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


	September 30, 2023				December 31, 2022				December 31, 2021
	FIA		Fixed rate annuities		FIA		Fixed rate annuities		FIA		Fixed rate annuities
Balance, beginning of period, net liability	$	164	$	1	$	426	$	2	$	478	$	1

Balance, beginning of period, before effect of changes in the instrument-specific credit risk	$	102	$	1	$	280	$	1	$	320	$	1
Issuances and benefit payments	(12)		—		(21)		—		(9)		—
Attributed fees collected and interest accrual	93		—		107		1		99		1
Actual policyholder behavior different from expected	20		—		43		—		(22)		—
Changes in assumptions and other	18		—		(76)		—		—		—


Effects of market related movements	(133)		—		(231)		(1)		(108)		(1)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	88	$	1	$	102	$	1	$	280	$	1
Effect of changes in the instrument-specific credit risk	71		—		62		—		146		1
Balance, end of period, net liability	$	159	$	1	$	164	$	1	$	426	$	2



Weighted-average attained age of policyholders weighted by total AV (years)	68.34		72.78		68.59		72.88		68.95		73.10
Net amount at risk	$	896	$	2	$	952	$	3	$	1,304	$	4


	September 30, 2023						December 31, 2022						December 31, 2021
	Asset		Liability		Net		Asset		Liability		Net		Asset		Liability		Net
FIA	$	118	$	277	$	159	$	117	$	281	$	164	$	41	$	467	$	426
Fixed rate annuities	—		1		1		—		1		1		—		2		2
Total	$	118	$	278	$	160	$	117	$	282	$	165	$	41	$	469	$	428

2023. The net MRB liability decreased for the nine months ended September 30, 2023, primarily as a result of the effects of market related movements, including the impact of higher risk-free rates, partially offset by attributed fees collected, increases as a result of actual policyholder behavior different than expected and changes in assumptions and other as discussed below.

For the nine months ended September 30, 2023, notable changes made to the inputs to the fair value estimates of MRBs calculations included a significant increase to risk-free rates leading to a favorable change in the MRBs associated with FIA and fixed rate annuities; increases in the equity market related projections resulting in a decrease in the net amount at risk associated with FIAs, leading to a favorable change in the value of the associated MRBs; and F&G’s credit spread decreased, leading to a corresponding unfavorable change in the MRBs associated with both FIA and fixed rate annuities.

In addition, the cash flow assumptions used to calculate MRBs reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2023, F&G undertook a review of all significant assumptions and revised several assumptions relating to our deferred annuities (FIA and fixed rate annuities) with MRBs including surrender rates, partial withdrawal rates, mortality improvement, and option budgets. All updates to these assumptions brought us more in line with our Company and overall industry experience since the prior assumption update. These updates, in total, led to an increase in the net MRB liability during the nine months ended September 30, 2023.

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

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

Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review in 2022. The GMWB utilization assumption was revised in the second quarter of 2022 to reflect additional internal and industry experience for the first several contract years. This assumption update led to a decrease in the net MRB liability. In addition, F&G’s credit spread increased during 2022, leading to a corresponding decrease in the net MRB liability. Credit spreads on the block of business remain lower than the at-issue or at-purchase credit spreads, but the level has decreased since the beginning of 2022.

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

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


	September 30, 2023
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Issuances	3,546			3,322			148			—		871
Premiums received	75			1			279			—		—
Policy charges (a)	(130)			—			(191)			—		—
Surrenders and withdrawals	(1,378)			(799)			(68)			—		—
Benefit payments	(389)			(176)			(21)			(41)		(538)

Interest credited	157			286			43			40		43
Other	20			(2)			—			(1)		—
Balance, end of year	$	26,667		$	11,990		$	2,302		$	2,611	$	2,358
Embedded derivative adjustment (c)	(286)			—			47			—		—
Gross Liability, end of period	$	26,381		$	11,990		$	2,349		$	2,611	$	2,358
Less: Reinsurance	(17)			(5,963)			(910)			—		—
Net Liability, after Reinsurance	$	26,364		$	6,027		$	1,439		$	2,611	$	2,358

Weighted-average crediting rate	0.81		%	3.62		%	2.65		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			56,869			N/A		N/A
Cash surrender value (e)	24,337			11,480			1,810			N/A		N/A

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

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


	December 31, 2022
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Issuances	4,462			3,758			167			700		1,192
Premiums received	106			3			295			—		—
Policy charges (a)	(166)			(1)			(209)			—		—
Surrenders and withdrawals	(1,322)			(797)			(74)			—		—
Benefit payments	(485)			(192)			(22)			(35)		(789)

Interest credited	198			220			48			45		36
Other	(24)			—			—			(1)		—
Balance, end of year	$	24,766		$	9,358		$	2,112		$	2,613	$	1,982
Embedded derivative adjustment (c)	(343)			—			15			—		—
Gross Liability, end of period	$	24,423		$	9,358		$	2,127		$	2,613	$	1,982
Less: Reinsurance	(17)			(3,723)			(947)			—		—
Net Liability, after Reinsurance	$	24,406		$	5,635		$	1,180		$	2,613	$	1,982

Weighted-average crediting rate	0.85		%	2.84		%	2.39		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			53,348			N/A		N/A
Cash surrender value (e)	188			5,992			1,698			N/A		N/A


	December 31, 2021
	FIA			Fixed rate annuities			Universal Life			FABN (b)		FHLB (b)
Balance, beginning of year	$	18,703		$	5,142		$	1,696		$	—	$	1,203
Issuances	4,400			1,743			114			1,899		759
Premiums received	103			3			233			—		—
Policy charges (a)	(148)			(1)			(167)			—		—
Surrenders and withdrawals	(1,303)			(543)			(68)			—		—
Benefit payments	(440)			(145)			(19)			(7)		(447)

Interest credited	686			167			118			12		30
Other	(4)			1			—			—		(2)
Balance, end of year	$	21,997		$	6,367		$	1,907		$	1,904	$	1,543
Embedded derivative adjustment (c)	603			—			74			—		—
Gross Liability, end of period	$	22,600		$	6,367		$	1,981		$	1,904	$	1,543
Less: Reinsurance	(17)			(1,692)			(984)			—		—
Net Liability, after Reinsurance	$	22,583		$	4,675		$	997		$	1,904	$	1,543

Weighted-average crediting rate	3.43		%	2.94		%	6.77		%	N/A		N/A
Net amount at risk (d)	N/A			N/A			41,326			N/A		N/A
Cash surrender value (e)	20,455			5,992			1,572			N/A		N/A


	September 30, 2023		December 31, 2022		December 31, 2021
FIA	$	26,381	$	24,423	$	22,600
Fixed rate annuities	11,990		9,358		6,367
Immediate annuities	313		332		352
Universal life	2,349		2,127		1,981
Traditional life	5		5		5
Funding Agreement-FABN	2,611		2,613		1,904
FHLB	2,358		1,982		1,543
PRT	4		3		1
Total	$	46,011	$	40,843	$	34,753

Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. During the third quarter of 2023 and for the nine months ended September 30, 2023, based on increases in interest rates and pricing changes, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and also aligned reserves to actual policyholder behavior. These changes resulted in a decrease in total benefits and other changes in policy reserves of

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):


	September 30, 2023
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA
0.00%-1.50%	$	24,130	$	773	$	400	$	893	$	26,196
1.51%-2.50%	133		—		1		—		134
Greater than 2.50%	335		—		2		—		337
Total	$	24,598	$	773	$	403	$	893	$	26,667

Fixed Rate Annuities
0.00%-1.50%	$	23	$	28	$	1,714	$	8,863	$	10,628
1.51%-2.50%	7		13		26		385		431
Greater than 2.50%	917		2		4		8		931
Total	$	947	$	43	$	1,744	$	9,256	$	11,990

Universal Life
0.00%-1.50%	$	1,897	$	4	$	—	$	20	$	1,921
1.51%-2.50%	—		—		—		—		—
Greater than 2.50%	356		23		2		—		381
Total	$	2,253	$	27	$	2	$	20	$	2,302


	December 31, 2022
Range of guaranteed minimum crediting rate	At Guaranteed Minimum		1 Basis Point-50 Basis Points Above		51 Basis Points-150 Basis Points Above		Greater Than 150 Basis Points Above		Total
FIA
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