
	December 31, 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, net liability	$	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	(10)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	131		—		107		1		99		1
Actual policyholder behavior different from expected	27		—		43		—		(22)		—
Changes in assumptions and other	29		—		(76)		—		—		—


Effects of market related movements	(70)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	105		—		62		—		146		1
Balance, end of period, net liability	$	314	$	1	$	164	$	1	$	426	$	2



Weighted-average attained age of policyholders weighted by total AV (years)	68.28		72.59		68.59		72.88		68.95		73.10
Net amount at risk	$	1,059	$	2	$	952	$	3	$	1,304	$	4


	December 31, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
	(In millions)
FIA	88		402		314		117		281		164		41		467		426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	88	$	403	$	315	$	117	$	282	$	165	$	41	$	469	$	428

2023. The net MRB liability increased for the year ended December 31, 2023, primarily as a result of attributed fees collected, increases as a result of actual policyholder behavior different than expected and changes in assumptions and other as discussed below. These increases were partially offset by the effects of market related movements, including the impacts of higher risk-free rates and increases in the equity market related projections.

For the year ended December 31, 2023, notable changes made to the inputs to the fair value estimates of MRBs calculations included a significant increase in risk-free rates leading to a favorable change in the MRBs 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, lead to a favorable change in the value of the associated MRBs; and F&G’s credit spread decreased, leading to a corresponding unfavorable change in the MRBs associated with both FIA and fixed rate annuities.

In addition, the cash flow assumptions used to calculate MRBs reflect the company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2023, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (FIA and fixed rate annuities) with MRBs including surrender rates, partial withdrawal rates, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption update. These updates, in total, led to an unfavorable change in the MRB balance during the third quarter of 2023. Additionally, in the fourth quarter of 2023, an update to the industry future mortality improvement table led to a corresponding update in our future mortality improvement assumption, which led to an unfavorable change in the MRB balance during the fourth quarter of 2023.

2022. The net MRB liability decreased for the year ended December 31, 2022, primarily as a result of the effects of market related movements, including the impact of higher risk-free rates, and changes in assumptions and other as discussed below, partially offset by attributed fees collected and increases as a result of actual policyholder behavior different than expected.

For the year ended December 31, 2022, notable changes made to the inputs to the fair value estimates of MRBs calculations included a significant increase to risk-free rates leading to a favorable change in the MRBs associated with both FIA and fixed rate annuities; decreases in the equity markets resulting in an increase in the net amount at risk associated with FIAs, leading to an unfavorable change in the value of the associated MRBs; and volatility indices increased, leading to an unfavorable change in the MRBs associated with FIAs.

Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review in 2022. 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 net MRB liability. In addition, F&G’s credit spread increased during 2022, leading to a corresponding decrease in the net MRB liability. 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.

2021. The net MRB liability decreased for the year ended December 31, 2021, primarily as a result of the effects of market related movements, including the impact of higher risk-free rates, and decreases as a result of actual policyholder behavior different than expected, partially offset by attributed fees collected.

For the year ended December 31, 2021, notable changes made to the inputs to the fair value estimates of MRBs calculations included a moderate increase to risk-free rates leading to a favorable change in the MRBs associated with both FIA and fixed rate annuities and increases in the equity markets resulting in a decrease in the net amount at risk associated with FIAs, leading to a favorable change in the value of the associated MRBs.


	December 31, 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	4,722			5,061			199			—		1,256
Premiums received	103			1			382			—		—
Policy charges (a)	(182)			—			(261)			—		—
Surrenders and withdrawals	(2,005)			(1,142)			(90)			—		—
Benefit payments	(526)			(240)			(27)			(53)		(763)

Interest credited	270			405			76			54		64
Other	16			—			—			(1)		—
Balance, end of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Embedded derivative adjustment (c)	243			—			84			—		—
Gross Liability, end of period	$	27,407		$	13,443		$	2,475		$	2,613	$	2,539
Less: Reinsurance	(17)			(7,520)			(894)			—		—
Net Liability, after Reinsurance	$	27,390		$	5,923		$	1,581		$	2,613	$	2,539

Weighted-average crediting rate	1.40		%	4.85		%	3.44		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	60,389		N/A		N/A
Cash surrender value (e)	$	25,099		$	12,505		$	1,872		N/A		N/A

(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.

(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 (e)	$	23,049		$	8,744		$	1,698		N/A		N/A


	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 (e)	$	20,455		$	5,992		$	1,572		N/A		N/A


	December 31, 2023		December 31, 2022		December 31, 2021
	(In millions)
FIA	$	27,407	$	24,423	$	22,600
Fixed rate annuities	13,443		9,358		6,367
Immediate annuities	311		332		352
Universal life	2,475		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,613		2,613		1,904
FHLB	2,539		1,982		1,543
PRT	5		3		1
Total	$	48,798	$	40,843	$	34,753

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. During the third quarter of 2023 and for the year ended December 31, 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 and also aligned reserves to actual policyholder behavior. These changes resulted in an increase in total benefits and other changes in policy reserves of approximately $73 million for the year ended December 31, 2023.

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:


	December 31, 2023
Range of guaranteed minimum crediting rate	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%	$	22,392	$	1,444	$	526	$	1,953	$	26,315
1.51%-2.50%	196		1		24		250		471
Greater than 2.50%	377		1		—		—		378
Total	$	22,965	$	1,446	$	550	$	2,203	$	27,164

Fixed Rate Annuities
0.00%-1.50%	$	23	$	25	$	1,532	$	10,271	$	11,851
1.51%-2.50%	5		8		23		453		489
Greater than 2.50%	893		2		4		204		1,103
Total	$	921	$	35	$	1,559	$	10,928	$	13,443

Universal Life
0.00%-1.50%	$	1,987	$	5	$	—	$	21	$	2,013
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	361		16		1		—		378
Total	$	2,348	$	21	$	1	$	21	$	2,391


	December 31, 2022
Range of guaranteed minimum crediting rate	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
Range of guaranteed minimum crediting rate	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