues from external customers	2,768		71		9		2,848
Interest and investment income, including recognized gains and losses, net	(214)		(1)		2		(213)
Total revenues	2,554		70		11		2,635
Depreciation and amortization	34		80		6		120
Interest expense	—		9		22		31
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	267		482		(18)		731
Income tax expense (benefit)	111		97		(6)		202
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	156		385		(12)		529
Equity in earnings of unconsolidated affiliates	14		—		—		14
Net earnings (loss) from continuing operations	$	170	$	385	$	(12)	$	543
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

As of and for the six months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,232	$	—	$	—	$	2,232
Other revenues	1,052		941		99		2,092
Revenues from external customers	3,284		941		99		4,324
Interest and investment income, including recognized gains and losses, net	132		1,096		(10)		1,218
Total revenues	3,416		2,037		89		5,542
Depreciation and amortization	76		194		15		285
Interest expense	—		47		38		85
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	390		(40)		(92)		258
Income tax expense (benefit)	92		25		(13)		104
Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates	298		(65)		(79)		154
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	299	$	(65)	$	(79)	$	155
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the six months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	3,928	$	—	$	—	$	3,928
Other revenues	1,371		667		40		2,078
Revenues from external customers	5,299		667		40		6,006
Interest and investment income, including recognized gains and losses, net	(362)		153		5		(204)
Total revenues	4,937		820		45		5,802
Depreciation and amortization	67		156		12		235
Interest expense	—		17		44		61
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	516		827		(56)		1,287
Income tax expense (benefit)	168		203		(13)		358
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	348		624		(43)		929
Equity in earnings of unconsolidated affiliates	16		—		—		16
Net earnings (loss) from continuing operations	$	364	$	624	$	(43)	$	945
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

The activities in our segments include the following:

•Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products.

•F&G. This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (FIA and fixed rate annuities), immediate annuities and IUL. This segment also provides funding agreements and PRT solutions.

•Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Six months ended June 30,
	2023		2022
Cash paid for:	(In millions)
Interest	$	61	$	63
Income taxes	54		202
Deferred sales inducements	68		38
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(132)		151
Change in purchases of investments available for sale payable in period	238		212
Change in contractholder deposits for FABN issuance	—		300
Lease liabilities recognized in exchange for lease right-of-use assets	21		42
Remeasurement of lease liabilities	41		41
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	299		—
Less: Total Purchase price	293		—
Liabilities and noncontrolling interests assumed	$	6	$	—

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Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended June 30,				Six months ended June 30,
			2023		2022		2023		2022
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	Agency title insurance premiums	Title	713		1,203		1,263		2,302
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	576		71		941		667
Home warranty	Escrow, title-related and other fees	Title	37		43		67		77
Total revenue from insurance contracts			1,867		2,176		3,240		4,672
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	219		294		379		559
Other title-related fees and income	Escrow, title-related and other fees	Title	169		210		315		406
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	87		92		162		186
Real estate technology	Escrow, title-related and other fees	Corporate and other	39		41		76		79
Total revenue from contracts with customers			514		637		932		1,230
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	69		67		129		143
Other	Escrow, title-related and other fees	Corporate and other	16		(32)		23		(39)
Interest and investment income	Interest and investment income	Various	618		463		1,229		941
Recognized gains and losses, net	Recognized gains and losses, net	Various	(16)		(676)		(11)		(1,145)
Total revenues	Total revenues		$	3,068	$	2,635	$	5,542	$	5,802

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated

with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.

Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, URL on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC, and DSI, other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Contract Balances

The following table provides information about trade receivables and deferred revenue:

	June 30, 2023		December 31, 2022
	(In millions)
Trade receivables	$	344	$	349
Deferred revenue (contract liabilities)	313		271

Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months and six months ended June 30, 2023, we recognized $38 million and $59 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.

	June 30, 2023		December 31, 2022
	(In millions)
Customer relationships and contracts	$	209	$	202
VOBA	1,529		$	1,615
DAC	1,856		1,411
DSI	258		200
Value of distribution asset	93		100
Computer software	280		196
Definite lived trademarks, tradenames, and other	32		27
Indefinite lived tradenames and other	60		60
Total Other intangible assets, net	$	4,317	$	3,811

The following tables roll forward VOBA by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2023	$	1,166	$	32	$	201	$	143	$	73	$	1,615
Amortization	(71)		(3)		(6)		(4)		(2)		(86)
Balance at June 30, 2023	$	1,095	$	29	$	195	$	139	$	71	$	1,529
	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2022	$	1,314	$	39	$	212	$	153	$	25	$	1,743
Amortization	(76)		(3)		(6)		(5)		(1)		(91)
Shadow Premium Deficiency Testing (“PDT”)	—		—		—		—		52		52
Balance at June 30, 2022	$	1,238	$	36	$	206	$	148	$	76	$	1,704

VOBA amortization expense of $86 million and $91 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,095	$	1,166
Fixed Rate Annuities	29		32
Immediate Annuities	195		201
Universal Life	139		143
Traditional Life	71		73
Total	$	1,529	$	1,615

The following tables roll forward DAC by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	249		91		109		449
Amortization	(47)		(20)		(16)		(83)
Reinsurance related adjustments	—		79		—		79
Balance at June 30, 2023	$	1,173	$	233	$	441	$	1,847
	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2022	$	564	$	38	$	173	$	775
Capitalization	216		25		91		332
Amortization	(29)		(4)		(9)		(42)
Balance at June 30, 2022	$	751	$	59	$	255	$	1,065

(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)

DAC amortization expense of $83 million and $42 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,173	$	971
Fixed Rate Annuities	233		83
Universal Life	441		348
Funding Agreements	9		9
Total	$	1,856	$	1,411

The following tables roll forward DSI for the six months ended June 30, 2023 and June 30, 2022:

	FIA		Total
	(In millions)
Balance at January 1, 2023	$	200	$	200
Capitalization	68		68
Amortization	(10)		(10)
Balance at June 30, 2023	$	258	$	258
	FIA		Total
	(In millions)
Balance at January 1, 2022	$	127	$	127
Capitalization	38		38
Amortization	(6)		(6)
Balance at June 30, 2022	$	159	$	159

DSI amortization expense of $10 million and $6 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	258	$	200
Total	$	258	$	200

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuity and PRT contracts, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For FIA contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the company’s best estimates for policyholder behavior, consistent with the development of assumptions for FIA, immediate annuity, and PRT.

We review cash flow assumptions annually, generally in the third quarter. In 2022, F&G undertook a review of all significant assumptions and revised GMWB utilization for our deferred annuity contracts (FIA and fixed rate annuities) to reflect internal and industry experience in the first several contract years.

For the in-force liabilities as of June 30, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2023	$	80
2024	151
2025	139
2026	128
2027	117
Thereafter	914

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F&G Reinsurance

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

F&G Reinsurance

F&G Reinsurance

F&G reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. 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. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. The Company follows reinsurance accounting when there is adequate risk transfer or deposit accounting if there is inadequate risk transfer. If the underlying policy being reinsured is an investment contract, the effects of the agreement are accounted for as a separate investment contract.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three and six months ended June 30, 2023 and June 30, 2022 were as follows:

	Three months ended								Six months ended
	June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2022
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	510	$	862	$	39	$	204	$	811	$	1,734	$	606	$	709
Ceded	(27)		(45)		(35)		(581)		(53)		(105)		(67)		(883)
Net	$	483	$	817	$	4	$	(377)	$	758	$	1,629	$	539	$	(174)

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. F&G did not write off any significant reinsurance balances during the three and six months ended June 30, 2023 and June 30, 2022. F&G did not commute any ceded reinsurance treaties during the three and six months ended June 30, 2023 and June 30, 2022.

F&G estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. The expected credit loss reserves were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Balance at Beginning of Period	$	(10)	$	(20)	$	(10)	$	(20)
Changes in the expected credit loss reserve	1		1		1		1
Balance at End of Period	$	(9)	$	(19)	$	(9)	$	(19)

No policies issued by F&G have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance.

F&G has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.

Aspida Reinsurance Transaction. F&G executed a Funds Withheld Coinsurance Agreement with Aspida Re, a Bermuda reinsurer. In accordance with the terms of this agreement, F&G cedes to the reinsurer, on a fifty percent (50%) funds withheld coinsurance basis, certain multiyear guaranteed annuity business written effective January 1, 2021. The agreement was originally executed January 15, 2021 and amended in August 2021 and September 2022. For reinsured policies issued prior to September 1, 2022, the policies are ceded on a fifty percent (50%) quota share basis.  For reinsured policies issued on or after September 1, 2022, the policies are ceded on a seventy-five percent (75%) quota share basis, capped at $350 million cession per month. For the month of March 2023 only, the premiums cap increased to $450 million. As the policies ceded to Aspida are investment contracts, there is no significant insurance risk present and; therefore, the effects of this agreement are accounted for as a separate investment contract.

There have been no other significant changes to reinsurance contracts for the three and six months ended June 30, 2023.

Concentration of Reinsurance Risk

The Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida Re, Wilton Reassurance Company (“Wilton Re”), and Somerset that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. Aspida Re has an A- issuer credit rating from AM Best as of June 30, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. Wilton Re has an A+ issuer credit rating from AM Best and an A issuer credit rating from Fitch as of June 30, 2023. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of June 30, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. On June 30, 2023, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $4,857 million, $1,157 million, and $543 million, respectively. We monitor both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. We believe that all amounts due from Aspida Re, Wilton Re, and Somerset for periodic treaty settlements are collectible as of June 30, 2023.

There have been no other material changes in the reinsurance and the intercompany reinsurance agreements described in our Form 10-K for the year ended December 31, 2022.

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F&G Insurance Subsidiary Financial Information and Regulatory Matters

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

F&G Insurance Subsidiary Financial Information and Regulatory Matters

Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Six months ended June 30,
	2023			2022
	(In millions)
Beginning balance	$	1,810		$	1,883
Change in insurance recoverable	—			(108)
Claim loss provision related to:
Current year	100			177
Total title claim loss provision	100			177
Claims paid, net of recoupments related to:
Current year	(4)			(7)
Prior years	(125)			(102)
Total title claims paid, net of recoupments	(129)			(109)
Ending balance of claim loss reserve for title insurance	$	1,781		$	1,843
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.

In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co., was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver sought compensatory, incidental, consequential, and punitive damages, and the recovery of attorneys’ fees. In turn, the Named Companies petitioned the federal court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted.

On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver’s lawsuit against the Named Companies has been dismissed. The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed.

The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been

consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy.

On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms.

On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson, which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies filed a cross-complaint against Ms. Champion-Cain, and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank.

On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992, which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees.

On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed.

Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.

We continually update loss reserve estimates as new information becomes known, new loss patterns emerge or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors.

Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, it is possible that additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.

F&G Insurance Subsidiary Financial Information and Regulatory MattersOur U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed.

The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.

F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP.

FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $202 million and $152 million decrease to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

Based on a permitted practice received from the Iowa Insurance Department, FGL Insurance carries one of its limited partnership interests which qualifies for accounting under SSAP No. 48, “Investments in Joint Ventures, Partnerships and Limited Liability Companies” on a net asset value per share basis. This is a departure from SSAP No. 48 which requires such investments to be carried based on the investees underlying U.S. GAAP equity (prior to any impairment considerations). This resulted in a $15 million and $13 million increase to statutory capital and surplus at June 30, 2023 and December 31, 2022, respectively.

FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $200 million at June 30, 2023 and December 31, 2022, respectively.

Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $107 million and $121 million at June 30, 2023 and December 31, 2022, respectively.

As of June 30, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.

The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.

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Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

TitlePoint

On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to a customary working capital adjustment.

The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The purchase price has been allocated to TitlePoint's assets acquired based on their fair values as of the acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. In connection with the acquisition, we recorded preliminary fair value estimates for goodwill, other intangible assets and other assets of $146 million, $73 million and $5 million, respectively, as of June 30, 2023.

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	9	10
Trade name	4		10
Software	60		7
Total Other intangible assets	$	73

AllFirst

On August 9, 2022, we acquired approximately 74% of the outstanding equity of AllFirst Title Insurance Agency ("AllFirst") for approximately $130 million in cash consideration. On December 19, 2022, we purchased an additional 6% of the outstanding equity of AllFirst for approximately $10 million in cash consideration.

The acquisition was accounted for as a business combination under Topic 805. The purchase price has been allocated to AllFirst's assets acquired and liabilities assumed based on their fair values as of acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. We completed our assessment of the fair value of assets acquired and liabilities assumed within the one-year period from the date of the acquisition. We recorded fair value amounts as of the acquisition date for goodwill, other intangibles, other assets, other liabilities and non-controlling interest of $104 million, $55 million, $40 million, $18 million and $46 million, respectively.

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	46	10
Trade name	7		10
Non-compete agreements	1		5
Software	1		2
Total Other intangible assets	$	55

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Notes Payable

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Notes Payable

Notes Payable

Notes payable consists of the following:

	June 30, 2023		December 31, 2022
	(In millions)
4.50% Notes, net of discount	$	445	$	445
3.40% Notes, net of discount	644		644
2.45% Notes, net of discount	594		594
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(2)		(3)
F&G Credit Agreement	511		547
7.40% F&G Notes	495		—
5.50% F&G Notes	565		567
	$	3,696	$	3,238

On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% F&G Notes, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 7.40% F&G Notes are the senior

unsecured, unsubordinated obligations of F&G and are guaranteed on an unsecured, unsubordinated basis by each of F&G's subsidiaries that are guarantors of its obligations under the F&G Credit Agreement (the “Guarantors”). The interest rate payable on the 7.40% F&G Notes will be subject to adjustment from time to time if either S&P or Fitch (or a substitute rating agency therefor) downgrades (or downgrades and subsequently upgrades) the credit ratings assigned to the 7.40% F&G Notes. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements.

On November 22, 2022, F&G entered into a Credit Agreement (the "F&G Credit Agreement") with certain lenders (the "Lenders") and Bank of America, N.A. as administrative agent (the "Administrative Agent"), swing line lender and issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility (the "F&G Credit Facility") in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes.

The F&G Credit Agreement matures the earlier to occur of November 22, 2025 or 91 days prior to May 1, 2025, the stated maturity date of the 5.50% F&G Notes, unless the principal amount of the 5.50% F&G Notes is $150 million or less at such time, the 5.50% F&G Notes have been redeemed or defeased in full, and any refinancing Indebtedness incurred in connection therewith matures at least 91 days after the date that is 3 years from the Effective Date, as defined in the F&G Credit Agreement, or certain other conditions are met. Revolving loans under the F&G Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. On February 21, 2023, F&G amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The amendment to the F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million.

On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes, pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20% Notes were approximately $443 million, after deducting underwriting discounts, commissions and offering expenses. We plan to use the net proceeds from the offering for general corporate purposes.

On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. As of June 30, 2023, there was no principal outstanding, $2 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Revolving Credit Facility.

On September 15, 2020, we completed our underwritten public offering of $600 million aggregate principal amount of our 2.45% Notes due March 15, 2031 (the "2.45% Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45% Notes were approximately $593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $260 million outstanding indebtedness under the Term Loan, and (ii) for general corporate purposes.

On June 12, 2020, we completed our underwritten public offering of $650 million aggregate principal amount of the 3.40% Notes due June 15, 2030 (the “3.40% Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40% Notes were approximately $642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes.

On June 1, 2020, as a result of the F&G acquisition, we assumed $550 million aggregate principal amount of 5.50% senior notes due 2025 (the "5.50% F&G Notes"), originally issued on April 20, 2018 at 99.5% of face value for proceeds of $547 million.

On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the "4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16,

2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the "4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange.

Gross principal maturities of notes payable at June 30, 2023 are as follows:

	(In millions)
2023 (remaining)	$	511
2024	—
2025	550
2026	—
2027	—
Thereafter	2,650
	$	3,711

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Market Risk Benefits

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Market Risk Benefits

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the six months ended June 30, 2023 and the years ended December 31, 2022 and December 31, 2021:

	June 30, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
	(Dollars in millions)
Balance, beginning of period	$	164	$	1	$	426	$	2	$	478	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(8)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	68		—		107		1		99		1
Actual policyholder behavior different from expected	11		—		43		—		(22)		—
Changes in assumptions and other	1		—		(76)		—		—		—
Effects of market related movements	(38)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	136	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	58		—		62		—		146		1
Balance, end of period	$	194	$	1	$	164	$	1	$	426	$	2
Weighted-average attained age of policyholders weighted by total AV (years)	68.41		72.67		68.59		72.88		68.95		73.10
Net amount at risk	$	1,006	$	3	$	952	$	3	$	1,304	$	4

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	$	118	$	312	$	194	$	117	$	281	$	164	$	41	$	467	$	426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	118	$	313	$	195	$	117	$	282	$	165	$	41	$	469	$	428

For the six months ended June 30, 2023, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased slightly, leading to a decrease in the MRB associated with FIA and fixed rate annuities.

•Increases in the equity market related projections resulted in a decrease in the net amount at risk associated with FIAs, leading to a decrease in the value of the associated MRBs.

•F&G’s credit spread increased slightly, leading to a corresponding decrease in the MRBs associated with both FIA and fixed rate annuities.

In 2022, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased significantly, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.

•Decreases in the equity markets resulted in an increase in the net amount at risk associated with FIAs, leading to an increase in the value of the associated MRBs.

•Volatility indices increased, leading to an increase in the MRBs associated with FIAs.

•Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review. The GMWB utilization assumption was revised in the second quarter of 2022 to reflect additional internal and industry experience for the first several contract years. This assumption update led to a decrease in the MRBs.

•F&G’s credit spread increased during the year, leading to a corresponding decrease in the MRBs value. Credit spreads on the block of business remain lower than the at-issue or at-purchase credit spreads, but the level has decreased since the beginning of 2022.

In 2021, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•    Risk-free rates increased moderately, leading to a decrease in the MRBs associated with both FIA and fixed

rate annuities.

•Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.

Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	June 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	2,415			2,584			99			—		456
Premiums received	52			1			180			—		—
Policy charges (a)	(87)			—			(124)			—		—
Surrenders and withdrawals	(876)			(520)			(45)			—		—
Benefit payments	(254)			(118)			(16)			(27)		(323)
Interest credited	69			179			20			27		25
Other	23			(1)			—			—		3
Balance, end of year	$	26,108		$	11,483		$	2,226		$	2,613	$	2,143
Embedded derivative adjustment (c)	98			—			73			—		—
Gross Liability, end of period	$	26,206		$	11,483		$	2,299		$	2,613	$	2,143
Less: Reinsurance	(17)			(5,431)			(924)			—		—
Net Liability, after Reinsurance	$	26,189		$	6,052		$	1,375		$	2,613	$	2,143
Weighted-average crediting rate	1.10		%	7.07		%	3.85		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,401			N/A		N/A
Cash surrender value	24,337			10,707			1,760			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	21,997			6,367			1,907			1,904		1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)
Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982
Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value	188			5,992			1,698			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)
Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543
Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value	20,455			5,992			1,572			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
FIA	$	26,206	$	24,423	$	22,600
Fixed rate annuities	11,483		9,358		6,367
Immediate annuities	317		332		352
Universal life	2,299		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,613		2,613		1,904
FHLB	2,143		1,982		1,543
PRT	4		3		1
Total	$	45,070	$	40,843	$	34,753

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	June 30, 2023
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	23,749	$	796	$	403	$	663	$	25,611
1.51%-2.50%	141		—		1		—		142
Greater than 2.50%	353		—		2		—		355
Total	$	24,243	$	796	$	406	$	663	$	26,108
Fixed Rate Annuities
0.00%-1.50%	$	17	$	30	$	1,838	$	8,287	$	10,172
1.51%-2.50%	8		13		28		313		362
Greater than 2.50%	934		3		4		8		949
Total	$	959	$	46	$	1,870	$	8,608	$	11,483
Universal Life
0.00%-1.50%	$	1,822	$	4	$	—	$	18	$	1,844
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		35		1		—		382
Total	$	2,168	$	39	$	1	$	18	$	2,226

	December 31, 2022
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	22,848	$	801	$	410	$	151	$	24,210
1.51%-2.50%	162		—		1		—		163
Greater than 2.50%	390		—		3		—		393
Total	$	23,400	$	801	$	414	$	151	$	24,766
Fixed Rate Annuities
0.00%-1.50%	$	10	$	32	$	1,871	$	6,379	$	8,292
1.51%-2.50%	9		14		30		1		54
Greater than 2.50%	997		4		4		7		1,012
Total	$	1,016	$	50	$	1,905	$	6,387	$	9,358
Universal Life
0.00%-1.50%	$	1,701	$	3	$	—	$	17	$	1,721
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		44		1		—		391
Total	$	2,047	$	47	$	1	$	17	$	2,112

	December 31, 2021
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	20,162	$	803	$	388	$	—	$	21,353
1.51%-2.50%	171		11		25		—		207
Greater than 2.50%	431		3		3		—		437
Total	$	20,764	$	817	$	416	$	—	$	21,997
Fixed Rate Annuities
0.00%-1.50%	$	2	$	28	$	1,928	$	3,219	$	5,177
1.51%-2.50%	9		15		37		1		62
Greater than 2.50%	954		142		25		7		1,128
Total	$	965	$	185	$	1,990	$	3,227	$	6,367
Universal Life
0.00%-1.50%	$	1,486	$	2	$	—	$	13	$	1,501
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		46		1		—		406
Total	$	1,845	$	48	$	1	$	13	$	1,907

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Contractholder Funds

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Contractholder Funds

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the six months ended June 30, 2023 and the years ended December 31, 2022 and December 31, 2021:

	June 30, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
	(Dollars in millions)
Balance, beginning of period	$	164	$	1	$	426	$	2	$	478	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(8)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	68		—		107		1		99		1
Actual policyholder behavior different from expected	11		—		43		—		(22)		—
Changes in assumptions and other	1		—		(76)		—		—		—
Effects of market related movements	(38)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	136	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	58		—		62		—		146		1
Balance, end of period	$	194	$	1	$	164	$	1	$	426	$	2
Weighted-average attained age of policyholders weighted by total AV (years)	68.41		72.67		68.59		72.88		68.95		73.10
Net amount at risk	$	1,006	$	3	$	952	$	3	$	1,304	$	4

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	$	118	$	312	$	194	$	117	$	281	$	164	$	41	$	467	$	426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	118	$	313	$	195	$	117	$	282	$	165	$	41	$	469	$	428

For the six months ended June 30, 2023, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased slightly, leading to a decrease in the MRB associated with FIA and fixed rate annuities.

•Increases in the equity market related projections resulted in a decrease in the net amount at risk associated with FIAs, leading to a decrease in the value of the associated MRBs.

•F&G’s credit spread increased slightly, leading to a corresponding decrease in the MRBs associated with both FIA and fixed rate annuities.

In 2022, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates increased significantly, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.

•Decreases in the equity markets resulted in an increase in the net amount at risk associated with FIAs, leading to an increase in the value of the associated MRBs.

•Volatility indices increased, leading to an increase in the MRBs associated with FIAs.

•Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review. The GMWB utilization assumption was revised in the second quarter of 2022 to reflect additional internal and industry experience for the first several contract years. This assumption update led to a decrease in the MRBs.

•F&G’s credit spread increased during the year, leading to a corresponding decrease in the MRBs value. Credit spreads on the block of business remain lower than the at-issue or at-purchase credit spreads, but the level has decreased since the beginning of 2022.

In 2021, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•    Risk-free rates increased moderately, leading to a decrease in the MRBs associated with both FIA and fixed

rate annuities.

•Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.

Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	June 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	2,415			2,584			99			—		456
Premiums received	52			1			180			—		—
Policy charges (a)	(87)			—			(124)			—		—
Surrenders and withdrawals	(876)			(520)			(45)			—		—
Benefit payments	(254)			(118)			(16)			(27)		(323)
Interest credited	69			179			20			27		25
Other	23			(1)			—			—		3
Balance, end of year	$	26,108		$	11,483		$	2,226		$	2,613	$	2,143
Embedded derivative adjustment (c)	98			—			73			—		—
Gross Liability, end of period	$	26,206		$	11,483		$	2,299		$	2,613	$	2,143
Less: Reinsurance	(17)			(5,431)			(924)			—		—
Net Liability, after Reinsurance	$	26,189		$	6,052		$	1,375		$	2,613	$	2,143
Weighted-average crediting rate	1.10		%	7.07		%	3.85		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,401			N/A		N/A
Cash surrender value	24,337			10,707			1,760			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	21,997			6,367			1,907			1,904		1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)
Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982
Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value	188			5,992			1,698			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)
Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543
Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value	20,455			5,992			1,572			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
FIA	$	26,206	$	24,423	$	22,600
Fixed rate annuities	11,483		9,358		6,367
Immediate annuities	317		332		352
Universal life	2,299		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,613		2,613		1,904
FHLB	2,143		1,982		1,543
PRT	4		3		1
Total	$	45,070	$	40,843	$	34,753

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	June 30, 2023
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	23,749	$	796	$	403	$	663	$	25,611
1.51%-2.50%	141		—		1		—		142
Greater than 2.50%	353		—		2		—		355
Total	$	24,243	$	796	$	406	$	663	$	26,108
Fixed Rate Annuities
0.00%-1.50%	$	17	$	30	$	1,838	$	8,287	$	10,172
1.51%-2.50%	8		13		28		313		362
Greater than 2.50%	934		3		4		8		949
Total	$	959	$	46	$	1,870	$	8,608	$	11,483
Universal Life
0.00%-1.50%	$	1,822	$	4	$	—	$	18	$	1,844
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		35		1		—		382
Total	$	2,168	$	39	$	1	$	18	$	2,226

	December 31, 2022
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	22,848	$	801	$	410	$	151	$	24,210
1.51%-2.50%	162		—		1		—		163
Greater than 2.50%	390		—		3		—		393
Total	$	23,400	$	801	$	414	$	151	$	24,766
Fixed Rate Annuities
0.00%-1.50%	$	10	$	32	$	1,871	$	6,379	$	8,292
1.51%-2.50%	9		14		30		1		54
Greater than 2.50%	997		4		4		7		1,012
Total	$	1,016	$	50	$	1,905	$	6,387	$	9,358
Universal Life
0.00%-1.50%	$	1,701	$	3	$	—	$	17	$	1,721
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		44		1		—		391
Total	$	2,047	$	47	$	1	$	17	$	2,112

	December 31, 2021
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	20,162	$	803	$	388	$	—	$	21,353
1.51%-2.50%	171		11		25		—		207
Greater than 2.50%	431		3		3		—		437
Total	$	20,764	$	817	$	416	$	—	$	21,997
Fixed Rate Annuities
0.00%-1.50%	$	2	$	28	$	1,928	$	3,219	$	5,177
1.51%-2.50%	9		15		37		1		62
Greater than 2.50%	954		142		25		7		1,128
Total	$	965	$	185	$	1,990	$	3,227	$	6,367
Universal Life
0.00%-1.50%	$	1,486	$	2	$	—	$	13	$	1,501
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		46		1		—		406
Total	$	1,845	$	48	$	1	$	13	$	1,907

XML

Future Policy Benefits

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Future Policy Benefits

Future Policy Benefits

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	June 30, 2023		December 31, 2022		December 31, 2021
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	797	$	1,020	$	1,152
Beginning balance of original discount rate	974		1,045		1,131
Effect of actual variances from expected experience	7		33		25
Balance adjusted for variances from expectation	981		1,078		1,156
Interest accrual	9		20		22
Net premiums collected	(60)		(124)		(133)
Ending Balance at original discount rate	930		974		1,045
Effect of changes in discount rate assumptions	(167)		(177)		(25)
Balance, end of year	$	763	$	797	$	1,020
Expected FPB
Balance, beginning of year	$	2,151	$	2,772	$	3,105
Beginning balance of original discount rate	2,665		2,806		2,995
Effect of actual variances from expected experience	(9)		13		(14)
Balance adjusted for variances from expectation	$	2,656	$	2,819	$	2,981
Interest accrual	28		59		62
Benefits payments	(99)		(213)		(237)
Ending Balance at original discount rate	$	2,585	$	2,665	$	2,806
Effect of changes in discount rate assumptions	(474)		(514)		(34)
Balance, end of year	$	2,111	$	2,151	$	2,772
Net liability for future policy benefits	$	1,348	$	1,354	$	1,752
Less: Reinsurance recoverable	587		612		749
Net liability for future policy benefits, after reinsurance recoverable	$	761	$	742	$	1,003
Weighted-average duration of liability for future policyholder benefits (years)	7.36		7.58		8.54

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	June 30, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance of original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(5)
Effect of actual variances from expected experience	(17)		—
Balance adjusted for variances from expectation	1,841		2,470
Issuances	10		755
Interest accrual	33		50
Benefits payments	(65)		(115)
Ending Balance at original discount rate	1,819		3,160
Effect of changes in discount rate assumptions	(408)		(290)
Balance, end of year	$	1,411	$	2,870
Net liability for future policy benefits	$	1,411	$	2,870
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,295	$	2,870
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

	December 31, 2022
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,954	$	1,148
Beginning balance of original discount rate	1,935		1,151
Effect of changes in cash flow assumptions	—		(20)
Effect of actual variances from expected experience	(26)		2
Balance adjusted for variances from expectation	$	1,909	$	1,133
Issuances	26		1,418
Interest accrual	60		50
Benefits payments	(137)		(126)
Ending Balance at original discount rate	$	1,858	$	2,475
Effect of changes in discount rate assumptions	(429)		(310)
Balance, end of year	$	1,429	$	2,165
Net liability for future policy benefits	$	1,429	$	2,165
Less: Reinsurance recoverable	118		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,311	$	2,165
Weighted-average duration of liability for future policyholder benefits (years)	11.76		8.09

	December 31, 2021
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	2,153	$	—
Beginning balance of original discount rate	2,040		—
Effect of actual variances from expected experience	(47)		—
Balance adjusted for variances from expectation	$	1,993	$	—
Issuances	18		1,155
Interest accrual	60		2
Benefits payments	(136)		(6)
Ending Balance at original discount rate	$	1,935	$	1,151
Effect of changes in discount rate assumptions	19		(3)
Balance, end of year	$	1,954	$	1,148
Net liability for future policy benefits	$	1,954	$	1,148
Less: Reinsurance recoverable	145		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,809	$	1,148
Weighted-average duration of liability for future policyholder benefits (years)	13.61		8.75

The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:

	June 30, 2023				December 31, 2022				December 31, 2021
	Immediate annuities		PRT		Immediate annuities		PRT		Immediate annuities		PRT
					(In millions)
Balance, beginning of year	$	69	$	4	$	57	$	7	$	22	$	—
Effect of modeling changes	4		—		—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(2)		—		—
Effect of actual variances from expected experience	10		2		16		—		39		—
Balance adjusted for variances from expectation	83		6		73		5		61		—
Issuances	1		—		1		—		$	—	$	7
Interest accrual	1		(1)		2		—		2		—
Amortization	(3)		(1)		(7)		(1)		(6)		—
Balance, end of year	$	82	$	4	$	69	$	4	$	57	$	7

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
Traditional Life	$	1,348	$	1,354	$	1,752
Immediate annuities	1,411		1,429		1,954
PRT	2,870		2,165		1,148
Immediate annuities DPL	82		69		57
PRT DPL	4		4		7
Total	$	5,715	$	5,021	$	4,918

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Traditional Life	(In millions)
Expected future benefit payments	$	3,027	$	3,201	$	2,089	$	2,686
Expected future gross premiums	1,114		1,245		803		1,091
Immediate annuities
Expected future benefit payments	$	3,361	$	3,516	$	1,411	$	1,907
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	4,724	$	2,265	$	3,161	$	1,652
Expected future gross premiums	—		—		—		—

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Traditional Life	$	63	$	70	$	19	$	20
Immediate annuities	11		16		33		30
PRT	737		520		50		19
Total	$	811	$	606	$	102	$	69

(a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Earnings.

The following table presents the weighted-average interest rate:

	June 30, 2023		December 31, 2022		December 31, 2021
Traditional Life
Interest accretion rate	2.33	%	2.32	%	2.29	%
Current discount rate	4.63	%	5.37	%	2.41	%
Immediate annuities
Interest accretion rate	3.12	%	3.07	%	3.04	%
Current discount rate	5.10	%	5.21	%	3.07	%
PRT
Interest accretion rate	4.04	%	3.20	%	1.20	%
Current discount rate	5.28	%	5.40	%	2.79	%

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	June 30, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	3.2	%	2.3	%
Expected experience	1.4	%	1.6	%	2.1	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

	December 31, 2022
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.5	%	3.0	%	1.9	%
Expected experience	1.3	%	1.9	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

	December 31, 2021
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	4.2	%	—	%
Expected experience	1.3	%	2.0	%	—	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions):

	June 30, 2023				December 31, 2022
	Cohort X			Description	Cohort X			Description
Net Premium Ratio before capping	100		%	Term with ROP Non-NY Cohort	100		%	Term with ROP Non-NY Cohort
Reserves before NP Ratio capping	$	1,184		Term with ROP Non-NY Cohort	$	1,172		Term with ROP Non-NY Cohort
Reserves after NP Ratio capping	$	1,185		Term with ROP Non-NY Cohort	$	1,173		Term with ROP Non-NY Cohort
Loss Expense	$	1		Term with ROP Non-NY Cohort	$	—		Term with ROP Non-NY Cohort

F&G realized actual-to-expected experience variances and made changes to assumptions during the six months ended June 30, 2023 and the year ended December 31, 2022 as follows:

Traditional life

Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022 resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review in the third quarter of the significant cash flow assumptions and did not make any changes to mortality or lapses.

Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected net premiums and expected future policy benefits due to discount rate changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

Immediate annuities (life contingent)

Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

PRT (life contingent)

Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from 2022 resulting in decreased discount rates that drove a material increase to the FPB.

In 2022, F&G similarly undertook a review of the significant cash flow assumption and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.

Premium deficiency testing

F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. During 2023 and 2022, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

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ASU 2018-12 Transition

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

ASU 2018-12 Transition

ASU 2018-12 Transition

We adopted ASU 2018-12 on January 1, 2023 with a transition date of January 1, 2021, or the beginning of the earliest period that will be presented in the annual December 31, 2023 Consolidated Financial Statements. We elected to adopt ASU 2018-12 using the full retrospective transition method and balances for FPB, DAC and balances amortized on a basis consistent with DAC (VOBA, DSI, and URL), and MRBs were adjusted to conform to ASU 2018-12 starting as of the F&G acquisition date, June 1, 2020. No hindsight was used for the full retrospective adoption of MRBs. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $75 million, net of tax.

The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12:

	Immediate annuities		Traditional Life		Total (3)
	(In millions)
Balance, December 31, 2020	$	1,861	$	2,144	$	4,005
Cumulative effect of retrospective adoption (1)	201		(279)		(78)
Effect of remeasurement of liability at current discount rate (2)	113		88		201
Balance, January 1, 2021	$	2,175	$	1,953	$	4,128
Less: Reinsurance Recoverable	322		793		1,115
Balance, January 1, 2021, net of reinsurance	$	1,853	$	1,160	$	3,013
(1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL.
(2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12.
(3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward.

The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Immediate annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance, December 31, 2020	$	1,208	$	15	$	86	$	139	$	18	$	1,466
Adjustment for reversal of AOCI adjustments (1)	208		24		—		29		(29)		232
Cumulative effect of retrospective adoption (2)	(14)		7		(5)		(9)		(1)		(22)
Transition opening balance adjustment	69		2		145		5		43		264
Balance, January 1, 2021	$	1,471	$	48	$	226	$	164	$	31	$	1,940
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020
(3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12.

The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	167	$	14	$	41	$	222
Adjustment for reversal of AOCI adjustments (1)	15		2		8		25
Cumulative effect of retrospective adoption (2)	(1)		—		(1)		(2)
Balance, January 1, 2021	$	181	$	16	$	48	$	245
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Total
	(In millions)
Balance, December 31, 2020	$	36	$	36
Adjustment for reversal of AOCI adjustments (1)	5		5
Cumulative effect of retrospective adoption (2)	4		4
Balance, January 1, 2021	$	45	$	45
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12:

	Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	2	$	2
Adjustment for reversal of AOCI adjustments (1)	25		25
Cumulative effect of retrospective adoption (2)	2		2
Balance, January 1, 2021	$	29	$	29
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Total
	(In millions)
Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1)	$	531	$	—	$	531
Adjustment for reversal of AOCI adjustments (2)	(116)		—		(116)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3)	159		—		159
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs (4)	(96)		1		(95)
Balance, January 1, 2021 - Market risk benefits at fair value	$	478	$	1	$	479
Less: Reinsurance Recoverable	—		—		—
Balance, January 1, 2021, net of reinsurance	$	478	$	1	$	479
(1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944.
(2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI.
(4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.

The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12:

	January 1, 2021
	Retained Earnings		AOCI
	(In millions)
Contractholder funds	$	101	$	115
MRB	30		(160)
FPB	(14)		(159)
VOBA	(21)		233
DAC	(1)		5
Increase to Equity, gross of tax	$	95	$	34
Tax impact	20		9
Increase to Equity, net of tax	$	75	$	25

For MRBs, the transition adjustment reflected within the unaudited Condensed Consolidated Statements of Comprehensive Earnings relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference between the fair value and carrying amount of the MRBs at transition, excluding the amounts recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, was recorded as an adjustment to Retained Earnings as of the transition date.

For the FPB, the net transition adjustment is primarily related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021, partially offset by the removal of provisions for adverse deviation from the cash flow assumptions used in the FPB calculation. At transition, we did not identify any instances, at the cohort level, where net premiums exceeded gross premiums.

Before the adoption of ASU 2018-12, VOBA was amortized consistent with DAC, which was amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”). Based on our historical practice of using consistent amortization methods for VOBA and DAC, we elected to change the amortization method for VOBA associated with fixed rate annuities, FIAs, and IUL/Universal Life products to maintain consistency with the amortization method for DAC. At transition, VOBA associated with these product types is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Additionally, at transition, shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, consistent with the historic amortization of DAC, have been removed.

For DAC, DSI and URL, we removed shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings for the impact of unrealized gains and losses that were included in the pre-transition expected gross profits amortization calculation as of the transition date.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net earnings attributable to FNF common shareholders	$ 219	$ 537	$ 160	$ 937

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Basis of Financial Statements (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022.

Earnings Per Share

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net

earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share. There were fewer than 1 million antidilutive instruments outstanding during the three and six months ended June 30, 2023 and 2022.

Recent Accounting Pronouncements and Impacts of adoption of ASU 2018-12 on Financial Statements

Recent Accounting Pronouncements

Adopted Pronouncements

In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of earnings; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policyholder benefits ("FPBs"), Contractholder funds, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $75 million, net of tax.

Pronouncements Not Yet Adopted

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s). The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, though early adoption is permitted. We do not expect this guidance to have a material impact on our Consolidated Financial Statements and related disclosures upon adoption. We do not currently plan to early adopt this standard.

Investment Securities

Investments

Fixed Maturity Securities Available-for-Sale

Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed

maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. In our title segment, realized gains and losses on sales of our fixed maturity securities are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Our F&G segment uses FIFO cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.

Investments in Unconsolidated Affiliates

We account for our investments in unconsolidated affiliates using the equity method or by electing the fair value option. Initial investments are recorded at cost. For investments subsequently measured using the equity method (primarily limited partnerships), adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by net asset value (“NAV”) in the unconsolidated affiliates’s financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. Distributions received are recorded as a decrease in the investment balance. For investments subsequently measured using the fair value option, adjustments to the carrying amount reflecting the change in fair value of the investment are reported along with realized gains and losses on sales of investments in unconsolidated affiliates in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. Other income from investments in unconsolidated affiliates, including distributions received from investments measured using the fair value option, is reported within Interest and investment income in the accompanying unaudited Condensed Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount can be delayed due to the availability of the related financial statements, which are obtained from the general partner or managing member generally on a one to three-month delay. For investments using the equity method, management inquires quarterly with the general partner or managing member to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.

VOBA, DAC, DSI and URL

VOBA, DAC, DSI and URL

Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI").

VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to contractholder fund balances.

VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable.

The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the FPBs, where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected

experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Earnings.

Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of June 30, 2023 and December 31, 2022, our URL balance was $215 million and $166 million, respectively

Contractholder Funds

Contractholder Funds

Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments.

Future Policy Benefits

Future Policy Benefits

The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions.

For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100%, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100% are not used to offset cohorts with NPRs greater than 100%.

The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. In subsequent periods, the revised NPR, which is capped at 100%, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100%, and therefore capped at 100%, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Earnings in the period of improvement.

For traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities), the discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with

similar duration to the liability. We selected fixed-income instruments that have been A-rated by Bloomberg. In order to reflect the duration characteristics of the liability, we will use an implied forward yield curve and linear interpolation will be used for durations that have limited or no market observable points on the curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings.

Deferred Profit Liability

Deferred Profit Liability

For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses.

The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated, the updated estimates are used to recalculate the initial DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, with any differences recognized as a remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings. The DPL is recorded as a component of the Future policy benefits in the accompanying unaudited Condensed Consolidated Balance Sheets.

Market Risk Benefit

Market Risk Benefits

MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders.

MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100%. For each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the unaudited Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the accompanying unaudited Condensed Consolidated Statements of Earnings, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits.

Benefits and Other Changes in Policy Reserves

Benefits and Other Changes in Policy Reserves

Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative.

Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Earnings.

Revenue Recognition

Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.

Revenue Recognition, Other

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Revenue Recognition, Services, Real Estate Transactions

Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing.

Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete.

Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, URL on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC, and DSI, other operating costs and expenses, and income taxes.

Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided.

Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

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Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of the Impacts of the Adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations

Impacts of adoption of ASU 2018-12 on Financial Statements

The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Earnings.

Condensed Consolidated Balance Sheet

	December 31, 2022
	As Previously Reported		Adjustments		As adjusted
			(Unaudited)		(Unaudited)
	(In millions)
ASSETS
Reinsurance recoverable, net of allowance for credit losses	$	5,588	$	(170)	$	5,418
Goodwill	4,642		(7)		4,635
Prepaid expenses and other assets	2,231		(163)		2,068
Market risk benefits asset	—		117		117
Other intangible assets, net	4,034		(223)		3,811
Total	$	16,495	$	(446)	$	16,049
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	41,233	$	(390)	$	40,843
Future policy benefits	5,923		(902)		5,021
Accounts payable and accrued liabilities	2,352		(26)		2,326
Market risk benefits liability	—		282		282
Total	$	49,508	$	(1,036)	$	48,472
Equity:
Additional paid-in capital	$	5,876	$	(6)	$	5,870
Retained earnings	4,714		511		5,225
Accumulated other comprehensive (loss) earnings	(2,862)		(8)		(2,870)
Non-controlling interests	360		93		453
Total	$	8,088	$	590	$	8,678

Condensed Consolidated Statement of Earnings

	Three months ended June 30, 2022						Six months ended June 30, 2022
	As Previously Reported		Adjustments		As adjusted		As Previously Reported		Adjustments		As adjusted
	(Unaudited)						(Unaudited)
Revenues:	(In millions)						(In millions)
Escrow, title-related and other fees	$	782	$	4	$	786	$	2,072	$	6	$	2,078
Expenses:
Benefits and other changes in policy reserves	$	(418)	$	41	$	(377)	$	(210)	$	36	$	(174)
Market risk benefit gains	—		(189)		(189)		—		(119)		(119)
Depreciation and amortization	161		(41)		120		343		(108)		235
Income tax expense	164		38		202		319		39		358
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	382	$	155	$	537	$	779	$	158	$	937
Earnings per share
Basic
Net earnings per share attributable to common shareholders, basic	$	1.37	$	0.56	$	1.93	$	2.79	$	0.57	$	3.36
Diluted
Net earnings per share attributable to common shareholders, diluted	$	1.37	$	0.55	$	1.92	$	2.77	$	0.56	$	3.33

The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12:

	Immediate annuities		Traditional Life		Total (3)
	(In millions)
Balance, December 31, 2020	$	1,861	$	2,144	$	4,005
Cumulative effect of retrospective adoption (1)	201		(279)		(78)
Effect of remeasurement of liability at current discount rate (2)	113		88		201
Balance, January 1, 2021	$	2,175	$	1,953	$	4,128
Less: Reinsurance Recoverable	322		793		1,115
Balance, January 1, 2021, net of reinsurance	$	1,853	$	1,160	$	3,013
(1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL.
(2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12.
(3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward.

The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Immediate annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance, December 31, 2020	$	1,208	$	15	$	86	$	139	$	18	$	1,466
Adjustment for reversal of AOCI adjustments (1)	208		24		—		29		(29)		232
Cumulative effect of retrospective adoption (2)	(14)		7		(5)		(9)		(1)		(22)
Transition opening balance adjustment	69		2		145		5		43		264
Balance, January 1, 2021	$	1,471	$	48	$	226	$	164	$	31	$	1,940
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020
(3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12.

The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	167	$	14	$	41	$	222
Adjustment for reversal of AOCI adjustments (1)	15		2		8		25
Cumulative effect of retrospective adoption (2)	(1)		—		(1)		(2)
Balance, January 1, 2021	$	181	$	16	$	48	$	245
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Total
	(In millions)
Balance, December 31, 2020	$	36	$	36
Adjustment for reversal of AOCI adjustments (1)	5		5
Cumulative effect of retrospective adoption (2)	4		4
Balance, January 1, 2021	$	45	$	45
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12:

	Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	2	$	2
Adjustment for reversal of AOCI adjustments (1)	25		25
Cumulative effect of retrospective adoption (2)	2		2
Balance, January 1, 2021	$	29	$	29
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Total
	(In millions)
Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1)	$	531	$	—	$	531
Adjustment for reversal of AOCI adjustments (2)	(116)		—		(116)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3)	159		—		159
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs (4)	(96)		1		(95)
Balance, January 1, 2021 - Market risk benefits at fair value	$	478	$	1	$	479
Less: Reinsurance Recoverable	—		—		—
Balance, January 1, 2021, net of reinsurance	$	478	$	1	$	479
(1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944.
(2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI.
(4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.

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Summary of Reserve for Title Claim Losses (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Summary of the Reserve for Claim Losses

A summary of the reserve for title claim losses follows:

	Six months ended June 30,
	2023			2022
	(In millions)
Beginning balance	$	1,810		$	1,883
Change in insurance recoverable	—			(108)
Claim loss provision related to:
Current year	100			177
Total title claim loss provision	100			177
Claims paid, net of recoupments related to:
Current year	(4)			(7)
Prior years	(125)			(102)
Total title claims paid, net of recoupments	(129)			(109)
Ending balance of claim loss reserve for title insurance	$	1,781		$	1,843
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,136	$	—	$	—	$	—	$	3,136
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		6,330		6,510		—		12,840
Commercial mortgage-backed securities	—		3,972		17		—		3,989
Corporates	26		14,475		1,628		—		16,129
Hybrids	95		609		—		—		704
Municipals	—		1,554		49		—		1,603
Residential mortgage-backed securities	—		1,988		28		—		2,016
U.S. Government	468		16		—		—		484
Foreign Governments	—		248		16		—		264
Short term investments	801		45		126		—		972
Preferred securities	266		531		7		—		804
Equity securities	645		—		14		41		700
Derivative investments	—		649		—		—		649
Investment in unconsolidated affiliates	—		—		197		—		197
Reinsurance related embedded derivative, included in other assets	—		277		—		—		277
Market risk benefits asset	—		—		118		—		118
Other long-term investments	—		—		49		—		49
Total financial assets at fair value	$	5,437	$	30,694	$	8,759	$	41	$	44,931
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,821		—		3,821
Market risk benefits liability	$	—	$	—	$	313	$	—	$	313
Total financial liabilities at fair value	$	—	$	—	$	4,134	$	—	$	4,134

	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,286	$	—	$	—	$	—	$	2,286
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		5,204		6,263		—		11,467
Commercial mortgage-backed securities	—		3,026		37		—		3,063
Corporates	40		12,857		1,440		—		14,337
Hybrids	93		638		—		—		731
Municipals	—		1,431		29		—		1,460
Residential mortgage-backed securities	—		1,225		302		—		1,527
U.S. Government	260		11		—		—		271
Foreign Governments	—		223		16		—		239
Short term investments	2,590		—		—		—		2,590
Preferred securities	320		582		1		—		903
Equity securities	621		—		10		47		678
Derivative investments	—		244		—		—		244
Investment in unconsolidated affiliates	—		—		23		—		23
Reinsurance related embedded derivative, included in other assets	—		279		—		—		279
Market risk benefits asset	—		—		117		—		117
Other long-term investments	—		—		48		—		48
Total financial assets at fair value	$	6,210	$	25,720	$	8,286	$	47	$	40,263
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,115		—		3,115
Market risk benefits liability	—		—		282		—		282
Total financial liabilities at fair value	$	—	$	—	$	3,397	$	—	$	3,397

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

	June 30, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	106	$	—	$	—	$	106	$	106
Commercial mortgage loans	—		—		2,144		—		2,144		2,457
Residential mortgage loans	—		—		2,377		—		2,377		2,619
Investments in unconsolidated affiliates	—		—		8		2,598		2,606		2,606
Policy loans	—		—		59		—		59		59
Other invested assets	59		—		1		—		60		60
Company-owned life insurance	35		—		352		—		387		387
Trade and notes receivables, net of allowance	—		—		465		—		465		465
Total	$	94	$	106	$	5,406	$	2,598	$	8,204	$	8,759
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	37,228	$	—	$	37,228	$	41,249
Debt	—		3,252		—		—		3,252		3,696
Total	$	—	$	3,252	$	37,228	$	—	$	40,480	$	44,945

	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	99	$	—	$	—	$	99	$	99
Commercial mortgage loans	—		—		2,083		—		2,083		2,406
Residential mortgage loans	—		—		1,892		—		1,892		2,148
Investments in unconsolidated affiliates	—		—		5		2,427		2,432		2,432
Policy loans	—		—		52		—		52		52
Other invested assets	93		—		16		—		109		109
Company-owned life insurance	—		—		363		—		363		363
Trade and notes receivables, net of allowance	—		—		467		—		467		467
Total	$	93	$	99	$	4,878	$	2,427	$	7,497	$	8,076
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	34,464	$	—	$	34,464	$	38,412
Debt	—		2,776		—		—		2,776		3,238
Total	$	—	$	2,776	$	34,464	$	—	$	37,240	$	41,650

Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2023 and December 31, 2022 are as follows:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	June 30, 2023
	(In millions)				June 30, 2023
Assets
Asset-backed securities	$	6,233	Broker-Quoted	Offered Quotes	54.7% - 171.90% (94.28%)
Asset-backed securities	277		Third-Party Valuation	Offered Quotes	39.65% - 101.77% (62.08%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered Quotes	79.35% - 88.61% (84.76%)
Corporates	789		Broker-Quoted	Offered Quotes	46.39% - 104.74% (95.87%)
Corporates	10		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (74.80%)
Corporates	829		Third-Party Valuation	Offered Quotes	0.00% - 103.12% (89.85%)
Municipals	31		Third-Party Valuation	Offered Quotes	102.11% - 102.11% (102.11%)
Municipals	18		Broker-Quoted	Offered Quotes	101.20% - 101.20% (101.20%)
Residential mortgage-backed securities	25		Broker-Quoted	Offered Quotes	0.00% - 90.45% (90.00%)
Residential mortgage-backed securities	3		Third-Party Valuation	Offered Quotes	93.11%
Foreign Governments	16		Third-Party Valuation	Offered Quotes	99.04% - 99.68% (99.24%)
Investment in unconsolidated affiliates	197		Market Comparable Company Analysis	EBITDA Multiple	5x-14x (12.1x)
Short term investments	126		Broker-Quoted	Offered Quotes	100.00% - 100.02% (100.01%)
Preferred securities	6		Broker-Quoted	Offered Quotes	$21.25 - $21.25 ($21.25)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Broker Quoted	Offered quotes	$66.00 - $66.00 ($66.00)
Equity securities	7		Discounted Cash Flow	Discount rate	12.60% - 12.60% (12.60%)
			Market Comparable Company Analysis	EBITDA multiple	5.3x - 5.3x (5.3x)
Other long-term investments:
Available-for-sale embedded derivative	26		Black Scholes Model	Market Value of Fund	100.00%
Secured borrowing receivable	10		Broker-Quoted	Offered Quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	13		Broker-Quoted	Offered Quotes	96.99%
Market risk benefits asset	118		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)

				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.85%)
Total financial assets at fair value	$	8,759
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	$	3,821	Discounted Cash Flow	Market Value of Option	0.00% - 30.03% (2.36%)
				Swap rates	3.81% - 5.47% (4.64%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.61%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				Option cost	0.07% - 5.67% (2.22%)
Market risk benefits liability	313		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.03%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.55% - 1.37% (1.17%)
				GMWB Utilization	50.00% - 60.00% (50.89%)
Total financial liabilities at fair value	$	4,134

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2022
	(In millions)				December 31, 2022
Assets
Asset-backed securities	$	5,916	Broker-quoted	Offered quotes	52.85% - 117.17% (94.18%)
Asset-backed securities	347		Third-Party Valuation	Offered quotes	41.43% - 210.50% (67.99%)
Commercial mortgage-backed securities	20		Broker-quoted	Offered quotes	109.02% - 109.02% (109.02%)
Commercial mortgage-backed securities	17		Third-Party Valuation	Offered quotes	74.66% - 88.48% (82.74%)
Corporates	602		Broker-quoted	Offered quotes	79.16% - 102.53% (94.16%)
Corporates	826		Third-Party Evaluation	Offered quotes	0.00% - 104.96% (89.69%)
Corporates	12		Discounted Cash Flow	Discount Rate	44.00% - 100.00% (77.02%)
Municipals	29		Third-Party Evaluation	Offered quotes	93.95% - 93.95% (93.95%)
Foreign governments	16		Third-Party Evaluation	Offered quotes	99.78% - 102.29% (100.56%)
Investment in unconsolidated affiliates	23		Market Comparable Company Analysis	EBITDA multiple	5x-5.50x
Residential mortgage-backed securities	302		Broker-quoted	Offered quotes	0.00% - 91.04% (86.38%)
Preferred Securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	6		Broker-quoted	Offered Quotes	$64.25 - $64.25 ($64.25)
Equity securities	4		Discounted Cash Flow	Discount Rate	11.10% - 11.10% (11.10%)

			Market Comparable Company Analysis	EBITDA multiple	5.6x - 5.6x (5.6x)
Other long-term investments:
Available-for-sale embedded derivative	23		Black Scholes model	Market value of fund	100.00%
Secured borrowing receivable	10		Broker-quoted	Offered quotes	100.00% - 100.00% (100.00%)
Credit Linked Note	15		Broker-quoted	Offered quotes	96.23%
Market risk benefits asset	117		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (4.69%)
				Partial Withdrawal Rates	2.00% - 21.74% (2.49%)
				Non-Performance Spread	0.48% - 1.44% (1.30%)
				GMWB Utilization	50.00% - 60.00% (50.94%)
Total financial assets at fair value	$	8,286
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds	3,115		Discounted cash flow	Market value of option	0.00% - 23.90% (87.00%)
				Swap rates	3.88% - 4.73% (4.31%)
				Mortality multiplier	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 70.00% (6.57%)
				Partial withdrawals	2.00% - 29.41% (2.73%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				Option cost	0.07% - 4.97% (1.89%)
Market risk benefits liability	282		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender rates	0.25% - 10.00% (4.69%)
				Partial withdrawal rates	2.00% - 21.74% (2.49%)
				Non-performance spread	0.48% - 1.44% (1.30%)
				GMWB utilization	50.00% - 60.00% (50.94%)
Total financial liabilities at fair value	$	3,397

Changes in Fair Value of Financial Instruments - Assets

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,300	$	(3)	$	15	$	379	$	(15)	$	(151)	$	(15)	$	6,510	$	14
Commercial mortgage-backed securities	29		—		—		—		—		—		(12)		17		—
Corporates	1,544		—		(33)		127		—		(14)		4		1,628		(33)
Municipals	32		—		17		—		—		—		—		49		17
Residential mortgage-backed securities	12		—		—		24		—		—		(8)		28		—
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	107		—		—		90		—		—		—		197		—
Short term investments	23		—		—		103		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	11		(1)		—		—		—		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	25		—		1		—		—		—		—		26		1
Credit linked note	13		—		—		—		—		—		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,123	$	(4)	$	—	$	723	$	(15)	$	(165)	$	(21)	$	8,641	$	(1)
Market risk benefits asset	106														118
Total Level 3 assets at fair value	$	8,229													$	8,759
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds	3,569		197		—		93		—		(38)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,569	$	197	$	—	$	93	$	—	$	(38)	$	—	$	3,821	$	—
Market risk benefits liability	324														313
Total Level 3 liabilities at fair value	$	3,893													$	4,134

(a) The net transfers out of Level 3 during the three months ended June 30, 2023 were exclusively to Level 2.

	Three months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	4,161	$	1	$	(142)	$	827	$	(39)	$	(126)	$	(5)	$	4,677	$	(153)
Commercial mortgage-backed securities	40		—		(3)		—		—		—		—		37		(2)
Corporates	1,141		—		(64)		307		—		(6)		(4)		1,374		(61)
Municipals	37		—		(4)		—		—		—		—		33		(4)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	17		—		(1)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21		—
Short term investments	19		—		—		—		—		—		(19)		—		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		(1)		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	30		(6)		—		—		—		—		—		24		—
Credit linked note	19		—		—		—		—		(2)		—		17		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Subtotal Level 3 assets at fair value	$	5,496	$	(5)	$	(214)	$	1,144	$	(40)	$	(134)	$	(18)	$	6,229	$	(221)
Market risk benefits asset	29														86
Total Level 3 assets at fair value	$	5,525													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,395		(575)		—		146		—		(25)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,395	$	(575)	$	—	$	146	$	—	$	(25)	$	—	$	2,941	$	—
Market risk benefits liability	486														292
Total Level 3 liabilities at fair value	$	3,881													$	3,233

(a) The net transfers out of Level 3 during the three months ended June 30, 2022 were exclusively to Level 2.

	Six months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,263	$	(11)	$	33	$	795	$	(98)	$	(386)	$	(86)	$	6,510	$	32
Commercial mortgage-backed securities	37		—		1		12		—		—		(33)		17		1
Corporates	1,440		(1)		(56)		261		(1)		(19)		4		1,628		(56)
Municipals	29		—		20		—		—		—		—		49		20
Residential mortgage-backed securities	302		1		8		32		—		(8)		(307)		28		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		174		—		—		—		197		—
Short-Term	—		—		—		126		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	10		—		—		1		(1)		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		3		—		—		—		—		26		3
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(11)	$	9	$	1,401	$	(100)	$	(415)	$	(412)	$	8,641	$	8
Market risk benefits asset	117														118
Total Level 3 assets at fair value	$	8,286													$	8,759
Liabilities
FIA embedded derivatives, included in contractholder funds	3,115		582		—		189		—		(65)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	582	$	—	$	189	$	—	$	(65)	$	—	$	3,821	$	—
Market risk benefits liability	$	282													$	313
Total Level 3 liabilities at fair value	$	3,397													$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were exclusively to Level 2.

	Six months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	3,959	$	1	$	(272)	$	1,227	$	(39)	$	(278)	$	79	$	4,677	$	(291)
Commercial mortgage-backed securities	35		—		(5)		—		—		—		7		37		(4)
Corporates	1,135		—		(137)		386		—		(32)		22		1,374		(134)
Municipals	43		—		(10)		—		—		—		—		33		(9)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	18		—		(2)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21
Short-Term	321		—		(1)		20		—		—		(340)		—		(1)
Preferred securities	2		—		(1)		—		—		—		—		1		(1)
Equity securities	9		—		—		1		—		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	34		(10)		—		—		—		—		—		24		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Credit linked note	23		—		(3)		—		—		(3)		—		17		—
Subtotal Level 3 assets at fair value	$	5,600	$	(9)	$	(431)	$	1,643	$	(39)	$	(313)	$	(222)	$	6,229	$	(441)
Market risk benefits asset	41														86
Total Level 3 assets at fair value	$	5,641													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,883		(1,159)		—		272		—		(55)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,883	$	(1,159)	$	—	$	272	$	—	$	(55)	$	—	$	2,941	$	—
Market risk benefits liability	$	469													$	292
Total Level 3 liabilities at fair value	$	4,352													$	3,233

(a) The net transfers out of Level 3 during the six months ended June 30, 2022 were exclusively to Level 2.

Changes in Fair Value of Financial Instruments - Liabilities

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

	Three months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,300	$	(3)	$	15	$	379	$	(15)	$	(151)	$	(15)	$	6,510	$	14
Commercial mortgage-backed securities	29		—		—		—		—		—		(12)		17		—
Corporates	1,544		—		(33)		127		—		(14)		4		1,628		(33)
Municipals	32		—		17		—		—		—		—		49		17
Residential mortgage-backed securities	12		—		—		24		—		—		(8)		28		—
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	107		—		—		90		—		—		—		197		—
Short term investments	23		—		—		103		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	11		(1)		—		—		—		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	25		—		1		—		—		—		—		26		1
Credit linked note	13		—		—		—		—		—		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,123	$	(4)	$	—	$	723	$	(15)	$	(165)	$	(21)	$	8,641	$	(1)
Market risk benefits asset	106														118
Total Level 3 assets at fair value	$	8,229													$	8,759
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds	3,569		197		—		93		—		(38)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,569	$	197	$	—	$	93	$	—	$	(38)	$	—	$	3,821	$	—
Market risk benefits liability	324														313
Total Level 3 liabilities at fair value	$	3,893													$	4,134

(a) The net transfers out of Level 3 during the three months ended June 30, 2023 were exclusively to Level 2.

	Three months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	4,161	$	1	$	(142)	$	827	$	(39)	$	(126)	$	(5)	$	4,677	$	(153)
Commercial mortgage-backed securities	40		—		(3)		—		—		—		—		37		(2)
Corporates	1,141		—		(64)		307		—		(6)		(4)		1,374		(61)
Municipals	37		—		(4)		—		—		—		—		33		(4)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	17		—		(1)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21		—
Short term investments	19		—		—		—		—		—		(19)		—		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		(1)		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	30		(6)		—		—		—		—		—		24		—
Credit linked note	19		—		—		—		—		(2)		—		17		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Subtotal Level 3 assets at fair value	$	5,496	$	(5)	$	(214)	$	1,144	$	(40)	$	(134)	$	(18)	$	6,229	$	(221)
Market risk benefits asset	29														86
Total Level 3 assets at fair value	$	5,525													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,395		(575)		—		146		—		(25)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,395	$	(575)	$	—	$	146	$	—	$	(25)	$	—	$	2,941	$	—
Market risk benefits liability	486														292
Total Level 3 liabilities at fair value	$	3,881													$	3,233

(a) The net transfers out of Level 3 during the three months ended June 30, 2022 were exclusively to Level 2.

	Six months ended June 30, 2023
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	6,263	$	(11)	$	33	$	795	$	(98)	$	(386)	$	(86)	$	6,510	$	32
Commercial mortgage-backed securities	37		—		1		12		—		—		(33)		17		1
Corporates	1,440		(1)		(56)		261		(1)		(19)		4		1,628		(56)
Municipals	29		—		20		—		—		—		—		49		20
Residential mortgage-backed securities	302		1		8		32		—		(8)		(307)		28		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		174		—		—		—		197		—
Short-Term	—		—		—		126		—		—		—		126		—
Preferred securities	1		—		—		—		—		—		6		7		—
Equity securities	10		—		—		1		(1)		—		4		14		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		3		—		—		—		—		26		3
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(11)	$	9	$	1,401	$	(100)	$	(415)	$	(412)	$	8,641	$	8
Market risk benefits asset	117														118
Total Level 3 assets at fair value	$	8,286													$	8,759
Liabilities
FIA embedded derivatives, included in contractholder funds	3,115		582		—		189		—		(65)		—		3,821		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	582	$	—	$	189	$	—	$	(65)	$	—	$	3,821	$	—
Market risk benefits liability	$	282													$	313
Total Level 3 liabilities at fair value	$	3,397													$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were exclusively to Level 2.

	Six months ended June 30, 2022
	Balance at Beginning of Period		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Included in OCI
			Included in Earnings		Included in AOCI
Assets	(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities	$	3,959	$	1	$	(272)	$	1,227	$	(39)	$	(278)	$	79	$	4,677	$	(291)
Commercial mortgage-backed securities	35		—		(5)		—		—		—		7		37		(4)
Corporates	1,135		—		(137)		386		—		(32)		22		1,374		(134)
Municipals	43		—		(10)		—		—		—		—		33		(9)
Residential mortgage-backed securities	—		—		—		9		—		—		—		9		—
Foreign Governments	18		—		(2)		—		—		—		—		16		(1)
Investment in unconsolidated affiliates	21		—		—		—		—		—		—		21
Short-Term	321		—		(1)		20		—		—		(340)		—		(1)
Preferred securities	2		—		(1)		—		—		—		—		1		(1)
Equity securities	9		—		—		1		—		—		—		10		—
Other long-term investments:
Available-for-sale embedded derivative	34		(10)		—		—		—		—		—		24		—
Secured borrowing receivable	—		—		—		—		—		—		10		10		—
Credit linked note	23		—		(3)		—		—		(3)		—		17		—
Subtotal Level 3 assets at fair value	$	5,600	$	(9)	$	(431)	$	1,643	$	(39)	$	(313)	$	(222)	$	6,229	$	(441)
Market risk benefits asset	41														86
Total Level 3 assets at fair value	$	5,641													$	6,315
Liabilities
FIA embedded derivatives, included in contractholder funds	3,883		(1,159)		—		272		—		(55)		—		2,941		—
Subtotal Level 3 liabilities at fair value	$	3,883	$	(1,159)	$	—	$	272	$	—	$	(55)	$	—	$	2,941	$	—
Market risk benefits liability	$	469													$	292
Total Level 3 liabilities at fair value	$	4,352													$	3,233

(a) The net transfers out of Level 3 during the six months ended June 30, 2022 were exclusively to Level 2.

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Consolidated Investments

The Company’s consolidated investments at June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	13,492	$	(7)	$	65	$	(710)	$	12,840
Commercial mortgage-backed securities	4,348		(18)		4		(345)		3,989
Corporates	18,919		(2)		46		(2,834)		16,129
Hybrids	773		—		4		(73)		704
Municipals	1,843		—		11		(251)		1,603
Residential mortgage-backed securities	2,127		(8)		11		(114)		2,016
U.S. Government	499		—		1		(16)		484
Foreign Governments	311		—		1		(48)		264
Total available-for-sale securities	$	42,312	$	(35)	$	143	$	(4,391)	$	38,029

	December 31, 2022
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	12,209	$	(8)	$	36	$	(770)	$	11,467
Commercial mortgage-backed/asset-backed securities	3,337		(1)		11		(284)		3,063
Corporates	17,396		(22)		32		(3,069)		14,337
Hybrids	806		—		9		(84)		731
Municipals	1,749		—		4		(293)		1,460
Residential mortgage-backed securities	1,638		(8)		6		(109)		1,527
U.S. Government	287		—		—		(16)		271
Foreign Governments	286		—		—		(47)		239
Total available-for-sale securities	$	37,708	$	(39)	$	98	$	(4,672)	$	33,095

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations.

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less	$	594	$	581	$	536	$	527
Due after one year through five years	4,202		4,001		3,288		3,089
Due after five years through ten years	2,394		2,172		2,171		1,939
Due after ten years	15,129		12,403		14,503		11,457
Subtotal	22,319		19,157		20,498		17,012
Other securities, which provide for periodic payments:
Asset-backed securities	13,492		12,840		12,209		11,467
Commercial mortgage-backed securities	4,348		3,989		3,337		3,063
Structured hybrids	26		27		26		26
Residential mortgage-backed securities	2,127		2,016		1,638		1,527
Subtotal	19,993		18,872		17,210		16,083
Total fixed maturity available-for-sale securities	$	42,312	$	38,029	$	37,708	$	33,095

Fair Value and Gross Unrealized Losses of Available-for-sale Securities

The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	4,219	$	(182)	$	6,220	$	(517)	$	10,439	$	(699)
Commercial mortgage-backed securities	1,593		(103)		1,665		(243)		3,258		(346)
Corporates	5,267		(317)		9,522		(2,517)		14,789		(2,834)
Hybrids	194		(15)		457		(58)		651		(73)
Municipals	557		(69)		831		(183)		1,388		(252)
Residential mortgage-backed securities	1,035		(17)		620		(93)		1,655		(110)
U.S. Government	150		(3)		189		(12)		339		(15)
Foreign Government	66		(6)		186		(41)		252		(47)
Total available-for-sale securities	$	13,081	$	(712)	$	19,690	$	(3,664)	$	32,771	$	(4,376)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											2,196
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,725
Total number of available-for-sale securities in an unrealized loss position											4,921

	December 31, 2022
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities	(In millions)
Asset-backed securities	$	7,001	$	(410)	$	3,727	$	(360)	$	10,728	$	(770)
Commercial mortgage-backed securities	2,079		(169)		475		(116)		2,554		(285)
Corporates	9,913		(1,735)		3,523		(1,330)		13,436		(3,065)
Hybrids	628		(83)		3		(1)		631		(84)
Municipals	998		(180)		352		(113)		1,350		(293)
Residential mortgage-backed securities	992		(51)		184		(22)		1,176		(73)
U.S. Government	130		(7)		140		(8)		270		(15)
Foreign Government	119		(32)		59		(14)		178		(46)
Total available-for-sale securities	$	21,860	$	(2,667)	$	8,463	$	(1,964)	$	30,323	$	(4,631)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											1,296
Total number of available-for-sale securities in an unrealized loss position											4,410

Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region

The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:

	June 30, 2023				December 31, 2022
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	538		22	%	520		22	%
Mixed Use	12		1	%	12		1	%
Multifamily	1,012		41	%	1,013		42	%
Office	328		13	%	330		14	%
Retail	103		4	%	105		4	%
Student Housing	83		3	%	83		3	%
Other	376		15	%	335		13	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406
U.S. Region:
East North Central	$	150	6	%	$	151	6	%
East South Central	76		3	%	76		3	%
Middle Atlantic	325		13	%	326		13	%
Mountain	353		14	%	355		15	%
New England	166		7	%	158		7	%
Pacific	726		29	%	708		28	%
South Atlantic	553		22	%	521		22	%
West North Central	4		1	%	4		1	%
West South Central	117		5	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,470	100	%	$	2,416	100	%
Allowance for expected credit loss	(13)				(10)
Total commercial mortgage loans, net of valuation allowance	$	2,457			$	2,406

Loans Segregated by Risk Rating Exposure

CMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	55	$	338	$	1,299	$	487	$	—	$	265	$	2,444
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	350	$	1,300	$	488	$	—	$	—	$	269	$	2,407
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		9		9
Total commercial mortgages	$	350	$	1,300	$	488	$	—	$	—	$	278	$	2,416

(a) Excludes loans under development with an amortized cost and estimated fair value of $17 million for June 30, 2023.

RMLs segregated by risk rating exposure as of June 30, 2023 and December 31, 2022, were as follows, gross of valuation allowances:

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	137	$	963	$	862	$	200	$	192	$	199	$	2,553
30-89 days past due	—		6		24		5		4		6		45
90 days or more past due	—		7		20		15		29		1		72
Total residential mortgages	$	137	$	976	$	906	$	220	$	225	$	206	$	2,670

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	766	$	884	$	214	$	185	$	23	$	33	$	2,105
30-89 days past due	2		7		—		4		—		—		13
90 days or more past due	3		9		15		34		1		—		62
Total residential mortgages	$	771	$	900	$	229	$	223	$	24	$	33	$	2,180

Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios

The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at June 30, 2023 and December 31, 2022:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
June 30, 2023	(In millions)
LTV Ratios:
Less than 50.00%	$	510	$	4	$	11	$	525	21	%	$	491	23	%
50.00% to 59.99%	740		—		—		740		30	%	649		30	%
60.00% to 74.99%	1,160		10		—		1,170		48	%	973		46	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,410	$	14	$	29	$	2,453	100	%	$	2,127	100	%
December 31, 2022
LTV Ratios:
Less than 50.00%	$	511	$	4	$	11	$	526	22	%	$	490	24	%
50.00% to 59.99%	706		—		—		706		29	%	615		30	%
60.00% to 74.99%	1,154		3		—		1,157		48	%	955		45	%
75.00% to 84.99%	—		—		18		18		1	%	14		1	%
Commercial mortgage loans (a)	$	2,371	$	7	$	29	$	2,407	100	%	$	2,074	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

	June 30, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	6	$	67	$	119	$	207	$	—	$	126	$	525
50.00% to 59.99%	27		149		267		158		—		139		740
60.00% to 74.99%	22		113		913		122		—		—		1,170
75.00% to 84.99%	—		9		—		—		—		9		18
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453
Commercial mortgages
DSCR
Greater than 1.25x	$	48	$	326	$	1,299	$	487	$	—	$	250	$	2,410
1.00x - 1.25x	7		3		—		—		—		4		14
Less than 1.00x	—		9		—		—		—		20		29
Total commercial mortgages (a)	$	55	$	338	$	1,299	$	487	$	—	$	274	$	2,453

	December 31, 2022
	Amortized Cost by Origination Year
	2022		2021		2020		2019		2017		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	70	$	120	$	207	$	—	$	—	$	129	$	526
50.00% to 59.99%	149		268		158		—		—		131		706
60.00% to 74.99%	113		912		123		—		—		9		1,157
75.00% to 84.99%	9		—		—		—		—		9		18
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407
Commercial mortgages
DSCR
Greater than 1.25x	$	329	$	1,300	$	488	$	—	$	—	$	254	$	2,371
1.00x - 1.25x	3		—		—		—		—		4		7
Less than 1.00x	9		—		—		—		—		20		29
Total commercial mortgages (a)	$	341	$	1,300	$	488	$	—	$	—	$	278	$	2,407

(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million for June 30, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.

Schedule of Residential Mortgage Loans by State

The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:

	June 30, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	152	5	%
New York	131		5	%
California	123		5	%
All other states (a)	2,264		85	%
Total residential mortgage loans	$	2,670	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of June 30, 2023.

	December 31, 2022
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	324	15	%
Texas	215		10	%
New Jersey	172		8	%
Pennsylvania	153		7	%
California	139		6	%
New York	138		6	%
Georgia	125		6	%
All other states (a)	914		42	%
Total residential mortgage loans	$	2,180	100	%

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2022.

Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming

The credit quality of RMLs as of June 30, 2023 and December 31, 2022, was as follows :

	June 30, 2023				December 31, 2022
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,598	97	%	$	2,118	97	%
Non-performing	72		3	%	62		3	%
Total residential mortgage loans, gross of valuation allowance	$	2,670	100	%	$	2,180	100	%
Allowance for expected loan loss	(51)		—	%	(32)		—	%
Total residential mortgage loans, net of valuation allowance	$	2,619	100	%	$	2,148	100	%

Nonaccrual Loans by Amortized Cost

Non-accrual loans by amortized cost as of June 30, 2023 and December 31, 2022, were as follows:

	June 30, 2023		December 31, 2022
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	72	$	62
Commercial mortgage:	9		9
Total non-accrual mortgages	$	81	$	71

Allowance for Expected Credit Losses on Loans

The allowances for our mortgage loan portfolio are summarized as follows:

	Three months ended June 30, 2023						Six months ended June 30, 2023
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(48)	$	(12)	$	(60)	$	(32)	$	(10)	$	(42)
Provision for loan losses	(3)		(1)		(4)		(19)		(3)		(22)
Ending Balance	$	(51)	$	(13)	$	(64)	$	(51)	$	(13)	$	(64)

	Three months ended June 30, 2022						Six months ended June 30, 2022
	(In millions)						(In millions)
	Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	(26)	$	(6)	$	(32)	$	(25)	$	(6)	$	(31)
Provision for loan losses	(3)		—		(3)		(4)		—		(4)
Ending Balance	$	(29)	$	(6)	$	(35)	$	(29)	$	(6)	$	(35)

Schedule of Sources of Net Investment Income Reported

The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Fixed maturity securities, available-for-sale	$	464	$	350	$	912	$	682
Equity securities	7		7		15		15
Preferred securities	15		20		28		35
Mortgage loans	57		49		108		88
Invested cash and short-term investments	34		13		67		18
Limited partnerships	45		58		103		171
Tax deferred property exchange income	40		10		83		14
Other investments	18		4		38		13
Gross investment income	680		511		1,354		1,036
Investment expense	(62)		(48)		(125)		(95)
Interest and investment income	$	618	$	463	$	1,229	$	941

Recognized Gains and Losses, net

Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Earnings were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)				(In millions)
Net realized losses on fixed maturity available-for-sale securities	$	(54)	$	(61)	$	(104)	$	(98)
Net realized/unrealized gains (losses) on equity securities (1)	(37)		(221)		(5)		(370)
Net realized/unrealized losses on preferred securities (2)	2		(118)		(8)		(208)
Realized losses on other invested assets	(24)		(9)		(29)		(10)
Change in allowance for expected credit losses	(20)		(9)		(23)		(12)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments	(65)		(35)		(154)		15
Unrealized gains (losses) on certain derivative instruments	164		(359)		311		(717)
Change in fair value of reinsurance related embedded derivatives (3)	17		141		(2)		263
Change in fair value of other derivatives and embedded derivatives	1		(5)		3		(8)
Realized gains (losses) on derivatives and embedded derivatives	117		(258)		158		(447)
Recognized gains and losses, net	$	(16)	$	(676)	$	(11)	$	(1,145)

(1) Includes net valuation losses of $37 million and $222 million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $9 million and $(388) million for the six months ended June 30, 2023 and 2022, respectively.

(2) Includes net valuation gains (losses) of $16 million and $(118) million for the three months ended June 30, 2023 and 2022, respectively, and net valuation gains (losses) of $50 million and $(207) million for the six months ended June 30, 2023 and 2022, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Somerset and Aspida Re.

Proceeds from Sale of Fixed Maturity Available-for-sale Securities

The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Proceeds	$	609	$	802	$	1,098	$	1,835
Gross gains	—		1		8		5
Gross losses	(33)		(61)		(90)		(69)

Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of June 30, 2023 and December 31, 2022:

	June 30, 2023				December 31, 2022
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	2,803	$	4,491	$	2,427	$	4,030
Fixed maturity securities	18,471		20,853		15,680		17,404
Total unconsolidated VIE investments	$	21,274	$	25,344	$	18,107	$	21,434

Schedules of Investment Concentrations

Our underlying investment concentrations that exceed 10% of shareholders equity are as follows:

	June 30, 2023
	(In millions)
Blackstone Wave Asset Holdco (1)	$	738
(1) Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying Amount of Derivative Instruments

The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:

	June 30, 2023		December 31, 2022
Assets:	(In millions)
Derivative investments:
Call options	$	649	$	244
Other long-term investments:
Other embedded derivatives	26		23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	277		279
	$	952	$	546

Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives	$	3,821	$	3,115
	$	3,821	$	3,115

Change in Fair Value of Derivative Instruments

The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Earnings is as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Recognized gains and losses, net	(In millions)				(In millions)
Net investment gains (losses):
Call options	$	98	$	(395)	$	153	$	(709)
Futures contracts	—		(8)		5		(5)
Foreign currency forwards	—		9		(1)		12
Other derivatives and embedded derivatives	2		(5)		3		(8)
Reinsurance related embedded derivatives	17		141		(2)		263
Total net investment gains (losses)	$	117	$	(258)	$	158	$	(447)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase	$	252	$	(454)	$	706	$	(942)

Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the call options we hold is presented in the following tables.

		June 30, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,033	$	69	$	26	$	43
Morgan Stanley	*/Aa3/A+	2,375		50		60		—
Barclay's Bank	A+/A1/A+	6,137		121		113		8
Canadian Imperial Bank of Commerce	AA/Aa2/A+	6,542		204		180		24
Wells Fargo	A+/A1/BBB+	1,480		54		53		1
Goldman Sachs	A/A2/BBB+	1,212		23		22		1
Credit Suisse	A+/A3/A	266		9		9		—
Truist	A+/A2/A	2,055		89		85		4
Citibank	A+/Aa3/A+	1,272		29		31		—
Total		$	25,372	$	648	$	579	$	81

		December 31, 2022
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	3,563	$	23	$	—	$	23
Morgan Stanley	*/Aa3/A+	1,699		14		19		—
Barclay's Bank	A+/A1/A	6,049		65		59		6
Canadian Imperial Bank of Commerce	AA/Aa2/A+	5,169		68		64		4
Wells Fargo	A+/A1/BBB+	1,361		17		17		—
Goldman Sachs	A/A2/BBB+	1,133		9		10		—
Credit Suisse	BBB+/A3/A-	1,039		5		5		—
Truist	A+/A2/A	2,489		35		36		—
Citibank	A+/Aa3/A+	795		8		9		—
Total		$	23,297	$	244	$	219	$	33

(a)An * represents credit ratings that were not available.

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Unfunded Commitments

A summary of unfunded commitments by invested asset class as of June 30, 2023 is included below:

	June 30, 2023
Asset Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	1,688
Whole loans	1,044
Fixed maturity securities, ABS	247
Direct Lending	910
Other fixed maturity securities, AFS	21
Commercial mortgage loans	16
Other assets	125
Other invested assets	6
Committed amounts included in liabilities	2
Total	$	4,059

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

Summarized financial information concerning our reportable segments is shown in the following tables.

As of and for the three months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	1,254	$	—	$	—	$	1,254
Other revenues	581		576		55		1,212
Revenues from external customers	1,835		576		55		2,466
Interest and investment income, including recognized gains and losses, net	29		592		(19)		602
Total revenues	1,864		1,168		36		3,068
Depreciation and amortization	39		104		8		151
Interest expense	—		25		18		43
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	233		163		(64)		332
Income tax expense (benefit)	65		33		(8)		90
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	168		130		(56)		242
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	169	$	130	$	(56)	$	243
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the three months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,062	$	—	$	—	$	2,062
Other revenues	706		71		9		786
Revenues from external customers	2,768		71		9		2,848
Interest and investment income, including recognized gains and losses, net	(214)		(1)		2		(213)
Total revenues	2,554		70		11		2,635
Depreciation and amortization	34		80		6		120
Interest expense	—		9		22		31
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	267		482		(18)		731
Income tax expense (benefit)	111		97		(6)		202
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	156		385		(12)		529
Equity in earnings of unconsolidated affiliates	14		—		—		14
Net earnings (loss) from continuing operations	$	170	$	385	$	(12)	$	543
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

As of and for the six months ended June 30, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	2,232	$	—	$	—	$	2,232
Other revenues	1,052		941		99		2,092
Revenues from external customers	3,284		941		99		4,324
Interest and investment income, including recognized gains and losses, net	132		1,096		(10)		1,218
Total revenues	3,416		2,037		89		5,542
Depreciation and amortization	76		194		15		285
Interest expense	—		47		38		85
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	390		(40)		(92)		258
Income tax expense (benefit)	92		25		(13)		104
Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates	298		(65)		(79)		154
Equity in earnings of unconsolidated affiliates	1		—		—		1
Net earnings (loss) from continuing operations	$	299	$	(65)	$	(79)	$	155
Assets	$	8,145	$	62,564	$	2,312	$	73,021
Goodwill	2,770		1,749		292		4,811

As of and for the six months ended June 30, 2022:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	3,928	$	—	$	—	$	3,928
Other revenues	1,371		667		40		2,078
Revenues from external customers	5,299		667		40		6,006
Interest and investment income, including recognized gains and losses, net	(362)		153		5		(204)
Total revenues	4,937		820		45		5,802
Depreciation and amortization	67		156		12		235
Interest expense	—		17		44		61
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	516		827		(56)		1,287
Income tax expense (benefit)	168		203		(13)		358
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	348		624		(43)		929
Equity in earnings of unconsolidated affiliates	16		—		—		16
Net earnings (loss) from continuing operations	$	364	$	624	$	(43)	$	945
Assets	$	9,309	$	49,389	$	2,314	$	61,012
Goodwill	2,516		1,749		266		4,531

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Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities:

	Six months ended June 30,
	2023		2022
Cash paid for:	(In millions)
Interest	$	61	$	63
Income taxes	54		202
Deferred sales inducements	68		38
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(132)		151
Change in purchases of investments available for sale payable in period	238		212
Change in contractholder deposits for FABN issuance	—		300
Lease liabilities recognized in exchange for lease right-of-use assets	21		42
Remeasurement of lease liabilities	41		41
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	299		—
Less: Total Purchase price	293		—
Liabilities and noncontrolling interests assumed	$	6	$	—

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Revenue Recognition (Tables) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of:

			Three months ended June 30,				Six months ended June 30,
			2023		2022		2023		2022
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	541	$	859	$	969	$	1,626
Agency title insurance premiums	Agency title insurance premiums	Title	713		1,203		1,263		2,302
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	576		71		941		667
Home warranty	Escrow, title-related and other fees	Title	37		43		67		77
Total revenue from insurance contracts			1,867		2,176		3,240		4,672
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	219		294		379		559
Other title-related fees and income	Escrow, title-related and other fees	Title	169		210		315		406
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	87		92		162		186
Real estate technology	Escrow, title-related and other fees	Corporate and other	39		41		76		79
Total revenue from contracts with customers			514		637		932		1,230
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	69		67		129		143
Other	Escrow, title-related and other fees	Corporate and other	16		(32)		23		(39)
Interest and investment income	Interest and investment income	Various	618		463		1,229		941
Recognized gains and losses, net	Recognized gains and losses, net	Various	(16)		(676)		(11)		(1,145)
Total revenues	Total revenues		$	3,068	$	2,635	$	5,542	$	5,802

Information about Trade Receivables and Deferred Revenue

The following table provides information about trade receivables and deferred revenue:

	June 30, 2023		December 31, 2022
	(In millions)
Trade receivables	$	344	$	349
Deferred revenue (contract liabilities)	313		271

Revenue from contract with customer

$ 514

$ 637

$ 932

$ 1,230

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets, Finite

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.

	June 30, 2023		December 31, 2022
	(In millions)
Customer relationships and contracts	$	209	$	202
VOBA	1,529		$	1,615
DAC	1,856		1,411
DSI	258		200
Value of distribution asset	93		100
Computer software	280		196
Definite lived trademarks, tradenames, and other	32		27
Indefinite lived tradenames and other	60		60
Total Other intangible assets, net	$	4,317	$	3,811

Schedule of Other Intangible Assets, Indefinite

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.

	June 30, 2023		December 31, 2022
	(In millions)
Customer relationships and contracts	$	209	$	202
VOBA	1,529		$	1,615
DAC	1,856		1,411
DSI	258		200
Value of distribution asset	93		100
Computer software	280		196
Definite lived trademarks, tradenames, and other	32		27
Indefinite lived tradenames and other	60		60
Total Other intangible assets, net	$	4,317	$	3,811

Rollforward of Value of Business Acquired

The following tables roll forward VOBA by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2023	$	1,166	$	32	$	201	$	143	$	73	$	1,615
Amortization	(71)		(3)		(6)		(4)		(2)		(86)
Balance at June 30, 2023	$	1,095	$	29	$	195	$	139	$	71	$	1,529
	FIA		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2022	$	1,314	$	39	$	212	$	153	$	25	$	1,743
Amortization	(76)		(3)		(6)		(5)		(1)		(91)
Shadow Premium Deficiency Testing (“PDT”)	—		—		—		—		52		52
Balance at June 30, 2022	$	1,238	$	36	$	206	$	148	$	76	$	1,704

Reconciliation of VOBA to Condensed Consolidated Balance Sheets

The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,095	$	1,166
Fixed Rate Annuities	29		32
Immediate Annuities	195		201
Universal Life	139		143
Traditional Life	71		73
Total	$	1,529	$	1,615

Rollforward of Deferred Policy Acquisition Costs

The following tables roll forward DAC by product for the six months ended June 30, 2023 and June 30, 2022.

	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	249		91		109		449
Amortization	(47)		(20)		(16)		(83)
Reinsurance related adjustments	—		79		—		79
Balance at June 30, 2023	$	1,173	$	233	$	441	$	1,847
	FIA		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2022	$	564	$	38	$	173	$	775
Capitalization	216		25		91		332
Amortization	(29)		(4)		(9)		(42)
Balance at June 30, 2022	$	751	$	59	$	255	$	1,065

(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)

Reconciliation of DAC to Condensed Consolidated Balance Sheets

The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	1,173	$	971
Fixed Rate Annuities	233		83
Universal Life	441		348
Funding Agreements	9		9
Total	$	1,856	$	1,411

Rollforward of Deferred Sale Inducement Cost

The following tables roll forward DSI for the six months ended June 30, 2023 and June 30, 2022:

	FIA		Total
	(In millions)
Balance at January 1, 2023	$	200	$	200
Capitalization	68		68
Amortization	(10)		(10)
Balance at June 30, 2023	$	258	$	258
	FIA		Total
	(In millions)
Balance at January 1, 2022	$	127	$	127
Capitalization	38		38
Amortization	(6)		(6)
Balance at June 30, 2022	$	159	$	159

DSI amortization expense of $10 million and $6 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the six months ended June 30, 2023 and June 30, 2022, respectively.

Reconciliation of DSI to Condensed Consolidated Balance Sheets

The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022:

	June 30, 2023		December 31, 2022
	(In millions)
FIA	$	258	$	200
Total	$	258	$	200

Estimated Amortization Expense for VOBA in Future Fiscal Periods

For the in-force liabilities as of June 30, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2023	$	80
2024	151
2025	139
2026	128
2027	117
Thereafter	914

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F&G Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Reinsurance Disclosures [Abstract]

Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three and six months ended June 30, 2023 and June 30, 2022 were as follows:

	Three months ended								Six months ended
	June 30, 2023				June 30, 2022				June 30, 2023				June 30, 2022
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	510	$	862	$	39	$	204	$	811	$	1,734	$	606	$	709
Ceded	(27)		(45)		(35)		(581)		(53)		(105)		(67)		(883)
Net	$	483	$	817	$	4	$	(377)	$	758	$	1,629	$	539	$	(174)

Reinsurance Recoverable Expected Credit Loss

The expected credit loss reserves were as follows:

	Three months ended				Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Balance at Beginning of Period	$	(10)	$	(20)	$	(10)	$	(20)
Changes in the expected credit loss reserve	1		1		1		1
Balance at End of Period	$	(9)	$	(19)	$	(9)	$	(19)

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Gross Carrying Value and Weighted Average Useful Lives of Other Intangible Assets Acquired

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	9	10
Trade name	4		10
Software	60		7
Total Other intangible assets	$	73

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following:

	Gross Carrying Value		Weighted Average Estimated Useful Life (in years)
Other intangible assets:	(In millions)
Customer relationships	$	46	10
Trade name	7		10
Non-compete agreements	1		5
Software	1		2
Total Other intangible assets	$	55

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Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:

	June 30, 2023		December 31, 2022
	(In millions)
4.50% Notes, net of discount	$	445	$	445
3.40% Notes, net of discount	644		644
2.45% Notes, net of discount	594		594
3.20% Notes, net of discount	444		444
Revolving Credit Facility	(2)		(3)
F&G Credit Agreement	511		547
7.40% F&G Notes	495		—
5.50% F&G Notes	565		567
	$	3,696	$	3,238

Schedule of Principal Maturities of Notes Payable

Gross principal maturities of notes payable at June 30, 2023 are as follows:

	(In millions)
2023 (remaining)	$	511
2024	—
2025	550
2026	—
2027	—
Thereafter	2,650
	$	3,711

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Market Risk Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Balances and Changes in Market Risk Benefit

The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the six months ended June 30, 2023 and the years ended December 31, 2022 and December 31, 2021:

	June 30, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
	(Dollars in millions)
Balance, beginning of period	$	164	$	1	$	426	$	2	$	478	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(8)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	68		—		107		1		99		1
Actual policyholder behavior different from expected	11		—		43		—		(22)		—
Changes in assumptions and other	1		—		(76)		—		—		—
Effects of market related movements	(38)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	136	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	58		—		62		—		146		1
Balance, end of period	$	194	$	1	$	164	$	1	$	426	$	2
Weighted-average attained age of policyholders weighted by total AV (years)	68.41		72.67		68.59		72.88		68.95		73.10
Net amount at risk	$	1,006	$	3	$	952	$	3	$	1,304	$	4

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	$	118	$	312	$	194	$	117	$	281	$	164	$	41	$	467	$	426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	118	$	313	$	195	$	117	$	282	$	165	$	41	$	469	$	428

XML

Contractholder Funds (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Summary of Balances and Changes in Contractholder Funds

The following tables summarize balances of and changes in contractholder funds’ account balances:

	June 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	2,415			2,584			99			—		456
Premiums received	52			1			180			—		—
Policy charges (a)	(87)			—			(124)			—		—
Surrenders and withdrawals	(876)			(520)			(45)			—		—
Benefit payments	(254)			(118)			(16)			(27)		(323)
Interest credited	69			179			20			27		25
Other	23			(1)			—			—		3
Balance, end of year	$	26,108		$	11,483		$	2,226		$	2,613	$	2,143
Embedded derivative adjustment (c)	98			—			73			—		—
Gross Liability, end of period	$	26,206		$	11,483		$	2,299		$	2,613	$	2,143
Less: Reinsurance	(17)			(5,431)			(924)			—		—
Net Liability, after Reinsurance	$	26,189		$	6,052		$	1,375		$	2,613	$	2,143
Weighted-average crediting rate	1.10		%	7.07		%	3.85		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,401			N/A		N/A
Cash surrender value	24,337			10,707			1,760			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	21,997			6,367			1,907			1,904		1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)
Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982
Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value	188			5,992			1,698			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)
Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543
Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value	20,455			5,992			1,572			N/A		N/A

(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.

(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.

(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.

(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

Schedule Of Reconciliation Of Policyholder Account Balances To Statement Of Financial Position

The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
FIA	$	26,206	$	24,423	$	22,600
Fixed rate annuities	11,483		9,358		6,367
Immediate annuities	317		332		352
Universal life	2,299		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,613		2,613		1,904
FHLB	2,143		1,982		1,543
PRT	4		3		1
Total	$	45,070	$	40,843	$	34,753

Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums:

	June 30, 2023
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	23,749	$	796	$	403	$	663	$	25,611
1.51%-2.50%	141		—		1		—		142
Greater than 2.50%	353		—		2		—		355
Total	$	24,243	$	796	$	406	$	663	$	26,108
Fixed Rate Annuities
0.00%-1.50%	$	17	$	30	$	1,838	$	8,287	$	10,172
1.51%-2.50%	8		13		28		313		362
Greater than 2.50%	934		3		4		8		949
Total	$	959	$	46	$	1,870	$	8,608	$	11,483
Universal Life
0.00%-1.50%	$	1,822	$	4	$	—	$	18	$	1,844
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		35		1		—		382
Total	$	2,168	$	39	$	1	$	18	$	2,226

	December 31, 2022
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	22,848	$	801	$	410	$	151	$	24,210
1.51%-2.50%	162		—		1		—		163
Greater than 2.50%	390		—		3		—		393
Total	$	23,400	$	801	$	414	$	151	$	24,766
Fixed Rate Annuities
0.00%-1.50%	$	10	$	32	$	1,871	$	6,379	$	8,292
1.51%-2.50%	9		14		30		1		54
Greater than 2.50%	997		4		4		7		1,012
Total	$	1,016	$	50	$	1,905	$	6,387	$	9,358
Universal Life
0.00%-1.50%	$	1,701	$	3	$	—	$	17	$	1,721
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	346		44		1		—		391
Total	$	2,047	$	47	$	1	$	17	$	2,112

	December 31, 2021
	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA	(In millions)
0.00%-1.50%	$	20,162	$	803	$	388	$	—	$	21,353
1.51%-2.50%	171		11		25		—		207
Greater than 2.50%	431		3		3		—		437
Total	$	20,764	$	817	$	416	$	—	$	21,997
Fixed Rate Annuities
0.00%-1.50%	$	2	$	28	$	1,928	$	3,219	$	5,177
1.51%-2.50%	9		15		37		1		62
Greater than 2.50%	954		142		25		7		1,128
Total	$	965	$	185	$	1,990	$	3,227	$	6,367
Universal Life
0.00%-1.50%	$	1,486	$	2	$	—	$	13	$	1,501
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	359		46		1		—		406
Total	$	1,845	$	48	$	1	$	13	$	1,907

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Future Policy Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value

The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:

	June 30, 2023		December 31, 2022		December 31, 2021
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	797	$	1,020	$	1,152
Beginning balance of original discount rate	974		1,045		1,131
Effect of actual variances from expected experience	7		33		25
Balance adjusted for variances from expectation	981		1,078		1,156
Interest accrual	9		20		22
Net premiums collected	(60)		(124)		(133)
Ending Balance at original discount rate	930		974		1,045
Effect of changes in discount rate assumptions	(167)		(177)		(25)
Balance, end of year	$	763	$	797	$	1,020
Expected FPB
Balance, beginning of year	$	2,151	$	2,772	$	3,105
Beginning balance of original discount rate	2,665		2,806		2,995
Effect of actual variances from expected experience	(9)		13		(14)
Balance adjusted for variances from expectation	$	2,656	$	2,819	$	2,981
Interest accrual	28		59		62
Benefits payments	(99)		(213)		(237)
Ending Balance at original discount rate	$	2,585	$	2,665	$	2,806
Effect of changes in discount rate assumptions	(474)		(514)		(34)
Balance, end of year	$	2,111	$	2,151	$	2,772
Net liability for future policy benefits	$	1,348	$	1,354	$	1,752
Less: Reinsurance recoverable	587		612		749
Net liability for future policy benefits, after reinsurance recoverable	$	761	$	742	$	1,003
Weighted-average duration of liability for future policyholder benefits (years)	7.36		7.58		8.54

The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:

	June 30, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance of original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(5)
Effect of actual variances from expected experience	(17)		—
Balance adjusted for variances from expectation	1,841		2,470
Issuances	10		755
Interest accrual	33		50
Benefits payments	(65)		(115)
Ending Balance at original discount rate	1,819		3,160
Effect of changes in discount rate assumptions	(408)		(290)
Balance, end of year	$	1,411	$	2,870
Net liability for future policy benefits	$	1,411	$	2,870
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,295	$	2,870
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

	December 31, 2022
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,954	$	1,148
Beginning balance of original discount rate	1,935		1,151
Effect of changes in cash flow assumptions	—		(20)
Effect of actual variances from expected experience	(26)		2
Balance adjusted for variances from expectation	$	1,909	$	1,133
Issuances	26		1,418
Interest accrual	60		50
Benefits payments	(137)		(126)
Ending Balance at original discount rate	$	1,858	$	2,475
Effect of changes in discount rate assumptions	(429)		(310)
Balance, end of year	$	1,429	$	2,165
Net liability for future policy benefits	$	1,429	$	2,165
Less: Reinsurance recoverable	118		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,311	$	2,165
Weighted-average duration of liability for future policyholder benefits (years)	11.76		8.09

	December 31, 2021
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	2,153	$	—
Beginning balance of original discount rate	2,040		—
Effect of actual variances from expected experience	(47)		—
Balance adjusted for variances from expectation	$	1,993	$	—
Issuances	18		1,155
Interest accrual	60		2
Benefits payments	(136)		(6)
Ending Balance at original discount rate	$	1,935	$	1,151
Effect of changes in discount rate assumptions	19		(3)
Balance, end of year	$	1,954	$	1,148
Net liability for future policy benefits	$	1,954	$	1,148
Less: Reinsurance recoverable	145		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,809	$	1,148
Weighted-average duration of liability for future policyholder benefits (years)	13.61		8.75

Summary of Changes in Liability for Deferred Profit Liability

The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:

	June 30, 2023				December 31, 2022				December 31, 2021
	Immediate annuities		PRT		Immediate annuities		PRT		Immediate annuities		PRT
					(In millions)
Balance, beginning of year	$	69	$	4	$	57	$	7	$	22	$	—
Effect of modeling changes	4		—		—		—		—		—
Effect of changes in cash flow assumptions	—		—		—		(2)		—		—
Effect of actual variances from expected experience	10		2		16		—		39		—
Balance adjusted for variances from expectation	83		6		73		5		61		—
Issuances	1		—		1		—		$	—	$	7
Interest accrual	1		(1)		2		—		2		—
Amortization	(3)		(1)		(7)		(1)		(6)		—
Balance, end of year	$	82	$	4	$	69	$	4	$	57	$	7

Schedule Of Reconciliation Of Future Policy Benefits To Statement Of Financial Position

The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:

	June 30, 2023		December 31, 2022		December 31, 2021
	(In millions)
Traditional Life	$	1,348	$	1,354	$	1,752
Immediate annuities	1,411		1,429		1,954
PRT	2,870		2,165		1,148
Immediate annuities DPL	82		69		57
PRT DPL	4		4		7
Total	$	5,715	$	5,021	$	4,918

Schedule Of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:

	Undiscounted				Discounted
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Traditional Life	(In millions)
Expected future benefit payments	$	3,027	$	3,201	$	2,089	$	2,686
Expected future gross premiums	1,114		1,245		803		1,091
Immediate annuities
Expected future benefit payments	$	3,361	$	3,516	$	1,411	$	1,907
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	4,724	$	2,265	$	3,161	$	1,652
Expected future gross premiums	—		—		—		—

Revenue from External Customers by Products and Services

The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Earnings:

	Gross Premiums (a)				Interest Expense (b)
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(In millions)
Traditional Life	$	63	$	70	$	19	$	20
Immediate annuities	11		16		33		30
PRT	737		520		50		19
Total	$	811	$	606	$	102	$	69

(a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Earnings.

(b) Included in Benefits and other changes in policy reserves (remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Earnings.

Schedule Of Liability For Future Policy Benefit, Weighted Average Discount Rates

The following table presents the weighted-average interest rate:

	June 30, 2023		December 31, 2022		December 31, 2021
Traditional Life
Interest accretion rate	2.33	%	2.32	%	2.29	%
Current discount rate	4.63	%	5.37	%	2.41	%
Immediate annuities
Interest accretion rate	3.12	%	3.07	%	3.04	%
Current discount rate	5.10	%	5.21	%	3.07	%
PRT
Interest accretion rate	4.04	%	3.20	%	1.20	%
Current discount rate	5.28	%	5.40	%	2.79	%

Schedule Of Liability for Future Policy Benefit, Mortality And Lapse, Actual And Expected Experience

The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:

	June 30, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.4	%	3.2	%	2.3	%
Expected experience	1.4	%	1.6	%	2.1	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

	December 31, 2022
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.5	%	3.0	%	1.9	%
Expected experience	1.3	%	1.9	%	2.5	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

	December 31, 2021
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	4.2	%	—	%
Expected experience	1.3	%	2.0	%	—	%
Lapses
Actual experience	0.1	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

Liability For Future Policy Benefits, Additional Information

The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions):

	June 30, 2023				December 31, 2022
	Cohort X			Description	Cohort X			Description
Net Premium Ratio before capping	100		%	Term with ROP Non-NY Cohort	100		%	Term with ROP Non-NY Cohort
Reserves before NP Ratio capping	$	1,184		Term with ROP Non-NY Cohort	$	1,172		Term with ROP Non-NY Cohort
Reserves after NP Ratio capping	$	1,185		Term with ROP Non-NY Cohort	$	1,173		Term with ROP Non-NY Cohort
Loss Expense	$	1		Term with ROP Non-NY Cohort	$	—		Term with ROP Non-NY Cohort

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ASU 2018-12 Transition (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Summary of Changes in FPB, VOBA, DAC, DSI, URL and MRB

Impacts of adoption of ASU 2018-12 on Financial Statements

The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Earnings.

Condensed Consolidated Balance Sheet

	December 31, 2022
	As Previously Reported		Adjustments		As adjusted
			(Unaudited)		(Unaudited)
	(In millions)
ASSETS
Reinsurance recoverable, net of allowance for credit losses	$	5,588	$	(170)	$	5,418
Goodwill	4,642		(7)		4,635
Prepaid expenses and other assets	2,231		(163)		2,068
Market risk benefits asset	—		117		117
Other intangible assets, net	4,034		(223)		3,811
Total	$	16,495	$	(446)	$	16,049
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	41,233	$	(390)	$	40,843
Future policy benefits	5,923		(902)		5,021
Accounts payable and accrued liabilities	2,352		(26)		2,326
Market risk benefits liability	—		282		282
Total	$	49,508	$	(1,036)	$	48,472
Equity:
Additional paid-in capital	$	5,876	$	(6)	$	5,870
Retained earnings	4,714		511		5,225
Accumulated other comprehensive (loss) earnings	(2,862)		(8)		(2,870)
Non-controlling interests	360		93		453
Total	$	8,088	$	590	$	8,678

Condensed Consolidated Statement of Earnings

	Three months ended June 30, 2022						Six months ended June 30, 2022
	As Previously Reported		Adjustments		As adjusted		As Previously Reported		Adjustments		As adjusted
	(Unaudited)						(Unaudited)
Revenues:	(In millions)						(In millions)
Escrow, title-related and other fees	$	782	$	4	$	786	$	2,072	$	6	$	2,078
Expenses:
Benefits and other changes in policy reserves	$	(418)	$	41	$	(377)	$	(210)	$	36	$	(174)
Market risk benefit gains	—		(189)		(189)		—		(119)		(119)
Depreciation and amortization	161		(41)		120		343		(108)		235
Income tax expense	164		38		202		319		39		358
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	382	$	155	$	537	$	779	$	158	$	937
Earnings per share
Basic
Net earnings per share attributable to common shareholders, basic	$	1.37	$	0.56	$	1.93	$	2.79	$	0.57	$	3.36
Diluted
Net earnings per share attributable to common shareholders, diluted	$	1.37	$	0.55	$	1.92	$	2.77	$	0.56	$	3.33

The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12:

	Immediate annuities		Traditional Life		Total (3)
	(In millions)
Balance, December 31, 2020	$	1,861	$	2,144	$	4,005
Cumulative effect of retrospective adoption (1)	201		(279)		(78)
Effect of remeasurement of liability at current discount rate (2)	113		88		201
Balance, January 1, 2021	$	2,175	$	1,953	$	4,128
Less: Reinsurance Recoverable	322		793		1,115
Balance, January 1, 2021, net of reinsurance	$	1,853	$	1,160	$	3,013
(1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL.
(2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12.
(3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward.

The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Immediate annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance, December 31, 2020	$	1,208	$	15	$	86	$	139	$	18	$	1,466
Adjustment for reversal of AOCI adjustments (1)	208		24		—		29		(29)		232
Cumulative effect of retrospective adoption (2)	(14)		7		(5)		(9)		(1)		(22)
Transition opening balance adjustment	69		2		145		5		43		264
Balance, January 1, 2021	$	1,471	$	48	$	226	$	164	$	31	$	1,940
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020
(3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12.

The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	167	$	14	$	41	$	222
Adjustment for reversal of AOCI adjustments (1)	15		2		8		25
Cumulative effect of retrospective adoption (2)	(1)		—		(1)		(2)
Balance, January 1, 2021	$	181	$	16	$	48	$	245
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Total
	(In millions)
Balance, December 31, 2020	$	36	$	36
Adjustment for reversal of AOCI adjustments (1)	5		5
Cumulative effect of retrospective adoption (2)	4		4
Balance, January 1, 2021	$	45	$	45
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12:

	Universal Life		Total
	(In millions)
Balance, December 31, 2020	$	2	$	2
Adjustment for reversal of AOCI adjustments (1)	25		25
Cumulative effect of retrospective adoption (2)	2		2
Balance, January 1, 2021	$	29	$	29
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.

The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12:

	FIA		Fixed rate annuities		Total
	(In millions)
Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1)	$	531	$	—	$	531
Adjustment for reversal of AOCI adjustments (2)	(116)		—		(116)
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3)	159		—		159
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs (4)	(96)		1		(95)
Balance, January 1, 2021 - Market risk benefits at fair value	$	478	$	1	$	479
Less: Reinsurance Recoverable	—		—		—
Balance, January 1, 2021, net of reinsurance	$	478	$	1	$	479
(1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944.
(2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI.
(4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.

Effect of Transition Adjustments On Equity

The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12:

	January 1, 2021
	Retained Earnings		AOCI
	(In millions)
Contractholder funds	$	101	$	115
MRB	30		(160)
FPB	(14)		(159)
VOBA	(21)		233
DAC	(1)		5
Increase to Equity, gross of tax	$	95	$	34
Tax impact	20		9
Increase to Equity, net of tax	$	75	$	25

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Basis of Financial Statements - Recent Developments (Details) - USD ($) $ in Millions	Jan. 01, 2023	Jun. 30, 2023	Jan. 13, 2023
TitlePoint
Business Acquisition [Line Items]
Cash consideration	$ 224
7.40% F&G Senior Notes | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage		7.40%	7.40%
Aggregate principal amount			$ 500

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Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense	$ 90	$ 202	$ 104	$ 358
Income tax expense as percentage of earnings before income taxes, percent	27.00%	28.00%	40.00%	28.00%

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Basis of Financial Statements - Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of EPS, less than (in shares)	1,000	1,000	1,000	1,000

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Basis of Financial Statements -Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Unearned revenue liability	$ 215	$ 166
Net premium ratio, capped percentage	100.00%
MRB, attributed fee ratio capped percentage	100.00%

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Basis of Financial Statements - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings	$ 6,229	$ 6,116
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings			$ 75

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Basis of Financial Statements - Summary of Impact of the Adoption of ASU 2018 on the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Dec. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Reinsurance recoverable, net of allowance for credit losses		$ 7,077		$ 7,077			$ 5,418
Goodwill		4,811	$ 4,531	4,811	$ 4,531		4,635
Prepaid expenses and other assets		2,214		2,214			2,068
Market risk benefits asset		118		118			117		$ 41
Other intangible assets, net		4,317		4,317			3,811
Total		73,021	61,012	73,021	61,012		65,143
Liabilities:
Contractholder funds		45,070		45,070			40,843
Future policy benefits		5,715		5,715			5,021		4,918
Accounts payable and accrued liabilities		2,725		2,725			2,326
Market risk benefits liability		313		313			282		469
Total		66,344		66,344			58,574
Equity [Abstract]
Additional paid-in capital		5,883		5,883			5,870
Retained earnings		5,140		5,140			5,225
Accumulated other comprehensive loss		(2,681)		(2,681)			(2,870)
Non-controlling interests		448		448			453
Total		6,677	7,348	6,677	7,348	$ 6,648	6,569	$ 8,612	$ 10,006
Revenues:
Escrow, title-related and other fees		1,212	786	2,092	2,078
Expenses:
Benefits and other changes in policy reserves		817	(377)	1,629	(174)
Market risk benefit gains		(30)	(189)	29	(119)
Depreciation and amortization		151	120	285	235
Income tax expense		90	202	104	358
Net earnings attributable to FNF common shareholders		$ 219	$ 537	$ 160	$ 937
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)		$ 0.81	$ 1.93	$ 0.59	$ 3.36
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)		$ 0.81	$ 1.92	$ 0.59	$ 3.33
Adjustments
ASSETS
Reinsurance recoverable, net of allowance for credit losses							(170)
Goodwill							(7)
Prepaid expenses and other assets							(163)
Market risk benefits asset							117
Other intangible assets, net							(223)
Total							(446)
Liabilities:
Contractholder funds							(390)
Future policy benefits							(902)
Accounts payable and accrued liabilities							(26)
Market risk benefits liability							282
Total							(1,036)
Equity [Abstract]
Additional paid-in capital							(6)
Retained earnings							511
Accumulated other comprehensive loss							(8)
Non-controlling interests							93
Total							590
Revenues:
Escrow, title-related and other fees			$ 4		$ 6
Expenses:
Benefits and other changes in policy reserves			41		36
Market risk benefit gains			(189)		(119)
Depreciation and amortization			(41)		(108)
Income tax expense	$ 20		38		39
Net earnings attributable to FNF common shareholders			$ 155		$ 158
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 0.56		$ 0.57
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 0.55		$ 0.56
As adjusted
ASSETS
Reinsurance recoverable, net of allowance for credit losses							5,418
Goodwill							4,635
Prepaid expenses and other assets							2,068
Market risk benefits asset							117
Other intangible assets, net							3,811
Total							16,049
Liabilities:
Contractholder funds							40,843
Future policy benefits							5,021
Accounts payable and accrued liabilities							2,326
Market risk benefits liability							282
Total							48,472
Equity [Abstract]
Additional paid-in capital							5,870
Retained earnings							5,225
Accumulated other comprehensive loss							(2,870)
Non-controlling interests							453
Total							8,678
Revenues:
Escrow, title-related and other fees			$ 786		$ 2,078
Expenses:
Benefits and other changes in policy reserves			(377)		(174)
Market risk benefit gains			(189)		(119)
Depreciation and amortization			120		235
Income tax expense			202		358
Net earnings attributable to FNF common shareholders			$ 537		$ 937
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.93		$ 3.36
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.92		$ 3.33
As Previously Reported
ASSETS
Reinsurance recoverable, net of allowance for credit losses							5,588
Goodwill							4,642
Prepaid expenses and other assets							2,231
Market risk benefits asset							0
Other intangible assets, net							4,034
Total							16,495
Liabilities:
Contractholder funds							41,233
Future policy benefits							5,923
Accounts payable and accrued liabilities							2,352
Market risk benefits liability							0
Total							49,508
Equity [Abstract]
Additional paid-in capital							5,876
Retained earnings							4,714
Accumulated other comprehensive loss							(2,862)
Non-controlling interests							360
Total							$ 8,088
Revenues:
Escrow, title-related and other fees			$ 782		$ 2,072
Expenses:
Benefits and other changes in policy reserves			(418)		(210)
Market risk benefit gains			0		0
Depreciation and amortization			161		343
Income tax expense			164		319
Net earnings attributable to FNF common shareholders			$ 382		$ 779
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.37		$ 2.79
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.37		$ 2.77

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Summary of Reserve for Title Claim Losses - Summary (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Loss Contingencies [Line Items]
Change in insurance recoverable	$ 27	$ (209)
Title
Loss Contingencies [Line Items]
Beginning balance	1,810	1,883
Change in insurance recoverable	0	(108)
Claim loss provision related to:
Current year	100	177
Total title claim loss provision	100	177
Claims paid, net of recoupments related to:
Current year	(4)	(7)
Prior years	(125)	(102)
Total title claims paid, net of recoupments	(129)	(109)
Ending balance of claim loss reserve for title insurance	$ 1,781	$ 1,843
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%

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Summary of Reserve for Title Claim Losses - Narrative (Details) - Pending Litigation - USD ($) $ in Millions	Nov. 02, 2020	Sep. 03, 2020	Jul. 07, 2020	Dec. 13, 2019
Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount				$ 250
Banc of California, National Association v. Laurie Peterson
Loss Contingencies [Line Items]
Plaintiffs claim losses amount			$ 35
Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount			$ 250
CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992
Loss Contingencies [Line Items]
Plaintiffs claim losses amount		$ 12
Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount		$ 250
CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co.
Loss Contingencies [Line Items]
Plaintiffs claim losses amount	$ 12

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Fair Value of Financial Instruments - Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities available for sale	$ 38,029	$ 33,095
Derivative asset	649	244
Market risk benefits asset	118	117	$ 41
Total financial assets at fair value	8,759	8,286
Derivatives:
Market risk benefits liability	313	282	$ 469
Level 1
Assets
Cash and cash equivalents	3,136	2,286
Short term investments	801	2,590
Derivative asset	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	5,437	6,210
Derivatives:
Market risk benefits liability	0	0
Total financial liabilities at fair value	0	0
Level 2
Assets
Cash and cash equivalents	0	0
Short term investments	45	0
Derivative asset	649	244
Market risk benefits asset	0	0
Total financial assets at fair value	30,694	25,720
Derivatives:
Market risk benefits liability	0	0
Total financial liabilities at fair value	0	0
Level 3
Assets
Cash and cash equivalents	0	0
Short term investments	126	0
Derivative asset	0	0
Market risk benefits asset	118	117
Total financial assets at fair value	8,759	8,286
Derivatives:
Market risk benefits liability	313	282
Total financial liabilities at fair value	4,134	3,397
NAV
Assets
Total financial assets at fair value	41	47
Fair Value
Assets
Cash and cash equivalents	3,136	2,286
Short term investments	972	2,590
Derivative asset	649	244
Market risk benefits asset	118	117
Total financial assets at fair value	44,931	40,263
Derivatives:
Market risk benefits liability	313	282
Total financial liabilities at fair value	4,134	3,397
Reinsurance related embedded derivative, included in other assets | Level 1
Assets
Derivative asset	0	0
Reinsurance related embedded derivative, included in other assets | Level 2
Assets
Derivative asset	277	279
Reinsurance related embedded derivative, included in other assets | Level 3
Assets
Derivative asset	0	0
Reinsurance related embedded derivative, included in other assets | Fair Value
Assets
Derivative asset	277	279
FIA/ IUL embedded derivatives, included in contractholder funds | Level 1
Derivatives:
Derivative liability	0	0
FIA/ IUL embedded derivatives, included in contractholder funds | Level 2
Derivatives:
Derivative liability	0	0
FIA/ IUL embedded derivatives, included in contractholder funds | Level 3
Derivatives:
Derivative liability	3,821	3,115
FIA/ IUL embedded derivatives, included in contractholder funds | Fair Value
Derivatives:
Derivative liability	3,821	3,115
Asset-backed securities
Assets
Fixed maturity securities available for sale	12,840	11,467
Asset-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Asset-backed securities | Level 2
Assets
Fixed maturity securities available for sale	6,330	5,204
Asset-backed securities | Level 3
Assets
Fixed maturity securities available for sale	6,510	6,263
Asset-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	12,840	11,467
Commercial mortgage-backed securities
Assets
Fixed maturity securities available for sale	3,989	3,063
Commercial mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Commercial mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	3,972	3,026
Commercial mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	17	37
Commercial mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	3,989	3,063
Corporates
Assets
Fixed maturity securities available for sale	16,129	14,337
Corporates | Level 1
Assets
Fixed maturity securities available for sale	26	40
Corporates | Level 2
Assets
Fixed maturity securities available for sale	14,475	12,857
Corporates | Level 3
Assets
Fixed maturity securities available for sale	1,628	1,440
Corporates | Fair Value
Assets
Fixed maturity securities available for sale	16,129	14,337
Hybrids
Assets
Fixed maturity securities available for sale	704	731
Hybrids | Level 1
Assets
Fixed maturity securities available for sale	95	93
Hybrids | Level 2
Assets
Fixed maturity securities available for sale	609	638
Hybrids | Level 3
Assets
Fixed maturity securities available for sale	0	0
Hybrids | Fair Value
Assets
Fixed maturity securities available for sale	704	731
Municipals | Level 1
Assets
Fixed maturity securities available for sale	0	0
Municipals | Level 2
Assets
Fixed maturity securities available for sale	1,554	1,431
Municipals | Level 3
Assets
Fixed maturity securities available for sale	49	29
Municipals | Fair Value
Assets
Fixed maturity securities available for sale	1,603	1,460
Residential mortgage-backed securities
Assets
Fixed maturity securities available for sale	2,016	1,527
Residential mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Residential mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	1,988	1,225
Residential mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	28	302
Residential mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	2,016	1,527
U.S. Government
Assets
Fixed maturity securities available for sale	484	271
U.S. Government | Level 1
Assets
Fixed maturity securities available for sale	468	260
U.S. Government | Level 2
Assets
Fixed maturity securities available for sale	16	11
U.S. Government | Level 3
Assets
Fixed maturity securities available for sale	0	0
U.S. Government | Fair Value
Assets
Fixed maturity securities available for sale	484	271
Foreign Governments
Assets
Fixed maturity securities available for sale	264	239
Foreign Governments | Level 1
Assets
Fixed maturity securities available for sale	0	0
Foreign Governments | Level 2
Assets
Fixed maturity securities available for sale	248	223
Foreign Governments | Level 3
Assets
Fixed maturity securities available for sale	16	16
Foreign Governments | Fair Value
Assets
Fixed maturity securities available for sale	264	239
Preferred securities
Assets
Equity and preferred securities	804	903
Preferred securities | Level 1
Assets
Equity and preferred securities	266	320
Preferred securities | Level 2
Assets
Equity and preferred securities	531	582
Preferred securities | Level 3
Assets
Equity and preferred securities	7	1
Preferred securities | Fair Value
Assets
Equity and preferred securities	804	903
Equity securities | Level 1
Assets
Equity and preferred securities	645	621
Equity securities | Level 2
Assets
Equity and preferred securities	0	0
Equity securities | Level 3
Assets
Equity and preferred securities	14	10
Equity securities | NAV
Assets
Equity and preferred securities	41	47
Equity securities | Fair Value
Assets
Equity and preferred securities	700	678
Investment in unconsolidated affiliates | Level 1
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 2
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 3
Assets
Investment in unconsolidated affiliates	197	23
Investment in unconsolidated affiliates | Fair Value
Assets
Investment in unconsolidated affiliates	197	23
Other long-term investments | Level 1
Assets
Other long-term investments	0	0
Other long-term investments | Level 2
Assets
Other long-term investments	0	0
Other long-term investments | Level 3
Assets
Other long-term investments	49	48
Other long-term investments | Fair Value
Assets
Other long-term investments	$ 49	$ 48

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Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($) $ / Contract	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 3,039	$ 2,642
Title
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 237	$ 187
Credit linked note | Valuation, Income Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price | $ / Contract	0

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Fair Value of Financial Instruments - Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level 3 Fair Value Measurements of Financial Instruments (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 8,759	$ 8,286
Liabilities, fair value	4,134	3,397
FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 3,821	$ 3,115
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0000	0.0000
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0381	0.0388
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.0000	1.0000
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0025	0.0025
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0200	0.0200
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0055	0.0048
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0007	0.0007
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3003	0.2390
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0547	0.0473
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.0000	1.0000
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.7000	0.7000
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3448	0.2941
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0137	0.0144
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0567	0.0497
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Market Value of Option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0236	0.8700
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0464	0.0431
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Mortality Multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1.0000	1.0000
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0661	0.0657
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0274	0.0273
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0117	0.0130
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0222	0.0189
Asset-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 6,233	$ 5,916
Asset-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 277	$ 347
Asset-backed securities | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.547	0.5285
Asset-backed securities | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.3965	0.4143
Asset-backed securities | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.7190	1.1717
Asset-backed securities | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0177	2.1050
Asset-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9428	0.9418
Asset-backed securities | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.6208	0.6799
Commercial mortgage-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 20
Commercial mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 17	$ 17
Commercial mortgage-backed securities | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		1.0902
Commercial mortgage-backed securities | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8476	0.7466
Commercial mortgage-backed securities | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		1.0902
Commercial mortgage-backed securities | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.7935	0.8848
Commercial mortgage-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		1.0902
Commercial mortgage-backed securities | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8861	0.8274
Corporates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 789	$ 602
Corporates | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	829	826
Corporates | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 10	$ 12
Corporates | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.4639	0.7916
Corporates | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0000	0.0000
Corporates | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.4400	0.4400
Corporates | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0474	1.0253
Corporates | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0312	1.0496
Corporates | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0000	1.0000
Corporates | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9587	0.9416
Corporates | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8985	0.8969
Corporates | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.7480	0.7702
Municipals | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 18
Municipals | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 31	$ 29
Municipals | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0120
Municipals | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0211	0.9395
Municipals | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0120
Municipals | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0211	0.9395
Municipals | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0120
Municipals | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0211	0.9395
Residential mortgage-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 25	$ 302
Residential mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 3
Debt securities	0.9311
Residential mortgage-backed securities | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0000	0.0000
Residential mortgage-backed securities | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9045	0.9104
Residential mortgage-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9000	0.8638
Foreign Governments | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 16	$ 16
Foreign Governments | Minimum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9904	0.9978
Foreign Governments | Maximum | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9968	1.0229
Foreign Governments | Weighted Average | Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9924	1.0056
Short term investments | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 126
Short term investments | Minimum | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1.0000
Short term investments | Maximum | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1.0002
Short term investments | Weighted Average | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1.0001
Preferred securities | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities		1.0000
Preferred securities | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	21.25
Preferred securities | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Preferred securities | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	21.25
Preferred securities | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Preferred securities | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	21.25
Preferred securities | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Preferred securities | Affiliated Entity | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 6
Preferred securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1	$ 1
Equity securities | Minimum | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.3	5.6
Equity securities | Maximum | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.3	5.6
Equity securities | Weighted Average | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	5.3	5.6
Equity securities | Affiliated Entity | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 7	$ 6
Equity securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 7	$ 4
Equity securities | Affiliated Entity | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	66.00	64.25
Equity securities | Affiliated Entity | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1260	0.1110
Equity securities | Affiliated Entity | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	66.00	64.25
Equity securities | Affiliated Entity | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1260	0.1110
Equity securities | Affiliated Entity | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	66.00	64.25
Equity securities | Affiliated Entity | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1260	0.1110
Available-for-sale embedded derivative | Black Scholes model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 26	$ 23
Available-for-sale embedded derivative | Black Scholes model | Market Value of Fund
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset	1.0000	1.0000
Secured borrowing receivable | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 10	$ 10
Secured borrowing receivable | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1.0000	1.0000
Secured borrowing receivable | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1.0000	1.0000
Secured borrowing receivable | Weighted Average | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1.0000	1.0000
Credit linked note | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 13	$ 15
Credit linked note | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit Linked Note	0.9699	0.9623
Investment in unconsolidated affiliates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 197	$ 23
Investment in unconsolidated affiliates | Minimum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	5
Investment in unconsolidated affiliates | Minimum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate		5
Investment in unconsolidated affiliates | Maximum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	14
Investment in unconsolidated affiliates | Maximum | Broker quoted/Market Comparable | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate		5.50
Investment in unconsolidated affiliates | Weighted Average | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	12.1
Market risk benefits asset | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 118	$ 117
Market risk benefits asset | Minimum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits asset | Minimum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits asset | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0055	0.0048
Market risk benefits asset | Minimum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits asset | Minimum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5000	0.5000
Market risk benefits asset | Maximum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.1000	0.1000
Market risk benefits asset | Maximum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2174	0.2174
Market risk benefits asset | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0137	0.0144
Market risk benefits asset | Maximum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits asset | Maximum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.6000	0.6000
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0503	0.0469
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0249	0.0249
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0117	0.0130
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits asset | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5085	0.5094
Market risk benefits liability | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 313	$ 282
Market risk benefits liability | Minimum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits liability | Minimum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits liability | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0055	0.0048
Market risk benefits liability | Minimum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits liability | Minimum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5000	0.5000
Market risk benefits liability | Maximum | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.1000	0.1000
Market risk benefits liability | Maximum | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2174	0.2174
Market risk benefits liability | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0137	0.0144
Market risk benefits liability | Maximum | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits liability | Maximum | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.6000	0.6000
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0503	0.0469
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0249	0.0249
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0117	0.0130
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1.0000	1.0000
Market risk benefits liability | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5089	0.5094

XML

Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fixed maturity securities available-for-sale:
Assets, Total Gains (Losses) Included in Earnings	$ (4)	$ (5)
Assets, Total Gains (Losses) Included in AOCI	0	(214)
Assets, Purchases	723	1,144
Assets, Sales	(15)	(40)
Assets, Settlements	(165)	(134)
Assets, Net transfer In (Out) of Level 3	(21)	(18)
Change in Unrealized Included in OCI	(1)	(221)
Liabilities
Liabilities, Total Gains (Losses) Included in Earnings	197	(575)
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	93	146
Liabilities, Sales	0	0
Liabilities, Settlements	(38)	(25)
Liabilities, Net transfer In (Out) of Level 3	$ 0	0
Change in Unrealized Gains (Losses) Included in OCI		$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Recognized gains and losses, net	Recognized gains and losses, net	Recognized gains and losses, net	Recognized gains and losses, net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)	Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)	Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)	Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)
Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	$ 8,229	$ 5,525	$ 8,286	$ 5,641
Balance at End of Period	8,759	6,315	8,759	6,315
Liabilities
Balance at Beginning of Period	3,893	3,881	3,397	4,352
Balance at End of Period	4,134	3,233	4,134	3,233
FIA/ IUL embedded derivatives, included in contractholder funds
Liabilities
Balance at Beginning of Period	3,569	3,395	3,115	3,883
Liabilities, Total Gains (Losses) Included in Earnings	197	(575)	582	(1,159)
Liabilities, Total Gains (Losses) Included in AOCI	0	0	0	0
Liabilities, Purchases	93	146	189	272
Liabilities, Sales	0	0	0	0
Liabilities, Settlements	(38)	(25)	(65)	(55)
Liabilities, Net transfer In (Out) of Level 3	0	0	0	0
Balance at End of Period	3,821	2,941	3,821	2,941
Change in Unrealized Gains (Losses) Included in OCI	0	0	0	0
Asset-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	6,300	4,161	6,263	3,959
Assets, Total Gains (Losses) Included in Earnings	(3)	1	(11)	1
Assets, Total Gains (Losses) Included in AOCI	15	(142)	33	(272)
Assets, Purchases	379	827	795	1,227
Assets, Sales	(15)	(39)	(98)	(39)
Assets, Settlements	(151)	(126)	(386)	(278)
Assets, Net transfer In (Out) of Level 3	(15)	(5)	(86)	79
Balance at End of Period	6,510	4,677	6,510	4,677
Change in Unrealized Included in OCI	14	(153)	32	(291)
Commercial mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	29	40	37	35
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(3)	1	(5)
Assets, Purchases	0	0	12	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	(12)	0	(33)	7
Balance at End of Period	17	37	17	37
Change in Unrealized Included in OCI	0	(2)	1	(4)
Corporates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	1,544	1,141	1,440	1,135
Assets, Total Gains (Losses) Included in Earnings	0	0	(1)	0
Assets, Total Gains (Losses) Included in AOCI	(33)	(64)	(56)	(137)
Assets, Purchases	127	307	261	386
Assets, Sales	0	0	(1)	0
Assets, Settlements	(14)	(6)	(19)	(32)
Assets, Net transfer In (Out) of Level 3	4	(4)	4	22
Balance at End of Period	1,628	1,374	1,628	1,374
Change in Unrealized Included in OCI	(33)	(61)	(56)	(134)
Municipals
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	32	37	29	43
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	17	(4)	20	(10)
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0	0	0	0
Balance at End of Period	49	33	49	33
Change in Unrealized Included in OCI	17	(4)	20	(9)
Residential mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	12		302	0
Assets, Total Gains (Losses) Included in Earnings	0	0	1	0
Assets, Total Gains (Losses) Included in AOCI	0	0	8	0
Assets, Purchases	24	9	32	9
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	(8)	0
Assets, Net transfer In (Out) of Level 3	(8)	0	(307)	0
Balance at End of Period	28	9	28	9
Change in Unrealized Included in OCI	0	0	8	0
Foreign Governments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	16	17	16	18
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(1)	0	(2)
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0	0	0	0
Balance at End of Period	16	16	16	16
Change in Unrealized Included in OCI	0	(1)	0	(1)
Investment in unconsolidated affiliates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	107	21	23	21
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	0
Assets, Purchases	90	0	174	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0	0	0	0
Balance at End of Period	197	21	197	21
Change in Unrealized Included in OCI	0		0	0
Short term investments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	23	19	0	321
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	(1)
Assets, Purchases	103	0	126	20
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0	(19)	0	(340)
Balance at End of Period	126	0	126	0
Change in Unrealized Included in OCI	0	0	0	(1)
Preferred securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	1	1	1	2
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	(1)
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	6	0	6	0
Balance at End of Period	7	1	7	1
Change in Unrealized Included in OCI	0	0	0	(1)
Equity securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	11	10	10	9
Assets, Total Gains (Losses) Included in Earnings	(1)	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	0
Assets, Purchases	0	1	1	1
Assets, Sales	0	(1)	(1)	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	4	0	4	0
Balance at End of Period	14	10	14	10
Change in Unrealized Included in OCI	0	0	0	0
Available-for-sale embedded derivative
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	25	30	23	34
Assets, Total Gains (Losses) Included in Earnings	0	(6)	0	(10)
Assets, Total Gains (Losses) Included in AOCI	1	0	3	0
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0		0	0
Balance at End of Period	26	24	26	24
Change in Unrealized Included in OCI	1	0	3	0
Credit linked note
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	13	19	15	23
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	(3)
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	(2)	(2)	(3)
Assets, Net transfer In (Out) of Level 3	0	0	0	0
Balance at End of Period	13	17	13	17
Change in Unrealized Included in OCI	0	0	0	0
Secured borrowing receivable
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	10	0	10	0
Assets, Total Gains (Losses) Included in Earnings	0	0	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0	0	0
Assets, Purchases	0	0	0	0
Assets, Sales	0	0	0	0
Assets, Settlements	0	0	0	0
Assets, Net transfer In (Out) of Level 3	0	10	0	10
Balance at End of Period	10	10	10	10
Change in Unrealized Included in OCI	0	0	0	0
Subtotal Level 3 assets at fair value
Fixed maturity securities available-for-sale:
Balance at Beginning of Period			8,169	5,600
Assets, Total Gains (Losses) Included in Earnings			(11)	(9)
Assets, Total Gains (Losses) Included in AOCI			9	(431)
Assets, Purchases			1,401	1,643
Assets, Sales			(100)	(39)
Assets, Settlements			(415)	(313)
Assets, Net transfer In (Out) of Level 3			(412)	(222)
Balance at End of Period	8,641	6,229	8,641	6,229
Change in Unrealized Included in OCI			8	(441)
Subtotal Level 3 assets at fair value | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	8,123	5,496
Balance at End of Period	8,641	6,229	8,641	6,229
Market risk benefits asset
Fixed maturity securities available-for-sale:
Balance at End of Period	118		118
Market risk benefits asset | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	106	29	117	41
Balance at End of Period	118	86	118	86
Subtotal Level 3 liabilities at fair value
Liabilities
Balance at Beginning of Period			3,115	3,883
Liabilities, Total Gains (Losses) Included in Earnings			582	(1,159)
Liabilities, Total Gains (Losses) Included in AOCI			0	0
Liabilities, Purchases			189	272
Liabilities, Sales			0	0
Liabilities, Settlements			(65)	(55)
Liabilities, Net transfer In (Out) of Level 3			0	0
Balance at End of Period	3,821	2,941	3,821	2,941
Change in Unrealized Gains (Losses) Included in OCI	0		0	0
Subtotal Level 3 liabilities at fair value | Level 3
Liabilities
Balance at Beginning of Period	3,569	3,395
Balance at End of Period	3,821	2,941	3,821	2,941
Market risk benefits liability | Level 3
Liabilities
Balance at Beginning of Period	324	486	282	469
Balance at End of Period	$ 313	$ 292	$ 313	$ 292

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Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments Carried at Other Than Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Investments in unconsolidated affiliates	$ 3,039	$ 2,642
Trade and notes receivables, net of allowance	465	467
Total
Total Estimated Fair Value
Assets
FHLB common stock	106	99
Commercial mortgage loans	2,144	2,083
Residential mortgage loans	2,377	1,892
Investments in unconsolidated affiliates	2,606	2,432
Policy loans	59	52
Other invested assets	60	109
Company-owned life insurance	387	363
Trade and notes receivables, net of allowance	465	467
Total	8,204	7,497
Liabilities
Investment contracts, included in contractholder funds	37,228	34,464
Debt	3,252	2,776
Total	40,480	37,240
Carrying Value
Assets
FHLB common stock	106	99
Commercial mortgage loans	2,457	2,406
Residential mortgage loans	2,619	2,148
Investments in unconsolidated affiliates	2,606	2,432
Policy loans	59	52
Other invested assets	60	109
Company-owned life insurance	387	363
Trade and notes receivables, net of allowance	465	467
Total	8,759	8,076
Liabilities
Investment contracts, included in contractholder funds	41,249	38,412
Debt	3,696	3,238
Total	44,945	41,650
Level 1
Assets
FHLB common stock	0	0
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	59	93
Company-owned life insurance	35	0
Trade and notes receivables, net of allowance	0	0
Total	94	93
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	0	0
Total	0	0
Level 2
Assets
FHLB common stock	106	99
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	0	0
Company-owned life insurance	0	0
Trade and notes receivables, net of allowance	0	0
Total	106	99
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	3,252	2,776
Total	3,252	2,776
Level 3
Assets
FHLB common stock	0	0
Commercial mortgage loans	2,144	2,083
Residential mortgage loans	2,377	1,892
Investments in unconsolidated affiliates	8	5
Policy loans	59	52
Other invested assets	1	16
Company-owned life insurance	352	363
Trade and notes receivables, net of allowance	465	467
Total	5,406	4,878
Liabilities
Investment contracts, included in contractholder funds	37,228	34,464
Debt	0	0
Total	37,228	34,464
NAV
Assets
Investments in unconsolidated affiliates	2,598	2,427
Total	$ 2,598	$ 2,427

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Investments - Consolidated Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale securities
Amortized Cost	$ 42,312	$ 37,708
Allowance for Expected Credit Losses	(35)	(39)
Gross Unrealized Gains	143	98
Gross Unrealized Losses	(4,391)	(4,672)
Fair Value/Carrying Value	38,029	33,095
Asset-backed securities
Available-for-sale securities
Amortized Cost	13,492	12,209
Allowance for Expected Credit Losses	(7)	(8)
Gross Unrealized Gains	65	36
Gross Unrealized Losses	(710)	(770)
Fair Value/Carrying Value	12,840	11,467
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	4,348	3,337
Allowance for Expected Credit Losses	(18)	(1)
Gross Unrealized Gains	4	11
Gross Unrealized Losses	(345)	(284)
Fair Value/Carrying Value	3,989	3,063
Corporates
Available-for-sale securities
Amortized Cost	18,919	17,396
Allowance for Expected Credit Losses	(2)	(22)
Gross Unrealized Gains	46	32
Gross Unrealized Losses	(2,834)	(3,069)
Fair Value/Carrying Value	16,129	14,337
Hybrids
Available-for-sale securities
Amortized Cost	773	806
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	4	9
Gross Unrealized Losses	(73)	(84)
Fair Value/Carrying Value	704	731
Municipals
Available-for-sale securities
Amortized Cost	1,843	1,749
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	11	4
Gross Unrealized Losses	(251)	(293)
Fair Value/Carrying Value	1,603	1,460
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	2,127	1,638
Allowance for Expected Credit Losses	(8)	(8)
Gross Unrealized Gains	11	6
Gross Unrealized Losses	(114)	(109)
Fair Value/Carrying Value	2,016	1,527
U.S. Government
Available-for-sale securities
Amortized Cost	499	287
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(16)	(16)
Fair Value/Carrying Value	484	271
Foreign Governments
Available-for-sale securities
Amortized Cost	311	286
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(48)	(47)
Fair Value/Carrying Value	$ 264	$ 239

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Investments - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 422,000,000		$ 422,000,000		$ 365,000,000
FHLB collateral pledged	3,543,000,000		3,543,000,000		3,387,000,000
Fixed maturity securities, available-for-sale securities, allowance for credit losses	35,000,000		35,000,000		39,000,000
Purchases of PCD AFS securities	0	$ 0
Allowance for credit loss for securities in an unrealized loss position	$ 0		$ 0
DSC ratio, amortization period			25 years
Mortgage loans delinquent in principal or interest | loan	1		1
Amortized cost of loans on non-accrual	$ 81,000,000		$ 81,000,000		$ 71,000,000
Gross investment income	680,000,000	511,000,000	1,354,000,000	$ 1,036,000,000
Reinsurance agreement, recognized gains (losses)	21,000,000	151,000,000	(1,000,000)	279,000,000
Funds Withheld, Reinsurance Agreements
Debt Securities, Available-for-sale [Line Items]
Gross investment income	76,000,000	$ 20,000,000	$ 134,000,000	$ 38,000,000
United States
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, location percentage			100.00%
Commercial mortgage loans
Debt Securities, Available-for-sale [Line Items]
Commercial mortgage loans, percentage of investments			6.00%		6.00%
Mortgage loans delinquent in principal or interest | loan					1
Amortized cost of loans on non-accrual	$ 9,000,000		$ 9,000,000		$ 9,000,000
Commercial mortgage loans | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Allowance for expected credit loss, probability of loss/default model, projected loss, using reasonable forecast period			2 years
Allowance for credit loss, probability of loss/default, using market historical loss experience, period			3 years
Residential mortgage loans
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, percentage of total investments	6.00%		6.00%		5.00%
Amortized cost of loans on non-accrual	$ 72,000,000		$ 72,000,000		$ 62,000,000
Loans in process of foreclosure	35,000,000		$ 35,000,000		38,000,000
Residential mortgage loans | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Allowance for expected credit loss, probability of loss/default model, projected loss, using reasonable forecast period			2 years
Allowance for credit loss, probability of loss/default, using market historical loss experience, period			3 years
Fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 19,993,000,000		$ 19,993,000,000		$ 17,870,000,000

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Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 42,312	$ 37,708
Fair Value
Total fixed maturity available-for-sale securities, Fair Value	38,029	33,095
Other securities, which provide for periodic payments:
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	19,993	17,210
Fair Value
Other securities which provide for periodic payments, Fair Value	18,872	16,083
Corporates, Non-structured Hybrids, Municipal and Government securities:
Amortized Cost
Due in one year or less	594	536
Due after one year through five years	4,202	3,288
Due after five years through ten years	2,394	2,171
Due after ten years	15,129	14,503
Subtotal, Amortized Cost	22,319	20,498
Fair Value
Due in one year or less	581	527
Due after one year through five years	4,001	3,089
Due after five years through ten years	2,172	1,939
Due after ten years	12,403	11,457
Subtotal, Fair Value	19,157	17,012
Asset-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	13,492	12,209
Amortized Cost	13,492	12,209
Fair Value
Other securities which provide for periodic payments, Fair Value	12,840	11,467
Total fixed maturity available-for-sale securities, Fair Value	12,840	11,467
Commercial mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	4,348	3,337
Amortized Cost	4,348	3,337
Fair Value
Other securities which provide for periodic payments, Fair Value	3,989	3,063
Total fixed maturity available-for-sale securities, Fair Value	3,989	3,063
Structured hybrids
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	26	26
Fair Value
Other securities which provide for periodic payments, Fair Value	27	26
Residential mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	2,127	1,638
Fair Value
Other securities which provide for periodic payments, Fair Value	$ 2,016	$ 1,527

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Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions	Jun. 30, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 13,081	$ 21,860
Gross Unrealized Losses Less than 12 months	(712)	(2,667)
Fair Value, 12 Months or longer	19,690	8,463
Gross Unrealized Losses, 12 months or longer	(3,664)	(1,964)
Total Fair Value	32,771	30,323
Total Gross Unrealized Losses	$ (4,376)	$ (4,631)
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security	2,196	3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security	2,725	1,296
Total number of available-for-sale securities in an unrealized loss position | security	4,921	4,410
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 4,219	$ 7,001
Gross Unrealized Losses Less than 12 months	(182)	(410)
Fair Value, 12 Months or longer	6,220	3,727
Gross Unrealized Losses, 12 months or longer	(517)	(360)
Total Fair Value	10,439	10,728
Total Gross Unrealized Losses	(699)	(770)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	1,593	2,079
Gross Unrealized Losses Less than 12 months	(103)	(169)
Fair Value, 12 Months or longer	1,665	475
Gross Unrealized Losses, 12 months or longer	(243)	(116)
Total Fair Value	3,258	2,554
Total Gross Unrealized Losses	(346)	(285)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	5,267	9,913
Gross Unrealized Losses Less than 12 months	(317)	(1,735)
Fair Value, 12 Months or longer	9,522	3,523
Gross Unrealized Losses, 12 months or longer	(2,517)	(1,330)
Total Fair Value	14,789	13,436
Total Gross Unrealized Losses	(2,834)	(3,065)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	194	628
Gross Unrealized Losses Less than 12 months	(15)	(83)
Fair Value, 12 Months or longer	457	3
Gross Unrealized Losses, 12 months or longer	(58)	(1)
Total Fair Value	651	631
Total Gross Unrealized Losses	(73)	(84)
Municipals
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	557	998
Gross Unrealized Losses Less than 12 months	(69)	(180)
Fair Value, 12 Months or longer	831	352
Gross Unrealized Losses, 12 months or longer	(183)	(113)
Total Fair Value	1,388	1,350
Total Gross Unrealized Losses	(252)	(293)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	1,035	992
Gross Unrealized Losses Less than 12 months	(17)	(51)
Fair Value, 12 Months or longer	620	184
Gross Unrealized Losses, 12 months or longer	(93)	(22)
Total Fair Value	1,655	1,176
Total Gross Unrealized Losses	(110)	(73)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	150	130
Gross Unrealized Losses Less than 12 months	(3)	(7)
Fair Value, 12 Months or longer	189	140
Gross Unrealized Losses, 12 months or longer	(12)	(8)
Total Fair Value	339	270
Total Gross Unrealized Losses	(15)	(15)
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	66	119
Gross Unrealized Losses Less than 12 months	(6)	(32)
Fair Value, 12 Months or longer	186	59
Gross Unrealized Losses, 12 months or longer	(41)	(14)
Total Fair Value	252	178
Total Gross Unrealized Losses	$ (47)	$ (46)

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Investments - Schedule of Commercial Mortgage Loan Investment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Allowance for credit loss	$ (64)	$ (60)	$ (42)	$ (35)	$ (32)	$ (31)
Total mortgage loans	5,076		4,554
Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	2,470		2,416
Allowance for credit loss	(13)	$ (12)	(10)	$ (6)	$ (6)	$ (6)
Total mortgage loans	$ 2,457		$ 2,406
% of Total	100.00%		100.00%
East North Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 150		$ 151
% of Total	6.00%		6.00%
East South Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 76		$ 76
% of Total	3.00%		3.00%
Middle Atlantic | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 325		$ 326
% of Total	13.00%		13.00%
Mountain | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 353		$ 355
% of Total	14.00%		15.00%
New England | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 166		$ 158
% of Total	7.00%		7.00%
Pacific | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 726		$ 708
% of Total	29.00%		28.00%
South Atlantic | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 553		$ 521
% of Total	22.00%		22.00%
West North Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 4		$ 4
% of Total	1.00%		1.00%
West South Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 117		$ 117
% of Total	5.00%		5.00%
Hotel | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 18		$ 18
% of Total	1.00%		1.00%
Industrial | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 538		$ 520
% of Total	22.00%		22.00%
Mixed Use Property | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 12		$ 12
% of Total	1.00%		1.00%
Multifamily | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 1,012		$ 1,013
% of Total	41.00%		42.00%
Office | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 328		$ 330
% of Total	13.00%		14.00%
Retail | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 103		$ 105
% of Total	4.00%		4.00%
Student Housing | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 83		$ 83
% of Total	3.00%		3.00%
Other | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 376		$ 335
% of Total	15.00%		13.00%

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Investments - Commercial Mortgage Loans Segregated By Risk (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Credit Quality Indicator Prior Year [Abstract]
Loans under development, amortized cost	$ 17
Loans under development, fair value	17
Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2023	55	$ 341
2022	338	1,300
2021	1,299	488
2020	487	0
2019	0	0
Prior	274	278
Total	2,453	2,407
Credit Quality Indicator Prior Year [Abstract]
2022		350
2021		1,300
2020		488
2019		0
2018		0
Prior		278
Total	2,470	2,416
Loans under development, amortized cost	9	9
Loans under development, fair value	9	9
Commercial mortgage loans | Current (less than 30 days past due)
Credit Quality Indicator Current Year [Abstract]
2023	55
2022	338
2021	1,299
2020	487
2019	0
Prior	265
Total	2,444
Credit Quality Indicator Prior Year [Abstract]
2022		350
2021		1,300
2020		488
2019		0
2018		0
Prior		269
Total		2,407
Commercial mortgage loans | 30-89 days past due
Credit Quality Indicator Current Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	0
Total	0
Credit Quality Indicator Prior Year [Abstract]
2022		0
2021		0
2020		0
2019		0
2018		0
Prior		0
Total		0
Commercial mortgage loans | 90 Days or more past due
Credit Quality Indicator Current Year [Abstract]
2023	0
2022	0
2021	0
2020	0
2019	0
Prior	9
Total	$ 9
Credit Quality Indicator Prior Year [Abstract]
2022		0
2021		0
2020		0
2019		0
2018		0
Prior		9
Total		$ 9

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Investments - Schedule of Investment in CMLs by Loan to Value and Debt Service Coverage Ratios (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Loans under development, amortized cost	$ 17
Loans under development, fair value	17
Commercial mortgage loans
Schedule of Investments [Line Items]
Total	$ 2,453	$ 2,407
% of Total	100.00%	100.00%
Loans under development, amortized cost	$ 9	$ 9
Loans under development, fair value	9	9
Credit Quality Indicator Current Year [Abstract]
2023	55	341
2022	338	1,300
2021	1,299	488
2020	487	0
2019	0	0
Prior	274	278
Total	2,453	2,407
Credit Quality Indicator Prior Year [Abstract]
2022	55	341
2021	338	1,300
2020	1,299	488
2019	487	0
2018	0	0
Prior	274	278
Total	2,453	2,407
Commercial mortgage loans | Fair Value
Schedule of Investments [Line Items]
Total	$ 2,127	$ 2,074
% of Total	100.00%	100.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 2,127	$ 2,074
Credit Quality Indicator Prior Year [Abstract]
Total	2,127	2,074
Commercial mortgage loans | Less than 50.00%
Schedule of Investments [Line Items]
Total	$ 525	$ 526
% of Total	21.00%	22.00%
Credit Quality Indicator Current Year [Abstract]
2023	$ 6	$ 70
2022	67	120
2021	119	207
2020	207	0
2019		0
Prior	126	129
Total	525	526
Credit Quality Indicator Prior Year [Abstract]
2022	6	70
2021	67	120
2020	119	207
2019	207	0
2018		0
Prior	126	129
Total	525	526
Commercial mortgage loans | Less than 50.00% | Fair Value
Schedule of Investments [Line Items]
Total	$ 491	$ 490
% of Total	23.00%	24.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 491	$ 490
Credit Quality Indicator Prior Year [Abstract]
Total	491	490
Commercial mortgage loans | 50.00% to 59.99%
Schedule of Investments [Line Items]
Total	$ 740	$ 706
% of Total	30.00%	29.00%
Credit Quality Indicator Current Year [Abstract]
2023	$ 27	$ 149
2022	149	268
2021	267	158
2020	158	0
2019		0
Prior	139	131
Total	740	706
Credit Quality Indicator Prior Year [Abstract]
2022	27	149
2021	149	268
2020	267	158
2019	158	0
2018		0
Prior	139	131
Total	740	706
Commercial mortgage loans | 50.00% to 59.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 649	$ 615
% of Total	30.00%	30.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 649	$ 615
Credit Quality Indicator Prior Year [Abstract]
Total	649	615
Commercial mortgage loans | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	$ 1,170	$ 1,157
% of Total	48.00%	48.00%
Credit Quality Indicator Current Year [Abstract]
2023	$ 22	$ 113
2022	113	912
2021	913	123
2020	122	0
2019		0
Prior	0	9
Total	1,170	1,157
Credit Quality Indicator Prior Year [Abstract]
2022	22	113
2021	113	912
2020	913	123
2019	122	0
2018		0
Prior	0	9
Total	1,170	1,157
Commercial mortgage loans | 60.00% to 74.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 973	$ 955
% of Total	46.00%	45.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 973	$ 955
Credit Quality Indicator Prior Year [Abstract]
Total	973	955
Commercial mortgage loans | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	$ 18	$ 18
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
2023	$ 0	$ 9
2022	9	0
2021	0	0
2020	0	0
2019		0
Prior	9	9
Total	18	18
Credit Quality Indicator Prior Year [Abstract]
2022	0	9
2021	9	0
2020	0	0
2019	0	0
2018		0
Prior	9	9
Total	18	18
Commercial mortgage loans | 75.00% to 84.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 14	$ 14
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 14	$ 14
Credit Quality Indicator Prior Year [Abstract]
Total	14	14
Greater than 1.25 | Commercial mortgage loans
Schedule of Investments [Line Items]
Total	2,410	2,371
Credit Quality Indicator Current Year [Abstract]
2023	48	329
2022	326	1,300
2021	1,299	488
2020	487	0
2019		0
Prior	250	254
Total	2,410	2,371
Credit Quality Indicator Prior Year [Abstract]
2022	48	329
2021	326	1,300
2020	1,299	488
2019	487	0
2018		0
Prior	250	254
Total	2,410	2,371
Greater than 1.25 | Commercial mortgage loans | Less than 50.00%
Schedule of Investments [Line Items]
Total	510	511
Credit Quality Indicator Current Year [Abstract]
Total	510	511
Credit Quality Indicator Prior Year [Abstract]
Total	510	511
Greater than 1.25 | Commercial mortgage loans | 50.00% to 59.99%
Schedule of Investments [Line Items]
Total	740	706
Credit Quality Indicator Current Year [Abstract]
Total	740	706
Credit Quality Indicator Prior Year [Abstract]
Total	740	706
Greater than 1.25 | Commercial mortgage loans | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	1,160	1,154
Credit Quality Indicator Current Year [Abstract]
Total	1,160	1,154
Credit Quality Indicator Prior Year [Abstract]
Total	1,160	1,154
Greater than 1.25 | Commercial mortgage loans | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Greater than 1.00 but less than 1.25 | Commercial mortgage loans
Schedule of Investments [Line Items]
Total	14	7
Credit Quality Indicator Current Year [Abstract]
2023	7	3
2022	3	0
2021	0	0
2020	0	0
2019		0
Prior	4	4
Total	14	7
Credit Quality Indicator Prior Year [Abstract]
2022	7	3
2021	3	0
2020	0	0
2019	0	0
2018		0
Prior	4	4
Total	14	7
Greater than 1.00 but less than 1.25 | Commercial mortgage loans | Less than 50.00%
Schedule of Investments [Line Items]
Total	4	4
Credit Quality Indicator Current Year [Abstract]
Total	4	4
Credit Quality Indicator Prior Year [Abstract]
Total	4	4
Greater than 1.00 but less than 1.25 | Commercial mortgage loans | 50.00% to 59.99%
Schedule of Investments [Line Items]
Total	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Greater than 1.00 but less than 1.25 | Commercial mortgage loans | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	10	3
Credit Quality Indicator Current Year [Abstract]
Total	10	3
Credit Quality Indicator Prior Year [Abstract]
Total	10	3
Greater than 1.00 but less than 1.25 | Commercial mortgage loans | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Less than 1.00 | Commercial mortgage loans
Schedule of Investments [Line Items]
Total	29	29
Credit Quality Indicator Current Year [Abstract]
2023	0	9
2022	9	0
2021	0	0
2020	0	0
2019		0
Prior	20	20
Total	29	29
Credit Quality Indicator Prior Year [Abstract]
2022	0	9
2021	9	0
2020	0	0
2019	0	0
2018		0
Prior	20	20
Total	29	29
Less than 1.00 | Commercial mortgage loans | Less than 50.00%
Schedule of Investments [Line Items]
Total	11	11
Credit Quality Indicator Current Year [Abstract]
Total	11	11
Credit Quality Indicator Prior Year [Abstract]
Total	11	11
Less than 1.00 | Commercial mortgage loans | 50.00% to 59.99%
Schedule of Investments [Line Items]
Total	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Less than 1.00 | Commercial mortgage loans | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	0	0
Credit Quality Indicator Current Year [Abstract]
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Less than 1.00 | Commercial mortgage loans | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	18	18
Credit Quality Indicator Current Year [Abstract]
Total	18	18
Credit Quality Indicator Prior Year [Abstract]
Total	$ 18	$ 18

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Investments - Distribution of Residential Mortgage Loans by State (Details) - Residential mortgage loans - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 2,670	$ 2,180
% of Total	100.00%	100.00%
Florida
Schedule of Investments [Line Items]
Amortized Cost	$ 152	$ 324
% of Total	5.00%	15.00%
Texas
Schedule of Investments [Line Items]
Amortized Cost		$ 215
% of Total		10.00%
New Jersey
Schedule of Investments [Line Items]
Amortized Cost		$ 172
% of Total		8.00%
Pennsylvania
Schedule of Investments [Line Items]
Amortized Cost		$ 153
% of Total		7.00%
California
Schedule of Investments [Line Items]
Amortized Cost	$ 123	$ 139
% of Total	5.00%	6.00%
NEW YORK
Schedule of Investments [Line Items]
Amortized Cost	$ 131	$ 138
% of Total	5.00%	6.00%
Georgia
Schedule of Investments [Line Items]
Amortized Cost		$ 125
% of Total		6.00%
All other states
Schedule of Investments [Line Items]
Amortized Cost	$ 2,264	$ 914
% of Total	85.00%	42.00%

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Investments - Schedule of Residential Mortgage Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Allowance for credit loss	$ (64)	$ (60)	$ (42)	$ (35)	$ (32)	$ (31)
Total mortgage loans	5,076		4,554
Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,670		$ 2,180
% of Total	100.00%		100.00%
Allowance for credit loss	$ (51)	$ (48)	$ (32)	$ (29)	$ (26)	$ (25)
Allowance for expected credit loss, % of Total	0.00%		0.00%
Total mortgage loans	$ 2,619		$ 2,148
Total residential mortgage loans, net of valuation allowance, % of Total	100.00%		100.00%
Performing Financial Instruments | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,598		$ 2,118
% of Total	97.00%		97.00%
Nonperforming Financial Instruments | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 72		$ 62
% of Total	3.00%		3.00%

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Investments - Schedule of Residential Loans Segregated by Risk Rating Exposure and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	$ 81	$ 71
Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022	137	771
2022	976	900
2021	906	229
2020	220	223
2019	225	24
Prior	206	33
Credit Quality Indicator Prior Year [Abstract]
2022	137	771
2021	976	900
2020	906	229
2019	220	223
2018	225	24
Prior	206	33
Total	2,670	2,180
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	72	62
Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022		350
2022		1,300
2021		488
2020		0
2019		0
Prior		278
Total	2,453	2,407
Credit Quality Indicator Prior Year [Abstract]
2022		350
2021		1,300
2020		488
2019		0
2018		0
Prior		278
Total	2,470	2,416
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	9	9
Current (less than 30 days past due) | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022	137	766
2022	963	884
2021	862	214
2020	200	185
2019	192	23
Prior	199	33
Credit Quality Indicator Prior Year [Abstract]
2022	137	766
2021	963	884
2020	862	214
2019	200	185
2018	192	23
Prior	199	33
Total	2,553	2,105
Current (less than 30 days past due) | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022		350
2022		1,300
2021		488
2020		0
2019		0
Prior		269
Total	2,444
Credit Quality Indicator Prior Year [Abstract]
2022		350
2021		1,300
2020		488
2019		0
2018		0
Prior		269
Total		2,407
30-89 days past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022	0	2
2022	6	7
2021	24	0
2020	5	4
2019	4	0
Prior	6	0
Credit Quality Indicator Prior Year [Abstract]
2022	0	2
2021	6	7
2020	24	0
2019	5	4
2018	4	0
Prior	6	0
Total	45	13
30-89 days past due | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022		0
2022		0
2021		0
2020		0
2019		0
Prior		0
Total	0
Credit Quality Indicator Prior Year [Abstract]
2022		0
2021		0
2020		0
2019		0
2018		0
Prior		0
Total		0
90 Days or more past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022	0	3
2022	7	9
2021	20	15
2020	15	34
2019	29	1
Prior	1	0
Credit Quality Indicator Prior Year [Abstract]
2022	0	3
2021	7	9
2020	20	15
2019	15	34
2018	29	1
Prior	1	0
Total	72	62
90 Days or more past due | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2022		0
2022		0
2021		0
2020		0
2019		0
Prior		9
Total	$ 9
Credit Quality Indicator Prior Year [Abstract]
2022		0
2021		0
2020		0
2019		0
2018		0
Prior		9
Total		$ 9

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Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ (60)	$ (32)	$ (42)	$ (31)
Provision for loan losses	(4)	(3)	(22)	(4)
Ending Balance	(64)	(35)	(64)	(35)
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(48)	(26)	(32)	(25)
Provision for loan losses	(3)	(3)	(19)	(4)
Ending Balance	(51)	(29)	(51)	(29)
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	(12)	(6)	(10)	(6)
Provision for loan losses	(1)	0	(3)	0
Ending Balance	$ (13)	$ (6)	$ (13)	$ (6)

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Investments - Interest and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Gross investment income	$ 680	$ 511	$ 1,354	$ 1,036
Investment expense	(62)	(48)	(125)	(95)
Interest and investment income	618	463	1,229	941
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	464	350	912	682
Equity securities
Schedule of Investments [Line Items]
Gross investment income	7	7	15	15
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	15	20	28	35
Mortgage loans
Schedule of Investments [Line Items]
Gross investment income	57	49	108	88
Invested cash and short-term investments
Schedule of Investments [Line Items]
Gross investment income	34	13	67	18
Limited partnerships
Schedule of Investments [Line Items]
Gross investment income	45	58	103	171
Tax deferred property exchange income
Schedule of Investments [Line Items]
Gross investment income	40	10	83	14
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 18	$ 4	$ 38	$ 13

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Investments - Recognized Gains (Losses), net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Line Items]
Net realized losses on fixed maturity available-for-sale securities	$ (54)	$ (61)	$ (104)	$ (98)
Realized losses on other invested assets	(24)	(9)	(29)	(10)
Change in allowance for expected credit losses	(20)	(9)	(23)	(12)
Realized (losses) gains on certain derivative instruments	(65)	(35)	(154)	15
Unrealized gains (losses) on certain derivative instruments	164	(359)	311	(717)
Change in fair value of other derivatives and embedded derivatives	1	(5)	3	(8)
Realized gains (losses) on derivatives and embedded derivatives	117	(258)	158	(447)
Recognized gains and losses, net	(16)	(676)	(11)	(1,145)
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities
Schedule of Investments [Line Items]
Change in fair value of reinsurance related embedded derivatives	17	141	(2)	263
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on securities	(37)	(221)	(5)	(370)
Valuation (losses) gains	(37)	(222)	9	(388)
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on securities	2	(118)	(8)	(208)
Valuation (losses) gains	$ 16	$ (118)	$ 50	$ (207)

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Investments - Proceeds From the Sale of Fixed-Maturity Available-For-Sale Securities (Details) - Total fixed maturities - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 609	$ 802	$ 1,098	$ 1,835
Gross gains	0	1	8	5
Gross losses	$ (33)	$ (61)	$ (90)	$ (69)

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Investments - VIE (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Carrying Value	$ 21,274	$ 18,107
Maximum Loss Exposure	25,344	21,434
Investment in unconsolidated affiliates
Schedule of Investments [Line Items]
Carrying Value	2,803	2,427
Maximum Loss Exposure	4,491	4,030
Fixed maturity securities
Schedule of Investments [Line Items]
Carrying Value	18,471	15,680
Maximum Loss Exposure	$ 20,853	$ 17,404

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Investments - Schedule of Investment Concentrations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Blackstone Wave Asset Holdco | Stockholders' Equity | Investment Risk Concentration
Schedule of Investments [Line Items]
Investment owned, at fair value	$ 738

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Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total asset derivatives	$ 952	$ 546
Total liability derivatives	3,821	3,115
Derivative investments | Call options
Derivative [Line Items]
Total asset derivatives	649	244
Other long-term investments | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	26	23
Prepaid expenses and other assets | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	277	279
Contractholder funds | FIA/ IUL embedded derivatives, included in contractholder funds
Derivative [Line Items]
Total liability derivatives	$ 3,821	$ 3,115

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Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Call options
Derivative [Line Items]
Change in fair value of derivatives	$ 98	$ (395)	$ 153	$ (709)
Futures contracts
Derivative [Line Items]
Change in fair value of derivatives	0	(8)	5	(5)
Foreign currency forwards
Derivative [Line Items]
Change in fair value of derivatives	0	9	(1)	12
Other embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	2	(5)	3	(8)
Reinsurance related embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	17	141	(2)	263
Total net investment gains (losses)
Derivative [Line Items]
Change in fair value of derivatives	117	(258)	158	(447)
FIA/ IUL embedded derivatives (decrease) increase
Derivative [Line Items]
Change in fair value of derivatives	$ 252	$ (454)	$ 706	$ (942)

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Derivative Financial Instruments - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
All Counterparties Except Merrill Lynch
Derivative [Line Items]
Counterparties, collateral required threshold	0.00%
Embedded derivatives
Derivative [Line Items]
Term of contract, term one	1 year
Term of contract, term two	2 years
Term of contract, term three	3 years
Term of contract, term four	5 years
Call options | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	$ 579	$ 219
Maximum amount of loss due to credit risk	81	33
Call options | Derivatives for Trading and Investment | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	579	219
Maximum amount of loss due to credit risk	81	33
Call options | Cash and Cash Equivalents | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	$ 459	$ 178
Futures contracts
Derivative [Line Items]
Number of instruments held | contract	409,000,000	409,000,000
Collateral held	$ 4	$ 3

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Derivative Financial Instruments - Exposure to Credit Loss on Call Options Held (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value	$ 952	$ 546
Not Designated as Hedging Instrument | Call options
Derivatives, Fair Value [Line Items]
Notional Amount	25,372	23,297
Fair Value	648	244
Collateral	579	219
Net Credit Risk	81	33
Not Designated as Hedging Instrument | Call options | Merrill Lynch
Derivatives, Fair Value [Line Items]
Notional Amount	4,033	3,563
Fair Value	69	23
Collateral	26	0
Net Credit Risk	43	23
Not Designated as Hedging Instrument | Call options | Morgan Stanley
Derivatives, Fair Value [Line Items]
Notional Amount	2,375	1,699
Fair Value	50	14
Collateral	60	19
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Barclay's Bank
Derivatives, Fair Value [Line Items]
Notional Amount	6,137	6,049
Fair Value	121	65
Collateral	113	59
Net Credit Risk	8	6
Not Designated as Hedging Instrument | Call options | Canadian Imperial Bank of Commerce
Derivatives, Fair Value [Line Items]
Notional Amount	6,542	5,169
Fair Value	204	68
Collateral	180	64
Net Credit Risk	24	4
Not Designated as Hedging Instrument | Call options | Wells Fargo
Derivatives, Fair Value [Line Items]
Notional Amount	1,480	1,361
Fair Value	54	17
Collateral	53	17
Net Credit Risk	1	0
Not Designated as Hedging Instrument | Call options | Goldman Sachs
Derivatives, Fair Value [Line Items]
Notional Amount	1,212	1,133
Fair Value	23	9
Collateral	22	10
Net Credit Risk	1	0
Not Designated as Hedging Instrument | Call options | Credit Suisse
Derivatives, Fair Value [Line Items]
Notional Amount	266	1,039
Fair Value	9	5
Collateral	9	5
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Truist
Derivatives, Fair Value [Line Items]
Notional Amount	2,055	2,489
Fair Value	89	35
Collateral	85	36
Net Credit Risk	4	0
Not Designated as Hedging Instrument | Call options | Citibank
Derivatives, Fair Value [Line Items]
Notional Amount	1,272	795
Fair Value	29	8
Collateral	31	9
Net Credit Risk	$ 0	$ 0

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions		1 Months Ended
	Apr. 19, 2023	Aug. 31, 2020	Jun. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Estimated litigation liability			$ 8	$ 12
Matter of FGL Holdings
Other Commitments [Line Items]
Number of shares in which statutory appraisal rights have been claimed (in shares)		12,000,000
Matter of FGL Holdings | Settled Litigation
Other Commitments [Line Items]
Litigation amount awarded from other party	$ 4

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Commitments and Contingencies - Schedule of Investment Commitments (Details) - Commitment to Invest $ in Millions	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Unfunded investment commitment	$ 4,059
Limited partnerships
Other Commitments [Line Items]
Unfunded investment commitment	1,688
Whole loans
Other Commitments [Line Items]
Unfunded investment commitment	1,044
Fixed maturity securities, ABS
Other Commitments [Line Items]
Unfunded investment commitment	247
Direct Lending
Other Commitments [Line Items]
Unfunded investment commitment	910
Other fixed maturity securities, AFS
Other Commitments [Line Items]
Unfunded investment commitment	21
Commercial mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	16
Other assets
Other Commitments [Line Items]
Unfunded investment commitment	125
Other invested assets
Other Commitments [Line Items]
Unfunded investment commitment	6
Committed amounts included in liabilities
Other Commitments [Line Items]
Unfunded investment commitment	$ 2

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Dividends (Details) - $ / shares		3 Months Ended		6 Months Ended
	Aug. 08, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)		$ 0.45	$ 0.44	$ 0.90	$ 0.88
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)	$ 0.45

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Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Title premiums	$ 1,254	$ 2,062	$ 2,232	$ 3,928
Other revenues	1,212	786	2,092	2,078
Revenues from external customers	2,466	2,848	4,324	6,006
Interest and investment income, including recognized gains and losses, net	602	(213)	1,218	(204)
Total revenues	3,068	2,635	5,542	5,802
Depreciation and amortization	151	120	285	235
Interest expense	43	31	85	61
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	332	731	258	1,287
Income tax expense (benefit)	90	202	104	358
Earnings before equity in earnings of unconsolidated affiliates	242	529	154	929
Equity in earnings (loss) of unconsolidated affiliates	1	14	1	16
Net earnings (loss) from continuing operations	243	543	155	945
Total	73,021	61,012	73,021	61,012	$ 65,143
Goodwill	4,811	4,531	4,811	4,531	$ 4,635
Operating Segments | Title
Segment Reporting Information [Line Items]
Title premiums	1,254	2,062	2,232	3,928
Other revenues	581	706	1,052	1,371
Revenues from external customers	1,835	2,768	3,284	5,299
Interest and investment income, including recognized gains and losses, net	29	(214)	132	(362)
Total revenues	1,864	2,554	3,416	4,937
Depreciation and amortization	39	34	76	67
Interest expense	0	0	0	0
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	233	267	390	516
Income tax expense (benefit)	65	111	92	168
Earnings before equity in earnings of unconsolidated affiliates	168	156	298	348
Equity in earnings (loss) of unconsolidated affiliates	1	14	1	16
Net earnings (loss) from continuing operations	169	170	299	364
Total	8,145	9,309	8,145	9,309
Goodwill	2,770	2,516	2,770	2,516
Operating Segments | F&G
Segment Reporting Information [Line Items]
Title premiums	0	0	0	0
Other revenues	576	71	941	667
Revenues from external customers	576	71	941	667
Interest and investment income, including recognized gains and losses, net	592	(1)	1,096	153
Total revenues	1,168	70	2,037	820
Depreciation and amortization	104	80	194	156
Interest expense	25	9	47	17
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	163	482	(40)	827
Income tax expense (benefit)	33	97	25	203
Earnings before equity in earnings of unconsolidated affiliates	130	385	(65)	624
Equity in earnings (loss) of unconsolidated affiliates	0	0	0	0
Net earnings (loss) from continuing operations	130	385	(65)	624
Total	62,564	49,389	62,564	49,389
Goodwill	1,749	1,749	1,749	1,749
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Title premiums	0	0	0	0
Other revenues	55	9	99	40
Revenues from external customers	55	9	99	40
Interest and investment income, including recognized gains and losses, net	(19)	2	(10)	5
Total revenues	36	11	89	45
Depreciation and amortization	8	6	15	12
Interest expense	18	22	38	44
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	(64)	(18)	(92)	(56)
Income tax expense (benefit)	(8)	(6)	(13)	(13)
Earnings before equity in earnings of unconsolidated affiliates	(56)	(12)	(79)	(43)
Equity in earnings (loss) of unconsolidated affiliates	0	0	0	0
Net earnings (loss) from continuing operations	(56)	(12)	(79)	(43)
Total	2,312	2,314	2,312	2,314
Goodwill	$ 292	$ 266	$ 292	$ 266

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for:
Interest	$ 61	$ 63
Income taxes	54	202
Deferred sales inducements	68	38
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(132)	151
Change in purchases of investments available for sale payable in period	238	212
Change in contractholder deposits for FABN issuance	0	300
Lease liabilities recognized in exchange for lease right-of-use assets	21	42
Remeasurement of lease liabilities	41	41
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	299	0
Less: Total Purchase price	293	0
Noncash or Part Noncash Acquisition, Liabilities Assumed and Noncontrolling Interest	$ 6	$ 0

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 514	$ 637	$ 932	$ 1,230
Interest and investment income	618	463	1,229	941
Recognized gains and losses, net	(16)	(676)	(11)	(1,145)
Total revenues	3,068	2,635	5,542	5,802
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	69	67	129	143
Title | Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	541	859	969	1,626
Title | Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	713	1,203	1,263	2,302
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	37	43	67	77
Title | Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,867	2,176	3,240	4,672
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	219	294	379	559
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	169	210	315	406
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	87	92	162	186
F&G | Life insurance premiums, insurance and investment product fees, and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	576	71	941	667
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	39	41	76	79
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 16	$ (32)	$ 23	$ (39)

XML

Revenue Recognition - Narrative (Details)	6 Months Ended
	Jun. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Home warranty contract, period	1 year

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Revenue Recognition - Information about Trade Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 344	$ 344	$ 349
Deferred revenue (contract liabilities)	313	$ 313	$ 271
Policy period		1 year
Revenue recognized	$ 38	$ 59

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Reconciliation of Other Intangibles to Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
VOBA	$ 1,529	$ 1,615	$ 1,704	$ 1,743
DAC	1,856	1,411
DSI	258	200	$ 159	$ 127
Total Other intangible assets, net	4,317	3,811
Indefinite lived tradenames and other
Finite-Lived Intangible Assets [Line Items]
Indefinite lived tradenames and other	60	60
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Definite lived	209	202
Value of distribution asset
Finite-Lived Intangible Assets [Line Items]
Definite lived	93	100
Computer software
Finite-Lived Intangible Assets [Line Items]
Definite lived	280	196
Definite lived trademarks, tradenames, and other
Finite-Lived Intangible Assets [Line Items]
Definite lived	$ 32	$ 27

XML

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - VOBA (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
VOBA
VOBA at beginning of period	$ 1,615	$ 1,743
Amortization	(86)	(91)
Shadow Premium Deficiency Testing (“PDT”)		52
VOBA at end of period	1,529	1,704
FIA
VOBA
VOBA at beginning of period	1,166	1,314
Amortization	(71)	(76)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	1,095	1,238
Fixed Rate Annuities
VOBA
VOBA at beginning of period	32	39
Amortization	(3)	(3)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	29	36
Immediate Annuities
VOBA
VOBA at beginning of period	201	212
Amortization	(6)	(6)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	195	206
Universal Life
VOBA
VOBA at beginning of period	143	153
Amortization	(4)	(5)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	139	148
Traditional Life
VOBA
VOBA at beginning of period	73	25
Amortization	(2)	(1)
Shadow Premium Deficiency Testing (“PDT”)		52
VOBA at end of period	$ 71	$ 76

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
VOBA amortization	$ (86)	$ (91)
DAC amortization	(83)	(42)
DSI amortization	$ (10)	$ (6)

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
VOBA	$ 1,529	$ 1,615	$ 1,704	$ 1,743
DAC	1,856	1,411
DSI	258	200	159	127
FIA
Finite-Lived Intangible Assets [Line Items]
VOBA	1,095	1,166	1,238	1,314
DAC	1,173	971
DSI	258	200	159	127
Fixed Rate Annuities
Finite-Lived Intangible Assets [Line Items]
VOBA	29	32	36	39
DAC	233	83
Immediate Annuities
Finite-Lived Intangible Assets [Line Items]
VOBA	195	201	206	212
Universal Life
Finite-Lived Intangible Assets [Line Items]
VOBA	139	143	148	153
DAC	441	348
Traditional Life
Finite-Lived Intangible Assets [Line Items]
VOBA	71	73	$ 76	$ 25
Funding Agreements
Finite-Lived Intangible Assets [Line Items]
DAC	$ 9	$ 9

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DAC (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
DAC
DAC at beginning of period	$ 1,402	$ 775
Capitalization	449	332
Amortization	(83)	(42)
Reinsurance related adjustments		79
DAC at end of period	1,847	1,065
FIA
DAC
DAC at beginning of period	971	564
Capitalization	249	216
Amortization	(47)	(29)
Reinsurance related adjustments		0
DAC at end of period	1,173	751
Fixed Rate Annuities
DAC
DAC at beginning of period	83	38
Capitalization	91	25
Amortization	(20)	(4)
Reinsurance related adjustments		79
DAC at end of period	233	59
Universal Life
DAC
DAC at beginning of period	348	173
Capitalization	109	91
Amortization	(16)	(9)
Reinsurance related adjustments		0
DAC at end of period	$ 441	$ 255

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DSI (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
DSI
DSI at beginning of period	$ 200	$ 127
Capitalization	68	38
Amortization	(10)	(6)
DSI at end of period	258	159
FIA
DSI
DSI at beginning of period	200	127
Capitalization	68	38
Amortization	(10)	(6)
DSI at end of period	$ 258	$ 159

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Details) $ in Millions	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 80
2024	151
2025	139
2026	128
2027	117
Thereafter	$ 914

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F&G Reinsurance - Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes (Details) - Traditional Life Insurance Premiums - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Premiums and other considerations:
Direct	$ 510	$ 39	$ 811	$ 606
Ceded	(27)	(35)	(53)	(67)
Net	483	4	758	539
Benefits and Other Changes in Insurance Policy Reserves:
Direct	862	204	1,734	709
Ceded	(45)	(581)	(105)	(883)
Net	$ 817	$ (377)	$ 1,629	$ (174)

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F&G Reinsurance - Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ (10)	$ (20)	$ (10)	$ (20)
Changes in the expected credit loss reserve	1	1	1	1
Balance at Ending of Period	$ (9)	$ (19)	$ (9)	$ (19)

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F&G Reinsurance - Narrative (Details) $ in Millions			1 Months Ended	6 Months Ended
	Sep. 01, 2022 USD ($)	Jan. 15, 2021	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) policy	Dec. 31, 2022 USD ($)
Ceded Credit Risk [Line Items]
Number of policies reinsured by foreign company not engaged in insurance | policy				0
Net amount recoverable				$ 7,077	$ 5,418
Aspida Re
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage		50.00%
Funds withheld coinsurance basis policies ceded on quota share basis, monthly cession capped amount	$ 350		$ 450
Aspida Re | AM Best, A- Rating
Ceded Credit Risk [Line Items]
Net amount recoverable				4,857
Aspida Re | Minimum
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage	50.00%
Aspida Re | Maximum
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage	75.00%
Wilton Reassurance Company | AM Best, A+ Rating | Fitch, A Rating
Ceded Credit Risk [Line Items]
Net amount recoverable				1,157
Somerset | AM Best, A- Rating | Standard & Poor's, BBB+ Rating
Ceded Credit Risk [Line Items]
Net amount recoverable				$ 543

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F&G Insurance Subsidiary Financial Information and Regulatory Matters (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Decrease in statutory capital and surplus	$ 202	$ (152)
Increase to statutory capital for investment carried at net asset value	15	13
Change in statutory capital surplus increase (decrease)	200	200
Statutory capital and surplus	$ 107	$ 121

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Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2023	Dec. 19, 2022	Aug. 09, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Goodwill				$ 4,811	$ 4,635	$ 4,531
TitlePoint
Business Acquisition [Line Items]
Cash consideration	$ 224
Goodwill	146
Fair value estimates for other intangibles	73
Fair value estimate for other assets	$ 5
AllFirst Title Insurance Agency
Business Acquisition [Line Items]
Cash consideration		$ 10	$ 130
Goodwill			104
Fair value estimates for other intangibles			55
Preliminary fair value allocation, other intangible assets			55
Preliminary fair value allocation, other assets			40
Preliminary fair value allocation, other liabilities			18
Preliminary fair value allocation, noncontrolling interest			$ 46
Percentage of outstanding equity acquired		6.00%	74.00%

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Acquisitions - Carrying Value and Estimated Useful Lives (Details) - USD ($) $ in Millions	Jan. 01, 2023	Aug. 09, 2022
TitlePoint
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 73
TitlePoint | Customer relationships
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 9
Weighted Average Estimated Useful Life (in years)	10 years
TitlePoint | Trade name
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 4
Weighted Average Estimated Useful Life (in years)	10 years
TitlePoint | Software
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 60
Weighted Average Estimated Useful Life (in years)	7 years
AllFirst Title Insurance Agency
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 55
AllFirst Title Insurance Agency | Customer relationships
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 46
Weighted Average Estimated Useful Life (in years)		10 years
AllFirst Title Insurance Agency | Trade name
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 7
Weighted Average Estimated Useful Life (in years)		10 years
AllFirst Title Insurance Agency | Non-compete agreements
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 1
Weighted Average Estimated Useful Life (in years)		5 years
AllFirst Title Insurance Agency | Software
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 1
Weighted Average Estimated Useful Life (in years)		2 years

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Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jan. 13, 2023	Dec. 31, 2022	Nov. 22, 2022	Sep. 17, 2021	Sep. 15, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Notes payable	$ 3,696		$ 3,238
4.50% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							4.50%
4.50% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Notes payable	$ 445		445
3.40% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.40%
Notes payable	$ 644		644
2.45% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						2.45%
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.45%
Notes payable	$ 594		594
3.20% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					3.20%
3.20% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.20%
Notes payable	$ 444		444
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	2		3
F&G Credit Agreement
Debt Instrument [Line Items]
Notes payable	$ 511		547
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.40%	7.40%
Notes payable	$ 495		0
5.50% F&G Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%
Notes payable	$ 565		$ 567
5.50% F&G Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.50%

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Notes Payable - Narrative (Details) - USD ($)							6 Months Ended
	Feb. 21, 2023	Nov. 22, 2022	Sep. 17, 2021	Sep. 15, 2020	Jun. 12, 2020	Apr. 20, 2018	Jun. 30, 2023	Jun. 30, 2022	Jan. 13, 2023	Jun. 01, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Outstanding principal							$ 3,711,000,000
Repayment of principal borrowed							$ 35,000,000	$ 0
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount									$ 500,000,000
Debt instrument, interest rate, stated percentage							7.40%		7.40%
F&G Credit Agreement | Revolving Credit Facility | Fed Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.05%
F&G Credit Agreement | Senior Notes
Debt Instrument [Line Items]
Maturity date, principal amount , maximum		$ 150,000,000
F&G Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility	$ 665,000,000	$ 550,000,000
Debt, period prior to maturity date (days)		91 days
Prior debt redeemed or paid and any refinancing of debt incurred matures period (at least)		91 days
Period from effective date		3 years
Credit facility, increase in borrowing commitments	$ 115,000,000
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition One | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition One | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.80%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition Two | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition Two | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.80%
5.50% F&G Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							5.50%
5.50% F&G Notes | F&G
Debt Instrument [Line Items]
Aggregate principal amount										$ 550,000,000
Debt instrument, interest rate, stated percentage										5.50%
Price as percent of par on offering of unsecured Notes						99.50%
Proceeds from issuance of senior notes						$ 547,000,000
5.50% F&G Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.50%
3.20% Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 450,000,000
Debt instrument, interest rate, stated percentage			3.20%
Proceeds from issuance debt			$ 443,000,000
3.20% Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							3.20%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal							$ 0
Debt issuance costs							2,000,000
Remaining borrowing capacity							$ 800,000,000
2.45% Notes, net of discount
Debt Instrument [Line Items]
Aggregate principal amount				$ 600,000,000
Debt instrument, interest rate, stated percentage				2.45%
Proceeds from issuance debt				$ 593,000,000
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							2.45%
Term Loan | Term Loan
Debt Instrument [Line Items]
Repayments of all outstanding indebtedness under term loan credit agreement				$ 260,000,000
Repayment of principal borrowed					$ 640,000,000
3.40% Notes due June 15, 2030
Debt Instrument [Line Items]
Aggregate principal amount					$ 650,000,000
Debt instrument, interest rate, stated percentage					3.40%
Proceeds from issuance debt					$ 642,000,000
4.50 % Notes due August 2028
Debt Instrument [Line Items]
Aggregate principal amount											$ 450,000,000
Debt instrument, interest rate, stated percentage											4.50%
Price as percent of par on offering of unsecured Notes											99.252%
Annual interest rate											4.594%
4.50 % Notes due August 2028 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							4.50%

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Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions	Jun. 30, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2023 (remaining)	$ 511
2024	0
2025	550
2026	0
2027	0
Thereafter	2,650
Total long term debt	$ 3,711

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Market Risk Benefits - Balances and Changes in Market Risk Benefit (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Market Risk Benefit [Line Items]
Balance beginning of period	$ 165	$ 428
Balance, end of period	195	165	$ 428
As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			531
FIA
Market Risk Benefit [Line Items]
Balance beginning of period	164	426	478
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	102	280	320
Issuances and benefit payments	(8)	(21)	(9)
Attributed fees collected and interest accrual	68	107	99
Actual policyholder behavior different from expected	11	43	(22)
Changes in assumptions and other	1	(76)	0
Effects of market related movements	(38)	(231)	(108)
Balance, end of period, before effect of changes in the instrument-specific credit risk		102	280
Effect of changes in the instrument-specific credit risk	58	62	146
Balance, end of period	$ 194	$ 164	$ 426
Weighted-average attained age of policyholders weighted by total AV (years)	68 years 4 months 28 days	68 years 7 months 2 days	68 years 11 months 12 days
Net amount at risk	$ 1,006	$ 952	$ 1,304
FIA | As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			531
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	102	280
Balance, end of period, before effect of changes in the instrument-specific credit risk	136	102	280
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Balance beginning of period	1	2	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	1	1
Issuances and benefit payments	0	0	0
Attributed fees collected and interest accrual	0	1	1
Actual policyholder behavior different from expected	0	0	0
Changes in assumptions and other	0	0	0
Effects of market related movements	0	(1)	(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk		1	1
Effect of changes in the instrument-specific credit risk	0	0	1
Balance, end of period	$ 1	$ 1	$ 2
Weighted-average attained age of policyholders weighted by total AV (years)	72 years 8 months 1 day	72 years 10 months 17 days	73 years 1 month 6 days
Net amount at risk	$ 3	$ 3	$ 4
Fixed Rate Annuities | As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			0
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	1
Balance, end of period, before effect of changes in the instrument-specific credit risk	$ 1	$ 1	$ 1

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Market Risk Benefits - Reconciliation of Asset and Liability (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Market risk benefits asset	$ 118	$ 117	$ 41
Market risk benefits liability	313	282	469
Net	195	165	428
FIA
Market Risk Benefit [Line Items]
Market risk benefits asset	118	117	41
Market risk benefits liability	312	281	467
Net	194	164	426	$ 478
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0	0
Market risk benefits liability	1	1	2
Net	$ 1	$ 1	$ 2	$ 1

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Contractholder Funds - Summary of Balances and Changes in Contractholder Funds (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			$ 40,843
Balance, end of year	$ 45,070		45,070		$ 40,843
Change in fair value of other derivatives and embedded derivatives	1	$ (5)	3	$ (8)
Gross Liability, end of period	45,070		45,070		40,843	$ 34,753
Less: Reinsurance	(7,077)		(7,077)		(5,418)
FIA
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			24,766	21,997	21,997	18,703
Issuances			2,415		4,462	4,400
Premiums received			52		106	103
Policy charge			(87)		(166)	(148)
Surrenders and withdrawals			(876)		(1,322)	(1,303)
Benefit payments			(254)		(485)	(440)
Interest credited			69		198	686
Other			23		(24)	(4)
Balance, end of year	26,108		26,108		24,766	21,997
Change in fair value of other derivatives and embedded derivatives			98		(343)	603
Gross Liability, end of period	26,206		26,206		24,423	22,600
Less: Reinsurance	(17)		(17)		(17)	(17)
Net Liability, after Reinsurance	$ 26,189		$ 26,189		$ 24,406	$ 22,583
Weighted-average crediting rate	1.10%		1.10%		0.85%	3.43%
Cash surrender value	$ 24,337		$ 24,337		$ 188	$ 20,455
Fixed Rate Annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			9,358	6,367	6,367	5,142
Issuances			2,584		3,758	1,743
Premiums received			1		3	3
Policy charge			0		(1)	(1)
Surrenders and withdrawals			(520)		(797)	(543)
Benefit payments			(118)		(192)	(145)
Interest credited			179		220	167
Other			(1)		0	1
Balance, end of year	11,483		11,483		9,358	6,367
Change in fair value of other derivatives and embedded derivatives			0		0	0
Gross Liability, end of period	11,483		11,483		9,358	6,367
Less: Reinsurance	(5,431)		(5,431)		(3,723)	(1,692)
Net Liability, after Reinsurance	$ 6,052		$ 6,052		$ 5,635	$ 4,675
Weighted-average crediting rate	7.07%		7.07%		2.84%	2.94%
Cash surrender value	$ 10,707		$ 10,707		$ 5,992	$ 5,992
Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			2,112	1,907	1,907	1,696
Issuances			99		167	114
Premiums received			180		295	233
Policy charge			(124)		(209)	(167)
Surrenders and withdrawals			(45)		(74)	(68)
Benefit payments			(16)		(22)	(19)
Interest credited			20		48	118
Other			0		0	0
Balance, end of year	2,226		2,226		2,112	1,907
Change in fair value of other derivatives and embedded derivatives			73		15	74
Gross Liability, end of period	2,299		2,299		2,127	1,981
Less: Reinsurance	(924)		(924)		(947)	(984)
Net Liability, after Reinsurance	$ 1,375		$ 1,375		$ 1,180	$ 997
Weighted-average crediting rate	3.85%		3.85%		2.39%	6.77%
Net amount at risk	$ 53,401		$ 53,401		$ 53,348	$ 41,326
Cash surrender value	1,760		1,760		1,698	1,572
Funding Agreements, FABN
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			2,613	1,904	1,904	0
Issuances			0		700	1,899
Premiums received			0		0	0
Policy charge			0		0	0
Surrenders and withdrawals			0		0	0
Benefit payments			(27)		(35)	(7)
Interest credited			27		45	12
Other			0		(1)	0
Balance, end of year	2,613		2,613		2,613	1,904
Change in fair value of other derivatives and embedded derivatives			0		0	0
Gross Liability, end of period	2,613		2,613		2,613	1,904
Less: Reinsurance	0		0		0	0
Net Liability, after Reinsurance	2,613		2,613		2,613	1,904
Federal Home Loan Bank Funding Agreements
Policyholder Account Balance [Roll Forward]
Balance, beginning of year			1,982	$ 1,543	1,543	1,203
Issuances			456		1,192	759
Premiums received			0		0	0
Policy charge			0		0	0
Surrenders and withdrawals			0		0	0
Benefit payments			(323)		(789)	(447)
Interest credited			25		36	30
Other			3		0	(2)
Balance, end of year	2,143		2,143		1,982	1,543
Change in fair value of other derivatives and embedded derivatives			0		0	0
Gross Liability, end of period	2,143		2,143		1,982	1,543
Less: Reinsurance	0		0		0	0
Net Liability, after Reinsurance	$ 2,143		$ 2,143		$ 1,982	$ 1,543

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Contractholder Funds - Reconciliation to Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Contractholder funds	$ 45,070	$ 40,843	$ 34,753
FIA
Policyholder Account Balance [Line Items]
Contractholder funds	26,206	24,423	22,600
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	11,483	9,358	6,367
Immediate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	317	332	352
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,299	2,127	1,981
Traditional Life
Policyholder Account Balance [Line Items]
Contractholder funds	5	5	5
Funding Agreements, FABN
Policyholder Account Balance [Line Items]
Contractholder funds	2,613	2,613	1,904
Federal Home Loan Bank Funding Agreements
Policyholder Account Balance [Line Items]
Contractholder funds	2,143	1,982	1,543
PRT
Policyholder Account Balance [Line Items]
Contractholder funds	$ 4	$ 3	$ 1

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Contractholder Funds - Account Values by Range of Guaranteed Minimum Credit Rating (Details) $ in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Policyholder Account Balance [Line Items]
Contractholder funds	$ 45,070	$ 40,843
FIA
Policyholder Account Balance [Line Items]
Contractholder funds	26,108	24,766	$ 21,997	$ 18,703
FIA | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	24,243	23,400	20,764
FIA | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	796	801	817
FIA | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	406	414	416
FIA | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	663	151	0
FIA | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	25,611	24,210	21,353
FIA | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,749	22,848	20,162
FIA | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	796	801	803
FIA | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	403	410	388
FIA | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	663	151	0
FIA | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	142	163	207
FIA | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	141	162	171
FIA | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	11
FIA | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	25
FIA | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
FIA | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	355	393	437
FIA | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	353	390	431
FIA | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	3
FIA | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	2	3	3
FIA | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	11,483	9,358	6,367	5,142
Fixed Rate Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	959	1,016	965
Fixed Rate Annuities | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	46	50	185
Fixed Rate Annuities | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,870	1,905	1,990
Fixed Rate Annuities | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	8,608	6,387	3,227
Fixed Rate Annuities | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	10,172	8,292	5,177
Fixed Rate Annuities | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	17	10	2
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	30	32	28
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,838	1,871	1,928
Fixed Rate Annuities | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	8,287	6,379	3,219
Fixed Rate Annuities | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	362	54	62
Fixed Rate Annuities | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	8	9	9
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	13	14	15
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	28	30	37
Fixed Rate Annuities | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	313	1	1
Fixed Rate Annuities | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	949	1,012	1,128
Fixed Rate Annuities | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	934	997	954
Fixed Rate Annuities | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	3	4	142
Fixed Rate Annuities | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	4	4	25
Fixed Rate Annuities | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	8	7	7
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,226	2,112	1,907	$ 1,696
Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,168	2,047	1,845
Universal Life | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	39	47	48
Universal Life | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	1
Universal Life | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	18	17	13
Universal Life | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	1,844	1,721	1,501
Universal Life | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	1,822	1,701	1,486
Universal Life | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	4	3	2
Universal Life | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	18	17	13
Universal Life | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	382	391	406
Universal Life | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	346	346	359
Universal Life | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	35	44	46
Universal Life | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	1
Universal Life | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	$ 0	$ 0	$ 0
Minimum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0001	0.0001	0.0001
Minimum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0051	0.0051	0.0051
Minimum | Greater Than 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150	0.0150
Maximum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0050	0.0050	0.0050
Maximum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150		0.0150

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Future Policy Benefits - Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Future policy benefits	$ 5,715	$ 5,021	$ 4,918
Less: Reinsurance recoverable				$ 1,115
Traditional Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	797	1,020	1,152
Beginning balance of original discount rate	974	1,045	1,131
Effect of actual variances from expected experience		7	33	25
Balance adjusted for variances from expectation		981	1,078	1,156
Interest accrual	9	20	22
Net premiums collected	(60)	(124)	(133)
Ending Balance at original discount rate	930	974	1,045
Effect of changes in discount rate assumptions	167	177	25
Balance, end of year	763	797	1,020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	2,151	2,772	3,105
Beginning balance of original discount rate	2,665	2,806	2,995
Effect of actual variances from expected experience		(9)	13	(14)
Balance adjusted for variances from expectation		2,656	2,819	2,981
Interest accrual	28	59	62
Benefits payments	(99)	(213)	(237)
Ending Balance at original discount rate	2,585	2,665	2,806
Effect of changes in discount rate assumptions	474	514	34
Balance, end of year	2,111	2,151	2,772
Future policy benefits	1,348	1,354	1,752
Less: Reinsurance recoverable	587	612	749	793
Liability for Future Policy Benefit, after Reinsurance, Total	$ 761	$ 742	$ 1,003
Weighted-average duration of liability for future policyholder benefits (years)	7 years 4 months 9 days	7 years 6 months 29 days	8 years 6 months 14 days
Immediate Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 1,429	$ 1,954	$ 2,153
Beginning balance of original discount rate	1,858	1,935	2,040
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		(17)	(26)	(47)
Balance adjusted for variances from expectation		1,841	1,909	1,993
Issuances	10	26	18
Interest accrual	33	60	60
Benefits payments	(65)	(137)	(136)
Ending Balance at original discount rate	1,819	1,858	1,935
Effect of changes in discount rate assumptions	(408)	429	(19)
Balance, end of year	1,411	1,429	1,954
Future policy benefits	1,411	1,429	1,954
Less: Reinsurance recoverable	116	118	145	322
Liability for Future Policy Benefit, after Reinsurance, Total	$ 1,295	$ 1,311	$ 1,809
Weighted-average duration of liability for future policyholder benefits (years)	12 years 5 months 19 days	11 years 9 months 3 days	13 years 7 months 9 days
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 2,165	$ 1,148	$ 0
Beginning balance of original discount rate	2,475	1,151	0
Effect of changes in cash flow assumptions		(5)	(20)
Effect of actual variances from expected experience		0	2	0
Balance adjusted for variances from expectation		2,470	1,133	$ 0
Issuances	755	1,418	1,155
Interest accrual	50	50	2
Benefits payments	(115)	(126)	(6)
Ending Balance at original discount rate	3,160	2,475	1,151
Effect of changes in discount rate assumptions	(290)	310	3
Balance, end of year	2,870	2,165	1,148
Future policy benefits	2,870	2,165	1,148
Less: Reinsurance recoverable	0	0	0
Liability for Future Policy Benefit, after Reinsurance, Total	$ 2,870	$ 2,165	$ 1,148
Weighted-average duration of liability for future policyholder benefits (years)	8 years 2 months 23 days	8 years 1 month 2 days	8 years 9 months

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Future Policy Benefits - Summary of Balances and Changes in the Deferred Profit Liability (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	$ 69	$ 57	$ 22
Effect of modeling changes		4	0	$ 0
Effect of changes in cash flow assumptions		0	0	0
Effect of actual variances from expected experience		10	16	39
Balance adjusted for variances from expectation		83	73	61
Issuances	1	1	0
Interest accrual	1	2	2
Amortization	(3)	(7)	(6)
Balance, end of year	82	69	57
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	4	7	0
Effect of modeling changes		0	0	0
Effect of changes in cash flow assumptions		0	(2)	0
Effect of actual variances from expected experience		2	0	0
Balance adjusted for variances from expectation		6	5	$ 0
Issuances	0	0	7
Interest accrual	(1)	0	0
Amortization	(1)	(1)	0
Balance, end of year	$ 4	$ 4	$ 7

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Future Policy Benefits - Reconciliation of Net FPB to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 5,715	$ 5,021	$ 4,918
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,348	1,354	1,752
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,411	1,429	1,954
Deferred profit liability	82	69	57	$ 22
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	2,870	2,165	1,148
Deferred profit liability	4	4	7	$ 0
Immediate annuities DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	82	69	57
PRT DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	$ 4	$ 4	$ 7

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Future Policy Benefits - Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments		$ 2,686
Expected future gross premiums		1,091
Traditional Life
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	$ 3,027	3,201
Expected future gross premiums	1,114	1,245
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	2,089
Expected future gross premiums	803
Immediate Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	3,361	3,516
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	1,411	1,907
Expected future gross premiums	0	0
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	4,724	2,265
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	3,161	1,652
Expected future gross premiums	$ 0	$ 0

XML

Future Policy Benefits - Gross Premium Income and Interest Expense (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	$ 811	$ 606
Interest expense	102	69
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	63	70
Interest expense	19	20
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	11	16
Interest expense	33	30
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	737	520
Interest expense	$ 50	$ 19

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Future Policy Benefits - Weighted Average Rates (Details)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	2.33%	2.32%	2.29%
Current discount rate	4.63%	5.37%	2.41%
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.12%	3.07%	3.04%
Current discount rate	5.10%	5.21%	3.07%
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.04%	3.20%	1.20%
Current discount rate	5.28%	5.40%	2.79%

XML

Future Policy Benefits - Actual Experience and Expected Experience for Mortality and Lapses (Details)	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Actual experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.40%	1.50%	1.70%
Lapse rate	0.10%	0.00%	0.10%
Actual experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	3.20%	3.00%	4.20%
Lapse rate	0.00%	0.00%	0.00%
Actual experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.30%	1.90%	0.00%
Lapse rate	0.00%	0.00%	0.00%
Expected experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.40%	1.30%	1.30%
Lapse rate	0.30%	0.30%	0.30%
Expected experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.60%	1.90%	2.00%
Lapse rate	0.00%	0.00%	0.00%
Expected experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.10%	2.50%	0.00%
Lapse rate	0.00%	0.00%	0.00%

XML

Future Policy Benefits - Additional Information, Cohort NPR (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Insurance [Abstract]
Net Premium Ratio before capping	100.00%	100.00%
Reserves before NP Ratio capping	$ 1,184	$ 1,172
Reserves after NP Ratio capping	1,185	1,173
Loss Expense	$ 1	$ 0

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ASU 2018-12 Transition - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings	$ 6,229	$ 6,116
Adjustments | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings			$ 75

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ASU 2018-12 Transition - Balance of Changes in FPB due to Adoption of ASU 2018-012 (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					$ 4,128
Less: Reinsurance recoverable					1,115
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				$ 3,013
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					4,005
Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					(78)
Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					201
Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					2,175
Less: Reinsurance recoverable	$ 116	$ 118	$ 145		322
Immediate Annuities | As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				1,853
Immediate Annuities | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					1,861
Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					1,953
Less: Reinsurance recoverable	$ 587	$ 612	$ 749		793
Traditional Life | As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				$ 1,160
Traditional Life | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					2,144
FIA | Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					201
FIA | Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					113
Fixed Rate Annuities | Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					(279)
Fixed Rate Annuities | Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					$ 88

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ASU 2018-12 Transition - Balance of Changes in VOBA, DAC, DSI and URL due to Adoption of ASU 2018-012 (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	$ 1,529	$ 1,615	$ 1,704	$ 1,743
DAC	1,847	1,402	1,065	775
DSI	258	200	159	127
URL	313	271
Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	195	201	206	212
Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	71	73	76	25
FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	1,095	1,166	1,238	1,314
DAC	1,173	971	751	564
DSI	258	200	159	127
Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	29	32	36	39
DAC	233	83	59	38
Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	139	143	148	153
DAC	$ 441	$ 348	$ 255	$ 173
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						$ 1,466
DAC						222
DSI						36
URL						2
As Previously Reported | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						86
As Previously Reported | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						18
As Previously Reported | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						1,208
DAC						167
DSI						36
As Previously Reported | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						15
DAC						14
As Previously Reported | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						139
DAC						41
URL						2
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						232
DAC						25
DSI						5
URL						25
Revision of Prior Period, Accounting Standards Update, Adjustment | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						0
Revision of Prior Period, Accounting Standards Update, Adjustment | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(29)
Revision of Prior Period, Accounting Standards Update, Adjustment | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						208
DAC						15
DSI						5
Revision of Prior Period, Accounting Standards Update, Adjustment | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						24
DAC						2
Revision of Prior Period, Accounting Standards Update, Adjustment | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						29
DAC						8
URL						25
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						264
Revision of Prior Period, Adjustment | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						145
Revision of Prior Period, Adjustment | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						43
Revision of Prior Period, Adjustment | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						69
Revision of Prior Period, Adjustment | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						2
Revision of Prior Period, Adjustment | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						5
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(22)
DAC						(2)
DSI						4
URL						2
Adjustments | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(5)
Adjustments | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(1)
Adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(14)
DAC						(1)
DSI						4
Adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						7
DAC						0
Adjustments | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(9)
DAC						(1)
URL						2
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					$ 1,940
DAC						245
DSI						45
URL						29
As adjusted | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					226
As adjusted | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					31
As adjusted | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					1,471
DAC						181
DSI						45
As adjusted | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					48
DAC						16
As adjusted | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					$ 164
DAC						48
URL						$ 29

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ASU 2018-12 Transition - Summary Balance of Changes in Assets and Liability Position for Market Risk Benefit (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	$ 195	$ 165	$ 428
Less: reinsured market risk benefits				$ 0
FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	194	164	426	478
Less: reinsured market risk benefits				0
Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	$ 1	$ 1	$ 2	1
Less: reinsured market risk benefits				0
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				531
As Previously Reported | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				531
As Previously Reported | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(116)
Adjustment for reversal of AOCI adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(116)
Adjustment for reversal of AOCI adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(95)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(96)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between December 31, 2020 carrying amount and fair value measurement for the MRBs | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				1
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				159
Adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				159
Adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				479
Balance, end of period, net of reinsurance				479
As adjusted | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				478
Balance, end of period, net of reinsurance				478
As adjusted | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				1
Balance, end of period, net of reinsurance				$ 1

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ASU 2018-12 Transition - Effect of Transition Adjustments on Equity (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds		$ 45,070		$ 45,070		$ 40,843
MRB		195		195		165	$ 428
VOBA		1,529	$ 1,704	1,529	$ 1,704	1,615	1,743
DAC		1,847	1,065	1,847	1,065	1,402	$ 775
Income tax expense (benefit)		90	202	104	358
Adjustment to increase opening retained earnings		$ 6,229		$ 6,229		6,116
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds						$ (390)
MRB	$ 159
VOBA	(22)
DAC	(2)
Income tax expense (benefit)	20		$ 38		$ 39
Adjustments | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds	101
MRB	30
FPB	(14)
VOBA	(21)
DAC	(1)
Increase to Equity, gross of tax	95
Adjustment to increase opening retained earnings	75
Adjustments | Accumulated Other Comprehensive Earnings (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds	115
MRB	(160)
FPB	(159)
VOBA	233
DAC	5
Increase to Equity, gross of tax	34
Income tax expense (benefit)	9
Adjustment to increase opening retained earnings	$ 25