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Market Risk Benefits
 3 Months Ended
Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]  
Market Risk Benefits Market Risk Benefits
The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the three months ended March 31, 2023 and the years ended December 31, 2022 and December 31, 2021 (in millions):

March 31, 2023December 31, 2022December 31, 2021
FIAFixed rate annuitiesFIAFixed rate annuitiesFIAFixed rate annuities
Balance, beginning of period$164 $1 $426 $2 $478 $1 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk$104 $1 $280 $1 $320 $1 
Issuances and benefit payments(4)— (21)— (9)— 
Attributed fees collected and interest accrual30 — 107 1 99 1 
Actual policyholder behavior different from expected 7 — 43 — (22)— 
Changes in assumptions and other1 — (76)— — — 
Effects of market related movements26 — (231)(1)(108)— 
Balance, end of period, before effect of changes in the instrument-specific credit risk$164 $1 $102 $1 $280 $2 
Effect of changes in the instrument-specific credit risk53 — 62 — 146 — 
Balance, end of period$217 $1 $164 $1 $426 $2 
Weighted-average attained age of policyholders weighted by total AV (years)68.4972.6468.5972.8868.9573.10
Weighted-average attained age of policyholders weighted by Unlocked MRB (years)78.3377.7380.8477.5668.7773.72
Net amount at risk$1,031 $3 $952 $3 $1,304 $4 

The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the Condensed Consolidated Balance Sheets (in millions):
March 31, 2023December 31, 2022December 31, 2021
AssetLiabilityNetAssetLiabilityNetAssetLiabilityNet
FIA$106 $323 $217 $117 $281 $164 $41 $467 $426 
Fixed rate annuities— 1 1 — 1 1 — 2 2 
Total$106 $324 $218 $117 $282 $165 $41 $469 $428 
In the first quarter of 2023, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•Risk-free rates decreased slightly, leading to an increase in the MRB associated with FIA and fixed rate annuities.

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

•F&G’s credit spread increased, leading to a corresponding decrease in the MRBs associated with both FIA and fixed rate annuities.
In 2022, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

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

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

•Volatility indices decreased, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.

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

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

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

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

•Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.
Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances (in millions):
March 31, 2023
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
Balance, beginning of year$24,766 $9,358 $2,112 $2,613 $1,982 
     Issuances1,186 1,522 49 — 256 
     Premiums received25 1 87 — — 
     Policy charges (a)(42)— (60)— — 
     Surrenders and withdrawals(403)(257)(21)— — 
     Benefit payments(121)(59)(10)(15)(110)
     Interest credited21 81 5 13 11 
     Other23 (1)— — — 
Balance, end of year$25,455 $10,645 $2,162 $2,611 $2,139 
Embedded derivative adjustment (c)(12)— 45 — — 
Gross Liability, end of period$25,443 $10,645 $2,207 $2,611 $2,139 
Less: Reinsurance(17)(4,691)(933)— — 
Net Liability, after Reinsurance$25,426 $5,954 $1,274 $2,611 $2,139 
Weighted-average crediting rate0.33 %— %1.00 %N/AN/A
Net amount at risk (d)N/AN/A49,426 N/AN/A
Cash surrender value23,726 9,929 1,724 N/AN/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
December 31, 2022
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
Balance, beginning of year21,997 6,367 1,907 1,904 1,543 
     Issuances4,462 3,758 167 700 1,192 
     Premiums received106 3 295 — — 
     Policy charges (a)(166)(1)(209)— — 
     Surrenders and withdrawals(1,322)(797)(74)— — 
     Benefit payments(485)(192)(22)(35)(789)
     Interest credited198 220 48 45 36 
     Other(24)— — (1)— 
Balance, end of year$24,766 $9,358 $2,112 $2,613 $1,982 
Embedded derivative adjustment (c)(343)— 15 — — 
Gross Liability, end of period$24,423 $9,358 $2,127 $2,613 $1,982 
Less: Reinsurance(17)(3,723)(947)— — 
Net Liability, after Reinsurance$24,406 $5,635 $1,180 $2,613 $1,982 
Weighted-average crediting rate0.85 %— 2.39 %N/AN/A
Net amount at risk (d)N/AN/A53,348 N/AN/A
Cash surrender value188 5,992 1,698 N/AN/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
December 31, 2021
FIAFixed rate annuitiesUniversal LifeFABN (b)FHLB (b)
Balance, beginning of year$18,703 $5,142 $1,696 $— $1,203 
     Issuances4,400 1,743 114 1,899 759 
     Premiums received103 3 233 — — 
     Policy charges (a)(148)(1)(167)— — 
     Surrenders and withdrawals(1,303)(543)(68)— — 
     Benefit payments(440)(145)(19)(7)(447)
     Interest credited686 167 118 12 30 
     Other(4)1 — — (2)
Balance, end of year$21,997 $6,367 $1,907 $1,904 $1,543 
Embedded derivative adjustment (c)603 — 74 — — 
Gross Liability, end of period$22,600 $6,367 $1,981 $1,904 $1,543 
Less: Reinsurance(17)(1,692)(984)— — 
Net Liability, after Reinsurance$22,583 $4,675 $997 $1,904 $1,543 
Weighted-average crediting rate3.43 %— 6.77 %N/AN/A
Net amount at risk (d)N/AN/A41,326 N/AN/A
Cash surrender value20,455 5,992 1,572 N/AN/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the Condensed Consolidated Balance Sheet (in millions):
March 31, 2023December 31, 2022December 31, 2021
FIA$25,443 $24,423 $22,600 
Fixed rate annuities10,645 9,358 6,367 
Immediate annuities326 332 352 
Universal life2,207 2,127 1,981 
Traditional life5 5 5 
Funding Agreement-FABN2,611 2,613 1,904 
FHLB2,139 1,982 1,543 
PRT3 3 1 
Total$43,379 $40,843 $34,753 

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums (in millions):
March 31, 2023
At Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
FIA
0.00%-1.50%$23,348 $806 $406 $370 $24,930 
1.51%-2.50%149 — 1 — 150 
Greater than 2.50%373 — 2 — 375 
Total$23,870 $806 $409 $370 $25,455 
Fixed Rate Annuities
0.00%-1.50%$12 $31 $1,867 $7,522 $9,432 
1.51%-2.50%8 13 28 187 236 
Greater than 2.50%962 3 4 8 977 
Total$982 $47 $1,899 $7,717 $10,645 
Universal Life
0.00%-1.50%$1,752 $4 $— $18 $1,774 
1.51%-2.50%— — — — — 
Greater than 2.50%344 43 1 — 388 
Total$2,096 $47 $1 $18 $2,162 
December 31, 2022
At Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
FIA
0.00%-1.50%$22,848 $801 $410 $151 $24,210 
1.51%-2.50%162 — 1 — 163 
Greater than 2.50%390 — 3 — 393 
Total$23,400 $801 $414 $151 $24,766 
Fixed Rate Annuities
0.00%-1.50%$10 $32 $1,871 $6,379 $8,292 
1.51%-2.50%9 14 30 1 54 
Greater than 2.50%997 4 4 7 1,012 
Total$1,016 $50 $1,905 $6,387 $9,358 
Universal Life
0.00%-1.50%$1,701 $3 $— $17 $1,721 
1.51%-2.50%— — — — — 
Greater than 2.50%346 44 1 — 391 
Total$2,047 $47 $1 $17 $2,112 
December 31, 2021
At Guaranteed Minimum
 1 Basis Point-50 Basis Points Above
51 Basis Points-150 Basis Points Above
 Greater Than 150 Basis Points Above
 Total
FIA
0.00%-1.50%$20,162 $803 $388 $— $21,353 
1.51%-2.50%171 11 25 — 207 
Greater than 2.50%431 3 3 — 437 
Total$20,764 $817 $416 $— $21,997 
Fixed Rate Annuities
0.00%-1.50%$2 $28 $1,928 $3,219 $5,177 
1.51%-2.50%9 15 37 1 62 
Greater than 2.50%954 142 25 7 1,128 
Total$965 $185 $1,990 $3,227 $6,367 
Universal Life
0.00%-1.50%$1,486 $2 $— $13 $1,501 
1.51%-2.50%— — — — — 
Greater than 2.50%359 46 1 — 406 
Total$1,845 $48 $1 $13 $1,907