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 March 31, 2024

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 April 30, 2024 were:    

FNF Common Stock    273,238,230

FORM 10-Q

QUARTERLY REPORT

Quarter Ended March 31, 2024

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 Operations (unaudited)	4
Condensed Consolidated Statements of Comprehensive Earnings (unaudited)	5
Condensed Consolidated Statements of Equity (unaudited)	6
Condensed Consolidated Statements of Cash Flows (unaudited)	7
Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	63
Item 3. Quantitative and Qualitative Disclosures about Market Risk	86
Item 4. Controls and Procedures	86
Item 5. Other Information	86
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	87
Item 1A. Risk Factors	87
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	89
Item 6. Exhibits	91
Signatures	92

1

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

2

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share data)

	March 31, 2024		December 31, 2023
	(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2024 and December 31, 2023, at an amortized cost of $47,789 and $45,606, respectively, net of allowance for credit losses of $40 and $42, respectively, and includes pledged fixed maturity securities of $492 and $489, respectively, related to secured trust deposits	$	44,566	$	42,373
Preferred securities, at fair value	542		621
Equity securities, at fair value	793		766
Derivative investments	1,024		797
Mortgage loans, net of allowance for credit losses of $67 and $66 at March 31, 2024 and December 31, 2023, respectively	5,440		5,336
Investments in unconsolidated affiliates	3,632		3,334
Other long-term investments	735		703
Short-term investments, at March 31, 2024 and December 31, 2023	646		2,119
Total investments	57,378		56,049
Cash and cash equivalents, at March 31, 2024 and December 31, 2023 includes $227 and $262, respectively, of pledged cash related to secured trust deposits	3,517		2,767
Trade and notes receivables, net of allowance for credit losses of $31 and $32 at March 31, 2024 and December 31, 2023, respectively	409		442
Reinsurance recoverable, net of allowance for credit losses of $21 and $21 at March 31, 2024 and December 31, 2023, respectively	10,129		8,977
Goodwill	5,107		4,830
Prepaid expenses and other assets	1,899		1,900
Market risk benefits asset	95		88
Lease assets	348		348
Other intangible assets, net	5,027		4,627
Title plants	420		418
Property and equipment, net	167		168
Total assets	$	84,496	$	80,614
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds	$	50,875	$	48,798
Future policy benefits	7,441		7,050
Accounts payable and accrued liabilities	3,138		3,009
Market risk benefits liability	425		403
Notes payable	3,884		3,887
Reserve for title claim losses	1,746		1,770
Funds withheld for reinsurance liabilities	8,025		7,083
Secured trust deposits	693		731
Lease liabilities	390		394
Income taxes payable	14		—
Deferred tax liability	28		29
Total liabilities	76,659		73,154
Equity:
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of March 31, 2024 and December 31, 2023; outstanding of 273,238,445 and 273,251,449 as of March 31, 2024 and December 31, 2023, respectively, and issued of 329,206,677 and 329,185,916 as of March 31, 2024 and December 31, 2023, respectively	—		—
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	—		—
Additional paid-in capital	5,924		5,913
Retained earnings	5,361		5,244
Accumulated other comprehensive loss	(2,029)		(2,119)
Less: Treasury stock, 55,968,232 shares and 55,934,467 shares as of March 31, 2024 and December 31, 2023, respectively, at cost	(2,131)		(2,130)
Total Fidelity National Financial, Inc. shareholders’ equity	7,125		6,908
Non-controlling interests	712		552
Total equity	7,837		7,460
Total liabilities and equity	$	84,496	$	80,614

See Notes to Condensed Consolidated Financial Statements

3

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share data)

	Three months ended March 31,
	2024		2023
	(Unaudited)
Revenues:
Direct title insurance premiums	$	440	$	428
Agency title insurance premiums	593		550
Escrow, title-related and other fees	1,281		880
Interest and investment income	710		611
Recognized gains and losses, net	275		5
Total revenues	3,299		2,474
Expenses:
Personnel costs	727		677
Agent commissions	460		420
Other operating expenses	369		360
Benefits and other changes in policy reserves	1,161		812
Market risk benefit (gains) losses	(11)		59
Depreciation and amortization	167		134
Provision for title claim losses	46		44
Interest expense	49		42
Total expenses	2,968		2,548
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	331		(74)
Income tax expense	63		14
Earnings (loss) before equity in earnings of unconsolidated affiliates	268		(88)
Equity in earnings of unconsolidated affiliates	1		—
Net earnings (loss)	269		(88)
Less: Net earnings (loss) attributable to non-controlling interests	21		(29)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$	248	$	(59)
Earnings (loss) per share
Basic
Net earnings (loss) per share attributable to common shareholders	$	0.92	$	(0.22)
Net earnings (loss) per share attributable to common shareholders, basic	$	0.92	$	(0.22)
Diluted
Net earnings (loss) per share attributable to common shareholders	$	0.91	$	(0.22)
Net earnings (loss) per share attributable to common shareholders, diluted	$	0.91	$	(0.22)
Weighted average common shares outstanding - basic	271		270
Weighted average common shares outstanding - diluted	272		271

See Notes to Condensed Consolidated Financial Statements

4

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In millions)

	Three months ended March 31,
	2024		2023
	(Unaudited)
Net earnings (loss)	$	269	$	(88)
Other comprehensive earnings (loss):
Unrealized (loss) gain on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1)	(5)		349
Unrealized gain on investments in unconsolidated affiliates (2)	13		11
Unrealized loss on foreign currency translation (3)	(6)		1
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4)	13		35
Changes in current discount rate - future policy benefits (5)	91		(100)
Changes in instrument-specific credit risk - market risk benefits (6)	1		7
Other comprehensive loss attributable to non-controlling interest (7)	(17)		(43)
Other comprehensive earnings	90		260
Comprehensive earnings	359		172
Less: Comprehensive earnings (loss) attributable to non-controlling interests	21		(29)
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders	$	338	$	201

_______________________________________

(1)Net of income tax expense of $88 million for the three months ended March 31, 2023.

(2)Net of income tax expense of $4 million and $3 million for the three months ended March 31, 2024 and 2023, respectively.

(3)Net of income tax (benefit) expense of $(1) million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

(4)Net of income tax expense of $4 million and $9 million for the three months ended March 31, 2024 and 2023, respectively.

(5)Net of income tax expense (benefit) of $24 million and $(27) million for the three months ended March 31, 2024 and 2023, respectively.

(6)Net of income tax expense of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

(7)Net of income tax benefit of $5 million and $11 million for the three months ended March 31, 2024 and 2023, respectively.

See Notes to Condensed Consolidated Financial Statements

5

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, 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 earnings - unrealized gain on investments and other financial instruments	—	—		—		—		349		—	—		—		349
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		11		—	—		—		11
Other comprehensive earnings - unrealized loss on foreign currency translation	—	—		—		—		1		—	—		—		1
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		35		—	—		—		35
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		7		—	—		—		7
Change in current discount rate - liability for future policy benefits	—	—		—		—		(100)		—	—		—		(100)
Stock-based compensation	—	—		13		—		—		—	—		—		13
Dividends declared, $0.45 per common share	—	—		—		(122)		—		—	—		—		(122)
Other comprehensive loss associated with noncontrolling interests	—	—		—		—		(43)		—	—		43		—
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(3)		(3)
Net loss	—	—		—		(59)		—		—	—		(29)		(88)
Balance, March 31, 2023	328	$	—	$	5,871	$	5,044	$	(2,610)	55	$	(2,113)	$	456	$	6,648
Balance, January 1, 2024	329	$	—	$	5,913	$	5,244	$	(2,119)	56	$	(2,130)	$	552	$	7,460
Noncontrolling interest associated with current period acquisitions	—	—		—		—		—		—	—		136		136
Purchase of incremental share in consolidated subsidiaries	—	—		(4)		—		—		—	—		(3)		(7)
Exercise of stock options	—	—		1		—		—		—	—		—		1
Other comprehensive loss - unrealized loss on investments and other financial instruments	—	—		—		—		(5)		—	—		—		(5)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	—	—		—		—		13		—	—		—		13
Other comprehensive loss - unrealized loss on foreign currency translation	—	—		—		—		(6)		—	—		—		(6)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	—	—		—		—		13		—	—		—		13
Change in current discount rate — liability for future policy benefits	—	—		—		—		91		—	—		—		91
Change in instrument-specific credit risk - market risk benefits	—	—		—		—		1		—	—		—		1
Other comprehensive loss associated with noncontrolling interests	—	—		(1)		—		(17)		—	—		18		—
Stock-based compensation	—	—		15		—		—		—	—		1		16
Shares withheld for taxes and in treasury	—	—		—		—		—		—	(1)		(6)		(7)
Dividends declared, $0.48 per common share	—	—		—		(131)		—		—	—		—		(131)
Subsidiary dividends declared to non-controlling interests	—	—		—		—		—		—	—		(7)		(7)
Net earnings	—	—		—		248		—		—	—		21		269
Balance, March 31, 2024	329	$	—	$	5,924	$	5,361	$	(2,029)	56	$	(2,131)	$	712	$	7,837

See Notes to Condensed Consolidated Financial Statements

6

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

	For the three months ended March 31,
	2024		2023
	(Unaudited)
Cash flows from operating activities:
Net earnings (loss)	$	269	$	(88)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	167		134
Equity in earnings of unconsolidated affiliates	(1)		—
(Gain) loss on sales of investments and other assets and asset impairments, net	(25)		213
Interest credited/index credits to contractholder account balances	513		542
Change in market risk benefits, net	(11)		60
Deferred policy acquisition costs and deferred sales inducements	(311)		(251)
Charges assessed to contractholders for mortality and admin	(66)		(58)
Non-cash lease costs	33		35
Operating lease payments	(38)		(39)
Distributions from unconsolidated affiliates, return on investment	19		36
Stock-based compensation cost	16		14
Change in NAV of limited partnerships, net	(49)		(57)
Change in valuation of derivatives, equity and preferred securities, net	(254)		(216)
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	(22)		(79)
Change in future policy benefits	505		224
Change in funds withheld from reinsurers	940		1,124
Net decrease in trade receivables	8		45
Net decrease in reserve for title claim losses	(24)		(19)
Net change in income taxes	33		(28)
Net change in other assets and other liabilities	(111)		(174)
Net cash provided by operating activities	1,591		1,418
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	1,783		1,091
Additions to property and equipment, capitalized software and title plants	(35)		(34)
Purchases of investment securities	(3,819)		(4,077)
Net proceeds from sales and maturities of short-term investment securities	1,473		1,249
Additions to notes receivable	(3)		(4)
Collections of notes receivable	25		—
Acquisitions and dispositions	(284)		(273)
Additional investments in unconsolidated affiliates	(272)		(327)
Distributions from unconsolidated affiliates, return of investment	36		90
Net cash used in investing activities	(1,096)		(2,285)

7

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
	For the three months ended March 31,
	2024		2023
	(Unaudited)
Cash flows from financing activities:
Borrowings	7		500
Debt costs/equity issuance additions	(5)		(10)
F&G Credit Agreement repayments, net	—		(35)
Dividends paid	(130)		(122)
Subsidiary dividends paid to non-controlling interest shareholders	(7)		(7)
Exercise of stock options	1		—
Additional investment in consolidated subsidiary	(7)		(20)
Net change in secured trust deposits	(38)		(61)
Payment of contingent consideration for prior period acquisitions	(5)		(2)
Contractholder account deposits	1,929		2,115
Contractholder account withdrawals	(1,483)		(950)
Purchases of treasury stock	—		(6)
Cash remitted for withholding taxes on share-based compensation	(7)		—
Net cash provided by financing activities	255		1,402
Net increase in cash and cash equivalents	750		535
Cash and cash equivalents at beginning of period	2,767		2,286
Cash and cash equivalents at end of period	$	3,517	$	2,821

See Notes to Condensed Consolidated Financial Statements

8

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, 2023.

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

Successful Completion of Consent Solicitation

On April 23, 2024, we announced the successful completion of consent solicitations of the holders of each of our 4.500% Senior Notes due 2028 (the “2028 Notes”), 3.400% Senior Notes due 2030 (the “2030 Notes”), 2.450% Senior Notes due 2031 (the “2031 Notes”) and 3.200% Senior Notes due 2051 (the “2051 Notes” and, collectively with the 2028 Notes, 2030 Notes and the 2031 Notes, the “Notes”; and each a “series of Notes”) to effect a certain amendment (the “Proposed Amendment”) to the indenture governing the Notes (the “Indenture”) with respect to each series of Notes, as described below.

As of 5:00 p.m., New York City time, on April 22, 2024 (the “Expiration Time”), we had received consents from a majority in principal amount of each series of Notes outstanding for the adoption of the proposed amendment to the Indenture. Each of the consent solicitations was made pursuant to the consent solicitation statement, dated April 16, 2024 (the “Consent Solicitation Statement”). A supplemental indenture giving effect to the Proposed Amendment with respect to each series of Notes was executed promptly. Upon its execution, the supplemental indenture is effective and constitutes a binding agreement between the Company and the trustee.

Immediately prior to the consummation of our redomestication, by conversion, from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada (the “Redomestication”), we will pay holders of each series of Notes who validly delivered their consents at or prior to the Expiration Time (and did not validly revoke such consents) the Consent Fee described in the Consent Solicitation Statement. No Consent Fee will be paid with respect to a series of Notes if any of the consent solicitations are terminated prior to the proposed amendment becoming effective or if we abandon the Redomestication or if the Redomestication is not completed for any reason whatsoever. We are not required to consummate the Redomestication even if we have received the requisite consents for the Notes and the approval of our shareholders to the Redomestication. If the Redomestication is abandoned prior to consummation or otherwise not completed for any reason whatsoever (including, without limitation, because we determine to effect a redomestication by way of merger or otherwise), or the conditions to the consent solicitations are not satisfied or waived, then no Consent Fee shall be payable and the Proposed Amendment contained in the supplemental indenture described above will not become operative.

Amendment to our Revolving Credit Facility

On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). Among other changes, the Sixth Amended and Restated Credit Agreement amends the Revolving Credit Facility to extend the maturity date from October 29, 2025, to February 16, 2029. For further information related to the Amended Revolving Credit Facility and the Sixth Restated Credit Agreement refer to Note G Notes Payable in our Annual Report on Form 10-K for the year ended December 31, 2023.

9

Amendment to the F&G Credit Agreement

On February 16, 2024, we entered into a Second Amended and Restated F&G Credit Agreement of our $665 million credit agreement, with the guarantors party thereto, the financial institutions party thereto as lenders, and Bank of America, N.A., as administrative agent, swing line lender and an issuing bank (the "Second Amended and Restated F&G Credit Agreement"). Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date and increase the aggregate principal amount of commitments under the revolving credit facility to $750 million. For more information related to the Second Amended and Restated F&G Credit Agreement refer to Note G Notes Payable in our Annual Report on Form 10-K for the year ended December 31, 2023.

Acquisition of Roar

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar Joint Venture, LLC ("Roar"). Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents. Total initial consideration is comprised of cash of $269 million and $48 million of contingent consideration. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to $90 million over a three year period upon the achievement by Roar of certain earnings before interest, taxes, depreciation and amortization ("EBITDA") milestones. For further information related to the acquisition of Roar, refer to Note N Acquisitions.

Investment of $250 million in F&G

On January 12, 2024, we completed a $250 million preferred stock investment in F&G. F&G will use the net proceeds from the investment to support growth of its assets under management.

Under the terms of the agreement, we have agreed to invest $250 million in exchange for 5 million shares of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 per share (the "Mandatory Convertible Preferred Stock"). Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $50.00 per share. Unless earlier converted at the option of the holder, each outstanding share of the Mandatory Convertible Preferred Stock will automatically convert into shares of common stock of F&G on January 15, 2027 (the "Mandatory Conversion Date"). Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory Convertible Preferred Stock will be no more than 1.1111 shares of common stock and no less than 0.9456 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the value of F&G's common stock. The preferred stock investment in F&G eliminates upon consolidation.

Income Tax

Income tax expense was $63 million and $14 million in the three months ended March 31, 2024 and 2023, respectively. Income tax expense as a percentage of earnings (loss) before income taxes was 19% and (19)% in the three months ended March 31, 2024 and 2023, respectively. The increase in income tax expense as a percentage of earnings (loss) before taxes in the three months ended March 31, 2024 as compared to the corresponding period in 2023 is primarily attributable to the 2023 period having income tax expense, due to a valuation allowance increase, despite there being a 2023 pre-tax loss.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Operations, 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 months ended March 31, 2024 and 2023.

Unconsolidated Owned Distribution Investments

For the three months ended March 31, 2024 and 2023, we paid approximately $50 million and $37 million, respectively, in commissions on sales through our unconsolidated funded owned distribution investments and their affiliates, with the acquisition expense deferred and amortized in Depreciation and amortization on the accompanying unaudited Condensed Consolidated Statements of Operations.

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Recent Accounting Pronouncements

Adopted Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-02, Accounting for Investments in Tax Credit Structure Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. We adopted this standard on January 1, 2024, as required, and there was no material impact to our unaudited Condensed Consolidated Financial Statements.

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. We adopted this standard as of January 1, 2024, and it did not have a material impact on our Consolidated Financial Statements and related disclosures upon adoption.

Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements. The significant segment expense and other segment item amounts disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this update are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, and the updates must be applied retrospectively to all periods presented in the financial statements. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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Note B — Summary of Reserve for Title Claim Losses

 A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2024			2023
	(In millions)
Beginning balance	$	1,770		$	1,810
Change in insurance recoverable	—			—
Claim loss provision related to:
Current year	46			43
Total title claim loss provision	46			43
Claims paid, net of recoupments related to:
Current year	(2)			(1)
Prior years	(68)			(61)
Total title claims paid, net of recoupments	(70)			(62)
Ending balance of claim loss reserve for title insurance	$	1,746		$	1,791
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into 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, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and 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 barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies. Some of the non-joining 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), and appellate oral argument is expected to be held later this year.

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.

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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 three-level 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 inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period 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 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:

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,517	$	—	$	—	$	—	$	3,517
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,379		7,736		—		15,115
Commercial mortgage-backed securities	—		4,806		12		—		4,818
Corporates	25		16,762		2,184		—		18,971
Hybrids	99		534		—		—		633
Municipals	—		1,529		18		—		1,547
Residential mortgage-backed securities	—		2,460		4		—		2,464
U.S. Government	682		16		—		—		698
Foreign Governments	—		315		5		—		320
Short term investments	637		—		9		—		646
Preferred securities	192		342		8		—		542
Equity securities	720		—		14		59		793
Derivative investments	—		1,015		9		—		1,024
Investment in unconsolidated affiliates	—		—		343		—		343
Reinsurance related embedded derivative, included in other assets	—		134		—		—		134
Market risk benefits asset	—		—		95		—		95
Other long-term investments	—		—		39		—		39
Total financial assets at fair value	$	5,872	$	35,292	$	10,476	$	59	$	51,699
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	—		—		4,679		—		4,679
Interest rate swaps	—		—		19		—		19
Call options	3		—		—		—		3
Contingent consideration obligation	—		—		57		—		57
Market risk benefits liability	—		—		425		—		425
Total financial liabilities at fair value	$	3	$	—	$	5,180	$	—	$	5,183

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	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,767	$	—	$	—	$	—	$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,220		7,122		—		14,342
Commercial mortgage-backed securities	—		4,457		18		—		4,475
Corporates	25		15,892		1,979		—		17,896
Hybrids	95		523		—		—		618
Municipals	—		1,562		49		—		1,611
Residential mortgage-backed securities	—		2,426		3		—		2,429
U.S. Government	662		16		—		—		678
Foreign Governments	—		308		16		—		324
Short term investments	2,111		8		—		—		2,119
Preferred securities	214		399		8		—		621
Equity securities	692		—		15		59		766
Derivative investments	—		740		57		—		797
Investment in unconsolidated affiliates	—		—		285		—		285
Reinsurance related embedded derivative, included in other assets	—		152		—		—		152
Market risk benefits asset	—		—		88		—		88
Other long-term investments	—		—		37		—		37
Total financial assets at fair value	$	6,566	$	33,703	$	9,677	$	59	$	50,005
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in contractholder funds	—		—		4,258		—		4,258
Market risk benefits liability	—		—		403		—		403
Derivative instruments - futures contracts	1		—		—				1
Total financial liabilities at fair value	$	1	$	—	$	4,661	$	—	$	4,662

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 March 31, 2024 or December 31, 2023.

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

Derivative Financial Instruments

Our call options, futures contracts, and interest rate swaps can either be exchange traded or over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative, or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs aren’t available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.

The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements 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.

The fair value measurement of the indexed annuities/indexed universal life ("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 March 31, 2024 and December 31, 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.

Investments in Unconsolidated affiliates

We have elected the fair value option (“FVO”) 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 either a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies, or an adjusted transaction value, which contemplates measures such as EBITDA margins, revenue growth over certain time periods, growth opportunities and marketability. The fair values are 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

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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.

Contingent Consideration

The contingent consideration liability is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar's EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation. See further discussion on the contingent consideration in Note N - Acquisitions.

Market Risk Benefits

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 O - Market Risk Benefits.    

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Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2024 and December 31, 2023, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follow:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2024
	(In millions)				March 31, 2024
Assets
Asset-backed securities	$	89	Third-Party Valuation	Discount Rate	5.27% - 6.54% (6.03%)
Commercial mortgage-backed securities	1		Third-Party Valuation	Discount Rate	6.90% - 7.84% (7.22%)
Corporates	4		Discounted Cash Flow	Discount Rate	43.75% - 100.00% (57.07%)
Corporates	760		Third-Party Valuation	Discount Rate	4.16% - 12.87% (7.06%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.64% - 5.64% (5.64%)
Foreign Governments	5		Third-Party Valuation	Discount Rate	6.77% - 6.77% (6.77%)
Investment in unconsolidated affiliates	343		Market Comparable Company Analysis	EBITDA Multiple	14.1x - 20.2x (16x)
			Adjusted Transaction Value	N/A	N/A
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Discounted Cash Flow	Discount rate	10.90% - 10.90% (10.90%)
			Market Comparable Company Analysis	EBITDA multiple	6x - 6x (6x)
Other long-term investments:
Available-for-sale embedded derivative	30		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Market risk benefits asset	95		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,338
Liabilities
Derivative investments:
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	$	4,679	Discounted Cash Flow	Market Value of Option	0.00% - 24.11% (3.52%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.80%)
				Partial Withdrawals	2.00% - 35.71% (2.74%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				Option Cost	0.07% - 5.70% (2.47%)
Contingent consideration	57		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty-Discount Rate	7.00% - 7.00% (7.00%)

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Market risk benefits liability	425		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value (a)	$	5,161

(a) Assets of $9,138 million and liabilities of $19 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

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	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2023
	(In millions)				December 31, 2023
Assets
Asset-backed securities	$	57	Third-Party Valuation	Discount Rate	5.09% - 6.95% (6.00%)
Corporates	787		Third-Party Valuation	Discount Rate	0.00% - 12.87% (6.91%)
Corporates	8		Discounted Cash Flow	Discount Rate	44.00% - 100.00%  (75.20%)
Municipals	32		Third-Party Valuation	Discount Rate	6.25% - 6.25% (6.25%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.46% - 5.46% (5.46%)
Foreign Governments	16		Third-Party Valuation	Discount Rate	6.94% - 7.68% (7.45%)
Investment in unconsolidated affiliates	285		Market Comparable Company Analysis	EBITDA Multiple	4.4x - 31.8x (23.2x)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	7		Discounted Cash Flow	Discount rate	11.50% - 11.50% (11.50%)
Other long-term investments:
Available-for-sale embedded derivative	28		Black Scholes Model	Market Value of Fund	100.00%
Market risk benefits asset	88		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	—% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,312
Liabilities
Derivatives
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		Discounted Cash Flow	Market Value of Option	0.00% - 18.93% (2.63%)
				Swap rates	3.84% - 5.26% (4.55%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.83%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				Option cost	0.07% - 5.48% (2.38%)
Market risk benefits liability	403		Discounted Cash Flow	Mortality	100.00%- 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	0.00% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value	$	4,661

(a) Assets of $8,365 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the table above.

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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 months ended March 31, 2024 and 2023. 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 March 31, 2024
	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	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		200		—		288		—		(67)		—		4,679		—
Interest rate swaps	—		19		—		—		—		—		—		19		—
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O- Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N - Acquisitions for more information.

22

	Three months ended March 31, 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	$	(8)	$	18	$	416	$	(83)	$	(235)	$	(71)	$	6,300	$	18
Commercial mortgage-backed securities	37		—		1		12		—		—		(21)		29		1
Corporates	1,440		(1)		(23)		133		—		(5)		—		1,544		(23)
Municipals	29		—		3		—		—		—		—		32		3
Residential mortgage-backed securities	302		1		8		8		—		(8)		(299)		12		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		84		—		—		—		107		—
Short term investments	—		—		—		23		—		—		—		23		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		—		—		—		11		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		2		—		—		—		—		25		2
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(8)	$	9	$	677	$	(83)	$	(250)	$	(391)	$	8,123	$	9
Market risk benefits asset (b)	117														106
Total Level 3 assets at fair value	$	8,286													$	8,229
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds	3,115		385		—		96		—		(27)		—		3,569		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	385	$	—	$	96	$	—	$	(27)	$	—	$	3,569	$	—
Market risk benefits liability (b)	282														324
Total Level 3 liabilities at fair value	$	3,397													$	3,893

(a)The net transfers out of Level 3 during the three months ended March 31, 2023 were to Level 2.

(b)Refer to Note O - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

.

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.

23

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. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner typically on a one to three-month delay. 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 $265 million and $263 million as of March 31, 2024 and December 31, 2023, 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 (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers ("PRT") and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the 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 and PRT 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 is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement 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.

24

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.

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,229		—		2,229		2,550
Residential mortgage loans	—		—		2,590		—		2,590		2,890
Investments in unconsolidated affiliates	—		—		6		3,018		3,024		3,024
Policy loans	—		—		78		—		78		78
Other invested assets	23		—		—		42		65		65
Company-owned life insurance	—		—		415		—		415		415
Trade and notes receivables, net of allowance	—		—		409		—		409		409
Total	$	23	$	138	$	5,727	$	3,060	$	8,948	$	9,569
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	41,488	$	—	$	41,488	$	46,194
Debt	—		3,561		—		—		3,561		3,884
Total	$	—	$	3,561	$	41,488	$	—	$	45,049	$	50,078

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,253		—		2,253		2,538
Residential mortgage loans	—		—		2,545		—		2,545		2,798
Investments in unconsolidated affiliates	—		—		7		2,779		2,786		2,786
Policy loans	—		—		71		—		71		71
Other invested assets	17		—		—		42		59		59
Company-owned life insurance	—		—		397		—		397		397
Trade and notes receivables, net of allowance	—		—		442		—		442		442
Total	$	17	$	138	$	5,715	$	2,821	$	8,691	$	9,229
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	40,229	$	—	$	40,229	$	44,540
Debt	—		3,568		—		—		3,568		3,887
Total	$	—	$	3,568	$	40,229	$	—	$	43,797	$	48,427

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.

25

Note D — Investments

Our fixed maturity securities investments 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 in Accumulated Other Comprehensive Income ("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 (loss). The Company’s consolidated investments at March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,254	$	(11)	$	280	$	(408)	$	15,115
Commercial mortgage-backed securities	5,040		(21)		38		(239)		4,818
Corporates	21,430		(7)		133		(2,585)		18,971
Hybrids	667		—		4		(38)		633
Municipals	1,773		—		11		(237)		1,547
Residential mortgage-backed securities	2,550		(1)		31		(116)		2,464
U.S. Government	706		—		3		(11)		698
Foreign Governments	369		—		—		(49)		320
Total available-for-sale securities	$	47,789	$	(40)	$	500	$	(3,683)	$	44,566

	December 31, 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	$	14,631	$	(11)	$	191	$	(469)	$	14,342
Commercial mortgage-backed/asset-backed securities	4,797		(22)		23		(323)		4,475
Corporates	20,133		(6)		186		(2,417)		17,896
Hybrids	668		—		3		(53)		618
Municipals	1,826		—		14		(229)		1,611
Residential mortgage-backed securities	2,507		(3)		29		(104)		2,429
U.S. Government	679		—		8		(9)		678
Foreign Governments	365		—		3		(44)		324
Total available-for-sale securities	$	45,606	$	(42)	$	457	$	(3,648)	$	42,373

Securities held on deposit with various state regulatory authorities had a fair value of $145 million and $141 million at March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, the Company held $69 million and $47 million, respectively, that were non-income producing for a period greater than twelve months.

As of March 31, 2024 and December 31, 2023, the Company's accrued interest receivable balance was $516 million and $481 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 $4,518 million and $4,345 million as of March 31, 2024 and December 31, 2023, respectively.

26

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 because issuers may have the right to call or prepay obligations.

	March 31, 2024				December 31, 2023
	(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	$	709	$	691	$	703	$	687
Due after one year through five years	4,765		4,643		4,320		4,209
Due after five years through ten years	3,940		3,770		3,195		3,048
Due after ten years	15,531		13,065		15,453		13,183
Subtotal	24,945		22,169		23,671		21,127
Other securities, which provide for periodic payments:
Asset-backed securities	15,254		15,115		14,631		14,342
Commercial mortgage-backed securities	5,040		4,818		4,797		4,475
Residential mortgage-backed securities	2,550		2,464		2,507		2,429
Subtotal	22,844		22,397		21,935		21,246
Total fixed maturity available-for-sale securities	$	47,789	$	44,566	$	45,606	$	42,373

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 Operations, 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 because 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 are 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.

27

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 Operations. 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 Operations. The remainder of unrealized loss is held in AOCI. As of March 31, 2024 and December 31, 2023, our allowance for expected credit losses for AFS securities was $40 million and $42 million, respectively.

28

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 March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
	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	$	1,558	$	(41)	$	4,568	$	(358)	$	6,126	$	(399)
Commercial mortgage-backed securities	470		(8)		2,048		(203)		2,518		(211)
Corporates	3,645		(136)		11,062		(2,449)		14,707		(2,585)
Hybrids	71		(2)		464		(36)		535		(38)
Municipals	340		(51)		935		(186)		1,275		(237)
Residential mortgage-backed securities	507		(9)		687		(99)		1,194		(108)
U.S. Government	337		(2)		147		(9)		484		(11)
Foreign Government	42		(2)		187		(46)		229		(48)
Total available-for-sale securities	$	6,970	$	(251)	$	20,098	$	(3,386)	$	27,068	$	(3,637)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,371
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,775
Total number of available-for-sale securities in an unrealized loss position											4,146

	December 31, 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	$	1,707	$	(56)	$	5,835	$	(404)	$	7,542	$	(460)
Commercial mortgage-backed securities	819		(53)		1,922		(235)		2,741		(288)
Corporates	2,387		(134)		10,739		(2,283)		13,126		(2,417)
Hybrids	60		(2)		483		(51)		543		(53)
Municipals	399		(49)		920		(179)		1,319		(228)
Residential mortgage-backed securities	336		(5)		662		(89)		998		(94)
U.S. Government	84		—		159		(9)		243		(9)
Foreign Government	49		(3)		188		(41)		237		(44)
Total available-for-sale securities	$	5,841	$	(302)	$	20,908	$	(3,291)	$	26,749	$	(3,593)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,846
Total number of available-for-sale securities in an unrealized loss position											3,881

The increase in unrealized losses as of March 31, 2024, compared to December 31, 2023, was caused by higher treasury rates compared to those at the time of the F&G acquisition or purchase of the security if later. For securities in an unrealized loss position as of March 31, 2024, our allowance for expected credit loss was $40 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2024 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.

29

Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans (“CMLs”) represented approximately 5% of our total investments as of March 31, 2024 and December 31, 2023. 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:

	March 31, 2024				December 31, 2023
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	617		24	%	616		24	%
Mixed Use	11		—	%	11		—	%
Multifamily	1,012		39	%	1,012		40	%
Office	315		13	%	316		13	%
Retail	101		4	%	102		4	%
Student Housing	83		3	%	83		3	%
Other	406		16	%	392		15	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538
U.S. Region:
East North Central	$	104	4	%	$	151	6	%
East South Central	75		3	%	75		3	%
Middle Atlantic	354		14	%	354		14	%
Mountain	386		15	%	352		14	%
New England	92		3	%	168		6	%
Pacific	765		30	%	766		30	%
South Atlantic	618		24	%	563		22	%
West North Central	21		1	%	4		—	%
West South Central	148		6	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538

30

CMLs segregated by aging of the loans and charge offs (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	3	$	3

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

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.

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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 March 31, 2024 and December 31, 2023:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2024	(In millions)
LTV Ratios:
Less than 50.00%	$	479	$	—	$	14	$	493	19	%	$	477	21	%
50.00% to 59.99%	864		—		—		864		34	%	754		34	%
60.00% to 74.99%	1,134		57		—		1,191		46	%	983		44	%
75.00% to 84.99%	—		6		9		15		1	%	15		1	%
CMLs	$	2,477	$	63	$	23	$	2,563	100	%	$	2,229	100	%
December 31, 2023
LTV Ratios:
Less than 50.00%	$	519	$	4	$	10	$	533	21	%	$	510	23	%
50.00% to 59.99%	764		—		—		764		30	%	679		30	%
60.00% to 74.99%	1,160		56		—		1,216		48	%	1,028		46	%
75.00% to 84.99%	—		6		9		15		1	%	14		1	%
CMLs (a)	$	2,443	$	66	$	19	$	2,528	100	%	$	2,231	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	35	$	86	$	17	$	77	$	156	$	122	$	493
50.00% to 59.99%	—		53		149		292		235		135		864
60.00% to 74.99%	—		69		113		887		122		—		1,191
75.00% to 84.99%	—		6		9		—		—		—		15
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
Commercial mortgages
DSCR
Greater than 1.25x	$	35	$	154	$	276	$	1,256	$	513	$	243	$	2,477
1.00x - 1.25x	—		60		3		—		—		—		63
Less than 1.00x	—		—		9		—		—		14		23
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563

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	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2018		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	85	$	17	$	77	$	232	$	—	$	122	$	533
50.00% to 59.99%	53		149		267		158		—		137		764
60.00% to 74.99%	69		113		912		122		—		—		1,216
75.00% to 84.99%	6		9		—		—		—		—		15
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
Commercial mortgages
DSCR
Greater than 1.25x	$	154	$	276	$	1,256	$	512	$	—	$	245	$	2,443
1.00x - 1.25x	59		3		—		—		—		4		66
Less than 1.00x	—		9		—		—		—		10		19
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At March 31, 2024 and December 31, 2023, we had no CMLs that were delinquent in principal or interest payments as shown in the risk rating exposure table above.

Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 5% of our total investments as of March 31, 2024 and December 31, 2023. 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:

	March 31, 2024
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	164	5	%
California	142		5	%
All other states (a)	2,638		90	%
Total RMLs, gross of valuation allowance	$	2,944	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,890

(a)     The individual concentration of each state is equal to or less than 5% as of March 31, 2024.

	December 31, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	163	6	%
New York	129		5	%
Texas	129		5	%
All other states (a)	2,431		84	%
Total RMLs, gross of valuation allowance	$	2,852	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,798

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2023.

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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 March 31, 2024 and December 31, 2023, was as follows:

	March 31, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,878	98	%	$	2,795	98	%
Non-performing	66		2	%	57		2	%
Total RMLs, gross of valuation allowance	$	2,944	100	%	$	2,852	100	%
Allowance for expected loan loss	(54)		—	%	(54)		—	%
Total RMLs, net of valuation allowance	$	2,890	100	%	$	2,798	100	%

There were no charge offs recorded by RMLs during the three months ended March 31, 2024 or during the year ended December 31, 2023. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	56	$	402	$	984	$	874	$	185	$	361	$	2,862
30-89 days past due	—		1		2		3		6		4		16
90 days or more past due	—		1		11		18		12		24		66
Total residential mortgages	$	56	$	404	$	997	$	895	$	203	$	389	$	2,944

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	373	$	985	$	854	$	192	$	183	$	192	$	2,779
30-89 days past due	—		4		7		3		—		2		16
90 days or more past due	—		6		16		13		21		1		57
Total residential mortgages	$	373	$	995	$	877	$	208	$	204	$	195	$	2,852

    Non-accrual loans by amortized cost as of March 31, 2024 and December 31, 2023, were as follows:

	March 31, 2024		December 31, 2023
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	66	$	57
Commercial mortgage:	—		—
Total non-accrual mortgages	$	66	$	57

    

Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2024 and March 31, 2023.

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 March 31, 2024 and December 31, 2023, we had $66 million and $57 million, respectively, of mortgage loans that were over 90 days past due, of which $58 million and $41 million were in the process of foreclosure as of March 31, 2024 and December 31, 2023, respectively.

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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 Operations.

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

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	54	$	12	$	66
Provision for loan losses	—		1		1
Ending Balance	$	54	$	13	$	67

	Three months ended March 31, 2023
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	32	$	10	$	42
Provision for loan losses	16		2		18
Ending Balance	$	48	$	12	$	60

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 for the three months ended March 31, 2024 and March 31, 2023.

Interest and Investment Income

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Fixed maturity securities, available-for-sale	$	534	$	447
Equity securities	10		8
Preferred securities	8		13
Mortgage loans	66		51
Invested cash and short-term investments	47		33
Limited partnerships	54		57
Tax deferred property exchange income	32		45
Other investments	29		19
Gross investment income	780		673
Investment expense	(70)		(62)
Interest and investment income	$	710	$	611

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 $127 million and $58 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

35

Recognized Gains and Losses, Net

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net realized (losses) on fixed maturity available-for-sale securities	$	(19)	$	(50)
Net realized/unrealized gains on equity securities (1)	54		33
Net realized/unrealized gains (losses) on preferred securities (2)	16		(10)
Net realized/unrealized gains (losses) on other invested assets	60		(5)
Change in allowance for expected credit losses	—		(4)
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	21		(89)
Unrealized gains on certain derivative instruments	156		147
Change in fair value of reinsurance related embedded derivatives (3)	(18)		(19)
Change in fair value of other derivatives and embedded derivatives	5		2
Realized gains on derivatives and embedded derivatives	164		41
Recognized gains and losses, net	$	275	$	5

(1) Includes net valuation gains of $22 million and $46 million for the three months ended March 31, 2024 and 2023, respectively.

(2) Includes net valuation gains of $15 million and $35 million for the three months ended March 31, 2024 and 2023, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized losses attributable to these agreements, and thus excluded from the totals in the table above, was $19 million and $22 million for the three months ended March 31, 2024 and March 31, 2023, 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
	March 31, 2024		March 31, 2023
	(In millions)
Proceeds	$	583	$	489
Gross gains	6		1
Gross losses	(25)		(51)

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.

36

Our maximum loss exposure 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 March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	3,367	$	5,733	$	3,071	$	4,806
Fixed maturity securities	21,991		23,442		20,837		22,346
Total unconsolidated VIE investments	$	25,358	$	29,175	$	23,908	$	27,152

Concentrations

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

	March 31, 2024
	(In millions)
Blackstone Wave Asset Holdco (1)	$	733
(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 indexed annuities and IUL contracts, and reinsurance is as follows:

	March 31, 2024		December 31, 2023
Assets:	(In millions)
Derivative investments:
Call options	$	1,015	$	739
Interest rate swaps	9		57
Foreign currency forward	—		1
Other long-term investments:
Other embedded derivatives	30		28
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	134		152
Total	$	1,188	$	977

Liabilities:
Contractholder funds:
Indexed annuities/IUL embedded derivatives	$	4,679	$	4,258
Accounts payable and accrued liabilities:
Interest rate swaps	19		—
Total	$	4,698	$	4,258

The change in fair value of derivative instruments included within Recognized gains and (losses), net in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net investment gains (losses):
Call options	$	250	$	55
Interest rate swaps	(80)		—
Futures contracts	6		5
Foreign currency forwards	3		(1)
Other derivatives and embedded derivatives	3		1
Reinsurance related embedded derivatives	(18)		(19)
Total net investment gains	$	164	$	41
Benefits and other changes in policy reserves:
Indexed annuities/IUL embedded derivatives increase	$	421	$	454

Additional Disclosures

See descriptions of the fair value methodologies used for derivative financial instruments in Note C - Fair Value of Financial Instruments.

Indexed Annuities/IUL Embedded Derivative, Call Options and Futures

We have indexed annuities 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 indexed annuities/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 Operations.

38

We purchase derivatives consisting of a combination of call options and futures contracts (specifically for indexed annuity contracts) on the applicable market indices to fund the index credits due to indexed annuity/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 indexed annuities/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 indexed annuities/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 Operations. 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 indexed annuities/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.

Interest Rate Swaps

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal at specified intervals. The interest rate swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and (losses), net, in the accompanying unaudited Condensed Consolidated Statements of Operations.

Reinsurance Related Embedded Derivatives

F&G cedes certain business on a coinsurance funds withheld basis. Investment results for the assets that support the coinsurance that are segregated within the funds withheld account are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account. These 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 Operations.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties on the call options and interest rate swaps and reflect assumptions regarding this non-performance risk in the fair value of these derivatives. 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.

39

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

		March 31, 2024
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,340	$	132	$	93	$	39
Morgan Stanley	AA-/Aa3/A+	4,353		159		166		—
Barclay's Bank	A+/A1/A+	6,389		124		122		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,552		163		163		—
Wells Fargo	AA-/Aa2/A+	1,313		69		70		—
Goldman Sachs	A+/A1/A+	2,340		45		44		1
Credit Suisse	A+/A3/A+	16		1		1		—
Truist	A/A2/A	3,185		135		134		1
Citibank	A+/Aa3/A+	1,145		25		26		—
JP Morgan	AA/Aa2/A+	3,888		152		149		3
Total		$	32,521	$	1,005	$	968	$	46

		December 31, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,408	$	96	$	59	$	37
Morgan Stanley	AA-/Aa3/A+	3,466		102		116		—
Barclay's Bank	A+/A1/A+	6,236		102		100		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,983		147		148		—
Wells Fargo	AA-/Aa2/A+	1,443		58		60		—
Goldman Sachs	A+/A1/A+	1,919		45		45		—
Credit Suisse	A+/A3/A+	92		4		4		—
Truist	A+/A2/A	2,759		124		124		—
Citibank	A+/Aa3/A+	1,073		27		28		—
JP Morgan	AA/Aa2/A+	2,589		91		91		—
Total		$	29,968	$	796	$	775	$	39

(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 derivative 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 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 March 31, 2024 and December 31, 2023, counterparties posted $968 million and $775 million, respectively, of collateral of which $740 million and $588 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 derivatives failed completely to perform according to the terms of the contracts was $46 million at March 31, 2024 and $39 million at December 31, 2023.

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.

40

We held 379 and 439 futures contracts at March 31, 2024 and December 31, 2023, 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 at both March 31, 2024 and December 31, 2023.

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.

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 $10 million as of March 31, 2024 and December 31, 2023. 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.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is an F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. F&G has yet to be served in Miller. Plaintiff seeks injunctive relief and damages. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. F&G was served on September 15, 2023. Cooper also alleges that he is an F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract. Plaintiff seeks declaratory and injunctive relief and damages. At this time, F&G does not believe the incident will have a material impact on its business, operations, or financial results.

Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation (JPML) created a multidistrict litigation (MDL) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. The JPML assigned the MDL to Judge Allison Burroughs of the U.S. District Court for the District of Massachusetts, and following the creation of the MDL, Miller and Cooper were transferred to Judge Burroughs. On January 19, 2024, Judge Burroughs appointed Plaintiffs’ Leadership Team and issued its First Case Management Order. Following the filing of the parties’ Joint Submission Regarding Initial Proposed Case Schedule on February 16, 2024, and a status conference with the court on March 11, 2024, the parties’ continue to work to find a mutually agreeable way to structure proceedings. The court held a status conference on April 24, 2024, and Judge Burroughs issued the Case Management Order Regarding Brief CAFA, Arbitration, Class Waiver, and Article III Standing Issues setting the deadlines for briefing of all threshold issues to be completed by September 12, 2024.

In connection with the cybersecurity incident initially reported on November 21, 2023, the Company and/or its subsidiaries is a party to a consolidated putative nationwide class action, In Re: LoanCare Data Security Breach Litigation, Case No. 3:23cv1508, pending in the U.S. District Court for the Middle District of Florida and originating from the consolidation of putative class actions filed in the U.S. District Courts for the Middle District of Florida, the Central District of California, and the Western District of Missouri. On March 19, 2024, plaintiffs filed their consolidated class action complaint on behalf of a nationwide class, along with a California subclass and a Florida subclass, alleging common law tort and contract claims and certain state statutory claims. On April 17, 2024, the Company filed a motion to dismiss the consolidated complaint,

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and briefing is ongoing. Because of the factual issues involved and the putative nature of the action for which a class or subclass has not been certified, the Company has not yet been able to assess the probability of loss or estimate the possible loss or the range of loss.

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 commitments as of March 31, 2024 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2024 is included below:

	March 31, 2024
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	2,366
Whole loans	678
Fixed maturity securities, ABS	341
Direct Lending	530
Other fixed maturity securities, AFS	11
Commercial mortgage loans	82
Other assets	173
Other invested assets	44
Total	$	4,225

Concurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan agreement matures 60 days following the third anniversary of the first advance date. There was no balance outstanding as of March 31, 2024 and the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item. Refer to Note N - Acquisitions for more information on the Roar acquisition.

Note G — Dividends

On May 8, 2024, our Board of Directors declared cash dividends of $0.48 per share, payable on June 28, 2024, to FNF common shareholders of record as of June 14, 2024.

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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 March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Title premiums	$	1,033	$	—	$	—	$	—	$	1,033
Other revenues	484		741		56		—		1,281
Revenues from external customers	1,517		741		56		—		2,314
Interest and investment income, including recognized gains and losses, net	146		828		38		(27)		985
Total revenues	1,663		1,569		94		(27)		3,299
Depreciation and amortization	36		123		8		—		167
Interest expense	—		30		19		—		49
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

As of and for the three months ended March 31, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	978	$	—	$	—	$	978
Other revenues	471		365		44		880
Revenues from external customers	1,449		365		44		1,858
Interest and investment income, including recognized gains and losses, net	103		504		9		616
Total revenues	1,552		869		53		2,474
Depreciation and amortization	37		90		7		134
Interest expense	—		22		20		42
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	157		(203)		(28)		(74)
Income tax expense (benefit)	27		(8)		(5)		14
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	130		(195)		(23)		(88)
Net earnings (loss) from continuing operations	$	130	$	(195)	$	(23)	$	(88)
Assets	$	8,017	$	59,395	$	2,242	$	69,654
Goodwill	2,766		1,749		276		4,791

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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.

•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 (indexed annuities 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.

•Elimination. This segment consists of the elimination of dividends paid from F&G to FNF, which are included in the Corporate and Other segment.

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:

	Three months ended March 31,
	2024		2023
Cash paid for:	(In millions)
Interest	$	57	$	34
Income taxes	3		6
Deferred sales inducements	54		29
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(37)		41
Change in purchases of investments available for sale payable in period	173		78
Lease liabilities recognized in exchange for lease right-of-use assets	16		9
Remeasurement of lease liabilities	13		19
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	474		276
Less: Total Purchase price	284		273
Liabilities and noncontrolling interests assumed	$	190	$	3

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Note J — Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2024		2023
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	440	$	428
Agency title insurance premiums	Agency title insurance premiums	Title	593		550
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	741		365
Home warranty	Escrow, title-related and other fees	Title	32		30
Total revenue from insurance contracts			1,806		1,373
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	167		160
Other title-related fees and income	Escrow, title-related and other fees	Title	145		146
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	74		75
Real estate technology	Escrow, title-related and other fees	Corporate and other	35		37
Total revenue from contracts with customers			421		418
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	66		60
Other	Escrow, title-related and other fees	Corporate and other	21		7
Interest and investment income	Interest and investment income	Various	710		611
Recognized gains and losses, net	Recognized gains and losses, net	Various	275		5
Total revenues	Total revenues		$	3,299	$	2,474

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, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("FIA") policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts.

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Premium and annuity deposit collections for indexed annuities, 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 value of business acquired ("VOBA"), deferred acquisition costs ("DAC"), and deferred sales inducements ("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:

	March 31, 2024		December 31, 2023
	(In millions)
Trade receivables	$	310	$	317
Deferred revenue (contract liabilities)	90		91

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 ended March 31, 2024 and March 31 2023, we recognized $34 million and $32 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

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 March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
	(In millions)
Customer relationships and contracts	$	340	$	174
VOBA	1,407		1,446
DAC	2,412		2,215
DSI	392		346
Value of distribution asset	83		86
Computer software	270		266
Trademarks, tradenames, and other	123		94
Total Other intangible assets, net	$	5,027	$	4,627

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The following tables roll forward VOBA by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407
	Indexed Annuities		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	(36)		(1)		(3)		(2)		(1)		(43)
Balance at March 31, 2023	$	1,130	$	31	$	198	$	141	$	72	$	1,572

VOBA amortization expense of $39 million and $43 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.

The following tables roll forward DAC by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	113		52		56		221
Amortization	(22)		(5)		(8)		(35)
Reinsurance related adjustments	—		79		—		79
Balance at March 31, 2023	$	1,062	$	209	$	396	$	1,667

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

DAC amortization expense of $60 million and $35 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively, excluding insignificant amounts related to FABN.

The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
	(In millions)
Indexed Annuities	$	1,492	$	1,378
Fixed Rate Annuities	313		288
Universal Life	603		545
Funding Agreements	4		4
Total	$	2,412	$	2,215

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The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance at January 1,	$	346	$	200
Capitalization	54		29
Amortization	(8)		(4)
Balance at March 31,	$	392	$	225

DSI amortization expense of $8 million and $4 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (“FPB”) for life contingent immediate annuities, 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 indexed annuity 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 indexed annuities and immediate annuities.

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 annuity (indexed annuity and fixed rate annuity) and IUL products, including surrender rates, partial withdrawal rates, mortality improvement, premium persistency, 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.

For the in-force liabilities as of March 31, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2024	$	111
2025	138
2026	126
2027	115
2028	105
Thereafter	812
Total	$	1,407

Note L — F&G Reinsurance

The Company 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 manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk.

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The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2024 and March 31, 2023 were as follows:

	Three months ended
	March 31, 2024				March 31, 2023
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	620	$	1,213	$	301	$	872
Ceded	(24)		(52)		(26)		(60)
Net	$	596	$	1,161	$	275	$	812

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company 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. The Company 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. There have been no significant changes to reinsurance contracts for the three months ended March 31, 2024.

The following summarizes our reinsurance recoverable (in millions) as of March 31, 2024 and December 31, 2023:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2024		December 31, 2023
Aspida Life Re Ltd	$	6,489	$	6,128	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd	1,250		716		Coinsurance Funds Withheld	Certain MYGA (b) and DA	Deposit
Wilton Reassurance Company	1,085		1,092		Coinsurance	Block of traditional, IUL and UL (c)	Reinsurance
Everlake Life Insurance Company	791		509		Coinsurance (d)	Certain MYGA (b) (d)	Deposit
Other (e)	518		536
Reinsurance recoverable, gross of allowance for credit losses	10,133		8,981
Allowance for expected credit loss	(21)		(21)
Reinsurance recoverable, net of allowance for credit losses	$	10,112	$	8,960
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) As of March 31, 2024 and December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90% .
(c) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

The Company incurred risk charge fees of $10 million during the three months ended March 31, 2024, and 2023 in relation to reinsurance agreements.

Credit Losses

The Company 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.

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The expected credit loss reserves were as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Balance at beginning of period	$	(21)	$	(10)
Changes in the expected credit loss reserve	—		1
Balance at end of period	$	(21)	$	(9)

Concentration of Reinsurance Risk

As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, ASPIDA Life Re Ltd. (“Aspida Re”), Somerset Reinsurance Ltd. (“Somerset”), Wilton Reinsurance (“Wilton Re”) and Everlake Life Insurance Company (“Everlake”) 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. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts and irrevocable letters of credit. We believe that all amounts due from Aspida Re, Somerset, Wilton Re and Everlake for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2024. The following table presents financial strength ratings as of March 31, 2024:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Wilton Re	A+	—	A	—
Everlake	A+	—	—	—

“-” indicates not rated

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

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re file financial statements with state insurance regulatory authorities and, with the exception of Raven Re, with 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.

Our non-U.S. insurance subsidiaries, F&G Life Re Ltd (Bermuda) and F&G Cayman Re Ltd (“F&G Cayman Re”), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries as of March 31, 2024 and December 31, 2023, were as follows (in millions):

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	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
Statutory net income (loss):
For the three months ended March 31, 2024	$	—	$	2	$	15	$	(134)
For the three months ended March 31, 2023	(3)		1		14		—
Statutory capital and surplus:
March 31, 2024	$	1,940	$	89	$	155	$	156
December 31, 2023	2,009		86		140		171

(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together. Corbeau Re was incorporated on September 1, 2023.

Non-U.S. Companies

Net income and capital and surplus of our wholly owned Bermuda and Cayman Islands regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
Statutory net income (loss):
For the three months ended March 31, 2024	$	(31)	$	49
For the three months ended March 31, 2023	35		68
Statutory capital and surplus:
March 31, 2024	$	143	$	61
December 31, 2023	114		11

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2024.

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

Owned Distribution - Acquisition of Roar

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar. Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents. Total initial consideration is comprised of $269 million of cash and $48 million of contingent consideration. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to $90 million over a three year period upon the achievement of certain EBITDA milestones of Roar.

The initial purchase price is as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of noncontrolling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total net initial consideration	$	316

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The following table summarizes the preliminary fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date:

	Fair Value as of January 2, 2024
	(In millions)
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Noncontrolling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

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

	Gross Carrying Value		Estimated Useful Life
Other intangible assets:	(In millions)		(In years)
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. The goodwill recorded is not expected to be deductible for tax purposes.

Roar’s revenues of $23 million and net earnings of $3 million are included in the unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2024.

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to $90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones. The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities. Refer to Note A - Basis of Financial Statements for more information on the Roar purchase and refer to Note C - Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

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Note O — Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2024 and the year ended December 31, 2023:

	March 31, 2024				December 31, 2023
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	314	$	1	$	164	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1
Issuances and benefit payments	12		—		(10)		—
Attributed fees collected and interest accrual	36		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	(2)		—		29		—
Effects of market related movements	(37)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	226	$	1	$	209	$	1
Effect of changes in the instrument-specific credit risk	103		—		105		—
Balance, end of period, net liability	$	329	$	1	$	314	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	68.20		72.55		68.28		72.59
Net amount at risk	$	1,091	$	2	$	1,059	$	2

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Fixed rate annuities	$	—	$	1	$	1	$	—	$	1	$	1
Indexed annuities	95		424		329		88		402		314
Total	$	95	$	425	$	330	$	88	$	403	$	315

The net MRB liability increased for the three months ended March 31, 2024, primarily as a result of collection of attributed fees and interest accrual as well as new MRB reserves for contracts issued within the period. 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 three months ended March 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs.

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.

The net MRB liability increased for the year ended December 31, 2023, primarily as a result of collection of attributed fees and interest accrual as well 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.

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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 indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and F&G’s credit spread decreased, lead to a corresponding unfavorable change in the MRBs associated with both indexed annuities 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 (indexed annuities 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 increase in the net MRB liability during the year ended December 31, 2023.

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Note P — Contractholder Funds

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

	March 31, 2024
	Indexed annuities			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	1,381			1,341			51			—		305
Premiums received	28			—			114			—		—
Policy charges (a)	(46)			—			(74)			—		—
Surrenders and withdrawals	(690)			(364)			(22)			—		—
Benefit payments	(119)			(76)			(5)			(16)		(329)
Interest credited	139			142			33			14		24
Other	5			—			—			—		—
Balance, end of year	$	27,862		$	14,486		$	2,488		$	2,611	$	2,539
Embedded derivative adjustment (c)	468			—			107			—		—
Gross Liability, end of period	$	28,330		$	14,486		$	2,595		$	2,611	$	2,539
Less: Reinsurance	(13)			(8,612)			(894)			—		—
Net Liability, after Reinsurance	$	28,317		$	5,874		$	1,701		$	2,611	$	2,539
Weighted-average crediting rate	2.04		%	4.15		%	5.54		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	63,968		N/A		N/A
Cash surrender value (e)	$	25,724		$	13,502		$	1,938		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.

(e) These amounts are gross of reinsurance.

	December 31, 2023
	Indexed annuities			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

(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.

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(e) These amounts are gross of reinsurance.

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

	March 31, 2024		December 31, 2023
	(In millions)
Indexed annuities	$	28,330	$	27,407
Fixed rate annuities	14,486		13,443
Immediate annuities	304		311
Universal life	2,595		2,475
Traditional life	5		5
Funding Agreement-FABN	2,611		2,613
FHLB	2,539		2,539
PRT	5		5
Total	$	50,875	$	48,798

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity 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 $57 million for the three months ended March 31, 2024.

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:

	March 31, 2024
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
Indexed Annuities	(In millions)
0.00%-1.50%	$	22,671	$	1,391	$	522	$	1,931	$	26,515
1.51%-2.50%	331		1		93		568		993
Greater than 2.50%	353		1		—		—		354
Total	$	23,355	$	1,393	$	615	$	2,499	$	27,862
Fixed Rate Annuities
0.00%-1.50%	$	36	$	24	$	1,340	$	11,259	$	12,659
1.51%-2.50%	4		7		21		456		488
Greater than 2.50%	870		2		4		463		1,339
Total	$	910	$	33	$	1,365	$	12,178	$	14,486
Universal Life
0.00%-1.50%	$	2,085	$	6	$	—	$	22	$	2,113
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	369		5		1		—		375
Total	$	2,454	$	11	$	1	$	22	$	2,488

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	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
Indexed Annuities	(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

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Note Q — 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:

	Traditional Life
	March 31, 2024		December 31, 2023
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	722	$	797
Beginning balance at original discount rate	874		974
Effect of actual variances from expected experience	(4)		(1)
Balance adjusted for variances from expectation	870		973
Interest accrual	4		19
Net premiums collected	(28)		(118)
Ending Balance at original discount rate	846		874
Effect of changes in discount rate assumptions	(157)		(152)
Balance, end of year	$	689	$	722
Expected FPB
Balance, beginning of year	$	2,071	$	2,151
Beginning balance at original discount rate	2,492		2,665
Effect of actual variances from expected experience	(9)		(24)
Balance adjusted for variances from expectation	2,483		2,641
Interest accrual	14		56
Benefits payments	(51)		(205)
Ending Balance at original discount rate	2,446		2,492
Effect of changes in discount rate assumptions	(439)		(421)
Balance, end of year	$	2,007	$	2,071
Net liability for future policy benefits	$	1,318	$	1,349
Less: Reinsurance recoverable	483		413
Net liability for future policy benefits, after reinsurance recoverable	$	835	$	936
Weighted-average duration of liability for future policyholder benefits (years)	6.96		7.36

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

	March 31, 2024
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,415	$	4,189
Beginning balance at original discount rate	1,788		4,351
Effect of changes in cash flow assumptions	—		11
Effect of actual variances from expected experience	(4)		(8)
Balance adjusted for variances from expectation	1,784		4,354
Issuances	7		596
Interest accrual	14		49
Benefits payments	(29)		(107)
Ending Balance at original discount rate	1,776		4,892
Effect of changes in discount rate assumptions	(404)		(237)
Balance, end of year	$	1,372	$	4,655
Net liability for future policy benefits	$	1,372	$	4,655
Less: Reinsurance recoverable	113		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,259	$	4,655
Weighted-average duration of liability for future policyholder benefits (years)	12.03		7.96

	December 31, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance at original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(9)
Effect of actual variances from expected experience	(15)		(7)
Balance adjusted for variances from expectation	$	1,843	$	2,459
Issuances	22		2,041
Interest accrual	51		109
Benefits payments	(128)		(258)
Ending Balance at original discount rate	$	1,788	$	4,351
Effect of changes in discount rate assumptions	(373)		(162)
Balance, end of year	$	1,415	$	4,189
Net liability for future policy benefits	$	1,415	$	4,189
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,299	$	4,189
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

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

	March 31, 2024				December 31, 2023
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	87	$	10	$	69	$	4
Effect of modeling changes	—		—		4		—
Effect of changes in cash flow assumptions	—		(4)		—		1
Effect of actual variances from expected experience	2		2		16		5
Balance adjusted for variances from expectation	89		8		89		10
Issuances	1		—		3		—
Interest accrual	—		—		2		1
Amortization	(2)		—		(7)		(1)
Balance, end of year	$	88	$	8	$	87	$	10

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:

	March 31, 2024		December 31, 2023
	(In millions)
Traditional Life	$	1,318	$	1,349
Immediate annuities	1,372		1,415
PRT	4,655		4,189
Immediate annuities DPL	88		87
PRT DPL	8		10
Total	$	7,441	$	7,050

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
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Traditional Life	(In millions)
Expected future benefit payments	$	2,874	$	3,073	$	2,013	$	2,155
Expected future gross premiums	1,042		1,142		751		839
Immediate annuities
Expected future benefit payments	$	3,271	$	3,402	$	1,371	$	1,452
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	8,344	$	3,916	$	4,899	$	2,708
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 Operations:

	Gross Premiums (a)				Interest Expense (b)
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
	(In millions)
Traditional Life	$	28	$	32	$	10	$	9
Immediate annuities	8		6		14		16
PRT	584		263		49		23
Total	$	620	$	301	$	73	$	48

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

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

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The following table presents the weighted-average interest rate:

	March 31, 2024		December 31, 2023
Traditional Life
Interest accretion rate	1.74	%	2.33	%
Current discount rate	4.64	%	5.03	%
Immediate annuities
Interest accretion rate	3.16	%	3.14	%
Current discount rate	5.20	%	4.98	%
PRT
Interest accretion rate	4.68	%	4.61	%
Current discount rate	5.30	%	5.03	%

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

	March 31, 2024
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.2	%	3.2	%	4.2	%
Expected experience	1.4	%	2.3	%	2.8	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.4	%	—	%	—	%

	December 31, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	3.2	%	3.2	%
Expected experience	1.4	%	1.8	%	2.3	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

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 2024, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

F&G made changes to assumptions during the three months ended March 31, 2024 and the year ended December 31, 2023. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.

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. In 2023, F&G undertook a review of all significant assumptions and revised the lapse assumption, resulting in a slight decrease to the FPB. There have been no other significant changes.

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Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a moderate decrease to the FPB.

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. In 2023, F&G 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 in 2024 from that utilized in 2023, resulting in increased discount rates that drove a material decrease to the FPB.

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. In 2023, F&G 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 in 2024 from 2023 resulting in increased discount rates that drove a material decrease to the FPB.

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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 and geopolitical uncertainties associated with international conflict; 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, 2023 and other filings with the Securities Exchange Commission ("SEC").

Unless the context indicates otherwise, as used herein, the terms “we,” “us,” “our,” the “Company” or “FNF” refer collectively to Fidelity National Financial, Inc., and its subsidiaries.

The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023.

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 April 18, 2024, estimates (actual for fiscal year 2023) the size of the U.S. residential mortgage originations market as shown in the following table for 2023 - 2026 in its "Mortgage Finance Forecast" (in trillions):

	2026		2025		2024		2023
Purchase originations	$	1.7	$	1.5	$	1.4	$	1.3
Refinance originations	$	0.6	$	0.6	$	0.4	$	0.3
Total U.S. mortgage originations forecast	$	2.3	$	2.1	$	1.8	$	1.6

As of April 18, 2024, the MBA expects residential purchase transactions, residential refinance transactions and overall mortgage originations to increase in 2024, 2025 and 2026.

Average interest rates for a 30-year fixed rate mortgage increased to 6.8% for the three months ended March 31, 2024, as compared to 6.4% for the corresponding period of 2023. On May 1, 2024, the Federal Reserve held the benchmark interest rate steady at 5.25% to 5.50% .

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A shortage in the supply of homes for sale, increasing home prices, rising mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with international conflicts created some volatility in the residential real estate market in 2023, which has continued into 2024. Existing-home sales decreased 4% in March 2024 as compared to the corresponding period in 2023 while median existing-home sales prices increased to $393,500, or approximately 5%, from the corresponding period in 2023.

Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 3.8% and 3.5% in March 2024 and 2023, respectively.

We issue commercial title insurance policies in sectors including office, industrial, energy, hospitality, retail and multi-family, among others. The demand for commercial title insurance varies based on a variety of factors such as investor appetite, financing availability, and supply and demand in a particular area. Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space 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. 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 recent years, we experienced fluctuating demand in commercial real estate markets. Commercial volumes and commercial fee-per-file were depressed in the three months ended March 31, 2024 and 2023 when compared to recent prior periods.

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 2023, which has continued into 2024.

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, 2023 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 March 31, 2024 and December 31, 2023, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $6.0 billion and 4%. 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, 2023 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 indexed annuity 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 19% in 2024 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 indexed annuity products afford. For example, the fixed index annuity market grew from nearly $12 billion of sales in 2002 to $97 billion of sales in 2023 and the registered index-linked annuities ("RILA") market grew from $11 billion of sales in 2018 to $44 billion of sales in 2023. 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 2023.

See Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2023 for a more detailed discussion of industry factors and trends affecting our Results of Operations.

Results of Operations

Consolidated Results of Operations

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

	Three months ended March 31,
	2024		2023
	(In millions)
Revenues:
Direct title insurance premiums	$	440	$	428
Agency title insurance premiums	593		550
Escrow, title-related and other fees	1,281		880
Interest and investment income	710		611
Recognized gains and losses, net	275		5
Total revenues	3,299		2,474
Expenses:
Benefits and other changes in policy reserves	1,161		812
Personnel costs	727		677
Agent commissions	460		420
Other operating expenses	369		360
Market risk benefit (gains) losses	(11)		59
Depreciation and amortization	167		134
Provision for title claim losses	46		44
Interest expense	49		42
Total expenses	2,968		2,548
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	331		(74)
Income tax expense	63		14
Equity in earnings of unconsolidated affiliates	1		—
Net earnings (loss)	$	269	$	(88)

 Revenues.

Total revenues increased by $825 million in the three months ended March 31, 2024 compared to the corresponding period in 2023.

Net earnings increased by $357 million in the three months ended March 31, 2024 compared to the corresponding period in 2023.

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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 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, indexed annuity 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 indexed annuity 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 $63 million and $14 million in the three months ended March 31, 2024 and 2023, respectively. Income tax expense as a percentage of earnings before income taxes was 19% and (19)% in the three months ended March 31, 2024 and 2023. The increase in income tax expense as a percentage of earnings (loss) before taxes in the three months ended March 31, 2024 as compared to the corresponding period in 2023 is primarily attributable to the 2023 period having income tax expense, due to a valuation allowance increase, despite there being a 2023 pre-tax loss.

The Organization for Economic Cooperation and Development (OECD) has developed guidance known as the Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15% and are intended to apply to tax years beginning in 2024. The Company does not expect these rules to have a material impact on our income tax provision in 2024.

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Title

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

	Three months ended March 31,
	2024		2023
Revenues:	(In millions)
Direct title insurance premiums	$	440	$	428
Agency title insurance premiums	593		550
Escrow, title-related and other fees	484		471
Interest and investment income	83		81
Recognized gains and losses, net	63		22
Total revenues	1,663		1,552
Expenses:
Personnel costs	618		598
Agent commissions	460		420
Other operating expenses	285		296
Depreciation and amortization	36		37
Provision for title claim losses	46		44
Total expenses	1,445		1,395
Earnings before income taxes and equity in earnings of unconsolidated affiliates	$	218	$	157
Orders opened by direct title operations (in thousands)	315		308
Orders closed by direct title operations (in thousands)	186		188
Fee per file (in dollars)	$	3,555	$	3,446

Total revenues for the Title segment increased by $111 million, or 7%, in the three months ended March 31, 2024 from the corresponding period in 2023.

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

	Three months ended March 31,
			% of				% of
	2024		Total		2023		Total
	(Dollars in millions)
Title premiums from direct operations	$	440	43	%	$	428	44	%
Title premiums from agency operations	593		57		550		56
Total title premiums	$	1,033	100	%	$	978	100	%

Title premiums increased by $55 million, or 6% in the three months ended March 31, 2024 from the corresponding period in 2023. The increase was comprised of an increase in Title premiums from direct operations of $12 million, or 3%, and an increase in Title premiums from agency operations of $43 million, or 8%.

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 March 31,
	2024		2023
Opened title insurance orders from purchase transactions (1)	79	%	78	%
Opened title insurance orders from refinance transactions (1)	21		22
	100	%	100	%
Closed title insurance orders from purchase transactions (1)	79	%	78	%
Closed title insurance orders from refinance transactions (1)	21		22
	100	%	100	%

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

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Title premiums from direct operations increased in the three months ended March 31, 2024 from the corresponding period in 2023. The increase was primarily attributable to an increase in the average fee per file, partially offset by decreased closed order volume.

We experienced a slight decrease in closed title insurance order volumes from both purchase and refinance transactions in the three months ended March 31, 2024 from the corresponding period in 2023. Total closed order volume was 186,000 in the three months ended March 31, 2024 compared to 188,000 in the three months ended March 31, 2023. This represented an overall decrease of 1% in the three months ended March 31, 2024 from the corresponding period in 2023. The decrease was primarily attributable to higher average mortgage interest rates in the three months ended March 31, 2024 when compared to the corresponding period in 2023.

Total opened title insurance order volume decreased in the three months ended March 31, 2024 from the corresponding period in 2023. The decrease was attributable to decreased opened title orders from both purchase and refinance transactions.

The average fee per file in our direct operations was $3,555 in the three months ended March 31, 2024 compared to $3,446 in the three months ended March 31, 2023. The increase in average fee per file in the three months ended March 31, 2024 reflects home price appreciation and an increased proportion of purchase transactions relative to total closed orders compared to the corresponding period in 2023. 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 increased $43 million, or 8%, in the three months ended March 31, 2024 from the corresponding period in 2023.

Escrow, title-related and other fees increased by $13 million, or 3%, in the three months ended March 31, 2024 from the corresponding period in 2023. Escrow fees increased by $7 million, or 4%, in the three months ended March 31, 2024 from the corresponding period in 2023. The increase in the three month period ended March 31, 2024 as compared to the corresponding period in 2023 is relatively consistent with the increase in direct premiums. Other fees, excluding escrow fees, increased by $6 million, or 2%, in the three months ended March 31, 2024. The increase in Other fees was 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 $2 million, or 2%, in the three months ended March 31, 2024 from the corresponding period in 2023. The increase was attributable to various immaterial items.

Net recognized gains were $63 million and $22 million in the three months ended March 31, 2024 and 2023, respectively. The increase in recognized gains and losses, net in the three months ended March 31, 2024 as compared to the corresponding period in 2023 is 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 increased $20 million, or 3%, in the three months ended March 31, 2024 compared to the corresponding period in 2023. The increase is due to inflationary salary increases, partially offset by lower average head count. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 67% for the three months ended March 31, 2024 and 2023. Average employee count in the Title segment was 20,516 and 21,516 in the three months ended March 31, 2024 and 2023, respectively.

Other operating expenses decreased by $11 million, or 4%, in the three months ended March 31, 2024, from the corresponding period in 2023. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 31% and 33% in the three months ended March 31, 2024 and 2023, 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.

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The following table illustrates the relationship of agent premiums and agent commissions, which has remained relatively consistent since 2023:

	Three months ended March 31,
	2024		%		2023		%
	(Dollars in millions)
Agent premiums	$	593	100	%	$	550	100	%
Agent commissions	460		78	%	420		76	%
Net retained agent premiums	$	133	22	%	$	130	24	%

The claim loss provision for title insurance was $46 million and $44 million for the three months ended March 31, 2024 and 2023, 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 into two institutional markets to originate Funding Agreement Backed Notes ("FABN") and pension risk transfer ("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 indexed annuity 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 (indexed annuities and fixed rate annuities), IUL insurance, 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. As defined by the Iowa Insurance Division, a funding agreement is an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in amounts that are not based on mortality or morbidity contingencies of the person to whom the funding agreement is issued. In essence, funding agreement providers issue fixed maturity contracts with fixed or floating interest rates in exchange for a single upfront premium. Our PRT products are comparable to income annuities, as we generally receive a single, upfront premium in exchange for paying a guaranteed stream of future income payments, which are typically fixed in nature but may vary in duration based on participant mortality experience.

Under GAAP, premium collections for deferred annuities (indexed annuities and 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 charges, cost of insurance and other charges deducted from contractholder funds (i.e., amortization of unearned revenue liabilities ("URL")), 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

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of value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), and other operating costs and expenses.

F&G hedges certain portions of its 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 indexed annuity 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 indexed annuity and IUL contracts. The majority of all such call options are one-year options purchased to match the funding requirements underlying the indexed annuity/IUL contracts. We attempt to manage the cost of these purchases through the terms of our indexed annuity/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. In addition, to reduce market risks from interest rate changes on our earnings associated with our floating rate investments, during 2023 we began to execute pay-float and receive-fixed interest rate swaps.

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 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 indexed annuity/IUL policies. With respect to indexed annuities/IULs, which 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 months ended March 31, 2024 and 2023 were as follows:

	Three months ended
	March 31, 2024		March 31, 2023
Revenues	(In millions)
Life insurance premiums and other fees	$	718	$	365
Interest and investment income	616		519
Owned distribution revenues	23		—
Recognized gains and (losses), net	212		(15)
Total revenues	1,569		869
Benefits and expenses
Benefits and other changes in policy reserves	1,161		812
Market risk benefit (gains) losses	(11)		59
Depreciation and amortization	123		90
Personnel costs	66		53
Other operating expenses	58		36
Interest expense	30		22
Total benefits and expenses	1,427		1,072
Earnings (loss) before income taxes	$	142	$	(203)
Income tax expense (benefit)	26		(8)
Net earnings (loss)	116		(195)
Less: Noncontrolling interests	1		—
Net earnings (loss) attributable to F&G	115		(195)

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 indexed annuity 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, on the unaudited Condensed Consolidated Statements of Operations (in millions), for the three months ended March 31, 2024 and March 31, 2023:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Life-contingent pension risk transfer premiums	$	584	$	263
Traditional life insurance and life-contingent immediate annuity premiums	12		12
Surrender charges	43		23
Policyholder fees and other income	79		67
Life insurance premiums and other fees	$	718	$	365

•Life-contingent pension risk transfer premiums increased for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, reflecting the higher PRT sales.

•Surrender charges increased for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, primarily reflecting increases in withdrawals from policyholders with surrender charges and market value adjustments (MVAs), primarily on our indexed annuities policies.

•Policyholder fees and other income increased for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily due to increased GMWB rider fees and cost of insurance charges, net of changes in URL on IUL policies from growth in business. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.

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Interest and investment income

Below is a summary of interest and investment income for the three months ended March 31, 2024 and March 31, 2023:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Fixed maturity securities, available-for-sale	$	516	$	432
Equity securities	6		5
Preferred securities	6		10
Mortgage loans	66		51
Invested cash and short-term investments	28		16
Limited partnerships	54		57
Other investments	10		9
Gross investment income	$	686	$	580
Investment expense	(70)		(61)
Interest and investment income	$	616	$	519

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 $127 million and $58 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

Recognized gains and losses, net

Below is a summary of the major components included in recognized gains and losses, net for the three months ended March 31, 2024 and March 31, 2023:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net realized and unrealized (losses) gains on fixed maturity available-for-sale securities, equity securities and other invested assets	$	48	$	(48)
Change in allowance for expected credit losses	—		(8)
Net realized and unrealized (losses) gains on certain derivatives instruments	179		58
Change in fair value of reinsurance related embedded derivatives	(18)		(19)
Change in fair value of other derivatives and embedded derivatives	3		2
Recognized gains and losses, net	$	212	$	(15)

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 losses attributable to these agreements, and thus excluded from the totals in the table above, was $19 million and $22 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

•For the three months ended March 31, 2024, net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets is primarily the result of unrealized fair value option (“FVO”) gains on owned distribution investments and preferred securities, partially offset by realized losses on fixed maturity available-for-sale securities and mark-to-market losses on our equity securities.

•For the three months ended March 31, 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 mark-to-market losses on our equity securities and realized losses on fixed maturity available-for-sale securities.

•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 indexed annuity and IUL products, including gains on option and futures expiration and changes in the fair value of interest rate swaps. See the table below for primary drivers of gains (losses) on certain derivatives.

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•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 product 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.

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments.

The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuity, universal life products and floating rate investments are summarized in the table below for the three months ended March 31, 2024 and March 31, 2023:

	Three months ended
	March 31, 2024			March 31, 2023
	(In millions)
Call options:
Realized gains (losses)	$	11		$	(91)
Change in unrealized gains	239			146
Futures contracts:
Gains on futures contracts expiration	7			3
Change in unrealized (losses) gains	(1)			1
Interest rate swap (losses) gains	(80)			—
Foreign currency forward:
Gains (losses) on foreign currency forward	3			(1)
Total net change in fair value	$	179		$	58
Annual Point-to-Point Change in S&P 500 Index during the periods	28		%	(9)		%
Secured Overnight Financing Rates	5.34		%	4.87		%

•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.

•The changes in unrealized gains (losses) due to the net changes in fair value of call options and futures contracts are 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 interest rate swaps was primarily driven by fluctuations in the interest rate index underlying the swap contracts.

The average index credits to policyholders are as follows:

	Three months ended
	March 31, 2024		March 31, 2023
Average Crediting Rate	3	%	—	%
S&P 500 Index:
Point-to-point strategy	3	%	—	%
Monthly average strategy	3	%	—	%
Monthly point-to-point strategy	3	%	—	%
3 year high water mark	5	%	13	%

•Actual amounts credited to contractholder fund balances may differ from the index appreciation due to contractual features in the indexed annuity 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
	March 31, 2024		March 31, 2023
	(In millions)
PRT agreements	$	598	$	266
Indexed annuities/IUL market related liability movements	225		369
Index credits, interest credited and bonuses	327		134
Other changes in policy reserves	11		43
Total benefits and other changes in policy reserves	$	1,161	$	812

•PRT agreements increased for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, reflecting higher pension risk transfer group annuity obligations.

•The indexed annuities/IUL market related liability movements during the three months ended March 31, 2024 and March 31, 2023, 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 indexed annuities market related liability by $(84) million and $65 million during the three months ended March 31, 2024 and March 31, 2023, 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 three months ended March 31, 2024 and March 31, 2023, based on increases in interest rates and pricing changes, we updated certain indexed annuity assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increases in contractholder funds of $57 million and $102 million, respectively.

•Index credits, interest credited and bonuses for the three months ended March 31, 2024, were higher compared to the three months ended March 31, 2023, primarily reflecting higher index credits and interest credited on indexed annuities and other policies as a result of market movement during the respective periods and higher interest credited associated with the growth in PRT agreements.

Market Risk Benefit (Gains) losses

Below is a summary of market risk benefit gains:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Market risk benefits (gains) losses	$	(11)	$	59

•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 months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily reflect favorable market related movements.

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Depreciation and Amortization

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Amortization of VOBA, DAC and DSI	$	107	$	82
Amortization of other intangible assets and fixed asset depreciation	16		8
Total depreciation and amortization	$	123	$	90

•DAC, VOBA 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 months ended March 31, 2024 compared to the three months ended March 31, 2023, primarily reflecting increased DAC and DSI associated with the growth of the business, as well as a slightly increased amortization rate on some DAC and DSI balances due to updates to the surrender and mortality assumptions for the indexed annuity and fixed-rate annuity blocks that occurred in the third quarter of 2023.

•The three months ended March 31, 2024 also includes amortization of other intangible assets from F&G's majority owned interest in Roar.

Personnel Costs and Other Operating Expenses

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Personnel costs	$	66	$	53
Other operating expenses	58		36
Total personnel costs and other operating expenses	$	124	$	89

•Personnel costs and other operating expenses for the three months ended March 31, 2024 were higher compared to the three months ended March 31, 2023, reflecting costs in line with the growth in sales and assets along with continued investments in our operating platform. In addition, the three months ended March 31, 2024 includes $11 million from our majority owned interest in Roar.

Other Items Affecting Net Earnings (Loss)

Income Tax Expense

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

	Three months ended
	March 31, 2024			March 31, 2023
	(Dollars in millions)
Earnings (loss) before taxes	$	142		$	(203)
Income tax expense (benefit) before valuation allowance	25			(45)
Change in valuation allowance	1			37
Income tax expense (benefit)	$	26		$	(8)
Effective rate	18		%	4		%

•Income tax expense for the three months ended March 31, 2024 was $26 million, compared to income tax benefit of $(8) million for the three months ended March 31, 2023. The effective tax rate was 18% and 4% for the three months ended March 31, 2024 and March 31, 2023 respectively. The increase in income tax expense quarter over quarter is primarily related to the increase in pre-tax income, partially offset by the valuation allowance expense for the three months ended March 31, 2024.

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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, excluding short term mark to market effects, and balance risk across diverse asset classes and is primarily invested in high quality fixed income securities.

As of March 31, 2024 and December 31, 2023, the fair value of our investment portfolio was approximately $53 billion and $52 billion, respectively, and was divided among the following asset classes and sectors:

	March 31, 2024				December 31, 2023
	Fair Value		Percent		Fair Value		Percent
Fixed maturity securities, available for sale:	(Dollars in millions)
United States Government full faith and credit	$	276	—	%	$	261	1	%
United States Government sponsored entities	33		—	%	31		—	%
United States municipalities, states and territories	1,504		3	%	1,567		3	%
Foreign Governments	224		—	%	226		—	%
Corporate securities:
Finance, insurance and real estate	7,571		14	%	6,895		13	%
Manufacturing, construction and mining	1,119		2	%	947		2	%
Utilities, energy and related sectors	2,456		5	%	2,374		5	%
Wholesale/retail trade	2,512		5	%	2,433		5	%
Services, media and other	4,011		8	%	3,930		8	%
Hybrid securities	633		1	%	618		1	%
Non-agency residential mortgage-backed securities	2,426		5	%	2,393		5	%
Commercial mortgage-backed securities	4,758		9	%	4,410		9	%
Asset-backed securities	9,491		18	%	8,929		17	%
Collateral loan obligations ("CLO")	5,617		10	%	5,405		10	%
Total fixed maturity available for sale securities	42,631		80	%	40,419		79	%
Equity securities (a)	519		1	%	606		1	%
Limited partnerships:
Private equity	1,389		3	%	1,277		2	%
Real assets	473		1	%	463		1	%
Credit	1,156		2	%	1,039		2	%
Limited Partnerships	$	3,018	6	%	$	2,779	5	%
Commercial mortgage loans	2,229		4	%	2,253		4	%
Residential mortgage loans	2,590		5	%	2,545		5	%
Other (primarily derivatives, company owned life insurance and unconsolidated owned distribution investments)	2,008		4	%	1,697		3	%
Short term investments	263		—	%	1,452		3	%
Total investments	$	53,258	100	%	$	51,751	100	%
(a) Includes investment grade non-redeemable preferred stocks ($333 million and $428 million as of March 31, 2024 and December 31, 2023, 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 primarily high-grade fixed-income assets across a wide range of sectors, including Corporate securities, U.S. Government and government-sponsored agency securities, and Structured securities, among others.

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

76

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 March 31, 2024 and December 31, 2023:

		March 31, 2024							December 31, 2023
NRSRO Rating	NAIC Designation		Amortized Cost		Fair Value		Fair Value Percent			Amortized Cost		Fair Value		Fair Value Percent
		(Dollars in millions)
AAA/AA/A	1		$	29,392	$	27,470	64	%		$	28,052	$	26,170	65	%
BBB	2		14,292		13,196		31	%		13,421		12,302		30	%
BB	3		1,595		1,552		4	%		1,633		1,554		4	%
B	4		273		221		1	%		268		215		1	%
CCC	5		122		82		—	%		103		72		—	%
CC and lower	6		118		110		—	%		124		106		—	%
Total			$	45,792	$	42,631	100	%		$	43,601	$	40,419	100	%

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Investment Concentrations

The tables below present the top ten structured security and 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 March 31, 2024 and December 31, 2023.

	March 31, 2024
Top 10 Concentrations	Fair Value (In millions)		Percent of Total Fair Value
ABS other	$	9,491	22	%
CLO securities	5,617		13	%
Commercial mortgage backed securities	4,758		11	%
Diversified financial services	3,657		8	%
Banking	2,158		5	%
Whole loan collateralized mortgage obligation	2,078		5	%
Insurance	1,616		4	%
Municipal	1,504		3	%
Electric	1,146		3	%
Telecommunications	700		2	%
Total	$	32,725	76	%
	December 31, 2023
Top 10 Concentrations	Fair Value (In millions)		Percent of Total Fair Value
ABS other	$	8,929	22	%
CLO securities	5,405		13	%
Commercial mortgage-backed securities	4,410		11	%
Diversified financial services	3,272		8	%
Banking	2,048		5	%
Whole loan collateralized mortgage obligation	2,043		5	%
Municipal	1,600		4	%
Insurance	1,567		4	%
Electric	1,086		3	%
Telecommunications	696		2	%
Total	$	31,056	77	%

The amortized cost and fair value of fixed maturity AFS securities by contractual maturities as of March 31, 2024 and December 31, 2023, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.

	March 31, 2024				December 31, 2023
	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	$	404	$	393	$	383	$	374
Due after one year through five years	3,700		3,614		3,207		3,129
Due after five years through ten years	3,492		3,333		2,822		2,680
Due after ten years	15,424		12,966		15,333		13,068
Subtotal	$	23,020	$	20,306	$	21,745	$	19,251
Other securities, which provide for periodic payments:
Asset-backed securities	$	15,247	$	15,108	$	14,623	$	14,334
Commercial-mortgage-backed securities	4,980		4,758		4,732		4,410
Residential mortgage-backed securities	2,545		2,459		2,501		2,424
Subtotal	$	22,772	$	22,325	$	21,856	$	21,168
Total fixed maturity available-for-sale securities	$	45,792	$	42,631	$	43,601	$	40,419

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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 were $33 million and $47 million as of March 31, 2024, respectively, and $33 million and $49 million as of December 31, 2023, respectively. As of both March 31, 2024 and December 31, 2023, approximately 95% 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 March 31, 2024, the CLO and ABS positions were trading at a net unrealized gain of $113 million and a net unrealized loss of $242 million, respectively. As of December 31, 2023, the CLO and ABS positions were trading at a net unrealized gain position of $65 million and a net unrealized loss of $344 million, respectively.

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS ABS portfolio (dollars in millions) at March 31, 2024 and December 31, 2023.

		March 31, 2024			December 31, 2023
		Fair Value		Percent	Fair Value		Percent
NRSRO Rating	NAIC Designation
AAA/AA/A	1	$	7,444	78%	$	7,023	79%
BBB	2	1,495		16%	1,375		15%
BB	3	441		5%	418		5%
B	4	61		1%	59		1%
CCC	5	8		—%	13		—%
CC and lower	6	42		—%	41		—%
Total		$	9,491	100%	$	8,929	100%

The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our AFS CLO portfolio (dollars in millions) at March 31, 2024 and December 31, 2023.

		March 31, 2024			December 31, 2023
		Fair Value		Percent	Fair Value		Percent
NRSRO Rating	NAIC Designation
AAA/AA/A	1	$	3,433	61%	$	3,288	61%
BBB	2	1,649		29%	1,582		29%
BB	3	476		9%	480		9%
B	4	18		—%	17		—%
CCC	5	—		—%	0		—%
CC and lower	6	41		1%	38		1%
Total		$	5,617	100%	$	5,405	100%

Municipal Bond Exposure

Our municipal bond exposure is a combination of general obligation bonds (fair value of $227 million and $231 million and an amortized cost of $265 million and $268 million as of March 31, 2024 and December 31, 2023, respectively) and special revenue bonds (fair value of $1,275 million and $1,334 million and an amortized cost of $1,457 million and $1,506 million as of March 31, 2024 and December 31, 2023, respectively).

Across all municipal bonds, the largest issuer represented 5% of the category for both March 31, 2024 and December 31, 2023, and is rated NAIC 1. Our focus within municipal bonds is on NAIC 1 rated instruments, and 98% of our municipal bond exposure is rated NAIC 1 for both March 31, 2024 and December 31, 2023.

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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. For both March 31, 2024 and December 31, 2023, our mortgage loans on real estate portfolio had a weighted average DSC ratio of 2.3 times, and a weighted average LTV ratio of 55%.

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. As of March 31, 2024 and December 31, 2023, we had no CMLs that were delinquent in principal or interest payments and none in the process of foreclosure. See Note D - Investments to the Condensed Financial Statements included in this report for additional information on our CMLs, including our distribution by property type, geographic region, LTV and DSC ratios.

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 March 31, 2024 and December 31, 2023, were as follows:

	March 31, 2024
	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	23	$	171	$	—	$	(2)	$	169
United States Government sponsored agencies	55	29		—		(3)		26
United States municipalities, states and territories	173	1,464		—		(231)		1,233
Foreign Governments	46	212		—		(43)		169
Corporate securities:
Finance, insurance and real estate	778	6,233		—		(718)		5,515
Manufacturing, construction and mining	133	1,185		—		(149)		1,036
Utilities, energy and related sectors	353	2,537		—		(494)		2,043
Wholesale/retail trade	405	2,402		—		(431)		1,971
Services, media and other	495	3,765		—		(751)		3,014
Hybrid securities	34	574		—		(38)		536
Non-agency residential mortgage-backed securities	297	1,301		(1)		(113)		1,187
Commercial mortgage-backed securities	404	2,809		(21)		(239)		2,549
Asset-backed securities	614	6,565		(11)		(408)		6,146
Total fixed maturity available for sale securities	3,810	29,247		(33)		(3,620)		25,594
Equity securities	35	441		—		(89)		352
Total investments	3,845	$	29,688	$	(33)	$	(3,709)	$	25,946
	December 31, 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	8	$	15	$	—	$	(1)	$	14
United States Government sponsored agencies	56	30		—		(3)		27
United States municipalities, states and territories	180	1,498		—		(222)		1,276
Foreign Governments	50	209		—		(39)		170
Corporate securities:
Finance, insurance and real estate	637	5,529		—		(690)		4,839
Manufacturing, construction and mining	117	965		—		(135)		830
Utilities, energy and related sectors	316	2,402		—		(471)		1,931
Wholesale/retail trade	332	2,165		—		(397)		1,768
Services, media and other	401	3,370		—		(686)		2,684
Hybrid securities	36	597		—		(53)		544
Non-agency residential mortgage-backed securities	244	1,118		(2)		(101)		1,015
Commercial mortgage-backed securities	435	3,198		(22)		(323)		2,853
Asset-backed securities	800	8,078		(9)		(470)		7,599
Total fixed maturity available for sale securities	3,612	29,174		(33)		(3,591)		25,550
Equity securities	41	567		—		(100)		467
Total investments	3,653	$	29,741	$	(33)	$	(3,691)	$	26,017

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The gross unrealized loss position on the fixed maturity available-for-sale fixed and equity portfolio was $3,709 million and $3,691 million as of March 31, 2024 and December 31, 2023, respectively. Most components of the portfolio exhibited price depreciation caused primarily by higher treasury rates. The total amortized cost of all securities in an unrealized loss position was $29,688 million and $29,741 million as of March 31, 2024 and December 31, 2023, respectively. The average market value/book value of the investment category with the largest unrealized loss position was 80% for services, media and other as of March 31, 2024. In the aggregate, services, media and other represented 20% of the total unrealized loss position as of March 31, 2024. The average market value/book value of the investment category with the largest unrealized loss position was 88% for finance, insurance and real estate as of December 31, 2023. In aggregate, finance, insurance and real estate represented 19% of the total unrealized loss position as of December 31, 2023.

The amortized cost and fair value of fixed maturity available for sale 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 March 31, 2024 and December 31, 2023, were as follows:

	March 31, 2024
	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	1	15		14		—		(1)
Twelve months or greater	83	1,112		768		—		(344)
Total investment grade	84	1,127		782		—		(345)
Below investment grade:
Less than six months	—	—		—		—		—
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	3	41		30		—		(11)
Total below investment grade	3	41		30		—		(11)
Total	87	$	1,168	$	812	$	—	$	(356)
	December 31, 2023
	Number of Securities	Amortized Cost		Fair Value		Allowance for Credit Loss		Gross Unrealized Losses
Investment grade:	(Dollars in Millions)
Less than six months	1	$	15	$	14	$	—	$	(1)
Six months or more and less than twelve months	1	54		44		—		(10)
Twelve months or greater	47	634		444		—		(190)
Total investment grade	49	703		502		—		(201)
Below investment grade:
Less than six months	—	—		—		—		—
Six months or more and less than twelve months	—	—		—		—		—
Twelve months or greater	3	19		15		—		(4)
Total below investment grade	3	19		15		—		(4)
Total	52	$	722	$	517	$	—	$	(205)

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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 March 31, 2024, our watch list included 87 securities in an unrealized loss position with an amortized cost of $1,168 million, no allowance for expected credit losses, unrealized losses of $356 million and a fair value of $812 million.

At December 31, 2023, our watch list included 52 securities in an unrealized loss position with an amortized cost of $722 million, no allowance for expected credit losses, unrealized losses of $205 million and a fair value of $517 million.

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

There were 49 and 101 structured securities with a fair value of $146 million and $316 million to which we had potential credit exposure as of March 31, 2024 and December 31, 2023, respectively. Our analysis of these structured securities, which included cash flow testing, resulted in allowances for expected credit losses of $33 million and $35 million as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 interest and investment income and recognized gains and (losses), net 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 March 31, 2024 and December 31, 2023, 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, 2023.

Derivatives

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

We also hold cash and cash equivalents received from counterparties for derivative instrument collateral, as well as U.S. Government securities pledged as derivative instrument 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 March 31,
	2024		2023
Revenues:	(In millions)
Escrow, title-related and other fees	$	56	$	44
Interest and investment income	38		11
Recognized gains and losses, net	—		(2)
Total revenues	94		53
Expenses:
Personnel costs	43		26
Other operating expenses	26		28
Depreciation and amortization	8		7
Interest expense	19		20
Total expenses	96		81
Loss from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates	$	(2)	$	(28)

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 $41 million, or 77%, in the three months ended March 31, 2024 from the corresponding period in 2023. The increase in the three months ended March 31, 2024 from the corresponding period in 2023 is primarily attributable to increased valuations associated with our deferred compensation plan assets of $12 million and increased dividends received from F&G of $27 million. The dividends received from F&G are eliminated upon consolidation.

Personnel costs in the Corporate and Other segment increased $17 million, or 65%, in the three months ended March 31, 2024 from the corresponding period in 2023. The increase in the three months ended March 31, 2024 from the corresponding period in 2023 is primarily attributable to the aforementioned increase 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 decreased $2 million, or 7%, in the three months ended March 31, 2024 from the corresponding period in 2023. The decrease in the three months ended March 31, 2024 from the corresponding period in 2023 is attributable to various immaterial items.

Interest expense in the Corporate and Other segment decreased $1 million, or 5%, in the three months ended March 31, 2024 from the corresponding period in 2023.

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 $0.48 per share in the first quarter of 2024, or approximately $130 million to our common shareholders. On May 8, 2024, our Board of Directors declared cash dividends of $0.48 per share, payable on June 28, 2024, to FNF common shareholders of record as of June 14, 2024. 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 March 31, 2024, we had cash and cash equivalents of $3,517 million, short term investments of $646 million, available capacity under our Revolving Credit Facility of $800 million and available capacity under the Amended F&G Credit agreement of $385 million. On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar Joint Venture, LLC ("Roar"). Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents. Total initial consideration was $269 million. Under the terms of the purchase agreement, F&G has agreed to make cash payments of up to $90 million over a three year period upon the achievement of certain earnings before interest, taxes,

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depreciation and amortization milestones of Roar. On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). Among other changes, the Sixth Amended and Restated Credit Agreement amends the Revolving Credit Facility to extend the maturity date from October 29, 2025, to February 16, 2029. On February 16, 2024, we entered into a Second Amended and Restated F&G Credit Agreement of our $665 million credit agreement, with the guarantors party thereto, the financial institutions party thereto as lenders, and Bank of America, N.A., as administrative agent, swing line lender and an issuing bank (the "Second Amended and Restated F&G Credit Agreement"). Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date and increase the aggregate principal amount of commitments under the revolving credit facility to $750 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 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, 2023, $1,445 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 2024 of approximately $355 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 three months ended March 31, 2024 and 2023 totaled $1,591 million and $1,418 million, respectively. The increase in cash provided by operating activities in the 2024 period of $173 million is primarily attributable to the increase in net earnings of approximately $357 million and increased net cash inflows associated with the change in future policy benefits of $281 million, partially offset by reduced net cash inflows associated with the change in funds withheld from reinsurers of $184 million.

Investing Cash Flows. Our cash flows used in investing activities for the three months ended March 31, 2024 and 2023 were $1,096 million and $2,285 million, respectively. The decrease in cash used in investing activities in the 2024 period of $1,189 million was primarily attributable to increased cash inflows from proceeds from sales, calls and maturities of investment securities of $692 million, increased cash inflows associated with the net proceeds from sales of short-term investment securities of $224 million and decreased net cash outflows associated with the purchases of investment securities of $258 million.

Capital Expenditures. Total capital expenditures for property and equipment and capitalized software were $35 million and $34 million for the three months ended March 31, 2024 and 2023, respectively.

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Financing Cash Flows. Our cash flows provided by financing activities for the three months ended March 31, 2024 and 2023 were $255 million and $1,402 million, respectively. The decrease in cash provided by financing activities in the 2024 period of $1,147 million was primarily attributable to reduced cash inflows from contractholder deposits of $186 million, increased cash outflows from contractholder withdrawals of $533 million and cash inflows associated with the issuance of the 7.40% F&G Notes of $500 million in the 2023 period.

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, 2023.

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 did not repurchase any FNF common stock during the three months ended March 31, 2024. Subsequent to March 31, 2024 and through market close on May 8, 2024 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, 2023.

We have unfunded investment commitments as of March 31, 2024 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, 2023.

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 March 31, 2024 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 March 31, 2024, 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 for the year ended December 31, 2023. Except as discussed below, there have been no material changes as of the date of this report to the risk factors disclosed in “Item IA. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Risk Factors Relating to Our Business

Changes in the Company’s dealings with large mortgage lenders, servicers or government-sponsored enterprises could adversely affect our title insurance and mortgage servicing subsidiaries.

Large mortgage lenders, servicers and government-sponsored enterprises have significant influence over the products and services provided by our title insurance and mortgage servicing subsidiaries. Changes in our dealings with any of these lenders, servicers or the government-sponsored enterprises, the loss of all or a portion of the business derived from these parties, or revisions to the government-sponsored enterprises’ Selling or Servicing Guides related to title insurance or mortgage servicing, could have a material adverse effect on our business.

Risk Factors Relating to Government Regulation of the Insurance Industry

Our subsidiaries must comply with federal and state statutes and regulations. These statutes and regulations may increase our costs, impede our provision of certain products or services, or impose burdensome conditions on actions that we might seek to take to increase the revenues of those subsidiaries, resulting in decreased demand for the Company's products and services or otherwise adversely affecting the Company.

Changes to federal and state statutes and regulations; statutory or regulatory guidance, policies or interpretations of existing regulations or statutes; guidelines published by the government-sponsored enterprises; enhanced federal or state governmental oversight or efforts by federal or state governmental agencies that cause customers to refrain from purchasing or using the Company’s products and services, could: (i) prohibit, impact or limit our future operations, (ii) make it more costly or burdensome to conduct such operations, or (iii) result in decreased demand for the Company’s products and services. Such changes could impact our competitive position and have a negative impact on our ability to generate revenues, earnings and cash flows.

Additionally, our insurance businesses are subject to extensive regulation by state insurance authorities in each state in which they operate. These agencies have broad administrative and supervisory power relating to the following, among other matters:

•licensing requirements;

•trade and marketing practices;

•accounting and financing practices;

•disclosure requirements on key terms of mortgage loans;

•capital and surplus requirements;

•the amount of dividends and other payments made by insurance subsidiaries;

•investment practices;

•rate schedules;

•deposits of securities for the benefit of policyholders;

•establishing reserves; and

•regulation of reinsurance.

Most states also regulate insurance holding companies like us with respect to acquisitions, changes of control and the terms of transactions with our affiliates. State regulations may impede or impose burdensome conditions on our ability to increase or maintain rate levels or on other actions that we may want to take to enhance our operating results. In addition, we may incur significant costs in the course of complying with regulatory requirements. Further, various state legislatures have in the past considered offering a public alternative to the title industry in their states, as a means to increase state government revenues. Although we think this situation is unlikely, if one or more such takeovers were to occur they could adversely affect our business. We cannot be assured that future legislative or regulatory changes will not adversely affect our business operations. See “Item 1. Business — Regulation” for further discussion of the current regulatory environment.

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Our ServiceLink subsidiary provides mortgage transaction services including title-related services and facilitation of production and management of mortgage loans. Certain of these businesses are subject to federal and state regulatory oversight. For example, ServiceLink’s LoanCare business services and subservices mortgage loans secured primarily by residential real estate throughout the United States. LoanCare is subject to extensive federal, state and local regulatory oversight, including federal and state regulatory examinations, information gathering requests, inquiries, and investigations by governmental and regulatory agencies, including the CFPB. In connection with formal and informal inquiries by those agencies, LoanCare receives numerous requests, subpoenas, and orders for documents, testimony and information in connection with various aspects of its or its clients’ regulated activities.

LoanCare is also required to maintain a variety of licenses, both federal and state. License requirements are in a frequent state of renewal and reexamination as regulations change or are reinterpreted. In addition, federal and state statutes establish specific guidelines and procedures that debt collectors must follow when collecting consumer accounts. LoanCare’s failure to comply with any of these laws, should the states take an opposing interpretation, could have an adverse effect on LoanCare in the event and to the extent that they apply to some or all of its servicing activities.

Our F&G segment is highly regulated and subject to numerous legal restrictions and regulations.

State insurance regulators, the NAIC and federal regulators continually reexamine existing laws and regulations and may impose changes in the future. New interpretations of existing laws and the passage of new legislation may harm our ability to sell new policies, increase our claims exposure on policies we issued previously and adversely affect our profitability and financial strength. We are also subject to the risk that compliance with any particular regulator’s interpretation of a legal or accounting issue may not result in compliance with another regulator’s interpretation of the same issue, particularly when compliance is judged in hindsight. Regulators and other authorities have the power to bring administrative or judicial proceedings against us, which could result in, among other things, suspension or revocation of our licenses, cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action, which could materially harm our results of operations and financial condition.

We cannot predict what form any future changes in these or other areas of regulation affecting the insurance industry might take or what effect, if any, such proposals might have on us if enacted into law. In addition, because our activities are relatively concentrated in a small number of lines of business, any change in law or regulation affecting one of those lines of business could have a disproportionate impact on us as compared to other more diversified insurance companies. See section titled “Regulation” in Item 1. Business for further discussion of the impact of regulations on our business.

State Regulation

Our business is subject to government regulation in each of the states in which we conduct business and is concerned primarily with the protection of policyholders and other customers rather than shareholders. Such regulation is vested in state agencies having broad administrative and discretionary authority, which may include, among other things, premium rates and increases thereto, underwriting practices, reserve requirements, marketing practices, advertising, privacy, policy forms, reinsurance reserve requirements, acquisitions, mergers and capital adequacy. At any given time, we and our insurance subsidiaries may be the subject of a number of ongoing financial or market conduct, audits or inquiries. From time to time, regulators raise issues during such examinations or audits that could have a material impact on our business.

Under insurance guaranty fund laws in most states, insurance companies doing business therein can be assessed up to prescribed limits for policyholder losses incurred by insolvent companies. We cannot predict the amount or timing of any such future assessments and therefore the liability we have established for these potential assessments may not be adequate. In addition, regulators may change their interpretation or application of existing laws and regulations such as the case with broadening the scope of carriers that must contribute towards Long Term Care insolvencies.

NAIC

Although our business is subject to regulation in each state in which we conduct business, in many instances the state regulatory models emanate from the NAIC. Some of the NAIC pronouncements, particularly as they affect accounting issues, take effect automatically in the various states without affirmative action by the states. Statutes, regulations and interpretations may be applied with retroactive impact, particularly in areas such as accounting and reserve requirements. The NAIC continues to work to reform state regulation in various areas, including comprehensive reforms relating to cybersecurity regulations, best interest standards, RBC and life insurance reserves.

Our insurance subsidiaries are subject to minimum capitalization requirements based on RBC formulas for life insurance companies that establish capital requirements relating to insurance, business, asset, interest rate and certain other risks. Changes to statutory reserve or risk-based capital requirements may increase the amount of reserves or capital our insurance companies are required to hold and may impact our ability to pay dividends. In addition, changes in statutory reserve or risk-based capital requirements may adversely impact our financial strength ratings. Changes currently under consideration include adding an operational risk component, factors for asset credit risk, and group wide capital calculations.

“Fiduciary” Rule

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In December 2020, the DOL issued its final version of an investment advice rule replacing the previous “Fiduciary Rule” that had been challenged by industry participants and vacated in March 2018 by the United States Fifth Circuit Court of Appeals. The new investment advice rule reinstates the five-part test for determining whether a person is considered a fiduciary for purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Internal Revenue Code of 1986, as amended (the “Code”), and sets forth a new exemption, referred to as prohibited transaction class exemption (“PTE”) 2020-02. The rule’s preamble also contains the DOL’s reinterpretation of elements of the five-part test that appears to encompass more insurance agents selling IRA products and withdraws the DOL’s longstanding position that rollover recommendations out of employer plans are not subject to ERISA. The new rule took effect on February 16, 2021. The DOL left in place PTE 84-24, which is a longstanding class exemption providing prohibited transaction relief for insurance agents selling annuity products, provided that certain disclosures are made to the plan fiduciary, which is the policyholder in the case of an IRA, and certain other conditions are met. Among other things, these disclosures include the agent’s relationship to the insurer and commissions received in connection with the annuity sale. F&G, along with FGL Insurance and FGL NY Insurance, designed and launched a compliance program in January 2022 requiring all agents selling IRA products to submit an acknowledgment with each IRA application indicating the agent has satisfied PTE 84-24 requirements on a precautionary basis in case the agent acted or is found to have acted as a fiduciary. Meanwhile, the DOL has publicly announced its intention to consider future rulemaking that may revoke or modify PTE 84-24.

On April 23, 2024, following previous attempts to expand fiduciary regulation for advisers, the DOL released a new rule, the New Fiduciary Rule, which significantly broadens the definition of “fiduciary” under ERISA and Section 4975 when advisers provide investment recommendations to plans subject to ERISA and Section 4975 of the Code.. Among other requirements, the New Fiduciary Rule provides that any person will be an investment advice fiduciary such person provides investment advice or makes an investment recommendation to a retirement investor (i.e., a plan, a discretionary plan fiduciary, a plan participant or beneficiary, an IRA, an IRA owner or beneficiary, or an IRA fiduciary) for a fee or other compensation, the person makes professional investment recommendations to investors on a regular basis as part of their business, and the recommendation is provided under circumstances that would indicate to a reasonable investor in like circumstances that the recommendation is based on a review of the particular needs or individual investor circumstances of the retirement investor, reflects the application of professional or expert judgment to the retirement investor’s particular needs or individual circumstances, and may be relied upon by the retirement investor as intended to advance the retirement investor’s best interest. Unlike the current ERISA standard, the New Fiduciary Rule subjects non-discretionary investment advice to retirement plans and accounts care and loyalty standards that also apply to investment advisors with discretionary authority or control over such plans and accounts. In addition, on the same date, the DOL issued amended versions of PTE 2020-02 and PTE 84-24, either or both of which provide prohibited transaction exemptive relief to insurance companies and insurance producers who make insurance product recommendations to retirement investors, subject to certain conditions. The New Fiduciary Rule likely means that certain of the Company’s agents will be considered fiduciaries for purposes of ERISA and the Code, subjecting the Company, and the insurance industry on the whole, to greater regulatory risk.

Management believes these current and emerging developments relating to market conduct standards for the financial services industry may, over time, materially affect the way in which our agents do business, the role of IMOs, sale of IRA products including IRA-to-IRA and employer plan rollovers, how we supervise our distribution force, compensation practices and liability exposure and costs. In addition to implementing the compliance procedures described above, management is monitoring further developments closely and will be working with IMOs and distributors to adapt to these evolving regulatory requirements and risks.

Bermuda and Cayman Islands Regulation

Our business is subject to regulation in Bermuda and the Cayman Islands, including the BMA and the CIMA. These regulations may limit or curtail our activities, including activities that might be profitable, and changes to existing regulations may affect our ability to continue to offer our existing products and services, or new products and services we may wish to offer in the future.

Our reinsurance subsidiary, F&G Life Re, is registered in Bermuda under the Bermuda Insurance Act and subject to the rules and regulations promulgated thereunder. The BMA has sought regulatory equivalency, which enables Bermuda’s commercial insurers to transact business with the European Union on a “level playing field.” In connection with its initial efforts to achieve equivalency under the European Union’s Directive (2009/138/EC) (“Solvency II”), the BMA implemented and imposed additional requirements on the companies it regulates. The European Commission in 2016 granted Bermuda’s commercial insurers full equivalence in all areas of Solvency II for an indefinite period of time.

Our reinsurance subsidiary, F&G Cayman Re, is licensed in the Cayman Islands by the CIMA and is subject to supervision by CIMA and CIMA may at any time direct F&G Cayman Re, in relation to a policy, a line of business or the entire business, to cease or refrain from committing an act or pursing a course of conduct and to perform such acts as in the opinion of CIMA are necessary to remedy or ameliorate the situation.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

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None

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 2024, 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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Item 6. Exhibits

     (a) Exhibits:

10.1	Eighth Supplemental Indenture, dated as of April 22, 2024, between Fidelity National Financial, Inc. and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to Registrant's Current Report on Form 8-K filed on April 23, 2024).
10.2	Sixth Amended and Restated Credit Agreement, dated as of February 16, 2024, by and among Fidelity National Financial, Inc., a Delaware corporation, as the borrower, Bank of America, N.A., as administrative agent, and the financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on February 16, 2024).
10.3	Amended and Restated Credit Agreement, dated as of February 16, 2024, by and among F&G Annuities & Life, Inc., a Delaware corporation, as the borrower, the guarantors party thereto, Bank of America, N.A., as administrative agent, and the financial institutions party thereto as lenders (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed on February 16, 2024).
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.
* 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.

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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:	May 10, 2024	FIDELITY NATIONAL FINANCIAL, INC. (registrant)
		By:	/s/ Anthony J. Park
			Anthony J. Park
			Chief Financial Officer (Principal Financial and Accounting Officer)

92

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: May 10, 2024

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: May 10, 2024

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: May 10, 2024

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: May 10, 2024

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

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		273,238,230
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001331875
Current Fiscal Year End Date	--12-31

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2024 and December 31, 2023, at an amortized cost of $47,789 and $45,606, respectively, net of allowance for credit losses of $40 and $42, respectively, and includes pledged fixed maturity securities of $492 and $489, respectively, related to secured trust deposits	$ 44,566	$ 42,373
Derivative investments	1,024	797
Mortgage loans, net of allowance for credit losses of $67 and $66 at March 31, 2024 and December 31, 2023, respectively	5,440	5,336
Investments in unconsolidated affiliates	3,632	3,334
Other long-term investments	735	703
Short-term investments, at March 31, 2024 and December 31, 2023	646	2,119
Total investments	57,378	56,049
Cash and cash equivalents, at March 31, 2024 and December 31, 2023 includes $227 and $262, respectively, of pledged cash related to secured trust deposits	3,517	2,767
Trade and notes receivables, net of allowance for credit losses of $31 and $32 at March 31, 2024 and December 31, 2023, respectively	409	442
Reinsurance recoverable, net of allowance for credit losses of $21 and $21 at March 31, 2024 and December 31, 2023, respectively	10,129	8,977
Goodwill	5,107	4,830
Prepaid expenses and other assets	1,899	1,900
Market risk benefits asset	95	88
Lease assets	348	348
Other intangible assets, net	5,027	4,627
Title plants	420	418
Property and equipment, net	167	168
Total assets	84,496	80,614
Liabilities:
Contractholder funds	50,875	48,798
Future policy benefits	7,441	7,050
Accounts payable and accrued liabilities	3,138	3,009
Market risk benefits liability	425	403
Notes payable	3,884	3,887
Reserve for title claim losses	1,746	1,770
Funds withheld for reinsurance liabilities	8,025	7,083
Secured trust deposits	693	731
Lease liabilities	390	394
Income taxes payable	14	0
Deferred tax liability	28	29
Total liabilities	76,659	73,154
Equity:
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of March 31, 2024 and December 31, 2023; outstanding of 273,238,445 and 273,251,449 as of March 31, 2024 and December 31, 2023, respectively, and issued of 329,206,677 and 329,185,916 as of March 31, 2024 and December 31, 2023, respectively	0	0
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	0	0
Additional paid-in capital	5,924	5,913
Retained earnings	5,361	5,244
Accumulated other comprehensive loss	(2,029)	(2,119)
Less: Treasury stock, 55,968,232 shares and 55,934,467 shares as of March 31, 2024 and December 31, 2023, respectively, at cost	(2,131)	(2,130)
Total Fidelity National Financial, Inc. shareholders’ equity	7,125	6,908
Non-controlling interests	712	552
Total equity	7,837	7,460
Total liabilities and equity	84,496	80,614
Preferred securities
Investments:
Securities, at fair value	542	621
Equity securities
Investments:
Securities, at fair value	$ 793	$ 766

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturity securities, available-for-sale securities, amortized cost	$ 47,789	$ 45,606
Fixed maturity securities, available-for-sale securities, allowance for credit losses	40	42
Available-for-sale securities, pledged securities, secured trust deposits	492	489
Allowance for credit loss	67	66
Cash, pledged, secured trust deposits	227	262
Allowance for doubtful accounts, premiums and other receivables	31	32
Expected credit losses on reinsurance recoverable	$ 21	$ 21
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)	273,238,445	273,251,449
Common stock, shares, issued (in shares)	329,206,677	329,185,916
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)	55,968,232	55,934,467

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Direct title insurance premiums	$ 440	$ 428
Agency title insurance premiums	593	550
Escrow, title-related and other fees	1,281	880
Interest and investment income	710	611
Recognized gains and losses, net	275	5
Total revenues	3,299	2,474
Expenses:
Personnel costs	727	677
Agent commissions	460	420
Other operating expenses	369	360
Benefits and other changes in policy reserves	1,161	812
Market risk benefit (gains) losses	(11)	59
Depreciation and amortization	167	134
Provision for title claim losses	46	44
Interest expense	49	42
Total expenses	2,968	2,548
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	331	(74)
Income tax expense	63	14
Earnings (loss) before equity in earnings of unconsolidated affiliates	268	(88)
Equity in earnings of unconsolidated affiliates	1	0
Net earnings (loss)	269	(88)
Less: Net earnings (loss) attributable to non-controlling interests	21	(29)
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders	$ 248	$ (59)
Basic
Net earnings (loss) per share from continuing operations attributable to common shareholders (in usd per share)	$ 0.92	$ (0.22)
Net earnings (loss) per share attributable to common shareholders, basic (in usd per share)	0.92	(0.22)
Diluted
Net earnings (loss) per share from continuing operations attributable to common shareholders (in usd per share)	0.91	(0.22)
Net earnings (loss) per share attributable to common shareholders, diluted (in usd per share)	$ 0.91	$ (0.22)
Weighted average common shares outstanding - basic (in shares)	271	270
Weighted average common shares outstanding - diluted (in shares)	272	271

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)		$ 269	$ (88)
Other comprehensive earnings (loss):
Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)	[1]	(5)	349
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	[2]	13	11
Unrealized loss on foreign currency translation	[3]	(6)	1
Reclassification adjustments for change in unrealized gains and losses included in net earnings	[4]	13	35
Changes in current discount rate - future policy benefits	[5]	91	(100)
Change in instrument-specific credit risk - market risk benefits	[6]	1	7
Other comprehensive loss attributable to non-controlling interest	[7]	(17)	(43)
Other comprehensive earnings		90	260
Comprehensive earnings		359	172
Less: Comprehensive earnings (loss) attributable to non-controlling interests		21	(29)
Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders		$ 338	$ 201

[1] Net of income tax expense of $88 million for the three months ended March 31, 2023.

[2] Net of income tax expense of $4 million and $3 million for the three months ended March 31, 2024 and 2023, respectively.

[3] Net of income tax (benefit) expense of $(1) million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

[4] Net of income tax expense of $4 million and $9 million for the three months ended March 31, 2024 and 2023, respectively.

[5] Net of income tax expense (benefit) of $24 million and $(27) million for the three months ended March 31, 2024 and 2023, respectively.

[6] Net of income tax expense of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

[7] Net of income tax benefit of $5 million and $11 million for the three months ended March 31, 2024 and 2023, respectively.

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on investments and other financial instruments, tax expense		$ 88
Unrealized gain on investments in unconsolidated affiliates, tax expense	$ 4	3
Unrealized loss on foreign currency translation, tax benefit	(1)	1
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax expense	4	9
Changes in current discount rate - future policy benefits , tax expense (benefit)	24	(27)
Changes in instrument-specific credit risk - market risk benefits, tax expense	1	2
Other comprehensive loss attributable to non-controlling interest, tax (benefit)	$ 5	$ 11

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total		Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock	Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			328,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2022							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)						$ (4)
Purchase of incremental share in consolidated subsidiaries	(20)			(12)				(8)
Other comprehensive loss - unrealized loss on investments and other financial instruments	349					349
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	11	[1]				11
Other comprehensive loss - unrealized loss on foreign currency translation	1	[2]				1
Reclassification adjustments for change in unrealized gains and losses included in net earnings	35	[3]				35
Change in instrument-specific credit risk - market risk benefits	7	[4]				7
Change in current discount rate — liability for future policy benefits	(100)	[5]				(100)
Other comprehensive income (loss) associated with noncontrolling interests	(43)	[6]				(43)		43
Stock-based compensation	13			13
Dividends declared, per common share	(122)				(122)
Subsidiary dividends declared to non-controlling interests	(3)							(3)
Net earnings (loss)	(88)				(59)			(29)
Ending balance (in shares) at Mar. 31, 2023			328,000,000
Ending balance, Treasury stock (in shares) at Mar. 31, 2023							55,000,000
Ending balance at Mar. 31, 2023	$ 6,648		$ 0	5,871	5,044	(2,610)	$ (2,113)	456
Beginning balance (in shares) at Dec. 31, 2023			329,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2023	55,934,467						56,000,000
Beginning balance at Dec. 31, 2023	$ 7,460		$ 0	5,913	5,244	(2,119)	$ (2,130)	552
Increase (Decrease) in Stockholders' Equity [Roll Forward]
NCI associated with current period acquisitions	136							136
Purchase of incremental share in consolidated subsidiaries	(7)			(4)				(3)
Exercise of stock options	1			1
Other comprehensive loss - unrealized loss on investments and other financial instruments	(5)					(5)
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates	13	[1]				13
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	13	[3]				13
Change in instrument-specific credit risk - market risk benefits	1	[4]				1
Change in current discount rate — liability for future policy benefits	91	[5]				91
Other comprehensive income (loss) associated with noncontrolling interests	(17)	[6]		(1)		(17)		18
Stock-based compensation	16			15				1
Shares withheld for taxes and in treasury	(7)						$ (1)	(6)
Dividends declared, per common share	(131)				(131)
Subsidiary dividends declared to non-controlling interests	(7)							(7)
Net earnings (loss)	$ 269				248			21
Ending balance (in shares) at Mar. 31, 2024			329,000,000
Ending balance, Treasury stock (in shares) at Mar. 31, 2024	55,968,232						56,000,000
Ending balance at Mar. 31, 2024	$ 7,837		$ 0	$ 5,924	$ 5,361	$ (2,029)	$ (2,131)	$ 712

[1] Net of income tax expense of $4 million and $3 million for the three months ended March 31, 2024 and 2023, respectively.

[2] Net of income tax (benefit) expense of $(1) million and less than $1 million for the three months ended March 31, 2024 and 2023, respectively.

[3] Net of income tax expense of $4 million and $9 million for the three months ended March 31, 2024 and 2023, respectively.

[4] Net of income tax expense of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively.

[5] Net of income tax expense (benefit) of $24 million and $(27) million for the three months ended March 31, 2024 and 2023, respectively.

[6] Net of income tax benefit of $5 million and $11 million for the three months ended March 31, 2024 and 2023, respectively.

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividend per common share (in dollars per share)	$ 0.48	$ 0.45

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net earnings (loss)	$ 269	$ (88)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	167	134
Equity in earnings of unconsolidated affiliates	(1)	0
(Gain) loss on sales of investments and other assets and asset impairments, net	(25)	213
Interest credited/index credits to contractholder account balances	513	542
Change in market risk benefits, net	(11)	60
Deferred policy acquisition costs and deferred sales inducements	(311)	(251)
Charges assessed to contractholders for mortality and admin	(66)	(58)
Non-cash lease costs	33	35
Operating lease payments	(38)	(39)
Distributions from unconsolidated affiliates, return on investment	19	36
Stock-based compensation cost	16	14
Change in NAV of limited partnerships, net	(49)	(57)
Change in valuation of derivatives, equity and preferred securities, net	(254)	(216)
Changes in assets and liabilities, net of effects from acquisitions:
Change in insurance recoverable	(22)	(79)
Change in future policy benefits	505	224
Change in funds withheld from reinsurers	940	1,124
Net decrease in trade receivables	8	45
Net decrease in reserve for title claim losses	(24)	(19)
Net change in income taxes	33	(28)
Net change in other assets and other liabilities	(111)	(174)
Net cash provided by operating activities	1,591	1,418
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	1,783	1,091
Additions to property and equipment, capitalized software and title plants	(35)	(34)
Purchases of investment securities	(3,819)	(4,077)
Net proceeds from sales and maturities of short-term investment securities	1,473	1,249
Additions to notes receivable	(3)	(4)
Collections of notes receivable	25	0
Acquisitions and dispositions	(284)	(273)
Additional investments in unconsolidated affiliates	(272)	(327)
Distributions from unconsolidated affiliates, return of investment	36	90
Net cash used in investing activities	(1,096)	(2,285)
Cash flows from financing activities:
Borrowings	7	500
Debt costs/equity issuance additions	(5)	(10)
F&G Credit Agreement repayments, net	0	(35)
Dividends paid	(130)	(122)
Subsidiary dividends paid to non-controlling interest shareholders	(7)	(7)
Exercise of stock options	1	0
Additional investment in consolidated subsidiary	(7)	(20)
Net change in secured trust deposits	(38)	(61)
Payment of contingent consideration for prior period acquisitions	(5)	(2)
Contractholder account deposits	1,929	2,115
Contractholder account withdrawals	(1,483)	(950)
Purchases of treasury stock	0	(6)
Cash remitted for withholding taxes on share-based compensation	(7)	0
Net cash provided by financing activities	255	1,402
Net increase in cash and cash equivalents	750	535
Cash and cash equivalents at beginning of period	2,767	2,286
Cash and cash equivalents at end of period	$ 3,517	$ 2,821

XML

Basis of Financial Statements

3 Months Ended

Mar. 31, 2024

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, 2023.

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

Successful Completion of Consent Solicitation

On April 23, 2024, we announced the successful completion of consent solicitations of the holders of each of our 4.500% Senior Notes due 2028 (the “2028 Notes”), 3.400% Senior Notes due 2030 (the “2030 Notes”), 2.450% Senior Notes due 2031 (the “2031 Notes”) and 3.200% Senior Notes due 2051 (the “2051 Notes” and, collectively with the 2028 Notes, 2030 Notes and the 2031 Notes, the “Notes”; and each a “series of Notes”) to effect a certain amendment (the “Proposed Amendment”) to the indenture governing the Notes (the “Indenture”) with respect to each series of Notes, as described below.

As of 5:00 p.m., New York City time, on April 22, 2024 (the “Expiration Time”), we had received consents from a majority in principal amount of each series of Notes outstanding for the adoption of the proposed amendment to the Indenture. Each of the consent solicitations was made pursuant to the consent solicitation statement, dated April 16, 2024 (the “Consent Solicitation Statement”). A supplemental indenture giving effect to the Proposed Amendment with respect to each series of Notes was executed promptly. Upon its execution, the supplemental indenture is effective and constitutes a binding agreement between the Company and the trustee.

Immediately prior to the consummation of our redomestication, by conversion, from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada (the “Redomestication”), we will pay holders of each series of Notes who validly delivered their consents at or prior to the Expiration Time (and did not validly revoke such consents) the Consent Fee described in the Consent Solicitation Statement. No Consent Fee will be paid with respect to a series of Notes if any of the consent solicitations are terminated prior to the proposed amendment becoming effective or if we abandon the Redomestication or if the Redomestication is not completed for any reason whatsoever. We are not required to consummate the Redomestication even if we have received the requisite consents for the Notes and the approval of our shareholders to the Redomestication. If the Redomestication is abandoned prior to consummation or otherwise not completed for any reason whatsoever (including, without limitation, because we determine to effect a redomestication by way of merger or otherwise), or the conditions to the consent solicitations are not satisfied or waived, then no Consent Fee shall be payable and the Proposed Amendment contained in the supplemental indenture described above will not become operative.

Amendment to our Revolving Credit Facility

On February 16, 2024, we entered into a Sixth Amended and Restated Credit Agreement for our $800 million revolving credit facility (the "Amended Revolving Credit Facility") with Bank of America, N.A., as administrative agent and other agents party thereto (the "Sixth Restated Credit Agreement"). Among other changes, the Sixth Amended and Restated Credit Agreement amends the Revolving Credit Facility to extend the maturity date from October 29, 2025, to February 16, 2029. For further information related to the Amended Revolving Credit Facility and the Sixth Restated Credit Agreement refer to Note G Notes Payable in our Annual Report on Form 10-K for the year ended December 31, 2023.

Amendment to the F&G Credit Agreement

On February 16, 2024, we entered into a Second Amended and Restated F&G Credit Agreement of our $665 million credit agreement, with the guarantors party thereto, the financial institutions party thereto as lenders, and Bank of America, N.A., as administrative agent, swing line lender and an issuing bank (the "Second Amended and Restated F&G Credit Agreement"). Among other changes, the Second Amended and Restated F&G Credit Agreement amends the Amended F&G Credit Agreement to extend the maturity date and increase the aggregate principal amount of commitments under the revolving credit facility to $750 million. For more information related to the Second Amended and Restated F&G Credit Agreement refer to Note G Notes Payable in our Annual Report on Form 10-K for the year ended December 31, 2023.

Acquisition of Roar

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar Joint Venture, LLC ("Roar"). Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents. Total initial consideration is comprised of cash of $269 million and $48 million of contingent consideration. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to $90 million over a three year period upon the achievement by Roar of certain earnings before interest, taxes, depreciation and amortization ("EBITDA") milestones. For further information related to the acquisition of Roar, refer to Note N Acquisitions.

Investment of $250 million in F&G

On January 12, 2024, we completed a $250 million preferred stock investment in F&G. F&G will use the net proceeds from the investment to support growth of its assets under management.

Under the terms of the agreement, we have agreed to invest $250 million in exchange for 5 million shares of F&G's 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 per share (the "Mandatory Convertible Preferred Stock"). Each share of Mandatory Convertible Preferred Stock will have a liquidation preference of $50.00 per share. Unless earlier converted at the option of the holder, each outstanding share of the Mandatory Convertible Preferred Stock will automatically convert into shares of common stock of F&G on January 15, 2027 (the "Mandatory Conversion Date"). Upon conversion on the Mandatory Conversion Date, the conversion rate for each share of the Mandatory Convertible Preferred Stock will be no more than 1.1111 shares of common stock and no less than 0.9456 shares of common stock per share of Mandatory Convertible Preferred Stock, depending on the value of F&G's common stock. The preferred stock investment in F&G eliminates upon consolidation.

Income Tax

Income tax expense was $63 million and $14 million in the three months ended March 31, 2024 and 2023, respectively. Income tax expense as a percentage of earnings (loss) before income taxes was 19% and (19)% in the three months ended March 31, 2024 and 2023, respectively. The increase in income tax expense as a percentage of earnings (loss) before taxes in the three months ended March 31, 2024 as compared to the corresponding period in 2023 is primarily attributable to the 2023 period having income tax expense, due to a valuation allowance increase, despite there being a 2023 pre-tax loss.

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Operations, 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 months ended March 31, 2024 and 2023.

Unconsolidated Owned Distribution Investments

For the three months ended March 31, 2024 and 2023, we paid approximately $50 million and $37 million, respectively, in commissions on sales through our unconsolidated funded owned distribution investments and their affiliates, with the acquisition expense deferred and amortized in Depreciation and amortization on the accompanying unaudited Condensed Consolidated Statements of Operations.

Recent Accounting Pronouncements

Adopted Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-02, Accounting for Investments in Tax Credit Structure Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. We adopted this standard on January 1, 2024, as required, and there was no material impact to our unaudited Condensed Consolidated Financial Statements.

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. We adopted this standard as of January 1, 2024, and it did not have a material impact on our Consolidated Financial Statements and related disclosures upon adoption.

Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements. The significant segment expense and other segment item amounts disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this update are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, and the updates must be applied retrospectively to all periods presented in the financial statements. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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Summary of Reserve for Title Claim Losses

3 Months Ended

Mar. 31, 2024

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:

	Three months ended March 31,
	2024			2023
	(In millions)
Beginning balance	$	1,770		$	1,810
Change in insurance recoverable	—			—
Claim loss provision related to:
Current year	46			43
Total title claim loss provision	46			43
Claims paid, net of recoupments related to:
Current year	(2)			(1)
Prior years	(68)			(61)
Total title claims paid, net of recoupments	(70)			(62)
Ending balance of claim loss reserve for title insurance	$	1,746		$	1,791
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into 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, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and 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 barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies. Some of the non-joining 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), and appellate oral argument is expected to be held later this year.

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 Matters

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re file financial statements with state insurance regulatory authorities and, with the exception of Raven Re, with 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.

Our non-U.S. insurance subsidiaries, F&G Life Re Ltd (Bermuda) and F&G Cayman Re Ltd (“F&G Cayman Re”), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries as of March 31, 2024 and December 31, 2023, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
Statutory net income (loss):
For the three months ended March 31, 2024	$	—	$	2	$	15	$	(134)
For the three months ended March 31, 2023	(3)		1		14		—
Statutory capital and surplus:
March 31, 2024	$	1,940	$	89	$	155	$	156
December 31, 2023	2,009		86		140		171

(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together. Corbeau Re was incorporated on September 1, 2023.

Non-U.S. Companies

Net income and capital and surplus of our wholly owned Bermuda and Cayman Islands regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
Statutory net income (loss):
For the three months ended March 31, 2024	$	(31)	$	49
For the three months ended March 31, 2023	35		68
Statutory capital and surplus:
March 31, 2024	$	143	$	61
December 31, 2023	114		11

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2024.

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

3 Months Ended

Mar. 31, 2024

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 three-level 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 inquires quarterly with the general partner to determine whether any credit or other market events have occurred since prior period financial statements to ensure any material events are properly included in current period 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 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:

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,517	$	—	$	—	$	—	$	3,517
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,379		7,736		—		15,115
Commercial mortgage-backed securities	—		4,806		12		—		4,818
Corporates	25		16,762		2,184		—		18,971
Hybrids	99		534		—		—		633
Municipals	—		1,529		18		—		1,547
Residential mortgage-backed securities	—		2,460		4		—		2,464
U.S. Government	682		16		—		—		698
Foreign Governments	—		315		5		—		320
Short term investments	637		—		9		—		646
Preferred securities	192		342		8		—		542
Equity securities	720		—		14		59		793
Derivative investments	—		1,015		9		—		1,024
Investment in unconsolidated affiliates	—		—		343		—		343
Reinsurance related embedded derivative, included in other assets	—		134		—		—		134
Market risk benefits asset	—		—		95		—		95
Other long-term investments	—		—		39		—		39
Total financial assets at fair value	$	5,872	$	35,292	$	10,476	$	59	$	51,699
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	—		—		4,679		—		4,679
Interest rate swaps	—		—		19		—		19
Call options	3		—		—		—		3
Contingent consideration obligation	—		—		57		—		57
Market risk benefits liability	—		—		425		—		425
Total financial liabilities at fair value	$	3	$	—	$	5,180	$	—	$	5,183

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,767	$	—	$	—	$	—	$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,220		7,122		—		14,342
Commercial mortgage-backed securities	—		4,457		18		—		4,475
Corporates	25		15,892		1,979		—		17,896
Hybrids	95		523		—		—		618
Municipals	—		1,562		49		—		1,611
Residential mortgage-backed securities	—		2,426		3		—		2,429
U.S. Government	662		16		—		—		678
Foreign Governments	—		308		16		—		324
Short term investments	2,111		8		—		—		2,119
Preferred securities	214		399		8		—		621
Equity securities	692		—		15		59		766
Derivative investments	—		740		57		—		797
Investment in unconsolidated affiliates	—		—		285		—		285
Reinsurance related embedded derivative, included in other assets	—		152		—		—		152
Market risk benefits asset	—		—		88		—		88
Other long-term investments	—		—		37		—		37
Total financial assets at fair value	$	6,566	$	33,703	$	9,677	$	59	$	50,005
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in contractholder funds	—		—		4,258		—		4,258
Market risk benefits liability	—		—		403		—		403
Derivative instruments - futures contracts	1		—		—				1
Total financial liabilities at fair value	$	1	$	—	$	4,661	$	—	$	4,662

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 March 31, 2024 or December 31, 2023.

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

Derivative Financial Instruments

Our call options, futures contracts, and interest rate swaps can either be exchange traded or over the counter. Exchange traded derivatives typically fall within Level 1 of the fair value hierarchy if there is active trading activity. Two methods are used to value over-the-counter derivatives. When required inputs are available, certain derivatives are valued using valuation pricing models, which represent what we would expect to receive or pay at the balance sheet date if we cancelled or exercised the derivative, or entered into offsetting positions. Valuation models require a variety of inputs, which include the use of market-observable inputs, including interest rate, yield curve volatilities, and other factors. These over-the-counter derivatives are typically classified within Level 2 of the fair value hierarchy as the majority trade in liquid markets, we can verify model inputs and model selection does not involve significant management judgment. When inputs aren’t available for valuation models, certain over-the-counter derivatives are valued using independent broker quotes, which are based on unobservable market data and classified within Level 3.

The fair value of the reinsurance-related embedded derivatives in our funds withheld reinsurance agreements 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.

The fair value measurement of the indexed annuities/indexed universal life ("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 March 31, 2024 and December 31, 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.

Investments in Unconsolidated affiliates

We have elected the fair value option (“FVO”) 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 either a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies, or an adjusted transaction value, which contemplates measures such as EBITDA margins, revenue growth over certain time periods, growth opportunities and marketability. The fair values are 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.

Contingent Consideration

The contingent consideration liability is measured at fair value using a discounted cash flow model applied using a Monte Carlo simulation of estimated EBITDA at each measurement period and for each simulated path relative to contractual EBITDA milestones. The Monte Carlo simulation utilizes a risk-adjusted discount rate, volatility assumption, and risk-free rates to assess the probability Roar's EBITDA trajectory reaches required milestones for the earn out payments to be made. The discounted cash flow approach applies a company-specific discount rate based on F&G credit profile to future expected earn out payments to calculate the estimated fair value based on the average outcome from the simulation. See further discussion on the contingent consideration in Note N - Acquisitions.

Market Risk Benefits

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 O - 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 March 31, 2024 and December 31, 2023, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follow:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2024
	(In millions)				March 31, 2024
Assets
Asset-backed securities	$	89	Third-Party Valuation	Discount Rate	5.27% - 6.54% (6.03%)
Commercial mortgage-backed securities	1		Third-Party Valuation	Discount Rate	6.90% - 7.84% (7.22%)
Corporates	4		Discounted Cash Flow	Discount Rate	43.75% - 100.00% (57.07%)
Corporates	760		Third-Party Valuation	Discount Rate	4.16% - 12.87% (7.06%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.64% - 5.64% (5.64%)
Foreign Governments	5		Third-Party Valuation	Discount Rate	6.77% - 6.77% (6.77%)
Investment in unconsolidated affiliates	343		Market Comparable Company Analysis	EBITDA Multiple	14.1x - 20.2x (16x)
			Adjusted Transaction Value	N/A	N/A
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Discounted Cash Flow	Discount rate	10.90% - 10.90% (10.90%)
			Market Comparable Company Analysis	EBITDA multiple	6x - 6x (6x)
Other long-term investments:
Available-for-sale embedded derivative	30		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Market risk benefits asset	95		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,338
Liabilities
Derivative investments:
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	$	4,679	Discounted Cash Flow	Market Value of Option	0.00% - 24.11% (3.52%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.80%)
				Partial Withdrawals	2.00% - 35.71% (2.74%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				Option Cost	0.07% - 5.70% (2.47%)
Contingent consideration	57		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty-Discount Rate	7.00% - 7.00% (7.00%)

Market risk benefits liability	425		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value (a)	$	5,161

(a) Assets of $9,138 million and liabilities of $19 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2023
	(In millions)				December 31, 2023
Assets
Asset-backed securities	$	57	Third-Party Valuation	Discount Rate	5.09% - 6.95% (6.00%)
Corporates	787		Third-Party Valuation	Discount Rate	0.00% - 12.87% (6.91%)
Corporates	8		Discounted Cash Flow	Discount Rate	44.00% - 100.00%  (75.20%)
Municipals	32		Third-Party Valuation	Discount Rate	6.25% - 6.25% (6.25%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.46% - 5.46% (5.46%)
Foreign Governments	16		Third-Party Valuation	Discount Rate	6.94% - 7.68% (7.45%)
Investment in unconsolidated affiliates	285		Market Comparable Company Analysis	EBITDA Multiple	4.4x - 31.8x (23.2x)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	7		Discounted Cash Flow	Discount rate	11.50% - 11.50% (11.50%)
Other long-term investments:
Available-for-sale embedded derivative	28		Black Scholes Model	Market Value of Fund	100.00%
Market risk benefits asset	88		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	—% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,312
Liabilities
Derivatives
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		Discounted Cash Flow	Market Value of Option	0.00% - 18.93% (2.63%)
				Swap rates	3.84% - 5.26% (4.55%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.83%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				Option cost	0.07% - 5.48% (2.38%)
Market risk benefits liability	403		Discounted Cash Flow	Mortality	100.00%- 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	0.00% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value	$	4,661

(a) Assets of $8,365 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the table above.

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 months ended March 31, 2024 and 2023. 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 March 31, 2024
	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	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		200		—		288		—		(67)		—		4,679		—
Interest rate swaps	—		19		—		—		—		—		—		19		—
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O- Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N - Acquisitions for more information.

	Three months ended March 31, 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	$	(8)	$	18	$	416	$	(83)	$	(235)	$	(71)	$	6,300	$	18
Commercial mortgage-backed securities	37		—		1		12		—		—		(21)		29		1
Corporates	1,440		(1)		(23)		133		—		(5)		—		1,544		(23)
Municipals	29		—		3		—		—		—		—		32		3
Residential mortgage-backed securities	302		1		8		8		—		(8)		(299)		12		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		84		—		—		—		107		—
Short term investments	—		—		—		23		—		—		—		23		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		—		—		—		11		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		2		—		—		—		—		25		2
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(8)	$	9	$	677	$	(83)	$	(250)	$	(391)	$	8,123	$	9
Market risk benefits asset (b)	117														106
Total Level 3 assets at fair value	$	8,286													$	8,229
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds	3,115		385		—		96		—		(27)		—		3,569		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	385	$	—	$	96	$	—	$	(27)	$	—	$	3,569	$	—
Market risk benefits liability (b)	282														324
Total Level 3 liabilities at fair value	$	3,397													$	3,893

(a)The net transfers out of Level 3 during the three months ended March 31, 2023 were to Level 2.

(b)Refer to Note O - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

.

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. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner typically on a one to three-month delay. 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 $265 million and $263 million as of March 31, 2024 and December 31, 2023, 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 (indexed annuities and fixed rate annuities), IUL policies, funding agreements and pension risk transfers ("PRT") and immediate annuity contracts without life contingencies. The indexed annuities/IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the deferred annuities (indexed annuities and fixed rate annuities) and IUL contracts is based on their cash surrender value (i.e., the 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 and PRT 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 is carried at cost, which approximates fair value. The carrying amount of FHLB common stock represents the value it can be sold back to the FHLB and is classified as Level 2 within the hierarchy.

Debt

The fair value of debt, with the exception of the F&G Credit Agreement 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.

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,229		—		2,229		2,550
Residential mortgage loans	—		—		2,590		—		2,590		2,890
Investments in unconsolidated affiliates	—		—		6		3,018		3,024		3,024
Policy loans	—		—		78		—		78		78
Other invested assets	23		—		—		42		65		65
Company-owned life insurance	—		—		415		—		415		415
Trade and notes receivables, net of allowance	—		—		409		—		409		409
Total	$	23	$	138	$	5,727	$	3,060	$	8,948	$	9,569
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	41,488	$	—	$	41,488	$	46,194
Debt	—		3,561		—		—		3,561		3,884
Total	$	—	$	3,561	$	41,488	$	—	$	45,049	$	50,078

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,253		—		2,253		2,538
Residential mortgage loans	—		—		2,545		—		2,545		2,798
Investments in unconsolidated affiliates	—		—		7		2,779		2,786		2,786
Policy loans	—		—		71		—		71		71
Other invested assets	17		—		—		42		59		59
Company-owned life insurance	—		—		397		—		397		397
Trade and notes receivables, net of allowance	—		—		442		—		442		442
Total	$	17	$	138	$	5,715	$	2,821	$	8,691	$	9,229
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	40,229	$	—	$	40,229	$	44,540
Debt	—		3,568		—		—		3,568		3,887
Total	$	—	$	3,568	$	40,229	$	—	$	43,797	$	48,427

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

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Our fixed maturity securities investments 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 in Accumulated Other Comprehensive Income ("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 (loss). The Company’s consolidated investments at March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,254	$	(11)	$	280	$	(408)	$	15,115
Commercial mortgage-backed securities	5,040		(21)		38		(239)		4,818
Corporates	21,430		(7)		133		(2,585)		18,971
Hybrids	667		—		4		(38)		633
Municipals	1,773		—		11		(237)		1,547
Residential mortgage-backed securities	2,550		(1)		31		(116)		2,464
U.S. Government	706		—		3		(11)		698
Foreign Governments	369		—		—		(49)		320
Total available-for-sale securities	$	47,789	$	(40)	$	500	$	(3,683)	$	44,566

	December 31, 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	$	14,631	$	(11)	$	191	$	(469)	$	14,342
Commercial mortgage-backed/asset-backed securities	4,797		(22)		23		(323)		4,475
Corporates	20,133		(6)		186		(2,417)		17,896
Hybrids	668		—		3		(53)		618
Municipals	1,826		—		14		(229)		1,611
Residential mortgage-backed securities	2,507		(3)		29		(104)		2,429
U.S. Government	679		—		8		(9)		678
Foreign Governments	365		—		3		(44)		324
Total available-for-sale securities	$	45,606	$	(42)	$	457	$	(3,648)	$	42,373

Securities held on deposit with various state regulatory authorities had a fair value of $145 million and $141 million at March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, the Company held $69 million and $47 million, respectively, that were non-income producing for a period greater than twelve months.

As of March 31, 2024 and December 31, 2023, the Company's accrued interest receivable balance was $516 million and $481 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 $4,518 million and $4,345 million as of March 31, 2024 and December 31, 2023, 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 because issuers may have the right to call or prepay obligations.

	March 31, 2024				December 31, 2023
	(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	$	709	$	691	$	703	$	687
Due after one year through five years	4,765		4,643		4,320		4,209
Due after five years through ten years	3,940		3,770		3,195		3,048
Due after ten years	15,531		13,065		15,453		13,183
Subtotal	24,945		22,169		23,671		21,127
Other securities, which provide for periodic payments:
Asset-backed securities	15,254		15,115		14,631		14,342
Commercial mortgage-backed securities	5,040		4,818		4,797		4,475
Residential mortgage-backed securities	2,550		2,464		2,507		2,429
Subtotal	22,844		22,397		21,935		21,246
Total fixed maturity available-for-sale securities	$	47,789	$	44,566	$	45,606	$	42,373

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 Operations, 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 because 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 are 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 Operations. 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 Operations. The remainder of unrealized loss is held in AOCI. As of March 31, 2024 and December 31, 2023, our allowance for expected credit losses for AFS securities was $40 million and $42 million, respectively.

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 March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
	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	$	1,558	$	(41)	$	4,568	$	(358)	$	6,126	$	(399)
Commercial mortgage-backed securities	470		(8)		2,048		(203)		2,518		(211)
Corporates	3,645		(136)		11,062		(2,449)		14,707		(2,585)
Hybrids	71		(2)		464		(36)		535		(38)
Municipals	340		(51)		935		(186)		1,275		(237)
Residential mortgage-backed securities	507		(9)		687		(99)		1,194		(108)
U.S. Government	337		(2)		147		(9)		484		(11)
Foreign Government	42		(2)		187		(46)		229		(48)
Total available-for-sale securities	$	6,970	$	(251)	$	20,098	$	(3,386)	$	27,068	$	(3,637)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,371
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,775
Total number of available-for-sale securities in an unrealized loss position											4,146

	December 31, 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	$	1,707	$	(56)	$	5,835	$	(404)	$	7,542	$	(460)
Commercial mortgage-backed securities	819		(53)		1,922		(235)		2,741		(288)
Corporates	2,387		(134)		10,739		(2,283)		13,126		(2,417)
Hybrids	60		(2)		483		(51)		543		(53)
Municipals	399		(49)		920		(179)		1,319		(228)
Residential mortgage-backed securities	336		(5)		662		(89)		998		(94)
U.S. Government	84		—		159		(9)		243		(9)
Foreign Government	49		(3)		188		(41)		237		(44)
Total available-for-sale securities	$	5,841	$	(302)	$	20,908	$	(3,291)	$	26,749	$	(3,593)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,846
Total number of available-for-sale securities in an unrealized loss position											3,881

The increase in unrealized losses as of March 31, 2024, compared to December 31, 2023, was caused by higher treasury rates compared to those at the time of the F&G acquisition or purchase of the security if later. For securities in an unrealized loss position as of March 31, 2024, our allowance for expected credit loss was $40 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2024 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 5% of our total investments as of March 31, 2024 and December 31, 2023. 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:

	March 31, 2024				December 31, 2023
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	617		24	%	616		24	%
Mixed Use	11		—	%	11		—	%
Multifamily	1,012		39	%	1,012		40	%
Office	315		13	%	316		13	%
Retail	101		4	%	102		4	%
Student Housing	83		3	%	83		3	%
Other	406		16	%	392		15	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538
U.S. Region:
East North Central	$	104	4	%	$	151	6	%
East South Central	75		3	%	75		3	%
Middle Atlantic	354		14	%	354		14	%
Mountain	386		15	%	352		14	%
New England	92		3	%	168		6	%
Pacific	765		30	%	766		30	%
South Atlantic	618		24	%	563		22	%
West North Central	21		1	%	4		—	%
West South Central	148		6	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538

CMLs segregated by aging of the loans and charge offs (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	3	$	3

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

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 March 31, 2024 and December 31, 2023:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2024	(In millions)
LTV Ratios:
Less than 50.00%	$	479	$	—	$	14	$	493	19	%	$	477	21	%
50.00% to 59.99%	864		—		—		864		34	%	754		34	%
60.00% to 74.99%	1,134		57		—		1,191		46	%	983		44	%
75.00% to 84.99%	—		6		9		15		1	%	15		1	%
CMLs	$	2,477	$	63	$	23	$	2,563	100	%	$	2,229	100	%
December 31, 2023
LTV Ratios:
Less than 50.00%	$	519	$	4	$	10	$	533	21	%	$	510	23	%
50.00% to 59.99%	764		—		—		764		30	%	679		30	%
60.00% to 74.99%	1,160		56		—		1,216		48	%	1,028		46	%
75.00% to 84.99%	—		6		9		15		1	%	14		1	%
CMLs (a)	$	2,443	$	66	$	19	$	2,528	100	%	$	2,231	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	35	$	86	$	17	$	77	$	156	$	122	$	493
50.00% to 59.99%	—		53		149		292		235		135		864
60.00% to 74.99%	—		69		113		887		122		—		1,191
75.00% to 84.99%	—		6		9		—		—		—		15
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
Commercial mortgages
DSCR
Greater than 1.25x	$	35	$	154	$	276	$	1,256	$	513	$	243	$	2,477
1.00x - 1.25x	—		60		3		—		—		—		63
Less than 1.00x	—		—		9		—		—		14		23
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2018		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	85	$	17	$	77	$	232	$	—	$	122	$	533
50.00% to 59.99%	53		149		267		158		—		137		764
60.00% to 74.99%	69		113		912		122		—		—		1,216
75.00% to 84.99%	6		9		—		—		—		—		15
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
Commercial mortgages
DSCR
Greater than 1.25x	$	154	$	276	$	1,256	$	512	$	—	$	245	$	2,443
1.00x - 1.25x	59		3		—		—		—		4		66
Less than 1.00x	—		9		—		—		—		10		19
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At March 31, 2024 and December 31, 2023, we had no CMLs that were delinquent in principal or interest payments as shown in the risk rating exposure table above.

Residential Mortgage Loans

Residential mortgage loans (“RMLs”) represented approximately 5% of our total investments as of March 31, 2024 and December 31, 2023. 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:

	March 31, 2024
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	164	5	%
California	142		5	%
All other states (a)	2,638		90	%
Total RMLs, gross of valuation allowance	$	2,944	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,890

(a)     The individual concentration of each state is equal to or less than 5% as of March 31, 2024.

	December 31, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	163	6	%
New York	129		5	%
Texas	129		5	%
All other states (a)	2,431		84	%
Total RMLs, gross of valuation allowance	$	2,852	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,798

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2023.

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 March 31, 2024 and December 31, 2023, was as follows:

	March 31, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,878	98	%	$	2,795	98	%
Non-performing	66		2	%	57		2	%
Total RMLs, gross of valuation allowance	$	2,944	100	%	$	2,852	100	%
Allowance for expected loan loss	(54)		—	%	(54)		—	%
Total RMLs, net of valuation allowance	$	2,890	100	%	$	2,798	100	%

There were no charge offs recorded by RMLs during the three months ended March 31, 2024 or during the year ended December 31, 2023. RMLs segregated by aging of the loans (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	56	$	402	$	984	$	874	$	185	$	361	$	2,862
30-89 days past due	—		1		2		3		6		4		16
90 days or more past due	—		1		11		18		12		24		66
Total residential mortgages	$	56	$	404	$	997	$	895	$	203	$	389	$	2,944

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	373	$	985	$	854	$	192	$	183	$	192	$	2,779
30-89 days past due	—		4		7		3		—		2		16
90 days or more past due	—		6		16		13		21		1		57
Total residential mortgages	$	373	$	995	$	877	$	208	$	204	$	195	$	2,852

    Non-accrual loans by amortized cost as of March 31, 2024 and December 31, 2023, were as follows:

	March 31, 2024		December 31, 2023
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	66	$	57
Commercial mortgage:	—		—
Total non-accrual mortgages	$	66	$	57

    

Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2024 and March 31, 2023.

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 March 31, 2024 and December 31, 2023, we had $66 million and $57 million, respectively, of mortgage loans that were over 90 days past due, of which $58 million and $41 million were in the process of foreclosure as of March 31, 2024 and December 31, 2023, 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 Operations.

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

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	54	$	12	$	66
Provision for loan losses	—		1		1
Ending Balance	$	54	$	13	$	67

	Three months ended March 31, 2023
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	32	$	10	$	42
Provision for loan losses	16		2		18
Ending Balance	$	48	$	12	$	60

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 for the three months ended March 31, 2024 and March 31, 2023.

Interest and Investment Income

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Fixed maturity securities, available-for-sale	$	534	$	447
Equity securities	10		8
Preferred securities	8		13
Mortgage loans	66		51
Invested cash and short-term investments	47		33
Limited partnerships	54		57
Tax deferred property exchange income	32		45
Other investments	29		19
Gross investment income	780		673
Investment expense	(70)		(62)
Interest and investment income	$	710	$	611

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 $127 million and $58 million for the three months ended March 31, 2024 and March 31, 2023, respectively.

Recognized Gains and Losses, Net

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net realized (losses) on fixed maturity available-for-sale securities	$	(19)	$	(50)
Net realized/unrealized gains on equity securities (1)	54		33
Net realized/unrealized gains (losses) on preferred securities (2)	16		(10)
Net realized/unrealized gains (losses) on other invested assets	60		(5)
Change in allowance for expected credit losses	—		(4)
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	21		(89)
Unrealized gains on certain derivative instruments	156		147
Change in fair value of reinsurance related embedded derivatives (3)	(18)		(19)
Change in fair value of other derivatives and embedded derivatives	5		2
Realized gains on derivatives and embedded derivatives	164		41
Recognized gains and losses, net	$	275	$	5

(1) Includes net valuation gains of $22 million and $46 million for the three months ended March 31, 2024 and 2023, respectively.

(2) Includes net valuation gains of $15 million and $35 million for the three months ended March 31, 2024 and 2023, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements, which are passed along to the reinsurer in accordance with the terms of these agreements. Recognized losses attributable to these agreements, and thus excluded from the totals in the table above, was $19 million and $22 million for the three months ended March 31, 2024 and March 31, 2023, 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
	March 31, 2024		March 31, 2023
	(In millions)
Proceeds	$	583	$	489
Gross gains	6		1
Gross losses	(25)		(51)

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 loss exposure 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 March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	3,367	$	5,733	$	3,071	$	4,806
Fixed maturity securities	21,991		23,442		20,837		22,346
Total unconsolidated VIE investments	$	25,358	$	29,175	$	23,908	$	27,152

Concentrations

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

	March 31, 2024
	(In millions)
Blackstone Wave Asset Holdco (1)	$	733
(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

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

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

	March 31, 2024		December 31, 2023
Assets:	(In millions)
Derivative investments:
Call options	$	1,015	$	739
Interest rate swaps	9		57
Foreign currency forward	—		1
Other long-term investments:
Other embedded derivatives	30		28
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	134		152
Total	$	1,188	$	977

Liabilities:
Contractholder funds:
Indexed annuities/IUL embedded derivatives	$	4,679	$	4,258
Accounts payable and accrued liabilities:
Interest rate swaps	19		—
Total	$	4,698	$	4,258

The change in fair value of derivative instruments included within Recognized gains and (losses), net in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net investment gains (losses):
Call options	$	250	$	55
Interest rate swaps	(80)		—
Futures contracts	6		5
Foreign currency forwards	3		(1)
Other derivatives and embedded derivatives	3		1
Reinsurance related embedded derivatives	(18)		(19)
Total net investment gains	$	164	$	41
Benefits and other changes in policy reserves:
Indexed annuities/IUL embedded derivatives increase	$	421	$	454

Additional Disclosures

See descriptions of the fair value methodologies used for derivative financial instruments in Note C - Fair Value of Financial Instruments.

Indexed Annuities/IUL Embedded Derivative, Call Options and Futures

We have indexed annuities 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 indexed annuities/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 Operations.

We purchase derivatives consisting of a combination of call options and futures contracts (specifically for indexed annuity contracts) on the applicable market indices to fund the index credits due to indexed annuity/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 indexed annuities/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 indexed annuities/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 Operations. 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 indexed annuities/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.

Interest Rate Swaps

We utilize interest rate swaps to reduce market risks from interest rate changes on our earnings associated with our floating rate investments. With an interest rate swap, we agree with another party to exchange the difference between fixed-rate and floating-rate interest amounts tied to an agreed upon notional principal at specified intervals. The interest rate swaps are marked to fair value with the change in fair value, including accrued interest and related periodic cash flows received or paid, included as a component of Recognized gains and (losses), net, in the accompanying unaudited Condensed Consolidated Statements of Operations.

Reinsurance Related Embedded Derivatives

F&G cedes certain business on a coinsurance funds withheld basis. Investment results for the assets that support the coinsurance that are segregated within the funds withheld account are passed directly to the reinsurer pursuant to the contractual terms of the reinsurance agreement, which creates embedded derivatives considered to be total return swaps. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The fair value of the total return swaps is based on the change in fair value of the underlying assets held in the funds withheld account. These 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 Operations.

Credit Risk

We are exposed to credit loss in the event of non-performance by our counterparties on the call options and interest rate swaps and reflect assumptions regarding this non-performance risk in the fair value of these derivatives. 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 and interest rate swaps we hold is presented in the following tables.

		March 31, 2024
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,340	$	132	$	93	$	39
Morgan Stanley	AA-/Aa3/A+	4,353		159		166		—
Barclay's Bank	A+/A1/A+	6,389		124		122		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,552		163		163		—
Wells Fargo	AA-/Aa2/A+	1,313		69		70		—
Goldman Sachs	A+/A1/A+	2,340		45		44		1
Credit Suisse	A+/A3/A+	16		1		1		—
Truist	A/A2/A	3,185		135		134		1
Citibank	A+/Aa3/A+	1,145		25		26		—
JP Morgan	AA/Aa2/A+	3,888		152		149		3
Total		$	32,521	$	1,005	$	968	$	46

		December 31, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,408	$	96	$	59	$	37
Morgan Stanley	AA-/Aa3/A+	3,466		102		116		—
Barclay's Bank	A+/A1/A+	6,236		102		100		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,983		147		148		—
Wells Fargo	AA-/Aa2/A+	1,443		58		60		—
Goldman Sachs	A+/A1/A+	1,919		45		45		—
Credit Suisse	A+/A3/A+	92		4		4		—
Truist	A+/A2/A	2,759		124		124		—
Citibank	A+/Aa3/A+	1,073		27		28		—
JP Morgan	AA/Aa2/A+	2,589		91		91		—
Total		$	29,968	$	796	$	775	$	39

(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 derivative 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 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 March 31, 2024 and December 31, 2023, counterparties posted $968 million and $775 million, respectively, of collateral of which $740 million and $588 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 derivatives failed completely to perform according to the terms of the contracts was $46 million at March 31, 2024 and $39 million at December 31, 2023.

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 379 and 439 futures contracts at March 31, 2024 and December 31, 2023, 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 at both March 31, 2024 and December 31, 2023.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

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 $10 million as of March 31, 2024 and December 31, 2023. 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.

F&G is a defendant in two putative class action lawsuits related to the alleged compromise of certain of F&G’s customers’ personal information resulting from an alleged vulnerability in the MOVEit file transfer software. F&G’s vendor, Pension Benefit Information, LLC (“PBI”), used the MOVEit software in the course of providing audit and address research services to F&G and many other corporate customers. Miller v. F&G, No. 4:23-cv-00326, was filed against F&G in the Southern District of Iowa on August 31, 2023. Miller alleges that he is an F&G customer whose information was impacted in the MOVEit incident and brings common law tort and implied contract claims. F&G has yet to be served in Miller. Plaintiff seeks injunctive relief and damages. Cooper v. Progress Software Corp., No. 1:23-cv-12067, was filed against F&G and five other defendants in the District of Massachusetts on September 7, 2023. F&G was served on September 15, 2023. Cooper also alleges that he is an F&G customer and brings similar common law tort claims and alleges claims as a purported third-party beneficiary of an alleged contract. Plaintiff seeks declaratory and injunctive relief and damages. At this time, F&G does not believe the incident will have a material impact on its business, operations, or financial results.

Well over 150 similar lawsuits have been filed against other entities impacted by the MOVEit incident including a number of such lawsuits related to PBI’s use of MOVEit. On October 4, 2023, the U.S. Judicial Panel on Multidistrict Litigation (JPML) created a multidistrict litigation (MDL) pursuant to 28 U.S.C. § 1407 to handle all litigation brought by individuals whose information was potentially compromised in connection with the alleged MOVEit vulnerability. The JPML assigned the MDL to Judge Allison Burroughs of the U.S. District Court for the District of Massachusetts, and following the creation of the MDL, Miller and Cooper were transferred to Judge Burroughs. On January 19, 2024, Judge Burroughs appointed Plaintiffs’ Leadership Team and issued its First Case Management Order. Following the filing of the parties’ Joint Submission Regarding Initial Proposed Case Schedule on February 16, 2024, and a status conference with the court on March 11, 2024, the parties’ continue to work to find a mutually agreeable way to structure proceedings. The court held a status conference on April 24, 2024, and Judge Burroughs issued the Case Management Order Regarding Brief CAFA, Arbitration, Class Waiver, and Article III Standing Issues setting the deadlines for briefing of all threshold issues to be completed by September 12, 2024.

In connection with the cybersecurity incident initially reported on November 21, 2023, the Company and/or its subsidiaries is a party to a consolidated putative nationwide class action, In Re: LoanCare Data Security Breach Litigation, Case No. 3:23cv1508, pending in the U.S. District Court for the Middle District of Florida and originating from the consolidation of putative class actions filed in the U.S. District Courts for the Middle District of Florida, the Central District of California, and the Western District of Missouri. On March 19, 2024, plaintiffs filed their consolidated class action complaint on behalf of a nationwide class, along with a California subclass and a Florida subclass, alleging common law tort and contract claims and certain state statutory claims. On April 17, 2024, the Company filed a motion to dismiss the consolidated complaint,

and briefing is ongoing. Because of the factual issues involved and the putative nature of the action for which a class or subclass has not been certified, the Company has not yet been able to assess the probability of loss or estimate the possible loss or the range of loss.

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 commitments as of March 31, 2024 based upon the timing of when investments and agreements are executed or signed compared to when the actual investments and agreements are funded or closed. Some investments require that funding occur over a period of months or years. A summary of unfunded commitments by commitment type as of March 31, 2024 is included below:

	March 31, 2024
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	2,366
Whole loans	678
Fixed maturity securities, ABS	341
Direct Lending	530
Other fixed maturity securities, AFS	11
Commercial mortgage loans	82
Other assets	173
Other invested assets	44
Total	$	4,225

Concurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan agreement matures 60 days following the third anniversary of the first advance date. There was no balance outstanding as of March 31, 2024 and the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item. Refer to Note N - Acquisitions for more information on the Roar acquisition.

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Dividends

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Dividends

Dividends

On May 8, 2024, our Board of Directors declared cash dividends of $0.48 per share, payable on June 28, 2024, to FNF common shareholders of record as of June 14, 2024.

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Segment Information

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Title premiums	$	1,033	$	—	$	—	$	—	$	1,033
Other revenues	484		741		56		—		1,281
Revenues from external customers	1,517		741		56		—		2,314
Interest and investment income, including recognized gains and losses, net	146		828		38		(27)		985
Total revenues	1,663		1,569		94		(27)		3,299
Depreciation and amortization	36		123		8		—		167
Interest expense	—		30		19		—		49
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

As of and for the three months ended March 31, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	978	$	—	$	—	$	978
Other revenues	471		365		44		880
Revenues from external customers	1,449		365		44		1,858
Interest and investment income, including recognized gains and losses, net	103		504		9		616
Total revenues	1,552		869		53		2,474
Depreciation and amortization	37		90		7		134
Interest expense	—		22		20		42
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	157		(203)		(28)		(74)
Income tax expense (benefit)	27		(8)		(5)		14
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	130		(195)		(23)		(88)
Net earnings (loss) from continuing operations	$	130	$	(195)	$	(23)	$	(88)
Assets	$	8,017	$	59,395	$	2,242	$	69,654
Goodwill	2,766		1,749		276		4,791

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.

•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 (indexed annuities 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.

•Elimination. This segment consists of the elimination of dividends paid from F&G to FNF, which are included in the Corporate and Other segment.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2024

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:

	Three months ended March 31,
	2024		2023
Cash paid for:	(In millions)
Interest	$	57	$	34
Income taxes	3		6
Deferred sales inducements	54		29
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(37)		41
Change in purchases of investments available for sale payable in period	173		78
Lease liabilities recognized in exchange for lease right-of-use assets	16		9
Remeasurement of lease liabilities	13		19
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	474		276
Less: Total Purchase price	284		273
Liabilities and noncontrolling interests assumed	$	190	$	3

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Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2024		2023
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	440	$	428
Agency title insurance premiums	Agency title insurance premiums	Title	593		550
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	741		365
Home warranty	Escrow, title-related and other fees	Title	32		30
Total revenue from insurance contracts			1,806		1,373
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	167		160
Other title-related fees and income	Escrow, title-related and other fees	Title	145		146
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	74		75
Real estate technology	Escrow, title-related and other fees	Corporate and other	35		37
Total revenue from contracts with customers			421		418
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	66		60
Other	Escrow, title-related and other fees	Corporate and other	21		7
Interest and investment income	Interest and investment income	Various	710		611
Recognized gains and losses, net	Recognized gains and losses, net	Various	275		5
Total revenues	Total revenues		$	3,299	$	2,474

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, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("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 indexed annuities, 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 value of business acquired ("VOBA"), deferred acquisition costs ("DAC"), and deferred sales inducements ("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:

	March 31, 2024		December 31, 2023
	(In millions)
Trade receivables	$	310	$	317
Deferred revenue (contract liabilities)	90		91

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 ended March 31, 2024 and March 31 2023, we recognized $34 million and $32 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

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
	(In millions)
Customer relationships and contracts	$	340	$	174
VOBA	1,407		1,446
DAC	2,412		2,215
DSI	392		346
Value of distribution asset	83		86
Computer software	270		266
Trademarks, tradenames, and other	123		94
Total Other intangible assets, net	$	5,027	$	4,627

The following tables roll forward VOBA by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407
	Indexed Annuities		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	(36)		(1)		(3)		(2)		(1)		(43)
Balance at March 31, 2023	$	1,130	$	31	$	198	$	141	$	72	$	1,572

VOBA amortization expense of $39 million and $43 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.

The following tables roll forward DAC by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	113		52		56		221
Amortization	(22)		(5)		(8)		(35)
Reinsurance related adjustments	—		79		—		79
Balance at March 31, 2023	$	1,062	$	209	$	396	$	1,667

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

DAC amortization expense of $60 million and $35 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively, excluding insignificant amounts related to FABN.

The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
	(In millions)
Indexed Annuities	$	1,492	$	1,378
Fixed Rate Annuities	313		288
Universal Life	603		545
Funding Agreements	4		4
Total	$	2,412	$	2,215

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance at January 1,	$	346	$	200
Capitalization	54		29
Amortization	(8)		(4)
Balance at March 31,	$	392	$	225

DSI amortization expense of $8 million and $4 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.

The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the future policy benefits (“FPB”) for life contingent immediate annuities, 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 indexed annuity 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 indexed annuities and immediate annuities.

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 annuity (indexed annuity and fixed rate annuity) and IUL products, including surrender rates, partial withdrawal rates, mortality improvement, premium persistency, 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.

For the in-force liabilities as of March 31, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2024	$	111
2025	138
2026	126
2027	115
2028	105
Thereafter	812
Total	$	1,407

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F&G Reinsurance

3 Months Ended

Mar. 31, 2024

Reinsurance Disclosures [Abstract]

F&G Reinsurance

F&G Reinsurance

The Company 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 manage loss exposures, to enhance our capital position, to diversify risks and earnings, and to manage new business volume. The Company follows reinsurance accounting when the treaty adequately transfers insurance risk. Otherwise, the Company follows deposit accounting if there is inadequate transfer of insurance risk or if the underlying policy for which risk is being transferred is an investment contract that does not contain insurance risk.

The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2024 and March 31, 2023 were as follows:

	Three months ended
	March 31, 2024				March 31, 2023
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	620	$	1,213	$	301	$	872
Ceded	(24)		(52)		(26)		(60)
Net	$	596	$	1,161	$	275	$	812

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. No policies issued by the Company 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. The Company 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. There have been no significant changes to reinsurance contracts for the three months ended March 31, 2024.

The following summarizes our reinsurance recoverable (in millions) as of March 31, 2024 and December 31, 2023:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2024		December 31, 2023
Aspida Life Re Ltd	$	6,489	$	6,128	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd	1,250		716		Coinsurance Funds Withheld	Certain MYGA (b) and DA	Deposit
Wilton Reassurance Company	1,085		1,092		Coinsurance	Block of traditional, IUL and UL (c)	Reinsurance
Everlake Life Insurance Company	791		509		Coinsurance (d)	Certain MYGA (b) (d)	Deposit
Other (e)	518		536
Reinsurance recoverable, gross of allowance for credit losses	10,133		8,981
Allowance for expected credit loss	(21)		(21)
Reinsurance recoverable, net of allowance for credit losses	$	10,112	$	8,960
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) As of March 31, 2024 and December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90% .
(c) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

The Company incurred risk charge fees of $10 million during the three months ended March 31, 2024, and 2023 in relation to reinsurance agreements.

Credit Losses

The Company 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
	March 31, 2024		March 31, 2023
	(In millions)
Balance at beginning of period	$	(21)	$	(10)
Changes in the expected credit loss reserve	—		1
Balance at end of period	$	(21)	$	(9)

Concentration of Reinsurance Risk

As indicated above, F&G has a significant concentration of reinsurance risk with third party reinsurers, ASPIDA Life Re Ltd. (“Aspida Re”), Somerset Reinsurance Ltd. (“Somerset”), Wilton Reinsurance (“Wilton Re”) and Everlake Life Insurance Company (“Everlake”) 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. We monitor the financial condition and financial strength of individual reinsurers using public ratings (refer to table below) and ratings reports of individual reinsurers to attempt to reduce the risk of default by such reinsurers. In addition, the risk of non-performance is further mitigated with various forms of collateral or collateral arrangements, including secured trusts, funds withheld accounts and irrevocable letters of credit. We believe that all amounts due from Aspida Re, Somerset, Wilton Re and Everlake for periodic treaty settlements, net of any applicable credit loss reserves, are collectible as of March 31, 2024. The following table presents financial strength ratings as of March 31, 2024:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Wilton Re	A+	—	A	—
Everlake	A+	—	—	—

“-” indicates not rated

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F&G Insurance Subsidiary Financial Information and Regulatory Matters

3 Months Ended

Mar. 31, 2024

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:

	Three months ended March 31,
	2024			2023
	(In millions)
Beginning balance	$	1,770		$	1,810
Change in insurance recoverable	—			—
Claim loss provision related to:
Current year	46			43
Total title claim loss provision	46			43
Claims paid, net of recoupments related to:
Current year	(2)			(1)
Prior years	(68)			(61)
Total title claims paid, net of recoupments	(70)			(62)
Ending balance of claim loss reserve for title insurance	$	1,746		$	1,791
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%

Several lawsuits were filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”) by plaintiffs claiming they were investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds placed in an escrow account that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs further alleged that employees of Chicago Title Company assisted Ms. Champion-Cain and her entities in diverting the funds placed into 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, the SEC filed a civil enforcement proceeding asserting claims for securities fraud against Champion-Cain and ANI in a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC, pending in the United States District Court for the Southern District of California. The receiver, who was appointed by the court to preserve the assets of the defendant affiliated entities, then filed a lawsuit in San Diego County Superior Court against the Named Companies seeking damages in a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. The Named Companies reached a global settlement with the receiver and several other investor claimants and 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 barring further claims against the Named Companies (“Settlement and Bar Order”). After her receipt of the settlement funds, the receiver dismissed the lawsuit against the Named Companies. Some of the non-joining 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), and appellate oral argument is expected to be held later this year.

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 Matters

Our U.S. insurance subsidiaries, FGL Insurance, FGL NY Insurance, Raven Re and Corbeau Re file financial statements with state insurance regulatory authorities and, with the exception of Raven Re, with 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.

Our non-U.S. insurance subsidiaries, F&G Life Re Ltd (Bermuda) and F&G Cayman Re Ltd (“F&G Cayman Re”), file financial statements with their respective regulators.

U.S. Companies

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries as of March 31, 2024 and December 31, 2023, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
Statutory net income (loss):
For the three months ended March 31, 2024	$	—	$	2	$	15	$	(134)
For the three months ended March 31, 2023	(3)		1		14		—
Statutory capital and surplus:
March 31, 2024	$	1,940	$	89	$	155	$	156
December 31, 2023	2,009		86		140		171

(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together. Corbeau Re was incorporated on September 1, 2023.

Non-U.S. Companies

Net income and capital and surplus of our wholly owned Bermuda and Cayman Islands regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
Statutory net income (loss):
For the three months ended March 31, 2024	$	(31)	$	49
For the three months ended March 31, 2023	35		68
Statutory capital and surplus:
March 31, 2024	$	143	$	61
December 31, 2023	114		11

There have been no material changes to the prescribed and permitted practices for our U.S. insurance subsidiaries, which were detailed in our Annual Report on Form 10-K, and no significant changes in the regulatory status of our insurance subsidiaries as of March 31, 2024.

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

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Owned Distribution - Acquisition of Roar

On January 2, 2024, F&G acquired a 70% majority ownership stake in the equity of Roar. Roar wholesales life insurance and annuity products to banks and broker dealers through a network of agents. Total initial consideration is comprised of $269 million of cash and $48 million of contingent consideration. Under the terms of the purchase agreement, the Company has agreed to make cash payments of up to $90 million over a three year period upon the achievement of certain EBITDA milestones of Roar.

The initial purchase price is as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of noncontrolling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total net initial consideration	$	316

The following table summarizes the preliminary fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date:

	Fair Value as of January 2, 2024
	(In millions)
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Noncontrolling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

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

	Gross Carrying Value		Estimated Useful Life
Other intangible assets:	(In millions)		(In years)
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

Goodwill consists primarily of intangible assets that do not qualify for separate recognition, such as the assembled workforce and synergies between the entities. The goodwill recorded is not expected to be deductible for tax purposes.

Roar’s revenues of $23 million and net earnings of $3 million are included in the unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2024.

Contingent Consideration

Under the terms of the purchase agreement for Roar, we have agreed to make cash payments of up to $90 million over a three-year period upon the achievement by Roar of certain EBITDA milestones. The contingent consideration is recorded at fair value in Accounts payable and accrued liabilities. Refer to Note A - Basis of Financial Statements for more information on the Roar purchase and refer to Note C - Fair Value of Financial Instruments for more information regarding the fair value of the contingent consideration.

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Market Risk Benefits

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Market Risk Benefits

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2024 and the year ended December 31, 2023:

	March 31, 2024				December 31, 2023
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	314	$	1	$	164	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1
Issuances and benefit payments	12		—		(10)		—
Attributed fees collected and interest accrual	36		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	(2)		—		29		—
Effects of market related movements	(37)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	226	$	1	$	209	$	1
Effect of changes in the instrument-specific credit risk	103		—		105		—
Balance, end of period, net liability	$	329	$	1	$	314	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	68.20		72.55		68.28		72.59
Net amount at risk	$	1,091	$	2	$	1,059	$	2

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Fixed rate annuities	$	—	$	1	$	1	$	—	$	1	$	1
Indexed annuities	95		424		329		88		402		314
Total	$	95	$	425	$	330	$	88	$	403	$	315

The net MRB liability increased for the three months ended March 31, 2024, primarily as a result of collection of attributed fees and interest accrual as well as new MRB reserves for contracts issued within the period. 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 three months ended March 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs.

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.

The net MRB liability increased for the year ended December 31, 2023, primarily as a result of collection of attributed fees and interest accrual as well 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 indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and F&G’s credit spread decreased, lead to a corresponding unfavorable change in the MRBs associated with both indexed annuities 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 (indexed annuities 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 increase in the net MRB liability during the year ended December 31, 2023.

Contractholder Funds

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

	March 31, 2024
	Indexed annuities			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	1,381			1,341			51			—		305
Premiums received	28			—			114			—		—
Policy charges (a)	(46)			—			(74)			—		—
Surrenders and withdrawals	(690)			(364)			(22)			—		—
Benefit payments	(119)			(76)			(5)			(16)		(329)
Interest credited	139			142			33			14		24
Other	5			—			—			—		—
Balance, end of year	$	27,862		$	14,486		$	2,488		$	2,611	$	2,539
Embedded derivative adjustment (c)	468			—			107			—		—
Gross Liability, end of period	$	28,330		$	14,486		$	2,595		$	2,611	$	2,539
Less: Reinsurance	(13)			(8,612)			(894)			—		—
Net Liability, after Reinsurance	$	28,317		$	5,874		$	1,701		$	2,611	$	2,539
Weighted-average crediting rate	2.04		%	4.15		%	5.54		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	63,968		N/A		N/A
Cash surrender value (e)	$	25,724		$	13,502		$	1,938		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.

(e) These amounts are gross of reinsurance.

	December 31, 2023
	Indexed annuities			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

(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.

(e) These amounts are gross of reinsurance.

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

	March 31, 2024		December 31, 2023
	(In millions)
Indexed annuities	$	28,330	$	27,407
Fixed rate annuities	14,486		13,443
Immediate annuities	304		311
Universal life	2,595		2,475
Traditional life	5		5
Funding Agreement-FABN	2,611		2,613
FHLB	2,539		2,539
PRT	5		5
Total	$	50,875	$	48,798

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity 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 $57 million for the three months ended March 31, 2024.

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:

	March 31, 2024
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
Indexed Annuities	(In millions)
0.00%-1.50%	$	22,671	$	1,391	$	522	$	1,931	$	26,515
1.51%-2.50%	331		1		93		568		993
Greater than 2.50%	353		1		—		—		354
Total	$	23,355	$	1,393	$	615	$	2,499	$	27,862
Fixed Rate Annuities
0.00%-1.50%	$	36	$	24	$	1,340	$	11,259	$	12,659
1.51%-2.50%	4		7		21		456		488
Greater than 2.50%	870		2		4		463		1,339
Total	$	910	$	33	$	1,365	$	12,178	$	14,486
Universal Life
0.00%-1.50%	$	2,085	$	6	$	—	$	22	$	2,113
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	369		5		1		—		375
Total	$	2,454	$	11	$	1	$	22	$	2,488

	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
Indexed Annuities	(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

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Contractholder Funds

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Contractholder Funds

Market Risk Benefits

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2024 and the year ended December 31, 2023:

	March 31, 2024				December 31, 2023
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	314	$	1	$	164	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1
Issuances and benefit payments	12		—		(10)		—
Attributed fees collected and interest accrual	36		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	(2)		—		29		—
Effects of market related movements	(37)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	226	$	1	$	209	$	1
Effect of changes in the instrument-specific credit risk	103		—		105		—
Balance, end of period, net liability	$	329	$	1	$	314	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	68.20		72.55		68.28		72.59
Net amount at risk	$	1,091	$	2	$	1,059	$	2

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Fixed rate annuities	$	—	$	1	$	1	$	—	$	1	$	1
Indexed annuities	95		424		329		88		402		314
Total	$	95	$	425	$	330	$	88	$	403	$	315

The net MRB liability increased for the three months ended March 31, 2024, primarily as a result of collection of attributed fees and interest accrual as well as new MRB reserves for contracts issued within the period. 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 three months ended March 31, 2024, notable changes made to the inputs to the fair value estimates of MRBs calculations included an increase in risk-free rates leading to a favorable change in the MRBs associated with indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs.

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.

The net MRB liability increased for the year ended December 31, 2023, primarily as a result of collection of attributed fees and interest accrual as well 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 indexed annuities and fixed rate annuities; increases in the equity market related projections resulted in a decrease in the net amount at risk associated with indexed annuities, leading to a favorable change in the value of the associated MRBs; and F&G’s credit spread decreased, lead to a corresponding unfavorable change in the MRBs associated with both indexed annuities 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 (indexed annuities 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 increase in the net MRB liability during the year ended December 31, 2023.

Contractholder Funds

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

	March 31, 2024
	Indexed annuities			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	1,381			1,341			51			—		305
Premiums received	28			—			114			—		—
Policy charges (a)	(46)			—			(74)			—		—
Surrenders and withdrawals	(690)			(364)			(22)			—		—
Benefit payments	(119)			(76)			(5)			(16)		(329)
Interest credited	139			142			33			14		24
Other	5			—			—			—		—
Balance, end of year	$	27,862		$	14,486		$	2,488		$	2,611	$	2,539
Embedded derivative adjustment (c)	468			—			107			—		—
Gross Liability, end of period	$	28,330		$	14,486		$	2,595		$	2,611	$	2,539
Less: Reinsurance	(13)			(8,612)			(894)			—		—
Net Liability, after Reinsurance	$	28,317		$	5,874		$	1,701		$	2,611	$	2,539
Weighted-average crediting rate	2.04		%	4.15		%	5.54		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	63,968		N/A		N/A
Cash surrender value (e)	$	25,724		$	13,502		$	1,938		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.

(e) These amounts are gross of reinsurance.

	December 31, 2023
	Indexed annuities			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

(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.

(e) These amounts are gross of reinsurance.

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

	March 31, 2024		December 31, 2023
	(In millions)
Indexed annuities	$	28,330	$	27,407
Fixed rate annuities	14,486		13,443
Immediate annuities	304		311
Universal life	2,595		2,475
Traditional life	5		5
Funding Agreement-FABN	2,611		2,613
FHLB	2,539		2,539
PRT	5		5
Total	$	50,875	$	48,798

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. For the three months ended March 31, 2024, based on increases in interest rates and pricing changes, we updated certain indexed annuity 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 $57 million for the three months ended March 31, 2024.

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:

	March 31, 2024
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
Indexed Annuities	(In millions)
0.00%-1.50%	$	22,671	$	1,391	$	522	$	1,931	$	26,515
1.51%-2.50%	331		1		93		568		993
Greater than 2.50%	353		1		—		—		354
Total	$	23,355	$	1,393	$	615	$	2,499	$	27,862
Fixed Rate Annuities
0.00%-1.50%	$	36	$	24	$	1,340	$	11,259	$	12,659
1.51%-2.50%	4		7		21		456		488
Greater than 2.50%	870		2		4		463		1,339
Total	$	910	$	33	$	1,365	$	12,178	$	14,486
Universal Life
0.00%-1.50%	$	2,085	$	6	$	—	$	22	$	2,113
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	369		5		1		—		375
Total	$	2,454	$	11	$	1	$	22	$	2,488

	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
Indexed Annuities	(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

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Future Policy Benefits

3 Months Ended

Mar. 31, 2024

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:

	Traditional Life
	March 31, 2024		December 31, 2023
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	722	$	797
Beginning balance at original discount rate	874		974
Effect of actual variances from expected experience	(4)		(1)
Balance adjusted for variances from expectation	870		973
Interest accrual	4		19
Net premiums collected	(28)		(118)
Ending Balance at original discount rate	846		874
Effect of changes in discount rate assumptions	(157)		(152)
Balance, end of year	$	689	$	722
Expected FPB
Balance, beginning of year	$	2,071	$	2,151
Beginning balance at original discount rate	2,492		2,665
Effect of actual variances from expected experience	(9)		(24)
Balance adjusted for variances from expectation	2,483		2,641
Interest accrual	14		56
Benefits payments	(51)		(205)
Ending Balance at original discount rate	2,446		2,492
Effect of changes in discount rate assumptions	(439)		(421)
Balance, end of year	$	2,007	$	2,071
Net liability for future policy benefits	$	1,318	$	1,349
Less: Reinsurance recoverable	483		413
Net liability for future policy benefits, after reinsurance recoverable	$	835	$	936
Weighted-average duration of liability for future policyholder benefits (years)	6.96		7.36

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

	March 31, 2024
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,415	$	4,189
Beginning balance at original discount rate	1,788		4,351
Effect of changes in cash flow assumptions	—		11
Effect of actual variances from expected experience	(4)		(8)
Balance adjusted for variances from expectation	1,784		4,354
Issuances	7		596
Interest accrual	14		49
Benefits payments	(29)		(107)
Ending Balance at original discount rate	1,776		4,892
Effect of changes in discount rate assumptions	(404)		(237)
Balance, end of year	$	1,372	$	4,655
Net liability for future policy benefits	$	1,372	$	4,655
Less: Reinsurance recoverable	113		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,259	$	4,655
Weighted-average duration of liability for future policyholder benefits (years)	12.03		7.96

	December 31, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance at original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(9)
Effect of actual variances from expected experience	(15)		(7)
Balance adjusted for variances from expectation	$	1,843	$	2,459
Issuances	22		2,041
Interest accrual	51		109
Benefits payments	(128)		(258)
Ending Balance at original discount rate	$	1,788	$	4,351
Effect of changes in discount rate assumptions	(373)		(162)
Balance, end of year	$	1,415	$	4,189
Net liability for future policy benefits	$	1,415	$	4,189
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,299	$	4,189
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

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

	March 31, 2024				December 31, 2023
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	87	$	10	$	69	$	4
Effect of modeling changes	—		—		4		—
Effect of changes in cash flow assumptions	—		(4)		—		1
Effect of actual variances from expected experience	2		2		16		5
Balance adjusted for variances from expectation	89		8		89		10
Issuances	1		—		3		—
Interest accrual	—		—		2		1
Amortization	(2)		—		(7)		(1)
Balance, end of year	$	88	$	8	$	87	$	10

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:

	March 31, 2024		December 31, 2023
	(In millions)
Traditional Life	$	1,318	$	1,349
Immediate annuities	1,372		1,415
PRT	4,655		4,189
Immediate annuities DPL	88		87
PRT DPL	8		10
Total	$	7,441	$	7,050

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
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Traditional Life	(In millions)
Expected future benefit payments	$	2,874	$	3,073	$	2,013	$	2,155
Expected future gross premiums	1,042		1,142		751		839
Immediate annuities
Expected future benefit payments	$	3,271	$	3,402	$	1,371	$	1,452
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	8,344	$	3,916	$	4,899	$	2,708
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 Operations:

	Gross Premiums (a)				Interest Expense (b)
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
	(In millions)
Traditional Life	$	28	$	32	$	10	$	9
Immediate annuities	8		6		14		16
PRT	584		263		49		23
Total	$	620	$	301	$	73	$	48

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

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

The following table presents the weighted-average interest rate:

	March 31, 2024		December 31, 2023
Traditional Life
Interest accretion rate	1.74	%	2.33	%
Current discount rate	4.64	%	5.03	%
Immediate annuities
Interest accretion rate	3.16	%	3.14	%
Current discount rate	5.20	%	4.98	%
PRT
Interest accretion rate	4.68	%	4.61	%
Current discount rate	5.30	%	5.03	%

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

	March 31, 2024
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.2	%	3.2	%	4.2	%
Expected experience	1.4	%	2.3	%	2.8	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.4	%	—	%	—	%

	December 31, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	3.2	%	3.2	%
Expected experience	1.4	%	1.8	%	2.3	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

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 2024, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

F&G made changes to assumptions during the three months ended March 31, 2024 and the year ended December 31, 2023. Significant assumption inputs used in the calculation of our FPB are described below. Refer to the tables above for further details on changes to our FPB.

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. In 2023, F&G undertook a review of all significant assumptions and revised the lapse assumption, resulting in a slight decrease to the FPB. There have been no other significant changes.

Market data that underlies current discount rates was updated in 2024 from that utilized in 2023 resulting in increased discount rates that drove a moderate decrease to the FPB.

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. In 2023, F&G 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 in 2024 from that utilized in 2023, resulting in increased discount rates that drove a material decrease to the FPB.

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. In 2023, F&G 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 in 2024 from 2023 resulting in increased discount rates that drove a material decrease to the FPB.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 248	$ (59)

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)

3 Months Ended

Mar. 31, 2024

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, 2023.

Earnings Per Share

Earnings Per Share     

Basic earnings per share, as presented on the unaudited Condensed Consolidated Statement of Operations, 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 months ended March 31, 2024 and 2023.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Adopted Pronouncements

In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-02, Accounting for Investments in Tax Credit Structure Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force). The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. We adopted this standard on January 1, 2024, as required, and there was no material impact to our unaudited Condensed Consolidated Financial Statements.

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. We adopted this standard as of January 1, 2024, and it did not have a material impact on our Consolidated Financial Statements and related disclosures upon adoption.

Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker (CODM) and included in each reported measure of a segment’s profit or loss. In addition, the amendments enhance interim disclosure requirements that are currently required annually, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. The amendments in this update are incremental to the current requirements of Topic 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements. The significant segment expense and other segment item amounts disclosed in prior periods shall be based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this update are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted, and the updates must be applied retrospectively to all periods presented in the financial statements. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency of the income tax disclosures by expanding on the disclosures required annually. The amendments require entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes, in addition to providing details about the reconciling items in some categories if above a quantitative threshold. Additionally, the amendments require annual disclosure of income taxes paid (net of refunds received) disaggregated by jurisdiction based on a quantitative threshold. The amendments in this update are effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, however, retrospective application is permitted. We do not currently expect to early adopt this standard and are in the process of assessing its impact on our disclosures upon adoption.

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, unearned revenue liabilities ("URL") on IUL policies, policy rider fees primarily on fixed indexed annuity ("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 indexed annuities, 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 value of business acquired ("VOBA"), deferred acquisition costs ("DAC"), and deferred sales inducements ("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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Summary of Reserve for Title Claim Losses (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Summary of the Reserve for Claim Losses

A summary of the reserve for title claim losses follows:

	Three months ended March 31,
	2024			2023
	(In millions)
Beginning balance	$	1,770		$	1,810
Change in insurance recoverable	—			—
Claim loss provision related to:
Current year	46			43
Total title claim loss provision	46			43
Claims paid, net of recoupments related to:
Current year	(2)			(1)
Prior years	(68)			(61)
Total title claims paid, net of recoupments	(70)			(62)
Ending balance of claim loss reserve for title insurance	$	1,746		$	1,791
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)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The 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:

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	3,517	$	—	$	—	$	—	$	3,517
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,379		7,736		—		15,115
Commercial mortgage-backed securities	—		4,806		12		—		4,818
Corporates	25		16,762		2,184		—		18,971
Hybrids	99		534		—		—		633
Municipals	—		1,529		18		—		1,547
Residential mortgage-backed securities	—		2,460		4		—		2,464
U.S. Government	682		16		—		—		698
Foreign Governments	—		315		5		—		320
Short term investments	637		—		9		—		646
Preferred securities	192		342		8		—		542
Equity securities	720		—		14		59		793
Derivative investments	—		1,015		9		—		1,024
Investment in unconsolidated affiliates	—		—		343		—		343
Reinsurance related embedded derivative, included in other assets	—		134		—		—		134
Market risk benefits asset	—		—		95		—		95
Other long-term investments	—		—		39		—		39
Total financial assets at fair value	$	5,872	$	35,292	$	10,476	$	59	$	51,699
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds	—		—		4,679		—		4,679
Interest rate swaps	—		—		19		—		19
Call options	3		—		—		—		3
Contingent consideration obligation	—		—		57		—		57
Market risk benefits liability	—		—		425		—		425
Total financial liabilities at fair value	$	3	$	—	$	5,180	$	—	$	5,183

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Fair Value
Assets	(In millions)
Cash and cash equivalents	$	2,767	$	—	$	—	$	—	$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		7,220		7,122		—		14,342
Commercial mortgage-backed securities	—		4,457		18		—		4,475
Corporates	25		15,892		1,979		—		17,896
Hybrids	95		523		—		—		618
Municipals	—		1,562		49		—		1,611
Residential mortgage-backed securities	—		2,426		3		—		2,429
U.S. Government	662		16		—		—		678
Foreign Governments	—		308		16		—		324
Short term investments	2,111		8		—		—		2,119
Preferred securities	214		399		8		—		621
Equity securities	692		—		15		59		766
Derivative investments	—		740		57		—		797
Investment in unconsolidated affiliates	—		—		285		—		285
Reinsurance related embedded derivative, included in other assets	—		152		—		—		152
Market risk benefits asset	—		—		88		—		88
Other long-term investments	—		—		37		—		37
Total financial assets at fair value	$	6,566	$	33,703	$	9,677	$	59	$	50,005
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in contractholder funds	—		—		4,258		—		4,258
Market risk benefits liability	—		—		403		—		403
Derivative instruments - futures contracts	1		—		—				1
Total financial liabilities at fair value	$	1	$	—	$	4,661	$	—	$	4,662

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.

	March 31, 2024
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,229		—		2,229		2,550
Residential mortgage loans	—		—		2,590		—		2,590		2,890
Investments in unconsolidated affiliates	—		—		6		3,018		3,024		3,024
Policy loans	—		—		78		—		78		78
Other invested assets	23		—		—		42		65		65
Company-owned life insurance	—		—		415		—		415		415
Trade and notes receivables, net of allowance	—		—		409		—		409		409
Total	$	23	$	138	$	5,727	$	3,060	$	8,948	$	9,569
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	41,488	$	—	$	41,488	$	46,194
Debt	—		3,561		—		—		3,561		3,884
Total	$	—	$	3,561	$	41,488	$	—	$	45,049	$	50,078

	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total Estimated Fair Value		Carrying Amount
Assets	(In millions)
FHLB common stock	$	—	$	138	$	—	$	—	$	138	$	138
Commercial mortgage loans	—		—		2,253		—		2,253		2,538
Residential mortgage loans	—		—		2,545		—		2,545		2,798
Investments in unconsolidated affiliates	—		—		7		2,779		2,786		2,786
Policy loans	—		—		71		—		71		71
Other invested assets	17		—		—		42		59		59
Company-owned life insurance	—		—		397		—		397		397
Trade and notes receivables, net of allowance	—		—		442		—		442		442
Total	$	17	$	138	$	5,715	$	2,821	$	8,691	$	9,229
Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	40,229	$	—	$	40,229	$	44,540
Debt	—		3,568		—		—		3,568		3,887
Total	$	—	$	3,568	$	40,229	$	—	$	43,797	$	48,427

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 March 31, 2024 and December 31, 2023, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follow:

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	March 31, 2024
	(In millions)				March 31, 2024
Assets
Asset-backed securities	$	89	Third-Party Valuation	Discount Rate	5.27% - 6.54% (6.03%)
Commercial mortgage-backed securities	1		Third-Party Valuation	Discount Rate	6.90% - 7.84% (7.22%)
Corporates	4		Discounted Cash Flow	Discount Rate	43.75% - 100.00% (57.07%)
Corporates	760		Third-Party Valuation	Discount Rate	4.16% - 12.87% (7.06%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.64% - 5.64% (5.64%)
Foreign Governments	5		Third-Party Valuation	Discount Rate	6.77% - 6.77% (6.77%)
Investment in unconsolidated affiliates	343		Market Comparable Company Analysis	EBITDA Multiple	14.1x - 20.2x (16x)
			Adjusted Transaction Value	N/A	N/A
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00% - 100.00% (100.00%)
Equity securities	7		Discounted Cash Flow	Discount rate	10.90% - 10.90% (10.90%)
			Market Comparable Company Analysis	EBITDA multiple	6x - 6x (6x)
Other long-term investments:
Available-for-sale embedded derivative	30		Black Scholes Model	Market Value of AnchorPath Fund	100.00%
Market risk benefits asset	95		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,338
Liabilities
Derivative investments:
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	$	4,679	Discounted Cash Flow	Market Value of Option	0.00% - 24.11% (3.52%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.80%)
				Partial Withdrawals	2.00% - 35.71% (2.74%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				Option Cost	0.07% - 5.70% (2.47%)
Contingent consideration	57		Discounted Cash Flow	Risk-Adjusted Discount Rate	13.50% - 13.50% (13.50%)
				EBITDA Volatility	35.00% - 35.00% (35.00%)
				Counterparty-Discount Rate	7.00% - 7.00% (7.00%)

Market risk benefits liability	425		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.13%)
				Partial Withdrawal Rates	2.00% - 20.41% (2.50%)
				Non-Performance Spread	0.35% - 1.02% (0.87%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value (a)	$	5,161

(a) Assets of $9,138 million and liabilities of $19 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

	Fair Value at		Valuation Technique	Unobservable Input(s)	Range (Weighted average)
	December 31, 2023
	(In millions)				December 31, 2023
Assets
Asset-backed securities	$	57	Third-Party Valuation	Discount Rate	5.09% - 6.95% (6.00%)
Corporates	787		Third-Party Valuation	Discount Rate	0.00% - 12.87% (6.91%)
Corporates	8		Discounted Cash Flow	Discount Rate	44.00% - 100.00%  (75.20%)
Municipals	32		Third-Party Valuation	Discount Rate	6.25% - 6.25% (6.25%)
Residential mortgage-backed securities	3		Third-Party Valuation	Discount Rate	5.46% - 5.46% (5.46%)
Foreign Governments	16		Third-Party Valuation	Discount Rate	6.94% - 7.68% (7.45%)
Investment in unconsolidated affiliates	285		Market Comparable Company Analysis	EBITDA Multiple	4.4x - 31.8x (23.2x)
Preferred securities	1		Discounted Cash Flow	Discount rate	100.00%
Equity securities	7		Discounted Cash Flow	Discount rate	11.50% - 11.50% (11.50%)
Other long-term investments:
Available-for-sale embedded derivative	28		Black Scholes Model	Market Value of Fund	100.00%
Market risk benefits asset	88		Discounted Cash Flow	Mortality	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	—% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial assets at fair value (a)	$	1,312
Liabilities
Derivatives
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		Discounted Cash Flow	Market Value of Option	0.00% - 18.93% (2.63%)
				Swap rates	3.84% - 5.26% (4.55%)
				Mortality Multiplier	100.00% - 100.00% (100.00%)
				Surrender Rates	0.25% - 70.00% (6.83%)
				Partial Withdrawals	2.00% - 34.48% (2.74%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				Option cost	0.07% - 5.48% (2.38%)
Market risk benefits liability	403		Discounted Cash Flow	Mortality	100.00%- 100.00% (100.00%)
				Surrender Rates	0.25% - 10.00% (5.22%)
				Partial Withdrawal Rates	0.00% - 23.26% (2.50%)
				Non-Performance Spread	0.38% - 1.10% (0.96%)
				GMWB Utilization	50.00% - 60.00% (50.81%)
Total financial liabilities at fair value	$	4,661

(a) Assets of $8,365 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the table above.

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 months ended March 31, 2024 and 2023. 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 March 31, 2024
	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	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		200		—		288		—		(67)		—		4,679		—
Interest rate swaps	—		19		—		—		—		—		—		19		—
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O- Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N - Acquisitions for more information.

	Three months ended March 31, 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	$	(8)	$	18	$	416	$	(83)	$	(235)	$	(71)	$	6,300	$	18
Commercial mortgage-backed securities	37		—		1		12		—		—		(21)		29		1
Corporates	1,440		(1)		(23)		133		—		(5)		—		1,544		(23)
Municipals	29		—		3		—		—		—		—		32		3
Residential mortgage-backed securities	302		1		8		8		—		(8)		(299)		12		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		84		—		—		—		107		—
Short term investments	—		—		—		23		—		—		—		23		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		—		—		—		11		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		2		—		—		—		—		25		2
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(8)	$	9	$	677	$	(83)	$	(250)	$	(391)	$	8,123	$	9
Market risk benefits asset (b)	117														106
Total Level 3 assets at fair value	$	8,286													$	8,229
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds	3,115		385		—		96		—		(27)		—		3,569		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	385	$	—	$	96	$	—	$	(27)	$	—	$	3,569	$	—
Market risk benefits liability (b)	282														324
Total Level 3 liabilities at fair value	$	3,397													$	3,893

(a)The net transfers out of Level 3 during the three months ended March 31, 2023 were to Level 2.

(b)Refer to Note O - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

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 months ended March 31, 2024 and 2023. 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 March 31, 2024
	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	$	7,122	$	(12)	$	104	$	762	$	(19)	$	(202)	$	(19)	$	7,736	$	104
Commercial mortgage-backed securities	18		—		—		1		—		—		(7)		12		—
Corporates	1,979		—		13		217		(3)		(22)		—		2,184		13
Municipals	49		—		1		—		(32)		—		—		18		1
Residential mortgage-backed securities	3		—		—		1		—		—		—		4		—
Foreign Governments	16		—		—		—		—		(11)		—		5		—
Preferred securities	8		—		—		—		—		—		—		8		—
Equity securities	15		(1)		—		—		—		—		—		14		—
Interest Rate Swaps	57		(48)		—		—		—		—		—		9		—
Investment in unconsolidated affiliates	285		58		—		—		—		—		—		343		—
Short term investments	—		—		—		9		—		—		—		9		—
Other long-term investments:
Available-for-sale embedded derivative	27		—		3		—		—		—		—		30		3
Credit linked note	10		—		—		—		—		(1)		—		9		—
Subtotal Level 3 assets at fair value	$	9,589	$	(3)	$	121	$	990	$	(54)	$	(236)	$	(26)	$	10,381	$	121
Market risk benefits asset (b)	88														95
Total Level 3 assets at fair value	$	9,677													$	10,476
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds	4,258		200		—		288		—		(67)		—		4,679		—
Interest rate swaps	—		19		—		—		—		—		—		19		—
Contingent consideration (c)	—		9		—		48		—		—		—		57		—
Subtotal Level 3 liabilities at fair value	$	4,258	$	228	$	—	$	336	$	—	$	(67)	$	—	$	4,755	$	—
Market risk benefits liability (b)	403														425
Total Level 3 liabilities at fair value	$	4,661													$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O- Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N - Acquisitions for more information.

	Three months ended March 31, 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	$	(8)	$	18	$	416	$	(83)	$	(235)	$	(71)	$	6,300	$	18
Commercial mortgage-backed securities	37		—		1		12		—		—		(21)		29		1
Corporates	1,440		(1)		(23)		133		—		(5)		—		1,544		(23)
Municipals	29		—		3		—		—		—		—		32		3
Residential mortgage-backed securities	302		1		8		8		—		(8)		(299)		12		8
Foreign Governments	16		—		—		—		—		—		—		16		—
Investment in unconsolidated affiliates	23		—		—		84		—		—		—		107		—
Short term investments	—		—		—		23		—		—		—		23		—
Preferred securities	1		—		—		—		—		—		—		1		—
Equity securities	10		—		—		1		—		—		—		11		—
Other long-term investments:
Available-for-sale embedded derivative	23		—		2		—		—		—		—		25		2
Credit linked note	15		—		—		—		—		(2)		—		13		—
Secured borrowing receivable	10		—		—		—		—		—		—		10		—
Subtotal Level 3 assets at fair value	$	8,169	$	(8)	$	9	$	677	$	(83)	$	(250)	$	(391)	$	8,123	$	9
Market risk benefits asset (b)	117														106
Total Level 3 assets at fair value	$	8,286													$	8,229
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds	3,115		385		—		96		—		(27)		—		3,569		—
Subtotal Level 3 liabilities at fair value	$	3,115	$	385	$	—	$	96	$	—	$	(27)	$	—	$	3,569	$	—
Market risk benefits liability (b)	282														324
Total Level 3 liabilities at fair value	$	3,397													$	3,893

(a)The net transfers out of Level 3 during the three months ended March 31, 2023 were to Level 2.

(b)Refer to Note O - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Consolidated Investments

The Company’s consolidated investments at March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available-for-sale securities	(In millions)
Asset-backed securities	$	15,254	$	(11)	$	280	$	(408)	$	15,115
Commercial mortgage-backed securities	5,040		(21)		38		(239)		4,818
Corporates	21,430		(7)		133		(2,585)		18,971
Hybrids	667		—		4		(38)		633
Municipals	1,773		—		11		(237)		1,547
Residential mortgage-backed securities	2,550		(1)		31		(116)		2,464
U.S. Government	706		—		3		(11)		698
Foreign Governments	369		—		—		(49)		320
Total available-for-sale securities	$	47,789	$	(40)	$	500	$	(3,683)	$	44,566

	December 31, 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	$	14,631	$	(11)	$	191	$	(469)	$	14,342
Commercial mortgage-backed/asset-backed securities	4,797		(22)		23		(323)		4,475
Corporates	20,133		(6)		186		(2,417)		17,896
Hybrids	668		—		3		(53)		618
Municipals	1,826		—		14		(229)		1,611
Residential mortgage-backed securities	2,507		(3)		29		(104)		2,429
U.S. Government	679		—		8		(9)		678
Foreign Governments	365		—		3		(44)		324
Total available-for-sale securities	$	45,606	$	(42)	$	457	$	(3,648)	$	42,373

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 because issuers may have the right to call or prepay obligations.

	March 31, 2024				December 31, 2023
	(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	$	709	$	691	$	703	$	687
Due after one year through five years	4,765		4,643		4,320		4,209
Due after five years through ten years	3,940		3,770		3,195		3,048
Due after ten years	15,531		13,065		15,453		13,183
Subtotal	24,945		22,169		23,671		21,127
Other securities, which provide for periodic payments:
Asset-backed securities	15,254		15,115		14,631		14,342
Commercial mortgage-backed securities	5,040		4,818		4,797		4,475
Residential mortgage-backed securities	2,550		2,464		2,507		2,429
Subtotal	22,844		22,397		21,935		21,246
Total fixed maturity available-for-sale securities	$	47,789	$	44,566	$	45,606	$	42,373

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 March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024
	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	$	1,558	$	(41)	$	4,568	$	(358)	$	6,126	$	(399)
Commercial mortgage-backed securities	470		(8)		2,048		(203)		2,518		(211)
Corporates	3,645		(136)		11,062		(2,449)		14,707		(2,585)
Hybrids	71		(2)		464		(36)		535		(38)
Municipals	340		(51)		935		(186)		1,275		(237)
Residential mortgage-backed securities	507		(9)		687		(99)		1,194		(108)
U.S. Government	337		(2)		147		(9)		484		(11)
Foreign Government	42		(2)		187		(46)		229		(48)
Total available-for-sale securities	$	6,970	$	(251)	$	20,098	$	(3,386)	$	27,068	$	(3,637)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,371
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,775
Total number of available-for-sale securities in an unrealized loss position											4,146

	December 31, 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	$	1,707	$	(56)	$	5,835	$	(404)	$	7,542	$	(460)
Commercial mortgage-backed securities	819		(53)		1,922		(235)		2,741		(288)
Corporates	2,387		(134)		10,739		(2,283)		13,126		(2,417)
Hybrids	60		(2)		483		(51)		543		(53)
Municipals	399		(49)		920		(179)		1,319		(228)
Residential mortgage-backed securities	336		(5)		662		(89)		998		(94)
U.S. Government	84		—		159		(9)		243		(9)
Foreign Government	49		(3)		188		(41)		237		(44)
Total available-for-sale securities	$	5,841	$	(302)	$	20,908	$	(3,291)	$	26,749	$	(3,593)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											2,846
Total number of available-for-sale securities in an unrealized loss position											3,881

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:

	March 31, 2024				December 31, 2023
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:	(In millions)				(In millions)
Hotel	$	18	1	%	$	18	1	%
Industrial	617		24	%	616		24	%
Mixed Use	11		—	%	11		—	%
Multifamily	1,012		39	%	1,012		40	%
Office	315		13	%	316		13	%
Retail	101		4	%	102		4	%
Student Housing	83		3	%	83		3	%
Other	406		16	%	392		15	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538
U.S. Region:
East North Central	$	104	4	%	$	151	6	%
East South Central	75		3	%	75		3	%
Middle Atlantic	354		14	%	354		14	%
Mountain	386		15	%	352		14	%
New England	92		3	%	168		6	%
Pacific	765		30	%	766		30	%
South Atlantic	618		24	%	563		22	%
West North Central	21		1	%	4		—	%
West South Central	148		6	%	117		5	%
Total commercial mortgage loans, gross of valuation allowance	$	2,563	100	%	$	2,550	100	%
Allowance for expected credit loss	(13)				(12)
Total commercial mortgage loans, net of valuation allowance	$	2,550			$	2,538

Loans Segregated by Risk Rating Exposure

CMLs segregated by aging of the loans and charge offs (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Commercial mortgages	(In millions)
Current (less than 30 days past due)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
30-89 days past due	—		—		—		—		—		—		—
90 days or more past due	—		—		—		—		—		—		—
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
.........................................................................................................
Charge offs.....................................................................................	$	—	$	—	$	—	$	—	$	—	$	3	$	3

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

RMLs segregated by aging of the loans (by year of origination) as of March 31, 2024 and December 31, 2023, were as follows, gross of valuation allowances:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	56	$	402	$	984	$	874	$	185	$	361	$	2,862
30-89 days past due	—		1		2		3		6		4		16
90 days or more past due	—		1		11		18		12		24		66
Total residential mortgages	$	56	$	404	$	997	$	895	$	203	$	389	$	2,944

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
Residential mortgages	(In millions)
Current (less than 30 days past due)	$	373	$	985	$	854	$	192	$	183	$	192	$	2,779
30-89 days past due	—		4		7		3		—		2		16
90 days or more past due	—		6		16		13		21		1		57
Total residential mortgages	$	373	$	995	$	877	$	208	$	204	$	195	$	2,852

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 March 31, 2024 and December 31, 2023:

	Debt-Service Coverage Ratios						Total Amount		% of Total		Estimated Fair Value		% of Total
	>1.25		1.00 - 1.25		<1.00
March 31, 2024	(In millions)
LTV Ratios:
Less than 50.00%	$	479	$	—	$	14	$	493	19	%	$	477	21	%
50.00% to 59.99%	864		—		—		864		34	%	754		34	%
60.00% to 74.99%	1,134		57		—		1,191		46	%	983		44	%
75.00% to 84.99%	—		6		9		15		1	%	15		1	%
CMLs	$	2,477	$	63	$	23	$	2,563	100	%	$	2,229	100	%
December 31, 2023
LTV Ratios:
Less than 50.00%	$	519	$	4	$	10	$	533	21	%	$	510	23	%
50.00% to 59.99%	764		—		—		764		30	%	679		30	%
60.00% to 74.99%	1,160		56		—		1,216		48	%	1,028		46	%
75.00% to 84.99%	—		6		9		15		1	%	14		1	%
CMLs (a)	$	2,443	$	66	$	19	$	2,528	100	%	$	2,231	100	%

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	35	$	86	$	17	$	77	$	156	$	122	$	493
50.00% to 59.99%	—		53		149		292		235		135		864
60.00% to 74.99%	—		69		113		887		122		—		1,191
75.00% to 84.99%	—		6		9		—		—		—		15
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563
Commercial mortgages
DSCR
Greater than 1.25x	$	35	$	154	$	276	$	1,256	$	513	$	243	$	2,477
1.00x - 1.25x	—		60		3		—		—		—		63
Less than 1.00x	—		—		9		—		—		14		23
Total CMLs	$	35	$	214	$	288	$	1,256	$	513	$	257	$	2,563

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2018		Prior		Total
Commercial mortgages	(In millions)
LTV
Less than 50.00%	$	85	$	17	$	77	$	232	$	—	$	122	$	533
50.00% to 59.99%	53		149		267		158		—		137		764
60.00% to 74.99%	69		113		912		122		—		—		1,216
75.00% to 84.99%	6		9		—		—		—		—		15
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528
Commercial mortgages
DSCR
Greater than 1.25x	$	154	$	276	$	1,256	$	512	$	—	$	245	$	2,443
1.00x - 1.25x	59		3		—		—		—		4		66
Less than 1.00x	—		9		—		—		—		10		19
Total CMLs (a)	$	213	$	288	$	1,256	$	512	$	—	$	259	$	2,528

(a) Excludes loans under development with an amortized cost and estimated fair value of $22 million.

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:

	March 31, 2024
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	164	5	%
California	142		5	%
All other states (a)	2,638		90	%
Total RMLs, gross of valuation allowance	$	2,944	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,890

(a)     The individual concentration of each state is equal to or less than 5% as of March 31, 2024.

	December 31, 2023
	Amortized Cost		% of Total
U.S. State:	(In millions)
Florida	$	163	6	%
New York	129		5	%
Texas	129		5	%
All other states (a)	2,431		84	%
Total RMLs, gross of valuation allowance	$	2,852	100	%
Allowance for expected credit loss	(54)
Total RMLs, net of valuation allowance	$	2,798

(a)     The individual concentration of each state is equal to or less than 5% as of December 31, 2023.

Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming

The credit quality of RMLs as of March 31, 2024 and December 31, 2023, was as follows:

	March 31, 2024				December 31, 2023
	Amortized Cost		% of Total		Amortized Cost		% of Total
Performance indicators:	(In millions)				(In millions)
Performing	$	2,878	98	%	$	2,795	98	%
Non-performing	66		2	%	57		2	%
Total RMLs, gross of valuation allowance	$	2,944	100	%	$	2,852	100	%
Allowance for expected loan loss	(54)		—	%	(54)		—	%
Total RMLs, net of valuation allowance	$	2,890	100	%	$	2,798	100	%

Nonaccrual Loans by Amortized Cost

Non-accrual loans by amortized cost as of March 31, 2024 and December 31, 2023, were as follows:

	March 31, 2024		December 31, 2023
Amortized cost of loans on non-accrual	(In millions)
Residential mortgage:	$	66	$	57
Commercial mortgage:	—		—
Total non-accrual mortgages	$	66	$	57

Allowance for Expected Credit Losses on Loans

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

	Three months ended March 31, 2024
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	54	$	12	$	66
Provision for loan losses	—		1		1
Ending Balance	$	54	$	13	$	67

	Three months ended March 31, 2023
	(In millions)
	Residential Mortgage		Commercial Mortgage		Total
Beginning Balance	$	32	$	10	$	42
Provision for loan losses	16		2		18
Ending Balance	$	48	$	12	$	60

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 Operations were as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Fixed maturity securities, available-for-sale	$	534	$	447
Equity securities	10		8
Preferred securities	8		13
Mortgage loans	66		51
Invested cash and short-term investments	47		33
Limited partnerships	54		57
Tax deferred property exchange income	32		45
Other investments	29		19
Gross investment income	780		673
Investment expense	(70)		(62)
Interest and investment income	$	710	$	611

Recognized Gains and Losses, net

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

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net realized (losses) on fixed maturity available-for-sale securities	$	(19)	$	(50)
Net realized/unrealized gains on equity securities (1)	54		33
Net realized/unrealized gains (losses) on preferred securities (2)	16		(10)
Net realized/unrealized gains (losses) on other invested assets	60		(5)
Change in allowance for expected credit losses	—		(4)
Derivatives and embedded derivatives:
Realized gains (losses) on certain derivative instruments	21		(89)
Unrealized gains on certain derivative instruments	156		147
Change in fair value of reinsurance related embedded derivatives (3)	(18)		(19)
Change in fair value of other derivatives and embedded derivatives	5		2
Realized gains on derivatives and embedded derivatives	164		41
Recognized gains and losses, net	$	275	$	5

(1) Includes net valuation gains of $22 million and $46 million for the three months ended March 31, 2024 and 2023, respectively.

(2) Includes net valuation gains of $15 million and $35 million for the three months ended March 31, 2024 and 2023, respectively.

(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties.

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
	March 31, 2024		March 31, 2023
	(In millions)
Proceeds	$	583	$	489
Gross gains	6		1
Gross losses	(25)		(51)

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 March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	(In millions)				(In millions)
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment in unconsolidated affiliates	$	3,367	$	5,733	$	3,071	$	4,806
Fixed maturity securities	21,991		23,442		20,837		22,346
Total unconsolidated VIE investments	$	25,358	$	29,175	$	23,908	$	27,152

Schedules of Investment Concentrations

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

	March 31, 2024
	(In millions)
Blackstone Wave Asset Holdco (1)	$	733
(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)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Carrying Amount of Derivative Instruments

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

	March 31, 2024		December 31, 2023
Assets:	(In millions)
Derivative investments:
Call options	$	1,015	$	739
Interest rate swaps	9		57
Foreign currency forward	—		1
Other long-term investments:
Other embedded derivatives	30		28
Prepaid expenses and other assets:
Reinsurance related embedded derivatives	134		152
Total	$	1,188	$	977

Liabilities:
Contractholder funds:
Indexed annuities/IUL embedded derivatives	$	4,679	$	4,258
Accounts payable and accrued liabilities:
Interest rate swaps	19		—
Total	$	4,698	$	4,258

Change in Fair Value of Derivative Instruments

The change in fair value of derivative instruments included within Recognized gains and (losses), net in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Net investment gains (losses):
Call options	$	250	$	55
Interest rate swaps	(80)		—
Futures contracts	6		5
Foreign currency forwards	3		(1)
Other derivatives and embedded derivatives	3		1
Reinsurance related embedded derivatives	(18)		(19)
Total net investment gains	$	164	$	41
Benefits and other changes in policy reserves:
Indexed annuities/IUL embedded derivatives increase	$	421	$	454

Exposure to Credit Loss on Call Options Held

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

		March 31, 2024
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,340	$	132	$	93	$	39
Morgan Stanley	AA-/Aa3/A+	4,353		159		166		—
Barclay's Bank	A+/A1/A+	6,389		124		122		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,552		163		163		—
Wells Fargo	AA-/Aa2/A+	1,313		69		70		—
Goldman Sachs	A+/A1/A+	2,340		45		44		1
Credit Suisse	A+/A3/A+	16		1		1		—
Truist	A/A2/A	3,185		135		134		1
Citibank	A+/Aa3/A+	1,145		25		26		—
JP Morgan	AA/Aa2/A+	3,888		152		149		3
Total		$	32,521	$	1,005	$	968	$	46

		December 31, 2023
		(In millions)
Counterparty	Credit Rating (Fitch/Moody's/S&P) (a)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA/*/A+	$	4,408	$	96	$	59	$	37
Morgan Stanley	AA-/Aa3/A+	3,466		102		116		—
Barclay's Bank	A+/A1/A+	6,236		102		100		2
Canadian Imperial Bank of Commerce	AA-/A2/A-	5,983		147		148		—
Wells Fargo	AA-/Aa2/A+	1,443		58		60		—
Goldman Sachs	A+/A1/A+	1,919		45		45		—
Credit Suisse	A+/A3/A+	92		4		4		—
Truist	A+/A2/A	2,759		124		124		—
Citibank	A+/Aa3/A+	1,073		27		28		—
JP Morgan	AA/Aa2/A+	2,589		91		91		—
Total		$	29,968	$	796	$	775	$	39

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

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Unfunded Commitments

	March 31, 2024
Commitment Type	(In millions)
Unconsolidated VIEs:
Limited partnerships	$	2,366
Whole loans	678
Fixed maturity securities, ABS	341
Direct Lending	530
Other fixed maturity securities, AFS	11
Commercial mortgage loans	82
Other assets	173
Other invested assets	44
Total	$	4,225

Concurrent with the Roar purchase agreement, we executed a separate loan agreement with the sellers of Roar for us to lend up to $40 million. The loan agreement matures 60 days following the third anniversary of the first advance date. There was no balance outstanding as of March 31, 2024 and the unfunded loan commitment is included in the unfunded commitments table above in the “Other assets” line item. Refer to Note N - Acquisitions for more information on the Roar acquisition.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

	Title		F&G		Corporate and Other		Elimination		Total
	(In millions)
Title premiums	$	1,033	$	—	$	—	$	—	$	1,033
Other revenues	484		741		56		—		1,281
Revenues from external customers	1,517		741		56		—		2,314
Interest and investment income, including recognized gains and losses, net	146		828		38		(27)		985
Total revenues	1,663		1,569		94		(27)		3,299
Depreciation and amortization	36		123		8		—		167
Interest expense	—		30		19		—		49
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	218		142		(2)		(27)		331
Income tax expense (benefit)	45		26		(8)		—		63
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	173		116		6		(27)		268
Equity in earnings of unconsolidated affiliates	1		—		—		—		1
Net earnings (loss) from continuing operations	$	174	$	116	$	6	$	(27)	$	269
Assets	$	7,905	$	74,417	$	2,174	$	—	$	84,496
Goodwill	2,797		2,017		293		—		5,107

As of and for the three months ended March 31, 2023:

	Title		F&G		Corporate and Other		Total
	(In millions)
Title premiums	$	978	$	—	$	—	$	978
Other revenues	471		365		44		880
Revenues from external customers	1,449		365		44		1,858
Interest and investment income, including recognized gains and losses, net	103		504		9		616
Total revenues	1,552		869		53		2,474
Depreciation and amortization	37		90		7		134
Interest expense	—		22		20		42
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	157		(203)		(28)		(74)
Income tax expense (benefit)	27		(8)		(5)		14
Earnings (loss) from continuing operations before equity in earnings of unconsolidated affiliates	130		(195)		(23)		(88)
Net earnings (loss) from continuing operations	$	130	$	(195)	$	(23)	$	(88)
Assets	$	8,017	$	59,395	$	2,242	$	69,654
Goodwill	2,766		1,749		276		4,791

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

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:

	Three months ended March 31,
	2024		2023
Cash paid for:	(In millions)
Interest	$	57	$	34
Income taxes	3		6
Deferred sales inducements	54		29
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(37)		41
Change in purchases of investments available for sale payable in period	173		78
Lease liabilities recognized in exchange for lease right-of-use assets	16		9
Remeasurement of lease liabilities	13		19
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	474		276
Less: Total Purchase price	284		273
Liabilities and noncontrolling interests assumed	$	190	$	3

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of:

			Three months ended March 31,
			2024		2023
Revenue Stream	Income Statement Classification	Segment	Total Revenue
Revenue from insurance contracts:			(In millions)
Direct title insurance premiums	Direct title insurance premiums	Title	$	440	$	428
Agency title insurance premiums	Agency title insurance premiums	Title	593		550
Life insurance premiums, insurance and investment product fees, and other	Escrow, title-related and other fees	F&G	741		365
Home warranty	Escrow, title-related and other fees	Title	32		30
Total revenue from insurance contracts			1,806		1,373
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title	167		160
Other title-related fees and income	Escrow, title-related and other fees	Title	145		146
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title	74		75
Real estate technology	Escrow, title-related and other fees	Corporate and other	35		37
Total revenue from contracts with customers			421		418
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title	66		60
Other	Escrow, title-related and other fees	Corporate and other	21		7
Interest and investment income	Interest and investment income	Various	710		611
Recognized gains and losses, net	Recognized gains and losses, net	Various	275		5
Total revenues	Total revenues		$	3,299	$	2,474

Information about Trade Receivables and Deferred Revenue

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

	March 31, 2024		December 31, 2023
	(In millions)
Trade receivables	$	310	$	317
Deferred revenue (contract liabilities)	90		91

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
	(In millions)
Customer relationships and contracts	$	340	$	174
VOBA	1,407		1,446
DAC	2,412		2,215
DSI	392		346
Value of distribution asset	83		86
Computer software	270		266
Trademarks, tradenames, and other	123		94
Total Other intangible assets, net	$	5,027	$	4,627

Schedule of Other Intangible Assets, Indefinite

The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
	(In millions)
Customer relationships and contracts	$	340	$	174
VOBA	1,407		1,446
DAC	2,412		2,215
DSI	392		346
Value of distribution asset	83		86
Computer software	270		266
Trademarks, tradenames, and other	123		94
Total Other intangible assets, net	$	5,027	$	4,627

Rollforward of Value of Business Acquired

The following tables roll forward VOBA by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Immediate Annuities		Universal Life		Traditional Life		Total
	(In millions)
Balance at January 1, 2024	$	1,025	$	27	$	191	$	134	$	69	$	1,446
Amortization	(33)		(1)		(2)		(2)		(1)		(39)
Balance at March 31, 2024	$	992	$	26	$	189	$	132	$	68	$	1,407
	Indexed Annuities		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	(36)		(1)		(3)		(2)		(1)		(43)
Balance at March 31, 2023	$	1,130	$	31	$	198	$	141	$	72	$	1,572

Rollforward of Deferred Policy Acquisition Costs

The following tables roll forward DAC by product for the three months ended March 31, 2024 and March 31, 2023.

	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2024	$	1,378	$	288	$	545	$	2,211
Capitalization	147		44		66		257
Amortization	(33)		(19)		(8)		(60)
Balance at March 31, 2024	$	1,492	$	313	$	603	$	2,408
	Indexed Annuities		Fixed Rate Annuities		Universal Life		Total (a)
	(In millions)
Balance at January 1, 2023	$	971	$	83	$	348	$	1,402
Capitalization	113		52		56		221
Amortization	(22)		(5)		(8)		(35)
Reinsurance related adjustments	—		79		—		79
Balance at March 31, 2023	$	1,062	$	209	$	396	$	1,667

(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 reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023:

	March 31, 2024		December 31, 2023
	(In millions)
Indexed Annuities	$	1,492	$	1,378
Fixed Rate Annuities	313		288
Universal Life	603		545
Funding Agreements	4		4
Total	$	2,412	$	2,215

Rollforward of Deferred Sale Inducement Cost

The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2024 and March 31, 2023:

	Three Months Ended March 31,
	2024		2023
	(In millions)
Balance at January 1,	$	346	$	200
Capitalization	54		29
Amortization	(8)		(4)
Balance at March 31,	$	392	$	225

DSI amortization expense of $8 million and $4 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.

Estimated Amortization Expense for VOBA in Future Fiscal Periods

For the in-force liabilities as of March 31, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:

	Estimated Amortization Expense
Fiscal Year	(In millions)
2024	$	111
2025	138
2026	126
2027	115
2028	105
Thereafter	812
Total	$	1,407

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F&G Reinsurance (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and March 31, 2023 were as follows:

	Three months ended
	March 31, 2024				March 31, 2023
	Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned		Net Benefits Incurred
	(In millions)
Direct	$	620	$	1,213	$	301	$	872
Ceded	(24)		(52)		(26)		(60)
Net	$	596	$	1,161	$	275	$	812

Schedule of Reinsurance Recoverable

The following summarizes our reinsurance recoverable (in millions) as of March 31, 2024 and December 31, 2023:

Parent Company/ Principal Reinsurers	Reinsurance Recoverable (a)				Agreement Type	Products Covered	Accounting
	March 31, 2024		December 31, 2023
Aspida Life Re Ltd	$	6,489	$	6,128	Coinsurance Funds Withheld	Certain MYGA (b)	Deposit
Somerset Reinsurance Ltd	1,250		716		Coinsurance Funds Withheld	Certain MYGA (b) and DA	Deposit
Wilton Reassurance Company	1,085		1,092		Coinsurance	Block of traditional, IUL and UL (c)	Reinsurance
Everlake Life Insurance Company	791		509		Coinsurance (d)	Certain MYGA (b) (d)	Deposit
Other (e)	518		536
Reinsurance recoverable, gross of allowance for credit losses	10,133		8,981
Allowance for expected credit loss	(21)		(21)
Reinsurance recoverable, net of allowance for credit losses	$	10,112	$	8,960
(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.
(b) As of March 31, 2024 and December 31, 2023, the combined quota share flow reinsurance amongst all reinsurers was 90% .
(c) Also includes certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX.
(d) Reinsurance recoverable is collateralized by assets placed in a statutory comfort trust by the reinsurer and maintained for our sole benefit.
(e) Represents all other reinsurers, with no single reinsurer having a carrying value in excess of 5% of total reinsurance recoverable.

Reinsurance Recoverable Expected Credit Loss

The expected credit loss reserves were as follows:

	Three months ended
	March 31, 2024		March 31, 2023
	(In millions)
Balance at beginning of period	$	(21)	$	(10)
Changes in the expected credit loss reserve	—		1
Balance at end of period	$	(21)	$	(9)

Financial Strength Ratings Of Principal Reinsurers

The following table presents financial strength ratings as of March 31, 2024:

Parent Company/Principal Reinsurers	Financial Strength Rating
	AM Best	S&P	Fitch	Moody's
Aspida Re	A-	—	—	—
Somerset	A-	BBB+	—	—
Wilton Re	A+	—	A	—
Everlake	A+	—	—	—

“-” indicates not rated

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F&G Insurance Subsidiary Financial Information and Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Statutory Accounting Practices

Our principal insurance subsidiaries' statutory financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries as of March 31, 2024 and December 31, 2023, were as follows (in millions):

	Subsidiary (state of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)		Corbeau Re (VT)
Statutory net income (loss):
For the three months ended March 31, 2024	$	—	$	2	$	15	$	(134)
For the three months ended March 31, 2023	(3)		1		14		—
Statutory capital and surplus:
March 31, 2024	$	1,940	$	89	$	155	$	156
December 31, 2023	2,009		86		140		171

(a) FGL NY Insurance, Raven Re and Corbeau Re are subsidiaries of FGL Insurance, and the columns should not be added together. Corbeau Re was incorporated on September 1, 2023.

Non-U.S. Companies

Net income and capital and surplus of our wholly owned Bermuda and Cayman Islands regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):

	Subsidiary (country of domicile)
	F&G Cayman Re (Cayman Islands)		F&G Life Re (Bermuda)
Statutory net income (loss):
For the three months ended March 31, 2024	$	(31)	$	49
For the three months ended March 31, 2023	35		68
Statutory capital and surplus:
March 31, 2024	$	143	$	61
December 31, 2023	114		11

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Initial Purchase Price

The initial purchase price is as follows (in millions):

Cash paid for 70% majority interest of Roar shares	$	269
Less: Cash acquired net of noncontrolling interests	1
Net cash paid for 70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total net initial consideration	$	316

Schedule of Preliminary Fair Value Amounts Expected To Be Recognized for Assets Acquired And Liabilities Assumed

The following table summarizes the preliminary fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date:

	Fair Value as of January 2, 2024
	(In millions)
Goodwill	$	268
Prepaid expenses and other assets	3
Other intangible assets	183
Total assets acquired	454
Accounts payable and accrued liabilities	2
Total liabilities assumed	2
Noncontrolling interests (fair value determined using income approach)	136
Total liabilities assumed and non-controlling interests	138
Net assets acquired	$	316

Preliminary Gross Carrying Value and Weighted Average Estimated Useful Lives of Other intangible Assets Acquired

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

	Gross Carrying Value		Estimated Useful Life
Other intangible assets:	(In millions)		(In years)
Customer relationships	$	179	12
Definite lived trademarks, tradenames, and other	4		10
Total Other intangible assets	$	183

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Market Risk Benefits (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Balances and Changes in Market Risk Benefit

The following table presents the balances of and changes in MRBs associated with indexed annuities and fixed rate annuities for the three months ended March 31, 2024 and the year ended December 31, 2023:

	March 31, 2024				December 31, 2023
	Indexed annuities		Fixed rate annuities		Indexed annuities		Fixed rate annuities
	(In millions)
Balance, beginning of period, net liability	$	314	$	1	$	164	$	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	209	$	1	$	102	$	1
Issuances and benefit payments	12		—		(10)		—
Attributed fees collected and interest accrual	36		—		131		—
Actual policyholder behavior different from expected	8		—		27		—
Changes in assumptions and other	(2)		—		29		—
Effects of market related movements	(37)		—		(70)		—
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	226	$	1	$	209	$	1
Effect of changes in the instrument-specific credit risk	103		—		105		—
Balance, end of period, net liability	$	329	$	1	$	314	$	1
Weighted-average attained age of policyholders weighted by total AV (years)	68.20		72.55		68.28		72.59
Net amount at risk	$	1,091	$	2	$	1,059	$	2

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

	March 31, 2024						December 31, 2023
	Asset		Liability		Net		Asset		Liability		Net
	(In millions)
Fixed rate annuities	$	—	$	1	$	1	$	—	$	1	$	1
Indexed annuities	95		424		329		88		402		314
Total	$	95	$	425	$	330	$	88	$	403	$	315

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Contractholder Funds (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Summary of Balances and Changes in Contractholder Funds

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

	March 31, 2024
	Indexed annuities			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
	(Dollars in millions)
Balance, beginning of year	$	27,164		$	13,443		$	2,391		$	2,613	$	2,539
Issuances	1,381			1,341			51			—		305
Premiums received	28			—			114			—		—
Policy charges (a)	(46)			—			(74)			—		—
Surrenders and withdrawals	(690)			(364)			(22)			—		—
Benefit payments	(119)			(76)			(5)			(16)		(329)
Interest credited	139			142			33			14		24
Other	5			—			—			—		—
Balance, end of year	$	27,862		$	14,486		$	2,488		$	2,611	$	2,539
Embedded derivative adjustment (c)	468			—			107			—		—
Gross Liability, end of period	$	28,330		$	14,486		$	2,595		$	2,611	$	2,539
Less: Reinsurance	(13)			(8,612)			(894)			—		—
Net Liability, after Reinsurance	$	28,317		$	5,874		$	1,701		$	2,611	$	2,539
Weighted-average crediting rate	2.04		%	4.15		%	5.54		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			$	63,968		N/A		N/A
Cash surrender value (e)	$	25,724		$	13,502		$	1,938		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.

(e) These amounts are gross of reinsurance.

	December 31, 2023
	Indexed annuities			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

(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.

(e) These amounts are gross of reinsurance.

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:

	March 31, 2024		December 31, 2023
	(In millions)
Indexed annuities	$	28,330	$	27,407
Fixed rate annuities	14,486		13,443
Immediate annuities	304		311
Universal life	2,595		2,475
Traditional life	5		5
Funding Agreement-FABN	2,611		2,613
FHLB	2,539		2,539
PRT	5		5
Total	$	50,875	$	48,798

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:

	March 31, 2024
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
Indexed Annuities	(In millions)
0.00%-1.50%	$	22,671	$	1,391	$	522	$	1,931	$	26,515
1.51%-2.50%	331		1		93		568		993
Greater than 2.50%	353		1		—		—		354
Total	$	23,355	$	1,393	$	615	$	2,499	$	27,862
Fixed Rate Annuities
0.00%-1.50%	$	36	$	24	$	1,340	$	11,259	$	12,659
1.51%-2.50%	4		7		21		456		488
Greater than 2.50%	870		2		4		463		1,339
Total	$	910	$	33	$	1,365	$	12,178	$	14,486
Universal Life
0.00%-1.50%	$	2,085	$	6	$	—	$	22	$	2,113
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	369		5		1		—		375
Total	$	2,454	$	11	$	1	$	22	$	2,488

	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
Indexed Annuities	(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

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Future Policy Benefits (Tables)

3 Months Ended

Mar. 31, 2024

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:

	Traditional Life
	March 31, 2024		December 31, 2023
Expected net premiums	(Dollars in millions)
Balance, beginning of year	$	722	$	797
Beginning balance at original discount rate	874		974
Effect of actual variances from expected experience	(4)		(1)
Balance adjusted for variances from expectation	870		973
Interest accrual	4		19
Net premiums collected	(28)		(118)
Ending Balance at original discount rate	846		874
Effect of changes in discount rate assumptions	(157)		(152)
Balance, end of year	$	689	$	722
Expected FPB
Balance, beginning of year	$	2,071	$	2,151
Beginning balance at original discount rate	2,492		2,665
Effect of actual variances from expected experience	(9)		(24)
Balance adjusted for variances from expectation	2,483		2,641
Interest accrual	14		56
Benefits payments	(51)		(205)
Ending Balance at original discount rate	2,446		2,492
Effect of changes in discount rate assumptions	(439)		(421)
Balance, end of year	$	2,007	$	2,071
Net liability for future policy benefits	$	1,318	$	1,349
Less: Reinsurance recoverable	483		413
Net liability for future policy benefits, after reinsurance recoverable	$	835	$	936
Weighted-average duration of liability for future policyholder benefits (years)	6.96		7.36

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

	March 31, 2024
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,415	$	4,189
Beginning balance at original discount rate	1,788		4,351
Effect of changes in cash flow assumptions	—		11
Effect of actual variances from expected experience	(4)		(8)
Balance adjusted for variances from expectation	1,784		4,354
Issuances	7		596
Interest accrual	14		49
Benefits payments	(29)		(107)
Ending Balance at original discount rate	1,776		4,892
Effect of changes in discount rate assumptions	(404)		(237)
Balance, end of year	$	1,372	$	4,655
Net liability for future policy benefits	$	1,372	$	4,655
Less: Reinsurance recoverable	113		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,259	$	4,655
Weighted-average duration of liability for future policyholder benefits (years)	12.03		7.96

	December 31, 2023
	Immediate annuities		PRT
	(Dollars in millions)
Balance, beginning of year	$	1,429	$	2,165
Beginning balance at original discount rate	1,858		2,475
Effect of changes in cash flow assumptions	—		(9)
Effect of actual variances from expected experience	(15)		(7)
Balance adjusted for variances from expectation	$	1,843	$	2,459
Issuances	22		2,041
Interest accrual	51		109
Benefits payments	(128)		(258)
Ending Balance at original discount rate	$	1,788	$	4,351
Effect of changes in discount rate assumptions	(373)		(162)
Balance, end of year	$	1,415	$	4,189
Net liability for future policy benefits	$	1,415	$	4,189
Less: Reinsurance recoverable	116		—
Net liability for future policy benefits, after reinsurance recoverable	$	1,299	$	4,189
Weighted-average duration of liability for future policyholder benefits (years)	12.47		8.23

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:

	March 31, 2024				December 31, 2023
	Immediate annuities		PRT		Immediate annuities		PRT
	(In millions)
Balance, beginning of year	$	87	$	10	$	69	$	4
Effect of modeling changes	—		—		4		—
Effect of changes in cash flow assumptions	—		(4)		—		1
Effect of actual variances from expected experience	2		2		16		5
Balance adjusted for variances from expectation	89		8		89		10
Issuances	1		—		3		—
Interest accrual	—		—		2		1
Amortization	(2)		—		(7)		(1)
Balance, end of year	$	88	$	8	$	87	$	10

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:

	March 31, 2024		December 31, 2023
	(In millions)
Traditional Life	$	1,318	$	1,349
Immediate annuities	1,372		1,415
PRT	4,655		4,189
Immediate annuities DPL	88		87
PRT DPL	8		10
Total	$	7,441	$	7,050

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
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
Traditional Life	(In millions)
Expected future benefit payments	$	2,874	$	3,073	$	2,013	$	2,155
Expected future gross premiums	1,042		1,142		751		839
Immediate annuities
Expected future benefit payments	$	3,271	$	3,402	$	1,371	$	1,452
Expected future gross premiums	—		—		—		—
PRT
Expected future benefit payments	$	8,344	$	3,916	$	4,899	$	2,708
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 Operations:

	Gross Premiums (a)				Interest Expense (b)
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
	(In millions)
Traditional Life	$	28	$	32	$	10	$	9
Immediate annuities	8		6		14		16
PRT	584		263		49		23
Total	$	620	$	301	$	73	$	48

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

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

Schedule Of Liability For Future Policy Benefit, Weighted Average Discount Rates

The following table presents the weighted-average interest rate:

	March 31, 2024		December 31, 2023
Traditional Life
Interest accretion rate	1.74	%	2.33	%
Current discount rate	4.64	%	5.03	%
Immediate annuities
Interest accretion rate	3.16	%	3.14	%
Current discount rate	5.20	%	4.98	%
PRT
Interest accretion rate	4.68	%	4.61	%
Current discount rate	5.30	%	5.03	%

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:

	March 31, 2024
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.2	%	3.2	%	4.2	%
Expected experience	1.4	%	2.3	%	2.8	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.4	%	—	%	—	%

	December 31, 2023
	Traditional Life		Immediate annuities		PRT
Mortality
Actual experience	1.7	%	3.2	%	3.2	%
Expected experience	1.4	%	1.8	%	2.3	%
Lapses
Actual experience	—	%	—	%	—	%
Expected experience	0.3	%	—	%	—	%

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Basis of Financial Statements - Recent Developments (Details) $ / shares in Units, $ in Millions	Jan. 16, 2024 USD ($)	Jan. 12, 2024 USD ($) $ / shares shares	Jan. 02, 2024 USD ($)	Apr. 23, 2024	Mar. 31, 2024 $ / shares	Feb. 16, 2024 USD ($)	Feb. 15, 2024 USD ($)	Dec. 31, 2023 $ / shares
Business Acquisition [Line Items]
Preferred stock, par or stated value per share (in dollars per share) | $ / shares					$ 0.0001			$ 0.0001
F&G | 6.875% Series A Mandatory Convertible Preferred Stock
Business Acquisition [Line Items]
Investment in preferred stock	$ 250	$ 250
Preferred stock investment, shares issued in transaction (in shares) | shares		5,000,000
Preferred stock, dividend rate, percentage		6.875%
Preferred stock, par or stated value per share (in dollars per share) | $ / shares		$ 0.001
Preferred stock, liquidation preference (in usd per share)) | $ / shares		$ 50.00
F&G | 6.875% Series A Mandatory Convertible Preferred Stock | Maximum
Business Acquisition [Line Items]
Preferred stock, conversion ratio		1.1111
F&G | 6.875% Series A Mandatory Convertible Preferred Stock | Minimum
Business Acquisition [Line Items]
Preferred stock, conversion ratio		0.9456
Roar
Business Acquisition [Line Items]
Ownership interests acquired			70.00%
Cash consideration			$ 269
Contingent consideration arrangements, payments (up to)			$ 90
Contingent consideration liability payment period			3 years
Roar | F&G
Business Acquisition [Line Items]
Ownership interests acquired			70.00%
Cash consideration			$ 269
Contingent consideration obligation			48
Contingent consideration arrangements, payments (up to)			$ 90
Contingent consideration liability payment period		3 years
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility						$ 800
F&G Credit Agreement | Line of Credit | Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility						$ 750	$ 665
Subsequent Event | 4.50 % Notes due 2028 | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage				4.50%
Subsequent Event | 3.40% Notes due 2030 | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage				3.40%
Subsequent Event | 2.45% Senior Notes due 2031 | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage				2.45%

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Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense	$ 63	$ 14
Income tax expense as percentage of earnings before income taxes, percent	19.00%	(19.00%)

XML

Basis of Financial Statements - Earnings Per Share (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 shares
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of EPS, less than (in shares)	1

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Basis of Financial Statements - Owned Distribution Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distribution Investments And Affiliates | Commission Fees Paid
Business Acquisition [Line Items]
Payments for commissions	$ 50	$ 37

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Summary of Reserve for Title Claim Losses - Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingencies [Line Items]
Change in insurance recoverable	$ 22	$ 79
Title
Loss Contingencies [Line Items]
Beginning balance	1,770	1,810
Change in insurance recoverable	0	0
Claim loss provision related to:
Current year	46	43
Total title claim loss provision	46	43
Claims paid, net of recoupments related to:
Current year	(2)	(1)
Prior years	(68)	(61)
Total title claims paid, net of recoupments	(70)	(62)
Ending balance of claim loss reserve for title insurance	$ 1,746	$ 1,791
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%

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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	Mar. 31, 2024	Dec. 31, 2023
Assets
Fixed maturity securities available for sale	$ 44,566	$ 42,373
Derivative asset	1,024	797
Market risk benefits asset	95	88
Total financial assets at fair value	1,338	1,312
Derivatives:
Market risk benefits liability	425	403
Level 1
Assets
Cash and cash equivalents	3,517	2,767
Short term investments	637	2,111
Derivative asset	0	0
Investment in unconsolidated affiliates	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	5,872	6,566
Derivatives:
Contingent consideration obligation	0
Market risk benefits liability	0	0
Total financial liabilities at fair value	3	1
Level 2
Assets
Cash and cash equivalents	0	0
Short term investments	0	8
Derivative asset	1,015	740
Investment in unconsolidated affiliates	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	35,292	33,703
Derivatives:
Contingent consideration obligation	0
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	9	0
Derivative asset	9	57
Investment in unconsolidated affiliates	343	285
Market risk benefits asset	95	88
Total financial assets at fair value	10,476	9,677
Derivatives:
Contingent consideration obligation	57
Market risk benefits liability	425	403
Total financial liabilities at fair value	5,180	4,661
NAV
Assets
Total financial assets at fair value	59	59
Fair Value
Assets
Cash and cash equivalents	3,517	2,767
Short term investments	646	2,119
Derivative asset	1,024	797
Investment in unconsolidated affiliates	343	285
Market risk benefits asset	95	88
Total financial assets at fair value	51,699	50,005
Derivatives:
Contingent consideration obligation	57
Market risk benefits liability	425	403
Total financial liabilities at fair value	5,183	4,662
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	134	152
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	134	152
Indexed annuities/IUL embedded derivatives, included in contractholder funds | Level 1
Derivatives:
Derivative liability	0	0
Indexed annuities/IUL embedded derivatives, included in contractholder funds | Level 2
Derivatives:
Derivative liability	0	0
Indexed annuities/IUL embedded derivatives, included in contractholder funds | Level 3
Derivatives:
Derivative liability	4,679	4,258
Indexed annuities/IUL embedded derivatives, included in contractholder funds | Fair Value
Derivatives:
Derivative liability	4,679	4,258
Interest Rate Swaps | Level 1
Derivatives:
Derivative liability	0
Interest Rate Swaps | Level 2
Derivatives:
Derivative liability	0
Interest Rate Swaps | Level 3
Derivatives:
Derivative liability	19
Interest Rate Swaps | Fair Value
Derivatives:
Derivative liability	19
Call options | Level 1
Derivatives:
Derivative liability	3
Call options | Level 2
Derivatives:
Derivative liability	0
Call options | Level 3
Derivatives:
Derivative liability	0
Call options | Fair Value
Derivatives:
Derivative liability	3
Futures contracts | Level 1
Derivatives:
Derivative liability		1
Futures contracts | Level 2
Derivatives:
Derivative liability		0
Futures contracts | Level 3
Derivatives:
Derivative liability		0
Futures contracts | Fair Value
Derivatives:
Derivative liability		1
Asset-backed securities
Assets
Fixed maturity securities available for sale	15,115	14,342
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	7,379	7,220
Asset-backed securities | Level 3
Assets
Fixed maturity securities available for sale	7,736	7,122
Asset-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	15,115	14,342
Commercial mortgage-backed securities
Assets
Fixed maturity securities available for sale	4,818	4,475
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	4,806	4,457
Commercial mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	12	18
Commercial mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	4,818	4,475
Corporates
Assets
Fixed maturity securities available for sale	18,971	17,896
Corporates | Level 1
Assets
Fixed maturity securities available for sale	25	25
Corporates | Level 2
Assets
Fixed maturity securities available for sale	16,762	15,892
Corporates | Level 3
Assets
Fixed maturity securities available for sale	2,184	1,979
Corporates | Fair Value
Assets
Fixed maturity securities available for sale	18,971	17,896
Hybrids
Assets
Fixed maturity securities available for sale	633	618
Hybrids | Level 1
Assets
Fixed maturity securities available for sale	99	95
Hybrids | Level 2
Assets
Fixed maturity securities available for sale	534	523
Hybrids | Level 3
Assets
Fixed maturity securities available for sale	0	0
Hybrids | Fair Value
Assets
Fixed maturity securities available for sale	633	618
Municipals | Level 1
Assets
Fixed maturity securities available for sale	0	0
Municipals | Level 2
Assets
Fixed maturity securities available for sale	1,529	1,562
Municipals | Level 3
Assets
Fixed maturity securities available for sale	18	49
Municipals | Fair Value
Assets
Fixed maturity securities available for sale	1,547	1,611
Residential mortgage-backed securities
Assets
Fixed maturity securities available for sale	2,464	2,429
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	2,460	2,426
Residential mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	4	3
Residential mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	2,464	2,429
U.S. Government
Assets
Fixed maturity securities available for sale	698	678
U.S. Government | Level 1
Assets
Fixed maturity securities available for sale	682	662
U.S. Government | Level 2
Assets
Fixed maturity securities available for sale	16	16
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	698	678
Foreign Governments
Assets
Fixed maturity securities available for sale	320	324
Foreign Governments | Level 1
Assets
Fixed maturity securities available for sale	0	0
Foreign Governments | Level 2
Assets
Fixed maturity securities available for sale	315	308
Foreign Governments | Level 3
Assets
Fixed maturity securities available for sale	5	16
Foreign Governments | Fair Value
Assets
Fixed maturity securities available for sale	320	324
Preferred securities
Assets
Equity and preferred securities	542	621
Preferred securities | Level 1
Assets
Equity and preferred securities	192	214
Preferred securities | Level 2
Assets
Equity and preferred securities	342	399
Preferred securities | Level 3
Assets
Equity and preferred securities	8	8
Preferred securities | Fair Value
Assets
Equity and preferred securities	542	621
Equity securities | Level 1
Assets
Equity and preferred securities	720	692
Equity securities | Level 2
Assets
Equity and preferred securities	0	0
Equity securities | Level 3
Assets
Equity and preferred securities	14	15
Equity securities | NAV
Assets
Equity and preferred securities	59	59
Equity securities | Fair Value
Assets
Equity and preferred securities	793	766
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	39	37
Other long-term investments | Fair Value
Assets
Other long-term investments	$ 39	$ 37

XML

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) $ / Contract	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 3,632	$ 3,334
Title
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 265	$ 263
Credit linked note | Valuation, Income Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price | $ / Contract	0

XML

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	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1,338	$ 1,312
Liabilities, fair value	5,161	4,661
Third-Party Valuation | Offered Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	9,138	8,365
Liabilities, fair value	19
Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	4,679	$ 4,258
Contingent Consideration | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 57
Minimum | Discounted Cash Flow | EBITA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500
Minimum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0700
Minimum | Indexed annuity/ 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 | Indexed annuity/ 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 | Indexed annuity/ 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	0.0035	0.0038
Minimum | Indexed annuity/ 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 | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability		0.0384
Minimum | Indexed annuity/ 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 | Indexed annuity/ 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
Minimum | Contingent Consideration | Discounted Cash Flow | Risk Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1350
Maximum | Discounted Cash Flow | EBITA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500
Maximum | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0700
Maximum | Indexed annuity/ 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 | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3571	0.3448
Maximum | Indexed annuity/ 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	0.0102	0.0110
Maximum | Indexed annuity/ 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	0.2411	0.1893
Maximum | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability		0.0526
Maximum | Indexed annuity/ 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 | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0570	0.0548
Maximum | Contingent Consideration | Discounted Cash Flow | Risk Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1350
Weighted Average | Discounted Cash Flow | EBITA Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.3500
Weighted Average | Discounted Cash Flow | Counterparty Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.0700
Weighted Average | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0680	0.0683
Weighted Average | Indexed annuity/ 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	0.0274
Weighted Average | Indexed annuity/ 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	0.0087	0.0096
Weighted Average | Indexed annuity/ 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	0.0352	0.0263
Weighted Average | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Swap Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability		0.0455
Weighted Average | Indexed annuity/ 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 | Indexed annuity/ IUL embedded derivatives, included in contractholder funds | Discounted Cash Flow | Option Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0247	0.0238
Weighted Average | Contingent Consideration | Discounted Cash Flow | Risk Adjusted Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	0.1350
Asset-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 89	$ 57
Asset-backed securities | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0527	0.0509
Asset-backed securities | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0654	0.0695
Asset-backed securities | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0603	0.0600
Commercial mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1
Commercial mortgage-backed securities | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0722
Commercial mortgage-backed securities | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0690
Commercial mortgage-backed securities | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0784
Corporates | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 760	$ 787
Corporates | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4	$ 8
Corporates | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0416	0.0000
Corporates | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.4375	0.4400
Corporates | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.1287	0.1287
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 | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0706	0.0691
Corporates | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.5707	0.7520
Municipals | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 32
Municipals | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		0.0625
Municipals | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		0.0625
Municipals | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities		0.0625
Residential mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 3	$ 3
Residential mortgage-backed securities | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0564	0.0546
Residential mortgage-backed securities | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0564	0.0546
Residential mortgage-backed securities | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0564	0.0546
Foreign Governments | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 5	$ 16
Foreign Governments | Minimum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0677	0.0694
Foreign Governments | Maximum | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0677	0.0768
Foreign Governments | Weighted Average | Third-Party Valuation | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.0677	0.0745
Investment in unconsolidated affiliates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 285
Investment in unconsolidated affiliates | Minimum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate		4.4
Investment in unconsolidated affiliates | Maximum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate		31.8
Investment in unconsolidated affiliates | Weighted Average | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in unconsolidated affiliate		23.2
Investment in unconsolidated affiliates | Affiliated Entity | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 343
Preferred securities | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 1
Preferred securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1
Preferred securities | Affiliated Entity | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities		1.0000
Preferred securities | Affiliated Entity | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Preferred securities | Affiliated Entity | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Preferred securities | Affiliated Entity | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1.0000
Equity securities | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value		$ 7
Equity securities | Minimum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	6
Equity securities | Maximum | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	6
Equity securities | Weighted Average | Broker quoted/Market Comparable | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	6
Equity securities | Affiliated Entity | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 7
Equity securities | Affiliated Entity | Minimum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1090	0.1150
Equity securities | Affiliated Entity | Maximum | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1090	0.1150
Equity securities | Affiliated Entity | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1090	0.1150
Available-for-sale embedded derivative | Black Scholes model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 30	$ 28
Available-for-sale embedded derivative | Black Scholes model | Market Value of AnchorPath Fund
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset	1.0000	1.0000
Market risk benefits asset | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 95	$ 88
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 | 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
Market risk benefits asset | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0035	0.0038
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 | 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 | 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	0.2041	0.2326
Market risk benefits asset | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0102	0.0110
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 | 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 | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0513	0.0522
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0250	0.0250
Market risk benefits asset | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0087	0.0096
Market risk benefits asset | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5081	0.5081
Market risk benefits liability | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 425	$ 403
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 | 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	0.0000
Market risk benefits liability | Minimum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0035	0.0038
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 | 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 | 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	0.2041	0.2326
Market risk benefits liability | Maximum | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0102	0.0110
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 | 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 | Surrender Rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0513	0.0522
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Partial Withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0250	0.0250
Market risk benefits liability | Weighted Average | Discounted Cash Flow | Non-Performance Spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0087	0.0096
Market risk benefits liability | Weighted Average | Discounted Cash Flow | GMWB Utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5081	0.5081

XML

Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liabilities
Liabilities, Total Gains (Losses) Included in Earnings	$ 228	$ 385
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	336	96
Liabilities, Sales	0	0
Liabilities, Settlements	(67)	(27)
Liabilities, Net transfer In (Out) of Level 3	$ 0	$ 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
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)
Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	$ 9,677	$ 8,286
Balance at End of Period	10,476	8,229
Liabilities
Balance at Beginning of Period	4,661	3,397
Balance at End of Period	5,180	3,893
Indexed annuities/IUL embedded derivatives, included in contractholder funds
Liabilities
Balance at Beginning of Period	4,258	3,115
Liabilities, Total Gains (Losses) Included in Earnings	200	385
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	288	96
Liabilities, Sales	0	0
Liabilities, Settlements	(67)	(27)
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	4,679	3,569
Change in Unrealized Gains (Losses) Included in OCI	0	0
Interest Rate Swaps
Liabilities
Balance at Beginning of Period	0
Liabilities, Total Gains (Losses) Included in Earnings	19
Liabilities, Total Gains (Losses) Included in AOCI	0
Liabilities, Purchases	0
Liabilities, Sales	0
Liabilities, Settlements	0
Liabilities, Net transfer In (Out) of Level 3	0
Balance at End of Period	19
Change in Unrealized Gains (Losses) Included in OCI	0
Contingent consideration
Liabilities
Balance at Beginning of Period	0
Liabilities, Total Gains (Losses) Included in Earnings	9
Liabilities, Total Gains (Losses) Included in AOCI	0
Liabilities, Purchases	48
Liabilities, Sales	0
Liabilities, Settlements	0
Liabilities, Net transfer In (Out) of Level 3	0
Balance at End of Period	57
Change in Unrealized Gains (Losses) Included in OCI	0
Asset-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	7,122	6,263
Assets, Total Gains (Losses) Included in Earnings	(12)	(8)
Assets, Total Gains (Losses) Included in AOCI	104	18
Assets, Purchases	762	416
Assets, Sales	(19)	(83)
Assets, Settlements	(202)	(235)
Assets, Net transfer In (Out) of Level 3	(19)	(71)
Balance at End of Period	7,736	6,300
Change in Unrealized Included in OCI	104	18
Commercial mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	18	37
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	1
Assets, Purchases	1	12
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	(7)	(21)
Balance at End of Period	12	29
Change in Unrealized Included in OCI	0	1
Corporates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	1,979	1,440
Assets, Total Gains (Losses) Included in Earnings	0	(1)
Assets, Total Gains (Losses) Included in AOCI	13	(23)
Assets, Purchases	217	133
Assets, Sales	(3)	0
Assets, Settlements	(22)	(5)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	2,184	1,544
Change in Unrealized Included in OCI	13	(23)
Municipals
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	49	29
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	1	3
Assets, Purchases	0	0
Assets, Sales	(32)	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	18	32
Change in Unrealized Included in OCI	1	3
Residential mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	3	302
Assets, Total Gains (Losses) Included in Earnings	0	1
Assets, Total Gains (Losses) Included in AOCI	0	8
Assets, Purchases	1	8
Assets, Sales	0	0
Assets, Settlements	0	(8)
Assets, Net transfer In (Out) of Level 3	0	(299)
Balance at End of Period	4	12
Change in Unrealized Included in OCI	0	8
Foreign Governments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	16	16
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	(11)	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	5	16
Change in Unrealized Included in OCI	0	0
Preferred securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	8	1
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	8	1
Change in Unrealized Included in OCI	0	0
Equity securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	15	10
Assets, Total Gains (Losses) Included in Earnings	(1)	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	0	1
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	14	11
Change in Unrealized Included in OCI	0	0
Interest Rate Swaps
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	57
Assets, Total Gains (Losses) Included in Earnings	(48)
Assets, Total Gains (Losses) Included in AOCI	0
Assets, Purchases	0
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	9
Change in Unrealized Included in OCI	0
Investment in unconsolidated affiliates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	285	23
Assets, Total Gains (Losses) Included in Earnings	58	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	0	84
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	343	107
Change in Unrealized Included in OCI	0	0
Short term investments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0	0
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	9	23
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	9	23
Change in Unrealized Included in OCI	0	0
Available-for-sale embedded derivative
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	27	23
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	3	2
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	30	25
Change in Unrealized Included in OCI	3	2
Credit linked note
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	10	15
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	(1)	(2)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	9	13
Change in Unrealized Included in OCI	0	0
Secured borrowing receivable
Fixed maturity securities available-for-sale:
Balance at Beginning of Period		10
Assets, Total Gains (Losses) Included in Earnings		0
Assets, Total Gains (Losses) Included in AOCI		0
Assets, Purchases		0
Assets, Sales		0
Assets, Settlements		0
Assets, Net transfer In (Out) of Level 3		0
Balance at End of Period		10
Change in Unrealized Included in OCI		0
Subtotal Level 3 assets at fair value | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	9,589	8,169
Assets, Total Gains (Losses) Included in Earnings	(3)	(8)
Assets, Total Gains (Losses) Included in AOCI	121	9
Assets, Purchases	990	677
Assets, Sales	(54)	(83)
Assets, Settlements	(236)	(250)
Assets, Net transfer In (Out) of Level 3	(26)	(391)
Balance at End of Period	10,381	8,123
Change in Unrealized Included in OCI	121	9
Market risk benefits asset
Fixed maturity securities available-for-sale:
Balance at End of Period	95
Market risk benefits asset | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	88	117
Balance at End of Period		106
Subtotal Level 3 liabilities at fair value
Liabilities
Change in Unrealized Gains (Losses) Included in OCI	0	0
Subtotal Level 3 liabilities at fair value | Level 3
Liabilities
Balance at Beginning of Period	4,258	3,115
Balance at End of Period	4,755	3,569
Market risk benefits liability | Level 3
Liabilities
Balance at Beginning of Period	403	282
Balance at End of Period	$ 425	$ 324

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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	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments in unconsolidated affiliates	$ 3,632	$ 3,334
Trade and notes receivables, net of allowance	409	442
Total
Total Estimated Fair Value
Assets
FHLB common stock	138	138
Commercial mortgage loans	2,229	2,253
Residential mortgage loans	2,590	2,545
Investments in unconsolidated affiliates	3,024	2,786
Policy loans	78	71
Other invested assets	65	397
Company-owned life insurance	415	59
Trade and notes receivables, net of allowance	409	442
Total	8,948	8,691
Liabilities
Investment contracts, included in contractholder funds	41,488	40,229
Debt	3,561	3,568
Total	45,049	43,797
Carrying Value
Assets
FHLB common stock	138	138
Commercial mortgage loans	2,550	2,538
Residential mortgage loans	2,890	2,798
Investments in unconsolidated affiliates	3,024	2,786
Policy loans	78	71
Other invested assets	65	397
Company-owned life insurance	415	59
Trade and notes receivables, net of allowance	409	442
Total	9,569	9,229
Liabilities
Investment contracts, included in contractholder funds	46,194	44,540
Debt	3,884	3,887
Total	50,078	48,427
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	23	0
Company-owned life insurance	0	17
Trade and notes receivables, net of allowance	0	0
Total	23	17
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	0	0
Total	0	0
Level 2
Assets
FHLB common stock	138	138
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	138	138
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	3,561	3,568
Total	3,561
Level 3
Assets
FHLB common stock	0	0
Commercial mortgage loans	2,229	2,253
Residential mortgage loans	2,590	2,545
Investments in unconsolidated affiliates	6	7
Policy loans	78	71
Other invested assets	0	397
Company-owned life insurance	415	0
Trade and notes receivables, net of allowance	409	442
Total	5,727	5,715
Liabilities
Investment contracts, included in contractholder funds	41,488	40,229
Debt	0	0
Total	41,488	40,229
NAV
Assets
Investments in unconsolidated affiliates	3,018	2,779
Other invested assets	42	42
Total	$ 3,060	$ 2,821

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Investments - Consolidated Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale securities
Amortized Cost	$ 47,789	$ 45,606
Allowance for Expected Credit Losses	(40)	(42)
Gross Unrealized Gains	500	457
Gross Unrealized Losses	(3,683)	(3,648)
Fair Value/Carrying Value	44,566	42,373
Asset-backed securities
Available-for-sale securities
Amortized Cost	15,254	14,631
Allowance for Expected Credit Losses	(11)	(11)
Gross Unrealized Gains	280	191
Gross Unrealized Losses	(408)	(469)
Fair Value/Carrying Value	15,115	14,342
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	5,040	4,797
Allowance for Expected Credit Losses	(21)	(22)
Gross Unrealized Gains	38	23
Gross Unrealized Losses	(239)	(323)
Fair Value/Carrying Value	4,818	4,475
Corporates
Available-for-sale securities
Amortized Cost	21,430	20,133
Allowance for Expected Credit Losses	(7)	(6)
Gross Unrealized Gains	133	186
Gross Unrealized Losses	(2,585)	(2,417)
Fair Value/Carrying Value	18,971	17,896
Hybrids
Available-for-sale securities
Amortized Cost	667	668
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	4	3
Gross Unrealized Losses	(38)	(53)
Fair Value/Carrying Value	633	618
Municipals
Available-for-sale securities
Amortized Cost	1,773	1,826
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	11	14
Gross Unrealized Losses	(237)	(229)
Fair Value/Carrying Value	1,547	1,611
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	2,550	2,507
Allowance for Expected Credit Losses	(1)	(3)
Gross Unrealized Gains	31	29
Gross Unrealized Losses	(116)	(104)
Fair Value/Carrying Value	2,464	2,429
U.S. Government
Available-for-sale securities
Amortized Cost	706	679
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	3	8
Gross Unrealized Losses	(11)	(9)
Fair Value/Carrying Value	698	678
Foreign Governments
Available-for-sale securities
Amortized Cost	369	365
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(49)	(44)
Fair Value/Carrying Value	$ 320	$ 324

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Investments - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Debt Securities, Available-for-sale [Line Items]
Investment, non-income producing, greater than twelve months	$ 69,000,000		$ 47,000,000
Accrued interest receivable	516,000,000		481,000,000
FHLB collateral pledged	4,518,000,000		4,345,000,000
Fixed maturity securities, available-for-sale securities, allowance for credit losses	40,000,000		$ 42,000,000
Allowance for credit loss for securities in an unrealized loss position	$ 0
Commercial mortgage loans, percentage of investments	5.00%		5.00%
DSC ratio, amortization period	25 years
Mortgage loans delinquent in principal or interest | loan	0
Amortized cost of loans on non-accrual	$ 66,000,000		$ 57,000,000
Loans in process of foreclosure	58,000,000		$ 41,000,000
Gross investment income	780,000,000	$ 673,000,000
Reinsurance agreement, recognized gains (losses)	(19,000,000)	(22,000,000)
Funds Withheld, Reinsurance Agreements
Debt Securities, Available-for-sale [Line Items]
Gross investment income	$ 127,000,000	$ 58,000,000
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]
Mortgage loans delinquent in principal or interest | loan			0
Charge offs	$ 0		$ 3,000,000
Amortized cost of loans on non-accrual	$ 0		0
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	5.00%
Charge offs	$ 0
Amortized cost of loans on non-accrual	$ 66,000,000		57,000,000
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	$ 145,000,000		$ 141,000,000

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Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	$ 22,844	$ 21,935
Amortized Cost	47,789	45,606
Fair Value
Other securities which provide for periodic payments, Fair Value	22,397	21,246
Total fixed maturity available-for-sale securities, Fair Value	44,566	42,373
Corporates, Non-structured Hybrids, Municipal and Government securities:
Amortized Cost
Due in one year or less	709	703
Due after one year through five years	4,765	4,320
Due after five years through ten years	3,940	3,195
Due after ten years	15,531	15,453
Subtotal, Amortized Cost	24,945	23,671
Fair Value
Due in one year or less	691	687
Due after one year through five years	4,643	4,209
Due after five years through ten years	3,770	3,048
Due after ten years	13,065	13,183
Subtotal, Fair Value	22,169	21,127
Asset-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	15,254	14,631
Amortized Cost	15,254	14,631
Fair Value
Other securities which provide for periodic payments, Fair Value	15,115	14,342
Total fixed maturity available-for-sale securities, Fair Value	15,115	14,342
Commercial mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	5,040	4,797
Amortized Cost	5,040	4,797
Fair Value
Other securities which provide for periodic payments, Fair Value	4,818	4,475
Total fixed maturity available-for-sale securities, Fair Value	4,818	4,475
Residential mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	2,550	2,507
Fair Value
Other securities which provide for periodic payments, Fair Value	$ 2,464	$ 2,429

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Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 6,970	$ 5,841
Gross Unrealized Losses Less than 12 months	(251)	(302)
Fair Value, 12 Months or longer	20,098	20,908
Gross Unrealized Losses, 12 months or longer	(3,386)	(3,291)
Total Fair Value	27,068	26,749
Total Gross Unrealized Losses	$ (3,637)	$ (3,593)
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security	1,371	1,035
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security	2,775	2,846
Total number of available-for-sale securities in an unrealized loss position | security	4,146	3,881
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 1,558	$ 1,707
Gross Unrealized Losses Less than 12 months	(41)	(56)
Fair Value, 12 Months or longer	4,568	5,835
Gross Unrealized Losses, 12 months or longer	(358)	(404)
Total Fair Value	6,126	7,542
Total Gross Unrealized Losses	(399)	(460)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	470	819
Gross Unrealized Losses Less than 12 months	(8)	(53)
Fair Value, 12 Months or longer	2,048	1,922
Gross Unrealized Losses, 12 months or longer	(203)	(235)
Total Fair Value	2,518	2,741
Total Gross Unrealized Losses	(211)	(288)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	3,645	2,387
Gross Unrealized Losses Less than 12 months	(136)	(134)
Fair Value, 12 Months or longer	11,062	10,739
Gross Unrealized Losses, 12 months or longer	(2,449)	(2,283)
Total Fair Value	14,707	13,126
Total Gross Unrealized Losses	(2,585)	(2,417)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	71	60
Gross Unrealized Losses Less than 12 months	(2)	(2)
Fair Value, 12 Months or longer	464	483
Gross Unrealized Losses, 12 months or longer	(36)	(51)
Total Fair Value	535	543
Total Gross Unrealized Losses	(38)	(53)
Municipals
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	340	399
Gross Unrealized Losses Less than 12 months	(51)	(49)
Fair Value, 12 Months or longer	935	920
Gross Unrealized Losses, 12 months or longer	(186)	(179)
Total Fair Value	1,275	1,319
Total Gross Unrealized Losses	(237)	(228)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	507	336
Gross Unrealized Losses Less than 12 months	(9)	(5)
Fair Value, 12 Months or longer	687	662
Gross Unrealized Losses, 12 months or longer	(99)	(89)
Total Fair Value	1,194	998
Total Gross Unrealized Losses	(108)	(94)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	337	84
Gross Unrealized Losses Less than 12 months	(2)	0
Fair Value, 12 Months or longer	147	159
Gross Unrealized Losses, 12 months or longer	(9)	(9)
Total Fair Value	484	243
Total Gross Unrealized Losses	(11)	(9)
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	42	49
Gross Unrealized Losses Less than 12 months	(2)	(3)
Fair Value, 12 Months or longer	187	188
Gross Unrealized Losses, 12 months or longer	(46)	(41)
Total Fair Value	229	237
Total Gross Unrealized Losses	$ (48)	$ (44)

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Investments - Schedule of Commercial Mortgage Loan Investment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Allowance for credit loss	$ (67)	$ (66)	$ (60)	$ (42)
Total mortgage loans	5,440	5,336
Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	2,563	2,550
Allowance for credit loss	(13)	(12)	$ (12)	$ (10)
Total mortgage loans	$ 2,550	$ 2,538
% of Total	100.00%	100.00%
East North Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 104	$ 151
% of Total	4.00%	6.00%
East South Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 75	$ 75
% of Total	3.00%	3.00%
Middle Atlantic | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 354	$ 354
% of Total	14.00%	14.00%
Mountain | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 386	$ 352
% of Total	15.00%	14.00%
New England | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 92	$ 168
% of Total	3.00%	6.00%
Pacific | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 765	$ 766
% of Total	30.00%	30.00%
South Atlantic | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 618	$ 563
% of Total	24.00%	22.00%
West North Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 21	$ 4
% of Total	1.00%	0.00%
West South Central | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 148	$ 117
% of Total	6.00%	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	$ 617	$ 616
% of Total	24.00%	24.00%
Mixed Use Property | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 11	$ 11
% of Total	0.00%	0.00%
Multifamily | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 1,012	$ 1,012
% of Total	39.00%	40.00%
Office | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 315	$ 316
% of Total	13.00%	13.00%
Retail | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 101	$ 102
% of Total	4.00%	4.00%
Student Housing | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 83	$ 392
% of Total	3.00%	15.00%
Other | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 406	$ 83
% of Total	16.00%	3.00%

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Investments - Commercial Mortgage Loans Segregated By Aging of Loans and Charge Offs (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Charge-offs
2023	$ 0	$ 0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
2024	35	213
2023	214	288
2022	288	1,256
2021	1,256	512
2020	513	0
Prior	257	259
Total	2,563	2,528
Credit Quality Indicator Prior Year [Abstract]
2023	35	213
2022	214	288
2021	288	1,256
2020	1,256	512
2019	513	0
Prior	257	259
Total	2,563	2,528
Loans under development, amortized cost	22	22
Loans under development, fair value	22	22
Charge-offs
Prior	0	3
Total	0	3
Commercial mortgage loans | Current (less than 30 days past due)
Credit Quality Indicator Current Year [Abstract]
2024	35	213
2023	214	288
2022	288	1,256
2021	1,256	512
2020	513	0
Prior	257	259
Total	2,563	2,528
Credit Quality Indicator Prior Year [Abstract]
2023	35	213
2022	214	288
2021	288	1,256
2020	1,256	512
2019	513	0
Prior	257	259
Total	2,563	2,528
Commercial mortgage loans | 30-89 days past due
Credit Quality Indicator Current Year [Abstract]
2024	0	0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
Prior	0	0
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
2023	0	0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Prior	0	0
Total	0	0
Commercial mortgage loans | 90 Days or more past due
Credit Quality Indicator Current Year [Abstract]
2024	0	0
2023	0	0
2022	0	0
2021	0	0
2020	0	0
Prior	0	0
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
2023	0	0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Prior	0	0
Total	$ 0	$ 0

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Investments - Schedule of Investment in CMLs by Loan to Value and Debt Service Coverage Ratios (Details) - Commercial mortgage loans - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Total	$ 2,563	$ 2,528
% of Total	100.00%	100.00%
Loans under development, amortized cost	$ 22	$ 22
Loans under development, fair value	22	22
Credit Quality Indicator Current Year [Abstract]
2024	35	213
2023	214	288
2022	288	1,256
2021	1,256	512
2020	513	0
Prior	257	259
Total	2,563	2,528
Credit Quality Indicator Prior Year [Abstract]
2023	35	213
2022	214	288
2021	288	1,256
2020	1,256	512
2019	513	0
Prior	257	259
Total	2,563	2,528
Fair Value
Schedule of Investments [Line Items]
Total	$ 2,229	$ 2,231
% of Total	100.00%	100.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 2,229	$ 2,231
Credit Quality Indicator Prior Year [Abstract]
Total	2,229	2,231
Less than 50.00%
Schedule of Investments [Line Items]
Total	$ 493	$ 533
% of Total	19.00%	21.00%
Credit Quality Indicator Current Year [Abstract]
2024	$ 35	$ 85
2023	86	17
2022	17	77
2021	77	232
2020	156	0
Prior	122	122
Total	493	533
Credit Quality Indicator Prior Year [Abstract]
2023	35	85
2022	86	17
2021	17	77
2020	77	232
2019	156	0
Prior	122	122
Total	493	533
Less than 50.00% | Fair Value
Schedule of Investments [Line Items]
Total	$ 477	$ 510
% of Total	21.00%	23.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 477	$ 510
Credit Quality Indicator Prior Year [Abstract]
Total	477	510
50.00% to 59.99%
Schedule of Investments [Line Items]
Total	$ 864	$ 764
% of Total	34.00%	30.00%
Credit Quality Indicator Current Year [Abstract]
2024	$ 0	$ 53
2023	53	149
2022	149	267
2021	292	158
2020	235	0
Prior	135	137
Total	864	764
Credit Quality Indicator Prior Year [Abstract]
2023	0	53
2022	53	149
2021	149	267
2020	292	158
2019	235	0
Prior	135	137
Total	864	764
50.00% to 59.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 754	$ 679
% of Total	34.00%	30.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 754	$ 679
Credit Quality Indicator Prior Year [Abstract]
Total	754	679
60.00% to 74.99%
Schedule of Investments [Line Items]
Total	$ 1,191	$ 1,216
% of Total	46.00%	48.00%
Credit Quality Indicator Current Year [Abstract]
2024	$ 0	$ 69
2023	69	113
2022	113	912
2021	887	122
2020	122	0
Prior	0	0
Total	1,191	1,216
Credit Quality Indicator Prior Year [Abstract]
2023	0	69
2022	69	113
2021	113	912
2020	887	122
2019	122	0
Prior	0	0
Total	1,191	1,216
60.00% to 74.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 983	$ 1,028
% of Total	44.00%	46.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 983	$ 1,028
Credit Quality Indicator Prior Year [Abstract]
Total	983	1,028
75.00% to 84.99%
Schedule of Investments [Line Items]
Total	$ 15	$ 15
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
2024	$ 0	$ 6
2023	6	9
2022	9	0
2021	0	0
2020	0	0
Prior	0	0
Total	15	15
Credit Quality Indicator Prior Year [Abstract]
2023	0	6
2022	6	9
2021	9	0
2020	0	0
2019	0	0
Prior	0	0
Total	15	15
75.00% to 84.99% | Fair Value
Schedule of Investments [Line Items]
Total	$ 15	$ 14
% of Total	1.00%	1.00%
Credit Quality Indicator Current Year [Abstract]
Total	$ 15	$ 14
Credit Quality Indicator Prior Year [Abstract]
Total	15	14
Greater than 1.25
Schedule of Investments [Line Items]
Total	2,477	2,443
Credit Quality Indicator Current Year [Abstract]
2024	35	154
2023	154	276
2022	276	1,256
2021	1,256	512
2020	513	0
Prior	243	245
Total	2,477	2,443
Credit Quality Indicator Prior Year [Abstract]
2023	35	154
2022	154	276
2021	276	1,256
2020	1,256	512
2019	513	0
Prior	243	245
Total	2,477	2,443
Greater than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Total	479	519
Credit Quality Indicator Current Year [Abstract]
Total	479	519
Credit Quality Indicator Prior Year [Abstract]
Total	479	519
Greater than 1.25 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Total	864	764
Credit Quality Indicator Current Year [Abstract]
Total	864	764
Credit Quality Indicator Prior Year [Abstract]
Total	864	764
Greater than 1.25 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	1,134	1,160
Credit Quality Indicator Current Year [Abstract]
Total	1,134	1,160
Credit Quality Indicator Prior Year [Abstract]
Total	1,134	1,160
Greater than 1.25 | 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
Schedule of Investments [Line Items]
Total	63	66
Credit Quality Indicator Current Year [Abstract]
2024	0	59
2023	60	3
2022	3	0
2021	0	0
2020	0	0
Prior	0	4
Total	63	66
Credit Quality Indicator Prior Year [Abstract]
2023	0	59
2022	60	3
2021	3	0
2020	0	0
2019	0	0
Prior	0	4
Total	63	66
Greater than 1.00 but less than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Total	0	4
Credit Quality Indicator Current Year [Abstract]
Total	0	4
Credit Quality Indicator Prior Year [Abstract]
Total	0	4
Greater than 1.00 but less than 1.25 | 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 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Total	57	56
Credit Quality Indicator Current Year [Abstract]
Total	57	56
Credit Quality Indicator Prior Year [Abstract]
Total	57	56
Greater than 1.00 but less than 1.25 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	6	6
Credit Quality Indicator Current Year [Abstract]
Total	6	6
Credit Quality Indicator Prior Year [Abstract]
Total	6	6
Less than 1.00
Schedule of Investments [Line Items]
Total	23	19
Credit Quality Indicator Current Year [Abstract]
2024	0	0
2023	0	9
2022	9	0
2021	0	0
2020	0	0
Prior	14	10
Total	23	19
Credit Quality Indicator Prior Year [Abstract]
2023	0	0
2022	0	9
2021	9	0
2020	0	0
2019	0	0
Prior	14	10
Total	23	19
Less than 1.00 | Less than 50.00%
Schedule of Investments [Line Items]
Total	14	10
Credit Quality Indicator Current Year [Abstract]
Total	14	10
Credit Quality Indicator Prior Year [Abstract]
Total	14	10
Less than 1.00 | 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 | 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 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Total	9	9
Credit Quality Indicator Current Year [Abstract]
Total	9	9
Credit Quality Indicator Prior Year [Abstract]
Total	$ 9	$ 9

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Investments - Distribution of Residential Mortgage Loans by State (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Allowance for credit loss	$ (67)	$ (66)	$ (60)	$ (42)
Total mortgage loans	5,440	5,336
Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,944	$ 2,852
% of Total	100.00%	100.00%
Allowance for credit loss	$ (54)	$ (54)	$ (48)	$ (32)
Total mortgage loans	2,890	2,798
Florida | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 164	$ 163
% of Total	5.00%	6.00%
California | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 142	$ 129
% of Total	5.00%	5.00%
Texas | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost		$ 129
% of Total		5.00%
All other states | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,638	$ 2,431
% of Total	90.00%	84.00%

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Investments - Schedule of Residential Mortgage Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Allowance for credit loss	$ (67)	$ (66)	$ (60)	$ (42)
Total mortgage loans	5,440	5,336
Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,944	$ 2,852
% of Total	100.00%	100.00%
Allowance for credit loss	$ (54)	$ (54)	$ (48)	$ (32)
Allowance for expected credit loss, % of Total	0.00%	0.00%
Total mortgage loans	$ 2,890	$ 2,798
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	$ 2,878	$ 2,795
% of Total	98.00%	98.00%
Nonperforming Financial Instruments | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 66	$ 57
% of Total	2.00%	2.00%

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Investments - Schedule of Residential Loans Segregated by Aging of Loans (By Year of Origination) and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	$ 66	$ 57
Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2024	56	373
2023	404	995
2022	997	877
2021	895	208
2020	203	204
Prior	389	195
Credit Quality Indicator Prior Year [Abstract]
2023	56	373
2022	404	995
2021	997	877
2020	895	208
2019	203	204
Prior	389	195
Total	2,944	2,852
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	66	57
Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
Total	2,563	2,528
Credit Quality Indicator Prior Year [Abstract]
Total	2,563	2,550
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	0	0
Current (less than 30 days past due) | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2024	56	373
2023	402	985
2022	984	854
2021	874	192
2020	185	183
Prior	361	192
Credit Quality Indicator Prior Year [Abstract]
2023	56	373
2022	402	985
2021	984	854
2020	874	192
2019	185	183
Prior	361	192
Total	2,862	2,779
Current (less than 30 days past due) | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
Total	2,563	2,528
30-89 days past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2024	0	0
2023	1	4
2022	2	7
2021	3	3
2020	6	0
Prior	4	2
Credit Quality Indicator Prior Year [Abstract]
2023	0	0
2022	1	4
2021	2	7
2020	3	3
2019	6	0
Prior	4	2
Total	16	16
30-89 days past due | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
Total	0	0
90 Days or more past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2024	0	0
2023	1	6
2022	11	16
2021	18	13
2020	12	21
Prior	24	1
Credit Quality Indicator Prior Year [Abstract]
2023	0	0
2022	1	6
2021	11	16
2020	18	13
2019	12	21
Prior	24	1
Total	66	57
90 Days or more past due | Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
Total	$ 0	$ 0

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Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 66	$ 42
Provision for loan losses	1	18
Ending Balance	67	60
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	54	32
Provision for loan losses	0	16
Ending Balance	54	48
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	12	10
Provision for loan losses	1	2
Ending Balance	$ 13	$ 12

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Investments - Interest and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Gross investment income	$ 780	$ 673
Investment expense	(70)	(62)
Interest and investment income	710	611
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	534	447
Equity securities
Schedule of Investments [Line Items]
Gross investment income	10	8
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	8	13
Mortgage loans
Schedule of Investments [Line Items]
Gross investment income	66	51
Invested cash and short-term investments
Schedule of Investments [Line Items]
Gross investment income	47	33
Limited partnerships
Schedule of Investments [Line Items]
Limited partnerships	54	57
Tax deferred property exchange income
Schedule of Investments [Line Items]
Gross investment income	32	45
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 29	$ 19

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Investments - Recognized Gains (Losses), net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Net realized (losses) on fixed maturity available-for-sale securities	$ (19)	$ (50)
Net realized/unrealized gains (losses) on other invested assets	60	(5)
Change in allowance for expected credit losses	0	(4)
Realized gains (losses) on certain derivative instruments	21	(89)
Unrealized gains on certain derivative instruments	156	147
Change in fair value of other derivatives and embedded derivatives	5	2
Realized gains on derivatives and embedded derivatives	164	41
Recognized gains and losses, net	275	5
Embedded Derivatives Liabilities in Reinsurance Contracts [Member]
Schedule of Investments [Line Items]
Change in fair value of reinsurance related embedded derivatives	(18)	(19)
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized gains on equity securities and (losses) gains n preferred securities	54	33
Valuation gains	(22)	46
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized gains on equity securities and (losses) gains n preferred securities	16	(10)
Valuation gains	$ (15)	$ 35

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Investments - Proceeds From the Sale of Fixed-Maturity Available-For-Sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 583	$ 489
Gross gains	6	1
Gross losses	$ (25)	$ (51)

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Investments - VIE (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Carrying Value	$ 25,358	$ 23,908
Maximum Loss Exposure	29,175	27,152
Investment in unconsolidated affiliates
Schedule of Investments [Line Items]
Carrying Value	3,367	3,071
Maximum Loss Exposure	5,733	4,806
Fixed maturity securities
Schedule of Investments [Line Items]
Carrying Value	21,991	20,837
Maximum Loss Exposure	$ 23,442	$ 22,346

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Investments - Schedule of Investment Concentrations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Blackstone Wave Asset Holdco | Stockholders' Equity | Investment Risk Concentration
Schedule of Investments [Line Items]
Investment owned, at fair value	$ 733

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Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Total asset derivatives	$ 1,188	$ 977
Total liability derivatives	4,698	4,258
Foreign currency forwards
Derivative [Line Items]
Total asset derivatives	0	1
Derivative investments | Call options
Derivative [Line Items]
Total asset derivatives	1,015	739
Derivative investments | Interest Rate Swaps
Derivative [Line Items]
Total asset derivatives	9	57
Other long-term investments | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	30	28
Prepaid expenses and other assets | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	134	152
Contractholder funds | Indexed annuities/IUL embedded derivatives, included in contractholder funds
Derivative [Line Items]
Total liability derivatives	4,679	4,258
Accounts payable and accrued liabilities: | Interest Rate Swaps
Derivative [Line Items]
Total liability derivatives	$ 19	$ 0

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Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Call options
Derivative [Line Items]
Change in fair value of derivatives	$ 250	$ 55
Interest rate swaps
Derivative [Line Items]
Change in fair value of derivatives	(80)	0
Futures contracts
Derivative [Line Items]
Change in fair value of derivatives	6	5
Foreign currency forwards
Derivative [Line Items]
Change in fair value of derivatives	3	(1)
Other embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	3	1
Reinsurance related embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	(18)	(19)
Total net investment gains
Derivative [Line Items]
Change in fair value of derivatives	164	41
Indexed annuities/IUL embedded derivatives increase
Derivative [Line Items]
Change in fair value of derivatives	$ 421	$ 454

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Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) contract	Dec. 31, 2023 USD ($) 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	$ 968	$ 775
Maximum amount of loss due to credit risk	46	39
Call options | Derivatives for Trading and Investment | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	968	775
Maximum amount of loss due to credit risk	46	39
Call options | Cash and Cash Equivalents | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	$ 740	$ 588
Futures contracts
Derivative [Line Items]
Number of instruments held | contract	379	439
Collateral held	$ 4	$ 4

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Derivative Financial Instruments - Exposure to Credit Loss on Call Options Held (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value	$ 1,188	$ 977
Not Designated as Hedging Instrument | Call options
Derivatives, Fair Value [Line Items]
Notional Amount	32,521	29,968
Fair Value	1,005	796
Collateral	968	775
Net Credit Risk	46	39
Not Designated as Hedging Instrument | Call options | Merrill Lynch
Derivatives, Fair Value [Line Items]
Notional Amount	4,340	4,408
Fair Value	132	96
Collateral	93	59
Net Credit Risk	39	37
Not Designated as Hedging Instrument | Call options | Morgan Stanley
Derivatives, Fair Value [Line Items]
Notional Amount	4,353	3,466
Fair Value	159	102
Collateral	166	116
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Barclay's Bank
Derivatives, Fair Value [Line Items]
Notional Amount	6,389	6,236
Fair Value	124	102
Collateral	122	100
Net Credit Risk	2	2
Not Designated as Hedging Instrument | Call options | Canadian Imperial Bank of Commerce
Derivatives, Fair Value [Line Items]
Notional Amount	5,552	5,983
Fair Value	163	147
Collateral	163	148
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Wells Fargo
Derivatives, Fair Value [Line Items]
Notional Amount	1,313	1,443
Fair Value	69	58
Collateral	70	60
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Goldman Sachs
Derivatives, Fair Value [Line Items]
Notional Amount	2,340	1,919
Fair Value	45	45
Collateral	44	45
Net Credit Risk	1	0
Not Designated as Hedging Instrument | Call options | Credit Suisse
Derivatives, Fair Value [Line Items]
Notional Amount	16	92
Fair Value	1	4
Collateral	1	4
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Truist
Derivatives, Fair Value [Line Items]
Notional Amount	3,185	2,759
Fair Value	135	124
Collateral	134	124
Net Credit Risk	1	0
Not Designated as Hedging Instrument | Call options | Citibank
Derivatives, Fair Value [Line Items]
Notional Amount	1,145	1,073
Fair Value	25	27
Collateral	26	28
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | JP Morgan
Derivatives, Fair Value [Line Items]
Notional Amount	3,888	2,589
Fair Value	152	91
Collateral	149	91
Net Credit Risk	$ 3	$ 0

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Commitments and Contingencies - Narrative (Details) $ in Millions	Jan. 02, 2024 USD ($)	Sep. 07, 2023 lawsuit	Mar. 31, 2024 USD ($) lawsuit
Other Commitments [Line Items]
Estimated litigation liability | $			$ 10
Loan Commitment | Roar
Other Commitments [Line Items]
Loan agreement maturity period	60 days
Balance outstanding | $			$ 0
Loan Commitment | Roar | Maximum
Other Commitments [Line Items]
Loan commitment (up to) | $	$ 40
Damages from Product Defects
Other Commitments [Line Items]
Number of similar lawsuits filed against other entities (over) | lawsuit			150
Pending Litigation | Damages from Product Defects
Other Commitments [Line Items]
Number of class action lawsuits | lawsuit			2
Cooper v. Progress Software Corp., No. 1:23-cv-12067
Other Commitments [Line Items]
Number of defendants | lawsuit		5

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Commitments and Contingencies - Schedule of Investment Commitments (Details) - Commitment to Invest $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Unfunded investment commitment	$ 4,225
Limited partnerships
Other Commitments [Line Items]
Unfunded investment commitment	2,366
Whole loans
Other Commitments [Line Items]
Unfunded investment commitment	678
Fixed maturity securities, ABS
Other Commitments [Line Items]
Unfunded investment commitment	341
Direct Lending
Other Commitments [Line Items]
Unfunded investment commitment	530
Other fixed maturity securities, AFS
Other Commitments [Line Items]
Unfunded investment commitment	11
Commercial mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	82
Other assets
Other Commitments [Line Items]
Unfunded investment commitment	173
Other invested assets
Other Commitments [Line Items]
Unfunded investment commitment	$ 44

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Dividends (Details) - $ / shares		3 Months Ended
	May 08, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)		$ 0.48	$ 0.45
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)	$ 0.48

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Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Title premiums	$ 1,033	$ 978
Other revenues	1,281	880
Revenues from external customers	2,314	1,858
Interest and investment income, including recognized gains and losses, net	985	616
Total revenues	3,299	2,474
Depreciation and amortization	167	134
Interest expense	49	42
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	331	(74)
Income tax expense (benefit)	63	14
Earnings (loss) before equity in earnings of unconsolidated affiliates	268	(88)
Equity in earnings (loss) of unconsolidated affiliates	1	0
Net earnings (loss) from continuing operations	269	(88)
Total	84,496	69,654	$ 80,614
Goodwill	5,107	4,791	$ 4,830
Operating Segments | Title
Segment Reporting Information [Line Items]
Title premiums	1,033	978
Other revenues	484	471
Revenues from external customers	1,517	1,449
Interest and investment income, including recognized gains and losses, net	146	103
Total revenues	1,663	1,552
Depreciation and amortization	36	37
Interest expense	0	0
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	218	157
Income tax expense (benefit)	45	27
Earnings (loss) before equity in earnings of unconsolidated affiliates	173	130
Equity in earnings (loss) of unconsolidated affiliates	1
Net earnings (loss) from continuing operations	174	130
Total	7,905	8,017
Goodwill	2,797	2,766
Operating Segments | F&G
Segment Reporting Information [Line Items]
Title premiums	0	0
Other revenues	741	365
Revenues from external customers	741	365
Interest and investment income, including recognized gains and losses, net	828	504
Total revenues	1,569	869
Depreciation and amortization	123	90
Interest expense	30	22
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	142	(203)
Income tax expense (benefit)	26	(8)
Earnings (loss) before equity in earnings of unconsolidated affiliates	116	(195)
Equity in earnings (loss) of unconsolidated affiliates	0
Net earnings (loss) from continuing operations	116	(195)
Total	74,417	59,395
Goodwill	2,017	1,749
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Title premiums	0	0
Other revenues	56	44
Revenues from external customers	56	44
Interest and investment income, including recognized gains and losses, net	38	9
Total revenues	94	53
Depreciation and amortization	8	7
Interest expense	19	20
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	(2)	(28)
Income tax expense (benefit)	(8)	(5)
Earnings (loss) before equity in earnings of unconsolidated affiliates	6	(23)
Equity in earnings (loss) of unconsolidated affiliates	0
Net earnings (loss) from continuing operations	6	(23)
Total	2,174	2,242
Goodwill	293	$ 276
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Title premiums	0
Other revenues	0
Revenues from external customers	0
Interest and investment income, including recognized gains and losses, net	(27)
Total revenues	(27)
Depreciation and amortization	0
Interest expense	0
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	(27)
Income tax expense (benefit)	0
Earnings (loss) before equity in earnings of unconsolidated affiliates	(27)
Equity in earnings (loss) of unconsolidated affiliates	0
Net earnings (loss) from continuing operations	(27)
Total	0
Goodwill	$ 0

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for:
Interest	$ 57	$ 34
Income taxes	3	6
Deferred sales inducements	54	29
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	(37)	41
Change in purchases of investments available for sale payable in period	173	78
Lease liabilities recognized in exchange for lease right-of-use assets	16	9
Remeasurement of lease liabilities	13	19
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	474	276
Less: Total Purchase price	284	273
Liabilities and noncontrolling interests assumed	$ 190	$ 3

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 421	$ 418
Interest and investment income	710	611
Recognized gains and losses, net	275	5
Total revenues	3,299	2,474
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	66	60
Title | Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	440	428
Title | Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	593	550
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	32	30
Title | Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,806	1,373
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	167	160
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	145	146
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	74	75
F&G | Life insurance premiums, insurance and investment product fees, and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	741	365
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	35	37
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 21	$ 7

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Revenue Recognition - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 310		$ 317
Deferred revenue (contract liabilities)	$ 90		$ 91
Policy period	1 year
Revenue recognized	$ 34	$ 32

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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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
VOBA	$ 1,407	$ 1,446	$ 1,572	$ 1,615
DAC	2,412	2,215
DSI	392	346
Total Other intangible assets, net	5,027	4,627
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Definite lived	340	174
Value of distribution asset
Finite-Lived Intangible Assets [Line Items]
Definite lived	83	86
Computer software
Finite-Lived Intangible Assets [Line Items]
Definite lived	270	266
Trademarks, tradenames, and other
Finite-Lived Intangible Assets [Line Items]
Definite lived	$ 123	$ 94

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
VOBA
VOBA at beginning of period	$ 1,446	$ 1,615
Amortization	(39)	(43)
VOBA at end of period	1,407	1,572
Indexed Annuities
VOBA
VOBA at beginning of period	1,025	1,166
Amortization	(33)	(36)
VOBA at end of period	992	1,130
Fixed Rate Annuities
VOBA
VOBA at beginning of period	27	32
Amortization	(1)	(1)
VOBA at end of period	26	31
Immediate Annuities
VOBA
VOBA at beginning of period	191	201
Amortization	(2)	(3)
VOBA at end of period	189	198
Universal Life
VOBA
VOBA at beginning of period	134	143
Amortization	(2)	(2)
VOBA at end of period	132	141
Traditional Life
VOBA
VOBA at beginning of period	69	73
Amortization	(1)	(1)
VOBA at end of period	$ 68	$ 72

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
VOBA amortization	$ (39)	$ (43)
DAC amortization	$ (60)	$ (35)

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
DAC
DAC at beginning of period	$ 2,211	$ 1,402
Capitalization	257	221
Amortization	(60)	(35)
Reinsurance related adjustments		79
DAC at end of period	2,408	1,667
Indexed Annuities
DAC
DAC at beginning of period	1,378	971
Capitalization	147	113
Amortization	(33)	(22)
Reinsurance related adjustments		0
DAC at end of period	1,492	1,062
Fixed Rate Annuities
DAC
DAC at beginning of period	288	83
Capitalization	44	52
Amortization	(19)	(5)
Reinsurance related adjustments		79
DAC at end of period	313	209
Universal Life
DAC
DAC at beginning of period	545	348
Capitalization	66	56
Amortization	(8)	(8)
Reinsurance related adjustments		0
DAC at end of period	$ 603	$ 396

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DAC Reconciliation to Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
DAC	$ 2,412	$ 2,215
Indexed Annuity
Finite-Lived Intangible Assets [Line Items]
DAC	1,492	1,378
Fixed Rate Annuities
Finite-Lived Intangible Assets [Line Items]
DAC	313	288
Universal Life
Finite-Lived Intangible Assets [Line Items]
DAC	603	545
Funding Agreements
Finite-Lived Intangible Assets [Line Items]
DAC	$ 4	$ 4

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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DSI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
DSI
DSI at beginning of period	$ 346
DSI at end of period	392
Indexed Annuity
DSI
DSI at beginning of period	346	$ 200
Capitalization	54	29
Amortization	(8)	(4)
DSI at end of period	$ 392	$ 225

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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) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 111
2025	138
2026	126
2027	115
2028	105
Thereafter	812
Total	$ 1,407	$ 1,446	$ 1,572	$ 1,615

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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
	Mar. 31, 2024	Mar. 31, 2023
Premiums and other considerations:
Direct	$ 620	$ 301
Ceded	(24)	(26)
Net	596	275
Benefits and Other Changes in Insurance Policy Reserves:
Direct	1,213	872
Ceded	(52)	(60)
Net	$ 1,161	$ 812

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F&G Reinsurance - Summary of Reinsurance Recoverable (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Allowance for expected credit loss	$ (21)	$ (21)	$ (9)	$ (10)
Reinsurance Recoverables, Including Reinsurance Premium Paid	$ 10,129	$ 8,977
Reinsurance, retrocession, quota share basis, percentage	90.00%	90.00%
F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	$ 10,133	$ 8,981
Allowance for expected credit loss	(21)	(21)
Reinsurance Recoverables, Including Reinsurance Premium Paid	10,112	8,960
Aspida Re | Certain MYGA | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	6,489	6,128
Somerset | Certain MYGA and DA | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	1,250	716
Wilton Reassurance Company | Block of traditional, IUL and UL | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	1,085	1,092
Everlake Life Insurance Company | Certain MYGA | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	791	509
Other | F&G
Effects of Reinsurance [Line Items]
Reinsurance recoverable, gross of allowance for credit losses	$ 518	$ 536

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F&G Reinsurance - Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ (21)	$ (10)
Changes in the expected credit loss reserve	0	1
Balance at end of period	$ (21)	$ (9)

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F&G Reinsurance - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reinsurance Disclosures [Abstract]
Reinsurance risk charge fee	$ 10	$ 10

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F&G Insurance Subsidiary Financial Information and Regulatory Matters - Statutory Accounting Practices Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Corbeau Re
Statutory Accounting Practices [Line Items]
Statutory capital surplus (deficit)	$ 156
IOWA
Statutory Accounting Practices [Line Items]
Statutory capital surplus (deficit)	1,940		$ 2,009
IOWA | F&G
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	0	$ (3)
New York
Statutory Accounting Practices [Line Items]
Statutory capital surplus (deficit)	89		86
New York | F&G
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	2	1
Vermont | Raven Reinsurance Company
Statutory Accounting Practices [Line Items]
Statutory capital surplus (deficit)	155		140
Vermont | Raven Reinsurance Company | F&G
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	15	14
Vermont | Corbeau Re
Statutory Accounting Practices [Line Items]
Statutory capital surplus (deficit)			171
Vermont | Corbeau Re | F&G
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	(134)	0
Cayman Islands
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	(31)	35
Statutory capital surplus (deficit)	143		114
Bermuda
Statutory Accounting Practices [Line Items]
Statutory net income (loss)	49	$ 68
Statutory capital surplus (deficit)	$ 61		$ 11

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Acquisitions - Narrative (Details) - Roar $ in Millions	Jan. 02, 2024 USD ($)
Business Acquisition [Line Items]
Ownership interests acquired	70.00%
Cash paid for $70% majority interest of Roar shares	$ 269
Revenue of acquiree	23
Earnings of acquiree	3
Contingent consideration arrangements, payments (up to)	$ 90
Contingent consideration liability payment period	3 years

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Acquisitions - Initial Purchase Price (Details) - Roar $ in Millions	Jan. 02, 2024 USD ($)
Business Acquisition [Line Items]
Ownership interests acquired	70.00%
Cash paid for $70% majority interest of Roar shares	$ 269
Less: Cash acquired net of noncontrolling interests	1
Net cash paid for $70% majority interest of Roar	268
Initial fair value of contingent consideration	48
Total net initial consideration	$ 316

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Acquisitions - Preliminary Fair Value Amounts Expected To Be Recognized For Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jan. 02, 2024	Dec. 31, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 5,107		$ 4,830	$ 4,791
Roar
Business Acquisition [Line Items]
Goodwill		$ 268
Prepaid expenses and other assets		3
Other intangible assets		183
Total assets acquired		454
Accounts payable and accrued liabilities		2
Total liabilities assumed		2
Noncontrolling interests (fair value determined using income approach)		136
Total liabilities assumed and non-controlling interests		138
Net assets acquired		$ 316

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Acquisitions - Gross Carrying Value and Weighted Average Estimated Useful Lives of Other Intangible Assets (Details) - Roar $ in Millions	Jan. 02, 2024 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 183
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 179
Estimated Useful Life	12 years
Definite lived trademarks, tradenames, and other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 4
Estimated Useful Life	10 years

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Market Risk Benefits - Balances and Changes in Market Risk Benefit (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Market Risk Benefit [Line Items]
Balance beginning of period	$ 315
Balance, end of period	330	$ 315
Indexed Annuity
Market Risk Benefit [Line Items]
Balance beginning of period	314	164
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	209	102
Issuances and benefit payments	12	(10)
Attributed fees collected and interest accrual	36	131
Actual policyholder behavior different from expected	8	27
Changes in assumptions and other	(2)	29
Effects of market related movements	(37)	(70)
Balance, end of period, before effect of changes in the instrument-specific credit risk	226	209
Effect of changes in the instrument-specific credit risk	103	105
Balance, end of period	$ 329	$ 314
Weighted-average attained age of policyholders weighted by total AV (years)	68 years 2 months 12 days	68 years 3 months 10 days
Net amount at risk	$ 1,091	$ 1,059
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Balance beginning of period	1	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	1
Issuances and benefit payments	0	0
Attributed fees collected and interest accrual	0	0
Actual policyholder behavior different from expected	0	0
Changes in assumptions and other	0	0
Effects of market related movements	0	0
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
Balance, end of period	$ 1	$ 1
Weighted-average attained age of policyholders weighted by total AV (years)	72 years 6 months 18 days	72 years 7 months 2 days
Net amount at risk	$ 2	$ 2

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Market Risk Benefits - Reconciliation of Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefit [Line Items]
Market risk benefits asset	$ 95	$ 88
Market risk benefits liability	425	403
Net	330	315
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0
Market risk benefits liability	1	1
Net	1	1	$ 1
Indexed Annuity
Market Risk Benefit [Line Items]
Market risk benefits asset	95	88
Market risk benefits liability	424	402
Net	$ 329	$ 314	$ 164

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Contractholder Funds - Summary of Balances and Changes in Contractholder Funds (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	$ 48,798
Balance, end of year	50,875		$ 48,798
Embedded derivative adjustment	5	$ 2
Gross Liability, end of period	50,875		48,798
Less: Reinsurance	(10,129)		(8,977)
Indexed Annuity
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	27,164	24,766	24,766
Issuances	1,381		4,722
Premiums received	28		103
Policy charge	(46)		(182)
Surrenders and withdrawals	(690)		(2,005)
Benefit payments	(119)		(526)
Interest credited	139		270
Other	5		16
Balance, end of year	27,862		27,164
Embedded derivative adjustment	468		243
Gross Liability, end of period	28,330		27,407
Less: Reinsurance	(13)		(17)
Net Liability, after Reinsurance	$ 28,317		$ 27,390
Weighted-average crediting rate	2.04%		1.40%
Cash surrender value	$ 25,724		$ 25,099
Fixed Rate Annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	13,443	9,358	9,358
Issuances	1,341		5,061
Premiums received	0		1
Policy charge	0		0
Surrenders and withdrawals	(364)		(1,142)
Benefit payments	(76)		(240)
Interest credited	142		405
Other	0		0
Balance, end of year	14,486		13,443
Embedded derivative adjustment	0		0
Gross Liability, end of period	14,486		13,443
Less: Reinsurance	(8,612)		(7,520)
Net Liability, after Reinsurance	$ 5,874		$ 5,923
Weighted-average crediting rate	4.15%		4.85%
Cash surrender value	$ 13,502		$ 12,505
Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,391	2,112	2,112
Issuances	51		199
Premiums received	114		382
Policy charge	(74)		(261)
Surrenders and withdrawals	(22)		(90)
Benefit payments	(5)		(27)
Interest credited	33		76
Other	0		0
Balance, end of year	2,488		2,391
Embedded derivative adjustment	107		84
Gross Liability, end of period	2,595		2,475
Less: Reinsurance	(894)		(894)
Net Liability, after Reinsurance	$ 1,701		$ 1,581
Weighted-average crediting rate	5.54%		3.44%
Net amount at risk	$ 63,968		$ 60,389
Cash surrender value	1,938		1,872
Funding Agreements, FABN
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,613	2,613	2,613
Issuances	0		0
Premiums received	0		0
Policy charge	0		0
Surrenders and withdrawals	0		0
Benefit payments	(16)		(53)
Interest credited	14		54
Other	0		(1)
Balance, end of year	2,611		2,613
Embedded derivative adjustment	0		0
Gross Liability, end of period	2,611		2,613
Less: Reinsurance	0		0
Net Liability, after Reinsurance	2,611		2,613
FHLB
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,539	$ 1,982	1,982
Issuances	305		1,256
Premiums received	0		0
Policy charge	0		0
Surrenders and withdrawals	0		0
Benefit payments	(329)		(763)
Interest credited	24		64
Other	0		0
Balance, end of year	2,539		2,539
Embedded derivative adjustment	0		0
Gross Liability, end of period	2,539		2,539
Less: Reinsurance	0		0
Net Liability, after Reinsurance	$ 2,539		$ 2,539

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Contractholder Funds - Reconciliation to Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Policyholder Account Balance [Line Items]
Contractholder funds	$ 50,875	$ 48,798
Indexed Annuity
Policyholder Account Balance [Line Items]
Contractholder funds	28,330	27,407
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	14,486	13,443
Immediate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	304	311
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,595	2,475
Traditional Life
Policyholder Account Balance [Line Items]
Contractholder funds	5	5
Funding Agreements, FABN
Policyholder Account Balance [Line Items]
Contractholder funds	2,611	2,613
FHLB
Policyholder Account Balance [Line Items]
Contractholder funds	2,539	2,539
PRT
Policyholder Account Balance [Line Items]
Contractholder funds	$ 5	$ 5

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Contractholder Funds - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Insurance [Abstract]
Change in total benefits and other changes in policy reserves increase (decrease)	$ 57

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Contractholder Funds - Account Values by Range of Guaranteed Minimum Credit Rating (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Policyholder Account Balance [Line Items]
Contractholder funds	$ 50,875	$ 48,798
Indexed Annuity
Policyholder Account Balance [Line Items]
Contractholder funds	27,862	27,164	$ 24,766
Indexed Annuity | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,355	22,965
Indexed Annuity | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1,393	1,446
Indexed Annuity | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	615	550
Indexed Annuity | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	2,499	2,203
Indexed Annuity | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	26,515	26,315
Indexed Annuity | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	22,671	22,392
Indexed Annuity | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1,391	1,444
Indexed Annuity | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	522	526
Indexed Annuity | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,931	1,953
Indexed Annuity | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	993	471
Indexed Annuity | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	331	196
Indexed Annuity | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Indexed Annuity | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	93	24
Indexed Annuity | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	568	250
Indexed Annuity | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	354	378
Indexed Annuity | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	353	377
Indexed Annuity | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Indexed Annuity | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Indexed Annuity | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	14,486	13,443	9,358
Fixed Rate Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	910	921
Fixed Rate Annuities | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	33	35
Fixed Rate Annuities | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,365	1,559
Fixed Rate Annuities | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	12,178	10,928
Fixed Rate Annuities | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	12,659	11,851
Fixed Rate Annuities | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	36	23
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	24	25
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,340	1,532
Fixed Rate Annuities | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	11,259	10,271
Fixed Rate Annuities | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	488	489
Fixed Rate Annuities | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	4	5
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	7	8
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	21	23
Fixed Rate Annuities | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	456	453
Fixed Rate Annuities | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	1,339	1,103
Fixed Rate Annuities | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	870	893
Fixed Rate Annuities | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	2	2
Fixed Rate Annuities | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	4	4
Fixed Rate Annuities | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	463	204
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,488	2,391	$ 2,112
Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,454	2,348
Universal Life | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	11	21
Universal Life | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal Life | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	22	21
Universal Life | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	2,113	2,013
Universal Life | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,085	1,987
Universal Life | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	6	5
Universal Life | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	22	21
Universal Life | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0
Universal Life | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	375	378
Universal Life | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	369	361
Universal Life | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	5	16
Universal Life | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1
Universal Life | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	$ 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
Minimum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	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
Maximum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	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

XML

Future Policy Benefits - Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Future policy benefits	$ 7,441	$ 7,050
Traditional Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	722	797
Beginning balance of original discount rate	874	974
Effect of actual variances from expected experience		(4)	$ (1)
Balance adjusted for variances from expectation		870	973
Interest accrual	4	19
Net premiums collected	(28)	(118)
Ending Balance at original discount rate	846	874
Effect of changes in discount rate assumptions	157	152
Balance, end of year	689	722
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	2,071	2,151
Beginning balance of original discount rate	2,492	2,665
Effect of actual variances from expected experience		(9)	(24)
Balance adjusted for variances from expectation		2,483	2,641
Interest accrual	14	56
Benefits payments	(51)	(205)
Ending Balance at original discount rate	2,446	2,492
Effect of changes in discount rate assumptions	(439)	(421)
Balance, end of year	2,007	2,071
Future policy benefits	1,318	1,349
Less: Reinsurance recoverable	483	413
Liability for Future Policy Benefit, after Reinsurance, Total	$ 835	$ 936
Weighted-average duration of liability for future policyholder benefits (years)	6 years 11 months 15 days	7 years 4 months 9 days
Immediate Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 1,415	$ 1,429
Beginning balance of original discount rate	1,788	1,858
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		(4)	(15)
Balance adjusted for variances from expectation		1,784	1,843
Issuances	7	22
Interest accrual	14	51
Benefits payments	(29)	(128)
Ending Balance at original discount rate	1,776	1,788
Effect of changes in discount rate assumptions	(404)	(373)
Balance, end of year	1,372	1,415
Future policy benefits	1,372	1,415
Less: Reinsurance recoverable	113	116
Liability for Future Policy Benefit, after Reinsurance, Total	$ 1,259	$ 1,299
Weighted-average duration of liability for future policyholder benefits (years)	12 years 10 days	12 years 5 months 19 days
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 4,189	$ 2,165
Beginning balance of original discount rate	4,351	2,475
Effect of changes in cash flow assumptions		11	(9)
Effect of actual variances from expected experience		(8)	(7)
Balance adjusted for variances from expectation		4,354	$ 2,459
Issuances	596	2,041
Interest accrual	49	109
Benefits payments	(107)	(258)
Ending Balance at original discount rate	4,892	4,351
Effect of changes in discount rate assumptions	(237)	(162)
Balance, end of year	4,655	4,189
Future policy benefits	4,655	4,189
Less: Reinsurance recoverable	0	0
Liability for Future Policy Benefit, after Reinsurance, Total	$ 4,655	$ 4,189
Weighted-average duration of liability for future policyholder benefits (years)	7 years 11 months 15 days	8 years 2 months 23 days

XML

Future Policy Benefits - Summary of Balances and Changes in the Deferred Profit Liability (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	$ 87	$ 69
Effect of modeling changes		0	$ 4
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		2	16
Balance adjusted for variances from expectation		89	89
Issuances	1	3
Interest accrual	0	2
Amortization	(2)	(7)
Balance, end of year	88	87
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	10	4
Effect of modeling changes		0	0
Effect of changes in cash flow assumptions		(4)	1
Effect of actual variances from expected experience		2	5
Balance adjusted for variances from expectation		8	$ 10
Issuances	0	0
Interest accrual	0	1
Amortization	0	(1)
Balance, end of year	$ 8	$ 10

XML

Future Policy Benefits - Reconciliation of Net FPB to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 7,441	$ 7,050
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,318	1,349
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,372	1,415
Deferred profit liability	88	87	$ 69
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	4,655	4,189
Deferred profit liability	8	10	$ 4
Immediate annuities DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	88	87
PRT DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	$ 8	$ 10

XML

Future Policy Benefits - Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments		$ 2,155
Expected future gross premiums		839
Traditional Life
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	$ 2,874	3,073
Expected future gross premiums	1,042	1,142
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	2,013
Expected future gross premiums	751
Immediate Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	3,271	3,402
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	1,371	1,452
Expected future gross premiums	0	0
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	8,344	3,916
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	4,899	2,708
Expected future gross premiums	$ 0	$ 0

XML

Future Policy Benefits - Gross Premium Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	$ 620	$ 301
Interest expense	73	48
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	28	32
Interest expense	10	9
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	8	6
Interest expense	14	16
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	584	263
Interest expense	$ 49	$ 23

XML

Future Policy Benefits - Weighted Average Rates (Details)	Mar. 31, 2024	Dec. 31, 2023
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	1.74%	2.33%
Current discount rate	4.64%	5.03%
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	3.16%	3.14%
Current discount rate	5.20%	4.98%
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Interest accretion rate	4.68%	4.61%
Current discount rate	5.30%	5.03%

XML

Future Policy Benefits - Actual Experience and Expected Experience for Mortality and Lapses (Details)	Mar. 31, 2024	Dec. 31, 2023
Actual experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.20%	1.70%
Lapse rate	0.00%	0.00%
Actual experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	3.20%	3.20%
Lapse rate	0.00%	0.00%
Actual experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	4.20%	3.20%
Lapse rate	0.00%	0.00%
Expected experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.40%	1.40%
Lapse rate	0.40%	0.30%
Expected experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.30%	1.80%
Lapse rate	0.00%	0.00%
Expected experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.80%	2.30%
Lapse rate	0.00%	0.00%