Fidelity National Financial (FNF) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-32630
Entity Registrant Name	FIDELITY NATIONAL FINANCIAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1725106
Entity Address, Address Line One	601 Riverside Avenue
Entity Address, City or Town	Jacksonville
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32204
City Area Code	904
Local Phone Number	854-8100
Title of 12(b) Security	FNF Common Stock, $0.0001 par value
Trading Symbol	FNF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		272,191,238
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001331875
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2023 and December 31, 2022, at an amortized cost of $40,219 and $37,708, respectively, net of allowance for credit losses of $20 and $39, respectively, and includes pledged fixed maturity securities of $471 and $448, respectively, related to secured trust deposits	$ 36,110	$ 33,095
Derivative investments	432	244
Mortgage loans, net of allowance for credit losses of $60 and $42 at March 31, 2023 and December 31, 2022, respectively	4,984	4,554
Investments in unconsolidated affiliates	2,889	2,642
Other long-term investments	691	664
Short-term investments, at March 31, 2023 and December 31, 2022 includes pledged short-term investments of $1 and $6, respectively, related to secured trust deposits	1,346	2,590
Total investments	48,037	45,370
Cash and cash equivalents, at March 31, 2023 and December 31, 2022 includes $343 and $242, respectively, of pledged cash related to secured trust deposits	2,821	2,286
Trade and notes receivables, net of allowance for credit losses of $33 and $33 at March 31, 2023 and December 31, 2022, respectively	428	467
Reinsurance recoverable, net of allowance for credit losses of $20 at March 31, 2022 and December 31, 2021	6,362	5,418
Goodwill	4,791	4,635
Prepaid expenses and other assets	1,991	2,068
Market risk benefits asset	106	117
Lease assets	367	376
Other intangible assets, net	4,158	3,811
Title plants	416	416
Property and equipment, net	177	179
Total assets	69,654	65,143
Liabilities:
Contractholder funds	43,379	40,843
Future policy benefits	5,371	5,021
Accounts payable and accrued liabilities	2,343	2,326
Market risk benefits liability	324	282
Outstanding debt	3,696	3,238
Reserve for title claim losses	1,791	1,810
Funds withheld for reinsurance liabilities	4,830	3,703
Secured trust deposits	801	862
Lease liabilities	410	418
Deferred tax liability	61	71
Total liabilities	63,006	58,574
Equity:
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of March 31, 2023 and December 31, 2022; outstanding of 272,194,249 and 272,309,890 as of March 31, 2023 and December 31, 2022, respectively, and issued of 327,747,431 and 327,757,349 as of March 31, 2023 and December 31, 2022, respectively	0	0
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	0	0
Additional paid-in capital	5,871	5,870
Retained earnings	5,044	5,225
Accumulated other comprehensive loss	(2,610)	(2,870)
Less: Treasury stock, 55,553,182 shares and 55,447,459 shares as of March 31, 2023 and December 31, 2022, respectively, at cost	(2,113)	(2,109)
Total Fidelity National Financial, Inc. shareholders’ equity	6,192	6,116
Non-controlling interests	456	453
Total equity	6,648	6,569
Total liabilities and equity	69,654	65,143
Preferred securities
Investments:
Securities, at fair value	851	903
Equity securities
Investments:
Securities, at fair value	$ 734	$ 678

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturity securities, available-for-sale securities, amortized cost	$ 40,219	$ 37,708
Fixed maturity securities, available-for-sale securities, allowance for credit losses	20	39
Available-for-sale securities, pledged securities, secured trust deposits	471	448
Allowance for credit loss	60	42
Short-term investments, pledged, secured trust deposits	1	6
Cash, pledged, secured trust deposits	343	242
Allowance for doubtful accounts, premiums and other receivables	33	33
Expected credit losses on reinsurance recoverable	$ 9	$ 10
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares, outstanding (in shares)	272,194,249	272,309,890
Common stock, shares, issued (in shares)	327,747,431	327,757,349
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	55,553,182	55,447,459

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Direct title insurance premiums	$ 428	$ 767
Agency title insurance premiums	550	1,099
Escrow, title-related and other fees	880	1,292
Interest and investment income	611	478
Recognized gains and losses, net	5	(469)
Total revenues	2,474	3,167
Expenses:
Personnel costs	677	823
Agent commissions	420	844
Other operating expenses	360	442
Benefits and other changes in policy reserves	812	203
Market risk benefit losses	59	70
Depreciation and amortization	134	115
Provision for title claim losses	44	84
Interest expense	42	30
Total expenses	2,548	2,611
(Loss) earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	(74)	556
Income tax expense	14	156
(Loss) earnings before equity in earnings of unconsolidated affiliates	(88)	400
Equity in (loss) earnings of unconsolidated affiliates	0	2
Net (loss) earnings	(88)	402
Less: Net (loss) earnings attributable to non-controlling interests	(29)	2
Net (loss) earnings attributable to Fidelity National Financial, Inc. common shareholders	$ (59)	$ 400
Basic
Net earnings per share from continuing operations attributable to common shareholders (in usd per share)	$ (0.22)	$ 1.42
Net earnings per share attributable to common shareholders, basic (in usd per share)	(0.22)	1.42
Diluted
Net earnings per share from continuing operations attributable to common shareholders (in usd per share)	(0.22)	1.41
Net earnings per share attributable to common shareholders, diluted (in usd per share)	$ (0.22)	$ 1.41
Weighted average common shares outstanding - basic (in shares)	270	281
Weighted average common shares outstanding - diluted (in shares)	271	283

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) earnings		$ (88)	$ 402
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]	349	(1,904)
Unrealized gain on investments in unconsolidated affiliates	[2]	11	7
Unrealized (loss) gain on foreign currency translation	[3]	1	(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	[4]	35	25
Changes in current discount rate - future policy benefits		(100)	292
Change in instrument-specific credit risk - market risk benefits		7	33
Other comprehensive earnings attributable to non-controlling interest		(43)	0
Other comprehensive earnings (loss)		260	(1,549)
Comprehensive earnings (loss)		172	(1,147)
Less: Comprehensive (loss) earnings attributable to non-controlling interests		(29)	2
Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders		$ 201	$ (1,149)
[1]Net of income tax expense (benefit) of $88 million and $(387) million for the three months ended March 31, 2023 and 2022, respectively.[2]Net of income tax expense of $3 million and $2 million for the three months ended March 31, 2023 and 2022, respectively.[3]Net of income tax expense of less than $1 million for the three months ended March 31, 2023 and 2022.[4]Net of income tax expense of $9 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (5) Net of income tax (benefit) expense of $(27) million and $78 million for the three months ended March 31, 2023 and 2022, respectively. (6) Net of income tax expense of $2 million and $9 million for the three months ended March 31, 2023 and 2022, respectively. (7) Net of income tax benefit of $11 million for the three months ended March 31, 2023.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Unrealized loss on investments and other financial instruments, tax (benefit) expense	$ 88	$ (387)
Unrealized gain on investments in unconsolidated affiliates, tax expense	3	2
Unrealized loss on foreign currency translation, tax expense	1	1
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax (benefit) expense	9	7
Changes in current discount rate - future policy benefits , tax (benefit) expense	(27)	78
Changes in instrument-specific credit risk - market risk benefits, tax expense	2	$ 9
Other comprehensive earnings attributable to non-controlling interest, tax expense	$ 11

CONDENSED CONSOLIDATED STATEM_4

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 Interest
Beginning balance (in shares) at Dec. 31, 2021			325,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2021							42,000,000
Beginning balance at Dec. 31, 2021	$ 10,006		$ 0	$ 5,811	$ 4,818	$ 879	$ (1,545)	$ 43
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options	3			3
Treasury stock repurchased (in shares)							3,000,000
Treasury stock repurchased	(134)						$ (134)
Other comprehensive earnings/loss - unrealized gain/loss on investments and other financial instruments	(1,904)					(1,904)
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates	7	[1]				7
Other comprehensive loss - unrealized loss on foreign currency translation	(2)	[2]				(2)
Reclassification adjustments for change in unrealized gains and losses included in net earnings	25	[3]				25
Change in instrument-specific credit risk - market risk benefits	33					33
Changes in current discount rate - future policy benefits	292					292
Other comprehensive loss associated with noncontrolling interests	0
Stock-based compensation	12			12
Dividends declared, per common share	(124)				(124)
Subsidiary dividends declared to non-controlling interests	(4)							(4)
Net (loss) earnings	402				400			2
Ending balance (in shares) at Mar. 31, 2022			326,000,000
Ending balance, Treasury stock (in shares) at Mar. 31, 2022							45,000,000
Ending balance at Mar. 31, 2022	$ 8,612		$ 0	5,826	5,094	(670)	$ (1,679)	41
Beginning balance (in shares) at Dec. 31, 2022			328,000,000
Beginning balance, Treasury stock (in shares) at Dec. 31, 2022	55,447,459						55,000,000
Beginning balance at Dec. 31, 2022	$ 6,569		$ 0	5,870	5,225	(2,870)	$ (2,109)	453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)			1,000,000
Treasury stock repurchased (in shares)							0
Treasury stock repurchased	(4)						$ (4)
Purchase of incremental share in consolidated subsidiaries	(20)			(12)				(8)
Other comprehensive earnings/loss - unrealized gain/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					7
Changes in current discount rate - future policy benefits	(100)					(100)
Other comprehensive loss associated with noncontrolling interests	(43)					(43)		43
Stock-based compensation	13			13
Dividends declared, per common share	(122)				(122)
Subsidiary dividends declared to non-controlling interests	(3)							(3)
Net (loss) earnings	$ (88)				(59)			(29)
Ending balance (in shares) at Mar. 31, 2023			328,000,000
Ending balance, Treasury stock (in shares) at Mar. 31, 2023	55,553,182						55,000,000
Ending balance at Mar. 31, 2023	$ 6,648		$ 0	$ 5,871	$ 5,044	$ (2,610)	$ (2,113)	$ 456
[1]Net of income tax expense of $3 million and $2 million for the three months ended March 31, 2023 and 2022, respectively.[2]Net of income tax expense of less than $1 million for the three months ended March 31, 2023 and 2022.[3]Net of income tax expense of $9 million and $7 million for the three months ended March 31, 2023 and 2022, respectively. (5) Net of income tax (benefit) expense of $(27) million and $78 million for the three months ended March 31, 2023 and 2022, respectively. (6) Net of income tax expense of $2 million and $9 million for the three months ended March 31, 2023 and 2022, respectively. (7) Net of income tax benefit of $11 million for the three months ended March 31, 2023.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividend per common share (in dollars per share)	$ 0.45	$ 0.44

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) earnings	$ (88)	$ 402
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	134	115
Equity in earnings of unconsolidated affiliates	0	(2)
Loss (gain) on sales of investments and other assets and asset impairments, net	213	(30)
Interest credited/index credits to contractholder account balances	542	(386)
Change in market risk benefits, net	60	70
Deferred policy acquisition costs and deferred sales inducements	(251)	(169)
Charges assessed to contractholders for mortality and admin	(58)	(52)
Non-cash lease costs	35	36
Operating lease payments	(39)	(37)
Distributions from unconsolidated affiliates, return on investment	36	25
Stock-based compensation cost	14	13
Change in NAV of limited partnerships, net	(57)	(112)
Change in valuation of derivatives, equity and preferred securities, net	(216)	499
Changes in assets and liabilities, net of effects from acquisitions:
Change in insurance recoverable	(79)	47
Change in future policy benefits	224	428
Change in funds withheld from reinsurers	1,124	181
Net decrease in trade receivables	45	27
Net (decrease) increase in reserve for title claim losses	(19)	30
Net change in income taxes	(28)	143
Net change in other assets and other liabilities	(174)	(561)
Net cash provided by operating activities	1,418	667
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities	1,091	1,984
Proceeds from sales of property and equipment	0	5
Additions to property and equipment and capitalized software	(34)	(43)
Purchases of investment securities	(4,077)	(3,810)
Net proceeds from sales and maturities (purchases) of short-term investment securities	1,249	(1,255)
Additions to notes receivable	(4)	(4)
Acquisitions and dispositions	(273)	(20)
Additional investments in unconsolidated affiliates	(327)	(309)
Distributions from unconsolidated affiliates, return of investment	90	34
Net other investing activities	0	4
Net cash used in investing activities	(2,285)	(3,414)
Cash flows from financing activities:
Debt offering	500	0
Debt costs/equity issuance additions	(10)	0
F&G Credit Agreement repayments, net	(35)	0
Dividends paid	(122)	(124)
Subsidiary dividends paid to non-controlling interest shareholders	(7)	(4)
Exercise of stock options	0	2
Additional investment in consolidated subsidiary	(20)	0
Net change in secured trust deposits	(61)	36
Payment of contingent consideration for prior period acquisitions	(2)	(1)
Contractholder account deposits	2,115	2,123
Contractholder account withdrawals	(950)	(723)
Purchases of treasury stock	(6)	(129)
Net cash provided by financing activities	1,402	1,180
Net increase (decrease) in cash and cash equivalents	535	(1,567)
Cash and cash equivalents at beginning of period	2,286	4,360
Cash and cash equivalents at end of period	$ 2,821	$ 2,793

Basis of Financial Statements

Basis of Financial Statements	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	Basis of Financial Statements The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022. Description of the Business We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty products, (ii) technology to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G"). For information about our reportable segments refe r to Note H Segment Information . Recent Developments 7.40% F&G Senior Notes On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% Senior Notes due 2028 (the "7.40% F&G Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. For further information about the 7.40% F&G Notes refer to Note O Notes Payable . Title Point Acquisition On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to customary working capital adjustments. TitlePoint enables searches for detailed property information, images of documents and maps from hundreds of counties across the U.S and is a leader in the science of real estate property research technology. For further information about the TitlePoint acquisition refer to Note N Acquisitions . Income Tax Income tax expense was $14 million and $156 million in the three months ended March 31, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was (19)% and 28% in the three months ended March 31, 2023 and 2022, respectively. The change in income tax expense as a percentage of (loss) earnings before taxes in the three months ended March 31, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of a valuation allowance in the 2022 period. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three months ended March 31, 2023 was further reduced by an increase in the valuation allowance in 2023. Earnings Per Share Basic earnings per share, as presented on the 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. Recent Accounting Pronouncements Adopted Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of operations; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $73 million, net of tax. Summary of Updated Significant Accounting Policies Since our Annual Report on Form 10-K for the year ended December 31, 2022, as a result of the adoption of ASU 2018-12 we have updated the following significant accounting policies, which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements: Investments Fixed Maturity Securities Available-for-Sale Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Realized gains and losses on sales of our fixed maturity securities are determined on the first-in first-out cost basis. We generally record security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying Condensed Consolidated Statements of Operations. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments. VOBA, DAC, DSI and URL Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"). VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to policyholder account balances. VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the Future Policy Benefits ("FPB"), where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Operations. Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of March 31, 2023 and December 31, 2022, our URL balance was $190 million and $160 million, respectively Contractholder Funds Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments . Future Policy Benefits The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions. For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100%, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100% are not used to offset cohorts with NPRs greater than 100%. The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. In subsequent periods, the revised NPR, which is capped at 100%, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100%, and therefore capped at 100%, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Operations in the period of improvement. For traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities), the discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. We selected fixed-income instruments that have been A-rated by Bloomberg. In order to reflect the duration characteristics of the liability, we will use an implied forward yield curve and linear interpolation will be used for durations that have limited or no market observable points on the curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings. Deferred Profit Liability For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses. The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated, the updated estimates are used to recalculate the initial DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, with any differences recognized as a remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Operations. The DPL is recorded as a component of the Future policy benefits in the accompanying Condensed Consolidated Balance Sheets. Market Risk Benefits MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders. MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100%. Each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the unaudited Condensed Consolidated Statements of Operations, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits . Benefits and Other Changes in Policy Reserves Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative. Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Operations. Impacts of adoption of ASU 2018-12 on Financial Statements The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Operations. Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) (Unaudited) (In millions) ASSETS Reinsurance recoverable, net of allowance for credit losses $ 5,588 $ (170) $ 5,418 Goodwill 4,642 (7) 4,635 Prepaid expenses and other assets 2,231 (163) 2,068 Market risk benefits asset — 117 117 Other intangible assets, net 4,034 (223) 3,811 Total assets $ 16,495 $ (446) $ 16,049 LIABILITIES AND EQUITY Liabilities: Contractholder funds $ 41,233 $ (390) $ 40,843 Future policy benefits 5,923 (902) 5,021 Accounts payable and accrued liabilities 2,352 (26) 2,326 Market risk benefits liability — 282 282 Total liabilities $ 49,508 $ (1,036) $ 48,472 Equity: Additional paid-in capital $ 5,876 $ (6) $ 5,870 Retained earnings 4,714 511 5,225 Accumulated other comprehensive (loss) earnings (2,862) (8) (2,870) Non-controlling interests 360 93 453 Total equity $ 8,088 $ 590 $ 8,678 Condensed Consolidated Statement of Operations Three months ended March 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) Revenues: (In millions) Escrow, title-related and other fees $ 1,290 $ 2 $ 1,292 Expenses: Benefits and other changes in policy reserves $ 208 $ (5) $ 203 Market risk benefit losses — 70 70 Depreciation and amortization 182 (67) 115 Income tax expense 155 1 156 Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 397 $ 3 $ 400 Earnings per share Basic Net earnings per share attributable to common shareholders, basic $ 1.41 $ 0.01 $ 1.42 Diluted Net earnings per share attributable to common shareholders, diluted $ 1.40 $ 0.01 $ 1.41

Summary of Reserve for Title Cl

Summary of Reserve for Title Claim Losses	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary of Reserve for Title Claim Losses	Summary of Reserve for Title Claim Losses A summary of the reserve for title claim losses follows: Three months ended March 31, 2023 2022 (In millions) Beginning balance $ 1,810 $ 1,883 Change in insurance recoverable — (1) Claim loss provision related to: Current year 43 84 Total title claim loss provision 43 84 Claims paid, net of recoupments related to: Current year (1) (1) Prior years (61) (53) Total title claims paid, net of recoupments (62) (54) Ending balance of claim loss reserve for title insurance $ 1,791 $ 1,912 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 % Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited. In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC , was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. , was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver seeks compensatory, incidental, consequential, and punitive damages, and seeks the recovery of attorneys’ fees. In turn, the Named Companies petitioned the Federal Court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted. On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed. The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy. On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms. On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson , which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank. On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 , which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed. Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate. We continually upda te 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. Our U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items. F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP. FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. This resulted in a $3 million and $152 million decrease to statutory capital and surplus at March 31, 2023 and December 31, 2022, respectively. FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $200 million at March 31, 2023 and December 31, 2022, respectively. Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $93 million and $121 million at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The hierarchy for fair value measurement is defined as follows: Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves. Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances. Net asset value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the limited partnership 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 limited partnerships may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources. The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows: March 31, 2023 Level 1 Level 2 Level 3 NAV Fair Value Assets (In millions) Cash and cash equivalents $ 2,821 $ — $ — $ — $ 2,821 Fixed maturity securities, available-for-sale: Asset-backed securities — 5,592 6,300 — 11,892 Commercial mortgage-backed securities — 3,686 29 — 3,715 Corporates 25 14,262 1,544 — 15,831 Hybrids 97 683 — — 780 Municipals — 1,597 32 — 1,629 Residential mortgage-backed securities — 1,657 12 — 1,669 U.S. Government 318 11 — — 329 Foreign Governments — 249 16 — 265 Short term investments 1,315 8 23 — 1,346 Preferred securities 285 565 1 — 851 Equity securities 681 — 11 42 734 Derivative investments — 432 — — 432 Investment in unconsolidated affiliates — — 107 — 107 Reinsurance related embedded derivative, included in other assets — 260 — — 260 Market risk benefits asset — — 106 — 106 Other long-term investments — — 48 — 48 Total financial assets at fair value $ 5,542 $ 29,002 $ 8,229 $ 42 $ 42,815 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,569 — 3,569 Market risk benefits liability $ — $ — $ 324 $ — $ 324 Total financial liabilities at fair value $ — $ — $ 3,893 $ — $ 3,893 December 31, 2022 Level 1 Level 2 Level 3 NAV Fair Value Assets (In millions) Cash and cash equivalents $ 2,286 $ — $ — $ — $ 2,286 Fixed maturity securities, available-for-sale: Asset-backed securities — 5,204 6,263 — 11,467 Commercial mortgage-backed securities — 3,026 37 — 3,063 Corporates 40 12,857 1,440 — 14,337 Hybrids 93 638 — — 731 Municipals — 1,431 29 — 1,460 Residential mortgage-backed securities — 1,225 302 — 1,527 U.S. Government 260 11 — — 271 Foreign Governments — 223 16 — 239 Short term investments 2,590 — — — 2,590 Preferred securities 320 582 1 — 903 Equity securities 621 — 10 47 678 Derivative investments — 244 — — 244 Investment in unconsolidated affiliates — — 23 — 23 Reinsurance related embedded derivative, included in other assets — 279 — — 279 Market risk benefits asset — — 117 — 117 Other long-term investments — — 48 — 48 Total financial assets at fair value $ 6,210 $ 25,720 $ 8,286 $ 47 $ 40,263 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,115 — 3,115 Market risk benefits liability — — 282 — 282 Total financial liabilities at fair value $ — $ — $ 3,397 $ — $ 3,397 Valuation Methodologies Cash and Cash Equivalents The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Fixed Maturity Preferred and Equity Securities We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices. We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of March 31, 2023 or December 31, 2022. Certain equity investments are measured using NAV as a practical expedient in determining fair value. Derivative Financial Instruments The fair value of call options is based upon valuation pricing models, which represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on industry accepted valuation pricing models, which use market-observable inputs, including interest rates, yield curve volatilities, and other factors. The fair value of futures contracts (specifically for FIA contracts) represents the cumulative unsettled variation margin (open trade equity, net of cash settlements), which represents what we would expect to receive or pay at the balance sheet date if we canceled the contracts or entered into offsetting positions. These contracts are classified as Level 1. The fair value measurement of the FIA/IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at March 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. The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera") (effective October 31, 2021, this agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer) and ASPIDA Life Re Ltd ("Aspida Re") are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2. See Note L F&G Reinsurance for further discussion on F&G reinsurance agreements. Investments in Unconsolidated affiliates The fair value of our investments in unconsolidated affiliates is determined using a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies. The EBITDA used in this calculation is based on the affiliates’ financial information. Short-term investments The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value. Other long-term investments We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to a call option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model. The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments . The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter. Market Risk Benefits MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. See further discussion on MRBs in Note P - Market Risk Benefits . Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2023 and December 31, 2022 are as follows: Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) March 31, 2023 (In millions) March 31, 2023 Assets Asset-backed securities $ 6,019 Broker-quoted Offered quotes 54.2% - 187.27% (93.86%) Asset-backed securities 281 Third-Party Valuation Offered quotes 39.43% - 102.60% (62.83%) Commercial mortgage-backed securities 12 Broker-quoted Offered quotes 95.34% - 101.25% (99.34%) Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes 73.36% - 88.60% (82.26%) Corporates 682 Broker-quoted Offered quotes 80.24% - 104.74% (95.90%) Corporates 11 Discounted Cash Flow Discount Rate 44.00% - 100.00% (75.18%) Corporates 851 Third-Party Valuation Offered quotes 0.00% - 105.32% (90.85%) Municipals 32 Third-Party Valuation Offered quotes 104.38% - 104.38% (104.38%) Residential mortgage-backed securities 8 Broker-quoted Offered quotes 0.00% - 98.38% (98.18%) Residential mortgage-backed securities 4 Third-Party Valuation Offered quotes 94.93% Foreign Governments 16 Third-Party Valuation Offered quotes 99.20% - 99.44% (99.28%) Investment in unconsolidated affiliates 107 Market Comparable Company Analysis EBITDA multiple 5x-14x (12.1x) Short term investments 23 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Preferred securities 1 Discounted Cash Flow Discount rate 100.00% - 100.00% (100.00%) Equity securities 7 Broker Quoted Offered quotes $68.50 - $68.50 ($68.50) Equity securities 4 Discounted Cash Flow Discount rate 11.16% - 11.16% (11.16%) Market Comparable Company Analysis EBITDA multiple 7.8x - 7.8x (7.8x) Other long-term investments: Available-for-sale embedded derivative 25 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 13 Broker-quoted Offered quotes 96.23% Market risk benefits asset 106 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (5.03%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.42% (1.31%) GMWB utilization 50.00% - 60.00% (50.89%) Total financial assets at fair value $ 8,229 Liabilities Derivative investments: FIA/ IUL embedded derivatives, included in contractholder funds $ 3,569 Discounted cash flow Market value of option 0.00% - 28.31% (1.54%) Swap rates 3.48% - 4.97% (4.23%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 32.26% (2.74%) Non-performance spread 0.48% - 1.42% (1.31%) Option cost 0.07% - 5.67% (2.11%) Market risk benefits liability 324 Discounted cash flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (5.03%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.42% (1.31%) GMWB utilization 0.48% - 1.42% (50.89%) Total financial liabilities at fair value $ 3,893 Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) December 31, 2022 (In millions) December 31, 2022 Assets Asset-backed securities $ 5,916 Broker-quoted Offered quotes 52.85% - 117.17% (94.18%) Asset-backed securities 347 Third-Party Valuation Offered quotes 41.43% - 210.50% (67.99%) Commercial mortgage-backed securities 20 Broker-quoted Offered quotes 109.02% - 109.02% (109.02%) Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes 74.66% - 88.48% (82.74%) Corporates 602 Broker-quoted Offered quotes 79.16% - 102.53% (94.16%) Corporates 826 Third-Party Evaluation Offered quotes —% - 104.96% (89.69%) Corporates 12 Discounted Cash Flow Discount Rate 44.00% - 100.00% (77.02%) Municipals 29 Third-Party Evaluation Offered quotes 93.95% - 93.95% (93.95%) Foreign governments 16 Third-Party Evaluation Offered quotes 99.78% - 102.29% (100.56%) Investment in unconsolidated affiliates 23 Market Comparable Company Analysis EBITDA multiple 5x-5.50x Residential mortgage-backed securities 302 Broker-quoted Offered quotes —% - 91.04% (86.38%) Preferred Securities 1 Discounted Cash Flow Discount rate 100.00% Equity securities 6 Broker-quoted Offered Quotes $64.25 - $64.25 ($64.25) Equity securities 4 Discounted Cash Flow Discount Rate 11.10% - 11.10% (11.10%) Market Comparable Company Analysis EBITDA multiple 5.6x - 5.6x (5.6x) Other long-term investments: Available-for-sale embedded derivative 23 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 15 Broker-quoted Offered quotes 96.23% Market risk benefits asset 117 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (4.69%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.44% (1.30%) GMWB utilization 50.00% - 60.00% (50.94%) Total financial assets at fair value $ 8,286 Liabilities Derivative investments: FIA/ IUL embedded derivatives, included in contractholder funds 3,115 Discounted cash flow Market value of option —% - 23.90% (87.00%) Swap rates 3.88% - 4.73% (4.31%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 29.41% (2.73%) Non-performance spread 0.48% - 1.44% (1.30%) Option cost 0.07% - 4.97% (1.89%) Market risk benefits liability 282 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (4.69%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.44% (1.30%) GMWB utilization 50.00% - 60.00% (50.94%) Total financial liabilities at fair value $ 3,397 The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended March 31, 2023 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in 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 $ 8,123 $ 9 Market risk benefits asset 117 106 Total Level 3 assets at fair value $ 8,286 $ 8,229 Liabilities FIA/ 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 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 exclusively to Level 2. Three months ended March 31, 2022 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in Assets (In millions) Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ — $ (130) $ 400 $ — $ (152) $ 84 $ 4,161 $ (138) Commercial mortgage-backed securities 35 — (2) — — — 7 40 (2) Corporates 1,135 — (74) 80 — (26) 26 1,141 (73) Municipals 43 — (6) — — — — 37 (5) Foreign Governments 18 — (1) — — — — 17 (1) Investment in unconsolidated affiliates 21 — — — — — — 21 — Short term investments 321 — (1) 20 — — (321) 19 (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 1 — — — 10 — Other long-term investments: Available-for-sale embedded derivative 34 (4) — — — — — 30 — Credit linked note 23 — (3) — — (1) — 19 — Subtotal Level 3 assets at fair value $ 5,600 $ (4) $ (218) $ 501 $ — $ (179) $ (204) $ 5,496 $ (221) Market risk benefits asset 41 29 Total Level 3 assets at fair value $ 5,641 $ 5,525 Liabilities FIA embedded derivatives, included in contractholder funds 3,883 (584) — 126 — (30) — 3,395 — Subtotal Level 3 liabilities at fair value $ 3,883 $ (584) $ — $ 126 $ — $ (30) $ — $ 3,395 $ — Market risk benefits liability 469 486 Total Level 3 liabilities at fair value $ 4,352 $ 3,881 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 fair value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting. In our title segment, Investments in unconsolidated affiliates were $220 million and $187 million as of March 31, 2023 and December 31, 2022, respectively. Policy Loans (included within Other long-term investments) Fair values for policy loans are estimated from a discounted cash flow analysis, using interest rates currently being offered for loans with similar credit risk. Loans with similar characteristics are aggregated for purposes of the calculations. Company Owned Life Insurance Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy. Other Invested Assets (included within Other long-term investments) The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy. Investment Contracts Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed IULs, funding agreements, PRTs and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e., cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements, PRTs and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value. Other Federal Home Loan Bank of Atlanta ("FHLB") common stock, Accounts receivable and Notes receivable are carried at cost, which approximates fair value. FHLB common stock is classified as Level 2 within the fair value hierarchy. Accounts receivable and Notes receivable are classified as Level 3 within the fair value hierarchy. Debt The fair value of debt, with the exception of the F&G Credit Agreement, as defined in Note O Notes Payable , is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy. The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. March 31, 2023 Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets (In millions) FHLB common stock $ — $ 106 $ — $ — $ 106 $ 106 Commercial mortgage loans — — 2,178 — 2,178 2,458 Residential mortgage loans — — 2,323 — 2,323 2,526 Investments in unconsolidated affiliates — — 4 2,558 2,562 2,562 Policy loans — — 55 — 55 55 Other invested assets 91 — 11 — 102 102 Company-owned life insurance — — 381 — 381 381 Trade and notes receivables, net of allowance — — 428 — 428 428 Total $ 91 $ 106 $ 5,380 $ 2,558 $ 8,135 $ 8,618 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 36,117 $ — $ 36,117 $ 39,809 Debt — 3,308 — — 3,308 3,696 Total $ — $ 3,308 $ 36,117 $ — $ 39,425 $ 43,505 December 31, 2022 Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets (In millions) FHLB common stock $ — $ 99 $ — $ — $ 99 $ 99 Commercial mortgage loans — — 2,083 — 2,083 2,406 Residential mortgage loans — — 1,892 — 1,892 2,148 Investments in unconsolidated affiliates — — 5 2,427 2,432 2,432 Policy loans — — 52 — 52 52 Other invested assets 93 — 16 — 109 109 Company-owned life insurance — — 363 — 363 363 Trade and notes receivables, net of allowance — — 467 — 467 467 Total $ 93 $ 99 $ 4,878 $ 2,427 $ 7,497 $ 8,076 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 34,464 $ — $ 34,464 $ 38,412 Debt — 2,776 — — 2,776 3,238 Total $ — $ 2,776 $ 34,464 $ — $ 37,240 $ 41,650 For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	1.25 1.00 - 1.25 <1.00 March 31, 2023 (In millions) LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 21 % $ 493 23 % 50.00% to 59.99% 732 — — 732 30 % 653 30 % 60.00% to 74.99% 1,170 8 — 1,178 48 % 1,002 46 % 75.00% to 84.99% — 2 18 20 1 % 17 1 % Commercial mortgage loans (a) $ 2,413 $ 14 $ 29 $ 2,456 100 % $ 2,165 100 % December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022. March 31, 2023 Amortized Cost by Origination Year 2023 2022 2021 2020 2019 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 4 $ 69 $ 120 $ 206 $ 127 $ 526 50.00% to 59.99% 27 149 268 158 130 732 60.00% to 74.99% 20 113 913 122 10 1,178 75.00% to 84.99% 3 9 — — 8 20 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 Commercial mortgages DSCR Greater than 1.25x $ 47 $ 328 $ 1,301 $ 486 $ 251 $ 2,413 1.00x - 1.25x 7 3 — — 4 14 Less than 1.00x — 9 — — 20 29 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2017 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 Commercial mortgages DSCR Greater than 1.25x $ 329 $ 1,300 $ 488 $ — $ — $ 254 $ 2,371 1.00x - 1.25x 3 — — — — 4 7 Less than 1.00x 9 — — — — 20 29 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022. We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At March 31, 2023 and December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above. Residential Mortgage Loans Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments as of March 31, 2023 and December 31, 2022, respectively. Our RMLs are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances: March 31, 2023 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 236 9 % Texas 181 7 % New Jersey 167 6 % California 157 6 % New York 155 6 % All other states (a) 1,678 66 % Total residential mortgage loans $ 2,574 100 % (a) The individual concentration of each state is equal to or less than 5% as of March 31, 2023. December 31, 2022 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All other states (a) 914 42 % Total residential mortgage loans $ 2,180 100 % (a) The individual concentration of each state is equal to or less than 5% as of December 31, 2022. RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2023 and December 31, 2022, was as follows : March 31, 2023 December 31, 2022 (Dollars in millions) (Dollars in millions) Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,511 98 % $ 2,118 97 % Non-performing 63 2 % 62 3 % Total residential mortgage loans, gross of valuation allowance $ 2,574 100 % $ 2,180 100 % Allowance for expected loan loss (48) — % (32) — % Total residential mortgage loans, net of valuation allowance $ 2,526 100 % $ 2,148 100 % RMLs segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances: March 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) $ 35 $ 950 $ 889 $ 209 $ 199 $ 209 $ 2,491 30-89 days past due — 3 8 3 4 2 20 90 days or more past due — 3 18 13 28 1 63 Total residential mortgages $ 35 $ 956 $ 915 $ 225 $ 231 $ 212 $ 2,574 December 31, 2022 Amortized Cost by Origination Year (In millions) 2022 2021 2020 2019 2018 Prior Total Residential mortgages (In millions) Current (less than 30 days past due) $ 766 $ 884 $ 214 $ 185 $ 23 $ 33 $ 2,105 30-89 days past due 2 7 — 4 — — 13 90 days or more past due 3 9 15 34 1 — 62 Total residential mortgages $ 771 $ 900 $ 229 $ 223 $ 24 $ 33 $ 2,180 Non-accrual loans by amortized cost as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Amortized cost of loans on non-accrual (In millions) Residential mortgage: $ 63 $ 62 Commercial mortgage: 9 9 Total non-accrual mortgages $ 72 $ 71 Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2023 and March 31, 2022. It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2023 and December 31, 2022, we had $72 million and $71 million, respectively, of RMLs that were over 90 days past due, of which $32 million and $38 million were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively. Allowance for Expected Credit Loss We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The allowances for our mortgage loan portfolio are summarized as follows: Three months ended 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 Three months ended March 31, 2022 (In millions) Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 Provision for loan losses 1 — 1 Ending Balance $ 26 $ 6 $ 32 An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial as of March 31, 2023 and March 31, 2022. 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, 2023 March 31, 2022 (In millions) Fixed maturity securities, available-for-sale $ 447 $ 332 Equity securities 8 8 Preferred securities 13 15 Mortgage loans 51 39 Invested cash and short-term investments 33 5 Limited partnerships 57 113 Tax deferred property exchange income 45 3 Other investments 19 9 Gross investment income 673 524 Investment expense (62) (46) Interest and investment income $ 611 $ 478 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, 2023 March 31, 2022 (In millions) Net realized losses on fixed maturity available-for-sale securities $ (50) $ (36) Net realized/unrealized gains (losses) on equity securities (1) 33 (148) Net realized/unrealized losses on preferred securities (2) (10) (91) Realized losses on other invested assets (5) (1) Change in allowance for expected credit losses (4) (4) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (89) 50 Unrealized gains (losses) on certain derivative instruments 147 (358) Change in fair value of reinsurance related embedded derivatives (3) (19) 122 Change in fair value of other derivatives and embedded derivatives 2 (3) Realized gains (losses) on derivatives and embedded derivatives 41 (189) Recognized gains and losses, net $ 5 $ (469) (1) Includes net valuation losses of $46 million and $166 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes net valuation losses of $35 million and $90 million for the three months ended March 31, 2023 and 2022, respectively. (3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Kubera (novated from Kubera to Somerset effective October 31, 2021) and Aspida Re. Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized (losses) gains attributable to these agreements, and thus excluded from the totals in the table above, was $(22) million and $128 million for the three months ended March 31, 2023 and March 31, 2022, respectively. The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows: Three months ended March 31, 2023 March 31, 2022 (In millions) Proceeds $ 489 $ 1,052 Gross gains 1 3 Gross losses (51) (39) Unconsolidated Variable Interest Entities We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated. We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in Fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets. Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies ). The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment in limited partnerships $ 2,558 $ 4,268 $ 2,427 $ 4,030 Fixed maturity securities 16,890 18,590 15,680 17,404 Total unconsolidated VIE investments $ 19,448 $ 22,858 $ 18,107 $ 21,434 Concentrations Our underlying investment concentrations that exceed 10% of shareholders equity are as follows: March 31, 2023 (In millions) Blackstone Wave Asset Holdco (1) $ 760 (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." id="sjs-B4">Investments Our fixed maturity securities investments have been designated as AFS, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments at March 31, 2023 and December 31, 2022 are summarized as follows: March 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 $ 12,620 $ (10) $ 43 $ (761) $ 11,892 Commercial mortgage-backed securities 4,048 — 3 (336) 3,715 Corporates 18,426 (3) 64 (2,656) 15,831 Hybrids 853 — 9 (82) 780 Municipals 1,850 — 13 (234) 1,629 Residential mortgage-backed securities 1,770 (7) 13 (107) 1,669 U.S. Government 341 — — (12) 329 Foreign Governments 311 — 1 (47) 265 Total available-for-sale securities $ 40,219 $ (20) $ 146 $ (4,235) $ 36,110 December 31, 2022 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities (In millions) Asset-backed securities $ 12,209 $ (8) $ 36 $ (770) $ 11,467 Commercial mortgage-backed/asset-backed securities 3,337 (1) 11 (284) 3,063 Corporates 17,396 (22) 32 (3,069) 14,337 Hybrids 806 — 9 (84) 731 Municipals 1,749 — 4 (293) 1,460 Residential mortgage-backed securities 1,638 (8) 6 (109) 1,527 U.S. Government 287 — — (16) 271 Foreign Governments 286 — — (47) 239 Total available-for-sale securities $ 37,708 $ (39) $ 98 $ (4,672) $ 33,095 Securities held on deposit with various state regulatory authorities had a fair value of $18,876 million and $17,870 million at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, the Company held no material investments that were non-income producing for a period greater than twelve months. As of March 31, 2023 and December 31, 2022, the Company's accrued interest receivable balance was $413 million and $365 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets. In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $3,830 million and $3,387 million as of March 31, 2023 and December 31, 2022, respectively. The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations. March 31, 2023 December 31, 2022 (In millions) (In millions) Amortized Cost Fair Value Amortized Cost Fair Value Corporates, Non-structured Hybrids, Municipal and Government securities: Due in one year or less $ 586 $ 574 $ 536 $ 527 Due after one year through five years 3,921 3,745 3,288 3,089 Due after five years through ten years 2,265 2,079 2,171 1,939 Due after ten years 14,983 12,410 14,503 11,457 Subtotal 21,755 18,808 20,498 17,012 Other securities, which provide for periodic payments: Asset-backed securities 12,620 11,892 12,209 11,467 Commercial mortgage-backed securities 4,048 3,715 3,337 3,063 Structured hybrids 26 26 26 26 Residential mortgage-backed securities 1,770 1,669 1,638 1,527 Subtotal 18,464 17,302 17,210 16,083 Total fixed maturity available-for-sale securities $ 40,219 $ 36,110 $ 37,708 $ 33,095 Allowance for Expected Credit Loss We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss: • The extent to which the fair value is less than the amortized cost basis; • The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening); • The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength); • Current delinquencies and nonperforming assets of underlying collateral; • Expected future default rates; • Collateral value by vintage, geographic region, industry concentration or property type; • Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and • Contractual and regulatory cash obligations and the issuer's plans to meet such obligations. We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of 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 as we write-off accrued interest through Interest and investment income when collectability concerns arise. We consider the following in determining whether write-offs of a security’s amortized cost is necessary: • We believe amounts related to securities have become uncollectible; • We intend to sell a security; or • It is more likely than not that we will be required to sell a security prior to recovery. If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of 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, 2023 and December 31, 2022, our allowance for expected credit losses for AFS securities was $20 million and $39 million, respectively. Purchased credit deteriorated ("PCD") financial assets are AFS securities purchased at a discount, where part of that discount is attributable to credit. Credit loss allowances are calculated for these securities as of the date of their acquisition, with the initial allowance serving to increase amortized cost. There were no purchases of PCD AFS securities during the three months ended March 31, 2023 or 2022. The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities (In millions) Asset-backed securities $ 5,347 $ (307) $ 4,520 $ (448) $ 9,867 $ (755) Commercial mortgage-backed securities 2,249 (122) 1,236 (214) 3,485 (336) Corporates 5,501 (392) 8,553 (2,263) 14,054 (2,655) Hybrids 346 (29) 321 (53) 667 (82) Municipals 483 (37) 907 (196) 1,390 (233) Residential mortgage-backed securities 708 (22) 540 (81) 1,248 (103) U.S. Government 29 — 206 (11) 235 (11) Foreign Government 23 (2) 183 (44) 206 (46) Total available-for-sale securities $ 14,686 $ (911) $ 16,466 $ (3,310) $ 31,152 $ (4,221) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,402 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 2,270 Total number of available-for-sale securities in an unrealized loss position 4,672 December 31, 2022 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities (In millions) Asset-backed securities $ 7,001 $ (410) $ 3,727 $ (360) $ 10,728 $ (770) Commercial mortgage-backed securities 2,079 (169) 475 (116) 2,554 (285) Corporates 9,913 (1,735) 3,523 (1,330) 13,436 (3,065) Hybrids 628 (83) 3 (1) 631 (84) Municipals 998 (180) 352 (113) 1,350 (293) Residential mortgage-backed securities 992 (51) 184 (22) 1,176 (73) U.S. Government 130 (7) 140 (8) 270 (15) Foreign Government 119 (32) 59 (14) 178 (46) Total available-for-sale securities $ 21,860 $ (2,667) $ 8,463 $ (1,964) $ 30,323 $ (4,631) Total number of available-for-sale securities in an unrealized loss position less than twelve months 3,114 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 1,296 Total number of available-for-sale securities in an unrealized loss position 4,410 We determined the decrease in unrealized losses as of March 31, 2023, compared to December 31, 2022, was caused by lower treasury rates as well as spread compression. For securities in an unrealized loss position as of March 31, 2023, our allowance for expected credit loss was $20 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2023 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns. Mortgage Loans Our mortgage loans are collateralized by commercial and residential properties. Commercial Mortgage Loans Commercial mortgage loans (“CMLs”) represented approximately 6% of our total investments March 31, 2023 and December 31, 2022. The mortgage loans in our investment portfolio, are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables: March 31, 2023 December 31, 2022 Gross Carrying Value % of Total Gross Carrying Value % of Total Property Type: (Dollars in millions) (Dollars in millions) Hotel $ 18 1 % $ 18 1 % Industrial 538 22 % 520 22 % Mixed Use 12 1 % 12 1 % Multifamily 1,013 41 % 1,013 42 % Office 329 13 % 330 14 % Retail 104 4 % 105 4 % Student Housing 83 3 % 83 3 % Other 373 15 % 335 13 % Total commercial mortgage loans, gross of valuation allowance $ 2,470 100 % $ 2,416 100 % Allowance for expected credit loss (12) (10) Total commercial mortgage loans, net of valuation allowance $ 2,458 $ 2,406 U.S. Region: East North Central $ 177 7 % $ 151 6 % East South Central 76 3 % 76 3 % Middle Atlantic 325 13 % 326 13 % Mountain 354 14 % 355 15 % New England 164 7 % 158 7 % Pacific 700 28 % 708 28 % South Atlantic 553 22 % 521 22 % West North Central 4 1 % 4 1 % West South Central 117 5 % 117 5 % Total commercial mortgage loans, gross of valuation allowance $ 2,470 100 % $ 2,416 100 % Allowance for expected credit loss (12) (10) Total commercial mortgage loans, net of valuation allowance $ 2,458 $ 2,406 Commercial mortgage loans segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances: March 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) $ 53 $ 354 $ 1,301 $ 486 $ — $ 267 $ 2,461 30-89 days past due — — — — — — — 90 days or more past due — — — — — 9 9 Total commercial mortgages $ 53 $ 354 $ 1301 $ 486 $ — $ 276 $ 2,470 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Commercial mortgages (In millions) Current (less than 30 days past due) $ 350 $ 1,300 $ 488 $ — $ — $ 269 $ 2,407 30-89 days past due — — — — — — — 90 days or more past due — — — — — 9 9 Total commercial mortgages $ 350 $ 1,300 $ 488 $ — $ — $ 278 $ 2,416 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, 2023 and December 31, 2022 : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 March 31, 2023 (In millions) LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 21 % $ 493 23 % 50.00% to 59.99% 732 — — 732 30 % 653 30 % 60.00% to 74.99% 1,170 8 — 1,178 48 % 1,002 46 % 75.00% to 84.99% — 2 18 20 1 % 17 1 % Commercial mortgage loans (a) $ 2,413 $ 14 $ 29 $ 2,456 100 % $ 2,165 100 % December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022. March 31, 2023 Amortized Cost by Origination Year 2023 2022 2021 2020 2019 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 4 $ 69 $ 120 $ 206 $ 127 $ 526 50.00% to 59.99% 27 149 268 158 130 732 60.00% to 74.99% 20 113 913 122 10 1,178 75.00% to 84.99% 3 9 — — 8 20 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 Commercial mortgages DSCR Greater than 1.25x $ 47 $ 328 $ 1,301 $ 486 $ 251 $ 2,413 1.00x - 1.25x 7 3 — — 4 14 Less than 1.00x — 9 — — 20 29 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2017 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 Commercial mortgages DSCR Greater than 1.25x $ 329 $ 1,300 $ 488 $ — $ — $ 254 $ 2,371 1.00x - 1.25x 3 — — — — 4 7 Less than 1.00x 9 — — — — 20 29 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022. We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At March 31, 2023 and December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above. Residential Mortgage Loans Residential mortgage loans (“RMLs”) represented approximately 6% and 5% of our total investments as of March 31, 2023 and December 31, 2022, respectively. Our RMLs are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances: March 31, 2023 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 236 9 % Texas 181 7 % New Jersey 167 6 % California 157 6 % New York 155 6 % All other states (a) 1,678 66 % Total residential mortgage loans $ 2,574 100 % (a) The individual concentration of each state is equal to or less than 5% as of March 31, 2023. December 31, 2022 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All other states (a) 914 42 % Total residential mortgage loans $ 2,180 100 % (a) The individual concentration of each state is equal to or less than 5% as of December 31, 2022. RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2023 and December 31, 2022, was as follows : March 31, 2023 December 31, 2022 (Dollars in millions) (Dollars in millions) Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,511 98 % $ 2,118 97 % Non-performing 63 2 % 62 3 % Total residential mortgage loans, gross of valuation allowance $ 2,574 100 % $ 2,180 100 % Allowance for expected loan loss (48) — % (32) — % Total residential mortgage loans, net of valuation allowance $ 2,526 100 % $ 2,148 100 % RMLs segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances: March 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) $ 35 $ 950 $ 889 $ 209 $ 199 $ 209 $ 2,491 30-89 days past due — 3 8 3 4 2 20 90 days or more past due — 3 18 13 28 1 63 Total residential mortgages $ 35 $ 956 $ 915 $ 225 $ 231 $ 212 $ 2,574 December 31, 2022 Amortized Cost by Origination Year (In millions) 2022 2021 2020 2019 2018 Prior Total Residential mortgages (In millions) Current (less than 30 days past due) $ 766 $ 884 $ 214 $ 185 $ 23 $ 33 $ 2,105 30-89 days past due 2 7 — 4 — — 13 90 days or more past due 3 9 15 34 1 — 62 Total residential mortgages $ 771 $ 900 $ 229 $ 223 $ 24 $ 33 $ 2,180 Non-accrual loans by amortized cost as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Amortized cost of loans on non-accrual (In millions) Residential mortgage: $ 63 $ 62 Commercial mortgage: 9 9 Total non-accrual mortgages $ 72 $ 71 Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2023 and March 31, 2022. It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2023 and December 31, 2022, we had $72 million and $71 million, respectively, of RMLs that were over 90 days past due, of which $32 million and $38 million were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively. Allowance for Expected Credit Loss We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings. The allowances for our mortgage loan portfolio are summarized as follows: Three months ended 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 Three months ended March 31, 2022 (In millions) Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 Provision for loan losses 1 — 1 Ending Balance $ 26 $ 6 $ 32 An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial as of March 31, 2023 and March 31, 2022. 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, 2023 March 31, 2022 (In millions) Fixed maturity securities, available-for-sale $ 447 $ 332 Equity securities 8 8 Preferred securities 13 15 Mortgage loans 51 39 Invested cash and short-term investments 33 5 Limited partnerships 57 113 Tax deferred property exchange income 45 3 Other investments 19 9 Gross investment income 673 524 Investment expense (62) (46) Interest and investment income $ 611 $ 478 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, 2023 March 31, 2022 (In millions) Net realized losses on fixed maturity available-for-sale securities $ (50) $ (36) Net realized/unrealized gains (losses) on equity securities (1) 33 (148) Net realized/unrealized losses on preferred securities (2) (10) (91) Realized losses on other invested assets (5) (1) Change in allowance for expected credit losses (4) (4) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (89) 50 Unrealized gains (losses) on certain derivative instruments 147 (358) Change in fair value of reinsurance related embedded derivatives (3) (19) 122 Change in fair value of other derivatives and embedded derivatives 2 (3) Realized gains (losses) on derivatives and embedded derivatives 41 (189) Recognized gains and losses, net $ 5 $ (469) (1) Includes net valuation losses of $46 million and $166 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes net valuation losses of $35 million and $90 million for the three months ended March 31, 2023 and 2022, respectively. (3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Kubera (novated from Kubera to Somerset effective October 31, 2021) and Aspida Re. Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized (losses) gains attributable to these agreements, and thus excluded from the totals in the table above, was $(22) million and $128 million for the three months ended March 31, 2023 and March 31, 2022, respectively. The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows: Three months ended March 31, 2023 March 31, 2022 (In millions) Proceeds $ 489 $ 1,052 Gross gains 1 3 Gross losses (51) (39) Unconsolidated Variable Interest Entities We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated. We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in Fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets. Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies ). The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment in limited partnerships $ 2,558 $ 4,268 $ 2,427 $ 4,030 Fixed maturity securities 16,890 18,590 15,680 17,404 Total unconsolidated VIE investments $ 19,448 $ 22,858 $ 18,107 $ 21,434 Concentrations Our underlying investment concentrations that exceed 10% of shareholders equity are as follows: March 31, 2023 (In millions) Blackstone Wave Asset Holdco (1) $ 760 (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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows: March 31, 2023 December 31, 2022 Assets: (In millions) Derivative investments: Call options $ 432 $ 244 Other long-term investments: Other embedded derivatives 25 23 Prepaid expenses and other assets: Reinsurance related embedded derivatives 260 279 $ 717 $ 546 Liabilities: Contractholder funds: FIA/ IUL embedded derivatives $ 3,569 $ 3,115 $ 3,569 $ 3,115 The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows: Three months ended March 31, 2023 March 31, 2022 Recognized gains and losses, net (In millions) Net investment gains (losses): Call options $ 55 $ (314) Futures contracts 5 3 Foreign currency forwards (1) 3 Other derivatives and embedded derivatives 1 (3) Reinsurance related embedded derivatives (19) 122 Total net investment gains (losses) $ 41 $ (189) Benefits and other changes in policy reserves: FIA/ IUL embedded derivatives (decrease) increase $ 454 $ (488) Additional Disclosures FIA/IUL Embedded Derivative, Call Options and Futures We have FIA and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments . We purchase derivatives consisting of a combination of call options and futures contracts (specifically for FIA contracts) on the applicable market indices to fund the index credits due to FIA/IUL contractholders. The call options are one two three five value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the accompanying unaudited Condensed Consolidated Statements of 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 FIA/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes. Reinsurance Related Embedded Derivatives F&G entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain fixed rate and deferred annuity business, including MYGA, on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. Additionally, F&G entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a coinsurance funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements creates an obligation for F&G to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangements, including gains and losses from sales, were passed directly to the reinsurers pursuant to contractual terms of the reinsurance arrangements. The reinsurance related embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position, on the unaudited Condensed Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Operations. Credit Risk We are exposed to credit loss in the event of non-performance by our counterparties on the call options and reflect assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. Information regarding our exposure to credit loss on the call options we hold is presented in the following tables. March 31, 2023 (In millions) Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,834 $ 44 $ — $ 44 Morgan Stanley */Aa3/A+ 2,038 22 24 — Barclay's Bank A+/A1/A 5,939 106 95 11 Canadian Imperial Bank of Commerce AA/Aa2/A+ 6,006 129 113 16 Wells Fargo A+/A1/BBB+ 1,270 31 29 2 Goldman Sachs A/A2/BBB+ 1,178 16 14 2 Credit Suisse BBB+/A3/A- 672 7 7 — Truist A+/A2/A 2,204 60 54 6 Citibank A+/Aa3/A+ 1,207 17 15 2 Total $ 24,348 $ 432 $ 351 $ 83 December 31, 2022 (In millions) Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,563 $ 23 $ — $ 23 Morgan Stanley */Aa3/A+ 1,699 14 19 — Barclay's Bank A+/A1/A 6,049 65 59 6 Canadian Imperial Bank of Commerce AA/Aa2/A+ 5,169 68 64 4 Wells Fargo A+/A1/BBB+ 1,361 17 17 — Goldman Sachs A/A2/BBB+ 1,133 9 10 — Credit Suisse BBB+/A3/A- 1,039 5 5 — Truist A+/A2/A 2,489 35 36 — Citibank A+/Aa3/A+ 795 8 9 — Total $ 23,297 $ 244 $ 219 $ 33 (a) An * represents credit ratings that were not available. Collateral Agreements We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying option contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except Merrill Lynch, this threshold is set to zero. As of March 31, 2023 and December 31, 2022, counterparties posted $351 million and $219 million, respectively, of collateral of which $290 million and $178 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts was $83 million at March 31, 2023 and $33 million at December 31, 2022. We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reinvest derivative cash collateral to reduce the interest cost. Cash collateral is invested in overnight investment sweep products, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets. We held 404 and 409 futures contracts at March 31, 2023 and December 31, 2022, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $4 million and $3 million

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal and Regulatory Contingencies In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business. We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $8 million and $12 million as of March 31, 2023 and December 31, 2022, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition. In August 2020, a lawsuit styled , In the Matter of FGL Holdings , was filed in the Grand Court of the Cayman Islands related to FNF's acquisition of F&G where dissenting shareholders, Kingfishers LP, Kingstown 1740 Fund LP, Kingstown Partners II LP, Kingstown Partners Master Ltd., and Ktown LP, asserted statutory appraisal rights relative to their ownership of 12,000,000 shares of F&G stock. They sought a judicial determination of the fair value of their shares of F&G stock as of the date of valuation under the law of the Cayman Islands, together with interest. On September 5, 2022 the Grand Court of the Cayman Islands decided in favor of F&G. Kingstown Capital Management LP failed to appeal, and its appeal period expired on October 20, 2022. On April 19, 2023 the Grand Court of the Cayman Islands determined that the dissenting shareholders should pay F&G's Cayman Islands legal expenses relating to the lawsuit, by way of interim payment of $4 million with the balance to be determined after assessment. We are attempting to collect reimbursement of these expenses. From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition. F&G Commitments In our F&G segment, we have unfunded investment commitments as of March 31, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class as of March 31, 2023 is included below: March 31, 2023 Asset Type (In millions) Unconsolidated VIEs: Limited partnerships $ 1,710 Whole loans 743 Fixed maturity securities, ABS 212 Direct Lending 1,000 Other fixed maturity securities, AFS 28 Commercial mortgage loans 29 Other assets 142 Residential mortgage loans 1 Committed amounts included in liabilities 1 Total $ 3,866

Dividends

Dividends	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Dividends	DividendsOn May 3, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on June 30, 2023, to FNF common shareholders of record as of June 16, 2023.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended 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 (loss) of unconsolidated affiliates 157 (203) (28) (74) Income tax expense (benefit) 27 (8) (5) 14 Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates 130 (195) (23) (88) Equity in loss of unconsolidated affiliates — — — — 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 As of and for the three months ended March 31, 2022: Title F&G Corporate and Other Total (In millions) Title premiums $ 1,866 $ — $ — $ 1,866 Other revenues 665 596 31 1,292 Revenues from external customers 2,531 596 31 3,158 Interest and investment income, including recognized gains and losses, net (148) 154 3 9 Total revenues 2,383 750 34 3,167 Depreciation and amortization 33 76 6 115 Interest expense — 8 22 30 Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates 249 345 (38) 556 Income tax expense (benefit) 57 106 (7) 156 Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates 192 239 (31) 400 Equity in earnings of unconsolidated affiliates 2 — — 2 Net earnings (loss) from continuing operations $ 194 $ 239 $ (31) $ 402 Assets $ 9,478 $ 49,277 $ 2,271 $ 61,026 Goodwill 2,517 1,749 266 4,532 The activities in our segments include the following: • Title. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products. • F&G . This segment primarily consists of the operations of our annuities and life insurance related businesses. This segment issues a broad portfolio of annuity and life products, including deferred annuities (FIA and fixed rate annuities), immediate annuities and IUL. This segment also provides funding agreements and PRT solutions. • Corporate and Other. This segment consists of the operations of the parent holding company, our real estate technology subsidiaries and our remaining real estate brokerage businesses. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities: Three months ended March 31, 2023 2022 Cash paid for: (In millions) Interest $ 34 $ 36 Income taxes 6 9 Deferred sales inducements 29 16 Non-cash investing and financing activities: Change in proceeds of sales of investments available for sale receivable in period 41 81 Change in purchases of investments available for sale payable in period 78 277 Lease liabilities recognized in exchange for lease right-of-use assets 9 15 Remeasurement of lease liabilities 19 15 Liabilities assumed in connection with acquisitions Fair value of assets acquired 276 27 Less: Total Purchase price 273 20 Liabilities and noncontrolling interests assumed $ 3 $ 7

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue Our revenue consists of: Three months ended March 31, 2023 2022 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (In millions) Direct title insurance premiums Direct title insurance premiums Title $ 428 $ 767 Agency title insurance premiums Agency title insurance premiums Title 550 1,099 Life insurance premiums, insurance and investment product fees, and other Escrow, title-related and other fees F&G 365 596 Home warranty Escrow, title-related and other fees Title 30 34 Total revenue from insurance contracts 1,373 2,496 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 160 265 Other title-related fees and income Escrow, title-related and other fees Title 146 196 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 75 94 Real estate technology Escrow, title-related and other fees Corporate and other 37 38 Total revenue from contracts with customers 418 593 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 60 76 Other Escrow, title-related and other fees Corporate and other 7 (7) Interest and investment income Interest and investment income Various 611 478 Recognized gains and losses, net Recognized gains and losses, net Various 5 (469) Total revenues Total revenues $ 2,474 $ 3,167 Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract. Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, URL on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts. Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC, and DSI, other operating costs and expenses, and income taxes. Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided. Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860. Interest and investment income consists primarily of interest payments received on fixed maturity security holdings and dividends received on equity and preferred security holdings along with the investment income of limited partnerships. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. Contract Balances The following table provides information about trade receivables and deferred revenue: March 31, 2023 December 31, 2022 (In millions) Trade receivables $ 309 $ 349 Deferred revenue (contract liabilities) 285 271 Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months ended March 31, 2023 and March 31, 2022, we recognized $32 million a nd $38 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

Value of Business Acquired, Def

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements	Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 (In millions) VOBA $ 1,572 $ 1,615 DAC 1,676 1,411 DSI 225 200 Value of distribution asset 97 100 Computer software 65 61 Definite lived trademarks, tradenames, and other 21 22 Indefinite lived tradenames and other 21 20 Total Other intangible assets, net $ 3,677 $ 3,429 The following tables roll forward VOBA by product for the three months ended March 31, 2023 and March 31, 2022. FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total (In millions) Balance at January 1, 2023 $ 1,166 $ 32 $ 201 $ 143 $ 73 $ 1,615 Amortization (36) (1) (3) (2) (1) (43) Balance at March 31, 2023 $ 1,130 $ 31 $ 198 $ 141 $ 72 $ 1,572 FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total (In millions) Balance at January 1, 2022 $ 1,314 $ 39 $ 212 $ 153 $ 25 $ 1,743 Amortization (38) (2) (3) (3) (1) (47) Shadow Premium Deficiency Testing (“PDT”) — — — — 53 53 Balance at March 31, 2022 $ 1,276 $ 37 $ 209 $ 150 $ 77 $ 1,749 The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) FIA $ 1,130 $ 1,166 Fixed Rate Annuities 31 32 Immediate Annuities 198 201 Universal Life 141 143 Traditional Life 72 73 Total $ 1,572 $ 1,615 The following tables roll forward DAC for the three months ended March 31, 2023 and March 31, 2022. FIA 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 FIA Fixed Rate Annuities Universal Life Total (a) (In millions) Balance at January 1, 2022 $ 564 $ 38 $ 173 $ 775 Capitalization 98 8 47 153 Amortization (13) (2) (4) (19) Balance at March 31, 2022 $ 649 $ 44 $ 216 $ 909 (a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”) The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 : March 31, 2023 December 31, 2022 (In millions) FIA $ 1,062 $ 971 Fixed Rate Annuities 209 83 Universal Life 396 348 Funding Agreements 9 9 Total $ 1,676 $ 1,411 The following tables roll forward DSI for the three months ended March 31, 2023 and March 31, 2022: FIA Total (In millions) Balance at January 1, 2023 $ 200 $ 200 Capitalization 29 29 Amortization (4) (4) Balance at March 31, 2023 $ 225 $ 225 FIA Total (In millions) Balance at January 1, 2022 $ 127 $ 127 Capitalization 16 16 Amortization (3) (3) Balance at March 31, 2022 $ 140 $ 140 The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) FIA $ 225 $ 200 Total $ 225 $ 200 The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuity and PRT contracts, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For FIA contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the company’s best estimates for policyholder behavior, consistent with the development of assumptions for FIA, immediate annuity, and PRT. We review cash flow assumptions annually, generally in the third quarter. In 2022, F&G undertook a review of all significant assumptions and revised GMWB utilization for our deferred annuity contracts (FIA and fixed rate annuities) to reflect internal and industry experience in the first several contract years. For the in-force liabilities as of March 31, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows: Estimated Amortization Expense Fiscal Year (In millions) 2023 $ 122 2024 151 2025 139 2026 128 2027 117 Thereafter 915

F&G Reinsurance

F&G Reinsurance	3 Months Ended
	Mar. 31, 2023
Reinsurance Disclosures [Abstract]
F&G Reinsurance	F&G Reinsurance F&G reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. The Company follows reinsurance accounting when there is adequate risk transfer or deposit accounting if there is inadequate risk transfer. If the underlying policy being reinsured is an investment contract, the effects of the agreement are accounted for as a separate investment contract. The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2023 and March 31, 2022 were as follows: Three months ended March 31, 2023 March 31, 2022 Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred (In millions) Direct $ 301 $ 872 $ 567 $ 505 Ceded (26) (60) (32) (302) Net $ 275 $ 812 $ 535 $ 203 Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. F&G did not write off any significant reinsurance balances during the three months ended March 31, 2023 and March 31, 2022. F&G did not commute any ceded reinsurance treaties during the three months ended March 31, 2023 and March 31, 2022. F&G estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. The expected credit loss reserves were as follows: Three months ended March 31, 2023 March 31, 2022 (In millions) Balance at Beginning of Period $ (10) $ (20) Changes in the expected credit loss reserve 1 — Balance at End of Period $ (9) $ (20) No policies issued by F&G have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. F&G has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues. Aspida Reinsurance Transaction. F&G executed a Funds Withheld Coinsurance Agreement with Aspida Re, a Bermuda reinsurer. In accordance with the terms of this agreement, F&G cedes to the reinsurer, on a fifty percent (50%) funds withheld coinsurance basis, certain multiyear guaranteed annuity business written effective January 1, 2021. The agreement was originally executed January 15, 2021 and amended in August 2021 and September 2022. For reinsured policies issued prior to September 1, 2022, the policies are ceded on a fifty percent (50%) quota share basis. For reinsured policies issued on or after September 1, 2022, the policies are ceded on a seventy-five percent (75%) quota share basis, capped at $350 million cession per month. For the month of March 2023 only, the premiums cap increased to $450 million. As the policies ceded to Aspida are investment contracts, there is no significant insurance risk present and; therefore, the effects of this agreement are accounted for as a separate investment contract. There have been no other significant changes to reinsurance contracts for the three months ended March 31, 2023. Concentration of Reinsurance Risk The Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida Re, Wilton Reassurance Company (“Wilton Re”), and Somerset that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. Aspida Re has an A- issuer credit rating from AM Best as of March 31, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. Wilton Re has an A+ issuer credit rating from AM Best and an A issuer credit rating from Fitch as of March 31, 2023. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of March 31, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. On March 31, 2023, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $4,073 million, $1,184 million, and $553 million, respectively. We monitor both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. We believe that all amounts due from Aspida Re, Wilton Re, and Somerset for periodic treaty settlements are collectible as of March 31, 2023. There have been no other material changes in the reinsurance and the intercompany reinsurance agreements described in our Form 10-K for the year ended December 31, 2022.

F&G Insurance Subsidiary Financ

F&G Insurance Subsidiary Financial Information and Regulatory Matters	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
F&G Insurance Subsidiary Financial Information and Regulatory Matters	Summary of Reserve for Title Claim Losses A summary of the reserve for title claim losses follows: Three months ended March 31, 2023 2022 (In millions) Beginning balance $ 1,810 $ 1,883 Change in insurance recoverable — (1) Claim loss provision related to: Current year 43 84 Total title claim loss provision 43 84 Claims paid, net of recoupments related to: Current year (1) (1) Prior years (61) (53) Total title claims paid, net of recoupments (62) (54) Ending balance of claim loss reserve for title insurance $ 1,791 $ 1,912 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 % Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited. In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC , was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. , was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver seeks compensatory, incidental, consequential, and punitive damages, and seeks the recovery of attorneys’ fees. In turn, the Named Companies petitioned the Federal Court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted. On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed. The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy. On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms. On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson , which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank. On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 , which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed. Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate. We continually upda te 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. Our U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items. F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP. FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. This resulted in a $3 million and $152 million decrease to statutory capital and surplus at March 31, 2023 and December 31, 2022, respectively. FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $200 million at March 31, 2023 and December 31, 2022, respectively. Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $93 million and $121 million at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions TitlePoint On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $224 million in cash, subject to a customary working capital adjustment. The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The purchase price has been allocated to TitlePoint's assets acquired based on their fair values as of the acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. In connection with the acquisition, we recorded preliminary fair value estimates for goodwill, other intangible assets and other assets of $146 million, $73 million and $5 million, respectively, as of March 31, 2023. The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following: Gross Carrying Value Weighted Average Other intangible assets: (In millions) Customer relationships $ 9 10 Trade name 4 10 Software 60 7 Total Other intangible assets $ 73 AllFirst On August 9, 2022, we acquired approximately 74% of the outstanding equity of AllFirst Title Insurance Agency (" AllFirst ") for approximately $130 million in cash consideration. On December 19, 2022, we purchased an additional 6% of the outstanding equity of AllFirst for approximately $10 million in cash consideration. The acquisition was accounted for as a business combination under Topic 805. The purchase price has been allocated to AllFirst's assets acquired and liabilities assumed based on their fair values as of acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. We completed our assessment of the fair value of assets acquired and liabilities assumed within the one-year period from the date of the acquisition. We recorded fair value amounts as of the acquisition date for goodwill, other intangibles, other assets, other liabilities and non-controlling interest of $104 million, $55 million, $40 million, $18 million and $46 million, respectively. The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following: Gross Carrying Value Weighted Average Other intangible assets: (In millions) Customer relationships $ 46 10 Trade name 7 10 Non-compete agreements 1 5 Software 1 2 Total Other intangible assets $ 55

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable consists of the following: March 31, 2023 December 31, 2022 (In millions) 4.50% Notes, net of discount $ 445 $ 445 3.40% Notes, net of discount 644 644 2.45% Notes, net of discount 594 594 3.20% Notes, net of discount 444 444 Revolving Credit Facility (3) (3) F&G Credit Agreement 511 547 7.40% F&G Notes 494 — 5.50% F&G Notes 567 567 $ 3,696 $ 3,238 On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate amount of its 7.40% F&G Notes, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 7.40% F&G Notes are the senior unsecured, unsubordinated obligations of F&G and are guaranteed on an unsecured, unsubordinated basis by each of F&G's subsidiaries that are guarantors of its obligations under the F&G Credit Agreement (the “Guarantors”). The interest rate payable on the 7.40% F&G Notes will be subject to adjustment from time to time if either S&P or Fitch (or a substitute rating agency therefor) downgrades (or downgrades and subsequently upgrades) the credit ratings assigned to the 7.40% F&G Notes. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. On November 22, 2022, F&G entered into a Credit Agreement (the "F&G Credit Agreement") with certain lenders (the "Lenders") and Bank of America, N.A. as administrative agent (the "Administrative Agent"), swing line lender and issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility (the "F&G Credit Facility") in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes. The F&G Credit Agreement matures the earlier to occur of November 22, 2025 or 91 days prior to May 1, 2025, the stated maturity date of the 5.50% F&G Notes, unless the principal amount of the 5.50% F&G Notes is $150 million or less at such time, the 5.50% F&G Notes have been redeemed or defeased in full, and any refinancing Indebtedness incurred in connection therewith matures at least 91 days after the date that is 3 years from the Effective Date, as defined in the F&G Credit Agreement, or certain other conditions are met. Revolving loans under the F&G Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. On February 21, 2023, F&G amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The amendment of the F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million. On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes, pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20% Notes were approximately $443 million, after deducting underwriting discounts, commissions and offering expenses. We plan to use the net proceeds from the offering for general corporate purposes. On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. As of March 31, 2023, there was no principal outstanding, $3 million of unamortized debt issuance costs, and $800 million of available borrowing capacity under the Revolving Credit Facility. On September 15, 2020, we completed our underwritten public offering of $600 million aggregate principal amount of our 2.45% Notes due March 15, 2031 (the "2.45% Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45% Notes were approximately $593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $260 million outstanding indebtedness under the Term Loan, and (ii) for general corporate purposes. On June 12, 2020, we completed our underwritten public offering of $650 million aggregate principal amount of the 3.40% Notes due June 15, 2030 (the “3.40% Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40% Notes were approximately $642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes. On June 1, 2020, as a result of the F&G acquisition, we assumed $550 million aggregate principal amount of 5.50% senior notes due 2025 (the "5.50% F&G Notes"), originally issued on April 20, 2018 at 99.5% of face value for proceeds of $547 million. On August 13, 2018, we completed an offering of $450 million in aggregate principal amount of 4.50% notes due August 2028 (the "4.50% Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50% Notes were priced at 99.252% of par to yield 4.594% annual interest. We pay interest on the 4.50% Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50% Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16, 2019, we completed an offering to exchange the 4.50% Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the "4.50% Notes Exchange"). There were no material changes to the terms of the 4.50% Notes as a result of the 4.50% Notes Exchange and all holders of the 4.50% Notes accepted the offer to exchange. Gross principal maturities of notes payable at March 31, 2023 are as follows: (In millions) 2023 (remaining) $ 515 2024 — 2025 550 2026 — 2027 — Thereafter 2,650 $ 3,715

Market Risk Benefits

Market Risk Benefits	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Balances and Changes in Market Risk Benefit	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: March 31, 2023 December 31, 2022 December 31, 2021 FIA Fixed rate annuities FIA Fixed rate annuities FIA Fixed rate annuities (Dollars in millions) Balance, beginning of period $ 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 accrual 30 — 107 1 99 1 Actual policyholder behavior different from expected 7 — 43 — (22) — Changes in assumptions and other 1 — (76) — — — Effects of market related movements 26 — (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 risk 53 — 62 — 146 — Balance, end of period $ 217 $ 1 $ 164 $ 1 $ 426 $ 2 Weighted-average attained age of policyholders weighted by total AV (years) 68.49 72.64 68.59 72.88 68.95 73.10 Weighted-average attained age of policyholders weighted by Unlocked MRB (years) 78.33 77.73 80.84 77.56 68.77 73.72 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 accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 Asset Liability Net Asset Liability Net Asset Liability Net (In millions) 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. The following tables summarize balances of and changes in contractholder funds’ account balances: March 31, 2023 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Issuances 1,186 1,522 49 — 256 Premiums received 25 1 87 — — Policy charges (a) (42) — (60) — — Surrenders and withdrawals (403) (257) (21) — — Benefit payments (121) (59) (10) (15) (110) Interest credited 21 81 5 13 11 Other 23 (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 rate 0.33 % — % 1.00 % N/A N/A Net amount at risk (d) N/A N/A 49,426 N/A N/A Cash surrender value 23,726 9,929 1,724 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2022 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year 21,997 6,367 1,907 1,904 1,543 Issuances 4,462 3,758 167 700 1,192 Premiums received 106 3 295 — — Policy charges (a) (166) (1) (209) — — Surrenders and withdrawals (1,322) (797) (74) — — Benefit payments (485) (192) (22) (35) (789) Interest credited 198 220 48 45 36 Other (24) — — (1) — Balance, end of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Embedded derivative adjustment (c) (343) — 15 — — Gross Liability, end of period $ 24,423 $ 9,358 $ 2,127 $ 2,613 $ 1,982 Less: Reinsurance (17) (3,723) (947) — — Net Liability, after Reinsurance $ 24,406 $ 5,635 $ 1,180 $ 2,613 $ 1,982 Weighted-average crediting rate 0.85 % — 2.39 % N/A N/A Net amount at risk (d) N/A N/A 53,348 N/A N/A Cash surrender value 188 5,992 1,698 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2021 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (In millions) Balance, beginning of year $ 18,703 $ 5,142 $ 1,696 $ — $ 1,203 Issuances 4,400 1,743 114 1,899 759 Premiums received 103 3 233 — — Policy charges (a) (148) (1) (167) — — Surrenders and withdrawals (1,303) (543) (68) — — Benefit payments (440) (145) (19) (7) (447) Interest credited 686 167 118 12 30 Other (4) 1 — — (2) Balance, end of year $ 21,997 $ 6,367 $ 1,907 $ 1,904 $ 1,543 Embedded derivative adjustment (c) 603 — 74 — — Gross Liability, end of period $ 22,600 $ 6,367 $ 1,981 $ 1,904 $ 1,543 Less: Reinsurance (17) (1,692) (984) — — Net Liability, after Reinsurance $ 22,583 $ 4,675 $ 997 $ 1,904 $ 1,543 Weighted-average crediting rate 3.43 % — 6.77 % N/A N/A Net amount at risk (d) N/A N/A 41,326 N/A N/A Cash surrender value 20,455 5,992 1,572 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 (In millions) FIA $ 25,443 $ 24,423 $ 22,600 Fixed rate annuities 10,645 9,358 6,367 Immediate annuities 326 332 352 Universal life 2,207 2,127 1,981 Traditional life 5 5 5 Funding Agreement-FABN 2,611 2,613 1,904 FHLB 2,139 1,982 1,543 PRT 3 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: 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 (In millions) 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 (In millions) 0.00%-1.50% $ 22,848 $ 801 $ 410 $ 151 $ 24,210 1.51%-2.50% 162 — 1 — 163 Greater than 2.50% 390 — 3 — 393 Total $ 23,400 $ 801 $ 414 $ 151 $ 24,766 Fixed Rate Annuities 0.00%-1.50% $ 10 $ 32 $ 1,871 $ 6,379 $ 8,292 1.51%-2.50% 9 14 30 1 54 Greater than 2.50% 997 4 4 7 1,012 Total $ 1,016 $ 50 $ 1,905 $ 6,387 $ 9,358 Universal Life 0.00%-1.50% $ 1,701 $ 3 $ — $ 17 $ 1,721 1.51%-2.50% — — — — — Greater than 2.50% 346 44 1 — 391 Total $ 2,047 $ 47 $ 1 $ 17 $ 2,112 December 31, 2021 At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total FIA (In millions) 0.00%-1.50% $ 20,162 $ 803 $ 388 $ — $ 21,353 1.51%-2.50% 171 11 25 — 207 Greater than 2.50% 431 3 3 — 437 Total $ 20,764 $ 817 $ 416 $ — $ 21,997 Fixed Rate Annuities 0.00%-1.50% $ 2 $ 28 $ 1,928 $ 3,219 $ 5,177 1.51%-2.50% 9 15 37 1 62 Greater than 2.50% 954 142 25 7 1,128 Total $ 965 $ 185 $ 1,990 $ 3,227 $ 6,367 Universal Life 0.00%-1.50% $ 1,486 $ 2 $ — $ 13 $ 1,501 1.51%-2.50% — — — — — Greater than 2.50% 359 46 1 — 406 Total $ 1,845 $ 48 $ 1 $ 13 $ 1,907

Contractholder Funds

Contractholder Funds	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Contractholder Funds	Market Risk Benefits The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the three months ended March 31, 2023 and the years ended December 31, 2022 and December 31, 2021: March 31, 2023 December 31, 2022 December 31, 2021 FIA Fixed rate annuities FIA Fixed rate annuities FIA Fixed rate annuities (Dollars in millions) Balance, beginning of period $ 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 accrual 30 — 107 1 99 1 Actual policyholder behavior different from expected 7 — 43 — (22) — Changes in assumptions and other 1 — (76) — — — Effects of market related movements 26 — (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 risk 53 — 62 — 146 — Balance, end of period $ 217 $ 1 $ 164 $ 1 $ 426 $ 2 Weighted-average attained age of policyholders weighted by total AV (years) 68.49 72.64 68.59 72.88 68.95 73.10 Weighted-average attained age of policyholders weighted by Unlocked MRB (years) 78.33 77.73 80.84 77.56 68.77 73.72 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 accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 Asset Liability Net Asset Liability Net Asset Liability Net (In millions) 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. The following tables summarize balances of and changes in contractholder funds’ account balances: March 31, 2023 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Issuances 1,186 1,522 49 — 256 Premiums received 25 1 87 — — Policy charges (a) (42) — (60) — — Surrenders and withdrawals (403) (257) (21) — — Benefit payments (121) (59) (10) (15) (110) Interest credited 21 81 5 13 11 Other 23 (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 rate 0.33 % — % 1.00 % N/A N/A Net amount at risk (d) N/A N/A 49,426 N/A N/A Cash surrender value 23,726 9,929 1,724 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2022 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year 21,997 6,367 1,907 1,904 1,543 Issuances 4,462 3,758 167 700 1,192 Premiums received 106 3 295 — — Policy charges (a) (166) (1) (209) — — Surrenders and withdrawals (1,322) (797) (74) — — Benefit payments (485) (192) (22) (35) (789) Interest credited 198 220 48 45 36 Other (24) — — (1) — Balance, end of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Embedded derivative adjustment (c) (343) — 15 — — Gross Liability, end of period $ 24,423 $ 9,358 $ 2,127 $ 2,613 $ 1,982 Less: Reinsurance (17) (3,723) (947) — — Net Liability, after Reinsurance $ 24,406 $ 5,635 $ 1,180 $ 2,613 $ 1,982 Weighted-average crediting rate 0.85 % — 2.39 % N/A N/A Net amount at risk (d) N/A N/A 53,348 N/A N/A Cash surrender value 188 5,992 1,698 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2021 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (In millions) Balance, beginning of year $ 18,703 $ 5,142 $ 1,696 $ — $ 1,203 Issuances 4,400 1,743 114 1,899 759 Premiums received 103 3 233 — — Policy charges (a) (148) (1) (167) — — Surrenders and withdrawals (1,303) (543) (68) — — Benefit payments (440) (145) (19) (7) (447) Interest credited 686 167 118 12 30 Other (4) 1 — — (2) Balance, end of year $ 21,997 $ 6,367 $ 1,907 $ 1,904 $ 1,543 Embedded derivative adjustment (c) 603 — 74 — — Gross Liability, end of period $ 22,600 $ 6,367 $ 1,981 $ 1,904 $ 1,543 Less: Reinsurance (17) (1,692) (984) — — Net Liability, after Reinsurance $ 22,583 $ 4,675 $ 997 $ 1,904 $ 1,543 Weighted-average crediting rate 3.43 % — 6.77 % N/A N/A Net amount at risk (d) N/A N/A 41,326 N/A N/A Cash surrender value 20,455 5,992 1,572 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 (In millions) FIA $ 25,443 $ 24,423 $ 22,600 Fixed rate annuities 10,645 9,358 6,367 Immediate annuities 326 332 352 Universal life 2,207 2,127 1,981 Traditional life 5 5 5 Funding Agreement-FABN 2,611 2,613 1,904 FHLB 2,139 1,982 1,543 PRT 3 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: 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 (In millions) 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 (In millions) 0.00%-1.50% $ 22,848 $ 801 $ 410 $ 151 $ 24,210 1.51%-2.50% 162 — 1 — 163 Greater than 2.50% 390 — 3 — 393 Total $ 23,400 $ 801 $ 414 $ 151 $ 24,766 Fixed Rate Annuities 0.00%-1.50% $ 10 $ 32 $ 1,871 $ 6,379 $ 8,292 1.51%-2.50% 9 14 30 1 54 Greater than 2.50% 997 4 4 7 1,012 Total $ 1,016 $ 50 $ 1,905 $ 6,387 $ 9,358 Universal Life 0.00%-1.50% $ 1,701 $ 3 $ — $ 17 $ 1,721 1.51%-2.50% — — — — — Greater than 2.50% 346 44 1 — 391 Total $ 2,047 $ 47 $ 1 $ 17 $ 2,112 December 31, 2021 At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total FIA (In millions) 0.00%-1.50% $ 20,162 $ 803 $ 388 $ — $ 21,353 1.51%-2.50% 171 11 25 — 207 Greater than 2.50% 431 3 3 — 437 Total $ 20,764 $ 817 $ 416 $ — $ 21,997 Fixed Rate Annuities 0.00%-1.50% $ 2 $ 28 $ 1,928 $ 3,219 $ 5,177 1.51%-2.50% 9 15 37 1 62 Greater than 2.50% 954 142 25 7 1,128 Total $ 965 $ 185 $ 1,990 $ 3,227 $ 6,367 Universal Life 0.00%-1.50% $ 1,486 $ 2 $ — $ 13 $ 1,501 1.51%-2.50% — — — — — Greater than 2.50% 359 46 1 — 406 Total $ 1,845 $ 48 $ 1 $ 13 $ 1,907

Future Policy Benefits

Future Policy Benefits	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Future Policy Benefits	Future Policy Benefits The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts: March 31, 2023 December 31, 2022 December 31, 2021 Expected net premiums (Dollars in millions) Balance, beginning of year $ 797 $ 1,020 $ 1,152 Beginning balance of original discount rate 974 1,045 1,131 Effect of actual variances from expected experience 3 33 25 Balance adjusted for variances from expectation 977 1,078 1,156 Interest accrual 5 20 22 Net premiums collected (30) (124) (133) Ending Balance at original discount rate 952 974 1,045 Effect of changes in discount rate assumptions (158) (177) (25) Balance, end of year $ 794 $ 797 $ 1,020 Expected FPB Balance, beginning of year $ 2,151 $ 2,772 $ 3,105 Beginning balance of original discount rate 2,665 2,806 2,995 Effect of actual variances from expected experience (7) 13 (14) Balance adjusted for variances from expectation 2,658 $ 2,819 $ 2,981 Interest accrual 14 59 62 Benefits payments (48) (213) (237) Ending Balance at original discount rate 2,624 $ 2,665 $ 2,806 Effect of changes in discount rate assumptions (448) (514) (34) Balance, end of year $ 2,176 $ 2,151 $ 2,772 Net liability for future policy benefits $ 1,382 $ 1,354 $ 1,752 Less: Reinsurance recoverable 510 515 670 Net liability for future policy benefits, after reinsurance recoverable $ 872 $ 839 $ 1,082 Weighted-average duration of liability for future policyholder benefits (years) 7.53 7.58 8.54 The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts: March 31, 2023 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 1,429 $ 2,165 Beginning balance of original discount rate 1,858 2,475 Effect of changes in cash flow assumptions — (1) Effect of actual variances from expected experience (7) (3) Balance adjusted for variances from expectation 1,851 2,471 Issuances 5 268 Interest accrual 16 23 Benefits payments (31) (55) Ending Balance at original discount rate 1,841 2,707 Effect of changes in discount rate assumptions (389) (251) Balance, end of year $ 1,452 $ 2,456 Net liability for future policy benefits $ 1,452 $ 2,456 Less: Reinsurance recoverable 204 — Net liability for future policy benefits, after reinsurance recoverable $ 1,248 $ 2,456 Weighted-average duration of liability for future policyholder benefits (years) 12.18 8.07 December 31, 2022 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 1,954 $ 1,148 Beginning balance of original discount rate 1,935 1,151 Effect of changes in cash flow assumptions — (20) Effect of actual variances from expected experience (26) 2 Balance adjusted for variances from expectation $ 1,909 $ 1,133 Issuances 26 1,418 Interest accrual 60 50 Benefits payments (137) (126) Ending Balance at original discount rate $ 1,858 $ 2,475 Effect of changes in discount rate assumptions (429) (310) Balance, end of year $ 1,429 $ 2,165 Net liability for future policy benefits $ 1,429 $ 2,165 Less: Reinsurance recoverable 218 — Net liability for future policy benefits, after reinsurance recoverable $ 1,211 $ 2,165 Weighted-average duration of liability for future policyholder benefits (years) 11.76 8.09 December 31, 2021 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 2,153 $ — Beginning balance of original discount rate 2,040 — Effect of actual variances from expected experience (47) — Balance adjusted for variances from expectation $ 1,993 $ — Issuances 18 1,155 Interest accrual 60 2 Benefits payments (136) (6) Ending Balance at original discount rate $ 1,935 $ 1,151 Effect of changes in discount rate assumptions 19 (3) Balance, end of year $ 1,954 $ 1,148 Net liability for future policy benefits $ 1,954 $ 1,148 Less: Reinsurance recoverable 293 — Net liability for future policy benefits, after reinsurance recoverable $ 1,661 $ 1,148 Weighted-average duration of liability for future policyholder benefits (years) 13.61 8.75 The following tables summarize balances and changes in the liability for DPL for limited-payment contracts: March 31, 2023 December 31, 2022 December 31, 2021 Immediate annuities PRT Immediate annuities PRT Immediate annuities PRT (In millions) Balance, beginning of year $ 69 $ 4 $ 57 $ 7 $ 22 $ — Effect of modeling changes 4 — — — — — Effect of changes in cash flow assumptions — — — (2) — — Effect of actual variances from expected experience 4 — 16 — 39 — Balance adjusted for variances from expectation 77 4 73 5 61 — Issuances 1 — 1 — $ — $ 7 Interest accrual 1 — 2 — 2 — Amortization (2) — (7) (1) (6) — Balance, end of year $ 77 $ 4 $ 69 $ 4 $ 57 $ 7 The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below: March 31, 2023 December 31, 2022 December 31, 2021 (In millions) Traditional Life $ 1,382 $ 1,354 $ 1,752 Immediate annuities 1,452 1,429 1,954 PRT 2,456 2,165 1,148 Immediate annuities DPL 77 69 57 PRT DPL 4 4 7 Total $ 5,371 $ 5,021 $ 4,918 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts: Undiscounted Discounted March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Traditional Life (In millions) Expected future benefit payments $ 3,073 $ 3,265 $ 2,155 $ 2,734 Expected future gross premiums 1,142 1,289 839 1,129 Immediate annuities Expected future benefit payments $ 3,402 $ 3,545 $ 1,452 $ 1,923 Expected future gross premiums — — — — PRT Expected future benefit payments $ 3,916 $ 2,289 $ 2,708 $ 1,665 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, 2023 March 31, 2022 March 31, 2023 March 31, 2022 (In millions) Traditional Life $ 32 $ 36 $ 9 $ 10 Immediate annuities 6 7 16 15 PRT 263 525 23 7 Total $ 301 $ 568 $ 48 $ 32 (a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Operations. (b Included in Benefits and other changes in policy reserves (Remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Operations. The following table presents the weighted-average interest rate: March 31, 2023 December 31, 2022 December 31, 2021 Traditional Life Interest accretion rate 2.33 % 2.32 % 2.29 % Current discount rate 4.96 % 5.37 % 2.41 % Immediate annuities Interest accretion rate 3.11 % 3.07 % 3.04 % Current discount rate 5.02 % 5.21 % 3.07 % PRT Interest accretion rate 3.82 % 3.20 % 1.20 % Current discount rate 5.08 % 5.40 % 2.79 % The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB: March 31, 2023 Traditional Life Immediate annuities PRT Mortality Actual experience 1.4 % 3.2 % 2.7 % Expected experience 1.4 % 1.7 % 2.1 % Lapses Actual experience 0.1 % — % — % Expected experience 0.2 % — % — % December 31, 2022 Traditional Life Immediate annuities PRT Mortality Actual experience 1.5 % 3.0 % 1.9 % Expected experience 1.3 % 1.9 % 2.5 % Lapses Actual experience — % — % — % Expected experience 0.3 % — % — % December 31, 2021 Traditional Life Immediate annuities PRT Mortality Actual experience 1.7 % 4.2 % — % Expected experience 1.3 % 2.0 % — % Lapses Actual experience 0.1 % — % — % Expected experience 0.3 % — % — % The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions): March 31, 2023 December 31, 2022 Cohort X Description Cohort X Description Net Premium Ratio before capping 101 % Term with ROP Non-NY Cohort 100 % Term with ROP Non-NY Cohort Reserves before NP Ratio capping $ 1,208 Term with ROP Non-NY Cohort $ 1,172 Term with ROP Non-NY Cohort Reserves after NP Ratio capping $ 1,211 Term with ROP Non-NY Cohort $ 1,173 Term with ROP Non-NY Cohort Loss Expense $ 2 Term with ROP Non-NY Cohort $ — Term with ROP Non-NY Cohort F&G realized actual-to-expected experience variances and made changes to assumptions during the three months ended March 31, 2023 and the year ended December 31, 2022 as follows: Traditional life Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022 resulting in decreased discount rates that drove a material increase to the FPB. In 2022, F&G similarly undertook a review in the third quarter of the significant cash flow assumptions and did not make any changes to mortality or lapses. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected net premiums and expected future policy benefits due to discount rate changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022. Immediate annuities (life contingent) Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB. In 2022, F&G similarly undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022. PRT (life contingent) Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from 2022 resulting in decreased discount rates that drove a material increase to the FPB. In 2022, F&G similarly undertook a review of the significant cash flow assumption and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022. Premium deficiency testing

Transition

Transition	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Transition	ASU 2018-12 Transition We adopted ASU 2018-12 on January 1, 2023 with a transition date of January 1, 2021, or the beginning of the earliest period that will be presented in the annual December 31, 2023 Consolidated Financial Statements. We elected to adopt ASU 2018-12 using the full retrospective transition method and balances for FPB, DAC and balances amortized on a basis consistent with DAC (VOBA, DSI, and URL), and MRBs were adjusted to conform to ASU 2018-12 starting as of the F&G acquisition date, June 1, 2020. No hindsight was used for the full retrospective adoption of MRBs. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $73 million, net of tax. The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12 : Immediate annuities Traditional Life Total (3) (In millions) Balance, December 31, 2020 $ 1,861 $ 2,144 $ 4,005 Cumulative effect of retrospective adoption (1) 201 (279) (78) Effect of remeasurement of liability at current discount rate (2) 113 88 201 Balance, January 1, 2021 $ 2,175 $ 1,953 $ 4,128 Less: Reinsurance Recoverable 322 793 1,115 Balance, January 1, 2021, net of reinsurance $ 1,853 $ 1,160 $ 3,013 (1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL. (2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12. (3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward. The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12: FIA Fixed rate annuities Immediate annuities Universal Life Traditional Life Total (In millions) Balance, December 31, 2020 $ 1,208 $ 15 $ 86 $ 139 $ 18 $ 1,466 Adjustment for reversal of AOCI adjustments (1) 208 24 — 29 22 283 Cumulative effect of retrospective adoption (2) (14) 7 (5) (9) (1) (22) Transition opening balance adjustment 69 2 144 5 43 263 Balance, January 1, 2021 $ 1,471 $ 48 $ 225 $ 164 $ 82 $ 1,990 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020 (3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12. The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Universal Life Total (In millions) Balance, December 31, 2020 $ 167 $ 14 $ 41 $ 222 Adjustment for reversal of AOCI adjustments (1) 15 2 8 25 Cumulative effect of retrospective adoption (2) (1) — (1) (2) Balance, January 1, 2021 $ 181 $ 16 $ 48 $ 245 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12 : FIA Total (In millions) Balance, December 31, 2020 $ 36 $ 36 Adjustment for reversal of AOCI adjustments (1) 5 5 Cumulative effect of retrospective adoption (2) 4 4 Balance, January 1, 2021 $ 45 $ 45 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12 : Universal Life Total (In millions) Balance, December 31, 2020 $ 2 $ 2 Adjustment for reversal of AOCI adjustments (1) 25 25 Cumulative effect of retrospective adoption (2) 2 2 Balance, January 1, 2021 $ 29 $ 29 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Total (In millions) Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1) $ 531 $ — $ 531 Adjustment for reversal of AOCI adjustments (2) (116) — (116) Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3) 159 — 159 Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs (4) (96) 1 (95) Balance, January 1, 2021 - Market risk benefits at fair value $ 478 $ 1 $ 479 Less: Reinsurance Recoverable — — — Balance, January 1, 2021, net of reinsurance $ 478 $ 1 $ 479 (1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944. (2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI. (4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings. The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12: January 1, 2021 Retained Earnings AOCI (In millions) Contractholder funds $ 100 $ 115 MRB 29 (159) FPB (15) (159) VOBA (21) 233 DAC (1) 5 Increase to Equity, gross of tax $ 92 $ 35 Tax impact 19 9 Increase to Equity, net of tax $ 73 $ 26 For MRBs, the transition adjustment reflected within the unaudited Condensed Consolidated Statements of Comprehensive Earnings relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference between the fair value and carrying amount of the MRBs at transition, excluding the amounts recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, was recorded as an adjustment to Retained Earnings as of the transition date. For the FPB, the net transition adjustment is primarily related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021, partially offset by the removal of provisions for adverse deviation from the cash flow assumptions used in the FPB calculation. At transition, we did not identify any instances, at the cohort level, where net premiums exceeded gross premiums. Before the adoption of ASU 2018-12, VOBA was amortized consistent with DAC, which was amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”). Based on our historical practice of using consistent amortization methods for VOBA and DAC, we elected to change the amortization method for VOBA associated with fixed rate annuities, FIAs, and IUL/Universal Life products to maintain consistency with the amortization method for DAC. At transition, VOBA associated with these product types is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Additionally, at transition, shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, consistent with the historic amortization of DAC, have been removed.

Basis of Financial Statements (

Basis of Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the 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
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of operations; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $73 million, net of tax.
Investment Securities	Investments Fixed Maturity Securities Available-for-Sale Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Realized gains and losses on sales of our fixed maturity securities are determined on the first-in first-out cost basis. We generally record security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying Condensed Consolidated Statements of Operations. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.
VOBA, DAC, DSI and URL	VOBA, DAC, DSI and URL Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"). VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to policyholder account balances. VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable. The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the Future Policy Benefits ("FPB"), where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Operations. Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of March 31, 2023 and December 31, 2022, our URL balance was $190 million and $160 million, respectively
Contractholder Funds	Contractholder Funds Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments .
Future Policy Benefits	Future Policy Benefits The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions. For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100%, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100% are not used to offset cohorts with NPRs greater than 100%. The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. In subsequent periods, the revised NPR, which is capped at 100%, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100%, and therefore capped at 100%, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Operations in the period of improvement.
Deferred Profit Liability	Deferred Profit Liability For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses. The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated,
Market Risk Benefit	Market Risk Benefits MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders. MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100%. Each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the unaudited Condensed Consolidated Statements of Operations, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits .
Benefits and Other Changes in Policy Reserves	Benefits and Other Changes in Policy Reserves Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative. Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Operations.
Revenue Recognition	Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract.
Revenue Recognition, Other	We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, primarily related to revenue from our home warranty business, and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Revenue Recognition, Services, Real Estate Transactions	Escrow fees and other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions, including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, URL on IUL policies, policy rider fees primarily on FIA policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts. Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingency, and amounts received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities include net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of VOBA, DAC, and DSI, other operating costs and expenses, and income taxes. Real estate technology revenues are primarily comprised of subscription fees for use of software provided to real estate professionals. Subscriptions are only offered on a month-by-month basis and fees are billed monthly. Revenue is recognized in the month services are provided. Loan subservicing revenues are generated by certain subsidiaries of ServiceLink and are associated with the servicing of mortgage loans on behalf of its customers. Revenue is recognized when the underlying work is performed and billed. Loan subservicing revenues are subject to the recognition requirements of ASC Topic 860.

Accounting Policies (Tables)

Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of the Impacts of the Adoption of ASU 2018-12 on the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations	Impacts of adoption of ASU 2018-12 on Financial Statements The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Operations. Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) (Unaudited) (In millions) ASSETS Reinsurance recoverable, net of allowance for credit losses $ 5,588 $ (170) $ 5,418 Goodwill 4,642 (7) 4,635 Prepaid expenses and other assets 2,231 (163) 2,068 Market risk benefits asset — 117 117 Other intangible assets, net 4,034 (223) 3,811 Total assets $ 16,495 $ (446) $ 16,049 LIABILITIES AND EQUITY Liabilities: Contractholder funds $ 41,233 $ (390) $ 40,843 Future policy benefits 5,923 (902) 5,021 Accounts payable and accrued liabilities 2,352 (26) 2,326 Market risk benefits liability — 282 282 Total liabilities $ 49,508 $ (1,036) $ 48,472 Equity: Additional paid-in capital $ 5,876 $ (6) $ 5,870 Retained earnings 4,714 511 5,225 Accumulated other comprehensive (loss) earnings (2,862) (8) (2,870) Non-controlling interests 360 93 453 Total equity $ 8,088 $ 590 $ 8,678 Condensed Consolidated Statement of Operations Three months ended March 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) Revenues: (In millions) Escrow, title-related and other fees $ 1,290 $ 2 $ 1,292 Expenses: Benefits and other changes in policy reserves $ 208 $ (5) $ 203 Market risk benefit losses — 70 70 Depreciation and amortization 182 (67) 115 Income tax expense 155 1 156 Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 397 $ 3 $ 400 Earnings per share Basic Net earnings per share attributable to common shareholders, basic $ 1.41 $ 0.01 $ 1.42 Diluted Net earnings per share attributable to common shareholders, diluted $ 1.40 $ 0.01 $ 1.41 The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12 : Immediate annuities Traditional Life Total (3) (In millions) Balance, December 31, 2020 $ 1,861 $ 2,144 $ 4,005 Cumulative effect of retrospective adoption (1) 201 (279) (78) Effect of remeasurement of liability at current discount rate (2) 113 88 201 Balance, January 1, 2021 $ 2,175 $ 1,953 $ 4,128 Less: Reinsurance Recoverable 322 793 1,115 Balance, January 1, 2021, net of reinsurance $ 1,853 $ 1,160 $ 3,013 (1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL. (2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12. (3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward. The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12: FIA Fixed rate annuities Immediate annuities Universal Life Traditional Life Total (In millions) Balance, December 31, 2020 $ 1,208 $ 15 $ 86 $ 139 $ 18 $ 1,466 Adjustment for reversal of AOCI adjustments (1) 208 24 — 29 22 283 Cumulative effect of retrospective adoption (2) (14) 7 (5) (9) (1) (22) Transition opening balance adjustment 69 2 144 5 43 263 Balance, January 1, 2021 $ 1,471 $ 48 $ 225 $ 164 $ 82 $ 1,990 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020 (3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12. The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Universal Life Total (In millions) Balance, December 31, 2020 $ 167 $ 14 $ 41 $ 222 Adjustment for reversal of AOCI adjustments (1) 15 2 8 25 Cumulative effect of retrospective adoption (2) (1) — (1) (2) Balance, January 1, 2021 $ 181 $ 16 $ 48 $ 245 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12 : FIA Total (In millions) Balance, December 31, 2020 $ 36 $ 36 Adjustment for reversal of AOCI adjustments (1) 5 5 Cumulative effect of retrospective adoption (2) 4 4 Balance, January 1, 2021 $ 45 $ 45 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12 : Universal Life Total (In millions) Balance, December 31, 2020 $ 2 $ 2 Adjustment for reversal of AOCI adjustments (1) 25 25 Cumulative effect of retrospective adoption (2) 2 2 Balance, January 1, 2021 $ 29 $ 29 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Total (In millions) Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1) $ 531 $ — $ 531 Adjustment for reversal of AOCI adjustments (2) (116) — (116) Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3) 159 — 159 Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs (4) (96) 1 (95) Balance, January 1, 2021 - Market risk benefits at fair value $ 478 $ 1 $ 479 Less: Reinsurance Recoverable — — — Balance, January 1, 2021, net of reinsurance $ 478 $ 1 $ 479 (1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944. (2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI. (4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.

Summary of Reserve for Title _2

Summary of Reserve for Title Claim Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary of the Reserve for Claim Losses	A summary of the reserve for title claim losses follows: Three months ended March 31, 2023 2022 (In millions) Beginning balance $ 1,810 $ 1,883 Change in insurance recoverable — (1) Claim loss provision related to: Current year 43 84 Total title claim loss provision 43 84 Claims paid, net of recoupments related to: Current year (1) (1) Prior years (61) (53) Total title claims paid, net of recoupments (62) (54) Ending balance of claim loss reserve for title insurance $ 1,791 $ 1,912 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis	The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows: March 31, 2023 Level 1 Level 2 Level 3 NAV Fair Value Assets (In millions) Cash and cash equivalents $ 2,821 $ — $ — $ — $ 2,821 Fixed maturity securities, available-for-sale: Asset-backed securities — 5,592 6,300 — 11,892 Commercial mortgage-backed securities — 3,686 29 — 3,715 Corporates 25 14,262 1,544 — 15,831 Hybrids 97 683 — — 780 Municipals — 1,597 32 — 1,629 Residential mortgage-backed securities — 1,657 12 — 1,669 U.S. Government 318 11 — — 329 Foreign Governments — 249 16 — 265 Short term investments 1,315 8 23 — 1,346 Preferred securities 285 565 1 — 851 Equity securities 681 — 11 42 734 Derivative investments — 432 — — 432 Investment in unconsolidated affiliates — — 107 — 107 Reinsurance related embedded derivative, included in other assets — 260 — — 260 Market risk benefits asset — — 106 — 106 Other long-term investments — — 48 — 48 Total financial assets at fair value $ 5,542 $ 29,002 $ 8,229 $ 42 $ 42,815 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,569 — 3,569 Market risk benefits liability $ — $ — $ 324 $ — $ 324 Total financial liabilities at fair value $ — $ — $ 3,893 $ — $ 3,893 December 31, 2022 Level 1 Level 2 Level 3 NAV Fair Value Assets (In millions) Cash and cash equivalents $ 2,286 $ — $ — $ — $ 2,286 Fixed maturity securities, available-for-sale: Asset-backed securities — 5,204 6,263 — 11,467 Commercial mortgage-backed securities — 3,026 37 — 3,063 Corporates 40 12,857 1,440 — 14,337 Hybrids 93 638 — — 731 Municipals — 1,431 29 — 1,460 Residential mortgage-backed securities — 1,225 302 — 1,527 U.S. Government 260 11 — — 271 Foreign Governments — 223 16 — 239 Short term investments 2,590 — — — 2,590 Preferred securities 320 582 1 — 903 Equity securities 621 — 10 47 678 Derivative investments — 244 — — 244 Investment in unconsolidated affiliates — — 23 — 23 Reinsurance related embedded derivative, included in other assets — 279 — — 279 Market risk benefits asset — — 117 — 117 Other long-term investments — — 48 — 48 Total financial assets at fair value $ 6,210 $ 25,720 $ 8,286 $ 47 $ 40,263 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,115 — 3,115 Market risk benefits liability — — 282 — 282 Total financial liabilities at fair value $ — $ — $ 3,397 $ — $ 3,397 The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. March 31, 2023 Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets (In millions) FHLB common stock $ — $ 106 $ — $ — $ 106 $ 106 Commercial mortgage loans — — 2,178 — 2,178 2,458 Residential mortgage loans — — 2,323 — 2,323 2,526 Investments in unconsolidated affiliates — — 4 2,558 2,562 2,562 Policy loans — — 55 — 55 55 Other invested assets 91 — 11 — 102 102 Company-owned life insurance — — 381 — 381 381 Trade and notes receivables, net of allowance — — 428 — 428 428 Total $ 91 $ 106 $ 5,380 $ 2,558 $ 8,135 $ 8,618 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 36,117 $ — $ 36,117 $ 39,809 Debt — 3,308 — — 3,308 3,696 Total $ — $ 3,308 $ 36,117 $ — $ 39,425 $ 43,505 December 31, 2022 Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets (In millions) FHLB common stock $ — $ 99 $ — $ — $ 99 $ 99 Commercial mortgage loans — — 2,083 — 2,083 2,406 Residential mortgage loans — — 1,892 — 1,892 2,148 Investments in unconsolidated affiliates — — 5 2,427 2,432 2,432 Policy loans — — 52 — 52 52 Other invested assets 93 — 16 — 109 109 Company-owned life insurance — — 363 — 363 363 Trade and notes receivables, net of allowance — — 467 — 467 467 Total $ 93 $ 99 $ 4,878 $ 2,427 $ 7,497 $ 8,076 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 34,464 $ — $ 34,464 $ 38,412 Debt — 2,776 — — 2,776 3,238 Total $ — $ 2,776 $ 34,464 $ — $ 37,240 $ 41,650
Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments	Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2023 and December 31, 2022 are as follows: Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) March 31, 2023 (In millions) March 31, 2023 Assets Asset-backed securities $ 6,019 Broker-quoted Offered quotes 54.2% - 187.27% (93.86%) Asset-backed securities 281 Third-Party Valuation Offered quotes 39.43% - 102.60% (62.83%) Commercial mortgage-backed securities 12 Broker-quoted Offered quotes 95.34% - 101.25% (99.34%) Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes 73.36% - 88.60% (82.26%) Corporates 682 Broker-quoted Offered quotes 80.24% - 104.74% (95.90%) Corporates 11 Discounted Cash Flow Discount Rate 44.00% - 100.00% (75.18%) Corporates 851 Third-Party Valuation Offered quotes 0.00% - 105.32% (90.85%) Municipals 32 Third-Party Valuation Offered quotes 104.38% - 104.38% (104.38%) Residential mortgage-backed securities 8 Broker-quoted Offered quotes 0.00% - 98.38% (98.18%) Residential mortgage-backed securities 4 Third-Party Valuation Offered quotes 94.93% Foreign Governments 16 Third-Party Valuation Offered quotes 99.20% - 99.44% (99.28%) Investment in unconsolidated affiliates 107 Market Comparable Company Analysis EBITDA multiple 5x-14x (12.1x) Short term investments 23 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Preferred securities 1 Discounted Cash Flow Discount rate 100.00% - 100.00% (100.00%) Equity securities 7 Broker Quoted Offered quotes $68.50 - $68.50 ($68.50) Equity securities 4 Discounted Cash Flow Discount rate 11.16% - 11.16% (11.16%) Market Comparable Company Analysis EBITDA multiple 7.8x - 7.8x (7.8x) Other long-term investments: Available-for-sale embedded derivative 25 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 13 Broker-quoted Offered quotes 96.23% Market risk benefits asset 106 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (5.03%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.42% (1.31%) GMWB utilization 50.00% - 60.00% (50.89%) Total financial assets at fair value $ 8,229 Liabilities Derivative investments: FIA/ IUL embedded derivatives, included in contractholder funds $ 3,569 Discounted cash flow Market value of option 0.00% - 28.31% (1.54%) Swap rates 3.48% - 4.97% (4.23%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 32.26% (2.74%) Non-performance spread 0.48% - 1.42% (1.31%) Option cost 0.07% - 5.67% (2.11%) Market risk benefits liability 324 Discounted cash flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (5.03%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.42% (1.31%) GMWB utilization 0.48% - 1.42% (50.89%) Total financial liabilities at fair value $ 3,893 Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) December 31, 2022 (In millions) December 31, 2022 Assets Asset-backed securities $ 5,916 Broker-quoted Offered quotes 52.85% - 117.17% (94.18%) Asset-backed securities 347 Third-Party Valuation Offered quotes 41.43% - 210.50% (67.99%) Commercial mortgage-backed securities 20 Broker-quoted Offered quotes 109.02% - 109.02% (109.02%) Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes 74.66% - 88.48% (82.74%) Corporates 602 Broker-quoted Offered quotes 79.16% - 102.53% (94.16%) Corporates 826 Third-Party Evaluation Offered quotes —% - 104.96% (89.69%) Corporates 12 Discounted Cash Flow Discount Rate 44.00% - 100.00% (77.02%) Municipals 29 Third-Party Evaluation Offered quotes 93.95% - 93.95% (93.95%) Foreign governments 16 Third-Party Evaluation Offered quotes 99.78% - 102.29% (100.56%) Investment in unconsolidated affiliates 23 Market Comparable Company Analysis EBITDA multiple 5x-5.50x Residential mortgage-backed securities 302 Broker-quoted Offered quotes —% - 91.04% (86.38%) Preferred Securities 1 Discounted Cash Flow Discount rate 100.00% Equity securities 6 Broker-quoted Offered Quotes $64.25 - $64.25 ($64.25) Equity securities 4 Discounted Cash Flow Discount Rate 11.10% - 11.10% (11.10%) Market Comparable Company Analysis EBITDA multiple 5.6x - 5.6x (5.6x) Other long-term investments: Available-for-sale embedded derivative 23 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 15 Broker-quoted Offered quotes 96.23% Market risk benefits asset 117 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (4.69%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.44% (1.30%) GMWB utilization 50.00% - 60.00% (50.94%) Total financial assets at fair value $ 8,286 Liabilities Derivative investments: FIA/ IUL embedded derivatives, included in contractholder funds 3,115 Discounted cash flow Market value of option —% - 23.90% (87.00%) Swap rates 3.88% - 4.73% (4.31%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 29.41% (2.73%) Non-performance spread 0.48% - 1.44% (1.30%) Option cost 0.07% - 4.97% (1.89%) Market risk benefits liability 282 Discounted Cash Flow Mortality 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 10.00% (4.69%) Partial withdrawal rates 2.00% - 21.74% (2.49%) Non-performance spread 0.48% - 1.44% (1.30%) GMWB utilization 50.00% - 60.00% (50.94%) Total financial liabilities at fair value $ 3,397
Changes in Fair Value of Financial Instruments - Assets	The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended March 31, 2023 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in 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 $ 8,123 $ 9 Market risk benefits asset 117 106 Total Level 3 assets at fair value $ 8,286 $ 8,229 Liabilities FIA/ 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 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 exclusively to Level 2. Three months ended March 31, 2022 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in Assets (In millions) Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ — $ (130) $ 400 $ — $ (152) $ 84 $ 4,161 $ (138) Commercial mortgage-backed securities 35 — (2) — — — 7 40 (2) Corporates 1,135 — (74) 80 — (26) 26 1,141 (73) Municipals 43 — (6) — — — — 37 (5) Foreign Governments 18 — (1) — — — — 17 (1) Investment in unconsolidated affiliates 21 — — — — — — 21 — Short term investments 321 — (1) 20 — — (321) 19 (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 1 — — — 10 — Other long-term investments: Available-for-sale embedded derivative 34 (4) — — — — — 30 — Credit linked note 23 — (3) — — (1) — 19 — Subtotal Level 3 assets at fair value $ 5,600 $ (4) $ (218) $ 501 $ — $ (179) $ (204) $ 5,496 $ (221) Market risk benefits asset 41 29 Total Level 3 assets at fair value $ 5,641 $ 5,525 Liabilities FIA embedded derivatives, included in contractholder funds 3,883 (584) — 126 — (30) — 3,395 — Subtotal Level 3 liabilities at fair value $ 3,883 $ (584) $ — $ 126 $ — $ (30) $ — $ 3,395 $ — Market risk benefits liability 469 486 Total Level 3 liabilities at fair value $ 4,352 $ 3,881
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, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Three months ended March 31, 2023 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in 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 $ 8,123 $ 9 Market risk benefits asset 117 106 Total Level 3 assets at fair value $ 8,286 $ 8,229 Liabilities FIA/ 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 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 exclusively to Level 2. Three months ended March 31, 2022 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Gains (Losses) Incl in OCI Included in Included in Assets (In millions) Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ — $ (130) $ 400 $ — $ (152) $ 84 $ 4,161 $ (138) Commercial mortgage-backed securities 35 — (2) — — — 7 40 (2) Corporates 1,135 — (74) 80 — (26) 26 1,141 (73) Municipals 43 — (6) — — — — 37 (5) Foreign Governments 18 — (1) — — — — 17 (1) Investment in unconsolidated affiliates 21 — — — — — — 21 — Short term investments 321 — (1) 20 — — (321) 19 (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 1 — — — 10 — Other long-term investments: Available-for-sale embedded derivative 34 (4) — — — — — 30 — Credit linked note 23 — (3) — — (1) — 19 — Subtotal Level 3 assets at fair value $ 5,600 $ (4) $ (218) $ 501 $ — $ (179) $ (204) $ 5,496 $ (221) Market risk benefits asset 41 29 Total Level 3 assets at fair value $ 5,641 $ 5,525 Liabilities FIA embedded derivatives, included in contractholder funds 3,883 (584) — 126 — (30) — 3,395 — Subtotal Level 3 liabilities at fair value $ 3,883 $ (584) $ — $ 126 $ — $ (30) $ — $ 3,395 $ — Market risk benefits liability 469 486 Total Level 3 liabilities at fair value $ 4,352 $ 3,881

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Consolidated Investments	The Company’s consolidated investments at March 31, 2023 and December 31, 2022 are summarized as follows: March 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 $ 12,620 $ (10) $ 43 $ (761) $ 11,892 Commercial mortgage-backed securities 4,048 — 3 (336) 3,715 Corporates 18,426 (3) 64 (2,656) 15,831 Hybrids 853 — 9 (82) 780 Municipals 1,850 — 13 (234) 1,629 Residential mortgage-backed securities 1,770 (7) 13 (107) 1,669 U.S. Government 341 — — (12) 329 Foreign Governments 311 — 1 (47) 265 Total available-for-sale securities $ 40,219 $ (20) $ 146 $ (4,235) $ 36,110 December 31, 2022 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities (In millions) Asset-backed securities $ 12,209 $ (8) $ 36 $ (770) $ 11,467 Commercial mortgage-backed/asset-backed securities 3,337 (1) 11 (284) 3,063 Corporates 17,396 (22) 32 (3,069) 14,337 Hybrids 806 — 9 (84) 731 Municipals 1,749 — 4 (293) 1,460 Residential mortgage-backed securities 1,638 (8) 6 (109) 1,527 U.S. Government 287 — — (16) 271 Foreign Governments 286 — — (47) 239 Total available-for-sale securities $ 37,708 $ (39) $ 98 $ (4,672) $ 33,095
Investments Classified by Contractual Maturity Date	The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations. March 31, 2023 December 31, 2022 (In millions) (In millions) Amortized Cost Fair Value Amortized Cost Fair Value Corporates, Non-structured Hybrids, Municipal and Government securities: Due in one year or less $ 586 $ 574 $ 536 $ 527 Due after one year through five years 3,921 3,745 3,288 3,089 Due after five years through ten years 2,265 2,079 2,171 1,939 Due after ten years 14,983 12,410 14,503 11,457 Subtotal 21,755 18,808 20,498 17,012 Other securities, which provide for periodic payments: Asset-backed securities 12,620 11,892 12,209 11,467 Commercial mortgage-backed securities 4,048 3,715 3,337 3,063 Structured hybrids 26 26 26 26 Residential mortgage-backed securities 1,770 1,669 1,638 1,527 Subtotal 18,464 17,302 17,210 16,083 Total fixed maturity available-for-sale securities $ 40,219 $ 36,110 $ 37,708 $ 33,095
Fair Value and Gross Unrealized Losses of Available-for-sale Securities	The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities (In millions) Asset-backed securities $ 5,347 $ (307) $ 4,520 $ (448) $ 9,867 $ (755) Commercial mortgage-backed securities 2,249 (122) 1,236 (214) 3,485 (336) Corporates 5,501 (392) 8,553 (2,263) 14,054 (2,655) Hybrids 346 (29) 321 (53) 667 (82) Municipals 483 (37) 907 (196) 1,390 (233) Residential mortgage-backed securities 708 (22) 540 (81) 1,248 (103) U.S. Government 29 — 206 (11) 235 (11) Foreign Government 23 (2) 183 (44) 206 (46) Total available-for-sale securities $ 14,686 $ (911) $ 16,466 $ (3,310) $ 31,152 $ (4,221) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,402 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 2,270 Total number of available-for-sale securities in an unrealized loss position 4,672 December 31, 2022 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities (In millions) Asset-backed securities $ 7,001 $ (410) $ 3,727 $ (360) $ 10,728 $ (770) Commercial mortgage-backed securities 2,079 (169) 475 (116) 2,554 (285) Corporates 9,913 (1,735) 3,523 (1,330) 13,436 (3,065) Hybrids 628 (83) 3 (1) 631 (84) Municipals 998 (180) 352 (113) 1,350 (293) Residential mortgage-backed securities 992 (51) 184 (22) 1,176 (73) U.S. Government 130 (7) 140 (8) 270 (15) Foreign Government 119 (32) 59 (14) 178 (46) Total available-for-sale securities $ 21,860 $ (2,667) $ 8,463 $ (1,964) $ 30,323 $ (4,631) Total number of available-for-sale securities in an unrealized loss position less than twelve months 3,114 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 1,296 Total number of available-for-sale securities in an unrealized loss position 4,410
Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region	The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables: March 31, 2023 December 31, 2022 Gross Carrying Value % of Total Gross Carrying Value % of Total Property Type: (Dollars in millions) (Dollars in millions) Hotel $ 18 1 % $ 18 1 % Industrial 538 22 % 520 22 % Mixed Use 12 1 % 12 1 % Multifamily 1,013 41 % 1,013 42 % Office 329 13 % 330 14 % Retail 104 4 % 105 4 % Student Housing 83 3 % 83 3 % Other 373 15 % 335 13 % Total commercial mortgage loans, gross of valuation allowance $ 2,470 100 % $ 2,416 100 % Allowance for expected credit loss (12) (10) Total commercial mortgage loans, net of valuation allowance $ 2,458 $ 2,406 U.S. Region: East North Central $ 177 7 % $ 151 6 % East South Central 76 3 % 76 3 % Middle Atlantic 325 13 % 326 13 % Mountain 354 14 % 355 15 % New England 164 7 % 158 7 % Pacific 700 28 % 708 28 % South Atlantic 553 22 % 521 22 % West North Central 4 1 % 4 1 % West South Central 117 5 % 117 5 % Total commercial mortgage loans, gross of valuation allowance $ 2,470 100 % $ 2,416 100 % Allowance for expected credit loss (12) (10) Total commercial mortgage loans, net of valuation allowance $ 2,458 $ 2,406
Loans Segregated by Risk Rating Exposure	Commercial mortgage loans segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances: March 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) $ 53 $ 354 $ 1,301 $ 486 $ — $ 267 $ 2,461 30-89 days past due — — — — — — — 90 days or more past due — — — — — 9 9 Total commercial mortgages $ 53 $ 354 $ 1301 $ 486 $ — $ 276 $ 2,470 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Commercial mortgages (In millions) Current (less than 30 days past due) $ 350 $ 1,300 $ 488 $ — $ — $ 269 $ 2,407 30-89 days past due — — — — — — — 90 days or more past due — — — — — 9 9 Total commercial mortgages $ 350 $ 1,300 $ 488 $ — $ — $ 278 $ 2,416 RMLs segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances: March 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) $ 35 $ 950 $ 889 $ 209 $ 199 $ 209 $ 2,491 30-89 days past due — 3 8 3 4 2 20 90 days or more past due — 3 18 13 28 1 63 Total residential mortgages $ 35 $ 956 $ 915 $ 225 $ 231 $ 212 $ 2,574 December 31, 2022 Amortized Cost by Origination Year (In millions) 2022 2021 2020 2019 2018 Prior Total Residential mortgages (In millions) Current (less than 30 days past due) $ 766 $ 884 $ 214 $ 185 $ 23 $ 33 $ 2,105 30-89 days past due 2 7 — 4 — — 13 90 days or more past due 3 9 15 34 1 — 62 Total residential mortgages $ 771 $ 900 $ 229 $ 223 $ 24 $ 33 $ 2,180
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios	The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at March 31, 2023 and December 31, 2022 : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 March 31, 2023 (In millions) LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 21 % $ 493 23 % 50.00% to 59.99% 732 — — 732 30 % 653 30 % 60.00% to 74.99% 1,170 8 — 1,178 48 % 1,002 46 % 75.00% to 84.99% — 2 18 20 1 % 17 1 % Commercial mortgage loans (a) $ 2,413 $ 14 $ 29 $ 2,456 100 % $ 2,165 100 % December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022. March 31, 2023 Amortized Cost by Origination Year 2023 2022 2021 2020 2019 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 4 $ 69 $ 120 $ 206 $ 127 $ 526 50.00% to 59.99% 27 149 268 158 130 732 60.00% to 74.99% 20 113 913 122 10 1,178 75.00% to 84.99% 3 9 — — 8 20 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 Commercial mortgages DSCR Greater than 1.25x $ 47 $ 328 $ 1,301 $ 486 $ 251 $ 2,413 1.00x - 1.25x 7 3 — — 4 14 Less than 1.00x — 9 — — 20 29 Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2017 Prior Total Commercial mortgages (In millions) LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 Commercial mortgages DSCR Greater than 1.25x $ 329 $ 1,300 $ 488 $ — $ — $ 254 $ 2,371 1.00x - 1.25x 3 — — — — 4 7 Less than 1.00x 9 — — — — 20 29 Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $9 million for December 31, 2022.
Schedule of Residential Mortgage Loans by State	The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances: March 31, 2023 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 236 9 % Texas 181 7 % New Jersey 167 6 % California 157 6 % New York 155 6 % All other states (a) 1,678 66 % Total residential mortgage loans $ 2,574 100 % (a) The individual concentration of each state is equal to or less than 5% as of March 31, 2023. December 31, 2022 (Dollars in millions) U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All other states (a) 914 42 % Total residential mortgage loans $ 2,180 100 % (a) The individual concentration of each state is equal to or less than 5% as of December 31, 2022.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming	The credit quality of RMLs as of March 31, 2023 and December 31, 2022, was as follows : March 31, 2023 December 31, 2022 (Dollars in millions) (Dollars in millions) Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,511 98 % $ 2,118 97 % Non-performing 63 2 % 62 3 % Total residential mortgage loans, gross of valuation allowance $ 2,574 100 % $ 2,180 100 % Allowance for expected loan loss (48) — % (32) — % Total residential mortgage loans, net of valuation allowance $ 2,526 100 % $ 2,148 100 %
Nonaccrual Loans by Amortized Cost	Non-accrual loans by amortized cost as of March 31, 2023 and December 31, 2022, were as follows: March 31, 2023 December 31, 2022 Amortized cost of loans on non-accrual (In millions) Residential mortgage: $ 63 $ 62 Commercial mortgage: 9 9 Total non-accrual mortgages $ 72 $ 71
Allowance for Expected Credit Losses on Loans	The allowances for our mortgage loan portfolio are summarized as follows: 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 Three months ended March 31, 2022 (In millions) Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 Provision for loan losses 1 — 1 Ending Balance $ 26 $ 6 $ 32
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, 2023 March 31, 2022 (In millions) Fixed maturity securities, available-for-sale $ 447 $ 332 Equity securities 8 8 Preferred securities 13 15 Mortgage loans 51 39 Invested cash and short-term investments 33 5 Limited partnerships 57 113 Tax deferred property exchange income 45 3 Other investments 19 9 Gross investment income 673 524 Investment expense (62) (46) Interest and investment income $ 611 $ 478 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, 2023 March 31, 2022 (In millions) Net realized losses on fixed maturity available-for-sale securities $ (50) $ (36) Net realized/unrealized gains (losses) on equity securities (1) 33 (148) Net realized/unrealized losses on preferred securities (2) (10) (91) Realized losses on other invested assets (5) (1) Change in allowance for expected credit losses (4) (4) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (89) 50 Unrealized gains (losses) on certain derivative instruments 147 (358) Change in fair value of reinsurance related embedded derivatives (3) (19) 122 Change in fair value of other derivatives and embedded derivatives 2 (3) Realized gains (losses) on derivatives and embedded derivatives 41 (189) Recognized gains and losses, net $ 5 $ (469) (1) Includes net valuation losses of $46 million and $166 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes net valuation losses of $35 million and $90 million for the three months ended March 31, 2023 and 2022, respectively. (3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Kubera (novated from Kubera to Somerset effective October 31, 2021) and Aspida Re. Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized (losses) gains attributable to these agreements, and thus excluded from the totals in the table above, was $(22) million and $128 million for the three months ended March 31, 2023 and March 31, 2022, respectively.
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, 2023 March 31, 2022 (In millions) Proceeds $ 489 $ 1,052 Gross gains 1 3 Gross losses (51) (39)
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, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) (In millions) Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investment in limited partnerships $ 2,558 $ 4,268 $ 2,427 $ 4,030 Fixed maturity securities 16,890 18,590 15,680 17,404 Total unconsolidated VIE investments $ 19,448 $ 22,858 $ 18,107 $ 21,434
Schedules of Investment Concentrations	Our underlying investment concentrations that exceed 10% of shareholders equity are as follows: March 31, 2023 (In millions) Blackstone Wave Asset Holdco (1) $ 760 (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.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Amount of Derivative Instruments	The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows: March 31, 2023 December 31, 2022 Assets: (In millions) Derivative investments: Call options $ 432 $ 244 Other long-term investments: Other embedded derivatives 25 23 Prepaid expenses and other assets: Reinsurance related embedded derivatives 260 279 $ 717 $ 546 Liabilities: Contractholder funds: FIA/ IUL embedded derivatives $ 3,569 $ 3,115 $ 3,569 $ 3,115
Change in Fair Value of Derivative Instruments	The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows: Three months ended March 31, 2023 March 31, 2022 Recognized gains and losses, net (In millions) Net investment gains (losses): Call options $ 55 $ (314) Futures contracts 5 3 Foreign currency forwards (1) 3 Other derivatives and embedded derivatives 1 (3) Reinsurance related embedded derivatives (19) 122 Total net investment gains (losses) $ 41 $ (189) Benefits and other changes in policy reserves: FIA/ IUL embedded derivatives (decrease) increase $ 454 $ (488)
Exposure to Credit Loss on Call Options Held	Information regarding our exposure to credit loss on the call options we hold is presented in the following tables. March 31, 2023 (In millions) Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,834 $ 44 $ — $ 44 Morgan Stanley */Aa3/A+ 2,038 22 24 — Barclay's Bank A+/A1/A 5,939 106 95 11 Canadian Imperial Bank of Commerce AA/Aa2/A+ 6,006 129 113 16 Wells Fargo A+/A1/BBB+ 1,270 31 29 2 Goldman Sachs A/A2/BBB+ 1,178 16 14 2 Credit Suisse BBB+/A3/A- 672 7 7 — Truist A+/A2/A 2,204 60 54 6 Citibank A+/Aa3/A+ 1,207 17 15 2 Total $ 24,348 $ 432 $ 351 $ 83 December 31, 2022 (In millions) Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,563 $ 23 $ — $ 23 Morgan Stanley */Aa3/A+ 1,699 14 19 — Barclay's Bank A+/A1/A 6,049 65 59 6 Canadian Imperial Bank of Commerce AA/Aa2/A+ 5,169 68 64 4 Wells Fargo A+/A1/BBB+ 1,361 17 17 — Goldman Sachs A/A2/BBB+ 1,133 9 10 — Credit Suisse BBB+/A3/A- 1,039 5 5 — Truist A+/A2/A 2,489 35 36 — Citibank A+/Aa3/A+ 795 8 9 — Total $ 23,297 $ 244 $ 219 $ 33 (a) An * represents credit ratings that were not available.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Unfunded Commitments	A summary of unfunded commitments by invested asset class as of March 31, 2023 is included below: March 31, 2023 Asset Type (In millions) Unconsolidated VIEs: Limited partnerships $ 1,710 Whole loans 743 Fixed maturity securities, ABS 212 Direct Lending 1,000 Other fixed maturity securities, AFS 28 Commercial mortgage loans 29 Other assets 142 Residential mortgage loans 1 Committed amounts included in liabilities 1 Total $ 3,866

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended 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 (loss) of unconsolidated affiliates 157 (203) (28) (74) Income tax expense (benefit) 27 (8) (5) 14 Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates 130 (195) (23) (88) Equity in loss of unconsolidated affiliates — — — — 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 As of and for the three months ended March 31, 2022: Title F&G Corporate and Other Total (In millions) Title premiums $ 1,866 $ — $ — $ 1,866 Other revenues 665 596 31 1,292 Revenues from external customers 2,531 596 31 3,158 Interest and investment income, including recognized gains and losses, net (148) 154 3 9 Total revenues 2,383 750 34 3,167 Depreciation and amortization 33 76 6 115 Interest expense — 8 22 30 Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates 249 345 (38) 556 Income tax expense (benefit) 57 106 (7) 156 Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates 192 239 (31) 400 Equity in earnings of unconsolidated affiliates 2 — — 2 Net earnings (loss) from continuing operations $ 194 $ 239 $ (31) $ 402 Assets $ 9,478 $ 49,277 $ 2,271 $ 61,026 Goodwill 2,517 1,749 266 4,532

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities: Three months ended March 31, 2023 2022 Cash paid for: (In millions) Interest $ 34 $ 36 Income taxes 6 9 Deferred sales inducements 29 16 Non-cash investing and financing activities: Change in proceeds of sales of investments available for sale receivable in period 41 81 Change in purchases of investments available for sale payable in period 78 277 Lease liabilities recognized in exchange for lease right-of-use assets 9 15 Remeasurement of lease liabilities 19 15 Liabilities assumed in connection with acquisitions Fair value of assets acquired 276 27 Less: Total Purchase price 273 20 Liabilities and noncontrolling interests assumed $ 3 $ 7

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenue consists of: Three months ended March 31, 2023 2022 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (In millions) Direct title insurance premiums Direct title insurance premiums Title $ 428 $ 767 Agency title insurance premiums Agency title insurance premiums Title 550 1,099 Life insurance premiums, insurance and investment product fees, and other Escrow, title-related and other fees F&G 365 596 Home warranty Escrow, title-related and other fees Title 30 34 Total revenue from insurance contracts 1,373 2,496 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 160 265 Other title-related fees and income Escrow, title-related and other fees Title 146 196 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 75 94 Real estate technology Escrow, title-related and other fees Corporate and other 37 38 Total revenue from contracts with customers 418 593 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 60 76 Other Escrow, title-related and other fees Corporate and other 7 (7) Interest and investment income Interest and investment income Various 611 478 Recognized gains and losses, net Recognized gains and losses, net Various 5 (469) Total revenues Total revenues $ 2,474 $ 3,167
Information about Trade Receivables and Deferred Revenue	The following table provides information about trade receivables and deferred revenue: March 31, 2023 December 31, 2022 (In millions) Trade receivables $ 309 $ 349 Deferred revenue (contract liabilities) 285 271

Value of Business Acquired, D_2

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets, Finite	The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 (In millions) VOBA $ 1,572 $ 1,615 DAC 1,676 1,411 DSI 225 200 Value of distribution asset 97 100 Computer software 65 61 Definite lived trademarks, tradenames, and other 21 22 Indefinite lived tradenames and other 21 20 Total Other intangible assets, net $ 3,677 $ 3,429
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, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 (In millions) VOBA $ 1,572 $ 1,615 DAC 1,676 1,411 DSI 225 200 Value of distribution asset 97 100 Computer software 65 61 Definite lived trademarks, tradenames, and other 21 22 Indefinite lived tradenames and other 21 20 Total Other intangible assets, net $ 3,677 $ 3,429
Rollforward of Value of Business Acquired	The following tables roll forward VOBA by product for the three months ended March 31, 2023 and March 31, 2022. FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total (In millions) Balance at January 1, 2023 $ 1,166 $ 32 $ 201 $ 143 $ 73 $ 1,615 Amortization (36) (1) (3) (2) (1) (43) Balance at March 31, 2023 $ 1,130 $ 31 $ 198 $ 141 $ 72 $ 1,572 FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total (In millions) Balance at January 1, 2022 $ 1,314 $ 39 $ 212 $ 153 $ 25 $ 1,743 Amortization (38) (2) (3) (3) (1) (47) Shadow Premium Deficiency Testing (“PDT”) — — — — 53 53 Balance at March 31, 2022 $ 1,276 $ 37 $ 209 $ 150 $ 77 $ 1,749
Reconciliation of VOBA to Condensed Consolidated Balance Sheets	The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) FIA $ 1,130 $ 1,166 Fixed Rate Annuities 31 32 Immediate Annuities 198 201 Universal Life 141 143 Traditional Life 72 73 Total $ 1,572 $ 1,615
Rollforward of Deferred Policy Acquisition Costs	The following tables roll forward DAC for the three months ended March 31, 2023 and March 31, 2022. FIA 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 FIA Fixed Rate Annuities Universal Life Total (a) (In millions) Balance at January 1, 2022 $ 564 $ 38 $ 173 $ 775 Capitalization 98 8 47 153 Amortization (13) (2) (4) (19) Balance at March 31, 2022 $ 649 $ 44 $ 216 $ 909 (a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)
Reconciliation of DAC to Condensed Consolidated Balance Sheets	The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 : March 31, 2023 December 31, 2022 (In millions) FIA $ 1,062 $ 971 Fixed Rate Annuities 209 83 Universal Life 396 348 Funding Agreements 9 9 Total $ 1,676 $ 1,411
Rollforward of Deferred Sale Inducement Cost	The following tables roll forward DSI for the three months ended March 31, 2023 and March 31, 2022: FIA Total (In millions) Balance at January 1, 2023 $ 200 $ 200 Capitalization 29 29 Amortization (4) (4) Balance at March 31, 2023 $ 225 $ 225 FIA Total (In millions) Balance at January 1, 2022 $ 127 $ 127 Capitalization 16 16 Amortization (3) (3) Balance at March 31, 2022 $ 140 $ 140
Reconciliation of DSI to Condensed Consolidated Balance Sheets	The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (In millions) FIA $ 225 $ 200 Total $ 225 $ 200
Estimated Amortization Expense for VOBA in Future Fiscal Periods	Estimated Amortization Expense Fiscal Year (In millions) 2023 $ 122 2024 151 2025 139 2026 128 2027 117 Thereafter 915

F&G Reinsurance (Tables)

F&G Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2023
Reinsurance Disclosures [Abstract]
Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes	The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2023 and March 31, 2022 were as follows: Three months ended March 31, 2023 March 31, 2022 Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred (In millions) Direct $ 301 $ 872 $ 567 $ 505 Ceded (26) (60) (32) (302) Net $ 275 $ 812 $ 535 $ 203
Reinsurance Recoverable Expected Credit Loss	The expected credit loss reserves were as follows: Three months ended March 31, 2023 March 31, 2022 (In millions) Balance at Beginning of Period $ (10) $ (20) Changes in the expected credit loss reserve 1 — Balance at End of Period $ (9) $ (20)

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Gross Carrying Value and Weighted Average Useful Lives of Other Intangible Assets Acquired	The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following: Gross Carrying Value Weighted Average Other intangible assets: (In millions) Customer relationships $ 9 10 Trade name 4 10 Software 60 7 Total Other intangible assets $ 73 The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following: Gross Carrying Value Weighted Average Other intangible assets: (In millions) Customer relationships $ 46 10 Trade name 7 10 Non-compete agreements 1 5 Software 1 2 Total Other intangible assets $ 55

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consists of the following: March 31, 2023 December 31, 2022 (In millions) 4.50% Notes, net of discount $ 445 $ 445 3.40% Notes, net of discount 644 644 2.45% Notes, net of discount 594 594 3.20% Notes, net of discount 444 444 Revolving Credit Facility (3) (3) F&G Credit Agreement 511 547 7.40% F&G Notes 494 — 5.50% F&G Notes 567 567 $ 3,696 $ 3,238
Schedule of Principal Maturities of Notes Payable	(In millions) 2023 (remaining) $ 515 2024 — 2025 550 2026 — 2027 — Thereafter 2,650 $ 3,715

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Balances and Changes in Market Risk Benefit	The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the three months ended March 31, 2023 and the years ended December 31, 2022 and December 31, 2021: March 31, 2023 December 31, 2022 December 31, 2021 FIA Fixed rate annuities FIA Fixed rate annuities FIA Fixed rate annuities (Dollars in millions) Balance, beginning of period $ 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 accrual 30 — 107 1 99 1 Actual policyholder behavior different from expected 7 — 43 — (22) — Changes in assumptions and other 1 — (76) — — — Effects of market related movements 26 — (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 risk 53 — 62 — 146 — Balance, end of period $ 217 $ 1 $ 164 $ 1 $ 426 $ 2 Weighted-average attained age of policyholders weighted by total AV (years) 68.49 72.64 68.59 72.88 68.95 73.10 Weighted-average attained age of policyholders weighted by Unlocked MRB (years) 78.33 77.73 80.84 77.56 68.77 73.72 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 accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 Asset Liability Net Asset Liability Net Asset Liability Net (In millions) 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

Contractholder Funds (Tables)

Contractholder Funds (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update 2018-12 [Abstract]
Summary of Balances and Changes in Contractholder Funds	The following tables summarize balances of and changes in contractholder funds’ account balances: March 31, 2023 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Issuances 1,186 1,522 49 — 256 Premiums received 25 1 87 — — Policy charges (a) (42) — (60) — — Surrenders and withdrawals (403) (257) (21) — — Benefit payments (121) (59) (10) (15) (110) Interest credited 21 81 5 13 11 Other 23 (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 rate 0.33 % — % 1.00 % N/A N/A Net amount at risk (d) N/A N/A 49,426 N/A N/A Cash surrender value 23,726 9,929 1,724 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2022 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (Dollars in millions) Balance, beginning of year 21,997 6,367 1,907 1,904 1,543 Issuances 4,462 3,758 167 700 1,192 Premiums received 106 3 295 — — Policy charges (a) (166) (1) (209) — — Surrenders and withdrawals (1,322) (797) (74) — — Benefit payments (485) (192) (22) (35) (789) Interest credited 198 220 48 45 36 Other (24) — — (1) — Balance, end of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982 Embedded derivative adjustment (c) (343) — 15 — — Gross Liability, end of period $ 24,423 $ 9,358 $ 2,127 $ 2,613 $ 1,982 Less: Reinsurance (17) (3,723) (947) — — Net Liability, after Reinsurance $ 24,406 $ 5,635 $ 1,180 $ 2,613 $ 1,982 Weighted-average crediting rate 0.85 % — 2.39 % N/A N/A Net amount at risk (d) N/A N/A 53,348 N/A N/A Cash surrender value 188 5,992 1,698 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. December 31, 2021 FIA Fixed rate annuities Universal Life FABN (b) FHLB (b) (In millions) Balance, beginning of year $ 18,703 $ 5,142 $ 1,696 $ — $ 1,203 Issuances 4,400 1,743 114 1,899 759 Premiums received 103 3 233 — — Policy charges (a) (148) (1) (167) — — Surrenders and withdrawals (1,303) (543) (68) — — Benefit payments (440) (145) (19) (7) (447) Interest credited 686 167 118 12 30 Other (4) 1 — — (2) Balance, end of year $ 21,997 $ 6,367 $ 1,907 $ 1,904 $ 1,543 Embedded derivative adjustment (c) 603 — 74 — — Gross Liability, end of period $ 22,600 $ 6,367 $ 1,981 $ 1,904 $ 1,543 Less: Reinsurance (17) (1,692) (984) — — Net Liability, after Reinsurance $ 22,583 $ 4,675 $ 997 $ 1,904 $ 1,543 Weighted-average crediting rate 3.43 % — 6.77 % N/A N/A Net amount at risk (d) N/A N/A 41,326 N/A N/A Cash surrender value 20,455 5,992 1,572 N/A N/A (a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance. (b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials. (c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives. (d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
Schedule Of Reconciliation Of Policyholder Account Balances To Statement Of Financial Position	The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets: March 31, 2023 December 31, 2022 December 31, 2021 (In millions) FIA $ 25,443 $ 24,423 $ 22,600 Fixed rate annuities 10,645 9,358 6,367 Immediate annuities 326 332 352 Universal life 2,207 2,127 1,981 Traditional life 5 5 5 Funding Agreement-FABN 2,611 2,613 1,904 FHLB 2,139 1,982 1,543 PRT 3 3 1 Total $ 43,379 $ 40,843 $ 34,753
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	The following tables present the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums: 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 (In millions) 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 (In millions) 0.00%-1.50% $ 22,848 $ 801 $ 410 $ 151 $ 24,210 1.51%-2.50% 162 — 1 — 163 Greater than 2.50% 390 — 3 — 393 Total $ 23,400 $ 801 $ 414 $ 151 $ 24,766 Fixed Rate Annuities 0.00%-1.50% $ 10 $ 32 $ 1,871 $ 6,379 $ 8,292 1.51%-2.50% 9 14 30 1 54 Greater than 2.50% 997 4 4 7 1,012 Total $ 1,016 $ 50 $ 1,905 $ 6,387 $ 9,358 Universal Life 0.00%-1.50% $ 1,701 $ 3 $ — $ 17 $ 1,721 1.51%-2.50% — — — — — Greater than 2.50% 346 44 1 — 391 Total $ 2,047 $ 47 $ 1 $ 17 $ 2,112 December 31, 2021 At Guaranteed Minimum 1 Basis Point-50 Basis Points Above 51 Basis Points-150 Basis Points Above Greater Than 150 Basis Points Above Total FIA (In millions) 0.00%-1.50% $ 20,162 $ 803 $ 388 $ — $ 21,353 1.51%-2.50% 171 11 25 — 207 Greater than 2.50% 431 3 3 — 437 Total $ 20,764 $ 817 $ 416 $ — $ 21,997 Fixed Rate Annuities 0.00%-1.50% $ 2 $ 28 $ 1,928 $ 3,219 $ 5,177 1.51%-2.50% 9 15 37 1 62 Greater than 2.50% 954 142 25 7 1,128 Total $ 965 $ 185 $ 1,990 $ 3,227 $ 6,367 Universal Life 0.00%-1.50% $ 1,486 $ 2 $ — $ 13 $ 1,501 1.51%-2.50% — — — — — Greater than 2.50% 359 46 1 — 406 Total $ 1,845 $ 48 $ 1 $ 13 $ 1,907

Future Policy Benefits (Tables)

Future Policy Benefits (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary Balances and Changes in the Present Value of Expected Net Premiums and Present Value	The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts: March 31, 2023 December 31, 2022 December 31, 2021 Expected net premiums (Dollars in millions) Balance, beginning of year $ 797 $ 1,020 $ 1,152 Beginning balance of original discount rate 974 1,045 1,131 Effect of actual variances from expected experience 3 33 25 Balance adjusted for variances from expectation 977 1,078 1,156 Interest accrual 5 20 22 Net premiums collected (30) (124) (133) Ending Balance at original discount rate 952 974 1,045 Effect of changes in discount rate assumptions (158) (177) (25) Balance, end of year $ 794 $ 797 $ 1,020 Expected FPB Balance, beginning of year $ 2,151 $ 2,772 $ 3,105 Beginning balance of original discount rate 2,665 2,806 2,995 Effect of actual variances from expected experience (7) 13 (14) Balance adjusted for variances from expectation 2,658 $ 2,819 $ 2,981 Interest accrual 14 59 62 Benefits payments (48) (213) (237) Ending Balance at original discount rate 2,624 $ 2,665 $ 2,806 Effect of changes in discount rate assumptions (448) (514) (34) Balance, end of year $ 2,176 $ 2,151 $ 2,772 Net liability for future policy benefits $ 1,382 $ 1,354 $ 1,752 Less: Reinsurance recoverable 510 515 670 Net liability for future policy benefits, after reinsurance recoverable $ 872 $ 839 $ 1,082 Weighted-average duration of liability for future policyholder benefits (years) 7.53 7.58 8.54 The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts: March 31, 2023 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 1,429 $ 2,165 Beginning balance of original discount rate 1,858 2,475 Effect of changes in cash flow assumptions — (1) Effect of actual variances from expected experience (7) (3) Balance adjusted for variances from expectation 1,851 2,471 Issuances 5 268 Interest accrual 16 23 Benefits payments (31) (55) Ending Balance at original discount rate 1,841 2,707 Effect of changes in discount rate assumptions (389) (251) Balance, end of year $ 1,452 $ 2,456 Net liability for future policy benefits $ 1,452 $ 2,456 Less: Reinsurance recoverable 204 — Net liability for future policy benefits, after reinsurance recoverable $ 1,248 $ 2,456 Weighted-average duration of liability for future policyholder benefits (years) 12.18 8.07 December 31, 2022 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 1,954 $ 1,148 Beginning balance of original discount rate 1,935 1,151 Effect of changes in cash flow assumptions — (20) Effect of actual variances from expected experience (26) 2 Balance adjusted for variances from expectation $ 1,909 $ 1,133 Issuances 26 1,418 Interest accrual 60 50 Benefits payments (137) (126) Ending Balance at original discount rate $ 1,858 $ 2,475 Effect of changes in discount rate assumptions (429) (310) Balance, end of year $ 1,429 $ 2,165 Net liability for future policy benefits $ 1,429 $ 2,165 Less: Reinsurance recoverable 218 — Net liability for future policy benefits, after reinsurance recoverable $ 1,211 $ 2,165 Weighted-average duration of liability for future policyholder benefits (years) 11.76 8.09 December 31, 2021 Immediate annuities PRT (Dollars in millions) Balance, beginning of year $ 2,153 $ — Beginning balance of original discount rate 2,040 — Effect of actual variances from expected experience (47) — Balance adjusted for variances from expectation $ 1,993 $ — Issuances 18 1,155 Interest accrual 60 2 Benefits payments (136) (6) Ending Balance at original discount rate $ 1,935 $ 1,151 Effect of changes in discount rate assumptions 19 (3) Balance, end of year $ 1,954 $ 1,148 Net liability for future policy benefits $ 1,954 $ 1,148 Less: Reinsurance recoverable 293 — Net liability for future policy benefits, after reinsurance recoverable $ 1,661 $ 1,148 Weighted-average duration of liability for future policyholder benefits (years) 13.61 8.75
Summary of Changes in Liability for Deferred Profit Liability	The following tables summarize balances and changes in the liability for DPL for limited-payment contracts: March 31, 2023 December 31, 2022 December 31, 2021 Immediate annuities PRT Immediate annuities PRT Immediate annuities PRT (In millions) Balance, beginning of year $ 69 $ 4 $ 57 $ 7 $ 22 $ — Effect of modeling changes 4 — — — — — Effect of changes in cash flow assumptions — — — (2) — — Effect of actual variances from expected experience 4 — 16 — 39 — Balance adjusted for variances from expectation 77 4 73 5 61 — Issuances 1 — 1 — $ — $ 7 Interest accrual 1 — 2 — 2 — Amortization (2) — (7) (1) (6) — Balance, end of year $ 77 $ 4 $ 69 $ 4 $ 57 $ 7
Schedule Of Reconciliation Of Future Policy Benefits To Statement Of Financial Position	The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below: March 31, 2023 December 31, 2022 December 31, 2021 (In millions) Traditional Life $ 1,382 $ 1,354 $ 1,752 Immediate annuities 1,452 1,429 1,954 PRT 2,456 2,165 1,148 Immediate annuities DPL 77 69 57 PRT DPL 4 4 7 Total $ 5,371 $ 5,021 $ 4,918
Schedule Of Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted Before Reinsurance	The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts: Undiscounted Discounted March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Traditional Life (In millions) Expected future benefit payments $ 3,073 $ 3,265 $ 2,155 $ 2,734 Expected future gross premiums 1,142 1,289 839 1,129 Immediate annuities Expected future benefit payments $ 3,402 $ 3,545 $ 1,452 $ 1,923 Expected future gross premiums — — — — PRT Expected future benefit payments $ 3,916 $ 2,289 $ 2,708 $ 1,665 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, 2023 March 31, 2022 March 31, 2023 March 31, 2022 (In millions) Traditional Life $ 32 $ 36 $ 9 $ 10 Immediate annuities 6 7 16 15 PRT 263 525 23 7 Total $ 301 $ 568 $ 48 $ 32 (a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Operations. (b Included in Benefits and other changes in policy reserves (Remeasurement gains (losses) (a)) on the 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, 2023 December 31, 2022 December 31, 2021 Traditional Life Interest accretion rate 2.33 % 2.32 % 2.29 % Current discount rate 4.96 % 5.37 % 2.41 % Immediate annuities Interest accretion rate 3.11 % 3.07 % 3.04 % Current discount rate 5.02 % 5.21 % 3.07 % PRT Interest accretion rate 3.82 % 3.20 % 1.20 % Current discount rate 5.08 % 5.40 % 2.79 %
Schedule Of Liability for Future Policy Benefit, Mortality And Lapse, Actual And Expected Experience	The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB: March 31, 2023 Traditional Life Immediate annuities PRT Mortality Actual experience 1.4 % 3.2 % 2.7 % Expected experience 1.4 % 1.7 % 2.1 % Lapses Actual experience 0.1 % — % — % Expected experience 0.2 % — % — % December 31, 2022 Traditional Life Immediate annuities PRT Mortality Actual experience 1.5 % 3.0 % 1.9 % Expected experience 1.3 % 1.9 % 2.5 % Lapses Actual experience — % — % — % Expected experience 0.3 % — % — % December 31, 2021 Traditional Life Immediate annuities PRT Mortality Actual experience 1.7 % 4.2 % — % Expected experience 1.3 % 2.0 % — % Lapses Actual experience 0.1 % — % — % Expected experience 0.3 % — % — %
Liability For Future Policy Benefits, Additional Information	The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions): March 31, 2023 December 31, 2022 Cohort X Description Cohort X Description Net Premium Ratio before capping 101 % Term with ROP Non-NY Cohort 100 % Term with ROP Non-NY Cohort Reserves before NP Ratio capping $ 1,208 Term with ROP Non-NY Cohort $ 1,172 Term with ROP Non-NY Cohort Reserves after NP Ratio capping $ 1,211 Term with ROP Non-NY Cohort $ 1,173 Term with ROP Non-NY Cohort Loss Expense $ 2 Term with ROP Non-NY Cohort $ — Term with ROP Non-NY Cohort

Transition (Tables)

Transition (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Summary of Changes in FPB, VOBA, DAC, DSI, URL and MRB	Impacts of adoption of ASU 2018-12 on Financial Statements The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Operations. Condensed Consolidated Balance Sheet December 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) (Unaudited) (In millions) ASSETS Reinsurance recoverable, net of allowance for credit losses $ 5,588 $ (170) $ 5,418 Goodwill 4,642 (7) 4,635 Prepaid expenses and other assets 2,231 (163) 2,068 Market risk benefits asset — 117 117 Other intangible assets, net 4,034 (223) 3,811 Total assets $ 16,495 $ (446) $ 16,049 LIABILITIES AND EQUITY Liabilities: Contractholder funds $ 41,233 $ (390) $ 40,843 Future policy benefits 5,923 (902) 5,021 Accounts payable and accrued liabilities 2,352 (26) 2,326 Market risk benefits liability — 282 282 Total liabilities $ 49,508 $ (1,036) $ 48,472 Equity: Additional paid-in capital $ 5,876 $ (6) $ 5,870 Retained earnings 4,714 511 5,225 Accumulated other comprehensive (loss) earnings (2,862) (8) (2,870) Non-controlling interests 360 93 453 Total equity $ 8,088 $ 590 $ 8,678 Condensed Consolidated Statement of Operations Three months ended March 31, 2022 As Previously Reported Adjustments As adjusted (Unaudited) Revenues: (In millions) Escrow, title-related and other fees $ 1,290 $ 2 $ 1,292 Expenses: Benefits and other changes in policy reserves $ 208 $ (5) $ 203 Market risk benefit losses — 70 70 Depreciation and amortization 182 (67) 115 Income tax expense 155 1 156 Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 397 $ 3 $ 400 Earnings per share Basic Net earnings per share attributable to common shareholders, basic $ 1.41 $ 0.01 $ 1.42 Diluted Net earnings per share attributable to common shareholders, diluted $ 1.40 $ 0.01 $ 1.41 The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12 : Immediate annuities Traditional Life Total (3) (In millions) Balance, December 31, 2020 $ 1,861 $ 2,144 $ 4,005 Cumulative effect of retrospective adoption (1) 201 (279) (78) Effect of remeasurement of liability at current discount rate (2) 113 88 201 Balance, January 1, 2021 $ 2,175 $ 1,953 $ 4,128 Less: Reinsurance Recoverable 322 793 1,115 Balance, January 1, 2021, net of reinsurance $ 1,853 $ 1,160 $ 3,013 (1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL. (2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12. (3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward. The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12: FIA Fixed rate annuities Immediate annuities Universal Life Traditional Life Total (In millions) Balance, December 31, 2020 $ 1,208 $ 15 $ 86 $ 139 $ 18 $ 1,466 Adjustment for reversal of AOCI adjustments (1) 208 24 — 29 22 283 Cumulative effect of retrospective adoption (2) (14) 7 (5) (9) (1) (22) Transition opening balance adjustment 69 2 144 5 43 263 Balance, January 1, 2021 $ 1,471 $ 48 $ 225 $ 164 $ 82 $ 1,990 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020 (3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12. The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Universal Life Total (In millions) Balance, December 31, 2020 $ 167 $ 14 $ 41 $ 222 Adjustment for reversal of AOCI adjustments (1) 15 2 8 25 Cumulative effect of retrospective adoption (2) (1) — (1) (2) Balance, January 1, 2021 $ 181 $ 16 $ 48 $ 245 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12 : FIA Total (In millions) Balance, December 31, 2020 $ 36 $ 36 Adjustment for reversal of AOCI adjustments (1) 5 5 Cumulative effect of retrospective adoption (2) 4 4 Balance, January 1, 2021 $ 45 $ 45 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12 : Universal Life Total (In millions) Balance, December 31, 2020 $ 2 $ 2 Adjustment for reversal of AOCI adjustments (1) 25 25 Cumulative effect of retrospective adoption (2) 2 2 Balance, January 1, 2021 $ 29 $ 29 (1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020. The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12 : FIA Fixed rate annuities Total (In millions) Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1) $ 531 $ — $ 531 Adjustment for reversal of AOCI adjustments (2) (116) — (116) Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3) 159 — 159 Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs (4) (96) 1 (95) Balance, January 1, 2021 - Market risk benefits at fair value $ 478 $ 1 $ 479 Less: Reinsurance Recoverable — — — Balance, January 1, 2021, net of reinsurance $ 478 $ 1 $ 479 (1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944. (2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI. (3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI. (4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.
Effect of Transition Adjustments On Equity	The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12: January 1, 2021 Retained Earnings AOCI (In millions) Contractholder funds $ 100 $ 115 MRB 29 (159) FPB (15) (159) VOBA (21) 233 DAC (1) 5 Increase to Equity, gross of tax $ 92 $ 35 Tax impact 19 9 Increase to Equity, net of tax $ 73 $ 26

Basis of Financial Statements -

Basis of Financial Statements - Recent Developments (Details) - USD ($) $ in Millions	Jan. 01, 2023	Mar. 31, 2023	Jan. 13, 2023
TitlePoint
Business Acquisition [Line Items]
Cash consideration	$ 224
7.40% F&G Senior Notes | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage		7.40%	7.40%
Aggregate principal amount			$ 500

Basis of Financial Statements_2

Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Income tax expense	$ 14	$ 156
Income tax expense as percentage of earnings before income taxes, percent	(19.00%)	28%

Basis of Financial Statements_3

Basis of Financial Statements -Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Unearned revenue liability	$ 190	$ 160
Net premium ratio, capped percentage	100%
MRB, attributed fee ratio capped percentage	100%

Basis of Financial Statements_4

Basis of Financial Statements - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings	$ 6,192	$ 6,116
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings			$ 73

Basis of Financial Statements_5

Basis of Financial Statements - Summary of Impact of the Adoption of ASU 2018 on the Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Reinsurance recoverable, net of allowance for credit losses		$ 6,362		$ 5,418
Goodwill		4,791	$ 4,532	4,635
Prepaid expenses and other assets		1,991		2,068
Market risk benefits asset		106		117	$ 41
Other intangible assets, net		4,158		3,811
Assets		69,654	61,026	65,143
Liabilities:
Contractholder funds		43,379		40,843
Future policy benefits		5,371		5,021	4,918
Accounts payable and accrued liabilities		2,343		2,326
Market risk benefits liability		324		282	469
Total liabilities		63,006		58,574
Equity [Abstract]
Additional paid-in capital		5,871		5,870
Retained earnings		5,044		5,225
Accumulated other comprehensive loss		(2,610)		(2,870)
Non-controlling interests		456		453
Total equity		6,648	8,612	6,569	$ 10,006
Revenues:
Escrow, title-related and other fees		880	1,292
Expenses:
Benefits and other changes in policy reserves		812	203
Market risk benefit losses		(59)	(70)
Depreciation and amortization		134	115
Income tax expense		14	156
Net earnings attributable to FNF common shareholders		$ (59)	$ 400
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)		$ (0.22)	$ 1.42
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)		$ (0.22)	$ 1.41
Adjustments
ASSETS
Reinsurance recoverable, net of allowance for credit losses				(170)
Goodwill				(7)
Prepaid expenses and other assets				(163)
Market risk benefits asset				117
Other intangible assets, net				(223)
Assets				(446)
Liabilities:
Contractholder funds				(390)
Future policy benefits				(902)
Accounts payable and accrued liabilities				(26)
Market risk benefits liability				282
Total liabilities				(1,036)
Equity [Abstract]
Additional paid-in capital				(6)
Retained earnings				511
Accumulated other comprehensive loss				(8)
Non-controlling interests				93
Total equity				590
Revenues:
Escrow, title-related and other fees			$ 2
Expenses:
Benefits and other changes in policy reserves			(5)
Market risk benefit losses			70
Depreciation and amortization			(67)
Income tax expense	$ 19		1
Net earnings attributable to FNF common shareholders			$ 3
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 0.01
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 0.01
As adjusted
ASSETS
Reinsurance recoverable, net of allowance for credit losses				5,418
Goodwill				4,635
Prepaid expenses and other assets				2,068
Market risk benefits asset				117
Other intangible assets, net				3,811
Assets				16,049
Liabilities:
Contractholder funds				40,843
Future policy benefits				5,021
Accounts payable and accrued liabilities				2,326
Market risk benefits liability				282
Total liabilities				48,472
Equity [Abstract]
Additional paid-in capital				5,870
Retained earnings				5,225
Accumulated other comprehensive loss				(2,870)
Non-controlling interests				453
Total equity				8,678
Revenues:
Escrow, title-related and other fees			$ 1,292
Expenses:
Benefits and other changes in policy reserves			203
Market risk benefit losses			70
Depreciation and amortization			115
Income tax expense			156
Net earnings attributable to FNF common shareholders			$ 400
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.42
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.41
As Previously Reported
ASSETS
Reinsurance recoverable, net of allowance for credit losses				5,588
Goodwill				4,642
Prepaid expenses and other assets				2,231
Market risk benefits asset				0
Other intangible assets, net				4,034
Assets				16,495
Liabilities:
Contractholder funds				41,233
Future policy benefits				5,923
Accounts payable and accrued liabilities				2,352
Market risk benefits liability				0
Total liabilities				49,508
Equity [Abstract]
Additional paid-in capital				5,876
Retained earnings				4,714
Accumulated other comprehensive loss				(2,862)
Non-controlling interests				360
Total equity				$ 8,088
Revenues:
Escrow, title-related and other fees			$ 1,290
Expenses:
Benefits and other changes in policy reserves			208
Market risk benefit losses			0
Depreciation and amortization			182
Income tax expense			155
Net earnings attributable to FNF common shareholders			$ 397
Basic
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.41
Diluted
Net earnings per share attributable to common shareholders, basic (in usd per share)			$ 1.40

Summary of Reserve for Title _3

Summary of Reserve for Title Claim Losses - Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
Change in insurance recoverable	$ 79	$ (47)
Title
Loss Contingencies [Line Items]
Beginning balance	1,810	1,883
Change in insurance recoverable	0	(1)
Claim loss provision related to:
Current year	43	84
Total title claim loss provision	43	84
Claims paid, net of recoupments related to:
Current year	(1)	(1)
Prior years	(61)	(53)
Total title claims paid, net of recoupments	(62)	(54)
Ending balance of claim loss reserve for title insurance	$ 1,791	$ 1,912
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%

Summary of Reserve for Title _4

Summary of Reserve for Title Claim Losses - Narrative (Details) - Pending Litigation - USD ($) $ in Millions	Nov. 02, 2020	Sep. 03, 2020	Jul. 07, 2020	Dec. 13, 2019
Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount				$ 250
Banc of California, National Association v. Laurie Peterson
Loss Contingencies [Line Items]
Plaintiffs claim losses amount			$ 35
Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount			$ 250
CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992
Loss Contingencies [Line Items]
Plaintiffs claim losses amount		$ 12
Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman
Loss Contingencies [Line Items]
Plaintiffs claim losses amount		$ 250
CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co.
Loss Contingencies [Line Items]
Plaintiffs claim losses amount	$ 12

Fair Value of Financial Instr_3

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed maturity securities available for sale	$ 36,110	$ 33,095
Derivative asset	432	244
Market risk benefits asset	106	117	$ 41
Total financial assets at fair value	8,229	8,286
Derivatives:
Market risk benefits liability	324	282	$ 469
Level 1
Assets
Cash and cash equivalents	2,821	2,286
Short term investments	1,315	2,590
Derivative asset	0	0
Market risk benefits asset	0	0
Total financial assets at fair value	5,542	6,210
Derivatives:
Market risk benefits liability	0	0
Total financial liabilities at fair value	0	0
Level 2
Assets
Cash and cash equivalents	0	0
Short term investments	8	0
Derivative asset	432	244
Market risk benefits asset	0	0
Total financial assets at fair value	29,002	25,720
Derivatives:
Market risk benefits liability	0	0
Total financial liabilities at fair value	0	0
Level 3
Assets
Cash and cash equivalents	0	0
Short term investments	23	0
Derivative asset	0	0
Market risk benefits asset	106	117
Total financial assets at fair value	8,229	8,286
Derivatives:
Market risk benefits liability	324	282
Total financial liabilities at fair value	3,893	3,397
NAV
Assets
Total financial assets at fair value	42	47
Fair Value
Assets
Cash and cash equivalents	2,821	2,286
Short term investments	1,346	2,590
Derivative asset	432	244
Market risk benefits asset	106	117
Total financial assets at fair value	42,815	40,263
Derivatives:
Market risk benefits liability	324	282
Total financial liabilities at fair value	3,893	3,397
Reinsurance related embedded derivative, included in other assets | Level 1
Assets
Derivative asset	0	0
Reinsurance related embedded derivative, included in other assets | Level 2
Assets
Derivative asset	260	279
Reinsurance related embedded derivative, included in other assets | Level 3
Assets
Derivative asset	0	0
Reinsurance related embedded derivative, included in other assets | Fair Value
Assets
Derivative asset	260	279
FIA/ IUL embedded derivatives, included in contractholder funds | Level 1
Derivatives:
Derivative liability	0	0
FIA/ IUL embedded derivatives, included in contractholder funds | Level 2
Derivatives:
Derivative liability	0	0
FIA/ IUL embedded derivatives, included in contractholder funds | Level 3
Derivatives:
Derivative liability	3,569	3,115
FIA/ IUL embedded derivatives, included in contractholder funds | Fair Value
Derivatives:
Derivative liability	3,569	3,115
Asset-backed securities
Assets
Fixed maturity securities available for sale	11,892	11,467
Asset-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Asset-backed securities | Level 2
Assets
Fixed maturity securities available for sale	5,592	5,204
Asset-backed securities | Level 3
Assets
Fixed maturity securities available for sale	6,300	6,263
Asset-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	11,892	11,467
Commercial mortgage-backed securities
Assets
Fixed maturity securities available for sale	3,715	3,063
Commercial mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Commercial mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	3,686	3,026
Commercial mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	29	37
Commercial mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	3,715	3,063
Corporates
Assets
Fixed maturity securities available for sale	15,831	14,337
Corporates | Level 1
Assets
Fixed maturity securities available for sale	25	40
Corporates | Level 2
Assets
Fixed maturity securities available for sale	14,262	12,857
Corporates | Level 3
Assets
Fixed maturity securities available for sale	1,544	1,440
Corporates | Fair Value
Assets
Fixed maturity securities available for sale	15,831	14,337
Hybrids
Assets
Fixed maturity securities available for sale	780	731
Hybrids | Level 1
Assets
Fixed maturity securities available for sale	97	93
Hybrids | Level 2
Assets
Fixed maturity securities available for sale	683	638
Hybrids | Level 3
Assets
Fixed maturity securities available for sale	0	0
Hybrids | Fair Value
Assets
Fixed maturity securities available for sale	780	731
Municipals | Level 1
Assets
Fixed maturity securities available for sale	0	0
Municipals | Level 2
Assets
Fixed maturity securities available for sale	1,597	1,431
Municipals | Level 3
Assets
Fixed maturity securities available for sale	32	29
Municipals | Fair Value
Assets
Fixed maturity securities available for sale	1,629	1,460
Residential mortgage-backed securities
Assets
Fixed maturity securities available for sale	1,669	1,527
Residential mortgage-backed securities | Level 1
Assets
Fixed maturity securities available for sale	0	0
Residential mortgage-backed securities | Level 2
Assets
Fixed maturity securities available for sale	1,657	1,225
Residential mortgage-backed securities | Level 3
Assets
Fixed maturity securities available for sale	12	302
Residential mortgage-backed securities | Fair Value
Assets
Fixed maturity securities available for sale	1,669	1,527
U.S. Government
Assets
Fixed maturity securities available for sale	329	271
U.S. Government | Level 1
Assets
Fixed maturity securities available for sale	318	260
U.S. Government | Level 2
Assets
Fixed maturity securities available for sale	11	11
U.S. Government | Level 3
Assets
Fixed maturity securities available for sale	0	0
U.S. Government | Fair Value
Assets
Fixed maturity securities available for sale	329	271
Foreign Governments
Assets
Fixed maturity securities available for sale	265	239
Foreign Governments | Level 1
Assets
Fixed maturity securities available for sale	0	0
Foreign Governments | Level 2
Assets
Fixed maturity securities available for sale	249	223
Foreign Governments | Level 3
Assets
Fixed maturity securities available for sale	16	16
Foreign Governments | Fair Value
Assets
Fixed maturity securities available for sale	265	239
Preferred securities
Assets
Equity and preferred securities	851	903
Preferred securities | Level 1
Assets
Equity and preferred securities	285	320
Preferred securities | Level 2
Assets
Equity and preferred securities	565	582
Preferred securities | Level 3
Assets
Equity and preferred securities	1	1
Preferred securities | Fair Value
Assets
Equity and preferred securities	851	903
Equity securities | Level 1
Assets
Equity and preferred securities	681	621
Equity securities | Level 2
Assets
Equity and preferred securities	0	0
Equity securities | Level 3
Assets
Equity and preferred securities	11	10
Equity securities | NAV
Assets
Equity and preferred securities	42	47
Equity securities | Fair Value
Assets
Equity and preferred securities	734	678
Investment in unconsolidated affiliates | Level 1
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 2
Assets
Investment in unconsolidated affiliates	0	0
Investment in unconsolidated affiliates | Level 3
Assets
Investment in unconsolidated affiliates	107	23
Investment in unconsolidated affiliates | Fair Value
Assets
Investment in unconsolidated affiliates	107	23
Other long-term investments | Level 1
Assets
Other long-term investments	0	0
Other long-term investments | Level 2
Assets
Other long-term investments	0	0
Other long-term investments | Level 3
Assets
Other long-term investments	48	48
Other long-term investments | Fair Value
Assets
Other long-term investments	$ 48	$ 48

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) $ / Contract	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 2,889	$ 2,642
Title
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in unconsolidated affiliates	$ 220	$ 187
Credit linked note | Valuation, Income Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price | $ / Contract	0

Fair Value of Financial Instr_5

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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 8,229	$ 8,286
Liabilities, fair value	3,893	3,397
FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 3,569	$ 3,115
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0	0
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0348	0.0388
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1	1
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0025	0.0025
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0200	0.0200
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0048	0.0048
Minimum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0007	0.0007
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.2831	0.2390
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0497	0.0473
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1	1
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.7000	0.7000
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.3226	0.2941
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0142	0.0144
Maximum | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0567	0.0497
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0154	0.8700
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0423	0.0431
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	1	1
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0657	0.0657
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0274	0.0273
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0131	0.0130
Weighted Average | FIA/ IUL embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative liability	0.0211	0.0189
Asset-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 6,019	$ 5,916
Asset-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 281	$ 347
Asset-backed securities | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.542	0.5285
Asset-backed securities | Minimum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.3943	0.4143
Asset-backed securities | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.8727	1.1717
Asset-backed securities | Maximum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0260	2.1050
Asset-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9386	0.9418
Asset-backed securities | Weighted Average | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.6283	0.6799
Commercial mortgage-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 12	$ 20
Commercial mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 17	$ 17
Commercial mortgage-backed securities | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9534	1.0902
Commercial mortgage-backed securities | Minimum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8226	0.7466
Commercial mortgage-backed securities | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0125	1.0902
Commercial mortgage-backed securities | Maximum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.7336	0.8848
Commercial mortgage-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9934	1.0902
Commercial mortgage-backed securities | Weighted Average | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8860	0.8274
Corporates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 682	$ 602
Corporates | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	851	826
Corporates | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 11	$ 12
Corporates | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.8024	0.7916
Corporates | Minimum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0	0
Corporates | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.4400	0.4400
Corporates | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0474	1.0253
Corporates | Maximum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0532	1.0496
Corporates | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1	1
Corporates | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9590	0.9416
Corporates | Weighted Average | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9085	0.8969
Corporates | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.7518	0.7702
Municipals | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 32	$ 29
Municipals | Minimum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0438	0.9395
Municipals | Maximum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0438	0.9395
Municipals | Weighted Average | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	1.0438	0.9395
Residential mortgage-backed securities | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 8	$ 302
Residential mortgage-backed securities | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4
Debt securities	0.9493
Residential mortgage-backed securities | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0	0
Residential mortgage-backed securities | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9838	0.9104
Residential mortgage-backed securities | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9818	0.8638
Foreign Governments | Third-Party Valuation
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 16	$ 16
Foreign Governments | Minimum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9920	0.9978
Foreign Governments | Maximum | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9944	1.0229
Foreign Governments | Weighted Average | Third-Party Valuation | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt securities	0.9928	1.0056
Short term investments | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 23
Short term investments | Minimum | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1
Short term investments | Maximum | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1
Short term investments | Weighted Average | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Short term investments	1
Preferred securities | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities		1
Preferred securities | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1
Preferred securities | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1
Preferred securities | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	1
Preferred securities | Affiliated Entity | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 1	$ 1
Equity securities | Minimum | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	7.8	5.6
Equity securities | Maximum | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	7.8	5.6
Equity securities | Weighted Average | Broker quoted/Market Comparable | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	7.8	5.6
Equity securities | Affiliated Entity | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 7	$ 6
Equity securities | Affiliated Entity | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 4	$ 4
Equity securities | Affiliated Entity | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	68.50	64.25
Equity securities | Affiliated Entity | Minimum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1116	0.1110
Equity securities | Affiliated Entity | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	68.50	64.25
Equity securities | Affiliated Entity | Maximum | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1116	0.1110
Equity securities | Affiliated Entity | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	68.50	64.25
Equity securities | Affiliated Entity | Weighted Average | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Preferred/Equity securities	0.1116	0.1110
Available-for-sale embedded derivative | Black Scholes model
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 25	$ 23
Available-for-sale embedded derivative | Black Scholes model | Market value of fund
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Embedded derivative asset	1	1
Secured borrowing receivable | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 10	$ 10
Secured borrowing receivable | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1	1
Secured borrowing receivable | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1	1
Secured borrowing receivable | Weighted Average | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Secured borrowing receivable	1	1
Credit linked note | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 13	$ 15
Credit linked note | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Credit Linked Note	0.9623	0.9623
Investment in unconsolidated affiliates | Broker quoted/Market Comparable
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 107	$ 23
Investment in unconsolidated affiliates | Minimum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	5
Investment in unconsolidated affiliates | Minimum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate		5
Investment in unconsolidated affiliates | Maximum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	14
Investment in unconsolidated affiliates | Maximum | Broker quoted/Market Comparable | Offered quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate		5.50
Investment in unconsolidated affiliates | Weighted Average | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment in affiliate	12.1
Market risk benefits asset | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Assets, fair value	$ 106	$ 117
Market risk benefits asset | Minimum | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits asset | Minimum | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits asset | Minimum | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0048	0.0048
Market risk benefits asset | Minimum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits asset | Minimum | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5000	0.5000
Market risk benefits asset | Maximum | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.1000	0.1000
Market risk benefits asset | Maximum | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2174	0.2174
Market risk benefits asset | Maximum | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0142	0.0144
Market risk benefits asset | Maximum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits asset | Maximum | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.6000	0.6000
Market risk benefits asset | Weighted Average | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0503	0.0469
Market risk benefits asset | Weighted Average | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0249	0.0249
Market risk benefits asset | Weighted Average | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0131	0.0130
Market risk benefits asset | Weighted Average | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits asset | Weighted Average | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5089	0.5094
Market risk benefits liability | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Liabilities, fair value	$ 324	$ 282
Market risk benefits liability | Minimum | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0025	0.0025
Market risk benefits liability | Minimum | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0200	0.0200
Market risk benefits liability | Minimum | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0048	0.0048
Market risk benefits liability | Minimum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits liability | Minimum | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0048	0.5000
Market risk benefits liability | Maximum | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.1000	0.1000
Market risk benefits liability | Maximum | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.2174	0.2174
Market risk benefits liability | Maximum | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0142	0.0144
Market risk benefits liability | Maximum | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits liability | Maximum | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0142	0.6000
Market risk benefits liability | Weighted Average | Discounted cash flow | Surrender rates
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0503	0.0469
Market risk benefits liability | Weighted Average | Discounted cash flow | Partial withdrawals
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0249	0.0249
Market risk benefits liability | Weighted Average | Discounted cash flow | Non-performance spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.0131	0.0130
Market risk benefits liability | Weighted Average | Discounted cash flow | Mortality
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	1	1
Market risk benefits liability | Weighted Average | Discounted cash flow | GMWB utilization
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market risk benefit	0.5089	0.5094

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fixed maturity securities available-for-sale:
Assets, Total Gains (Losses) Included in Earnings	$ (8)	$ (4)
Assets, Total Gains (Losses) Included in AOCI	9	(218)
Assets, Purchases	677	501
Assets, Sales	(83)	0
Assets, Settlements	(250)	(179)
Assets, Net transfer In (Out) of Level 3	(391)	(204)
Change in Unrealized Gains (Losses) Incl in OCI	9	(221)
Liabilities
Liabilities, Total Gains (Losses) Included in Earnings	385	(584)
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	96	126
Liabilities, Sales	0	0
Liabilities, Settlements	(27)	(30)
Liabilities, Net transfer In (Out) of Level 3	$ 0	0
Change in Unrealized Gains (Losses) Included in OCI		$ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Recognized gains and losses, net	Recognized gains and losses, net
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	$ 8,286	$ 5,641
Balance at End of Period	8,229	5,525
Liabilities
Balance at Beginning of Period	3,397	4,352
Balance at End of Period	3,893	3,881
FIA/ IUL embedded derivatives, included in contractholder funds
Liabilities
Balance at Beginning of Period	3,115	3,883
Liabilities, Total Gains (Losses) Included in Earnings	385	(584)
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	96	126
Liabilities, Sales	0	0
Liabilities, Settlements	(27)	(30)
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	3,569	3,395
Change in Unrealized Gains (Losses) Included in OCI	0	0
Asset-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	6,263	3,959
Assets, Total Gains (Losses) Included in Earnings	(8)	0
Assets, Total Gains (Losses) Included in AOCI	18	(130)
Assets, Purchases	416	400
Assets, Sales	(83)	0
Assets, Settlements	(235)	(152)
Assets, Net transfer In (Out) of Level 3	(71)	84
Balance at End of Period	6,300	4,161
Change in Unrealized Gains (Losses) Incl in OCI	18	(138)
Commercial mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	37	35
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	1	(2)
Assets, Purchases	12	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	(21)	7
Balance at End of Period	29	40
Change in Unrealized Gains (Losses) Incl in OCI	1	(2)
Corporates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	1,440	1,135
Assets, Total Gains (Losses) Included in Earnings	(1)	0
Assets, Total Gains (Losses) Included in AOCI	(23)	(74)
Assets, Purchases	133	80
Assets, Sales	0	0
Assets, Settlements	(5)	(26)
Assets, Net transfer In (Out) of Level 3	0	26
Balance at End of Period	1,544	1,141
Change in Unrealized Gains (Losses) Incl in OCI	(23)	(73)
Municipals
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	29	43
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	3	(6)
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	32	37
Change in Unrealized Gains (Losses) Incl in OCI	3	(5)
Residential mortgage-backed securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	302
Assets, Total Gains (Losses) Included in Earnings	1
Assets, Total Gains (Losses) Included in AOCI	8
Assets, Purchases	8
Assets, Sales	0
Assets, Settlements	(8)
Assets, Net transfer In (Out) of Level 3	(299)
Balance at End of Period	12
Change in Unrealized Gains (Losses) Incl in OCI	8
Foreign Governments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	16	18
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(1)
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	16	17
Change in Unrealized Gains (Losses) Incl in OCI	0	(1)
Investment in unconsolidated affiliates
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	23	21
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	84	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	107	21
Change in Unrealized Gains (Losses) Incl in OCI	0	0
Short term investments
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	0	321
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(1)
Assets, Purchases	23	20
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	(321)
Balance at End of Period	23	19
Change in Unrealized Gains (Losses) Incl in OCI	0	(1)
Preferred securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	1	2
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(1)
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	1	1
Change in Unrealized Gains (Losses) Incl in OCI	0	(1)
Equity securities
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	10	9
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	1	1
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	11	10
Change in Unrealized Gains (Losses) Incl in OCI	0	0
Available-for-sale embedded derivative
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	23	34
Assets, Total Gains (Losses) Included in Earnings	0	(4)
Assets, Total Gains (Losses) Included in AOCI	2	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	25	30
Change in Unrealized Gains (Losses) Incl in OCI	2	0
Credit linked note
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	15	23
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	(3)
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	(2)	(1)
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	13	19
Change in Unrealized Gains (Losses) Incl 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 Gains (Losses) Incl in OCI	0
Subtotal Level 3 assets at fair value | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	8,169	5,600
Balance at End of Period	8,123	5,496
Market risk benefits asset
Fixed maturity securities available-for-sale:
Balance at End of Period	106
Market risk benefits asset | Level 3
Fixed maturity securities available-for-sale:
Balance at Beginning of Period	117	41
Balance at End of Period		29
Subtotal Level 3 liabilities at fair value
Liabilities
Change in Unrealized Gains (Losses) Included in OCI	0
Subtotal Level 3 liabilities at fair value | Level 3
Liabilities
Balance at Beginning of Period	3,115	3,883
Balance at End of Period	3,569	3,395
Market risk benefits liability | Level 3
Liabilities
Balance at Beginning of Period	282	469
Balance at End of Period	$ 324	$ 486

Fair Value of Financial Instr_7

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, 2023	Dec. 31, 2022
Assets
Investments in unconsolidated affiliates	$ 2,889	$ 2,642
Trade and notes receivables, net of allowance	428	467
Total
Total Estimated Fair Value
Assets
FHLB common stock	106	99
Commercial mortgage loans	2,178	2,083
Residential mortgage loans	2,323	1,892
Investments in unconsolidated affiliates	2,562	2,432
Policy loans	55	52
Other invested assets	102	109
Company-owned life insurance	381	363
Trade and notes receivables, net of allowance	428	467
Total	8,135	7,497
Liabilities
Investment contracts, included in contractholder funds	36,117	34,464
Debt	3,308	2,776
Total	39,425	37,240
Carrying Value
Assets
FHLB common stock	106	99
Commercial mortgage loans	2,458	2,406
Residential mortgage loans	2,526	2,148
Investments in unconsolidated affiliates	2,562	2,432
Policy loans	55	52
Other invested assets	102	109
Company-owned life insurance	381	363
Trade and notes receivables, net of allowance	428	467
Total	8,618	8,076
Liabilities
Investment contracts, included in contractholder funds	39,809	38,412
Debt	3,696	3,238
Total	43,505	41,650
Level 1
Assets
FHLB common stock	0	0
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	91	93
Company-owned life insurance	0	0
Trade and notes receivables, net of allowance	0	0
Total	91	93
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	0	0
Total	0	0
Level 2
Assets
FHLB common stock	106	99
Commercial mortgage loans	0	0
Residential mortgage loans	0	0
Investments in unconsolidated affiliates	0	0
Policy loans	0	0
Other invested assets	0	0
Company-owned life insurance	0	0
Trade and notes receivables, net of allowance	0	0
Total	106	99
Liabilities
Investment contracts, included in contractholder funds	0	0
Debt	3,308	2,776
Total	3,308	2,776
Level 3
Assets
FHLB common stock	0	0
Commercial mortgage loans	2,178	2,083
Residential mortgage loans	2,323	1,892
Investments in unconsolidated affiliates	4	5
Policy loans	55	52
Other invested assets	11	16
Company-owned life insurance	381	363
Trade and notes receivables, net of allowance	428	467
Total	5,380	4,878
Liabilities
Investment contracts, included in contractholder funds	36,117	34,464
Debt	0	0
Total	36,117	34,464
NAV
Assets
Investments in unconsolidated affiliates	2,558	2,427
Total	$ 2,558	$ 2,427

Investments - Consolidated Inve

Investments - Consolidated Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Available-for-sale securities
Amortized Cost	$ 40,219	$ 37,708
Allowance for Expected Credit Losses	(20)	(39)
Gross Unrealized Gains	146	98
Gross Unrealized Losses	(4,235)	(4,672)
Fair Value/Carrying Value	36,110	33,095
Asset-backed securities
Available-for-sale securities
Amortized Cost	12,620	12,209
Allowance for Expected Credit Losses	(10)	(8)
Gross Unrealized Gains	43	36
Gross Unrealized Losses	(761)	(770)
Fair Value/Carrying Value	11,892	11,467
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	4,048	3,337
Allowance for Expected Credit Losses	0	(1)
Gross Unrealized Gains	3	11
Gross Unrealized Losses	(336)	(284)
Fair Value/Carrying Value	3,715	3,063
Corporates
Available-for-sale securities
Amortized Cost	18,426	17,396
Allowance for Expected Credit Losses	(3)	(22)
Gross Unrealized Gains	64	32
Gross Unrealized Losses	(2,656)	(3,069)
Fair Value/Carrying Value	15,831	14,337
Hybrids
Available-for-sale securities
Amortized Cost	853	806
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	9	9
Gross Unrealized Losses	(82)	(84)
Fair Value/Carrying Value	780	731
Municipals
Available-for-sale securities
Amortized Cost	1,850	1,749
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	13	4
Gross Unrealized Losses	(234)	(293)
Fair Value/Carrying Value	1,629	1,460
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	1,770	1,638
Allowance for Expected Credit Losses	(7)	(8)
Gross Unrealized Gains	13	6
Gross Unrealized Losses	(107)	(109)
Fair Value/Carrying Value	1,669	1,527
U.S. Government
Available-for-sale securities
Amortized Cost	341	287
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(12)	(16)
Fair Value/Carrying Value	329	271
Foreign Governments
Available-for-sale securities
Amortized Cost	311	286
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1	0
Gross Unrealized Losses	(47)	(47)
Fair Value/Carrying Value	$ 265	$ 239

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Accrued interest receivable	$ 413,000,000		$ 365,000,000
FHLB collateral pledged	3,830,000,000		3,387,000,000
Fixed maturity securities, available-for-sale securities, allowance for credit losses	20,000,000		39,000,000
Allowance for credit loss for securities in an unrealized loss position	$ 0
DSC ratio, amortization period	25 years
Non-accrual loans	$ 72,000,000		71,000,000
Reinsurance agreement, recognized (losses) gains	$ (22,000,000)	$ 128,000,000
United States
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, location percentage	100%
Commercial mortgage loans
Debt Securities, Available-for-sale [Line Items]
Commercial mortgage loans, percentage of investments	6%
Non-accrual loans	$ 9,000,000		$ 9,000,000
Commercial mortgage loans | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Allowance for expected credit loss, probability of loss/default model, projected loss, using reasonable forecast period	2 years
Allowance for credit loss, probability of loss/default, using market historical loss experience, period	3 years
Residential mortgage loans
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, percentage of total investments	6%		5%
Non-accrual loans	$ 63,000,000		$ 62,000,000
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
90 Days or more past due | Mortgage loans
Debt Securities, Available-for-sale [Line Items]
Loans in process of foreclosure	$ 32,000,000		38,000,000
Fixed maturity securities, available-for-sale
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 18,876,000,000		$ 17,870,000,000

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Amortized Cost	$ 40,219	$ 37,708
Fair Value
Total fixed maturity available-for-sale securities, Fair Value	36,110	33,095
Other securities, which provide for periodic payments:
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	18,464	17,210
Fair Value
Other securities which provide for periodic payments, Fair Value	17,302	16,083
Corporates, Non-structured Hybrids, Municipal and Government securities:
Amortized Cost
Due in one year or less	586	536
Due after one year through five years	3,921	3,288
Due after five years through ten years	2,265	2,171
Due after ten years	14,983	14,503
Subtotal, Amortized Cost	21,755	20,498
Fair Value
Due in one year or less	574	527
Due after one year through five years	3,745	3,089
Due after five years through ten years	2,079	1,939
Due after ten years	12,410	11,457
Subtotal, Fair Value	18,808	17,012
Asset-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	12,620	12,209
Amortized Cost	12,620	12,209
Fair Value
Other securities which provide for periodic payments, Fair Value	11,892	11,467
Total fixed maturity available-for-sale securities, Fair Value	11,892	11,467
Commercial mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	4,048	3,337
Amortized Cost	4,048	3,337
Fair Value
Other securities which provide for periodic payments, Fair Value	3,715	3,063
Total fixed maturity available-for-sale securities, Fair Value	3,715	3,063
Structured hybrids
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	26	26
Fair Value
Other securities which provide for periodic payments, Fair Value	26	26
Residential mortgage-backed securities
Amortized Cost
Other securities which provide for periodic payments, Amortized Cost	1,770	1,638
Fair Value
Other securities which provide for periodic payments, Fair Value	$ 1,669	$ 1,527

Investments - Fair Value and Gr

Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 14,686	$ 21,860
Gross Unrealized Losses Less than 12 months	(911)	(2,667)
Fair Value, 12 Months or longer	16,466	8,463
Gross Unrealized Losses, 12 months or longer	(3,310)	(1,964)
Total Fair Value	31,152	30,323
Total Gross Unrealized Losses	$ (4,221)	$ (4,631)
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security	2,402	3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security	2,270	1,296
Total number of available-for-sale securities in an unrealized loss position | security	4,672	4,410
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 5,347	$ 7,001
Gross Unrealized Losses Less than 12 months	(307)	(410)
Fair Value, 12 Months or longer	4,520	3,727
Gross Unrealized Losses, 12 months or longer	(448)	(360)
Total Fair Value	9,867	10,728
Total Gross Unrealized Losses	(755)	(770)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	2,249	2,079
Gross Unrealized Losses Less than 12 months	(122)	(169)
Fair Value, 12 Months or longer	1,236	475
Gross Unrealized Losses, 12 months or longer	(214)	(116)
Total Fair Value	3,485	2,554
Total Gross Unrealized Losses	(336)	(285)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	5,501	9,913
Gross Unrealized Losses Less than 12 months	(392)	(1,735)
Fair Value, 12 Months or longer	8,553	3,523
Gross Unrealized Losses, 12 months or longer	(2,263)	(1,330)
Total Fair Value	14,054	13,436
Total Gross Unrealized Losses	(2,655)	(3,065)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	346	628
Gross Unrealized Losses Less than 12 months	(29)	(83)
Fair Value, 12 Months or longer	321	3
Gross Unrealized Losses, 12 months or longer	(53)	(1)
Total Fair Value	667	631
Total Gross Unrealized Losses	(82)	(84)
Municipals
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	483	998
Gross Unrealized Losses Less than 12 months	(37)	(180)
Fair Value, 12 Months or longer	907	352
Gross Unrealized Losses, 12 months or longer	(196)	(113)
Total Fair Value	1,390	1,350
Total Gross Unrealized Losses	(233)	(293)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	708	992
Gross Unrealized Losses Less than 12 months	(22)	(51)
Fair Value, 12 Months or longer	540	184
Gross Unrealized Losses, 12 months or longer	(81)	(22)
Total Fair Value	1,248	1,176
Total Gross Unrealized Losses	(103)	(73)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	29	130
Gross Unrealized Losses Less than 12 months	0	(7)
Fair Value, 12 Months or longer	206	140
Gross Unrealized Losses, 12 months or longer	(11)	(8)
Total Fair Value	235	270
Total Gross Unrealized Losses	(11)	(15)
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	23	119
Gross Unrealized Losses Less than 12 months	(2)	(32)
Fair Value, 12 Months or longer	183	59
Gross Unrealized Losses, 12 months or longer	(44)	(14)
Total Fair Value	206	178
Total Gross Unrealized Losses	$ (46)	$ (46)

Investments - Schedule of Comme

Investments - Schedule of Commercial Mortgage Loan Investment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Allowance for credit loss	$ (60)	$ (42)	$ (32)	$ (31)
Total mortgage loans	4,984	4,554
Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	2,470	2,416
Allowance for credit loss	(12)	(10)	$ (6)	$ (6)
Total mortgage loans	$ 2,458	$ 2,406
% of Total	100%	100%
East North Central US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 177	$ 151
% of Total	7%	6%
East South Central [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 76	$ 76
% of Total	3%	3%
Middle Atlantic US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 325	$ 326
% of Total	13%	13%
Mountain [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 354	$ 355
% of Total	14%	15%
New England [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 164	$ 158
% of Total	7%	7%
Pacific US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 700	$ 708
% of Total	28%	28%
South Atlantic US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 553	$ 521
% of Total	22%	22%
West North Central US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 4	$ 4
% of Total	1%	1%
West South Central US [Member] | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 117	$ 117
% of Total	5%	5%
Hotel | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 18	$ 18
% of Total	1%	1%
Industrial | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 538	$ 520
% of Total	22%	22%
Mixed Use Property | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 12	$ 12
% of Total	1%	1%
Multifamily | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 1,013	$ 1,013
% of Total	41%	42%
Office | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 329	$ 330
% of Total	13%	14%
Retail | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 104	$ 105
% of Total	4%	4%
Student Housing | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 83	$ 83
% of Total	3%	3%
Other | Commercial mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 373	$ 335
% of Total	15%	13%

Investments -Commercial Mortgag

Investments -Commercial Mortgage Loans Segregated By Risk (Details) - Commercial mortgage loans - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Credit Quality Indicator Current Year [Abstract]
Total	$ 2,470	$ 2,416
Credit Quality Indicator Prior Year [Abstract]
Total	2,470	2,416
Term Loans
Credit Quality Indicator Current Year [Abstract]
2023	53	350
2022	354	1,300
2021	1,301	488
2020	486	0
2019	0	0
Prior	276	278
Total	2,470	2,416
Credit Quality Indicator Prior Year [Abstract]
2022	53	350
2021	354	1,300
2020	1,301	488
2019	486	0
2018	0	0
Prior	276	278
Total	2,470	2,416
Current (less than 30 days past due) | Term Loans
Credit Quality Indicator Current Year [Abstract]
2023	53	350
2022	354	1,300
2021	1,301	488
2020	486	0
2019	0	0
Prior	267	269
Total	2,461	2,407
Credit Quality Indicator Prior Year [Abstract]
2022	53	350
2021	354	1,300
2020	1,301	488
2019	486	0
2018	0	0
Prior	267	269
Total	2,461	2,407
30-89 days past due | Term Loans
Credit Quality Indicator Current Year [Abstract]
2023	0	0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Prior	0	0
Total	0	0
Credit Quality Indicator Prior Year [Abstract]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	0	0
Total	0	0
90 Days or more past due | Term Loans
Credit Quality Indicator Current Year [Abstract]
2023	0	0
2022	0	0
2021	0	0
2020	0	0
2019	0	0
Prior	9	9
Total	9	9
Credit Quality Indicator Prior Year [Abstract]
2022	0	0
2021	0	0
2020	0	0
2019	0	0
2018	0	0
Prior	9	9
Total	$ 9	$ 9

Investments - Schedule of Inves

Investments - Schedule of Investment in CMLs by Loan to Value and Debt Service Coverage Ratios (Details) - Commercial mortgage loans - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Loans	$ 2,456	$ 2,407
% of Total	100%	100%
Loans under development, amortized cost	$ 9	$ 9
Loans under development, fair value	9	9
Credit Quality Indicator Current Year [Abstract]
2023	54	341
2022	340	1,300
2021	1,301	488
2020	486	0
2019	0	0
Prior	275	278
Total	2,456	2,407
Credit Quality Indicator Prior Year [Abstract]
2022	54	341
2021	340	1,300
2020	1,301	488
2019	486	0
2018	0	0
Prior	275	278
Total	2,456	2,407
Fair Value
Schedule of Investments [Line Items]
Loans	$ 2,165	$ 2,074
% of Total	100%	100%
Credit Quality Indicator Current Year [Abstract]
Total	$ 2,165	$ 2,074
Credit Quality Indicator Prior Year [Abstract]
Total	2,165	2,074
Less than 50.00%
Schedule of Investments [Line Items]
Loans	$ 526	$ 526
% of Total	21%	22%
Credit Quality Indicator Current Year [Abstract]
2023	$ 4	$ 70
2022	69	120
2021	120	207
2020	206	0
2019		0
Prior	127	129
Total	526	526
Credit Quality Indicator Prior Year [Abstract]
2022	4	70
2021	69	120
2020	120	207
2019	206	0
2018		0
Prior	127	129
Total	526	526
Less than 50.00% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 493	$ 490
% of Total	23%	24%
Credit Quality Indicator Current Year [Abstract]
Total	$ 493	$ 490
Credit Quality Indicator Prior Year [Abstract]
Total	493	490
50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	$ 732	$ 706
% of Total	30%	29%
Credit Quality Indicator Current Year [Abstract]
2023	$ 27	$ 149
2022	149	268
2021	268	158
2020	158	0
2019		0
Prior	130	131
Total	732	706
Credit Quality Indicator Prior Year [Abstract]
2022	27	149
2021	149	268
2020	268	158
2019	158	0
2018		0
Prior	130	131
Total	732	706
50.00% to 59.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 653	$ 615
% of Total	30%	30%
Credit Quality Indicator Current Year [Abstract]
Total	$ 653	$ 615
Credit Quality Indicator Prior Year [Abstract]
Total	653	615
60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	$ 1,178	$ 1,157
% of Total	48%	48%
Credit Quality Indicator Current Year [Abstract]
2023	$ 20	$ 113
2022	113	912
2021	913	123
2020	122	0
2019		0
Prior	10	9
Total	1,178	1,157
Credit Quality Indicator Prior Year [Abstract]
2022	20	113
2021	113	912
2020	913	123
2019	122	0
2018		0
Prior	10	9
Total	1,178	1,157
60.00% to 74.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 1,002	$ 955
% of Total	46%	45%
Credit Quality Indicator Current Year [Abstract]
Total	$ 1,002	$ 955
Credit Quality Indicator Prior Year [Abstract]
Total	1,002	955
75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	$ 20	$ 18
% of Total	1%	1%
Credit Quality Indicator Current Year [Abstract]
2023	$ 3	$ 9
2022	9	0
2021	0	0
2020	0	0
2019		0
Prior	8	9
Total	20	18
Credit Quality Indicator Prior Year [Abstract]
2022	3	9
2021	9	0
2020	0	0
2019	0	0
2018		0
Prior	8	9
Total	20	18
75.00% to 84.99% | Fair Value
Schedule of Investments [Line Items]
Loans	$ 17	$ 14
% of Total	1%	1%
Credit Quality Indicator Current Year [Abstract]
Total	$ 17	$ 14
Credit Quality Indicator Prior Year [Abstract]
Total	17	14
Greater than 1.25
Schedule of Investments [Line Items]
Loans	2,413	2,371
Credit Quality Indicator Current Year [Abstract]
2023	47	329
2022	328	1,300
2021	1,301	488
2020	486	0
2019		0
Prior	251	254
Total	2,413	2,371
Credit Quality Indicator Prior Year [Abstract]
2022	47	329
2021	328	1,300
2020	1,301	488
2019	486	0
2018		0
Prior	251	254
Total	2,413	2,371
Greater than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	511	511
Credit Quality Indicator Current Year [Abstract]
Total	511	511
Credit Quality Indicator Prior Year [Abstract]
Total	511	511
Greater than 1.25 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	732	706
Credit Quality Indicator Current Year [Abstract]
Total	732	706
Credit Quality Indicator Prior Year [Abstract]
Total	732	706
Greater than 1.25 | 60.00% to 74.99%
Schedule of Investments [Line Items]
Loans	1,170	1,154
Credit Quality Indicator Current Year [Abstract]
Total	1,170	1,154
Credit Quality Indicator Prior Year [Abstract]
Total	1,170	1,154
Greater than 1.25 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	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]
Loans	14	7
Credit Quality Indicator Current Year [Abstract]
2023	7	3
2022	3	0
2021	0	0
2020	0	0
2019		0
Prior	4	4
Total	14	7
Credit Quality Indicator Prior Year [Abstract]
2022	7	3
2021	3	0
2020	0	0
2019	0	0
2018		0
Prior	4	4
Total	14	7
Greater than 1.00 but less than 1.25 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	4	4
Credit Quality Indicator Current Year [Abstract]
Total	4	4
Credit Quality Indicator Prior Year [Abstract]
Total	4	4
Greater than 1.00 but less than 1.25 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	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]
Loans	8	3
Credit Quality Indicator Current Year [Abstract]
Total	8	3
Credit Quality Indicator Prior Year [Abstract]
Total	8	3
Greater than 1.00 but less than 1.25 | 75.00% to 84.99%
Schedule of Investments [Line Items]
Loans	2	0
Credit Quality Indicator Current Year [Abstract]
Total	2	0
Credit Quality Indicator Prior Year [Abstract]
Total	2	0
Less than 1.00
Schedule of Investments [Line Items]
Loans	29	29
Credit Quality Indicator Current Year [Abstract]
2023	0	9
2022	9	0
2021	0	0
2020	0	0
2019		0
Prior	20	20
Total	29	29
Credit Quality Indicator Prior Year [Abstract]
2022	0	9
2021	9	0
2020	0	0
2019	0	0
2018		0
Prior	20	20
Total	29	29
Less than 1.00 | Less than 50.00%
Schedule of Investments [Line Items]
Loans	11	11
Credit Quality Indicator Current Year [Abstract]
Total	11	11
Credit Quality Indicator Prior Year [Abstract]
Total	11	11
Less than 1.00 | 50.00% to 59.99%
Schedule of Investments [Line Items]
Loans	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]
Loans	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]
Loans	18	18
Credit Quality Indicator Current Year [Abstract]
Total	18	18
Credit Quality Indicator Prior Year [Abstract]
Total	$ 18	$ 18

Investments - Distribution of R

Investments - Distribution of Residential Mortgage Loans by State (Details) - Residential mortgage loans - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 2,574	$ 2,180
% of Total	100%	100%
Florida
Schedule of Investments [Line Items]
Amortized Cost	$ 236	$ 324
% of Total	9%	15%
Texas
Schedule of Investments [Line Items]
Amortized Cost	$ 181	$ 215
% of Total	7%	10%
New Jersey
Schedule of Investments [Line Items]
Amortized Cost	$ 167	$ 172
% of Total	6%	8%
Pennsylvania
Schedule of Investments [Line Items]
Amortized Cost		$ 153
% of Total		7%
California
Schedule of Investments [Line Items]
Amortized Cost	$ 157	$ 139
% of Total	6%	6%
NEW YORK
Schedule of Investments [Line Items]
Amortized Cost	$ 155	$ 138
% of Total	6%	6%
Georgia
Schedule of Investments [Line Items]
Amortized Cost		$ 125
% of Total		6%
All other states
Schedule of Investments [Line Items]
Amortized Cost	$ 1,678	$ 914
% of Total	66%	42%

Investments - Schedule of Resid

Investments - Schedule of Residential Mortgage Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Allowance for credit loss	$ (60)	$ (42)	$ (32)	$ (31)
Total mortgage loans	4,984	4,554
Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,574	$ 2,180
% of Total	100%	100%
Allowance for credit loss	$ (48)	$ (32)	$ (26)	$ (25)
Allowance for expected credit loss, % of Total	0%	0%
Total mortgage loans	$ 2,526	$ 2,148
Total residential mortgage loans, net of valuation allowance, % of Total	100%	100%
Performing Financial Instruments | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 2,511	$ 2,118
% of Total	98%	97%
Nonperforming Financial Instruments | Residential mortgage loans
Schedule of Investments [Line Items]
Amortized Cost	$ 63	$ 62
% of Total	2%	3%

Investments - Schedule of Res_2

Investments - Schedule of Residential Loans Segregated by Risk Rating Exposure and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	$ 72	$ 71
Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2023	35	771
2022	956	900
2021	915	229
2020	225	223
2019	231	24
Prior	212	33
Credit Quality Indicator Prior Year [Abstract]
2022	35	771
2021	956	900
2020	915	229
2019	225	223
2018	231	24
Prior	212	33
Total	2,574	2,180
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	63	62
Commercial mortgage loans
Credit Quality Indicator Current Year [Abstract]
Total	2,456	2,407
Credit Quality Indicator Prior Year [Abstract]
Total	2,470	2,416
Amortized Cost of Non-Accrual Loans [Abstract]
Amortized cost of loans on non-accrual	9	9
Current (less than 30 days past due) | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2023	35	766
2022	950	884
2021	889	214
2020	209	185
2019	199	23
Prior	209	33
Credit Quality Indicator Prior Year [Abstract]
2022	35	766
2021	950	884
2020	889	214
2019	209	185
2018	199	23
Prior	209	33
Total	2,491	2,105
30-89 days past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2023	0	2
2022	3	7
2021	8	0
2020	3	4
2019	4	0
Prior	2	0
Credit Quality Indicator Prior Year [Abstract]
2022	0	2
2021	3	7
2020	8	0
2019	3	4
2018	4	0
Prior	2	0
Total	20	13
90 Days or more past due | Residential mortgage loans
Credit Quality Indicator Current Year [Abstract]
2023	0	3
2022	3	9
2021	18	15
2020	13	34
2019	28	1
Prior	1	0
Credit Quality Indicator Prior Year [Abstract]
2022	0	3
2021	3	9
2020	18	15
2019	13	34
2018	28	1
Prior	1	0
Total	$ 63	$ 62

Investments - Changes in Allowa

Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning Balance	$ 42	$ 31
Provision for loan losses	18	1
Ending Balance	60	32
Residential mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning Balance	32	25
Provision for loan losses	16	1
Ending Balance	48	26
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Beginning Balance	10	6
Provision for loan losses	2	0
Ending Balance	$ 12	$ 6

Investments - Interest and Inve

Investments - Interest and Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Investments [Line Items]
Gross investment income	$ 673	$ 524
Investment expense	(62)	(46)
Interest and investment income	611	478
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	447	332
Equity securities
Schedule of Investments [Line Items]
Gross investment income	8	8
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	13	15
Mortgage loans
Schedule of Investments [Line Items]
Gross investment income	51	39
Invested cash and short-term investments
Schedule of Investments [Line Items]
Gross investment income	33	5
Limited partnerships
Schedule of Investments [Line Items]
Gross investment income	57	113
Tax deferred property exchange income
Schedule of Investments [Line Items]
Gross investment income	45	3
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 19	$ 9

Investments - Recognized Gains

Investments - Recognized Gains (Losses), net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Investments [Line Items]
Net realized losses on fixed maturity available-for-sale securities	$ (50)	$ (36)
Realized losses on other invested assets	(5)	(1)
Change in allowance for expected credit losses	(4)	(4)
Realized (losses) gains on certain derivative instruments	(89)	50
Unrealized gains (losses) on certain derivative instruments	147	(358)
Change in fair value of other derivatives and embedded derivatives	2	(3)
Realized gains (losses) on derivatives and embedded derivatives	41	(189)
Recognized gains and losses, net	5	(469)
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities
Schedule of Investments [Line Items]
Change in fair value of reinsurance related embedded derivatives	(19)	122
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on securities	33	(148)
Valuation losses	46	166
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized (losses) gains on securities	(10)	(91)
Valuation losses	$ 35	$ 90

Investments - Proceeds From the

Investments - Proceeds From the Sale of Fixed-Maturity Available-For-Sale Securities (Details) - Total fixed maturities - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds	$ 489	$ 1,052
Gross gains	1	3
Gross losses	$ (51)	$ (39)

Investments - VIE (Details)

Investments - VIE (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Carrying Value	$ 19,448	$ 18,107
Maximum Loss Exposure	22,858	21,434
Limited Partnerships
Schedule of Investments [Line Items]
Carrying Value	2,558	2,427
Maximum Loss Exposure	4,268	4,030
Fixed Maturity Securities
Schedule of Investments [Line Items]
Carrying Value	16,890	15,680
Maximum Loss Exposure	$ 18,590	$ 17,404

Investments - Schedule of Inv_2

Investments - Schedule of Investment Concentrations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Blackstone Wave Asset Holdco | Stockholders' Equity | Investment Risk Concentration
Schedule of Investments [Line Items]
Investment owned, at fair value	$ 760

Derivative Financial Instrume_3

Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total asset derivatives	$ 717	$ 546
Total liability derivatives	3,569	3,115
Derivative investments | Call options
Derivative [Line Items]
Total asset derivatives	432	244
Other long-term investments | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	25	23
Prepaid expenses and other assets | Embedded derivatives
Derivative [Line Items]
Total asset derivatives	260	279
Contractholder funds | FIA/ IUL embedded derivatives, included in contractholder funds
Derivative [Line Items]
Total liability derivatives	$ 3,569	$ 3,115

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Call options
Derivative [Line Items]
Change in fair value of derivatives	$ 55	$ (314)
Futures contracts
Derivative [Line Items]
Change in fair value of derivatives	5	3
Foreign currency forwards
Derivative [Line Items]
Change in fair value of derivatives	(1)	3
Other embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	1	(3)
Reinsurance related embedded derivatives
Derivative [Line Items]
Change in fair value of derivatives	(19)	122
Total net investment gains (losses)
Derivative [Line Items]
Change in fair value of derivatives	41	(189)
FIA/ IUL embedded derivatives (decrease) increase
Derivative [Line Items]
Change in fair value of derivatives	$ 454	$ (488)

Derivative Financial Instrume_5

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($) contract
All Counterparties Except Merrill Lynch
Derivative [Line Items]
Counterparties, collateral required threshold	0%
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	$ 351	$ 219
Maximum amount of loss due to credit risk	83	33
Call options | Derivatives for Trading and Investment | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	351	219
Maximum amount of loss due to credit risk	83	33
Call options | Cash and Cash Equivalents | Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	$ 290	$ 178
Futures contracts
Derivative [Line Items]
Number of instruments held | contract	404,000,000	409,000,000
Collateral held	$ 4	$ 3

Derivative Financial Instrume_6

Derivative Financial Instruments - Exposure to Credit Loss on Call Options Held (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value	$ 717	$ 546
Not Designated as Hedging Instrument | Call options
Derivatives, Fair Value [Line Items]
Notional Amount	24,348	23,297
Fair Value	432	244
Collateral	351	219
Net Credit Risk	83	33
Not Designated as Hedging Instrument | Call options | Merrill Lynch
Derivatives, Fair Value [Line Items]
Notional Amount	3,834	3,563
Fair Value	44	23
Collateral	0	0
Net Credit Risk	44	23
Not Designated as Hedging Instrument | Call options | Morgan Stanley
Derivatives, Fair Value [Line Items]
Notional Amount	2,038	1,699
Fair Value	22	14
Collateral	24	19
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Barclay's Bank
Derivatives, Fair Value [Line Items]
Notional Amount	5,939	6,049
Fair Value	106	65
Collateral	95	59
Net Credit Risk	11	6
Not Designated as Hedging Instrument | Call options | Canadian Imperial Bank of Commerce
Derivatives, Fair Value [Line Items]
Notional Amount	6,006	5,169
Fair Value	129	68
Collateral	113	64
Net Credit Risk	16	4
Not Designated as Hedging Instrument | Call options | Wells Fargo
Derivatives, Fair Value [Line Items]
Notional Amount	1,270	1,361
Fair Value	31	17
Collateral	29	17
Net Credit Risk	2	0
Not Designated as Hedging Instrument | Call options | Goldman Sachs
Derivatives, Fair Value [Line Items]
Notional Amount	1,178	1,133
Fair Value	16	9
Collateral	14	10
Net Credit Risk	2	0
Not Designated as Hedging Instrument | Call options | Credit Suisse
Derivatives, Fair Value [Line Items]
Notional Amount	672	1,039
Fair Value	7	5
Collateral	7	5
Net Credit Risk	0	0
Not Designated as Hedging Instrument | Call options | Truist
Derivatives, Fair Value [Line Items]
Notional Amount	2,204	2,489
Fair Value	60	35
Collateral	54	36
Net Credit Risk	6	0
Not Designated as Hedging Instrument | Call options | Citibank
Derivatives, Fair Value [Line Items]
Notional Amount	1,207	795
Fair Value	17	8
Collateral	15	9
Net Credit Risk	$ 2	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions		1 Months Ended
	Apr. 19, 2023	Aug. 31, 2020	Mar. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Estimated litigation liability			$ 8	$ 12
Matter of FGL Holdings
Other Commitments [Line Items]
Number of shares in which statutory appraisal rights have been claimed (in shares)		12,000,000
Matter of FGL Holdings | Subsequent Event | Settled Litigation
Other Commitments [Line Items]
Litigation Settlement, Amount Awarded from Other Party	$ 4

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Investment Commitments (Details) - Commitment to Invest $ in Millions	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Unfunded investment commitment	$ 3,866
Limited partnerships
Other Commitments [Line Items]
Unfunded investment commitment	1,710
Whole loans
Other Commitments [Line Items]
Unfunded investment commitment	743
Fixed maturity securities, ABS
Other Commitments [Line Items]
Unfunded investment commitment	212
Direct Lending
Other Commitments [Line Items]
Unfunded investment commitment	1,000
Other fixed maturity securities, AFS
Other Commitments [Line Items]
Unfunded investment commitment	28
Commercial mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	29
Other assets
Other Commitments [Line Items]
Unfunded investment commitment	142
Residential mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	1
Committed amounts included in liabilities
Other Commitments [Line Items]
Unfunded investment commitment	$ 1

Dividends (Details)

Dividends (Details) - $ / shares		3 Months Ended
	May 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)		$ 0.45	$ 0.44
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)	$ 0.45

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Title premiums	$ 978	$ 1,866
Other revenues	880	1,292
Revenues from external customers	1,858	3,158
Interest and investment income, including recognized gains and losses, net	616	9
Total revenues	2,474	3,167
Depreciation and amortization	134	115
Interest expense	42	30
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates	(74)	556
Income tax expense (benefit)	14	156
(Loss) earnings before equity in earnings of unconsolidated affiliates	(88)	400
Equity in earnings (loss) of unconsolidated affiliates	0	2
Net earnings (loss) from continuing operations	(88)	402
Assets	69,654	61,026	$ 65,143
Goodwill	4,791	4,532	$ 4,635
Corporate and Other
Segment Reporting Information [Line Items]
Title premiums	0	0
Other revenues	44	31
Revenues from external customers	44	31
Interest and investment income, including recognized gains and losses, net	9	3
Total revenues	53	34
Depreciation and amortization	7	6
Interest expense	20	22
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates	(28)	(38)
Income tax expense (benefit)	(5)	(7)
(Loss) earnings before equity in earnings of unconsolidated affiliates	(23)	(31)
Equity in earnings (loss) of unconsolidated affiliates	0	0
Net earnings (loss) from continuing operations	(23)	(31)
Assets	2,242	2,271
Goodwill	276	266
Operating Segments | Title
Segment Reporting Information [Line Items]
Title premiums	978	1,866
Other revenues	471	665
Revenues from external customers	1,449	2,531
Interest and investment income, including recognized gains and losses, net	103	(148)
Total revenues	1,552	2,383
Depreciation and amortization	37	33
Interest expense	0	0
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates	157	249
Income tax expense (benefit)	27	57
(Loss) earnings before equity in earnings of unconsolidated affiliates	130	192
Equity in earnings (loss) of unconsolidated affiliates	0	2
Net earnings (loss) from continuing operations	130	194
Assets	8,017	9,478
Goodwill	2,766	2,517
Operating Segments | F&G
Segment Reporting Information [Line Items]
Title premiums	0	0
Other revenues	365	596
Revenues from external customers	365	596
Interest and investment income, including recognized gains and losses, net	504	154
Total revenues	869	750
Depreciation and amortization	90	76
Interest expense	22	8
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates	(203)	345
Income tax expense (benefit)	(8)	106
(Loss) earnings before equity in earnings of unconsolidated affiliates	(195)	239
Equity in earnings (loss) of unconsolidated affiliates	0	0
Net earnings (loss) from continuing operations	(195)	239
Assets	59,395	49,277
Goodwill	$ 1,749	$ 1,749

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for:
Interest	$ 34	$ 36
Income taxes	6	9
Deferred sales inducements	29	16
Non-cash investing and financing activities:
Change in proceeds of sales of investments available for sale receivable in period	41	81
Change in purchases of investments available for sale payable in period	78	277
Lease liabilities recognized in exchange for lease right-of-use assets	9	15
Remeasurement of lease liabilities	19	15
Liabilities assumed in connection with acquisitions
Fair value of assets acquired	276	27
Less: Total Purchase price	273	20
Noncash or Part Noncash Acquisition, Liabilities Assumed and Noncontrolling Interest	$ 3	$ 7

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 418	$ 593
Interest and investment income	611	478
Recognized gains and losses, net	5	(469)
Total revenues	2,474	3,167
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	60	76
Title | Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	428	767
Title | Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	550	1,099
Title | Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	30	34
Title | Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,373	2,496
Title | Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	160	265
Title | Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	146	196
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	75	94
F&G | Life insurance premiums, insurance and investment product fees, and other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	365	596
Corporate and other | Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	37	38
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 7	$ (7)

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Home warranty contract, period	1 year

Revenue Recognition - Informati

Revenue Recognition - Information about Trade Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 309		$ 349
Deferred revenue (contract liabilities)	$ 285		$ 271
Policy period	1 year
Revenue recognized	$ 32	$ 38

Value of Business Acquired, D_3

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Reconciliation of Other Intangibles to Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
VOBA	$ 1,572	$ 1,615	$ 1,749	$ 1,743
DAC	1,676	1,411
DSI	225	200	$ 140	$ 127
Total Other intangible assets, net	3,677	3,429
Indefinite lived tradenames and other
Finite-Lived Intangible Assets [Line Items]
Indefinite lived tradenames and other	21	20
Value of distribution asset
Finite-Lived Intangible Assets [Line Items]
Definite lived	97	100
Computer software
Finite-Lived Intangible Assets [Line Items]
Definite lived	65	61
Definite lived trademarks, tradenames, and other
Finite-Lived Intangible Assets [Line Items]
Definite lived	$ 21	$ 22

Value of Business Acquired, D_4

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - VOBA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
VOBA
VOBA at beginning of period	$ 1,615	$ 1,743
Amortization	(43)	(47)
Shadow Premium Deficiency Testing (“PDT”)		53
VOBA at end of period	1,572	1,749
FIA
VOBA
VOBA at beginning of period	1,166	1,314
Amortization	(36)	(38)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	1,130	1,276
Fixed Rate Annuities
VOBA
VOBA at beginning of period	32	39
Amortization	(1)	(2)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	31	37
Immediate Annuities
VOBA
VOBA at beginning of period	201	212
Amortization	(3)	(3)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	198	209
Universal Life
VOBA
VOBA at beginning of period	143	153
Amortization	(2)	(3)
Shadow Premium Deficiency Testing (“PDT”)		0
VOBA at end of period	141	150
Traditional Life
VOBA
VOBA at beginning of period	73	25
Amortization	(1)	(1)
Shadow Premium Deficiency Testing (“PDT”)		53
VOBA at end of period	$ 72	$ 77

Value of Business Acquired, D_5

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
VOBA	$ 1,572	$ 1,615	$ 1,749	$ 1,743
DAC	1,676	1,411
DSI	225	200	140	127
FIA
Finite-Lived Intangible Assets [Line Items]
VOBA	1,130	1,166	1,276	1,314
DAC	1,062	971
DSI	225	200	140	127
Fixed Rate Annuities
Finite-Lived Intangible Assets [Line Items]
VOBA	31	32	37	39
DAC	209	83
Immediate Annuities
Finite-Lived Intangible Assets [Line Items]
VOBA	198	201	209	212
Universal Life
Finite-Lived Intangible Assets [Line Items]
VOBA	141	143	150	153
DAC	396	348
Traditional Life
Finite-Lived Intangible Assets [Line Items]
VOBA	72	73	$ 77	$ 25
Funding Agreements
Finite-Lived Intangible Assets [Line Items]
DAC	$ 9	$ 9

Value of Business Acquired, D_6

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
DAC at beginning of period	$ 1,402	$ 775
Capitalization	221	153
Amortization	(35)	(19)
Reinsurance related adjustments		79
DAC at end of period	1,667	909
FIA
Deferred Policy Acquisition Cost [Line Items]
DAC at beginning of period	971	564
Capitalization	113	98
Amortization	(22)	(13)
Reinsurance related adjustments		0
DAC at end of period	1,062	649
Fixed Rate Annuities
Deferred Policy Acquisition Cost [Line Items]
DAC at beginning of period	83	38
Capitalization	52	8
Amortization	(5)	(2)
Reinsurance related adjustments		79
DAC at end of period	209	44
Universal Life
Deferred Policy Acquisition Cost [Line Items]
DAC at beginning of period	348	173
Capitalization	56	47
Amortization	(8)	(4)
Reinsurance related adjustments		0
DAC at end of period	$ 396	$ 216

Value of Business Acquired, D_7

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - DSI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Deferred Sales Inducements [Roll Forward]
DSI at beginning of period	$ 200	$ 127
Capitalization	29	16
Amortization	(4)	(3)
DSI at end of period	225	140
FIA
Movement in Deferred Sales Inducements [Roll Forward]
DSI at beginning of period	200	127
Capitalization	29	16
Amortization	(4)	(3)
DSI at end of period	$ 225	$ 140

Value of Business Acquired, D_8

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 122
2024	151
2025	139
2026	128
2027	117
Thereafter	$ 915

F&G Reinsurance - Effect of Rei

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, 2023	Mar. 31, 2022
Premiums and other considerations:
Direct	$ 301	$ 567
Ceded	(26)	(32)
Net	275	535
Benefits and Other Changes in Insurance Policy Reserves:
Direct	872	505
Ceded	(60)	(302)
Net	$ 812	$ 203

F&G Reinsurance - Credit Loss (

F&G Reinsurance - Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 10	$ 20
Changes in the expected credit loss reserve	1	0
Balance at Ending of Period	$ 9	$ 20

F&G Reinsurance - Narrative (De

F&G Reinsurance - Narrative (Details) $ in Millions			3 Months Ended
	Sep. 01, 2022 USD ($)	Jan. 15, 2021	Mar. 31, 2023 USD ($) policy	Dec. 31, 2022 USD ($)
Ceded Credit Risk [Line Items]
Number of policies reinsured by foreign company not engaged in insurance | policy			0
Net amount recoverable			$ 6,362	$ 5,418
Aspida Re
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage		50%
Funds withheld coinsurance basis policies ceded on quota share basis, monthly cession capped amount	$ 350		450
Aspida Re | AM Best, A- Rating
Ceded Credit Risk [Line Items]
Net amount recoverable			4,073
Aspida Re | Minimum
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage	50%
Aspida Re | Maximum
Ceded Credit Risk [Line Items]
Funds withheld co-insurance basis, percentage	75%
Wilton Reassurance Company | AM Best, A+ Rating | Fitch, A Rating
Ceded Credit Risk [Line Items]
Net amount recoverable			1,184
Somerset | AM Best, A- Rating | Standard & Poor's, BBB+ Rating
Ceded Credit Risk [Line Items]
Net amount recoverable			$ 553

F&G Insurance Subsidiary Fina_2

F&G Insurance Subsidiary Financial Information and Regulatory Matters (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Insurance [Abstract]
Decrease in statutory capital and surplus	$ (3)
Change in statutory capital surplus increase (decrease)	200	$ 200
Statutory capital and surplus	$ 93	$ 121

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jan. 01, 2023	Dec. 19, 2022	Aug. 09, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 4,791	$ 4,635	$ 4,532
TitlePoint
Business Acquisition [Line Items]
Cash consideration	$ 224
Goodwill	146
Fair value estimates for other intangibles	73
Fair value estimate for other assets	$ 5
AllFirst Title Insurance Agency
Business Acquisition [Line Items]
Cash consideration		$ 10	$ 130
Goodwill			104
Fair value estimates for other intangibles			55
Preliminary fair value allocation, other intangible assets			55
Preliminary fair value allocation, other assets			40
Preliminary fair value allocation, other liabilities			18
Preliminary fair value allocation, noncontrolling interest			$ 46
Percentage of outstanding equity acquired		6%	74%

Acquisitions - Carrying Value a

Acquisitions - Carrying Value and Estimated Useful Lives (Details) - USD ($) $ in Millions	Jan. 01, 2023	Aug. 09, 2022
TitlePoint
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 73
TitlePoint | Customer relationships
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 9
Weighted Average Estimated Useful Life (in years)	10 years
TitlePoint | Trade name
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 4
Weighted Average Estimated Useful Life (in years)	10 years
TitlePoint | Software
Property, Plant and Equipment [Line Items]
Gross Carrying Value	$ 60
Weighted Average Estimated Useful Life (in years)	7 years
AllFirst Title Insurance Agency
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 55
AllFirst Title Insurance Agency | Customer relationships
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 46
Weighted Average Estimated Useful Life (in years)		10 years
AllFirst Title Insurance Agency | Trade name
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 7
Weighted Average Estimated Useful Life (in years)		10 years
AllFirst Title Insurance Agency | Non-compete agreements
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 1
Weighted Average Estimated Useful Life (in years)		5 years
AllFirst Title Insurance Agency | Software
Property, Plant and Equipment [Line Items]
Gross Carrying Value		$ 1
Weighted Average Estimated Useful Life (in years)		2 years

Notes Payable - Schedule of Lon

Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jan. 13, 2023	Dec. 31, 2022	Nov. 22, 2022	Sep. 17, 2021	Sep. 15, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Notes payable	$ 3,696		$ 3,238
4.50% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							4.50%
4.50% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Notes payable	$ 445		445
3.40% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.40%
Notes payable	$ 644		644
2.45% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						2.45%
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.45%
Notes payable	$ 594		594
3.20% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					3.20%
3.20% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.20%
Notes payable	$ 444		444
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable	3		3
F&G Credit Agreement
Debt Instrument [Line Items]
Notes payable	$ 511		547
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.40%	7.40%
Notes payable	$ 494		0
5.50% F&G Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%
Notes payable	$ 567		$ 567
5.50% F&G Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				5.50%

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)							3 Months Ended
	Feb. 21, 2023	Nov. 22, 2022	Sep. 17, 2021	Sep. 15, 2020	Jun. 12, 2020	Apr. 20, 2018	Mar. 31, 2023	Mar. 31, 2022	Jan. 13, 2023	Jun. 01, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Outstanding principal							$ 3,715,000,000
Repayment of principal borrowed							$ 35,000,000	$ 0
7.40% F&G Senior Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount									$ 500,000,000
Debt instrument, interest rate, stated percentage							7.40%		7.40%
F&G Credit Agreement | Revolving Credit Facility | Fed Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.05%
F&G Credit Agreement | Senior Notes
Debt Instrument [Line Items]
Maturity date, principal amount , maximum		$ 150,000,000
F&G Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility	$ 665,000,000	$ 550,000,000
Debt, period prior to maturity date (days)		91 days
Prior debt redeemed or paid and any refinancing of debt incurred matures period (at least)		91 days
Period from effective date		3 years
Credit facility, increase in borrowing commitments	$ 115,000,000
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition One | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition One | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		0.80%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition Two | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.30%
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | Condition Two | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)		1.80%
5.50% F&G Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							5.50%
5.50% F&G Notes | F&G
Debt Instrument [Line Items]
Aggregate principal amount										$ 550,000,000
Debt instrument, interest rate, stated percentage										5.50%
Price as percent of par on offering of unsecured Notes						99.50%
Proceeds from issuance of senior notes						$ 547,000,000
5.50% F&G Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.50%
3.20% Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 450,000,000
Debt instrument, interest rate, stated percentage			3.20%
Proceeds from issuance debt			$ 443,000,000
3.20% Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							3.20%
Revolving Credit Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal							$ 0
Debt issuance costs							3,000,000
Remaining borrowing capacity							$ 800,000,000
2.45% Notes, net of discount
Debt Instrument [Line Items]
Aggregate principal amount				$ 600,000,000
Debt instrument, interest rate, stated percentage				2.45%
Proceeds from issuance debt				$ 593,000,000
2.45% Notes, net of discount | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							2.45%
Term Loan | Term Loan
Debt Instrument [Line Items]
Repayments of all outstanding indebtedness under term loan credit agreement				$ 260,000,000
Repayment of principal borrowed					$ 640,000,000
3.40% Notes due June 15, 2030
Debt Instrument [Line Items]
Aggregate principal amount					$ 650,000,000
Debt instrument, interest rate, stated percentage					3.40%
Proceeds from issuance debt					$ 642,000,000
4.50 % Notes due August 2028
Debt Instrument [Line Items]
Aggregate principal amount											$ 450,000,000
Debt instrument, interest rate, stated percentage											4.50%
Price as percent of par on offering of unsecured Notes											99.252%
Annual interest rate											4.594%
4.50 % Notes due August 2028 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							4.50%

Notes Payable - Principal Matur

Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions	Mar. 31, 2023 USD ($)
Maturities of Long-term Debt [Abstract]
2023 (remaining)	$ 515
2024	0
2025	550
2026	0
2027	0
Thereafter	2,650
Total long term debt	$ 3,715

Market Risk Benefits - Balances

Market Risk Benefits - Balances and Changes in Market Risk Benefit (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Balance beginning of period	$ 165	$ 428
Balance, end of period	218	165	$ 428
As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			531
Balance, end of period				$ 531
FIA
Market Risk Benefit [Line Items]
Balance beginning of period	164	426	478
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	104	280	320
Issuances and benefit payments	(4)	(21)		(9)
Attributed fees collected and interest accrual	30	107		99
Actual policyholder behavior different from expected	7	43		(22)
Changes in assumptions and other	1	(76)		0
Effects of market related movements	26	(231)		(108)
Balance, end of period, before effect of changes in the instrument-specific credit risk		104	280	320
Effect of changes in the instrument-specific credit risk	53	62	146
Balance, end of period	$ 217	$ 164	$ 426	478
Weighted-average attained age of policyholders weighted by total AV (years)	68 years 5 months 26 days	68 years 7 months 2 days	68 years 11 months 12 days
Weighted-average attained age of policyholders weighted by Unlocked MRB (years)	78 years 3 months 29 days	80 years 10 months 2 days	68 years 9 months 7 days
Net amount at risk	$ 1,031	$ 952	$ 1,304
FIA | As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			531
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	102	280
Balance, end of period, before effect of changes in the instrument-specific credit risk	164	102	280
Balance, end of period				531
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Balance beginning of period	1	2	1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	1	1
Issuances and benefit payments	0	0		0
Attributed fees collected and interest accrual	0	1		1
Actual policyholder behavior different from expected	0	0		0
Changes in assumptions and other	0	0		0
Effects of market related movements	0	(1)		0
Balance, end of period, before effect of changes in the instrument-specific credit risk		1	1	1
Effect of changes in the instrument-specific credit risk	0	0	0
Balance, end of period	$ 1	$ 1	$ 2	1
Weighted-average attained age of policyholders weighted by total AV (years)	72 years 7 months 20 days	72 years 10 months 17 days	73 years 1 month 6 days
Weighted-average attained age of policyholders weighted by Unlocked MRB (years)	77 years 8 months 23 days	77 years 6 months 21 days	73 years 8 months 19 days
Net amount at risk	$ 3	$ 3	$ 4
Fixed Rate Annuities | As Previously Reported
Market Risk Benefit [Line Items]
Balance beginning of period			0
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	1	2
Balance, end of period, before effect of changes in the instrument-specific credit risk	$ 1	$ 1	$ 2
Balance, end of period				$ 0

Market Risk Benefits - Reconcil

Market Risk Benefits - Reconciliation of Asset and Liability (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Market Risk Benefit [Line Items]
Market risk benefits asset	$ 106	$ 117	$ 41
Market risk benefits liability	324	282	469
Net	218	165	428
FIA
Market Risk Benefit [Line Items]
Market risk benefits asset	106	117	41
Market risk benefits liability	323	281	467
Net	217	164	426	$ 478
Fixed Rate Annuities
Market Risk Benefit [Line Items]
Market risk benefits asset	0	0	0
Market risk benefits liability	1	1	2
Net	$ 1	$ 1	$ 2	$ 1

Contractholder Funds -Summary o

Contractholder Funds -Summary of Balances and Changes in Contractholder Funds (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	$ 40,843
Balance, end of year	43,379		$ 40,843
Change in fair value of other derivatives and embedded derivatives	2	$ (3)
Gross Liability, end of period	43,379		40,843	$ 34,753
FIA
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	24,766	21,997	21,997	18,703
Issuances	1,186		4,462	4,400
Premiums received	25		106	103
Policy charge	(42)		(166)	(148)
Surrenders and withdrawals	(403)		(1,322)	(1,303)
Benefit payments	(121)		(485)	(440)
Interest credited	21		198	686
Other	23		(24)	(4)
Balance, end of year	25,455		24,766	21,997
Change in fair value of other derivatives and embedded derivatives	(12)		(343)	603
Gross Liability, end of period	25,443		24,423	22,600
Less: Reinsurance	(17)		(17)	(17)
Net Liability, after Reinsurance	$ 25,426		$ 24,406	$ 22,583
Weighted-average crediting rate	0.33%		0.85%	3.43%
Cash surrender value	$ 23,726		$ 188	$ 20,455
Fixed Rate Annuities
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	9,358	6,367	6,367	5,142
Issuances	1,522		3,758	1,743
Premiums received	1		3	3
Policy charge	0		(1)	(1)
Surrenders and withdrawals	(257)		(797)	(543)
Benefit payments	(59)		(192)	(145)
Interest credited	81		220	167
Other	(1)		0	1
Balance, end of year	10,645		9,358	6,367
Change in fair value of other derivatives and embedded derivatives	0		0	0
Gross Liability, end of period	10,645		9,358	6,367
Less: Reinsurance	(4,691)		(3,723)	(1,692)
Net Liability, after Reinsurance	$ 5,954		$ 5,635	$ 4,675
Weighted-average crediting rate	0%		0%	0%
Cash surrender value	$ 9,929		$ 5,992	$ 5,992
Universal Life
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,112	1,907	1,907	1,696
Issuances	49		167	114
Premiums received	87		295	233
Policy charge	(60)		(209)	(167)
Surrenders and withdrawals	(21)		(74)	(68)
Benefit payments	(10)		(22)	(19)
Interest credited	5		48	118
Other	0		0	0
Balance, end of year	2,162		2,112	1,907
Change in fair value of other derivatives and embedded derivatives	45		15	74
Gross Liability, end of period	2,207		2,127	1,981
Less: Reinsurance	(933)		(947)	(984)
Net Liability, after Reinsurance	$ 1,274		$ 1,180	$ 997
Weighted-average crediting rate	1%		2.39%	6.77%
Net amount at risk	$ 49,426		$ 53,348	$ 41,326
Cash surrender value	1,724		1,698	1,572
Funding Agreements, FABN
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	2,613	1,904	1,904	0
Issuances	0		700	1,899
Premiums received	0		0	0
Policy charge	0		0	0
Surrenders and withdrawals	0		0	0
Benefit payments	(15)		(35)	(7)
Interest credited	13		45	12
Other	0		(1)	0
Balance, end of year	2,611		2,613	1,904
Change in fair value of other derivatives and embedded derivatives	0		0	0
Gross Liability, end of period	2,611		2,613	1,904
Less: Reinsurance	0		0	0
Net Liability, after Reinsurance	2,611		2,613	1,904
Federal Home Loan Bank Funding Agreements
Policyholder Account Balance [Roll Forward]
Balance, beginning of year	1,982	$ 1,543	1,543	1,203
Issuances	256		1,192	759
Premiums received	0		0	0
Policy charge	0		0	0
Surrenders and withdrawals	0		0	0
Benefit payments	(110)		(789)	(447)
Interest credited	11		36	30
Other	0		0	(2)
Balance, end of year	2,139		1,982	1,543
Change in fair value of other derivatives and embedded derivatives	0		0	0
Gross Liability, end of period	2,139		1,982	1,543
Less: Reinsurance	0		0	0
Net Liability, after Reinsurance	$ 2,139		$ 1,982	$ 1,543

Contractholder Funds - Reconcil

Contractholder Funds - Reconciliation to Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Contractholder funds	$ 43,379	$ 40,843	$ 34,753
FIA
Policyholder Account Balance [Line Items]
Contractholder funds	25,443	24,423	22,600
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	10,645	9,358	6,367
Immediate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	326	332	352
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,207	2,127	1,981
Traditional Life
Policyholder Account Balance [Line Items]
Contractholder funds	5	5	5
Funding Agreements, FABN
Policyholder Account Balance [Line Items]
Contractholder funds	2,611	2,613	1,904
Federal Home Loan Bank Funding Agreements
Policyholder Account Balance [Line Items]
Contractholder funds	2,139	1,982	1,543
PRT
Policyholder Account Balance [Line Items]
Contractholder funds	$ 3	$ 3	$ 1

Contractholder Funds -Account V

Contractholder Funds -Account Values By Range of Guaranteed Minimum Credit Rating (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Policyholder Account Balance [Line Items]
Contractholder funds	$ 43,379	$ 40,843
FIA
Policyholder Account Balance [Line Items]
Contractholder funds	25,455	24,766	$ 21,997	$ 18,703
FIA | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,870	23,400	20,764
FIA | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	806	801	817
FIA | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	409	414	416
FIA | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	370	151	0
FIA | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	24,930	24,210	21,353
FIA | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	23,348	22,848	20,162
FIA | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	806	801	803
FIA | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	406	410	388
FIA | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	370	151	0
FIA | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	150	163	207
FIA | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	149	162	171
FIA | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	11
FIA | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	25
FIA | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
FIA | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	375	393	437
FIA | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	373	390	431
FIA | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	3
FIA | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	2	3	3
FIA | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Fixed Rate Annuities
Policyholder Account Balance [Line Items]
Contractholder funds	10,645	9,358	6,367	5,142
Fixed Rate Annuities | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	982	1,016	965
Fixed Rate Annuities | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	47	50	185
Fixed Rate Annuities | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,899	1,905	1,990
Fixed Rate Annuities | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	7,717	6,387	3,227
Fixed Rate Annuities | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	9,432	8,292	5,177
Fixed Rate Annuities | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	12	10	2
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	31	32	28
Fixed Rate Annuities | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1,867	1,871	1,928
Fixed Rate Annuities | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	7,522	6,379	3,219
Fixed Rate Annuities | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	236	54	62
Fixed Rate Annuities | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	8	9	9
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	13	14	15
Fixed Rate Annuities | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	28	30	37
Fixed Rate Annuities | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	187	1	1
Fixed Rate Annuities | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	977	1,012	1,128
Fixed Rate Annuities | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	962	997	954
Fixed Rate Annuities | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	3	4	142
Fixed Rate Annuities | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	4	4	25
Fixed Rate Annuities | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	8	7	7
Universal Life
Policyholder Account Balance [Line Items]
Contractholder funds	2,162	2,112	1,907	$ 1,696
Universal Life | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	2,096	2,047	1,845
Universal Life | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	47	47	48
Universal Life | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	1
Universal Life | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	18	17	13
Universal Life | 0.00% To 1.50%
Policyholder Account Balance [Line Items]
Contractholder funds	1,774	1,721	1,501
Universal Life | 0.00% To 1.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	1,752	1,701	1,486
Universal Life | 0.00% To 1.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	4	3	2
Universal Life | 0.00% To 1.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 0.00% To 1.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	18	17	13
Universal Life | 1.51% To 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | 1.51% To 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	0	0	0
Universal Life | Greater Than 2.50%
Policyholder Account Balance [Line Items]
Contractholder funds	388	391	406
Universal Life | Greater Than 2.50% | At Guaranteed Minimum
Policyholder Account Balance [Line Items]
Contractholder funds	344	346	359
Universal Life | Greater Than 2.50% | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Contractholder funds	43	44	46
Universal Life | Greater Than 2.50% | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Contractholder funds	1	1	1
Universal Life | Greater Than 2.50% | Greater Than 0150
Policyholder Account Balance [Line Items]
Contractholder funds	$ 0	$ 0	$ 0
Minimum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0001	0.0001	0.0001
Minimum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0051	0.0051	0.0051
Minimum | Greater Than 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150	0.0150	0.0150
Maximum | Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0050	0.0050	0.0050
Maximum | Range from 0051 to 0150
Policyholder Account Balance [Line Items]
Policyholder account balance, above guaranteed minimum crediting rate	0.0150		0.0150

Future Policy Benefits -Summary

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Future policy benefits	$ 5,371	$ 5,021	$ 4,918
Less: Reinsurance recoverable				$ 1,115
Traditional Life
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year	797	1,020	1,152
Beginning balance of original discount rate	974	1,045	1,131
Effect of actual variances from expected experience		3	33	25
Balance adjusted for variances from expectation		977	1,078	1,156
Interest accrual	5	20	22
Benefits payments	30	124	133
Ending Balance at original discount rate	952	974	1,045
Effect of changes in discount rate assumptions	158	177	25
Balance, end of year	794	797	1,020
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	2,151	2,772	3,105
Beginning balance of original discount rate	2,665	2,806	2,995
Effect of actual variances from expected experience		(7)	13	(14)
Balance adjusted for variances from expectation		2,658	2,819	2,981
Interest accrual	14	59	62
Benefits payments	(48)	(213)	(237)
Ending Balance at original discount rate	2,624	2,665	2,806
Effect of changes in discount rate assumptions	448	514	34
Balance, end of year	2,176	2,151	2,772
Future policy benefits	1,382	1,354	1,752
Less: Reinsurance recoverable	510	515	670	793
Liability for Future Policy Benefit, after Reinsurance, Total	$ 872	$ 839	$ 1,082
Weighted-average duration of liability for future policyholder benefits (years)	7 years 6 months 10 days	7 years 6 months 29 days	8 years 6 months 14 days
Immediate Annuities
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year		$ 1,954	$ 2,153
Beginning balance of original discount rate		1,935	2,040
Effect of actual variances from expected experience				(47)
Balance adjusted for variances from expectation				1,993
Issuances			18
Interest accrual			60
Benefits payments			(136)
Ending Balance at original discount rate			1,935
Balance, end of year			1,954
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 1,429	1,954
Beginning balance of original discount rate	1,858	1,935
Effect of changes in cash flow assumptions		0	0
Effect of actual variances from expected experience		(7)	(26)
Balance adjusted for variances from expectation		1,851	1,909
Issuances	5	26
Interest accrual	16	60
Benefits payments	(31)	(137)
Ending Balance at original discount rate	1,841	1,858	1,935
Effect of changes in discount rate assumptions	(389)	429	(19)
Balance, end of year	1,452	1,429	1,954
Future policy benefits	1,452	1,429	1,954
Less: Reinsurance recoverable	204	218	293	322
Liability for Future Policy Benefit, after Reinsurance, Total	$ 1,248	$ 1,211	$ 1,661
Weighted-average duration of liability for future policyholder benefits (years)	12 years 2 months 4 days	11 years 9 months 3 days	13 years 7 months 9 days
PRT
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Balance, beginning of year		$ 1,148	$ 0
Beginning balance of original discount rate		1,151	0
Effect of actual variances from expected experience				0
Balance adjusted for variances from expectation				$ 0
Issuances			1,155
Interest accrual			2
Benefits payments			(6)
Ending Balance at original discount rate			1,151
Balance, end of year			1,148
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Balance, beginning of year	$ 2,165	1,148
Beginning balance of original discount rate	2,475	1,151
Effect of changes in cash flow assumptions		(1)	(20)
Effect of actual variances from expected experience		(3)	2
Balance adjusted for variances from expectation		2,471	1,133
Issuances	268	1,418
Interest accrual	23	50
Benefits payments	(55)	(126)
Ending Balance at original discount rate	2,707	2,475	1,151
Effect of changes in discount rate assumptions	(251)	310	3
Balance, end of year	2,456	2,165	1,148
Future policy benefits	2,456	2,165	1,148
Less: Reinsurance recoverable	0	0	0
Liability for Future Policy Benefit, after Reinsurance, Total	$ 2,456	$ 2,165	$ 1,148
Weighted-average duration of liability for future policyholder benefits (years)	8 years 25 days	8 years 1 month 2 days	8 years 9 months

Future Policy Benefits - Summar

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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	$ 69	$ 57	$ 22
Effect of modeling changes		4	0	$ 0
Effect of changes in cash flow assumptions		0	0	0
Effect of actual variances from expected experience		4	16	39
Balance adjusted for variances from expectation		77	73	61
Issuances	1	1	0
Interest accrual	1	2	2
Amortization	(2)	(7)	(6)
Balance, end of year	77	69	57
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Balance, beginning of year	4	7	0
Effect of modeling changes		0	0	0
Effect of changes in cash flow assumptions		0	(2)	0
Effect of actual variances from expected experience		0	0	0
Balance adjusted for variances from expectation		4	5	$ 0
Issuances	0	0	7
Interest accrual	0	0	0
Amortization	0	(1)	0
Balance, end of year	$ 4	$ 4	$ 7

Future Policy Benefits - Reconc

Future Policy Benefits - Reconciliation of Net FPB to the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	$ 5,371	$ 5,021	$ 4,918
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,382	1,354	1,752
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	1,452	1,429	1,954
Deferred profit liability	77	69	57	$ 22
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Future policy benefits	2,456	2,165	1,148
Deferred profit liability	4	4	7	$ 0
Immediate annuities DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	77	69	57
PRT DPL
Liability for Future Policy Benefit, Activity [Line Items]
Deferred profit liability	$ 4	$ 4	$ 7

Future Policy Benefits -Liabili

Future Policy Benefits -Liability For Future Policy Benefit Expected Future Policy Benefit Undiscounted (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments		$ 2,734
Expected future gross premiums		1,129
Traditional Life
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	$ 3,073	3,265
Expected future gross premiums	1,142	1,289
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	2,155
Expected future gross premiums	839
Immediate Annuities
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	3,402	3,545
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	1,452	1,923
Expected future gross premiums	0	0
PRT
Liability for Future Policy Benefit, Expected Future Policy Benefit, Undiscounted [Abstract]
Expected future benefit payments	3,916	2,289
Expected future gross premiums	0	0
Liability For Future Policy Benefit, Expected Future Policy Benefit, Discounted [Abstract]
Expected future benefit payments	2,708	1,665
Expected future gross premiums	$ 0	$ 0

Future Policy Benefits -Gross P

Future Policy Benefits -Gross Premium Income and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	$ 301	$ 568
Interest expense	48	32
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	32	36
Interest expense	9	10
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	6	7
Interest expense	16	15
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Gross premium income	263	525
Interest expense	$ 23	$ 7

Future Policy Benefits -Weighte

Future Policy Benefits -Weighted Average Rates (Details)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	2.33%	2.32%	2.29%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	4.96%	5.37%	2.41%
Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.11%	3.07%	3.04%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.02%	5.21%	3.07%
PRT
Liability for Future Policy Benefit, Activity [Line Items]
Liability for Future Policy Benefit, Weighted-Average Interest Accretion Rate	3.82%	3.20%	1.20%
Liability for Future Policy Benefit, Current Weighted-Average Discount Rate	5.08%	5.40%	2.79%

Future Policy Benefits - Actual

Future Policy Benefits - Actual Experience and Expected Experience for Mortality and Lapses (Details)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Actual experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.40%	1.50%	1.70%
Lapse rate	0.10%	0%	0.10%
Actual experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	3.20%	3%	4.20%
Lapse rate	0%	0%	0%
Actual experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.70%	1.90%	0%
Lapse rate	0%	0%	0%
Expected experience | Traditional Life
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.40%	1.30%	1.30%
Lapse rate	0.20%	0.30%	0.30%
Expected experience | Immediate Annuities
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	1.70%	1.90%	2%
Lapse rate	0%	0%	0%
Expected experience | PRT
Liability for Future Policy Benefit, Activity [Line Items]
Mortality rate	2.10%	2.50%	0%
Lapse rate	0%	0%	0%

Future Policy Benefits - Additi

Future Policy Benefits - Additional Information, Cohort NPR (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounting Standards Update 2018-12 [Abstract]
Net Premium Ratio before capping	101%	100%
Reserves before NP Ratio capping	$ 1,208	$ 1,172
Reserves after NP Ratio capping	1,211	1,173
Loss Expense	$ 2	$ 0

Transition - Narrative (Details

Transition - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings	$ 6,192	$ 6,116
Adjustments | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adjustment to increase opening retained earnings			$ 73

Transition- Balance of Changes

Transition- Balance of Changes in FPB due to Adoption of ASU 2018-012 (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					$ 4,128
Less: Reinsurance recoverable					1,115
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				$ 3,013
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					4,005
Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					(78)
Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					201
Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					2,175
Less: Reinsurance recoverable	$ 204	$ 218	$ 293		322
Immediate Annuities | As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				1,853
Immediate Annuities | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					1,861
Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					1,953
Less: Reinsurance recoverable	$ 510	$ 515	$ 670		793
Traditional Life | As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance, net of reinsurance				$ 1,160
Traditional Life | As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					2,144
FIA | Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					201
FIA | Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					113
Fixed Rate Annuities | Cumulative effect of retrospective adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					(279)
Fixed Rate Annuities | Effect of remeasurement of liability at current discount rate (2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for future policy benefit					$ 88

Transition - Balance of Changes

Transition - Balance of Changes in VOBA, DAC, DSI and URL due to Adoption of ASU 2018-012 (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	$ 1,572	$ 1,615	$ 1,749	$ 1,743
DAC	1,667	1,402	909	775
DSI	225	200	140	127
URL	285	271
Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	198	201	209	212
Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	72	73	77	25
FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	1,130	1,166	1,276	1,314
DAC	1,062	971	649	564
DSI	225	200	140	127
Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	31	32	37	39
DAC	209	83	44	38
Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	141	143	150	153
DAC	$ 396	$ 348	$ 216	$ 173
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						$ 1,466
DAC						222
DSI						36
URL						2
As Previously Reported | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						86
As Previously Reported | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						18
As Previously Reported | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						1,208
DAC						167
DSI						36
As Previously Reported | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						15
DAC						14
As Previously Reported | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						139
DAC						41
URL						2
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						283
DAC						25
DSI						5
URL						25
Revision of Prior Period, Accounting Standards Update, Adjustment | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						0
Revision of Prior Period, Accounting Standards Update, Adjustment | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						22
Revision of Prior Period, Accounting Standards Update, Adjustment | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						208
DAC						15
DSI						5
Revision of Prior Period, Accounting Standards Update, Adjustment | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						24
DAC						2
Revision of Prior Period, Accounting Standards Update, Adjustment | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						29
DAC						8
URL						25
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						263
Revision of Prior Period, Adjustment | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						144
Revision of Prior Period, Adjustment | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						43
Revision of Prior Period, Adjustment | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						69
Revision of Prior Period, Adjustment | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						2
Revision of Prior Period, Adjustment | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						5
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(22)
DAC						(2)
DSI						4
URL						2
Adjustments | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(5)
Adjustments | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(1)
Adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(14)
DAC						(1)
DSI						4
Adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						7
DAC						0
Adjustments | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA						(9)
DAC						(1)
URL						2
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					$ 1,990
DAC						245
DSI						45
URL						29
As adjusted | Immediate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					225
As adjusted | Traditional Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					82
As adjusted | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					1,471
DAC						181
DSI						45
As adjusted | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					48
DAC						16
As adjusted | Universal Life
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					$ 164
DAC						48
URL						$ 29

Transition - Summary Balance of

Transition - Summary Balance of Changes in Assets and Liability Position for Market Risk Benefit (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	$ 218	$ 165	$ 428
Less: reinsured market risk benefits				$ 0
FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	217	164	426	478
Less: reinsured market risk benefits				0
Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments	$ 1	$ 1	$ 2	1
Less: reinsured market risk benefits				0
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				531
As Previously Reported | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				531
As Previously Reported | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
Adjustment for reversal of AOCI adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(116)
Adjustment for reversal of AOCI adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(116)
Adjustment for reversal of AOCI adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(95)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				(96)
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				1
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				159
Adjustments | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				159
Adjustments | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				0
As adjusted
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				479
Balance, end of period, net of reinsurance				479
As adjusted | FIA
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				478
Balance, end of period, net of reinsurance				478
As adjusted | Fixed Rate Annuities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance beginning/ending and adjustments				1
Balance, end of period, net of reinsurance				$ 1

Transition - Effect of Transiti

Transition - Effect of Transition Adjustments on Equity (Details) - USD ($) $ in Millions		3 Months Ended
	Dec. 31, 2020	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds		$ 43,379		$ 40,843
MRB		218		165	$ 428
VOBA		1,572	$ 1,749	1,615	1,743
DAC		1,667	909	1,402	$ 775
Income tax expense (benefit)		14	156
Adjustment to increase opening retained earnings		$ 6,192		6,116
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds				$ (390)
MRB	$ 159
VOBA	(22)
DAC	(2)
Income tax expense (benefit)	19		$ 1
Adjustments | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds	100
MRB	29
FPB	(15)
VOBA	(21)
DAC	(1)
Increase to Equity, gross of tax	92
Adjustment to increase opening retained earnings	73
Adjustments | Accumulated Other Comprehensive Earnings (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractholder funds	115
MRB	(159)
FPB	(159)
VOBA	233
DAC	5
Increase to Equity, gross of tax	35
Income tax expense (benefit)	9
Adjustment to increase opening retained earnings	$ 26