F&G ANNUITIES & LIFE, INC., 10-K filed on 2/27/2023
Annual Report
v3.22.4
Cover - USD ($)
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Cover [Abstract]    
Document Type 10-K  
Document Annual Report true  
Document Period End Date Dec. 31, 2022  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 001-41490  
Entity Registrant Name F&G Annuities & Life, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-2487422  
Entity Address, Address Line One 801 Grand Avenue,  
Entity Address, Address Line Two Suite 2600  
Entity Address, City or Town Des Moines,  
Entity Address, State or Province IA  
Entity Address, Postal Zip Code 50309  
City Area Code 515  
Local Phone Number 330-3340  
Title of 12(b) Security Common stock, par value $0.001 per share  
Trading Symbol FG  
Security Exchange Name NYSE  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
ICFR Auditor Attestation Flag true  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   126,409,904
Documents Incorporated by Reference DOCUMENTS INCORPORATED BY REFERENCENone.  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus FY  
Entity Central Index Key 0001934850  
Entity Public Float $ 0  
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Des Moines, Iowa
Auditor Firm ID 42
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Investments:    
Fixed maturity securities available-for-sale $ 31,218 $ 29,962
Derivative investments 244 816
Mortgage loans, net of allowance for credit losses of $42 and $31 at December 31, 2022 and December 31, 2021, respectively 4,554 3,749
Investments in unconsolidated affiliates 2,427 2,350
Other long-term investments 565 489
Short-term investments 1,556 373
Total investments 41,387 38,910
Cash and cash equivalents 960 1,533
Trade and notes receivables 3 3
Reinsurance recoverable, net of allowance for credit losses of $10 and $20 at December 31, 2022 and December 31, 2021, respectively 5,587 3,610
Goodwill 1,756 1,756
Prepaid expenses and other assets 917 613
Lease assets 8 8
Other intangible assets, net 3,652 2,234
Property and equipment, net 13 13
Income taxes receivable 28 50
Deferred tax asset, net 764 0
Total assets 55,075 48,730
Liabilities:    
Contractholder funds 41,233 35,525
Future policy benefits 5,923 4,732
Accounts payable and accrued liabilities 1,273 1,297
Notes payable 1,114 977
Funds withheld for reinsurance liabilities 3,703 1,676
Lease liabilities 13 14
Deferred tax liability, net 0 24
Total liabilities 53,259 44,245
Equity:    
Common stock 0 0
Additional paid-in-capital 3,162 2,750
Retained earnings 1,457 1,001
Accumulated other comprehensive (loss) earnings (2,803) 734
Total equity 1,816 4,485
Liabilities and Equity 55,075 48,730
Preferred securities    
Investments:    
Preferred and equity securities, at fair value 722 1,028
Equity securities    
Investments:    
Preferred and equity securities, at fair value $ 101 $ 143
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2022
Jun. 24, 2022
Jun. 23, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 01, 2020
May 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]                
Amortized cost $ 35,723,000,000     $ 28,724,000,000        
Fixed maturity securities, available-for-sale securities, allowance for credit losses 31,000,000     8,000,000 $ 10,000,000 $ 0 $ 15,000,000 $ 0
Allowance for credit losses 42,000,000     31,000,000 39,000,000 0 15,000,000 $ 8,000,000
Allowance for doubtful accounts, premiums and other receivables $ 10,000,000     $ 20,000,000 $ 21,000,000 $ 0 $ 22,000,000  
Common stock, par or stated value per share (in dollars per share) $ 0.001     $ 0.001        
Common stock, shares authorized (in shares) 500,000,000 500,000,000 1,000 500,000,000        
Common stock, shares, outstanding (in shares) 126,409,904     105,000,000        
Common stock, shares, issued (in shares) 126,409,904     105,000,000        
v3.22.4
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Revenues:        
Life insurance premiums and other fees $ 90 $ 138 $ 1,695 [1] $ 1,395
Interest and investment income 403 743 1,655 1,852
Recognized gains and (losses), net (338) 352 (1,010) 715
Total revenues 155 1,233 2,340 3,962
Expenses:        
Personnel costs 34 65 157 129
Other operating expenses 75 75 102 105
Benefits and other changes in policy reserves 298 866 1,125 2,138
Depreciation and amortization (51) 123 329 484
Interest expense 13 18 29 29
Total expenses 369 1,147 1,742 2,885
Earnings (loss) from continuing operations before income taxes (214) 86 598 1,077
Income tax expense (benefit) (14) (75) 117 220
Net earnings (loss) from continuing operations (200) 161 481 857
Net earnings (loss) from discontinued operations, net of tax (114) (25) 0 8
Net earnings (loss) (314) 136 481 865
Less: Preferred stock dividend 8 0 0 0
Net earnings (loss) attributable to common shareholders (322) 136 481 865
Net earnings (loss) attributable to common shareholders $ (322) $ 136 $ 481 $ 865
Basic (millions)        
Net earnings (loss) from continuing operations (in usd per share) $ (0.97) $ 1.54 $ 4.18 $ 8.16
Net earnings (loss) from discontinuing operations (in usd per share) (0.54) (0.24) 0 0.08
Net earnings (loss) per common share, basic (in usd per share) (1.51) 1.30 4.18 8.24
Diluted (millions)        
Net earnings (loss) from continuing operations (in usd per share) (0.97) 1.54 4.18 8.16
Net earnings (loss) from discontinuing operations (in usd per share) (0.54) (0.24) 0 0.08
Net earnings (loss) per share, diluted (in usd per share) $ (1.51) $ 1.30 $ 4.18 $ 8.24
Weighted average common shares used in computing net earnings (loss) per common share (in shares) 213,000 105,000 [1] 115,000 105,000 [1]
Weighted average shares outstanding F&G common stock, diluted basis (in shares) 213,000 105,000 [1] 115,000 105,000 [1]
[1] Weighted average shares outstanding for the year ended December 31, 2021 and for the period June 1, 2020 to December 31, 2020, retrospectively include the effects of the 105,000 for 1 stock split that became effective on June 24, 2022
v3.22.4
CONSOLIDATED STATEMENTS OF EARNINGS (Parenthetical)
Jun. 24, 2022
Income Statement [Abstract]  
Stock split, conversion ratio 105,000
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]        
Net earnings (loss) $ (314) $ 136 $ 481 $ 865
Other comprehensive (loss) earnings:        
Other comprehensive earnings - unrealized gain on investments and other financial instruments (751) 1,255 (3,744) (378)
Other comprehensive earnings - unrealized loss on foreign currency translation (1) 6 (5) (5)
Reclassification adjustments for change in unrealized gains and losses included in net earnings 57 (61) 212 (83)
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk 6 (3) 0 3
Other comprehensive (loss) earnings: (689) 1,197 (3,537) (463)
Comprehensive (loss) earnings $ (1,003) $ 1,333 $ (3,056) $ 402
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]        
Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue, tax $ (200,000,000) $ 332,000,000 $ (991,000,000) $ (100,000,000)
Unrealized (loss) gain on foreign currency translation, tax (less than for May 1-December 31 2020) 0 2,000,000 (1,000,000) (1,000,000)
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax $ 15,000,000 $ (16,000,000) $ 56,000,000 $ (22,000,000)
v3.22.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions
Total
Revision of Prior Period, Adjustment
Previously Reported
Cumulative effect for change in accounting principle
Additional Paid-in Capital
Additional Paid-in Capital
Revision of Prior Period, Adjustment
Additional Paid-in Capital
Previously Reported
Retained Earnings
Retained Earnings
Revision of Prior Period, Adjustment
Retained Earnings
Previously Reported
Retained Earnings
Cumulative effect for change in accounting principle
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Earnings (Loss)
Revision of Prior Period, Adjustment
Accumulated Other Comprehensive Earnings (Loss)
Previously Reported
Treasury Stock
Treasury Stock
Revision of Prior Period, Adjustment
Treasury Stock
Previously Reported
Beginning Balance at Dec. 31, 2019 $ 2,585     $ (27) $ 2,099     $ 134     $ (27) $ 421     $ (69)    
Other comprehensive earnings - unrealized gain on investments and other financial instruments (751)                     (751)          
Other comprehensive earnings - unrealized loss on foreign currency translation (1)                     (1)          
Reclassification adjustments for change in unrealized gains and losses included in net earnings 57                     57          
Common stock dividends (4)             (4)                  
Preferred stock dividends (paid in kind) 7       15     (8)                  
Option exercises 10       10                        
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk 6                     6          
Stock-based compensation 3       3                        
Net earnings (loss) (314)             (314)                  
Ending Balance at May. 31, 2020 2,737 $ 1,166 $ 1,571   2,737 $ 610 $ 2,127 0 $ 219 $ (219)   0 $ 268 $ (268) 0 $ 69 $ (69)
Other comprehensive earnings - unrealized gain on investments and other financial instruments 1,255                     1,255          
Other comprehensive earnings - unrealized loss on foreign currency translation 6                     6          
Reclassification adjustments for change in unrealized gains and losses included in net earnings (61)                     (61)          
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk (3)                     (3)          
Stock-based compensation 4       4                        
Net earnings (loss) 136             136                  
Ending Balance at Dec. 31, 2020 4,074       2,741     136       1,197     0    
Other comprehensive earnings - unrealized gain on investments and other financial instruments (378)                     (378)          
Other comprehensive earnings - unrealized loss on foreign currency translation (5)                     (5)          
Reclassification adjustments for change in unrealized gains and losses included in net earnings (83)                     (83)          
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk 3                     3          
Stock-based compensation 9       9                        
Net earnings (loss) 865             865                  
Ending Balance at Dec. 31, 2021 4,485       2,750     1,001       734     0    
Other comprehensive earnings - unrealized gain on investments and other financial instruments (3,744)                     (3,744)          
Other comprehensive earnings - unrealized loss on foreign currency translation (5)                     (5)          
Reclassification adjustments for change in unrealized gains and losses included in net earnings 212                     212          
Common stock dividends (25)             (25)                  
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk 0                                
Stock-based compensation 12       12                        
Debt to Equity conversion 400       400                        
Net earnings (loss) 481             481                  
Ending Balance at Dec. 31, 2022 $ 1,816       $ 3,162     $ 1,457       $ (2,803)     $ 0    
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:        
Net earnings (loss) $ (314) $ 136 $ 481 $ 865
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:        
Depreciation and amortization (51) 123 329 484
(Gain) loss on sales of investments and other assets and asset impairments, net 58 (155) 436 (576)
Loss on the sale of businesses 0 0 0 14
Interest credited/index credits to contractholder account balances 234 749 (542) 804
Deferred policy acquisition costs and deferred sales inducements (227) (296) (814) (675)
Charges assessed to contractholders for mortality and administration (65) (100) (212) (180)
Distributions from unconsolidated affiliates, return on investment 0 0 119 70
Stock-based compensation cost 3 4 12 9
Change in NAV of limited partnerships, net 0 0 (109) (589)
Change in valuation of derivatives, equity and preferred securities, net 280 (204) 561 (140)
Changes in assets and liabilities, net of effects from acquisitions:        
Change in reinsurance recoverable (35) 77 21 94
Change in future policy benefits (41) (89) 1,191 634
Change in funds withheld from reinsurers (12) (14) 2,056 850
Net change in income taxes (11) (89) 170 138
Net change in other assets and other liabilities (43) 145 (528) 69
Net cash provided by (used in) operating activities (224) 287 3,171 1,871
Cash Flows from Investing Activities:        
Proceeds from sales, calls and maturities of investment securities 1,319 2,886 5,429 9,280
Additions to property and equipment and capitalized software (5) (23) (32) (33)
Purchases of investment securities (1,942) (4,197) (12,444) (14,577)
Net proceeds from (purchases of) sales and maturities of short-term investment securities 0 (419) (1,654) 71
Other acquisitions/disposals, net of cash acquired 0 0 0 (43)
Additional investments in unconsolidated affiliates (107) (231) (982) (1,710)
Distributions from unconsolidated affiliates, return of investment 11 119 313 150
Net cash used in investing activities (724) (1,865) (9,370) (6,862)
Cash Flows from Financing Activities:        
Borrowings 0 0 550 400
Debt issuance costs 0 0 (4) 0
Exercise of stock options 10 0 0 0
Contractholder account deposits 1,803 2,967 8,530 8,166
Contractholder account withdrawals (936) (1,327) (3,450) (2,931)
Net cash provided by (used in) financing activities 877 1,640 5,626 5,635
Net increase (decrease) in cash and cash equivalents (71) 62 (573) 644
Cash and cash equivalents at beginning of period 935 864 1,533 889
Cash and cash equivalents at end of period $ 864 $ 889 $ 960 $ 1,533
v3.22.4
Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies Business and Summary of Significant Accounting Policies
The following describes the business and significant accounting policies of F&G Annuities & Life, Inc. (“FGAL”) and its subsidiaries (collectively, “we”, “us”, “our”, the "Company" or “F&G”), which have been followed in preparing the accompanying Consolidated Financial Statements.
Description of the Business
We provide insurance solutions and issue a broad portfolio of annuity and life insurance products, including deferred annuities (fixed indexed and fixed rate annuities), immediate annuities, and indexed universal life ("IUL") insurance, through our retail distribution channels. We also provide funding agreements and pension risk transfer ("PRT") solutions through our institutional channels. F&G has one reporting segment, which is consistent with and reflects the manner by which our chief operating decision maker views and manages the business.
FGAL, a Delaware corporation, was formed on August 7, 2020, and following a series of reorganizations, became the parent company for the consolidated financial statements via a contribution agreement between Fidelity National Financial, Inc. (NYSE: FNF)("FNF") and FGAL on November 26, 2020. The prior parent company, FGL Holdings, a Cayman Islands exempted company, was incorporated in the Cayman Islands on January 2, 2020, and became the parent company effective June 1, 2020, in conjunction with the acquisition by FNF, as discussed below. The parent company prior to June 1, 2020, also named FGL Holdings, a Cayman Islands exempted company, was originally incorporated in the Cayman Islands on February 26, 2016, as a Special Purpose Acquisition Company ("SPAC") and was publicly traded on the New York Stock Exchange.
On June 1, 2020, FNF acquired 100% of the outstanding equity of FGL Holdings for approximately $2.7 billion pursuant to the Agreement and Plan of Merger, dated February 7, 2020, as amended (the "Merger Agreement"). In connection with the Merger, FNF issued approximately 24 million shares of FNF common stock and paid approximately $1.8 billion in cash to former holders of FGL Holdings ordinary and preferred shares. On August 26, 2020, FNF issued an additional 1 million shares of FNF common stock and paid approximately $100 million in cash to certain former owners of FGL Holdings common stock. At closing, all outstanding shares of FGL Holdings common stock, excluding shares associated with the liability to former owners, were converted into the right to receive the Merger Consideration (as defined in the Merger Agreement). Additionally, each outstanding FGL Holdings Option and FGL Holdings Phantom unit was canceled and converted into options to purchase FNF common stock and phantom units denominated in FNF common stock, and each outstanding warrant to purchase FGL Holdings common stock was converted into the right to purchase and receive upon exercise $8.18 in cash and .0833 shares of FNF common stock. At closing, FNF's subsidiaries' ownership of FGL Holdings common and preferred shares was converted into approximately 7 million shares of FNF common stock.
As a result of the Merger Agreement, our financial statement presentation includes the consolidated financial statements of FGL Holdings and its subsidiaries as "Predecessor" for the period prior to the completion of the merger, as well as the consolidated financial statements of FGAL and its subsidiaries after the merger under a new basis established under purchase accounting in accordance with generally accepted accounting principles in the United States ("GAAP").
On March 16, 2022, FNF announced its intention to partially spin off F&G through a dividend to FNF shareholders. On December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of F&G. FNF retained control of F&G through ownership of approximately 85% of F&G common stock. Effective December 1, 2022, F&G commenced “regular-way” trading of its common stock on the New York Stock Exchange (“NYSE”) under the symbol “FG”.
Discontinued Operations
In connection with the FNF acquisition, certain third party offshore reinsurance businesses were deemed discontinued operations and are presented as such within our consolidated financial statements for all periods presented through the date of their disposition, in accordance with GAAP. On December 18, 2020, we sold F&G
Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd (“Aspida”). On May 31, 2021, we sold third party reinsurance business held within Front Street Re Cayman Ltd (“FSRC”) to Archipelago Lexa (C) Limited. The transactions did not have a material impact to our GAAP financial results. Refer to Note R Discontinued Operations for more information.
Recent Developments
7.40% F&G Senior Notes
On January 13, 2023, F&G completed its issuance and sale of $500 million aggregate principal amount of its 7.40% Senior Notes due 2028 (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.
Dividends
On December 8, 2022, F&G announced that its Board of Directors declared an inaugural quarterly cash dividend of $0.20 per share of common stock pursuant to the previously announced dividend program in which the Company intends to pay quarterly cash dividends on its common stock at an initial aggregate amount of approximately $100 million per year. The dividend was paid January 31, 2023, to stockholders of record as of January 17, 2023. Going forward, starting next quarter, F&G expects to announce the record date and payment date for each dividend, subject to quarterly review and approval by its Board of Directors and any required regulatory approvals, following completion of the relevant fiscal quarter and with payment in the third month of each subsequent quarter, based on the Company’s view of the prevailing and prospective macroeconomic conditions, regulatory landscape and business performance.
F&G Distribution
As noted above, on December 1, 2022, FNF distributed, on a pro rata basis, approximately 15% of the common stock of F&G.
Revolving Credit Facility
On November 22, 2022, we entered into a Credit Agreement (the “Credit Agreement”) with certain lenders (the “Lenders”) and Bank of America, N.A. as administrative agent (in such capacity, the “Administrative Agent”), swing line lender and an issuing bank, pursuant to which the Lenders have made available an unsecured revolving credit facility in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes. As of December 31, 2022, the revolving credit facility was fully drawn with $550 million outstanding. A net partial revolver paydown of $35 million was made on January 6, 2023 and, on February 21, 2023, we entered into an amendment with the Lenders to increase the available aggregate principal amount of the Credit Agreement by $115 million to $665 million. For further information related to the revolving credit facility, refer to Note E Notes Payable.
Stock Split, Increase to Authorized shares and Exchange Agreement with FNF
On June 24, 2022, the following actions previously approved by the F&G board of directors became effective: (i) a stock split in a ratio of 105,000 for 1. FNF, as the sole shareholder, received, in the form of a dividend, 104,999 additional shares of common stock for each share of common stock held. Earnings per share has been retrospectively adjusted to reflect as if the split occurred as of June 1, 2020 in accordance with GAAP; (ii) an increase in the number of authorized shares of common stock from one thousand (1,000) to five hundred million (500,000,000); (iii) an exchange agreement with FNF pursuant to which F&G transferred shares of its common stock to FNF in exchange for the $400 million FNF Promissory Note, after which the note was retired. There was no gain or loss recorded with respect to the exchange agreement. For the twelve months ended December 31, 2022, interest expense on the FNF Promissory Note was approximately $6 million.
Also refer to Note S Subsequent Events.
Principles of Consolidation and Basis of Presentation
The accompanying Consolidated Financial Statements are prepared in accordance with GAAP and include our accounts as well as our wholly owned subsidiaries. All intercompany profits, transactions and balances have been eliminated.
We are involved in certain entities that are considered variable interest entities ("VIEs") as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. 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. We assess our relationships with VIEs to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our Consolidated Financial Statements. See Note C Investments for additional information on our investments in VIEs.
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 accumulated other comprehensive income (loss) ("AOCI"), net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts, (“SOP 03-1”) reserves, and 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 Consolidated Statements of Earnings. 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 available-for-sale securities, refer to Note C Investments.
Preferred and Equity Securities
Equity and preferred securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active, model inputs that are observable or unobservable or based on net asset value (“NAV”). Changes in fair value and realized gains and losses on sales of our preferred and equity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Recognized gains and losses on sales of our preferred and equity securities are credited or charged to earnings on a trade date basis, unless the security is a private placement in which case settlement date basis is used. Interest and dividend income from these investments is reported in Interest and investment income in the accompanying Consolidated Statements of Earnings.
Derivative Financial Instruments
We hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily call options). All such derivative instruments are recognized as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. The changes in fair value are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings.
We purchase financial instruments and issue products that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. The embedded derivative is carried at fair value, which is determined through a combination of market observable inputs such as market value of option and interest swap rates and unobservable inputs such as the mortality multiplier, surrender and withdrawal rates and non-performance spread. The changes in fair value are reported within Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note B Fair Value of Financial Instruments.
Reinsurance Related Embedded Derivatives
As discussed in Note J Reinsurance, F&G entered into reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera"), effective December 31, 2018, and Aspida Life Re Ltd. ("Aspida Re"), effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of certain deferred annuity and multi-year guaranteed annuities ("MYGA"), respectively, and GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, the Kubera agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer. Funds withheld arrangements allow the Company to retain legal ownership of assets backing reinsurance arrangements until they are earned by the reinsurer while passing credit risk associated with the assets in the funds withheld account to the reinsurer. These arrangements create embedded derivatives considered to be total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangement. 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 arrangement, including gains and losses from sales, are passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The reinsurance related embedded derivative is 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 Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net, on the Consolidated Statements of Earnings.
Mortgage Loans
Our investment in mortgage loans consists of commercial and residential mortgage loans on real estate, which are reported at amortized cost, less allowance for expected credit losses. For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note C Investments.
Commercial mortgage loans are continuously monitored by reviewing appraisals, operating statements, rent revenues, annual inspection reports, loan specific credit quality, property characteristics, market trends and other factors.
Commercial mortgage loans are rated for the purpose of quantifying the level of risk. Loans are placed on a watch list when the debt service coverage ("DSC") ratio falls below certain thresholds and the loan-to-value ("LTV") ratios exceeds certain thresholds. Loans on the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. We define delinquent mortgage loans as 30 days past due, consistent with industry practice.
Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in
nonaccrual status, which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. We consider residential mortgage loans that are 90 or more days past due and have an LTV greater than 90% to be foreclosure probable.
Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Interest income, amortization of premiums and discounts, prepayment fees, and loan commitment fees are reported in Interest and investment income in the accompanying Consolidated Statements of Earnings.

Short-term investments
Short-term investments consist of financial instruments with an original maturity of one year or less when purchased and include short-term fixed maturity securities and money market instruments, which are carried at fair value, and short-term loans, which are carried at amortized cost, which approximates fair value.
Investments in Unconsolidated Affiliates
We primarily account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method, where the cost is initially recorded as an investment in the entity. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the limited partnership financial statements. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. 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.
Interest and investment income
Dividends and interest income are recorded in Interest and investment income and recognized when earned. Income or losses upon call or prepayment of fixed maturity securities are recognized in Interest and investment income. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in Interest and investment income over the contractual terms of the investments, and for callable investments at a premium, based on the earliest call date of the investments, in a manner that produces a constant effective yield.
For mortgage-backed and asset-backed securities, included in the fixed maturity securities portfolios, one of two models may be used to recognize interest income. For higher rated securities, interest income will be estimated based on an effective yield that considers cash flows received to date plus current expectations of future cash flows. For all other securities, interest income will be estimated based upon an effective yield that considers current expectations of future cash flows. For both interest income models, the estimated future cash flows include assumptions regarding the performance of the underlying collateral pool.

Interest and investment income is presented net of investment expenses and the effects of certain reinsurance contracts.

Cash and Cash Equivalents
Highly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate fair value.
Fair Value of Financial Instruments
The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. See a description of the fair value methodology used in Note B Fair Value of Financial Instruments.
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations, requires an acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. During the measurement period, we are also required to recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be adjusted for changes in fair value until settled.
Goodwill
Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at the reporting unit level on an annual basis or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we first determined that based on the level at which the operating results are shared with and regularly reviewed by the Company’s Chief Operating Decision Maker, the Company is a single reporting unit. Next, we perform a qualitative analysis at the reporting unit level to determine whether there are any events or circumstances that would indicate it is more likely than not that the fair value of our recorded goodwill exceeds its carrying value, prior to performing a full fair-value assessment.
We complete annual goodwill impairment analyses in the fourth quarter of each period presented using a September 30 measurement date. For the years ended December 31, 2022, December 31, 2021, the period from June 1, 2020 to December 31, 2020 and for the Predecessor periods from January 1, 2020 to May 31, 2020 we determined there were no events or circumstances which indicated that the carrying value of a reporting unit exceeded the fair value.
VOBA, DAC and DSI
Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), DAC and 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, and is sensitive to assumptions including the discount rate, surrender rates, partial withdrawals, utilization rates, projected
investment spreads, mortality, and expenses. DAC consists principally of commissions that are related directly to the successful sale of new or renewal insurance contracts, which may be deferred to the extent recoverable. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and vesting and persistency bonuses to policyholder account values, which may be deferred to the extent recoverable.
The methodology for determining the amortization of VOBA, DAC and DSI varies by product type. For all insurance contracts accounted for under long-duration contract deposit accounting, amortization is based on assumptions consistent with those used in the development of the underlying contract liabilities, adjusted for emerging experience and expected trends. For all of the insurance intangibles (VOBA, DAC and DSI), the balances are generally amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”) from investment income, surrender charges and other product fees, less policy benefits, maintenance expenses, mortality, and expense margins. Recognized gains (losses) on investments, changes in fair value of derivatives, and changes in fair value of the embedded derivative on our FIA and IUL products are included in actual gross profits in the period realized as described further below. Amortization is reported within Depreciation and amortization in the accompanying Consolidated Statements of Earnings.
Changes in assumptions, including our earned rate (i.e., long term assumptions of the Company’s expected earnings on related investments), budgeted option costs (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature) and surrender rates can have a significant impact on VOBA, DAC and DSI balances and amortization rates. Due to the relative size and sensitivity to minor changes in underlying assumptions of those intangible balances, we perform quarterly and annual analyses of the VOBA, DAC and DSI balances for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected with the impact on the intangibles reported as “unlocking” as a component of amortization expense, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the contract issuance or acquisition date with respect to VOBA. The cumulative unlocking adjustment is recognized as a component of current period amortization and reflected within Depreciation and amortization in the accompanying Consolidated Statements of Earnings.
For investment-type products, the VOBA, DAC and DSI assets are adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments").
Refer to Note Q Recent Accounting Pronouncements for further discussion of accounting pronouncements not yet adopted that may have a significant impact on future estimated amortization expense upon adoption.
Other Intangible Assets
We have other intangible assets, not including goodwill, VOBA, DAC or DSI, which consist primarily of customer relationships and contracts, the value of distribution network acquired ("VODA"), trademarks and tradenames, state licenses and computer software, which are generally recorded in connection with business combinations at their fair value. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives, generally ten years, using an accelerated method, which takes into consideration expected customer attrition rates. VODA is an intangible asset that represents the value of an acquired distribution network and is amortized using the sum of years digits method. Contractual relationships are generally amortized over their contractual life. Trademarks and tradenames are generally amortized over ten years. Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life. For internal-use computer software products, internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized
on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use.
We recorded $14 million of impairment expense to other intangible assets for the year ended December 31, 2022. We recorded no impairment expense to other intangible assets during the year ended December 31, 2021, the period from June 1 to December 31, 2020, and the Predecessor period from January 1 to May 31, 2020.
Property and Equipment
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and zero to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.
Contractholder Funds
Contractholder funds include FIAs, fixed rate annuities, IULs, funding agreements and PRT and immediate annuities contracts without life contingencies. The liabilities for contractholder funds for fixed rate annuities, funding agreements and PRT and immediate annuities contracts without life contingencies 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 is carried at fair value in Contractholder Funds in the accompanying Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note B Fair Value of Financial Instruments.
Liabilities for the Guaranteed Minimum Withdrawal Benefits ("GMWB") and Guaranteed Minimum Death Benefit ("GMDB") riders on FIA and fixed rate annuity products are calculated by multiplying the benefit ratio by the cumulative assessments recorded from contract inception through the balance sheet date less the cumulative guaranteed minimum withdrawal and death benefit payments plus interest. The benefit ratio is the ratio of the present value of future guaranteed minimum withdrawal and death benefit payments to the present value of the assessments used to provide the guaranteed minimum withdrawal and death benefit payments using the same assumptions as we use for our intangible assets. If experience or assumption changes result in a new benefit ratio, the reserves are adjusted to reflect the changes in a manner similar to the unlocking of VOBA, DAC and DSI. The accounting for these GMWB and GMDB benefit liabilities (also referred to as “SOP 03-1 liabilities”) impact EGPs used to calculate amortization of VOBA, DAC and DSI. The related reserve is adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments").
Contractholder funds include funds related to funding agreements that have been issued pursuant to the FABN Program as well as to the Federal Home Loan Bank of Atlanta ("FHLB"). Single premiums are received at the initiation of the funding agreements. As of December 31, 2022 and December 31, 2021, we had approximately $2,200 million and $1,900 million, respectively, outstanding under the FABN Program, which provides for semi-annual interest payments with principal maturities. Reserves for the FHLB funding agreements totaled $1,982 million and $1,543 million as of December 31, 2022 and December 31, 2021, respectively. The FHLB agreements provide a guaranteed stream of payments or provide for a bullet payment at maturity with renewal provisions. In accordance with the 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 settle our general obligations. The collateral investments had a fair value of $3,387 million and $2,469 million as of December 31, 2022 and December 31, 2021, respectively. Payments pursuant to FABN and FHLB funding agreements extend through 2029.
Future Policy Benefits
The liabilities for future policy benefits and claim reserves for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are computed using assumptions for
investment yields, mortality and withdrawals, with a provision for adverse deviation, based on generally accepted actuarial methods and assumptions at the time of acquisition or contract issue. The investment yield assumption for the years ended December 31, 2022 and December 31, 2021 was 4.3% for traditional direct life reserves for all contracts, 4.1% for life contingent pay-out annuities, and ranges from 3.6% to 6.9% for PRT annuities with life contingencies. 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 experience adjusted for expected future conditions.
For long-duration contracts the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net GAAP liability (gross reserves less VOBA, DAC and DSI) is less than the gross premium liability, impairment is deemed to have occurred, and the VOBA, DAC and DSI asset balances are reduced until the net GAAP liability is equal to the gross premium liability. If the VOBA, DAC and DSI asset balances are completely written off and the net GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability.
Income Taxes
We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized. We adjust the valuation allowance if, based on our evaluation, there is a change in the amount of deferred income tax assets that are deemed more-likely-than-not to be realized. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted.
Reinsurance
Our insurance subsidiaries enter into reinsurance agreements with other companies in the normal course of business. For arrangements in which F&G follows reinsurance accounting and for most arrangements that are accounted for as separate investment contracts, we present the amounts consistently and on a gross basis in our Consolidated Balance Sheets with the ceded reserves balance presented as a Reinsurance recoverable. Where applicable, deferred gains associated with the reinsurance of insurance and investment contracts will be included within Accounts payable and accrued expenses with the related accretion reflected within Life insurance premiums and other fees on the Consolidated Balance Sheets and Statements of Earnings, respectively. Where applicable, deferred costs associated with the reinsurance of insurance and investment contracts will be included within the Prepaid expense and other assets with the related amortization reflected within Other operating expenses in the Consolidated Balance Sheets and Statements of Earnings, respectively. Premium and expense are recorded net of reinsurance ceded for both insurance and investment contracts.
For some arrangements for which deposit accounting is applied or the arrangement is accounted for as a separate investment contract, the assets and liabilities of certain reinsurance contracts are presented on a net basis in the accompanying Consolidated Balance Sheets. The related net investment income, investment gain/loss, and change in reserves are presented net on the accompanying Consolidated Statements of Earnings. F&G intends to apply the right of offset where there is a right of offset explicit in the reinsurance agreement. See Note J Reinsurance for more details over F&G's reinsurance agreements.

Revenue Recognition
The Company's life insurance premiums reflect premiums for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) which are recognized as revenue when
due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue 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. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract. Other income related to riders is earned when elected by the policyholder.
Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingencies, 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.
Premiums, annuity deposits (net of reinsurance) and funding agreements, which are not included as revenues in the accompanying Consolidated Statements of Earnings, collected by product type were as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Product Type
Fixed indexed annuities$4,483 $4,420 $1,966 $1,469 
Fixed rate annuities 1,522 878 631 146 
Funding agreements (FABN/FHLB)1,891 2,658 100 100 
Life insurance and other (a)
446 329 152 102 
Total$8,342 $8,285 $2,849 $1,817 

(a)Life insurance and other primarily includes indexed universal life insurance.
Interest and investment income consist 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 and is recognized when earned.
Benefits and Other Changes in Policy Reserves
Benefit expenses for FIAs, fixed rate annuities, IUL policies and funding agreements include interest credited and, for FIA and IUL policies, index credits, 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. Interest crediting rates associated with funds invested in the general account of our insurance subsidiaries for the years ended December 31 2022 and December 31, 2021 range from 0.5% to 6.0% for fixed rate annuities and FIAs combined and 3.0% to 4.8% for IULs. For funding agreements, the rates range from 0.8% to 5.15% for the year ended December 31, 2022 and 0.2% to 5.0% for the year ended December 31, 2021. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative and the change in the SOP 03-1 reserve for GMWB and GMDB benefits.
Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and 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.
Stock-Based Compensation Plans
We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date using quoted market prices, and recognized over the service period.
Earnings Per Share
Basic earnings per share ("EPS"), as presented on the Consolidated Statement of Earnings, is computed by dividing net earnings from continuing operations and separately from discontinued operations by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings from continuing operations and separately from discontinued operations by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. Prior to the FNF acquisition, we had certain non-vested stock, stock options, warrants and performance share units, 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. For periods prior to the FNF acquisition, the effect of a potential conversion of outstanding preferred shares to common shares is not considered in the diluted EPS calculation as the preferred shareholders did not yet have the right to convert.
On June 24, 2022, the following action previously approved by the F&G board of directors became effective: (i) a stock split in a ratio of 105,000 for 1. Earnings per share has been retrospectively adjusted to reflect as if the split occurred as of June 1, 2020, in accordance with GAAP.
Refer to Note P - Earnings Per Share for more details over our calculation of EPS.

Comprehensive Earnings (Loss)
We report Comprehensive earnings (loss) in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and losses, net on the Consolidated Statements of Earnings.
Management Estimates
The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Periodically, and at least annually, typically in the third quarter, we review the assumptions associated with reserves for policy benefits, product guarantees, and amortization of intangibles. During the fourth quarter of 2022, based on increases in interest rates and pricing changes during 2022, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and certain assumptions used to calculate SOP 03-1 liabilities and intangible balances. These changes, taken together, resulted in an increase in contractholder funds and future policy benefits of $97 million and an increase to intangible assets of $47 million.
During the third quarter of 2021, we implemented a new actuarial valuation system. As a result, our third quarter 2021 assumption updates include model refinements and assumption updates resulting from the implementation. The system implementation and assumption review process that occurred in the third quarter of 2021, included refinements in the calculation of the fair value of the embedded derivative component of our FIAs within contractholder funds and updates to the surrender rates, GMWB utilization, IUL premium persistency,
maintenance expenses, and earned rate assumptions to reflect our current and expected future experience. These changes, taken together, resulted in a decrease in contractholder funds and future policy reserves of $425 million and a decrease to intangible assets of $136 million. These model refinements and assumptions are also used in the SOP 03-1 liability for GMWB and GMDB benefits and resulted in an increase in the liability of $28 million. There was no material change to underlying policyholder behavior. The majority of the changes represent one-time adjustments in the third quarter of 2021 related to the cumulative impact of the system implementation and are not expected to re-occur in the future.
v3.22.4
Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2022
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. The three-level hierarchy for fair value measurement is defined as follows:
Level 1 – Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.
Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.
Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.
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 (in millions):

December 31, 2022
Level 1Level 2Level 3NAVFair ValueCarrying Amount
Assets
Cash and cash equivalents$960 $— $— $— $960 $960 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 5,204 6,263 — 11,467 11,467 
Commercial mortgage-backed securities— 2,999 37 — 3,036 3,036 
Corporates— 11,472 1,427 — 12,899 12,899 
Hybrids93 612 — — 705 705 
Municipals— 1,381 29 — 1,410 1,410 
Residential mortgage-backed securities— 1,219 302 — 1,521 1,521 
U.S. Government32 — — — 32 32 
Foreign Governments— 132 16 — 148 148 
Preferred securities248 474 — — 722 722 
Equity securities54 — — 47 101 101 
Derivative investments— 244 — — 244 244 
Short term investments1,556 — — — 1,556 1,556 
Reinsurance related embedded derivative, included in other assets— 279 — — 279 279 
Other long-term investments— — 71 — 71 71 
Total financial assets at fair value$2,943 $24,016 $8,145 $47 $35,151 $35,151 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,115 — 3,115 3,115 
Total financial liabilities at fair value$— $— $3,115 $— $3,115 $3,115 
December 31, 2021
Level 1Level 2Level 3NAVFair ValueCarrying Amount
Assets
Cash and cash equivalents $1,533 $— $— $— $1,533 $1,533 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 4,736 3,959 — 8,695 8,695 
Commercial mortgage-backed securities— 2,929 35 — 2,964 2,964 
Corporates— 13,883 1,121 — 15,004 15,004 
Hybrids132 749 — — 881 881 
Municipals— 1,398 43 — 1,441 1,441 
Residential mortgage-backed securities— 722 — — 722 722 
U.S. Government50 — — — 50 50 
Foreign Governments— 187 18 — 205 205 
Preferred securities407 620 1 — 1,028 1,028 
Equity securities95 — — 48 143 143 
Derivative investments— 816 — 816 816 
Short-term investments50 2 321 — 373 373 
Other long-term investments— — 78 — 78 78 
Total financial assets at fair value$2,267 $26,042 $5,576 $48 $33,933 $33,933 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,883 — 3,883 3,883 
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities— 73 — — 73 73 
Total financial liabilities at fair value$— $73 $3,883 $— $3,956 $3,956 
Valuation Methodologies
Cash and Cash Equivalents
The carrying amounts reported in the 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 December 31, 2022 or December 31, 2021.
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 December 31, 2022 and December 31, 2021 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. Also refer to Management's Estimates in Note A Business and Summary of Significant Accounting Policies regarding updated assumptions during the fourth quarter of 2022 and the implementation of a new actuarial valuation system and assumption updates during the third quarter of 2021. The system implementation and assumption review process included refinements in the calculation of the fair value of the embedded derivative component of our fixed indexed annuities.
The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera (effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third party reinsurer) and 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 J Reinsurance for further discussion on F&G reinsurance agreements.
Short-term Investments
The carrying amounts reported in the 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 net asset value of the fund at the balance sheet date. The embedded derivative is similar to a call option on the net asset value of the fund with a strike price of zero since we will not be required to make any additional payments at maturity of the fund-linked note in order to receive the net asset value of the fund on the maturity date. A Black-Scholes model determines the net asset value 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 net asset value 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 D 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.
Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of December 31, 2022 and December 31, 2021 are as follows:
Fair Value atValuation TechniqueUnobservable 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 securities347  Third-Party Valuation  Offered quotes
41.43% - 210.50%
(67.99%)
Commercial mortgage-backed securities20  Broker-quoted  Offered quotes
109.02% - 109.02%
(109.02%)
Commercial mortgage-backed securities17  Third-Party Valuation  Offered quotes
74.66% - 88.48%
(82.74%)
Corporates602  Broker-quoted  Offered quotes
79.16% - 102.53%
(94.16%)
Corporates825  Third-Party Valuation  Offered quotes
—% - 104.96%
(89.69%)
Municipals29  Third-Party Valuation  Offered quotes
93.95% - 93.95%
(93.95%)
Residential mortgage-backed securities302  Broker-quoted  Offered quotes
0.00% - 91.04%
(86.38%)
Foreign governments16  Third-Party Valuation  Offered quotes
99.78% - 102.29%
(100.56%)
Other long-term investments:
Available-for-sale embedded derivative23 Black Scholes modelMarket value of fund 100.00%
Secured borrowing receivable10  Broker-quoted  Offered quotes
100.00% - 100.00%
(100.00%)
Credit linked note15  Broker-quoted  Offered quotes 96.23%
Investment in affiliate23 Market Comparable Company AnalysisEBITDA multiple
5x-5.5x
Total financial assets at fair value$8,145 
Liabilities
Derivative investments:
FIA/IUL embedded derivatives, included in contractholder funds3,115 Discounted cash flowMarket value of option
0.00% - 23.90%
(0.87%)
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%)
Total financial liabilities at fair value$3,115 
Fair Value atValuation TechniqueUnobservable Input(s)Range (Weighted average)
December 31, 2021
(in millions)December 31, 2021
Assets
Asset-backed securities$3,844 Broker-quotedOffered quotes
52.56% - 260.70%
(97.06)%
Asset-backed securities115 Third-Party ValuationOffered quotes
93.02% - 108.45%
(104.95)%
Commercial mortgage-backed securities24 Broker-quotedOffered quotes
126.70% - 126.70%
(126.70)%
Commercial mortgage-backed securities11 Third Party ValuationOffered quotes
97.91% - 97.91%
(97.91)%
Corporates380 Broker-quotedOffered quotes
—% - 109.69%
(100.91)%
Corporates741 Third-Party ValuationOffered quotes
85.71% - 119.57%
(107.72)%
Municipals43 Third-Party ValuationOffered quotes
135.09% - 135.09%
(135.09)%
Foreign governments18 Third-Party ValuationOffered quotes
107.23% - 116.44%%
(110.11)%
Short-term321 Broker-quotedOffered quotes
100.00% - 100.00%
(100.00)%
Preferred securities1 Income-ApproachYield
2.43%
Other long-term investments:
Available-for-sale embedded derivative34 Black Scholes modelMarket value of fund
100.00%
Credit linked note23 Broker-quotedOffered quotes
100.00%
Investment in affiliate21 Market Comparable Company AnalysisEBITDA multiple
8x-8x
Total financial assets at fair value$5,576 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds3,883 Discounted cash flowMarket value of option
—% - 38.72%
(3.16)%
Swap rates
0.05% - 1.94%
(1.00)%
Mortality multiplier
100.00% - 100.00%
(100.00)%
Surrender rates
0.25% - 70.00%
(6.26)%
Partial withdrawals
2.00% - 23.26%
(2.72)%
Non-performance spread
0.43% - 1.01%
(0.68)%
Option cost
0.07% - 4.97%
(1.83)%
Total financial liabilities at fair value$3,883 
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 years ended December 31, 2022 and 2021, respectively.
This summary excludes any impact of amortization of VOBA, DAC and DSI. 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.

Year ended December 31, 2022
(in millions)
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of
Level 3 (a)
Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$3,959 $(6)$(393)$3,269 $(39)$(541)$14 $6,263 $(426)
Commercial mortgage-backed securities35 — (5)— — — 7 37 (4)
Corporates1,121 1 (187)710 (20)(215)17 1,427 (188)
Hybrids— — — — — — — — — 
Municipals43 — (14)— — — — 29 (13)
Residential mortgage-backed securities— — — 316 — — (14)302 — 
Foreign Governments18 — (2)— — — — 16 (1)
Short-term321 — (1)20 — — (340)— (1)
Preferred securities1 — (1)— — — — — (1)
Equity securities— — — — — — — — — 
Other long-term investments:— — 
Available-for-sale embedded derivative34 (11)— — — — — 23 — 
Investment in affiliate21 — 2 — — — — 23 2 
Credit linked note23 (1)(1)— (2)(4)— 15 — 
Secured borrowing receivable— — — — — — 10 10 — 
Total assets at Level 3 fair value
$5,576 $(17)$(602)$4,315 $(61)$(760)$(306)$8,145 $(632)
Liabilities
FIA/IUL embedded derivatives, included in contractholder funds3,883 (1,382)— 768 — (154)— 3,115 — 
Total liabilities at Level 3 fair value
$3,883 $(1,382)$— $768 $— $(154)$— $3,115 $— 
(a)The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.
Year ended December 31, 2021
(in millions)
Balance at Beginning of PeriodTotal Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of Level 3 (a)
Balance at End of PeriodChange in Unrealized Included in OCI
Included in EarningsIncluded in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$1,350 $(1)$(8)$3,417 $(97)$(595)$(107)$3,959 $4 
Commercial mortgage-backed securities26 — (3)12 — — — 35 1 
Corporates1,274 8 (40)154 (9)(247)(19)1,121 23 
Hybrids4 — — — — (4)— — — 
Municipals43 — — — — — — 43 7 
Residential mortgage-backed securities483 — (1)14 — (102)(394)— 22 
Foreign Governments17 — 1 — — — — 18 2 
Short-term— — 2 820 — (501)— 321 — 
Preferred securities1 (1)1 — — — — 1 — 
Other long-term investments:
Available-for-sale embedded derivative27 7 — — — — — 34 — 
Credit linked note23 — — — — — — 23 — 
Investment in affiliate— — — 21 — — — 21 — 
Total assets at Level 3 fair value
$3,248 $13 $(48)$4,438 $(106)$(1,449)$(520)$5,576 $59 
Liabilities
Future policy benefits5 — — — (4)(1)— — — 
FIA/IUL embedded derivatives, included in contractholder funds3,404 121 — 513 — (155)— 3,883 — 
Total liabilities at Level 3 fair value
$3,409 $121 $— $513 $(4)$(156)$— $3,883 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.
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
The fair value of investments in unconsolidated affiliates is determined using NAV as a practical expedient. As discussed in Note A Business and Summary of Significant Accounting Policies, recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay.
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. Other invested assets are classified as Level 3 within the fair value hierarchy.
Investment Contracts
Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed universal life policies (“IULs”), funding agreements and PRT 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. the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.
Other
Federal Home Loan Bank of Atlanta (“FHLB”) common stock, 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 the $550 million aggregate principal amount of 5.50% senior notes due 2025 is based on quoted market prices of debt with similar credit risk and tenor. The inputs used to measure the fair value of this debt results in a Level 2 classification within the fair value hierarchy. The fair value of the $400 million promissory note with FNF is estimated using a discounted cash flow analysis wherein contractual cash flows are discounted using then current interest rates being offered for debt with similar credit risk and tenor. This debt is classified as Level 3 within the fair value hierarchy.
The carrying value of the revolving credit facility at December 31, 2022 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. As such, the fair value of the revolving credit facility was classified as a Level 2 measurement.
The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.
December 31, 2022
(in millions)
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $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— — — 2,427 2,427 2,427 
Policy loans— — 52 — 52 52 
Other invested assets— — 15 — 15 15 
Company-owned life insurance— — 328 — 328 328 
Total
$— $99 $4,370 $2,427 $6,896 $7,475 
Liabilities
Investment contracts, included in contractholder funds— — 34,464 — 34,464 38,412 
Debt— 1,092 — — 1,092 1,114 
Total
$— $1,092 $34,464 $— $35,556 $39,526 
December 31, 2021
(in millions)
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $72 $— $— $72 $72 
Commercial mortgage loans— — 2,265 — 2,265 2,168 
Residential mortgage loans— — 1,549 — 1,549 1,581 
Investments in unconsolidated affiliates— — — 2,350 2,350 2,350 
Policy loans— — 39 — 39 39 
Company-owned life insurance— — 299 — 299 299 
Total
$— $72 $4,152 $2,350 $6,574 $6,509 
Liabilities
Investment contracts, included in contractholder funds— — 27,448 — 27,448 31,529 
Debt— 615 412 — 1,027 977 
Total
$— $615 $27,860 $— $28,475 $32,506 
For investments for which NAV is used, 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 a price less than NAV would be received in the event of a liquidation.
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting
period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.
v3.22.4
Investments
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Our fixed maturity securities investments have been designated as available-for-sale, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of associated adjustments for VOBA, DAC, DSI, UREV, SOP 03-1 reserves, and 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 are summarized as follows (in millions):
December 31, 2022
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueCarrying Value
Available-for-sale securities
Asset-backed securities$12,209 $(8)$36 $(770)$11,467 $11,467 
Commercial mortgage-backed securities3,309 (1)12 (284)3,036 3,036 
Corporates15,879 (15)30 (2,995)12,899 12,899 
Hybrids781 — 8 (84)705 705 
Municipals1,695 — 4 (289)1,410 1,410 
Residential mortgage-backed securities1,631 (7)6 (109)1,521 1,521 
U.S. Government34 — — (2)32 32 
Foreign Governments185 — — (37)148 148 
Total available-for-sale securities
$35,723 $(31)$96 $(4,570)$31,218 $31,218 
December 31, 2021
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueCarrying Value
Available-for-sale securities
Asset-backed securities$8,516 $(3)$220 $(38)$8,695 $8,695 
Commercial mortgage-backed securities2,669 (2)308 (11)2,964 2,964 
Corporates14,372 — 784 (152)15,004 15,004 
Hybrids812 — 69 — 881 881 
Municipals1,386 — 66 (11)1,441 1,441 
Residential mortgage-backed securities722 (3)7 (4)722 722 
U.S. Government50 — — — 50 50 
Foreign Governments197 — 8 — 205 205 
Total available-for-sale securities
$28,724 $(8)$1,462 $(216)$29,962 $29,962 
Securities held on deposit with various state regulatory authorities had a fair value of $17,751 million and $22,219 million at December 31, 2022 and December 31, 2021, respectively.
As of December 31, 2022 and December 31, 2021, the Company held $27 million and no material investments that were non-income producing for a period greater than twelve months, respectively.
As of December 31, 2022 and December 31, 2021, the Company's accrued interest receivable balance was $358 million and $246 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the 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 $3,387 million and $2,469 million as of December 31, 2022 and December 31, 2021, respectively.
The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
December 31, 2022December 31, 2021
(in millions)(in millions)
Amortized CostFair ValueAmortized CostFair Value
Corporates, Non-structured Hybrids, Municipal and U.S. Government Securities:
Due in one year or less$124 $123 $105 $106 
Due after one year through five years2,193 2,059 1,724 1,754 
Due after five years through ten years1,840 1,633 2,141 2,201 
Due after ten years14,417 11,379 12,842 13,515 
Subtotal18,574 15,194 16,812 17,576 
Other securities, which provide for periodic payments:
Asset-backed securities12,209 11,467 8,516 8,695 
Commercial mortgage-backed securities3,309 3,036 2,669 2,964 
Structured hybrids— — 5 5 
Residential mortgage-backed securities1,631 1,521 722 722 
Subtotal17,149 16,024 11,912 12,386 
Total fixed maturity available-for-sale securities$35,723 $31,218 $28,724 $29,962 
Allowance for Current 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 Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise.
We consider the following in determining whether write-offs of a security’s amortized cost 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 Consolidated Statements of Earnings. 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 Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI.
The activity in the allowance for expected credit losses of available-for-sale securities aggregated by investment category was as follows (in millions):
Year ended December 31, 2022
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$(3)$(7)$— $(1)$2 $— $1 — $(8)
Commercial mortgage-backed securities(2)— — — 1 — — — (1)
Corporates— (15)— — — — — — (15)
Residential mortgage-backed securities(3)(2)— (2)— — — — (7)
Total available-for-sale securities$(8)$(24)$— $(3)$3 $— $1 $— $(31)
Year ended December 31, 2021
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $— $(1)$(2)$— $— $— — $(3)
Commercial mortgage-backed securities— (2)— — — — — — (2)
Corporates(7)— — 6 — — — 1 — 
Residential mortgage-backed securities(3)— — — — — — — (3)
Total available-for-sale securities$(10)$(2)$(1)$4 $— $— $— $1 $(8)

Period from June 1 to December 31, 2020
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $7 $(9)$2 $— $— $— $— $— 
Corporates— 1 (17)— 3 4 2 — (7)
Hybrids— — (3)— 3 — — — — 
Residential mortgage-backed securities— 2 (7)1 1 — — — (3)
Total available-for-sale securities$— $10 $(36)$3 $7 $4 $2 $— $(10)
Period from January 1 to May 31, 2020
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $(17)$— $12 $— $— $— $— $(5)
Corporates— (28)— — 8 12 1 — (7)
Residential mortgage-backed securities— (6)— 3 — — — — (3)
Total available-for-sale securities$— $(51)$— $15 $8 $12 $1 $— $(15)


(a) Purchased credit deteriorated financial assets (“PCD”)
PCD’s 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. The following table summarizes year to date PCD AFS security purchases (in millions).
Purchased credit-deteriorated available-for-sale debt securitiesDecember 31, 2022December 31, 2021
Purchase price$— $4 
Allowance for credit losses at acquisition— 1 
AFS purchased credit-deteriorated par value$— $5 
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 were as follows (dollars in millions):
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Available-for-sale securities
Asset-backed securities$7,001 $(410)$3,727 $(360)$10,728 $(770)
Commercial mortgage-backed securities2,065 (168)475 (116)2,540 (284)
Corporates8,780 (1,679)3,231 (1,312)12,011 (2,991)
Hybrids619 (83)3 (1)622 (84)
Municipals948 (176)352 (113)1,300 (289)
Residential mortgage-backed securities990 (51)184 (22)1,174 (73)
U.S. Government11 (1)21 (1)32 (2)
Foreign Government119 (32)14 (5)133 (37)
Total available-for-sale securities$20,533 $(2,600)$8,007 $(1,930)$28,540 $(4,530)
Total number of available-for-sale securities in an unrealized loss position less than twelve months2,774 
Total number of available-for-sale securities in an unrealized loss position twelve months or longer1,212
Total number of AFS securities in an unrealized loss position3,986 
December 31, 2021
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Available-for-sale securities
Asset-backed securities$4,410 $(31)$146 $(7)$4,556 $(38)
Commercial mortgage-backed securities600 (11)1 — 601 (11)
Corporates5,017 (126)394 (26)5,411 (152)
Hybrids3 — — — 3 — 
Municipals407 (5)85 (6)492 (11)
Residential mortgage-backed securities325 (3)11 (1)336 (4)
U.S. Government32 — 4 — 36 — 
Foreign Government27 — — — 27 — 
Total available-for-sale securities$10,821 $(176)$641 $(40)$11,462 $(216)
Total number of available-for-sale securities in an unrealized loss position less than twelve months1,955
Total number of available-for-sale securities in an unrealized loss position twelve months or longer67
Total number of AFS securities in an unrealized loss position2,022 
We determined the increase in unrealized losses as of December 31, 2022 was caused by higher treasury rates as well as wider spreads. This is in part due to the Federal Reserve's action to increase rates in efforts to combat inflation. For securities in an unrealized loss position as of December 31, 2022, our allowance for expected credit loss was $31 million. We believe that the unrealized loss position for which we have not recorded an allowance for expected credit loss as of December 31, 2022 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 as of December 31, 2022 and December 31, 2021. The mortgages 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 (dollars in millions):
December 31, 2022December 31, 2021
Amortized Cost% of TotalAmortized Cost% of Total
Property Type:
Hotel$18 1 %$19 1 %
Industrial520 22 %497 23 %
Mixed Use12 1 %13 1 %
Multifamily1,013 42 %894 41 %
Office330 14 %343 16 %
Retail105 4 %121 6 %
Student Housing83 3 %83 4 %
Other335 13 %204 8 %
Total commercial mortgage loans, gross of valuation allowance$2,416 100 %$2,174 100 %
Allowance for expected credit loss(10)(6)
Total commercial mortgage loans, net of valuation allowance$2,406 $2,168 
U.S. Region:
East North Central$151 6 %$137 6 %
East South Central76 3 %79 4 %
Middle Atlantic326 13 %293 13 %
Mountain355 15 %236 11 %
New England158 7 %149 7 %
Pacific708 28 %649 30 %
South Atlantic521 22 %459 21 %
West North Central4 1 %12 1 %
West South Central117 5 %160 7 %
Total commercial mortgage loans, gross of valuation allowance $2,416 100 %$2,174 100 %
Allowance for expected credit loss(10)(6)
Total commercial mortgage loans, net of valuation allowance$2,406 $2,168 
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 presents 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 (dollars in millions):
Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
>1.251.00 - 1.25<1.00
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 %
December 31, 2021
LTV Ratios:
Less than 50.00%$626 $33 $9 $668 31 %$745 33 %
50.00% to 59.99%470 — — 470 22 %481 21 %
60.00% to 74.99%1,036 — — 1,036 47 %1,039 46 %
Commercial mortgage loans$2,132 $33 $9 $2,174 100 %$2,265 100 %
(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million.
We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At December 31, 2022 we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table below. At December 31, 2021 we had no CMLs that were delinquent in principal or interest payments.

Residential Mortgage Loans
Residential mortgage loans (“RMLs”) represented approximately 5% and 4% of our total investments as of December 31, 2022 and December 31, 2021, respectively. Our residential mortgage loans 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 (dollars in millions):
December 31, 2022
U.S. State:Amortized Cost% of Total
Florida$324 15 %
Texas215 10 %
New Jersey172 8 %
Pennsylvania153 7 %
California139 6 %
New York138 6 %
Georgia125 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.
December 31, 2021
U.S. State:Amortized Cost% of Total
Florida$234 15 %
Texas170 10 %
New Jersey153 10 %
All other states (a)1,049 65 %
Total residential mortgage loans$1,606 100 %

(a) The individual concentration of each state is less than 9% as of December 31, 2021.
Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing residential mortgage loans as those that are 90 or more days past due or in nonaccrual status, which is assessed monthly. The credit quality of RMLs was as follows (dollars in millions):
December 31, 2022December 31, 2021
Performance indicators:Amortized Cost% of TotalAmortized Cost% of Total
Performing$2,118 97 %$1,533 95 %
Non-performing62 3 %73 5 %
Total residential mortgage loans, gross of valuation allowance$2,180 100 %$1,606 100 %
Allowance for expected loan loss(32)— %(25)— %
Total residential mortgage loans, net of valuation allowance$2,148 100 %$1,581 100 %
Loans segregated by risk rating exposure were as follows, gross of valuation allowances (in millions):
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
Residential mortgages
Current (less than 30 days past due)$766 $884 $214 $185 $23 $33 $2,105 
30-89 days past due2 7 — 4 — — 13 
Over 90 days past due3 9 15 34 1 — 62 
Total residential mortgages$771 $900 $229 $223 $24 $33 $2,180 
Commercial mortgages
Current (less than 30 days past due)$350 $1,300 $488 $— $— $269 $2,407 
30-89 days past due— — — — — — — 
Over 90 days past due— — — — — 9 9 
Total commercial mortgages$350 $1,300 $488 $— $— $278 $2,416 
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
Residential mortgages
Current (less than 30 days past due)$795 $293 $323 $50 $36 $21 $1,518 
30-89 days past due5 4 6 1 — — 16 
Over 90 days past due1 23 46 2 — — 72 
Total residential mortgages$801 $320 $375 $53 $36 $21 $1,606 
Commercial mortgages
Current (less than 30 days past due)$1,301 $543 $— $6 $— $324 $2,174 
30-89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
Commercial mortgages
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 - 1.25x3 — — — — 4 7 
Less than 1.00x9 — — — — 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.
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
Commercial mortgages
LTV
Less than 50.00%$120 $229 $— $6 $— $313 $668 
50.00% to 59.99%267 192 — — — 11 470 
60.00% to 74.99%914 122 — — — — 1,036 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
Commercial mortgages
DSCR
Greater than 1.25x$1,301 $543 $— $4 $— $284 $2,132 
1.00x - 1.25x— — — 2 — 31 33 
Less than 1.00x— — — — — 9 9 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
Non-accrual loans by amortized cost were as follows (in millions):
Amortized cost of loans on non-accrualDecember 31, 2022December 31, 2021
Residential mortgage$62 $72 
Commercial mortgage9 — 
Total non-accrual mortgages$71 $72 
Immaterial interest income was recognized on non-accrual financing receivables for the twelve months ended December 31, 2022 and December 31, 2021.
It is our policy to cease to accrue interest on loans that are 90 days or more delinquent. 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 December 31, 2022 and December 31, 2021, we had $71 million and $72 million, respectively, of mortgage loans that were over 90 days past due, of which $38 million and $39 million was in the process of foreclosure as of December 31, 2022 and December 31, 2021, 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 Consolidated Statements of Earnings.
The allowances for our mortgage loan portfolio is summarized as follows (in millions):
Year ended December 31, 2022
Year ended December 31, 2021
Residential MortgagesCommercial MortgagesTotalResidential MortgagesCommercial MortgagesTotal
Beginning Balance
$25 $6 $31 $37 $2 $39 
Provision for loan losses7 4 11 (12)4 (8)
Ending Balance
$32 $10 $42 $25 $6 $31 
Period from June 1 to December 31, 2020Period from January 1 to May 31, 2020
Residential MortgagesCommercial MortgagesTotalResidential MortgagesCommercial MortgagesTotal
Predecessor
Beginning Balance
$— $— $— $7 $1 $8 
Provision for loan losses30 2 32 7 — 7 
For initial credit losses on purchased loans accounted for as PCD financial assets7 — 7 — — — 
Ending Balance
$37 $2 $39 $14 $1 $15 
An allowance for expected credit loss is not measured on accrued interest income for commercial mortgage loans 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 residential mortgage loans and were immaterial as of December 31, 2022 and December 31, 2021.
Interest and Investment Income
The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows (in millions):
Year Ended December 31,Period from
June 1 to December 31, 		Period from January 1 to May 31,
2022202120202020
Predecessor
Fixed maturity securities, available-for-sale$1,431 $1,213 $643 $426 
Equity securities17 11 7 4 
Preferred securities49 47 35 16 
Mortgage loans186 131 50 36 
Invested cash and short-term investments33 7 — 4 
Limited partnerships110 589 75 (37)
Other investments20 17 8 5 
Gross investment income1,846 2,015 818 454 
Investment expense(191)(163)(75)(51)
Interest and investment income
$1,655 $1,852 $743 $403 
Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and investment income attributable to these agreements, and thus excluded from the totals in the table above, was $109 million, $53 million, $21 million and $15 million, for the year ended December 31, 2022, the year ended December 31, 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.

Recognized Gains and Losses, net
Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows (in millions):
Year Ended December 31,Period from
June 1 to December 31,		Period from January 1 to May 31,
2022202120202020
Predecessor
Net realized (losses) gains on fixed maturity available-for-sale securities$(241)$102 $95 $(49)
Net realized/unrealized (losses) gains on equity securities (a)
(40)(37)29 (30)
Net realized/unrealized (losses) gains on preferred securities (b)
(167)(14)55 (40)
Realized (losses) gains on other invested assets(13)6 — (2)
Change in allowance for expected credit losses(34)4 (19)(23)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments(164)455 76 11 
Unrealized (losses) gains on certain derivative instruments(693)160 161 (223)
Change in fair value of reinsurance related embedded derivatives (c)
352 34 (53)19 
Change in fair value of other derivatives and embedded derivatives(10)5 8 (1)
Realized (losses) gains on derivatives and embedded derivatives(515)654 192 (194)
Recognized gains and losses, net
$(1,010)$715 $352 $(338)

(a)Includes net valuation (losses) gains of $(40) million, $(37) million, $30 million and $(30) million for the years ended December 31, 2022 and 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
(b)Includes net valuation (losses) gains of $(159) million, $(14) million, $56 million and $(34) million for the years ended December 31, 2022 and 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
(c)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 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 gains and losses attributable to these agreements, and thus excluded from the totals in the table above, was $381 million, $15 million, $(58) million and $21 million for the year ended December 31, 2022, the year ended December 31, 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Proceeds$3,097 $4,555 $1,398 $513 
Gross gains13 142 101 29 
Gross losses(239)(42)(5)(20)
Unconsolidated Variable Interest Entities
We own investments in 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 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 Consolidated Balance Sheets.
Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our 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 (in millions):
December 31, 2022December 31, 2021
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$2,427 $4,030 $2,350 $3,496 
Fixed maturity securities15,680 17,404 12,382 12,802 
Total unconsolidated VIE investments$18,107 $21,434 $14,732 $16,298 
Concentrations
Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions). Certain of the investments disclosed as of December 31, 2022 were held as of December 31, 2021 but are not presented in the December 31, 2021 column as they did not exceed 10 % of shareholders equity as of December 31, 2021.
December 31, 2022December 31, 2021
Blackstone Wave Asset Holdco (a)$741 $870 
ELBA (b)470 — 
COLI308 — 
Verus Securitization Trust (c)302 — 
Jade 1 (d)271 — 
Jade 2 (d)271 — 
Jade 3 (d)271 — 
Jade 4 (d)271 — 
Maybay Finance, LLC (e)224 — 
(a)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.
(b)Represents special purpose vehicles that hold an underlying minority ownership interest in a single operating liquified natural gas export facility.
(c)Represents special purpose vehicles that hold investments backed by the interest paid on loans for residencies.
(d)Represents special purpose vehicles that hold numerous underlying corporate loans across various industries.
(e)Represents special purpose vehicles that hold investments in multiple aircraft leases.
v3.22.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
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 and IUL contracts, and reinsurance is as follows (in millions):
December 31, 2022December 31, 2021
Assets:
Derivative investments:
Call options$244 $816 
Other long-term investments:
Other embedded derivatives23 33 
Prepaid expenses and other assets:
Reinsurance related embedded derivatives279 — 
$546 $849 
Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives$3,115 $3,883 
Accounts payable and accrued liabilities:
Reinsurance related embedded derivatives— 73 
$3,115 $3,956 
The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Net investment gains (losses):Predecessor
Call options$(862)$597 $229 $(221)
Futures contracts(7)8 15 8 
Foreign currency forwards12 10 (7)1 
Other derivatives and embedded derivatives(10)5 8 (1)
Reinsurance related embedded derivatives 352 34 (53)19 
Total net investment gains (losses)
$(515)$654 $192 $(194)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase$(768)$479 $552 $239 
Additional Disclosures
FIA/IUL Embedded Derivative and 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 Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in
policy reserves in the Consolidated Statements of Earnings. See a description of the fair value methodology used in Note B 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, and five year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new call options to fund the next index credit. We manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the 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 Consolidated Statements of Earnings. 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.
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 table (in millions):
December 31, 2022
Counterparty
Credit Rating (Fitch/Moody's/S&P) (1)
Notional AmountFair ValueCollateralNet 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 SuisseBBB+/A3/A-1,039 5 5 — 
Truist A+/A2/A 2,489 35 36 — 
CitibankA+/Aa3/A+795 8 9 — 
Total
$23,297 $244 $219 $33 
December 31, 2021
Counterparty
Credit Rating (Fitch/Moody's/S&P)(1)
Notional AmountFair ValueCollateralNet Credit Risk
Merrill Lynch AA/*/A+ $3,307 $128 $86 $42 
Morgan Stanley */Aa3/A+ 2,184 86 92 — 
Barclay's Bank A+/A1/A 5,197 231 233 — 
Canadian Imperial Bank of Commerce AA/Aa2/A+ 2,936 147 151 — 
Wells Fargo A+/A1/BBB+ 2,445 89 90 — 
Goldman Sachs A/A2/BBB+ 307 10 10 — 
Credit Suisse A/A1/A+ 1,485 74 75 — 
Truist A+/A2/A 1,543 51 53 — 
Total$19,404 $816 $790 $42 
__________________
(1)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 December 31, 2022 and December 31, 2021 counterparties posted $219 million and $790 million, respectively, of collateral of which $178 million and $576 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 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 $33 million at December 31, 2022 and $42 million at December 31, 2021.
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 Consolidated Balance Sheets.
We held 409 and 329 futures contracts at December 31, 2022 and December 31, 2021, 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 Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $3 million and $3 million at December 31, 2022 and December 31, 2021, respectively.
Reinsurance Related Embedded Derivatives
The Company entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain multi-year guaranteed annuity (“MYGA”) and deferred annuity business 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 certain deferred annuity business on a 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 Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the Consolidated Statements of Earnings.
v3.22.4
Notes Payable
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
Notes payable consists of the following:
December 31, 2022December 31, 2021
(In millions)
Revolving Credit Facility - Short-term$547 $— 
5.50% F&G Notes
567 577 
FNF Promissory Note— 400 
$1,114 $977 
On November 22, 2022, we entered into a Credit Agreement (the “Credit Agreement”) with certain lenders (the “Lenders”) and Bank of America, N.A. as administrative agent (in such capacity, the “Administrative Agent”), swing line lender and an issuing bank, pursuant to which the Lenders have made available an unsecured revolving credit facility in an aggregate principal amount of $550 million to be used for working capital and general corporate purposes.
The 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 $150,000,000 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 or certain other conditions are met. As the revolving loans under the Credit Agreement mature in less than one year, the amounts outstanding under the Credit Agreement are considered short-term.
Revolving loans under the 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. At the current Standard & Poor’s, Moody’s and Fitch non-credit-enhanced, senior unsecured long-term debt ratings of BBB-/Ba1//BBB-, respectively, the applicable margin for revolving loans subject to Term SOFR is 165 basis points. In addition, we will pay a facility fee of between 20.0 and 45.0 basis points on the entire facility, also depending on the non-credit-enhanced, senior unsecured long-term debt ratings, which is payable quarterly in arrears.
As of December 31, 2022, the revolving credit facility was fully drawn with $550 million outstanding, offset by approximately $3 million of unamortized debt issuance costs. For the year ended December 31, 2022, interest expense on the revolving credit facility was approximately $1 million.
On September 15, 2021, we entered into a promissory note with FNF for $400 million aggregate principal amount, quarterly interest at three-month LIBOR + 2.50% (2.63% at December 31, 2021), due 2028 (the "FNF Promissory Note"). On June 24, 2022, the following action previously approved by the F&G board of directors became effective: (i) an exchange agreement with FNF pursuant to which F&G transferred shares of its common stock to FNF in exchange for the $400 million FNF Promissory Note, after which the note was retired. There was no
gain or loss recorded with respect to the exchange agreement. For the years ended December 31, 2022 and 2021, interest expense on the FNF Promissory Note was approximately $6 million and $3 million, respectively.
On December 29, 2020, we entered into a revolving note agreement with FNF for up to $200 million capacity (the "FNF Credit Facility") to be used for working capital and other general corporate purposes. No amounts were outstanding under this revolving note agreement as of December 31, 2022 or December 31, 2021.
On April 20, 2018, Fidelity & Guaranty Life Holdings, Inc. (“FGLH”), our indirect wholly owned subsidiary, completed a debt offering of $550 million aggregate principal amount of 5.50% senior notes due May 1, 2025 (the "5.50% F&G Notes"), at 99.5% of face value for proceeds of $547 million. As a result of the FNF acquisition, a premium of $39 million was established for these notes and is being amortized over the remaining life of the debt through 2025. In conjunction with the acquisition, FNF became a guarantor of FGLH’s obligations under the 5.50% F&G Notes and agreed to fully and unconditionally guarantee the F&G 5.50% Notes, on a joint and several basis. Interest expense, net of premium amortization on the 5.50% F&G Notes were $29 million, $29 million, $18 million and $13 million for the years ended December 31, 2022 and December 31, 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
The Credit Agreement and the indenture governing the 5.50% F&G Notes impose certain operating and financial restrictions, including financial covenants, on F&G. As of December 31, 2022, we were in compliance with all covenants.
Also refer to Note A - Business and Summary of Significant Accounting Policies - Recent Events for additional information about our Notes Payable.
Gross principal maturities of notes payable at December 31, 2022 are as follows (in millions):
2023$550 
2024— 
2025550 
2026— 
2027— 
Thereafter— 
$1,100 
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
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. 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 insignificant as of December 31, 2022 and December 31, 2021. We do not consider (i) the amounts we have currently recorded for all legal proceedings in which it has been determined that a loss is both probable and reasonably estimable and (ii) reasonably possible losses for all pending legal proceedings to be material to our financial statements either 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. The result in this case has no material adverse effect on our financial condition.
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. 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.
Commitments
We have unfunded investment commitments as of December 31, 2022 and December 31, 2021 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 December 31, 2022 and December 31, 2021 is included below (in millions):
December 31, 2022December 31, 2021
Asset Type
Unconsolidated VIEs:
Limited partnerships$1,603 $1,146 
Whole loans419 589 
Fixed maturity securities, ABS201 306 
Other fixed maturity securities, AFS48 119 
Commercial mortgage loans36 44 
Other assets120 156 
Residential mortgage loans2 — 
Committed amounts included in liabilities1 — 
Total
$2,430 $2,360 
See Note A Business and Summary of Significant Accounting Policies, for discussion of funding agreements that have been issued pursuant to the FABN Program as well as to the FHLB that are included in Contractholder funds.
The Company leases office space under operating leases. The largest leases are cancellable in 2027 and expire in 2030. Rent expense and minimum rental commitments under all leases are immaterial.
As discussed in Note J Reinsurance, to enhance Kubera's ability to pay its obligations under the amended reinsurance agreement, effective October 31, 2021, F&G entered into a Variable Note Purchase Agreement (the “NPA”), whereby F&G agreed to fund a note to Kubera to be used to ultimately settle with F&G, with principal increases up to a maximum amount of $300 million, to the extent a potential funding shortfall (treaty assets are less than the total funding requirement) is projected relative to the business ceded to Kubera from F&G as part of the amended reinsurance agreement. The potential funding shortfall will be determined quarterly and, among other items, is impacted by the market value of the assets in the funds withheld account related to the reinsurance agreement and Kubera's capital as calculated on a Bermuda regulatory basis. The NPA matures on November 30, 2071. Based on the current level of the treaty assets and projections that these policies will be profitable over the lifetime of the agreement, we do not expect significant fundings to occur under the NPA. As of December 31, 2022 and December 31, 2021, the amount funded under the NPA was insignificant.
v3.22.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2022
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 (in millions).
 Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Cash paid for:
Interest paid$34 $30 $30 $15 $15 
Income taxes (refunded) paid(72)44 2 — 
Deferred sales inducements87 90 46 43 
Non-cash investing and financing activities:
Investments received from pension risk transfer premiums— 316 — — 
Change in proceeds of sales of investments available for sale receivable in period115 (160)(3)5 
Change in purchases of investments available for sale payable in period(10)2 7 (6)
v3.22.4
Intangibles
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles Intangibles
A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets is as follows (in millions):
VOBADACDSITotal
Balance at January 1, 2022
$1,185 $761 $88 $2,034 
Deferrals— 727 87 814 
Amortization(203)(107)(43)(353)
Interest25 30 2 57 
Unlocking(5)(4)5 (4)
Adjustment for net unrealized investment losses (gains)662 182 68 912 
Balance at December 31, 2022
$1,664 $1,589 $207 $3,460 
VOBADACDSITotal
Balance at January 1, 2021
$1,466 $222 $36 $1,724 
Purchase price allocation adjustments61 — — 61 
Deferrals— 585 90 675 
Amortization(436)(46)(35)(517)
Interest30 13 1 44 
Unlocking13 1 (2)12 
Adjustment for net unrealized investment losses (gains)51 (14)(2)35 
Balance at December 31, 2021
$1,185 $761 $88 $2,034 
VOBADACDSITotal
Balance at June 1, 2020 (a)$1,847 $— $— $1,847 
Deferrals— 251 46 297 
Amortization(120)(6)(5)(131)
Interest20 2 — 22 
Unlocking2 — — 2 
Adjustment for net unrealized investment losses (gains)(283)(25)(5)(313)
Balance at December 31, 2020$1,466 $222 $36 $1,724 
PredecessorVOBADACDSITotal
Balance at January 1, 2020$599 $641 $236 $1,476 
Deferrals— 184 43 227 
Amortization14 22 10 46 
Interest7 8 2 17 
Unlocking(9)(2)— (11)
Adjustment for net unrealized investment losses (gains)141 65 30 236 
Balance at May 31, 2020$752 $918 $321 $1,991 
(a) As of the June 1, 2020 acquisition of F&G, due to purchase accounting adjustments, our prior intangible assets were valued at $0 and VOBA was re-established at fair value.

Amortization of VOBA, DAC, and DSI is based on the current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rates utilized to calculate the accretion of interest on VOBA ranged from 0% to 4.71% for the years ended December 31, 2022 and December 31, 2021. The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, and DSI that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI on the Consolidated Balance Sheet rather than as depreciation and amortization on the Consolidated Statements of Earnings. As of December 31, 2022 and December 31, 2021, the VOBA balances included cumulative adjustments for net unrealized investment gains
(losses) of $(430) million and $232 million, respectively, the DAC balances included cumulative adjustments for net unrealized investment gains (losses) of $(143) million and $39 million, respectively, and the DSI balance included net unrealized investment gains (losses) of $(61) million and $7 million, respectively.
For the in-force liabilities as of December 31, 2022, the estimated amortization expense for VOBA in future fiscal periods under existing accounting rules is as follows (in millions) (Refer to Note Q Recent Accounting Pronouncements for further discussion of accounting pronouncements not yet adopted that may have a significant impact on future estimated amortization expense upon adoption):
Estimated Amortization Expense
Fiscal Year
2023$(53)
2024172 
2025151 
2026133 
2027129 
Thereafter702 
Definite and Indefinite Lived Other Intangible Assets
Other intangible assets as of December 31, 2022 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(40)$100 15
Computer software82 (21)61 
2 to 10
Definite lived trademarks, tradenames, and other30 (8)22 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$191 
Other intangible assets as of December 31, 2021 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(25)$115 15
Computer software67 (15)52 
2 to 10
Definite lived trademarks, tradenames and other30 (5)25 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$200 
Amortization expense for amortizable intangible assets, which consist primarily of VODA, computer software, and definite lived trademarks, tradenames and other was $25 million, $28 million, $17 million and $1 million for the years ended December 31, 2022 and December 31, 2021, the period June 1 to December 31, 2020 and the Predecessor period January 1 to May 31, 2020, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2022, is $29 million in 2023, $26 million in 2024, $24 million in 2025, $23 million in 2026 and $22 million in 2027.
v3.22.4
Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill GoodwillGoodwill of $1,756 million as of December 31, 2022, and December 31, 2021 relates to goodwill recorded in connection with the FNF acquisition at June 1, 2020. There have been no changes in goodwill since the FNF acquisition. Refer to Note A Business and Summary of Significant Accounting Policies regarding our accounting policy for Goodwill and discussion of impairment testing.
v3.22.4
Reinsurance
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Reinsurance 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 F&G's retention limit is reinsured. F&G primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. F&G 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. Refer to Note A Business and Summary of Significant Accounting Policies for more information over our accounting policy for reinsurance agreements.
The effect of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020 and the Predecessor period January 1, 2020 to May 31, 2020, respectively, were as follows (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits Incurred
Direct$1,522 $3,671 $1,314 $3,282 $108 $976 $86 $402 
Assumed— — — — — 1 — (1)
Ceded(128)(2,546)(137)(1,144)(85)(111)(67)(103)
Net$1,394 $1,125 $1,177 $2,138 $23 $866 $19 $298 
Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. The Company did not write off any significant reinsurance balances during the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020 or the Predecessor period from January 1, 2020 to May, 31, 2020. The Company did not commute any ceded reinsurance treaties during the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020 or the Predecessor period from January 1, 2020 to May 31, 2020.
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. For the period ended May 31, 2020, the expected credit loss reserve was $22 million. As of the June 1, 2020 acquisition of F&G, due to purchase accounting adjustments, our expected credit loss reserve was valued at $0. For the seven months ended December 31, 2020, the expected credit loss reserve increased from $0 to $21 million. As of December 31, 2022 and December 31, 2021, the expected credit loss reserve was $10 million and $20 million, respectively.
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.
New Reinsurance Transaction. Effective December 31, 2022, F&G entered into an indemnity reinsurance agreement with New Reinsurance Company Ltd. (“New Re”), a third-party reinsurer, to cede a quota share of certain FIA policies and related waiver of surrender charges, issued after January 1, 2022, on a coinsurance and yearly
renewable term basis. The coinsurance quota share is only applicable to the base contract benefits under the FIA policies. The yearly renewable term is applicable to the waiver of surrender charges. As the FIA policies ceded do not include any GMWB or GMDB benefits, there is no significant insurance risk present and therefore the effects of this agreement are accounted for as a separate investment contract.
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.  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.
Somerset Reinsurance Transaction. F&G entered into a reinsurance agreement with Kubera, a third-party reinsurer, effective December 31, 2018, to cede certain MYGA and deferred annuity GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. In accordance with the terms of this agreement, F&G cedes a quota share percentage of MYGA and deferred annuity policies for certain issue years to Kubera. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. This agreement cedes GAAP and statutory reserves of approximately $1 billion. As the policies ceded to Somerset 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.
Kubera Reinsurance Transaction. F&G has a reinsurance agreement with Kubera to cede certain FIA statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. In accordance with the terms of this agreement, F&G cedes a quota share percentage of FIA policies for certain issue years to Kubera. Effective October 31, 2021, this agreement was amended to increase the ceded reserves from approximately $4 billion to approximately $10 billion. The agreement was subsequently amended and restated on October 1, 2022 whereby F&G recaptured approximately $52 million in statutory reserves solely related to waiver of surrender charges. As the policies ceded to Kubera are investment contracts, there is no significant insurance risk present and therefore the reinsurance agreement is accounted for as a separate investment contract. F&G incurred risk charge fees of $12 million, $5 million, $4 million, and ($1) million during the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020, and the Predecessor period from January 1, 2020 to May 31, 2020, respectively, in relation to this reinsurance agreement.
To enhance Kubera's ability to pay its obligations under the amended reinsurance agreement, F&G entered into a Variable Note Purchase Agreement (the “NPA”), whereby F&G agreed to fund a note to Kubera to be used to ultimately settle with F&G, with principal increases up to a maximum amount of $300 million, to the extent a potential funding shortfall (treaty assets are less than the total funding requirement) is projected relative to the business ceded to Kubera from F&G as part of the amended reinsurance agreement. The potential funding shortfall will be determined quarterly and, among other items, is impacted by the market value of the assets in the funds withheld account related to the reinsurance agreement and Kubera's capital as calculated on a Bermuda regulatory basis. The NPA matures on November 30, 2071. Based on the current level of the treaty assets and projections that these policies will be profitable over the lifetime of the agreement, we do not expect significant fundings to occur under the NPA. As of December 31, 2022 and December 31, 2021, the amount funded under the NPA was insignificant.
Canada Life Reinsurance Transaction. Effective May 1, 2020, F&G entered into an indemnity reinsurance agreement with Canada Life Assurance Company United States Branch, a third-party reinsurer, to reinsure FIA policies with GMWB. In accordance with the terms of this agreement, F&G cedes a quota share percentage of the net retention of guarantee payments in excess of account value for GMWB. This treaty was amended effective January 1, 2021 and January 1, 2022, and covers FIA policies with GMWB issued from January 1, 2020 to December 31, 2023. Effective October 1, 2022, the treaty was then amended and restated to cover additional FIA business policies. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk
transfer requirements for GAAP; therefore, deposit accounting is applied. F&G incurred risk charge fees of $4 million, $2 million and $1 million during the years ended December 31, 2022 and December 31, 2021 and the period from June 1, 2020 to December 31, 2020, respectively, in relation to this reinsurance agreement.
Hannover Reinsurance Transaction. F&G has an indemnity reinsurance agreement with Hannover Re, a third-party reinsurer, to cede a quota share percentage of the net retention of guarantee payments in excess of account value for GMWB and GMDB guarantees associated with an in-force block of its FIA and fixed deferred annuity contracts. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP; therefore, deposit accounting is applied. F&G incurred risk charge fees of $20 million, $21 million, $12 million, and $8 million during the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020, and the Predecessor period from January 1, 2020 to May 31, 2020, respectively, in relation to this reinsurance agreement.
Wilton Reinsurance Transaction. Pursuant to the agreed upon terms, Wilton Reassurance Company (“Wilton Re”) purchased through a 100% quota share reinsurance agreement certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX, as well as another block of FGL Insurance’s in-force traditional, universal life and IUL insurance policies. The effects of this agreement are accounted for as reinsurance as the ceded policies qualify as insurance products and because the agreement satisfies the risk transfer requirements for GAAP.
Concentration of Reinsurance Risk
The Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida Re, 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 December 31, 2022, 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 December 31, 2022. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of December 31, 2022, and the risk of non-performance is further mitigated through the funds withheld arrangement. On December 31, 2022, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $3,121 million, $1,231 million, and $570 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 December 31, 2022.
Intercompany Reinsurance Agreements
Effective December 31, 2022, Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) entered into a Coinsurance Agreement with F&G Life Re, an affiliated Bermuda reinsurer to issue a quota share of PRT group annuity contracts. Some of the contracts reinsured are held by FGL Insurance’s general account and others are held by a FGL Insurance separate account (which does not meet the GAAP definition of a separate account). The cession from FGL Insurance to the Reinsurer is on a 80% quota share basis. Reinsurance of the separate account contracts are maintained on a modified coinsurance basis and reinsurance of the general account contracts are maintained on a funds withheld basis. On the funds withheld portion of the transaction, FGL Insurance ceded approximately $380 million, in certain PRT Statutory Reserves and Interest Maintenance Reserve. FGL Insurance also established a modified coinsurance reserve of approximately $1.7 billion associated with the PRT Separate Account Insurance Liabilities.
F&G has a reinsurance treaty with Raven Reinsurance Company ("Raven Re"), its wholly owned captive reinsurance company, to cede the Commissioners Annuity Reserve Valuation Method ("CARVM") liability for annuity benefits where surrender charges are waived related to certain FIA, DA and MYGA policies. Effective October 1, 2022, the treaty was amended and restated to cover additional FIA, DA and MYGA policy issue years. In connection with the CARVM reinsurance agreement, (“FGL Insurance”) and Raven Re entered into an agreement with Nomura Bank International plc (“NBI”) to establish a reserve financing facility in the form of a letter of credit issued by NBI. The reimbursement agreement associated with the facility was amended and restated
on September 30, 2022. As a result, the financing facility now has $200 million available to draw on as of December 31, 2022. The amended facility may terminate earlier than the current termination date of October 1, 2027, in accordance with the terms of the reimbursement agreement. Under the terms of the reimbursement agreement, in the event the letter of credit is drawn upon, Raven Re is required to repay the amounts utilized, and FGLH is obligated to repay the amounts utilized if Raven Re fails to make the required reimbursement. FGLH also is required to make capital contributions to Raven Re in the event that Raven Re’s statutory capital and surplus falls below certain defined levels. As of December 31, 2022 and December 31, 2021, Raven Re’s statutory capital and surplus was $11 million and $62 million, respectively, in excess of the minimum level required under the reimbursement agreement. As this letter of credit is provided by an unaffiliated financial institution, Raven Re is permitted to carry the letter of credit as an admitted asset on the Raven Re statutory balance sheet.
Effective December 31, 2020, FGL Insurance executed a Coinsurance Agreement with F&G Life Re Ltd. (“F&G Life Re” or "Reinsurer"), an affiliated Bermuda reinsurer, to reinsure a quota share of FIA policies to the Reinsurer. Concurrently, the Reinsurer and F&G Cayman Re Ltd. (“F&G Cayman Re”), an affiliated reinsurer of both FGL Insurance and the Reinsurer, entered into a Retrocession Agreement. The cession from FGL Insurance to the Reinsurer is on a 100% quota share basis, net of applicable existing reinsurance and the retrocession to F&G Cayman Re from the Reinsurer is on a 45% quota share basis. Additionally, both treaties are maintained on a funds withheld basis. FGL Insurance ceded and the Reinsurer retroceded approximately $5.0 billion and $2.2 billion, respectively, in certain FIA Statutory Reserves and Interest Maintenance Reserve.
Since these agreements are intercompany, the financial impacts are eliminated in the preparation of the Consolidated Financial Statements included within this Annual Report.
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company has determined that related parties would fall into the following categories; (i) affiliates of the entity, (ii) entities for which investments in their equity securities would be required to be accounted for by the equity method by the investing entity, (iii) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management, (iv) principal owners (>10% equity stake) of the entity and members of their immediate families, (v) management (including FNF’s BOD, CEO, and other persons responsible for achieving the objectives of the entity and who have the authority to establish policies and make decisions) of the entity and other members of their immediate families, (vi) other parties with which the entity may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests (vii) other parties that can significantly influence management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate business, (viii) attorney in fact of a reciprocal reporting entity or any affiliate of the attorney in fact, and (ix) a U.S. manager of a U.S. branch or any affiliate of the U.S. manager of a U.S. branch.
Prior to the FNF acquisition, the Company determined that for the period January 1 to May 31, 2020, the Blackstone Group LP ("Blackstone") and its affiliates, further discussed below, as well as the Company's directors and officers (along with their immediate family members) were related parties of the Company due to ownership in F&G. Blackstone was a related party based on its equity stake in the Company. Upon the closing of the FNF acquisition, the Company re-evaluated related parties. Blackstone and its affiliates are no longer related parties due to no longer holding ownership in F&G. It was determined that FNF as well as FNF's directors and officers (along with their immediate family members) would be related parties subsequent to June 1, 2020.
FNF
Separation Agreement
F&G has entered into the Separation Agreement with FNF to provide for, among other things, the principal corporate transactions required to effect the separation and distribution, certain conditions to the separation and distribution and provisions governing our relationship with FNF with respect to and resulting from the separation
and distribution. Refer to “Risk Factors - Risks Related to the Separation and Distribution and our Status as a subsidiary of FNF” in this Annual Report for additional information on the separation.
Notes Payable
For a description of our financing arrangements with FNF see Note E Notes Payable to the Consolidated Financial Statements included in this Annual Report.
Governance
Because FNF will initially own approximately 85% of the shares of outstanding F&G common stock we are a controlled company within the meaning of the corporate governance standards of the NYSE. A controlled company does not need its board of directors to have a majority of independent directors or to form an independent compensation committee or nominating and corporate governance committee. Refer to “Risk Factors - Risks Related to the Separation and Distribution and our Status as a subsidiary of FNF” in this Annual Report for additional information on management and governance.
Tax Sharing Agreement
Refer to Note N Income Taxes for a discussion of the tax matters agreement between FNF and the Company.
Stock Split, Increase to Authorized shares and Exchange Agreement with FNF
On June 24, 2022, the following actions previously approved by the F&G board of directors became effective: (i) a stock split in a ratio of 105,000 for 1. FNF, as the sole shareholder, received, in the form of a dividend, 104,999 additional shares of common stock for each share of common stock held. Earnings per share has been retrospectively adjusted to reflect as if the split occurred as of June 1, 2020 in accordance with GAAP; (ii) an increase in the number of authorized shares of common stock from one thousand (1,000) to five hundred million (500,000,000); (iii) an exchange agreement with FNF pursuant to which F&G transferred shares of its common stock to FNF in exchange for the $400 million FNF Promissory Note, after which the note was retired. There was no gain or loss recorded with respect to the exchange agreement. For the years ended December 31, 2022 and 2021, interest expense on the FNF Promissory Note was approximately $6 million and $3 million, respectively.
Corporate Services Agreement
FNF has entered into a Corporate Services Agreement with F&G, which we refer to as the Corporate Services Agreement. Pursuant to such agreement, FNF will provide F&G with certain corporate services, including internal audit services, litigation and dispute management services, compliance services, corporate and transactional support services, SEC & reporting services, insurance and risk management services, human resources support services and real estate services. The Corporate Services Agreement terminates after the date upon which all corporate services or transition assistance have been terminated or upon the mutual agreement of the parties. F&G may terminate corporate services by providing 90 days written notice to FNF.
Reverse Corporate Services Agreement
F&G has entered into a Reverse Corporate Services Agreement with FNF. Pursuant to such agreement, F&G will provide FNF with certain services, including employee services. The Reverse Corporate Services Agreement terminates after the date upon which all corporate services or transition assistance has been terminated or upon the mutual agreement of the parties. FNF may terminate corporate services by providing 90 days written notice to F&G.
Shared Services
For the years ended December 31, 2022 and 2021, and for the period June 1, 2020 to December 31, 2020, FNF provided certain operational support services for F&G including tax, insurance, legal, risk management, information technology, employee benefits and accounting.
Expenses incurred by F&G for all services were approximately $4 million for the year ended December 31, 2022 and were insignificant for the year ended December 31, 2021 and for the period June 1, 2020 to December 31,
2020.
Blackstone ISG-I Advisors LLC ("BIS")
FGL Insurance and certain subsidiaries of the Company, entered into investment management agreements ("IMAs") with "BIS", a wholly owned subsidiary of The Blackstone Group LP on December 1, 2017. On December 31, 2019, to be effective as of October 31, 2019, FGL Insurance and certain subsidiaries of the Company entered into amended and restated IMAs (the “Restated IMAs”) with BIS, pursuant to which BIS was appointed as investment manager of the Company’s general accounts (the “F&G Accounts”). Pursuant to the terms of the Restated IMAs, BIS may delegate any or all of its discretionary investment, advisory and other rights, powers, functions and obligations under the Restated IMAs to one or more sub-managers, including its affiliates. BIS delegated certain investment services to its affiliates, Blackstone Real Estate Special Situations Advisors L.L.C. (“BRESSA”) and GSO Capital Advisors II LLC (“GSO Capital Advisors”), pursuant to sub-management agreements executed between BIS and each of BRESSA and GSO Capital Advisors. The Restated IMAs were further amended and restated on June 1, 2020.
BIS appointed MVB Management, an entity owned by affiliates of FNF’s Chairman, as Sub-Adviser of the FGL Account pursuant to a sub-advisory agreement (the “Sub-Advisory Agreement”). Under the Sub-Advisory Agreement, MVB Management will provide portfolio review, and consulting services, including such recommendations as the Investment Manager shall reasonably request. Payment or reimbursement of the sub-advisory fee to MVB Management is solely the obligation of BIS and is not an obligation of FGL Insurance or F&G. Subject to certain conditions, the Sub-Advisory Agreement cannot be terminated by BIS unless FGL Insurance terminates the FGL Insurance IMA.
The Company purchased $103 million of residential loans from Finance of America Holdings LLC, a Blackstone affiliate, during the period January 1 to May 31, 2020. In addition, the Company purchased $67 million commercial mortgage loans from Blackstone Real Estate Debt Strategies, a Blackstone affiliate, during the period January 1 to May 31, 2020.
The Company earned $(12) million of interest and investment income for the period January 1 to May 31, 2020 on affiliated investments.
Freedom Equity Group (“FEG”)
In October 2021, we purchased a 30% minority ownership stake in FEG. FEG is a nearly 4,000 agent strong Network Marketing Group that focuses on cultural markets including Mexican-American, Hmong, Laotian, Filipino, Burmese, Congolese-American, Samoan, African-American, Thai and Vietnamese. For the year ended December 31, 2022, we paid approximately $74 million in commissions to FEG, with the expense included in other operating expenses on the accompanying Consolidated Statement of Earnings.
Refer to Note S Subsequent Events, for discussion of a recent investment we made in Syncis.
v3.22.4
Insurance Subsidiary Financial Information and Regulatory Matters
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Insurance Subsidiary Financial Information and Regulatory Matters Insurance Subsidiary Financial Information and Regulatory MattersOur U.S. insurance subsidiaries, FGL Insurance, Fidelity & Guaranty Life Insurance Company of New York (“FGL NY Insurance”), and 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 and F&G Life Re (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP.
U.S. Companies
Our principal insurance subsidiaries' statutory (SAP and GAAP) financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned U.S. regulated insurance subsidiaries were as follows (in millions):
Subsidiary (state of domicile) (a)
FGL Insurance (IA) FGL NY Insurance (NY)Raven Re (VT)
Statutory Net income (loss):
Year ended December 31, 2022
$(243)$(15)$(111)
Year ended December 31, 2021$351 $4 $3 
Statutory Capital and Surplus:
December 31, 2022$1,877 $82 $121 
December 31, 2021$1,473 $99 $115 
(a)FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together.
Regulation - U.S. Companies
FGL Insurance, FGL NY Insurance and Raven Re's respective statutory capital and surplus satisfies the applicable minimum regulatory requirements.
In order to enhance the regulation of insurers’ solvency, the NAIC adopted a model law to implement RBC requirements for life, health and property and casualty insurance companies. All states have adopted the NAIC’s model law or a substantially similar law. RBC is used to evaluate the adequacy of capital and surplus maintained by an insurance company in relation to risks associated with: (i) asset risk, (ii) insurance risk, (iii) interest rate risk, and (iv) business risk. As of the most recent annual statutory financial statements filed with insurance regulators, the RBC ratios for FGL Insurance and FGL NY Insurance each exceeded the minimum RBC requirements.
The insurance laws of Iowa and New York regulate the amount of dividends that may be paid in any year by FGL Insurance and FGL NY Insurance, respectively.
Pursuant to Iowa insurance law, ordinary dividends are payments, together with all other such payments within the preceding twelve months, that do not exceed the greater of (i) 10% of FGL Insurance’s statutory surplus as regards policyholders as of December 31 of the preceding year; or (ii) the net gain from operations of FGL Insurance (excluding realized capital gains) for the 12-month period ending December 31 of the preceding year.
Dividends in excess of FGL Insurance’s ordinary dividend capacity are referred to as extraordinary and require prior approval of the Iowa Insurance Commissioner. FGL Insurance may only pay dividends out of statutory earned surplus. FGL Insurance paid extraordinary dividends to FGAL of $0 million, $38 million, and $151 million, in the 12-month periods ending December 31, 2022, 2021, and 2020, respectively.
Each year, FGL NY Insurance may pay a certain limited amount of ordinary dividends or other distributions without being required to obtain the prior consent of or the New York State Department of Financial Services (“NYDFS”). However, to pay any dividends or distributions (including the payment of any dividends or distributions for which prior consent is not required), FGL NY Insurance must provide advance written notice to the NYDFS.
FGL NY Insurance has historically not paid dividends.
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. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $152 million and $106 million decrease to statutory capital and surplus at December 31, 2022 and December 31, 2021, 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 $85 million at December 31, 2022 and December 31, 2021, respectively.
Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance which increased Raven Re’s statutory capital and surplus by $28 million at December 31, 2022 and by $0 million at December 31, 2021. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $(107) million as of December 31, 2022 and would be $30 million as of December 31, 2021, and its risk-based capital would not 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 as discussed in Note J Reinsurance. FGL Insurance’s statutory carrying value of Raven Re was $121 million and $115 million at December 31, 2022 and December 31, 2021, respectively.
As of December 31, 2022, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.
Non-U.S. Companies
Net income and capital and surplus of our wholly owned Bermuda and Cayman regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):
Subsidiary (country of domicile)
F&G Cayman Re (Cayman)F&G Life Re (Bermuda)
Statutory Net income (loss):
Year ended December 31, 2022
$299 $339 
Year ended December 31, 2021$99 $94 
Statutory Capital and Surplus:
December 31, 2022$126 $138 
December 31, 2021$164 $206 
Regulation - Bermuda
F&G Life Re is a Bermuda exempted company incorporated under the Companies Act 1981, as amended (the “Companies Act”) and registered as a Class E insurer under the Insurance Act 1978, as amended, and its related regulations (the “Insurance Act”). F&G Life Re is regulated by the Bermuda Monetary Authority (“BMA”).
Bermuda has been awarded full equivalence for commercial insurers under Europe’s Solvency II regime applicable to insurance companies, which regime came into effect on January 1, 2016.
The BMA utilizes a risk-based approach when it comes to licensing and supervising insurance and reinsurance companies. As part of the BMA’s risk-based system, an assessment of the inherent risks within each particular class of insurer or reinsurer is used to determine the limitations and specific requirements that may be imposed. Thereafter the BMA keeps its analysis of relative risk within individual institutions under review on an ongoing basis, including through the scrutiny of audited financial statements, and, as appropriate, meeting with senior management during onsite visits.
The Insurance Act imposes on Bermuda insurance companies solvency and liquidity standards, as well as auditing and reporting requirements. Certain significant aspects of the Bermuda insurance regulatory framework are set forth below.
Minimum Solvency Margin. The Insurance Act provides that the value of the assets of an insurer must exceed the value of its liabilities by an amount greater than its prescribed minimum solvency margin.
The minimum solvency margin that must be maintained by a Class E insurer is the greater of: (i) $8,000,000; (ii) 2% of first $500,000,000 of assets plus 1.5% of assets above $500,000,000; and (iii) 25% of that insurer’s enhanced capital requirement (“ECR”). An insurer may file an application under the Insurance Act to waive the aforementioned requirements.
ECR and Bermuda Solvency Capital Requirements (“BSCR”). Class E insurers are required to maintain available capital and surplus at a level equal to or in excess of the applicable ECR, which is established by reference to either the applicable BSCR model or an approved internal capital model. Furthermore, to enable the BMA to better assess the quality of the insurer’s capital resources, a Class E insurer is required to disclose the makeup of its capital in accordance with its 3-tiered capital system. An insurer may file an application under the Insurance Act to have the aforementioned ECR requirements waived.
Restrictions on Dividends and Distributions. In addition to the requirements under the Companies Act (as discussed below), the Insurance Act limits the maximum amount of annual dividends and distributions that may be paid or distributed by F&G Life Re without prior regulatory approval.
F&G Life Re is prohibited from declaring or paying a dividend if it fails to meet its minimum solvency margin, or ECR, or if the declaration or payment of such dividend would cause such breach. If F&G Life Re were to fail to meet its minimum solvency margin on the last day of any financial year, it would be prohibited from declaring or paying any dividends during the next financial year without the approval of the BMA.
In addition, as a Class E insurer, F&G Life Re must not declare or pay a dividend to any person other than a policyholder unless the value of the assets of such insurer, as certified by the insurer’s approved actuary, exceeds its liabilities (as so certified) by the greater of its margin of solvency or ECR. In the event a dividend complies with the above, F&G Life Re must ensure the amount of any such dividend does not exceed that excess.
Furthermore, as a Class E insurer, F&G Life Re must not declare or pay a dividend in any financial year which would exceed 25% of its total capital and statutory surplus, as set out in its previous year’s financial statements, unless at least seven days before payment of such dividend F&G Life Re files with the BMA an affidavit signed by at least two directors of F&G Life Re and its principal representative under the Insurance Act stating that, in the opinion of those signing, declaration of such dividend has not caused the insurer to fail to meet its relevant margins.
The Companies Act also limits F&G Life Re’s ability to pay dividends and make distributions to its shareholders. F&G Life Re is not permitted to declare or pay a dividend, or make a distribution out of its contributed surplus, if it is, or would after the payment be, unable to pay its liabilities as they become due or if the realizable value of its assets would be less than its liabilities.
Reduction of Capital. F&G Life Re may not reduce its total statutory capital by 15% or more, as set out in its previous year’s financial statements, unless it has received the prior approval of the BMA. Total statutory capital consists of the insurer’s paid in share capital, its contributed surplus (sometimes called additional paid in capital) and any other fixed capital designated by the BMA as statutory capital.
Regulation - Cayman
F&G Cayman Re is licensed as a class D insurer in the Cayman Islands by the Cayman Islands Monetary Authority (“CIMA”). As a regulated insurance company, F&G Cayman Re is subject to the supervision of CIMA and CIMA may at any time direct F&G Cayman Re, in relation to a policy, a line of business or the entire business, to cease or refrain from committing an act or pursing a course of conduct and to perform such acts as in the opinion of CIMA are necessary to remedy or ameliorate the situation.
The laws and regulations of the Cayman Islands require that, among other things, F&G Cayman Re maintain minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of its financial condition and restrict payments of dividends and reductions of capital. Statutes, regulations and policies that F&G Cayman Re is subject to may also restrict the ability of F&G Cayman Re to write insurance and reinsurance policies, make certain investments and distribute funds. Any failure to meet the applicable requirements or minimum statutory capital requirements could subject it to further examination or corrective action by CIMA, including restrictions on dividend payments, limitations on our writing of additional business or engaging in finance activities, supervision or liquidation.The prescribed and permitted statutory accounting practices have no impact on our audited Consolidated Financial Statements, which are prepared in accordance with GAAP.
v3.22.4
Accounts Payable and Accrued Liabilities
 12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Liabilities Accounts Payable and Accrued liabilities
Accounts payable and other accrued liabilities consist of the following:
December 31,
20222021
(In millions)
Salaries and incentives$72 $60 
Accrued benefits58 74 
Deferred revenue203 35 
Trade accounts payable114 72 
Accrued premium taxes5 3 
Liability for policy and contract claims109 109 
Retained asset account117 148 
Remittances and items not allocated225 39 
Option collateral liabilities178 576 
Funds withheld embedded derivative— 73 
Other accrued liabilities193 108 
$1,273 $1,297 
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense (benefit) on continuing operations consists of the following (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Current$(31)$27 $18 $(1)
Deferred148 193 (93)(13)
$117 $220 $(75)$(14)
Total income tax expense (benefit) was allocated as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Taxes on net earnings (loss) from continuing operations$117 $220 $(75)$(14)
Tax expense on net earnings (loss) from discontinued operations— — — — 
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments(935)(123)315 (185)
Unrealized gain on foreign currency translation and cash flow hedging(1)(1)2 — 
Total income tax (benefit) expense allocated to other comprehensive earnings(936)(124)317 (185)
Total income taxes$(819)$96 $242 $(199)
A reconciliation of the federal statutory rate to our effective tax rate is as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Federal statutory rate21.0 %21.0 %21.0 %21.0 %
State income taxes, net of federal benefit0.1 0.4 1.8 (0.4)
Benefit for Capital Loss Carryback(4.0)— — 
Stock compensation— (0.1)0.1 — 
Tax credits(1.4)(0.4)(3.2)0.1 
Dividends received deduction(0.6)(0.3)(2.5)0.4 
Benefit on outside of United States income taxed at 0%— — — (1.8)
Withholding tax on 0% taxed jurisdiction— — (2.5)(0.3)
Valuation allowance for deferred tax assets4.5 (1.3)(63.5)(12.1)
Change in tax status benefit— — (41.0)— 
Adjustment of DTAs on sale of subsidiary— 1.4 — — 
Non-deductible expenses and other, net— (0.2)1.5 (0.4)
Effective tax rate19.6 %20.5 %(88.3)%6.5 %
For the year ended December 31, 2022, the Company’s effective tax rate was 19.6%. The effective tax rate was positively impacted by favorable permanent adjustments, including low income housing tax credits (“LIHTC”), the dividends received deduction (“DRD”), and company owned life insurance (“ICOLI”). The effective tax rate was also impacted by the benefit of the capital loss carryback. This benefit is offset by the valuation allowance expense recorded on unrealized losses and capital loss carryforwards.
For the year ended December 31, 2021, the Company’s effective tax rate was 20.5%. The effective tax rate was positively impacted by favorable permanent adjustments, including LIHTC, DRD, and ICOLI.
For the period from June 1, 2020 to December 31, 2020, the Company’s effective tax rate was (88.3)%. The effective tax rate was positively impacted by the valuation allowance release on the current period activity in FSRC included in continuing operations and the valuation allowance release on the US non-life companies’ deferred tax assets. The effective tax rate was also positively impacted by the change in tax status benefit recorded at December 31, 2020, reversal of withholding taxes, and favorable permanent adjustments, including LIHTC and the DRD.
For the Predecessor period from January 1, 2020 to May 31, 2020, the Company’s effective tax rate was 6.5%. The effective tax rate was impacted by the valuation allowance recorded on the ordinary deferred tax assets in FSRC
included in continuing operations. The effective tax rate was also impacted by the impact of low taxed international losses and withholding taxes.
The significant components of deferred tax assets and liabilities consist of the following:
December 31,
20222021
(In millions)
Deferred Tax Assets:
Employee benefit accruals$21 $22 
Net operating loss carryforwards28 16 
Accrued liabilities1 — 
Tax credits30 32 
Investment securities853 — 
Capital loss carryover8 41 
Derivatives67 — 
Life insurance and claim related adjustments669 854 
Funds held under reinsurance agreements37 52 
Other19 12 
Total gross deferred tax asset1,733 1,029 
Less: valuation allowance30 — 
Total deferred tax asset$1,703 $1,029 
Deferred Tax Liabilities:
Amortization of goodwill and intangible assets(29)(33)
Other(2)(1)
Investment securities— (355)
Depreciation(14)(11)
Partnerships(93)(126)
Value of business acquired(350)(249)
Derivatives— (68)
Deferred acquisition costs(243)(102)
Transition reserve on new reserve method(25)(34)
Funds held under reinsurance agreements(183)(74)
Total deferred tax liability$(939)$(1,053)
Net deferred tax asset (liability)$764 $(24)
Our net deferred tax asset (liability) was $764 million as of December 31, 2022 and a net deferred tax asset (liability) of $(24) million as of December 31, 2021. The significant changes in the deferred taxes are as follows: the deferred tax for investment securities changed by $1,208 million primarily due to unrealized losses recorded on investment securities. The deferred tax liability relating to partnerships decreased by $33 million primarily due to provision to return true-ups that increased the overall tax basis of the partnership investments. The U.S. life insurance business’ deferred tax liability relating to VOBA increased by $101 million due to unrealized losses on the VOBA assets. The deferred tax liability related to deferred acquisition costs increased by $141 million, which is consistent with the growth in sales in our U.S. life group. The deferred tax liability relating to derivatives decreased by $135 million due to unrealized losses on call options. The life insurance reserves and claim related adjustments deferred tax asset decreased by $185 million primarily due to the tax reserves for the year increasing by more than the GAAP reserves. The reinsurance receivable deferred tax asset decreased by $15 million and the reinsurance receivable deferred tax liability increased by $109 million, both due to unrealized gains in the funds withheld portfolios.
As of December 31, 2022, we have net operating losses ("NOLs") on a pretax basis of $133 million, which are available to carryforward and offset future federal taxable income subject to the 80% taxable income limitation. The life losses are U.S. federal net operating losses and consist of $133 million of Internal Revenue Code Section 382 limited net operating losses. These losses do not expire.
As of December 31, 2022 and 2021, we had $30 million and $32 million of tax credits, respectively, which expire between 2038 and 2042. The tax credits consist of $11 million of Internal Revenue Code Section 382 limited losses and $19 million of tax credits with no limitation.
As of December 31, 2022, the valuation allowance of $30 million consisted of a full valuation allowance of $4 million on the unrealized capital loss deferred tax assets for F&G Life Re, F&G Cayman Re, and the US Non-life Companies, a full valuation allowance of $4 million on the remaining capital loss carryforwards for the US Non-life Companies, and a partial valuation allowance of $22 million on the US Life Companies’ unrealized capital loss deferred tax assets.

The U.S. Life insurance group is subject to a Tax Sharing Agreement within the members of the life insurance tax return group. The agreement provides for an allocation based on separate return calculations and allows for reimbursement of company tax benefits absorbed by other members of the group. The U.S. non-life group is subject to a Tax Sharing Agreement with its parent, Fidelity National Financial, Inc (“FNF”), with which it files a consolidated federal income tax return. The Company’s non-life group Tax Sharing Agreement allows for reimbursement of company tax benefits absorbed by FNF. If, during the year ended December 31, 2022, the Company had computed taxes using the separate return method, the pro-forma provision for income taxes would remain unchanged.
The U.S. Federal income tax returns of the Company for years prior to 2018 are no longer subject to examination by the taxing authorities. The Company does not have any unrecognized tax benefits (“UTBs”) at December 31, 2022, but did have a UTB of $58 million at December 31, 2021. The Company had a UTB related to a capital loss carryback claim that did not meet the threshold to recognize the benefit. In the current year the benefit was recognized as the carryback claim was effectively settled and the UTB was removed. In the event the Company has UTBs, interest and penalties related to uncertain tax positions would be recorded as part of income tax expense in the financial statements. The Company regularly assesses the likelihood of additional tax assessments by jurisdiction and, if necessary, adjusts its tax reserves based on new information or developments.
The Inflation Reduction Act of 2022 (the “IRA”) was signed into law on August 16, 2022. Among other changes, the IRA introduced a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income and a 1% excise tax on treasury stock repurchases. The effective date of these provisions will be January 1, 2023. Though the Company will likely be subject to the minimum tax, the Company does not expect to be in a perpetual CAMT position. The life companies will join the consolidated tax return group with FNF and file a life/non-life consolidated return once the five-year waiting period has completed in 2026, which should strengthen that position as FNF is not anticipating owing CAMT on its future returns. As a result, the Company has assessed that there is no material impact on the 2022 financial statements.
On March 27, 2020 H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, (“the CARES Act”), was signed into legislation which includes tax provisions relevant to businesses that during 2020 will impact taxes related to 2018 and 2019. Some of the significant changes are reducing the interest expense disallowance for 2019 and 2020, allowing the five-year carryback of net operating losses for 2018-2020, suspension of the 80% limitation of taxable income for net operating loss carryforwards for 2018-2020, and the acceleration of depreciation expense from 2018 and forward on qualified improvement property. The Company is required to recognize the effect in the period the law was enacted and recorded total tax benefits of $7 million for the Predecessor period from January 1, 2020 to May 31, 2020 for the U.S. life group. $1 million of the related tax benefit was for the NOL carryback from 2018 to 2017, of which, a small amount was for the tax rate differential. The remaining tax benefit of $6 million was on the use of 100% of NOLs versus the 80% limitation under the Tax Cuts and Jobs Act (or “TCJA”). The NOL carryback and the temporary lifting of the 80% of taxable income limitation on the use of NOLs are timing in nature with an offsetting reduction in deferred taxes. The tax rate differential is a permanent tax benefit.
v3.22.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Employee Benefit Plans Employee Benefit Plans
FNF Stock Purchase Plan
During the years ended December 31, 2022 and December 31, 2021, and for the period from June 1, 2020 to December 31, 2020, our eligible employees could voluntarily participate in FNF's employee stock purchase plan
(“ESPP”) sponsored by FNF. Pursuant to the ESPP, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. Company matching contributions are funded one year after employee contributions are made pursuant to the ESPP. We provided FNF an insignificant amount with respect to our matching contributions to the ESPP in the years ended December 31, 2022 and December 31, 2021, and for the period from June 1, 2020 to December 31, 2020.
F&G Stock Purchase Plan

On January 1, 2023, the Company adopted an Employee Stock Purchase Plan (“F&G ESPP”), enabling employees to purchase the Company stock in an amount between 3% and 15% of their base salary and certain commissions. Based on employee contributions the company will match between 30% and 50% one year after initial employee contributions are made pursuant to the F&G ESPP. The first year F&G will have match amounts is 2024.

401(k) Profit Sharing Plan
During the years ended December 31, 2022 and December 31, 2021, for the period from June 1, 2020 to December 31, 2020, and for the Predecessor period from January 1, 2020 to May 31, 2020, we have offered our employees the opportunity to participate in our 401(k) profit sharing plan (the “401(k) Plan”), a qualified voluntary contributory savings plan that is available to substantially all of our employees. Eligible employees may contribute up to 75% of their pre-tax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code. We make an employer match on the 401(k) Plan of $1.00 on each $1.00 contributed up to the first 5% of eligible earnings contributed to the 401(k) Plan by employees. The employer match was $5 million, $3 million, $1 million and $2 million for the years ended December 31, 2022 and December 31, 2021, for the period from June 1, 2020 to December 31, 2020 and for the Predecessor period from January 1, 2020 to May 31, 2020, respectively, and was credited based on the participant's individual investment elections in the 401(k) Plan.
2022 F&G Omnibus Incentive Plan
On December 1, 2022, we established the F&G Annuities & Life, Inc. 2022 Omnibus Incentive Plan (the “2022 F&G Omnibus Plan”), authorizing the issuance of up to 6 million shares of common stock, subject to the terms of the 2022 F&G Omnibus Plan. The 2022 F&G Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2022, there were 1,409,904 shares of restricted stock outstanding under the 2022 F&G Omnibus Plan. Awards granted are approved by the Compensation Committee of the Board of Directors. Awards vest over a 3-year period and have a performance restriction that must be met for shares awarded to vest. If the performance restriction is not satisfied during the measurement period all of the shares that do not satisfy the performance criteria will be forfeited to the Company for no consideration.
F&G restricted stock transactions under the 2022 F&G Omnibus Plan in 2022 are as follows:

SharesWeighted Average Grant Date Fair Value
Balance, January 1, 2022— $— 
Granted1,411,369 21.80 
Canceled(1,465)21.80 
Vested— — 
Balance, December 31, 2022
1,409,904 $21.80 

We account for stock-based compensation plans in accordance with GAAP on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period.
Fair value of restricted stock awards and units is based on the grant date value of the underlying stock derived from quoted market prices. The total fair value of restricted stock awards granted in the year ended December 31, 2022 was $31 million. There were no restricted stock awards which vested in the year ended December 31, 2022. Net earnings attributable to F&G Shareholders reflects stock-based compensation expense amounts of $1 million for the year ended December 31, 2022, which are included in personnel costs in the reported financial results for the period.

For the period ended December 31, 2022, the total unrecognized compensation costs related to non-vested restricted stock grants pursuant to the 2022 F&G Omnibus Plan are $30 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.9 years.

FGL Incentive Plan and 2020 F&G Omnibus Incentive Plan
On August 8, 2017, the Company adopted a stock-based incentive plan (the “FGL Incentive Plan”) that permitted the granting of awards in the form of qualified stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, unrestricted stock, performance-based awards, dividend equivalents, cash awards and any combination of the foregoing.
On June 1, 2020, in connection with the acquisition of F&G, FNF assumed the shares that remained available for future awards under the FGL Holdings 2017 Omnibus Incentive Plan, as amended and restated (the “ 2020 F&G Omnibus Plan”) and cancelled and converted such shares into 2,096,429 shares of FNF common stock that may be issued pursuant to future awards granted under the 2020 F&G Omnibus Plan and 2,411,585 shares of FNF common stock that may be issued pursuant to outstanding stock options under the 2020 F&G Omnibus Plan. Each unvested stock option assumed under the 2020 F&G Omnibus Plan was converted into an FNF stock option and vests solely on the passage of time without any ongoing performance-vesting conditions. The options vest over a 3 year period, based on the option's initial grant date, and have a contractual life of 7 years. As of December 31, 2022, there were 501,548 shares of restricted stock and 1,172,607 stock options outstanding under the 2020 F&G Omnibus Plan.
Stock option transactions under the 2020 F&G Omnibus Plan for the years ended December 31, 2022 and 2021 and for the period June 1, 2020 to December 31, 2020, and the FGL Incentive Plan for the Predecessor period January 1, 2020 to May 31, 2020, are as follows:
OptionsWeighted Average Exercise PriceExercisable
Predecessor balance, January 1, 202015,213,959 $9.30 1,008,780 
Granted— $— 
Exercised(1,672,330)$9.51 
Canceled(96,604)$10.00 
Predecessor balance, May 31, 202013,445,025 $9.30 640,000 
FGL options canceled and converted into options to purchase FNF common shares in connection with the F&G acquisition2,411,585 36.04 
Exercised(109,159)27.64 
Canceled(299,736)38.41 
Balance, December 31, 20202,002,690 $36.14 1,021,671 
Exercised(474,754)36.68  
Canceled— —  
Balance, December 31, 20211,527,936 $35.97 1,072,584 
Granted— $— 
Exercised(352,614)$38.79 
Canceled(2,715)$28.00 
Balance, December 31, 2022
1,172,607 35.151,172,607 
The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2022:
Options OutstandingOptions Exercisable
Range of Exercise PricesNumber of OptionsWeighted Average Remaining Contractual LifeWeighted Average Exercise PriceIntrinsic ValueNumber of OptionsWeighted Average Remaining Contractual LifeWeighted Average Exercise PriceIntrinsic Value
(In years)(In millions)(In years)(In millions)
$0.00 - $27.53
359,510 2.9827.53 4 359,510 2.9827.53 4 
$27.54 - $28.00
43,019 3.3228.00 — 43,019 3.3228.00 — 
$28.01 - $39.10
770,078 2.6239.10 — 770,078 2.6239.10— 
1,172,607 4 1,172,607 4 
Restricted stock transactions under the 2020 F&G Omnibus Plan for the years ended December 31, 2022 and 2021 and for the period June 1, 2020 to December 31, 2020, and the FGL Incentive Plan for the predecessor period January 1, 2020 to May 31, 2020, are as follows:
SharesWeighted Average Grant Date Fair Value
Predecessor balance, January 1, 2020— — 
Granted95,416 $10.48 
Canceled— — 
Predecessor balance, May 31, 202095,416 $10.48 
FGL shares vested in connection with the F&G acquisition(95,416)10.48 
Granted474,025 34.13 
Canceled(24,155)34.47 
Balance, December 31, 2020449,870 $34.11 
Granted311,081 48.28 
Canceled(12,437)33.40 
Vested(29,873)34.59 
Balance, December 31, 2021718,641 $40.24 
Granted— — 
Canceled(78,551)37.79 
Vested(138,542)34.11 
Balance, December 31, 2022
501,548 $42.31 
We account for stock-based compensation plans in accordance with GAAP on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period.
The total fair value of restricted stock awards granted in the years ended December 31, 2022 and December 31, 2021, and for the period from June 1, 2020 to December 31, 2020 was $0 million, $15 million and $16 million, respectively and was insignificant for prior periods. The total fair value of restricted stock awards, which vested in the year ended December 31, 2022 was $5 million and was insignificant for prior periods. Option awards are measured at fair value on the grant date using the Black Scholes Option Pricing Model. The intrinsic value of options exercised in the years ended December 31, 2022 and December 31, 2021, for the period from June 1, 2020 to December 31, 2020, and for the Predecessor period from January 1, 2020 to May 31, 2020 was insignificant for all periods. Net earnings attributable to F&G Shareholders reflects stock-based compensation expense amounts of $12 million, $9 million, $4 million and $3 million for the years ended December 31, 2022 and December 31, 2021,
for the period June 1, 2020 to December 31, 2020, and for the Predecessor period from January 1, 2020 to May 31, 2020, respectively, which are included in personnel costs in the reported financial results of each period.At December 31, 2022, the total unrecognized compensation costs related to non-vested stock option grants and restricted stock grants pursuant to the FGL Incentive Plan and the 2020 F&G Omnibus Plan are $6 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.34 years.
v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share (share amounts in thousands):
Year Ended December 31,Period from
June 1 to December 31, 		Period from January 1 to May 31,
2022202120202020
Predecessor
Net earnings (loss) from continuing operations$481 $857 $161 $(200)
Net earnings (loss) from discontinued operations— 8 (25)(114)
Net earnings (loss)$481 $865 $136 $(314)
Less: Preferred stock dividend— — — 8 
Net earnings (loss) attributable to common shares$481 $865 $136 $(322)
Weighted-average common shares outstanding - basic115 105 105 213 
Dilutive effect of unvested restricted stock— — — — 
Dilutive effect of stock options— — — — 
Weighted-average shares outstanding - diluted115 105 105 213 
Net earnings (loss) per common share:
Basic - continuing$4.18 $8.16 $1.54 $(0.97)
Basic - discontinued operations— 0.08 (0.24)(0.54)
Basic - net$4.18 $8.24 $1.30 $(1.51)
Diluted - continuing4.18 8.16 1.54 (0.97)
Diluted - discontinued operations— 0.08 (0.24)(0.54)
Diluted - net$4.18 $8.24 $1.30 $(1.51)
On June 24, 2022, the following actions previously approved by the F&G board of directors became effective: (i) a stock split in a ratio of 105,000 for 1. Earnings per share has been retrospectively adjusted to reflect as if the split occurred as of June 1, 2020 in accordance with GAAP; (ii) a resolution to enter an exchange agreement with FNF pursuant to which F&G transferred shares of its common stock to FNF in exchange for the $400 million FNF Promissory Note, after which the note was retired.
Restricted stock, options or other instruments, which provide the ability to acquire shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the year ended December 31, 2022, the diluted earnings per share calculation excluded the weighted average effect of 120 thousand restricted stock units issued under the 2022 F&G Omnibus Plan due to their antidilutive effect. For the year ended December 31, 2021 and for the period from June 1, 2020 to December 31, 2020, the Company did not have any share-based plans involving the issuance of the Company's equity and, therefore, no impact to the diluted earnings per share calculation.
Under applicable accounting guidance, companies in a loss position are required to use basic weighted average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our net loss for the Predecessor period from January 1, 2020 to May 31, 2020, we were required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share, as the inclusion of 19 thousand restricted shares and 456 thousand stock options would have been antidilutive to the calculation. If we had not incurred a net loss in the
Predecessor period from January 1, 2020 to May 31, 2020, dilutive potential common shares would have been 213,721 thousand. This calculation also excluded the potential dilutive effect of the 438 thousand preferred stock shares outstanding for the Predecessor period from January 1, 2020 to May 31, 2020, as the contingency that would allow for the preferred shares to be converted to common shares has not yet been met. The calculation of diluted earnings per share for the Predecessor period from January 1, 2020 to May 31, 2020 would have also excluded the incremental effect of 447 thousand weighted average equivalent shares related to certain outstanding stock options due to their antidilutive effect.
v3.22.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
Adopted Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of fixed maturity securities available for sale. The method used to measure estimated credit losses for fixed maturity available-for-sale securities will be unchanged; however, the amendments require credit losses to be recognized through an allowance rather than as a reduction to the amortized cost of those securities. We adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. We adopted this standard using a modified-retrospective approach, as required. As a result of the adoption, the Company recorded a cumulative-effect adjustment, which decreased opening 2020 retained earnings by $27 million, net of tax. We recorded offsetting increases to the allowance for expected credit losses for mortgage loans and reinsurance recoverables and a decrease for deferred tax impacts. Refer to Note C Investments and Note J Reinsurance for additional information.
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset provision within Topic 848 that provides a temporary, optional expedient and exception for contracts affected by reference rate reform by not applying certain modification accounting requirements and instead accounting for the modified contract as a continuation of the existing contract. This guidance eases the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting through December 31, 2024. We adopted this standard upon issuance and this standard had no impact on our Consolidated Financial Statements and related disclosures upon adoption.
Pronouncements Not Yet Adopted
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts, 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 other comprehensive income (“OCI”); market risk benefits ("MRBs") 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 OCI; 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 rollforwards 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. The
amendments in this ASU may be early adopted as of the beginning of an annual reporting period for which financial statements have not yet been issued, including interim financial statements.
We have identified specific areas that will be impacted by the new guidance. This guidance will bring significant changes to how we account for certain insurance and annuity products within our business and expand disclosures. As part of the implementation process, to date our progress includes, but is not limited to the following: identifying and documenting contracts and contract features in scope of the guidance; identifying actuarial models, systems, and processes to be updated; building and running models; generating and analyzing preliminary output; evaluating and finalizing key accounting policies; evaluating transition requirements and impacts; and establishing, documenting, and executing appropriate internal controls. We will not early adopt this standard and have selected the full retrospective transition method, which requires the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date.
Adoption of this standard is expected to increase total stockholders’ equity as of the transition date, January 1, 2021, up to approximately $200 million, net of tax. This transition adjustment is expected to primarily increase Retained Earnings, as well as OCI. The most significant driver of this transition adjustment expected to increase Retained Earnings is the measurement of certain benefits historically recorded as insurance liabilities which will now be classified and measured as MRBs, along with their subsequent changes in fair value, excluding changes attributable to instrument-specific credit risk, which are recorded as a component of OCI. The most significant drivers of this transition adjustment expected to increase OCI are the reversal of intangible balances previously recorded as an adjustment to unrealized gains (losses) on available for sale securities, the remeasurement of the liability for future policyholder benefits using a discount rate assumption that reflects upper-medium grade fixed-income instruments, and the effect of changes in the fair value of MRBs attributable to changes in the instrument-specific credit risk.
As of December 31, 2022, the Company continues to expect the measurement drivers above, in relation to the current market conditions, to support a favorable impact to total stockholders’ equity at or greater than the transition impact, contingent upon the completion of our ongoing implementation process. Further, the specific impacts on Retained Earnings and OCI upon adoption of this standard on January 1, 2023 may also differ materially from the transition impact based on the performance of the Company’s business and macroeconomic conditions, including changes in interest rates.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s). The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, though early adoption is permitted. We do not currently expect to early adopt this standard and are in the process of assessing this standard and its impact on our accounting and disclosures upon adoption.
v3.22.4
Discontinued Operations
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
In connection with the FNF acquisition, certain third party offshore reinsurance businesses were deemed discontinued operations and are presented as such within our consolidated financial statements for all periods presented through the date of their disposition, in accordance with GAAP. On December 18, 2020, we sold F&G Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd (“Aspida”). On May 31, 2021, we sold Front Street Re Cayman Ltd (“FSRC”) to Archipelago Lexa (C) Limited. The transactions did not have a material impact to our GAAP financial results. There were no discontinued operations for the year ended December 31, 2022.
A summary of the major components of discontinued operations reported in the Consolidated Statements of Earnings are as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
 202120202020
Predecessor
Revenues:
Life insurance premiums and other fees$— $— $1 
Interest and investment income3 42 24 
Recognized gains and (losses), net— 196 (95)
Total revenues3 238 (70)
Expenses:
Other operating expenses— 19 (41)
Benefits and other changes in policy reserves(5)244 (5)
Other expenses— — 2 
Total expenses(5)263 (44)
Earnings (loss) from discontinued operations before income taxes8 (25)(114)
Income tax (expense) benefit— — — 
Net earnings (loss) from discontinued operations, net of tax$8 $(25)$(114)
Cash flow from discontinued operations data:— — 
Net cash provided by (used in) operating activities(26)121 (39)
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Refer to Note A Business and Summary of Significant Accounting Policies - Recent Events for information about certain subsequent events. In addition to what is disclosed in Note A, we had the following additional subsequent event.
Syncis Investment
On January 30, 2023, we purchased a 49% minority ownership stake in Syncis Holdings, LLC. Syncis is an approximately 1,200 agent NMG that focuses on cultural markets including Korean, African-American and Persian.
v3.22.4
Schedule I - Summary of Investments - Other than Investments in Related Parties
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I - Summary of Investments - Other than Investments in Related Parties
Schedule I
F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES

December 31, 2022
(In millions)Amortized CostFair ValueAmount Shown on Condensed Consolidated Balance Sheet
Fixed maturity securities, available for sale:
United States Government full faith and credit$34 $32 $32 
United States Government sponsored entities46 42 42 
United States municipalities, states and territories1,695 1,410 1,410 
Foreign Governments185 148 148 
Corporate securities:
Finance, insurance and real estate5,969 5,085 5,085 
Manufacturing, construction and mining896 737 737 
Utilities, energy and related sectors2,915 2,275 2,275 
Wholesale/retail trade2,535 2,008 2,008 
Services, media and other3,564 2,794 2,794 
Hybrid securities781 705 705 
Non-agency residential mortgage-backed securities1,585 1,479 1,479 
Commercial mortgage-backed securities3,309 3,036 3,036 
Asset-backed securities7,749 7,245 7,245 
CLO securities4,460 4,222 4,222 
Total fixed maturity securities, available for sale $35,723 $31,218 $31,218 
Equity securities992 823 823 
Limited partnerships:
Private equity1,129 1,129 1,129 
Real assets436 431 431 
Credit867 867 867 
Limited partnerships2,432 2,427 2,427 
Commercial mortgage loans2,406 2,083 2,406 
Residential mortgage loans2,148 1,892 2,148 
Other (primarily derivatives and company owned life insurance)1,137 809 809 
Short term investments1,556 1,556 1,556 
Total investments$46,394 $40,808 $41,387 
v3.22.4
Schedule II - Condensed Financial Information
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information
Schedule II
F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED BALANCE SHEET

(In millions)December 31, 2022December 31, 2021
Assets
Investments in consolidated subsidiaries$2,217 $4,777 
Fixed maturity securities, available for sale54 72 
Cash and cash equivalents52 3 
Prepaid expenses and other assets5 — 
Notes receivable1 1 
Deferred tax assets— 35 
Income taxes receivable60 — 
Total assets$2,389 $4,888 
Liabilities and Equity
Accounts payable and other liabilities24 3 
Intercompany payables3 — 
Notes payable546 400 
Total liabilities$573 $403 
Equity:
F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 126,409,904 and 105,000,000 as of December 31, 2022 and December 31, 2021, respectively, and issued of 126,409,904 and 105,000,000 as of December 31, 2022 and December 31, 2021, respectively
— — 
Additional paid-in-capital3,162 2,750 
Retained earnings1,457 1,001 
Accumulated other comprehensive income (loss)(2,803)734 
Total equity1,816 4,485 
Total liabilities and equity$2,389 $4,888 
See Report of Independent Registered Public Accounting Firm.
Schedule II (continued)
F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED INCOME STATEMENT
(In millions)Year ended December 31,Year ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Revenues:Predecessor
Interest and investment income$3 $— $— $— 
Total revenues3 — — — 
Expenses:
Other operating expenses— — — 11 
Interest expense7 3 — — 
Total expenses7 3 — 11 
Earnings (losses) before income tax expense and equity in earnings of subsidiaries(4)(3)— (11)
Income tax expense24 — 35 — 
Earnings (losses) before equity in earnings of subsidiaries20 (3)35 (11)
Equity in earnings (losses) of subsidiaries461 868 101 (303)
Net earnings (losses)$481 $865 136 (314)

See Report of Independent Registered Public Accounting Firm.
Schedule II (continued)

F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED CASH FLOW STATEMENT
(In millions)Year ended December 31,Year ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Cash flows from operating activitiesPredecessor
Net earnings (loss)$481 $865 $136 $(314)
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Gain (loss) on sales of investments1 — — — 
Equity in earnings of subsidiaries(461)(868)(101)303 
Net change in income taxes(25)— (35)— 
Stock-based compensation12 9 4 3 
Net (increase) decrease in other assets and other liabilities(9)(3)(5)(6)
Net cash provided by (used in) operating activities(1)3 (1)(14)
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities4 — — — 
Net cash provided by (used in) investing activities4 — — — 
Cash flows from financing activities:
Borrowings550 — — — 
Debt issuance costs(4)— — — 
Exercise of stock options— — — 10 
Capital contributions(500)— — — 
Net cash provided by (used in) financing activities46 — — 10 
Net change in cash and cash equivalents49 3 (1)(4)
Cash and cash equivalents at beginning of year3 — 1 5 
Cash and cash equivalents at end of year$52 $3 $— $1 
See Report of Independent Registered Public Accounting Firm.
v3.22.4
Schedule III - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Schedule III - Supplementary Insurance Information
Schedule III
F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES
SUPPLEMENTARY INSURANCE INFORMATION

(In millions)Year ended December 31,Year ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Deferred acquisition costs1,589 761 222 918 
Future policy benefits, losses, claims and loss expenses5,923 4,732 4,010 3,741 
Other policy claims and benefits payable109 109 88 74 
Life insurance premiums and other fees1,695 1,395 138 90 
Interest and investment income1,655 1,852 743 403 
Benefits, claims, losses and settlement expenses(1,125)(2,138)(866)(298)
Amortization, interest, and unlocking of deferred acquisition costs(81)(32)(4)28 
Other operating expenses, net of deferrals(102)(105)(75)(75)
v3.22.4
Schedule IV - Supplemental Reinsurance Schedule
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV - Supplemental Reinsurance Schedule
Schedule IV
F&G ANNUITIES & LIFE, INC. AND SUBSIDIARIES
SUPPLEMENTAL REINSURANCE SCHEDULE
(In millions)
For the year ended December 31, 2022Gross AmountCeded to other companiesAssumed from other companiesNet AmountPercentage of amount assumed to net
Life insurance in force$6,258 $(1,594)$— $4,664 — %
Premiums and other considerations:
Traditional life insurance premiums160 (128)— 32 — %
Life-contingent PRT premiums1,362 — — 1,362 — %
Annuity product charges300 (50)— 250 — %
Total premiums and other considerations$1,822 $(178)$— $1,644 — %
For the year ended December 31, 2021Gross AmountCeded to other companiesAssumed from other companiesNet AmountPercentage of amount assumed to net
Life insurance in force$4,881 $(1,682)$— $3,199 — %
Premiums and other considerations:
Traditional life insurance premiums168 (137)— 31 — %
Life-contingent PRT premiums1,146 — — 1,146 — %
Annuity product charges269 (51)— 218 — %
Total premiums and other considerations$1,583 $(188)$— $1,395 — %
For the period from June 1, 2020 to December 31, 2020Gross AmountCeded to other companiesAssumed from other companiesNet AmountPercentage of amount assumed to net
Life insurance in force$3,892 $(2,064)$— $1,828 — %
Premiums and other considerations:
Traditional life insurance premiums108 (85)— 23 — %
Annuity product charges146 (31)— 115 — %
Total premiums and other considerations$254 $(116)$— $138 — %
For the predecessor period January 1, 2020 to May 31, 2020Gross AmountCeded to other companiesAssumed from other companiesNet AmountPercentage of amount assumed to net
Life insurance in force$3,626 $(2,025)$— $1,601 — %
Premiums and other considerations:
Traditional life insurance premiums86 (67)— 19 — %
Annuity product charges93 (22)— 71 — %
Total premiums and other considerations$179 $(89)$— $90 — %
v3.22.4
Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Discontinued Operations
Discontinued Operations
In connection with the FNF acquisition, certain third party offshore reinsurance businesses were deemed discontinued operations and are presented as such within our consolidated financial statements for all periods presented through the date of their disposition, in accordance with GAAP. On December 18, 2020, we sold F&G
Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd (“Aspida”). On May 31, 2021, we sold third party reinsurance business held within Front Street Re Cayman Ltd (“FSRC”) to Archipelago Lexa (C) Limited. The transactions did not have a material impact to our GAAP financial results. Refer to Note R Discontinued Operations for more information.
Principles of Consolidation and Basis of Presentation
Principles of Consolidation and Basis of Presentation
The accompanying Consolidated Financial Statements are prepared in accordance with GAAP and include our accounts as well as our wholly owned subsidiaries. All intercompany profits, transactions and balances have been eliminated.
We are involved in certain entities that are considered variable interest entities ("VIEs") as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. 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. We assess our relationships with VIEs to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our Consolidated Financial Statements.
Investments
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 accumulated other comprehensive income (loss) ("AOCI"), net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), Statement of Position 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts, (“SOP 03-1”) reserves, and 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 Consolidated Statements of Earnings. 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 available-for-sale securities, refer to Note C Investments.
Preferred and Equity Securities
Equity and preferred securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active, model inputs that are observable or unobservable or based on net asset value (“NAV”). Changes in fair value and realized gains and losses on sales of our preferred and equity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Recognized gains and losses on sales of our preferred and equity securities are credited or charged to earnings on a trade date basis, unless the security is a private placement in which case settlement date basis is used. Interest and dividend income from these investments is reported in Interest and investment income in the accompanying Consolidated Statements of Earnings.
Short-term investmentsShort-term investments consist of financial instruments with an original maturity of one year or less when purchased and include short-term fixed maturity securities and money market instruments, which are carried at fair value, and short-term loans, which are carried at amortized cost, which approximates fair value.
Derivative Financial Instruments
Derivative Financial Instruments
We hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily call options). All such derivative instruments are recognized as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. The changes in fair value are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings.
We purchase financial instruments and issue products that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. The embedded derivative is carried at fair value, which is determined through a combination of market observable inputs such as market value of option and interest swap rates and unobservable inputs such as the mortality multiplier, surrender and withdrawal rates and non-performance spread. The changes in fair value are reported within Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note B Fair Value of Financial Instruments.
Reinsurance Related Embedded Derivatives
As discussed in Note J Reinsurance, F&G entered into reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera"), effective December 31, 2018, and Aspida Life Re Ltd. ("Aspida Re"), effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of certain deferred annuity and multi-year guaranteed annuities ("MYGA"), respectively, and GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, the Kubera agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer. Funds withheld arrangements allow the Company to retain legal ownership of assets backing reinsurance arrangements until they are earned by the reinsurer while passing credit risk associated with the assets in the funds withheld account to the reinsurer. These arrangements create embedded derivatives considered to be total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangement. 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 arrangement, including gains and losses from sales, are passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The reinsurance related embedded derivative is 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 Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net, on the Consolidated Statements of Earnings.
Mortgage Loans
Mortgage Loans
Our investment in mortgage loans consists of commercial and residential mortgage loans on real estate, which are reported at amortized cost, less allowance for expected credit losses. For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note C Investments.
Commercial mortgage loans are continuously monitored by reviewing appraisals, operating statements, rent revenues, annual inspection reports, loan specific credit quality, property characteristics, market trends and other factors.
Commercial mortgage loans are rated for the purpose of quantifying the level of risk. Loans are placed on a watch list when the debt service coverage ("DSC") ratio falls below certain thresholds and the loan-to-value ("LTV") ratios exceeds certain thresholds. Loans on the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. We define delinquent mortgage loans as 30 days past due, consistent with industry practice.
Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in
nonaccrual status, which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. We consider residential mortgage loans that are 90 or more days past due and have an LTV greater than 90% to be foreclosure probable.
Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Interest income, amortization of premiums and discounts, prepayment fees, and loan commitment fees are reported in Interest and investment income in the accompanying Consolidated Statements of Earnings.
Investments in Unconsolidated Affiliates Investments in Unconsolidated AffiliatesWe primarily account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method, where the cost is initially recorded as an investment in the entity. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the limited partnership financial statements. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. 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.
Interest and investment income
Interest and investment income
Dividends and interest income are recorded in Interest and investment income and recognized when earned. Income or losses upon call or prepayment of fixed maturity securities are recognized in Interest and investment income. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in Interest and investment income over the contractual terms of the investments, and for callable investments at a premium, based on the earliest call date of the investments, in a manner that produces a constant effective yield.
For mortgage-backed and asset-backed securities, included in the fixed maturity securities portfolios, one of two models may be used to recognize interest income. For higher rated securities, interest income will be estimated based on an effective yield that considers cash flows received to date plus current expectations of future cash flows. For all other securities, interest income will be estimated based upon an effective yield that considers current expectations of future cash flows. For both interest income models, the estimated future cash flows include assumptions regarding the performance of the underlying collateral pool.
Interest and investment income is presented net of investment expenses and the effects of certain reinsurance contracts.
Cash and Cash Equivalents Cash and Cash EquivalentsHighly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate fair value.
Fair Value of Financial Instruments Fair Value of Financial InstrumentsThe fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data.
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations
FASB Accounting Standards Codification ("ASC") Topic 805, Business Combinations, requires an acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. During the measurement period, we are also required to recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be adjusted for changes in fair value until settled.
Goodwill
Goodwill
Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at the reporting unit level on an annual basis or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we first determined that based on the level at which the operating results are shared with and regularly reviewed by the Company’s Chief Operating Decision Maker, the Company is a single reporting unit. Next, we perform a qualitative analysis at the reporting unit level to determine whether there are any events or circumstances that would indicate it is more likely than not that the fair value of our recorded goodwill exceeds its carrying value, prior to performing a full fair-value assessment.
VOBA, DAC and DSI
VOBA, DAC and DSI
Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), DAC and 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, and is sensitive to assumptions including the discount rate, surrender rates, partial withdrawals, utilization rates, projected
investment spreads, mortality, and expenses. DAC consists principally of commissions that are related directly to the successful sale of new or renewal insurance contracts, which may be deferred to the extent recoverable. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and vesting and persistency bonuses to policyholder account values, which may be deferred to the extent recoverable.
The methodology for determining the amortization of VOBA, DAC and DSI varies by product type. For all insurance contracts accounted for under long-duration contract deposit accounting, amortization is based on assumptions consistent with those used in the development of the underlying contract liabilities, adjusted for emerging experience and expected trends. For all of the insurance intangibles (VOBA, DAC and DSI), the balances are generally amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”) from investment income, surrender charges and other product fees, less policy benefits, maintenance expenses, mortality, and expense margins. Recognized gains (losses) on investments, changes in fair value of derivatives, and changes in fair value of the embedded derivative on our FIA and IUL products are included in actual gross profits in the period realized as described further below. Amortization is reported within Depreciation and amortization in the accompanying Consolidated Statements of Earnings.
Changes in assumptions, including our earned rate (i.e., long term assumptions of the Company’s expected earnings on related investments), budgeted option costs (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature) and surrender rates can have a significant impact on VOBA, DAC and DSI balances and amortization rates. Due to the relative size and sensitivity to minor changes in underlying assumptions of those intangible balances, we perform quarterly and annual analyses of the VOBA, DAC and DSI balances for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected with the impact on the intangibles reported as “unlocking” as a component of amortization expense, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the contract issuance or acquisition date with respect to VOBA. The cumulative unlocking adjustment is recognized as a component of current period amortization and reflected within Depreciation and amortization in the accompanying Consolidated Statements of Earnings.
For investment-type products, the VOBA, DAC and DSI assets are adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments").
Refer to Note Q Recent Accounting Pronouncements for further discussion of accounting pronouncements not yet adopted that may have a significant impact on future estimated amortization expense upon adoption.
Other Intangible Assets
We have other intangible assets, not including goodwill, VOBA, DAC or DSI, which consist primarily of customer relationships and contracts, the value of distribution network acquired ("VODA"), trademarks and tradenames, state licenses and computer software, which are generally recorded in connection with business combinations at their fair value. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives, generally ten years, using an accelerated method, which takes into consideration expected customer attrition rates. VODA is an intangible asset that represents the value of an acquired distribution network and is amortized using the sum of years digits method. Contractual relationships are generally amortized over their contractual life. Trademarks and tradenames are generally amortized over ten years. Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life. For internal-use computer software products, internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized
on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and zero to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.
Contractholder Funds
Contractholder Funds
Contractholder funds include FIAs, fixed rate annuities, IULs, funding agreements and PRT and immediate annuities contracts without life contingencies. The liabilities for contractholder funds for fixed rate annuities, funding agreements and PRT and immediate annuities contracts without life contingencies 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 is carried at fair value in Contractholder Funds in the accompanying Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note B Fair Value of Financial Instruments.
Liabilities for the Guaranteed Minimum Withdrawal Benefits ("GMWB") and Guaranteed Minimum Death Benefit ("GMDB") riders on FIA and fixed rate annuity products are calculated by multiplying the benefit ratio by the cumulative assessments recorded from contract inception through the balance sheet date less the cumulative guaranteed minimum withdrawal and death benefit payments plus interest. The benefit ratio is the ratio of the present value of future guaranteed minimum withdrawal and death benefit payments to the present value of the assessments used to provide the guaranteed minimum withdrawal and death benefit payments using the same assumptions as we use for our intangible assets. If experience or assumption changes result in a new benefit ratio, the reserves are adjusted to reflect the changes in a manner similar to the unlocking of VOBA, DAC and DSI. The accounting for these GMWB and GMDB benefit liabilities (also referred to as “SOP 03-1 liabilities”) impact EGPs used to calculate amortization of VOBA, DAC and DSI. The related reserve is adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments").
Contractholder funds include funds related to funding agreements that have been issued pursuant to the FABN Program as well as to the Federal Home Loan Bank of Atlanta ("FHLB"). Single premiums are received at the initiation of the funding agreements. As of December 31, 2022 and December 31, 2021, we had approximately $2,200 million and $1,900 million, respectively, outstanding under the FABN Program, which provides for semi-annual interest payments with principal maturities. Reserves for the FHLB funding agreements totaled $1,982 million and $1,543 million as of December 31, 2022 and December 31, 2021, respectively. The FHLB agreements provide a guaranteed stream of payments or provide for a bullet payment at maturity with renewal provisions. In accordance with the 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 settle our general obligations. The collateral investments had a fair value of $3,387 million and $2,469 million as of December 31, 2022 and December 31, 2021, respectively. Payments pursuant to FABN and FHLB funding agreements extend through 2029.
Future Policy Benefits
Future Policy Benefits
The liabilities for future policy benefits and claim reserves for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are computed using assumptions for
investment yields, mortality and withdrawals, with a provision for adverse deviation, based on generally accepted actuarial methods and assumptions at the time of acquisition or contract issue. The investment yield assumption for the years ended December 31, 2022 and December 31, 2021 was 4.3% for traditional direct life reserves for all contracts, 4.1% for life contingent pay-out annuities, and ranges from 3.6% to 6.9% for PRT annuities with life contingencies. 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 experience adjusted for expected future conditions.For long-duration contracts the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net GAAP liability (gross reserves less VOBA, DAC and DSI) is less than the gross premium liability, impairment is deemed to have occurred, and the VOBA, DAC and DSI asset balances are reduced until the net GAAP liability is equal to the gross premium liability. If the VOBA, DAC and DSI asset balances are completely written off and the net GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability.
Income Taxes
Income Taxes
We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We evaluate the likelihood of realizing the benefit of our deferred tax assets and may record a valuation allowance if, based on all available evidence, we determine that it is more likely than not that some portion of the tax benefit will not be realized. We adjust the valuation allowance if, based on our evaluation, there is a change in the amount of deferred income tax assets that are deemed more-likely-than-not to be realized. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted.
Reinsurance
Reinsurance
Our insurance subsidiaries enter into reinsurance agreements with other companies in the normal course of business. For arrangements in which F&G follows reinsurance accounting and for most arrangements that are accounted for as separate investment contracts, we present the amounts consistently and on a gross basis in our Consolidated Balance Sheets with the ceded reserves balance presented as a Reinsurance recoverable. Where applicable, deferred gains associated with the reinsurance of insurance and investment contracts will be included within Accounts payable and accrued expenses with the related accretion reflected within Life insurance premiums and other fees on the Consolidated Balance Sheets and Statements of Earnings, respectively. Where applicable, deferred costs associated with the reinsurance of insurance and investment contracts will be included within the Prepaid expense and other assets with the related amortization reflected within Other operating expenses in the Consolidated Balance Sheets and Statements of Earnings, respectively. Premium and expense are recorded net of reinsurance ceded for both insurance and investment contracts.
For some arrangements for which deposit accounting is applied or the arrangement is accounted for as a separate investment contract, the assets and liabilities of certain reinsurance contracts are presented on a net basis in the accompanying Consolidated Balance Sheets. The related net investment income, investment gain/loss, and change in reserves are presented net on the accompanying Consolidated Statements of Earnings. F&G intends to apply the right of offset where there is a right of offset explicit in the reinsurance agreement.
Revenue Recognition
Revenue Recognition
The Company's life insurance premiums reflect premiums for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) which are recognized as revenue when
due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue 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. Surrender charges are earned when a policyholder withdraws funds from the contract early or cancels the contract. Other income related to riders is earned when elected by the policyholder.Premium and annuity deposit collections for FIA, fixed rate annuities, immediate annuities and PRT without life contingencies, 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.
Benefits and Other Changes in Policy Reserves
Benefits and Other Changes in Policy Reserves
Benefit expenses for FIAs, fixed rate annuities, IUL policies and funding agreements include interest credited and, for FIA and IUL policies, index credits, 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. Interest crediting rates associated with funds invested in the general account of our insurance subsidiaries for the years ended December 31 2022 and December 31, 2021 range from 0.5% to 6.0% for fixed rate annuities and FIAs combined and 3.0% to 4.8% for IULs. For funding agreements, the rates range from 0.8% to 5.15% for the year ended December 31, 2022 and 0.2% to 5.0% for the year ended December 31, 2021. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative and the change in the SOP 03-1 reserve for GMWB and GMDB benefits.
Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and 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.
Share-Based Compensation Plans
Stock-Based Compensation Plans
We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date using quoted market prices, and recognized over the service period.
Earnings Per Share
Earnings Per Share
Basic earnings per share ("EPS"), as presented on the Consolidated Statement of Earnings, is computed by dividing net earnings from continuing operations and separately from discontinued operations by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings from continuing operations and separately from discontinued operations by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. Prior to the FNF acquisition, we had certain non-vested stock, stock options, warrants and performance share units, 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. For periods prior to the FNF acquisition, the effect of a potential conversion of outstanding preferred shares to common shares is not considered in the diluted EPS calculation as the preferred shareholders did not yet have the right to convert.
On June 24, 2022, the following action previously approved by the F&G board of directors became effective: (i) a stock split in a ratio of 105,000 for 1. Earnings per share has been retrospectively adjusted to reflect as if the split occurred as of June 1, 2020, in accordance with GAAP.
Comprehensive Earnings (Loss)
Comprehensive Earnings (Loss)
We report Comprehensive earnings (loss) in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and losses, net on the Consolidated Statements of Earnings.
Management Estimates
Management Estimates
The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Periodically, and at least annually, typically in the third quarter, we review the assumptions associated with reserves for policy benefits, product guarantees, and amortization of intangibles. During the fourth quarter of 2022, based on increases in interest rates and pricing changes during 2022, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and certain assumptions used to calculate SOP 03-1 liabilities and intangible balances. These changes, taken together, resulted in an increase in contractholder funds and future policy benefits of $97 million and an increase to intangible assets of $47 million.
During the third quarter of 2021, we implemented a new actuarial valuation system. As a result, our third quarter 2021 assumption updates include model refinements and assumption updates resulting from the implementation. The system implementation and assumption review process that occurred in the third quarter of 2021, included refinements in the calculation of the fair value of the embedded derivative component of our FIAs within contractholder funds and updates to the surrender rates, GMWB utilization, IUL premium persistency,
maintenance expenses, and earned rate assumptions to reflect our current and expected future experience. These changes, taken together, resulted in a decrease in contractholder funds and future policy reserves of $425 million and a decrease to intangible assets of $136 million. These model refinements and assumptions are also used in the SOP 03-1 liability for GMWB and GMDB benefits and resulted in an increase in the liability of $28 million. There was no material change to underlying policyholder behavior. The majority of the changes represent one-time adjustments in the third quarter of 2021 related to the cumulative impact of the system implementation and are not expected to re-occur in the future.
Recent Accounting Pronouncements
Adopted Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of fixed maturity securities available for sale. The method used to measure estimated credit losses for fixed maturity available-for-sale securities will be unchanged; however, the amendments require credit losses to be recognized through an allowance rather than as a reduction to the amortized cost of those securities. We adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. We adopted this standard using a modified-retrospective approach, as required. As a result of the adoption, the Company recorded a cumulative-effect adjustment, which decreased opening 2020 retained earnings by $27 million, net of tax. We recorded offsetting increases to the allowance for expected credit losses for mortgage loans and reinsurance recoverables and a decrease for deferred tax impacts. Refer to Note C Investments and Note J Reinsurance for additional information.
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this update defer the sunset provision within Topic 848 that provides a temporary, optional expedient and exception for contracts affected by reference rate reform by not applying certain modification accounting requirements and instead accounting for the modified contract as a continuation of the existing contract. This guidance eases the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting through December 31, 2024. We adopted this standard upon issuance and this standard had no impact on our Consolidated Financial Statements and related disclosures upon adoption.
Pronouncements Not Yet Adopted
In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts, 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 other comprehensive income (“OCI”); market risk benefits ("MRBs") 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 OCI; 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 rollforwards 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. The
amendments in this ASU may be early adopted as of the beginning of an annual reporting period for which financial statements have not yet been issued, including interim financial statements.
We have identified specific areas that will be impacted by the new guidance. This guidance will bring significant changes to how we account for certain insurance and annuity products within our business and expand disclosures. As part of the implementation process, to date our progress includes, but is not limited to the following: identifying and documenting contracts and contract features in scope of the guidance; identifying actuarial models, systems, and processes to be updated; building and running models; generating and analyzing preliminary output; evaluating and finalizing key accounting policies; evaluating transition requirements and impacts; and establishing, documenting, and executing appropriate internal controls. We will not early adopt this standard and have selected the full retrospective transition method, which requires the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date.
Adoption of this standard is expected to increase total stockholders’ equity as of the transition date, January 1, 2021, up to approximately $200 million, net of tax. This transition adjustment is expected to primarily increase Retained Earnings, as well as OCI. The most significant driver of this transition adjustment expected to increase Retained Earnings is the measurement of certain benefits historically recorded as insurance liabilities which will now be classified and measured as MRBs, along with their subsequent changes in fair value, excluding changes attributable to instrument-specific credit risk, which are recorded as a component of OCI. The most significant drivers of this transition adjustment expected to increase OCI are the reversal of intangible balances previously recorded as an adjustment to unrealized gains (losses) on available for sale securities, the remeasurement of the liability for future policyholder benefits using a discount rate assumption that reflects upper-medium grade fixed-income instruments, and the effect of changes in the fair value of MRBs attributable to changes in the instrument-specific credit risk.
As of December 31, 2022, the Company continues to expect the measurement drivers above, in relation to the current market conditions, to support a favorable impact to total stockholders’ equity at or greater than the transition impact, contingent upon the completion of our ongoing implementation process. Further, the specific impacts on Retained Earnings and OCI upon adoption of this standard on January 1, 2023 may also differ materially from the transition impact based on the performance of the Company’s business and macroeconomic conditions, including changes in interest rates.
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. Additionally, the amendments require the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, the nature and remaining duration of the restriction(s), and the circumstances that could cause a lapse in the restriction(s). The amendments in this update do not change the principles of fair value measurement, rather, they clarify those principles when measuring the fair value of an equity security subject to a contractual sale restriction and improve current GAAP by reducing diversity in practice, reducing the cost and complexity in measuring fair value, and increasing comparability of financial information across reporting entities that hold those investments. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, though early adoption is permitted. We do not currently expect to early adopt this standard and are in the process of assessing this standard and its impact on our accounting and disclosures upon adoption.
v3.22.4
Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Premium Annuity Deposits (Net of Reinsurance) and Funding Agreements Excluded from Revenues
Premiums, annuity deposits (net of reinsurance) and funding agreements, which are not included as revenues in the accompanying Consolidated Statements of Earnings, collected by product type were as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Product Type
Fixed indexed annuities$4,483 $4,420 $1,966 $1,469 
Fixed rate annuities 1,522 878 631 146 
Funding agreements (FABN/FHLB)1,891 2,658 100 100 
Life insurance and other (a)
446 329 152 102 
Total$8,342 $8,285 $2,849 $1,817 

(a)Life insurance and other primarily includes indexed universal life insurance.
v3.22.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured 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 (in millions):

December 31, 2022
Level 1Level 2Level 3NAVFair ValueCarrying Amount
Assets
Cash and cash equivalents$960 $— $— $— $960 $960 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 5,204 6,263 — 11,467 11,467 
Commercial mortgage-backed securities— 2,999 37 — 3,036 3,036 
Corporates— 11,472 1,427 — 12,899 12,899 
Hybrids93 612 — — 705 705 
Municipals— 1,381 29 — 1,410 1,410 
Residential mortgage-backed securities— 1,219 302 — 1,521 1,521 
U.S. Government32 — — — 32 32 
Foreign Governments— 132 16 — 148 148 
Preferred securities248 474 — — 722 722 
Equity securities54 — — 47 101 101 
Derivative investments— 244 — — 244 244 
Short term investments1,556 — — — 1,556 1,556 
Reinsurance related embedded derivative, included in other assets— 279 — — 279 279 
Other long-term investments— — 71 — 71 71 
Total financial assets at fair value$2,943 $24,016 $8,145 $47 $35,151 $35,151 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,115 — 3,115 3,115 
Total financial liabilities at fair value$— $— $3,115 $— $3,115 $3,115 
December 31, 2021
Level 1Level 2Level 3NAVFair ValueCarrying Amount
Assets
Cash and cash equivalents $1,533 $— $— $— $1,533 $1,533 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 4,736 3,959 — 8,695 8,695 
Commercial mortgage-backed securities— 2,929 35 — 2,964 2,964 
Corporates— 13,883 1,121 — 15,004 15,004 
Hybrids132 749 — — 881 881 
Municipals— 1,398 43 — 1,441 1,441 
Residential mortgage-backed securities— 722 — — 722 722 
U.S. Government50 — — — 50 50 
Foreign Governments— 187 18 — 205 205 
Preferred securities407 620 1 — 1,028 1,028 
Equity securities95 — — 48 143 143 
Derivative investments— 816 — 816 816 
Short-term investments50 2 321 — 373 373 
Other long-term investments— — 78 — 78 78 
Total financial assets at fair value$2,267 $26,042 $5,576 $48 $33,933 $33,933 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds— — 3,883 — 3,883 3,883 
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities— 73 — — 73 73 
Total financial liabilities at fair value$— $73 $3,883 $— $3,956 $3,956 
The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.
December 31, 2022
(in millions)
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $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— — — 2,427 2,427 2,427 
Policy loans— — 52 — 52 52 
Other invested assets— — 15 — 15 15 
Company-owned life insurance— — 328 — 328 328 
Total
$— $99 $4,370 $2,427 $6,896 $7,475 
Liabilities
Investment contracts, included in contractholder funds— — 34,464 — 34,464 38,412 
Debt— 1,092 — — 1,092 1,114 
Total
$— $1,092 $34,464 $— $35,556 $39,526 
December 31, 2021
(in millions)
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $72 $— $— $72 $72 
Commercial mortgage loans— — 2,265 — 2,265 2,168 
Residential mortgage loans— — 1,549 — 1,549 1,581 
Investments in unconsolidated affiliates— — — 2,350 2,350 2,350 
Policy loans— — 39 — 39 39 
Company-owned life insurance— — 299 — 299 299 
Total
$— $72 $4,152 $2,350 $6,574 $6,509 
Liabilities
Investment contracts, included in contractholder funds— — 27,448 — 27,448 31,529 
Debt— 615 412 — 1,027 977 
Total
$— $615 $27,860 $— $28,475 $32,506 
Fair Value Measurement Inputs and Valuation Techniques
Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of December 31, 2022 and December 31, 2021 are as follows:
Fair Value atValuation TechniqueUnobservable 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 securities347  Third-Party Valuation  Offered quotes
41.43% - 210.50%
(67.99%)
Commercial mortgage-backed securities20  Broker-quoted  Offered quotes
109.02% - 109.02%
(109.02%)
Commercial mortgage-backed securities17  Third-Party Valuation  Offered quotes
74.66% - 88.48%
(82.74%)
Corporates602  Broker-quoted  Offered quotes
79.16% - 102.53%
(94.16%)
Corporates825  Third-Party Valuation  Offered quotes
—% - 104.96%
(89.69%)
Municipals29  Third-Party Valuation  Offered quotes
93.95% - 93.95%
(93.95%)
Residential mortgage-backed securities302  Broker-quoted  Offered quotes
0.00% - 91.04%
(86.38%)
Foreign governments16  Third-Party Valuation  Offered quotes
99.78% - 102.29%
(100.56%)
Other long-term investments:
Available-for-sale embedded derivative23 Black Scholes modelMarket value of fund 100.00%
Secured borrowing receivable10  Broker-quoted  Offered quotes
100.00% - 100.00%
(100.00%)
Credit linked note15  Broker-quoted  Offered quotes 96.23%
Investment in affiliate23 Market Comparable Company AnalysisEBITDA multiple
5x-5.5x
Total financial assets at fair value$8,145 
Liabilities
Derivative investments:
FIA/IUL embedded derivatives, included in contractholder funds3,115 Discounted cash flowMarket value of option
0.00% - 23.90%
(0.87%)
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%)
Total financial liabilities at fair value$3,115 
Fair Value atValuation TechniqueUnobservable Input(s)Range (Weighted average)
December 31, 2021
(in millions)December 31, 2021
Assets
Asset-backed securities$3,844 Broker-quotedOffered quotes
52.56% - 260.70%
(97.06)%
Asset-backed securities115 Third-Party ValuationOffered quotes
93.02% - 108.45%
(104.95)%
Commercial mortgage-backed securities24 Broker-quotedOffered quotes
126.70% - 126.70%
(126.70)%
Commercial mortgage-backed securities11 Third Party ValuationOffered quotes
97.91% - 97.91%
(97.91)%
Corporates380 Broker-quotedOffered quotes
—% - 109.69%
(100.91)%
Corporates741 Third-Party ValuationOffered quotes
85.71% - 119.57%
(107.72)%
Municipals43 Third-Party ValuationOffered quotes
135.09% - 135.09%
(135.09)%
Foreign governments18 Third-Party ValuationOffered quotes
107.23% - 116.44%%
(110.11)%
Short-term321 Broker-quotedOffered quotes
100.00% - 100.00%
(100.00)%
Preferred securities1 Income-ApproachYield
2.43%
Other long-term investments:
Available-for-sale embedded derivative34 Black Scholes modelMarket value of fund
100.00%
Credit linked note23 Broker-quotedOffered quotes
100.00%
Investment in affiliate21 Market Comparable Company AnalysisEBITDA multiple
8x-8x
Total financial assets at fair value$5,576 
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds3,883 Discounted cash flowMarket value of option
—% - 38.72%
(3.16)%
Swap rates
0.05% - 1.94%
(1.00)%
Mortality multiplier
100.00% - 100.00%
(100.00)%
Surrender rates
0.25% - 70.00%
(6.26)%
Partial withdrawals
2.00% - 23.26%
(2.72)%
Non-performance spread
0.43% - 1.01%
(0.68)%
Option cost
0.07% - 4.97%
(1.83)%
Total financial liabilities at fair value$3,883 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation 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 years ended December 31, 2022 and 2021, respectively.
This summary excludes any impact of amortization of VOBA, DAC and DSI. 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.

Year ended December 31, 2022
(in millions)
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of
Level 3 (a)
Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$3,959 $(6)$(393)$3,269 $(39)$(541)$14 $6,263 $(426)
Commercial mortgage-backed securities35 — (5)— — — 7 37 (4)
Corporates1,121 1 (187)710 (20)(215)17 1,427 (188)
Hybrids— — — — — — — — — 
Municipals43 — (14)— — — — 29 (13)
Residential mortgage-backed securities— — — 316 — — (14)302 — 
Foreign Governments18 — (2)— — — — 16 (1)
Short-term321 — (1)20 — — (340)— (1)
Preferred securities1 — (1)— — — — — (1)
Equity securities— — — — — — — — — 
Other long-term investments:— — 
Available-for-sale embedded derivative34 (11)— — — — — 23 — 
Investment in affiliate21 — 2 — — — — 23 2 
Credit linked note23 (1)(1)— (2)(4)— 15 — 
Secured borrowing receivable— — — — — — 10 10 — 
Total assets at Level 3 fair value
$5,576 $(17)$(602)$4,315 $(61)$(760)$(306)$8,145 $(632)
Liabilities
FIA/IUL embedded derivatives, included in contractholder funds3,883 (1,382)— 768 — (154)— 3,115 — 
Total liabilities at Level 3 fair value
$3,883 $(1,382)$— $768 $— $(154)$— $3,115 $— 
(a)The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.
Year ended December 31, 2021
(in millions)
Balance at Beginning of PeriodTotal Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of Level 3 (a)
Balance at End of PeriodChange in Unrealized Included in OCI
Included in EarningsIncluded in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$1,350 $(1)$(8)$3,417 $(97)$(595)$(107)$3,959 $4 
Commercial mortgage-backed securities26 — (3)12 — — — 35 1 
Corporates1,274 8 (40)154 (9)(247)(19)1,121 23 
Hybrids4 — — — — (4)— — — 
Municipals43 — — — — — — 43 7 
Residential mortgage-backed securities483 — (1)14 — (102)(394)— 22 
Foreign Governments17 — 1 — — — — 18 2 
Short-term— — 2 820 — (501)— 321 — 
Preferred securities1 (1)1 — — — — 1 — 
Other long-term investments:
Available-for-sale embedded derivative27 7 — — — — — 34 — 
Credit linked note23 — — — — — — 23 — 
Investment in affiliate— — — 21 — — — 21 — 
Total assets at Level 3 fair value
$3,248 $13 $(48)$4,438 $(106)$(1,449)$(520)$5,576 $59 
Liabilities
Future policy benefits5 — — — (4)(1)— — — 
FIA/IUL embedded derivatives, included in contractholder funds3,404 121 — 513 — (155)— 3,883 — 
Total liabilities at Level 3 fair value
$3,409 $121 $— $513 $(4)$(156)$— $3,883 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 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 years ended December 31, 2022 and 2021, respectively.
This summary excludes any impact of amortization of VOBA, DAC and DSI. 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.

Year ended December 31, 2022
(in millions)
Balance at Beginning
of Period		Total Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of
Level 3 (a)
Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in
AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$3,959 $(6)$(393)$3,269 $(39)$(541)$14 $6,263 $(426)
Commercial mortgage-backed securities35 — (5)— — — 7 37 (4)
Corporates1,121 1 (187)710 (20)(215)17 1,427 (188)
Hybrids— — — — — — — — — 
Municipals43 — (14)— — — — 29 (13)
Residential mortgage-backed securities— — — 316 — — (14)302 — 
Foreign Governments18 — (2)— — — — 16 (1)
Short-term321 — (1)20 — — (340)— (1)
Preferred securities1 — (1)— — — — — (1)
Equity securities— — — — — — — — — 
Other long-term investments:— — 
Available-for-sale embedded derivative34 (11)— — — — — 23 — 
Investment in affiliate21 — 2 — — — — 23 2 
Credit linked note23 (1)(1)— (2)(4)— 15 — 
Secured borrowing receivable— — — — — — 10 10 — 
Total assets at Level 3 fair value
$5,576 $(17)$(602)$4,315 $(61)$(760)$(306)$8,145 $(632)
Liabilities
FIA/IUL embedded derivatives, included in contractholder funds3,883 (1,382)— 768 — (154)— 3,115 — 
Total liabilities at Level 3 fair value
$3,883 $(1,382)$— $768 $— $(154)$— $3,115 $— 
(a)The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.
Year ended December 31, 2021
(in millions)
Balance at Beginning of PeriodTotal Gains (Losses)PurchasesSalesSettlements
Net transfer In (Out) of Level 3 (a)
Balance at End of PeriodChange in Unrealized Included in OCI
Included in EarningsIncluded in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$1,350 $(1)$(8)$3,417 $(97)$(595)$(107)$3,959 $4 
Commercial mortgage-backed securities26 — (3)12 — — — 35 1 
Corporates1,274 8 (40)154 (9)(247)(19)1,121 23 
Hybrids4 — — — — (4)— — — 
Municipals43 — — — — — — 43 7 
Residential mortgage-backed securities483 — (1)14 — (102)(394)— 22 
Foreign Governments17 — 1 — — — — 18 2 
Short-term— — 2 820 — (501)— 321 — 
Preferred securities1 (1)1 — — — — 1 — 
Other long-term investments:
Available-for-sale embedded derivative27 7 — — — — — 34 — 
Credit linked note23 — — — — — — 23 — 
Investment in affiliate— — — 21 — — — 21 — 
Total assets at Level 3 fair value
$3,248 $13 $(48)$4,438 $(106)$(1,449)$(520)$5,576 $59 
Liabilities
Future policy benefits5 — — — (4)(1)— — — 
FIA/IUL embedded derivatives, included in contractholder funds3,404 121 — 513 — (155)— 3,883 — 
Total liabilities at Level 3 fair value
$3,409 $121 $— $513 $(4)$(156)$— $3,883 $— 
(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.
v3.22.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Consolidated Investments The Company’s consolidated investments are summarized as follows (in millions):
December 31, 2022
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueCarrying Value
Available-for-sale securities
Asset-backed securities$12,209 $(8)$36 $(770)$11,467 $11,467 
Commercial mortgage-backed securities3,309 (1)12 (284)3,036 3,036 
Corporates15,879 (15)30 (2,995)12,899 12,899 
Hybrids781 — 8 (84)705 705 
Municipals1,695 — 4 (289)1,410 1,410 
Residential mortgage-backed securities1,631 (7)6 (109)1,521 1,521 
U.S. Government34 — — (2)32 32 
Foreign Governments185 — — (37)148 148 
Total available-for-sale securities
$35,723 $(31)$96 $(4,570)$31,218 $31,218 
December 31, 2021
Amortized CostAllowance for Expected Credit LossesGross Unrealized GainsGross Unrealized LossesFair ValueCarrying Value
Available-for-sale securities
Asset-backed securities$8,516 $(3)$220 $(38)$8,695 $8,695 
Commercial mortgage-backed securities2,669 (2)308 (11)2,964 2,964 
Corporates14,372 — 784 (152)15,004 15,004 
Hybrids812 — 69 — 881 881 
Municipals1,386 — 66 (11)1,441 1,441 
Residential mortgage-backed securities722 (3)7 (4)722 722 
U.S. Government50 — — — 50 50 
Foreign Governments197 — 8 — 205 205 
Total available-for-sale securities
$28,724 $(8)$1,462 $(216)$29,962 $29,962 
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
December 31, 2022December 31, 2021
(in millions)(in millions)
Amortized CostFair ValueAmortized CostFair Value
Corporates, Non-structured Hybrids, Municipal and U.S. Government Securities:
Due in one year or less$124 $123 $105 $106 
Due after one year through five years2,193 2,059 1,724 1,754 
Due after five years through ten years1,840 1,633 2,141 2,201 
Due after ten years14,417 11,379 12,842 13,515 
Subtotal18,574 15,194 16,812 17,576 
Other securities, which provide for periodic payments:
Asset-backed securities12,209 11,467 8,516 8,695 
Commercial mortgage-backed securities3,309 3,036 2,669 2,964 
Structured hybrids— — 5 5 
Residential mortgage-backed securities1,631 1,521 722 722 
Subtotal17,149 16,024 11,912 12,386 
Total fixed maturity available-for-sale securities$35,723 $31,218 $28,724 $29,962 
Activity in Allowance for Credit Loses of Available-for-sale Securities Aggregated by Investment Category
The activity in the allowance for expected credit losses of available-for-sale securities aggregated by investment category was as follows (in millions):
Year ended December 31, 2022
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$(3)$(7)$— $(1)$2 $— $1 — $(8)
Commercial mortgage-backed securities(2)— — — 1 — — — (1)
Corporates— (15)— — — — — — (15)
Residential mortgage-backed securities(3)(2)— (2)— — — — (7)
Total available-for-sale securities$(8)$(24)$— $(3)$3 $— $1 $— $(31)
Year ended December 31, 2021
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $— $(1)$(2)$— $— $— — $(3)
Commercial mortgage-backed securities— (2)— — — — — — (2)
Corporates(7)— — 6 — — — 1 — 
Residential mortgage-backed securities(3)— — — — — — — (3)
Total available-for-sale securities$(10)$(2)$(1)$4 $— $— $— $1 $(8)

Period from June 1 to December 31, 2020
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $7 $(9)$2 $— $— $— $— $— 
Corporates— 1 (17)— 3 4 2 — (7)
Hybrids— — (3)— 3 — — — — 
Residential mortgage-backed securities— 2 (7)1 1 — — — (3)
Total available-for-sale securities$— $10 $(36)$3 $7 $4 $2 $— $(10)
Period from January 1 to May 31, 2020
AdditionsReductions
Balance at Beginning of PeriodFor credit losses on securities for which losses were not previously recordedFor initial credit losses on purchased securities accounted for as PCD financial assets (a)(Additions) reductions in allowance recorded on previously impaired securitiesFor securities sold during the periodFor securities intended/required to be sold prior to recovery of amortized cost basisWrite offs charged against the allowanceRecoveries of amounts previously written offBalance at End of Period
Available-for-sale securities
Asset-backed securities$— $(17)$— $12 $— $— $— $— $(5)
Corporates— (28)— — 8 12 1 — (7)
Residential mortgage-backed securities— (6)— 3 — — — — (3)
Total available-for-sale securities$— $(51)$— $15 $8 $12 $1 $— $(15)


(a) Purchased credit deteriorated financial assets (“PCD”)
Debt Securities, Available-for-sale, Purchased with Credit Deterioration The following table summarizes year to date PCD AFS security purchases (in millions).
Purchased credit-deteriorated available-for-sale debt securitiesDecember 31, 2022December 31, 2021
Purchase price$— $4 
Allowance for credit losses at acquisition— 1 
AFS purchased credit-deteriorated par value$— $5 
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 were as follows (dollars in millions):
December 31, 2022
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Available-for-sale securities
Asset-backed securities$7,001 $(410)$3,727 $(360)$10,728 $(770)
Commercial mortgage-backed securities2,065 (168)475 (116)2,540 (284)
Corporates8,780 (1,679)3,231 (1,312)12,011 (2,991)
Hybrids619 (83)3 (1)622 (84)
Municipals948 (176)352 (113)1,300 (289)
Residential mortgage-backed securities990 (51)184 (22)1,174 (73)
U.S. Government11 (1)21 (1)32 (2)
Foreign Government119 (32)14 (5)133 (37)
Total available-for-sale securities$20,533 $(2,600)$8,007 $(1,930)$28,540 $(4,530)
Total number of available-for-sale securities in an unrealized loss position less than twelve months2,774 
Total number of available-for-sale securities in an unrealized loss position twelve months or longer1,212
Total number of AFS securities in an unrealized loss position3,986 
December 31, 2021
Less Than 12 Months12 Months or LongerTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Available-for-sale securities
Asset-backed securities$4,410 $(31)$146 $(7)$4,556 $(38)
Commercial mortgage-backed securities600 (11)1 — 601 (11)
Corporates5,017 (126)394 (26)5,411 (152)
Hybrids3 — — — 3 — 
Municipals407 (5)85 (6)492 (11)
Residential mortgage-backed securities325 (3)11 (1)336 (4)
U.S. Government32 — 4 — 36 — 
Foreign Government27 — — — 27 — 
Total available-for-sale securities$10,821 $(176)$641 $(40)$11,462 $(216)
Total number of available-for-sale securities in an unrealized loss position less than twelve months1,955
Total number of available-for-sale securities in an unrealized loss position twelve months or longer67
Total number of AFS securities in an unrealized loss position2,022 
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 (dollars in millions):
December 31, 2022December 31, 2021
Amortized Cost% of TotalAmortized Cost% of Total
Property Type:
Hotel$18 1 %$19 1 %
Industrial520 22 %497 23 %
Mixed Use12 1 %13 1 %
Multifamily1,013 42 %894 41 %
Office330 14 %343 16 %
Retail105 4 %121 6 %
Student Housing83 3 %83 4 %
Other335 13 %204 8 %
Total commercial mortgage loans, gross of valuation allowance$2,416 100 %$2,174 100 %
Allowance for expected credit loss(10)(6)
Total commercial mortgage loans, net of valuation allowance$2,406 $2,168 
U.S. Region:
East North Central$151 6 %$137 6 %
East South Central76 3 %79 4 %
Middle Atlantic326 13 %293 13 %
Mountain355 15 %236 11 %
New England158 7 %149 7 %
Pacific708 28 %649 30 %
South Atlantic521 22 %459 21 %
West North Central4 1 %12 1 %
West South Central117 5 %160 7 %
Total commercial mortgage loans, gross of valuation allowance $2,416 100 %$2,174 100 %
Allowance for expected credit loss(10)(6)
Total commercial mortgage loans, net of valuation allowance$2,406 $2,168 
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios
The following tables presents 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 (dollars in millions):
Debt-Service Coverage RatiosTotal Amount% of TotalEstimated Fair Value% of Total
>1.251.00 - 1.25<1.00
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 %
December 31, 2021
LTV Ratios:
Less than 50.00%$626 $33 $9 $668 31 %$745 33 %
50.00% to 59.99%470 — — 470 22 %481 21 %
60.00% to 74.99%1,036 — — 1,036 47 %1,039 46 %
Commercial mortgage loans$2,132 $33 $9 $2,174 100 %$2,265 100 %
(a) Excludes loans under development with an amortized cost and estimated fair value of $9 million.
Schedule of Residential Mortgage Loans by State The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances (dollars in millions):
December 31, 2022
U.S. State:Amortized Cost% of Total
Florida$324 15 %
Texas215 10 %
New Jersey172 8 %
Pennsylvania153 7 %
California139 6 %
New York138 6 %
Georgia125 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.
December 31, 2021
U.S. State:Amortized Cost% of Total
Florida$234 15 %
Texas170 10 %
New Jersey153 10 %
All other states (a)1,049 65 %
Total residential mortgage loans$1,606 100 %

(a) The individual concentration of each state is less than 9% as of December 31, 2021.
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming The credit quality of RMLs was as follows (dollars in millions):
December 31, 2022December 31, 2021
Performance indicators:Amortized Cost% of TotalAmortized Cost% of Total
Performing$2,118 97 %$1,533 95 %
Non-performing62 3 %73 5 %
Total residential mortgage loans, gross of valuation allowance$2,180 100 %$1,606 100 %
Allowance for expected loan loss(32)— %(25)— %
Total residential mortgage loans, net of valuation allowance$2,148 100 %$1,581 100 %
Loans Segregated by Risk Rating Exposure
Loans segregated by risk rating exposure were as follows, gross of valuation allowances (in millions):
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
Residential mortgages
Current (less than 30 days past due)$766 $884 $214 $185 $23 $33 $2,105 
30-89 days past due2 7 — 4 — — 13 
Over 90 days past due3 9 15 34 1 — 62 
Total residential mortgages$771 $900 $229 $223 $24 $33 $2,180 
Commercial mortgages
Current (less than 30 days past due)$350 $1,300 $488 $— $— $269 $2,407 
30-89 days past due— — — — — — — 
Over 90 days past due— — — — — 9 9 
Total commercial mortgages$350 $1,300 $488 $— $— $278 $2,416 
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
Residential mortgages
Current (less than 30 days past due)$795 $293 $323 $50 $36 $21 $1,518 
30-89 days past due5 4 6 1 — — 16 
Over 90 days past due1 23 46 2 — — 72 
Total residential mortgages$801 $320 $375 $53 $36 $21 $1,606 
Commercial mortgages
Current (less than 30 days past due)$1,301 $543 $— $6 $— $324 $2,174 
30-89 days past due— — — — — — — 
Over 90 days past due— — — — — — — 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
December 31, 2022
Amortized Cost by Origination Year
20222021202020192018PriorTotal
Commercial mortgages
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 - 1.25x3 — — — — 4 7 
Less than 1.00x9 — — — — 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.
December 31, 2021
Amortized Cost by Origination Year
20212020201920182017PriorTotal
Commercial mortgages
LTV
Less than 50.00%$120 $229 $— $6 $— $313 $668 
50.00% to 59.99%267 192 — — — 11 470 
60.00% to 74.99%914 122 — — — — 1,036 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
Commercial mortgages
DSCR
Greater than 1.25x$1,301 $543 $— $4 $— $284 $2,132 
1.00x - 1.25x— — — 2 — 31 33 
Less than 1.00x— — — — — 9 9 
Total commercial mortgages$1,301 $543 $— $6 $— $324 $2,174 
Nonaccrual Loans by Amortized Cost
Non-accrual loans by amortized cost were as follows (in millions):
Amortized cost of loans on non-accrualDecember 31, 2022December 31, 2021
Residential mortgage$62 $72 
Commercial mortgage9 — 
Total non-accrual mortgages$71 $72 
Allowance for Expected Credit Losses on Loans
The allowances for our mortgage loan portfolio is summarized as follows (in millions):
Year ended December 31, 2022
Year ended December 31, 2021
Residential MortgagesCommercial MortgagesTotalResidential MortgagesCommercial MortgagesTotal
Beginning Balance
$25 $6 $31 $37 $2 $39 
Provision for loan losses7 4 11 (12)4 (8)
Ending Balance
$32 $10 $42 $25 $6 $31 
Period from June 1 to December 31, 2020Period from January 1 to May 31, 2020
Residential MortgagesCommercial MortgagesTotalResidential MortgagesCommercial MortgagesTotal
Predecessor
Beginning Balance
$— $— $— $7 $1 $8 
Provision for loan losses30 2 32 7 — 7 
For initial credit losses on purchased loans accounted for as PCD financial assets7 — 7 — — — 
Ending Balance
$37 $2 $39 $14 $1 $15 
Schedule of Sources of Net Investment Income Reported
The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows (in millions):
Year Ended December 31,Period from
June 1 to December 31, 		Period from January 1 to May 31,
2022202120202020
Predecessor
Fixed maturity securities, available-for-sale$1,431 $1,213 $643 $426 
Equity securities17 11 7 4 
Preferred securities49 47 35 16 
Mortgage loans186 131 50 36 
Invested cash and short-term investments33 7 — 4 
Limited partnerships110 589 75 (37)
Other investments20 17 8 5 
Gross investment income1,846 2,015 818 454 
Investment expense(191)(163)(75)(51)
Interest and investment income
$1,655 $1,852 $743 $403 
Realized Gain (Loss) on Investments
Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows (in millions):
Year Ended December 31,Period from
June 1 to December 31,		Period from January 1 to May 31,
2022202120202020
Predecessor
Net realized (losses) gains on fixed maturity available-for-sale securities$(241)$102 $95 $(49)
Net realized/unrealized (losses) gains on equity securities (a)
(40)(37)29 (30)
Net realized/unrealized (losses) gains on preferred securities (b)
(167)(14)55 (40)
Realized (losses) gains on other invested assets(13)6 — (2)
Change in allowance for expected credit losses(34)4 (19)(23)
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments(164)455 76 11 
Unrealized (losses) gains on certain derivative instruments(693)160 161 (223)
Change in fair value of reinsurance related embedded derivatives (c)
352 34 (53)19 
Change in fair value of other derivatives and embedded derivatives(10)5 8 (1)
Realized (losses) gains on derivatives and embedded derivatives(515)654 192 (194)
Recognized gains and losses, net
$(1,010)$715 $352 $(338)

(a)Includes net valuation (losses) gains of $(40) million, $(37) million, $30 million and $(30) million for the years ended December 31, 2022 and 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
(b)Includes net valuation (losses) gains of $(159) million, $(14) million, $56 million and $(34) million for the years ended December 31, 2022 and 2021, the period from June 1 to December 31, 2020 and the Predecessor period from January 1 to May 31, 2020, respectively.
(c)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.
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 (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Proceeds$3,097 $4,555 $1,398 $513 
Gross gains13 142 101 29 
Gross losses(239)(42)(5)(20)
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 (in millions):
December 31, 2022December 31, 2021
Carrying ValueMaximum Loss ExposureCarrying ValueMaximum Loss Exposure
Investment in unconsolidated affiliates$2,427 $4,030 $2,350 $3,496 
Fixed maturity securities15,680 17,404 12,382 12,802 
Total unconsolidated VIE investments$18,107 $21,434 $14,732 $16,298 
Schedules of Investment Concentrations
Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions). Certain of the investments disclosed as of December 31, 2022 were held as of December 31, 2021 but are not presented in the December 31, 2021 column as they did not exceed 10 % of shareholders equity as of December 31, 2021.
December 31, 2022December 31, 2021
Blackstone Wave Asset Holdco (a)$741 $870 
ELBA (b)470 — 
COLI308 — 
Verus Securitization Trust (c)302 — 
Jade 1 (d)271 — 
Jade 2 (d)271 — 
Jade 3 (d)271 — 
Jade 4 (d)271 — 
Maybay Finance, LLC (e)224 — 
(a)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.
(b)Represents special purpose vehicles that hold an underlying minority ownership interest in a single operating liquified natural gas export facility.
(c)Represents special purpose vehicles that hold investments backed by the interest paid on loans for residencies.
(d)Represents special purpose vehicles that hold numerous underlying corporate loans across various industries.
(e)Represents special purpose vehicles that hold investments in multiple aircraft leases.
v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, and reinsurance is as follows (in millions):
December 31, 2022December 31, 2021
Assets:
Derivative investments:
Call options$244 $816 
Other long-term investments:
Other embedded derivatives23 33 
Prepaid expenses and other assets:
Reinsurance related embedded derivatives279 — 
$546 $849 
Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives$3,115 $3,883 
Accounts payable and accrued liabilities:
Reinsurance related embedded derivatives— 73 
$3,115 $3,956 
Derivative Instruments, Gain (Loss)
The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Net investment gains (losses):Predecessor
Call options$(862)$597 $229 $(221)
Futures contracts(7)8 15 8 
Foreign currency forwards12 10 (7)1 
Other derivatives and embedded derivatives(10)5 8 (1)
Reinsurance related embedded derivatives 352 34 (53)19 
Total net investment gains (losses)
$(515)$654 $192 $(194)
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase$(768)$479 $552 $239 
Schedule of Exposure to Credit Loss on Call Options
Information regarding our exposure to credit loss on the call options we hold is presented in the following table (in millions):
December 31, 2022
Counterparty
Credit Rating (Fitch/Moody's/S&P) (1)
Notional AmountFair ValueCollateralNet 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 SuisseBBB+/A3/A-1,039 5 5 — 
Truist A+/A2/A 2,489 35 36 — 
CitibankA+/Aa3/A+795 8 9 — 
Total
$23,297 $244 $219 $33 
December 31, 2021
Counterparty
Credit Rating (Fitch/Moody's/S&P)(1)
Notional AmountFair ValueCollateralNet Credit Risk
Merrill Lynch AA/*/A+ $3,307 $128 $86 $42 
Morgan Stanley */Aa3/A+ 2,184 86 92 — 
Barclay's Bank A+/A1/A 5,197 231 233 — 
Canadian Imperial Bank of Commerce AA/Aa2/A+ 2,936 147 151 — 
Wells Fargo A+/A1/BBB+ 2,445 89 90 — 
Goldman Sachs A/A2/BBB+ 307 10 10 — 
Credit Suisse A/A1/A+ 1,485 74 75 — 
Truist A+/A2/A 1,543 51 53 — 
Total$19,404 $816 $790 $42 
__________________
(1)An * represents credit ratings that were not available.
v3.22.4
Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Components of Notes Payable
Notes payable consists of the following:
December 31, 2022December 31, 2021
(In millions)
Revolving Credit Facility - Short-term$547 $— 
5.50% F&G Notes
567 577 
FNF Promissory Note— 400 
$1,114 $977 
Schedule of Principal Maturities of Notes Payable
Gross principal maturities of notes payable at December 31, 2022 are as follows (in millions):
2023$550 
2024— 
2025550 
2026— 
2027— 
Thereafter— 
$1,100 
v3.22.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of Unfunded Commitments A summary of unfunded commitments by invested asset class as of December 31, 2022 and December 31, 2021 is included below (in millions):
December 31, 2022December 31, 2021
Asset Type
Unconsolidated VIEs:
Limited partnerships$1,603 $1,146 
Whole loans419 589 
Fixed maturity securities, ABS201 306 
Other fixed maturity securities, AFS48 119 
Commercial mortgage loans36 44 
Other assets120 156 
Residential mortgage loans2 — 
Committed amounts included in liabilities1 — 
Total
$2,430 $2,360 
v3.22.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2022
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 (in millions).
 Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Cash paid for:
Interest paid$34 $30 $30 $15 $15 
Income taxes (refunded) paid(72)44 2 — 
Deferred sales inducements87 90 46 43 
Non-cash investing and financing activities:
Investments received from pension risk transfer premiums— 316 — — 
Change in proceeds of sales of investments available for sale receivable in period115 (160)(3)5 
Change in purchases of investments available for sale payable in period(10)2 7 (6)
v3.22.4
Intangibles (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in the Carrying Amounts of VOBA, DAC and DSI Intangible Assets
A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets is as follows (in millions):
VOBADACDSITotal
Balance at January 1, 2022
$1,185 $761 $88 $2,034 
Deferrals— 727 87 814 
Amortization(203)(107)(43)(353)
Interest25 30 2 57 
Unlocking(5)(4)5 (4)
Adjustment for net unrealized investment losses (gains)662 182 68 912 
Balance at December 31, 2022
$1,664 $1,589 $207 $3,460 
VOBADACDSITotal
Balance at January 1, 2021
$1,466 $222 $36 $1,724 
Purchase price allocation adjustments61 — — 61 
Deferrals— 585 90 675 
Amortization(436)(46)(35)(517)
Interest30 13 1 44 
Unlocking13 1 (2)12 
Adjustment for net unrealized investment losses (gains)51 (14)(2)35 
Balance at December 31, 2021
$1,185 $761 $88 $2,034 
VOBADACDSITotal
Balance at June 1, 2020 (a)$1,847 $— $— $1,847 
Deferrals— 251 46 297 
Amortization(120)(6)(5)(131)
Interest20 2 — 22 
Unlocking2 — — 2 
Adjustment for net unrealized investment losses (gains)(283)(25)(5)(313)
Balance at December 31, 2020$1,466 $222 $36 $1,724 
PredecessorVOBADACDSITotal
Balance at January 1, 2020$599 $641 $236 $1,476 
Deferrals— 184 43 227 
Amortization14 22 10 46 
Interest7 8 2 17 
Unlocking(9)(2)— (11)
Adjustment for net unrealized investment losses (gains)141 65 30 236 
Balance at May 31, 2020$752 $918 $321 $1,991 
(a) As of the June 1, 2020 acquisition of F&G, due to purchase accounting adjustments, our prior intangible assets were valued at $0 and VOBA was re-established at fair value.
Other intangible assets as of December 31, 2022 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(40)$100 15
Computer software82 (21)61 
2 to 10
Definite lived trademarks, tradenames, and other30 (8)22 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$191 
Other intangible assets as of December 31, 2021 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(25)$115 15
Computer software67 (15)52 
2 to 10
Definite lived trademarks, tradenames and other30 (5)25 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$200 
Estimated Amortization Expense for VOBA in Future Fiscal Periods
For the in-force liabilities as of December 31, 2022, the estimated amortization expense for VOBA in future fiscal periods under existing accounting rules is as follows (in millions) (Refer to Note Q Recent Accounting Pronouncements for further discussion of accounting pronouncements not yet adopted that may have a significant impact on future estimated amortization expense upon adoption):
Estimated Amortization Expense
Fiscal Year
2023$(53)
2024172 
2025151 
2026133 
2027129 
Thereafter702 
Schedule of Other Intangible Assets, Definite and Indefinite-Lived
Other intangible assets as of December 31, 2022 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(40)$100 15
Computer software82 (21)61 
2 to 10
Definite lived trademarks, tradenames, and other30 (8)22 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$191 
Other intangible assets as of December 31, 2021 consist of the following (in millions):
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
Value of distribution asset (VODA)$140 $(25)$115 15
Computer software67 (15)52 
2 to 10
Definite lived trademarks, tradenames and other30 (5)25 10
Indefinite lived tradenames and other 8 N/A8 Indefinite
Total$200 
v3.22.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Schedule of Effect of Reinsurance on Premiums Earned and Benefits Incurred and Reserve Changes
The effect of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2022 and December 31, 2021, the period from June 1, 2020 to December 31, 2020 and the Predecessor period January 1, 2020 to May 31, 2020, respectively, were as follows (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Net Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits IncurredNet Premiums EarnedNet Benefits Incurred
Direct$1,522 $3,671 $1,314 $3,282 $108 $976 $86 $402 
Assumed— — — — — 1 — (1)
Ceded(128)(2,546)(137)(1,144)(85)(111)(67)(103)
Net$1,394 $1,125 $1,177 $2,138 $23 $866 $19 $298 
v3.22.4
Insurance Subsidiary Financial Information and Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2022
Insurance [Abstract]  
Statutory Accounting Practices Disclosure
Our principal insurance subsidiaries' statutory (SAP and GAAP) financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned U.S. regulated insurance subsidiaries were as follows (in millions):
Subsidiary (state of domicile) (a)
FGL Insurance (IA) FGL NY Insurance (NY)Raven Re (VT)
Statutory Net income (loss):
Year ended December 31, 2022
$(243)$(15)$(111)
Year ended December 31, 2021$351 $4 $3 
Statutory Capital and Surplus:
December 31, 2022$1,877 $82 $121 
December 31, 2021$1,473 $99 $115 
(a)FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together.
Net income and capital and surplus of our wholly owned Bermuda and Cayman regulated insurance subsidiaries under U.S. GAAP were as follows (in millions):
Subsidiary (country of domicile)
F&G Cayman Re (Cayman)F&G Life Re (Bermuda)
Statutory Net income (loss):
Year ended December 31, 2022
$299 $339 
Year ended December 31, 2021$99 $94 
Statutory Capital and Surplus:
December 31, 2022$126 $138 
December 31, 2021$164 $206 
v3.22.4
Accounts Payable and Other Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and other accrued liabilities consist of the following:
December 31,
20222021
(In millions)
Salaries and incentives$72 $60 
Accrued benefits58 74 
Deferred revenue203 35 
Trade accounts payable114 72 
Accrued premium taxes5 3 
Liability for policy and contract claims109 109 
Retained asset account117 148 
Remittances and items not allocated225 39 
Option collateral liabilities178 576 
Funds withheld embedded derivative— 73 
Other accrued liabilities193 108 
$1,273 $1,297 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit) on Continuing Operations
Income tax expense (benefit) on continuing operations consists of the following (in millions):
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Current$(31)$27 $18 $(1)
Deferred148 193 (93)(13)
$117 $220 $(75)$(14)
Schedule of Components of Income Tax Expense (Benefit)
Total income tax expense (benefit) was allocated as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Taxes on net earnings (loss) from continuing operations$117 $220 $(75)$(14)
Tax expense on net earnings (loss) from discontinued operations— — — — 
Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments(935)(123)315 (185)
Unrealized gain on foreign currency translation and cash flow hedging(1)(1)2 — 
Total income tax (benefit) expense allocated to other comprehensive earnings(936)(124)317 (185)
Total income taxes$(819)$96 $242 $(199)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the federal statutory rate to our effective tax rate is as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Predecessor
Federal statutory rate21.0 %21.0 %21.0 %21.0 %
State income taxes, net of federal benefit0.1 0.4 1.8 (0.4)
Benefit for Capital Loss Carryback(4.0)— — 
Stock compensation— (0.1)0.1 — 
Tax credits(1.4)(0.4)(3.2)0.1 
Dividends received deduction(0.6)(0.3)(2.5)0.4 
Benefit on outside of United States income taxed at 0%— — — (1.8)
Withholding tax on 0% taxed jurisdiction— — (2.5)(0.3)
Valuation allowance for deferred tax assets4.5 (1.3)(63.5)(12.1)
Change in tax status benefit— — (41.0)— 
Adjustment of DTAs on sale of subsidiary— 1.4 — — 
Non-deductible expenses and other, net— (0.2)1.5 (0.4)
Effective tax rate19.6 %20.5 %(88.3)%6.5 %
Schedule of Deferred Tax Assets and Liabilities
The significant components of deferred tax assets and liabilities consist of the following:
December 31,
20222021
(In millions)
Deferred Tax Assets:
Employee benefit accruals$21 $22 
Net operating loss carryforwards28 16 
Accrued liabilities1 — 
Tax credits30 32 
Investment securities853 — 
Capital loss carryover8 41 
Derivatives67 — 
Life insurance and claim related adjustments669 854 
Funds held under reinsurance agreements37 52 
Other19 12 
Total gross deferred tax asset1,733 1,029 
Less: valuation allowance30 — 
Total deferred tax asset$1,703 $1,029 
Deferred Tax Liabilities:
Amortization of goodwill and intangible assets(29)(33)
Other(2)(1)
Investment securities— (355)
Depreciation(14)(11)
Partnerships(93)(126)
Value of business acquired(350)(249)
Derivatives— (68)
Deferred acquisition costs(243)(102)
Transition reserve on new reserve method(25)(34)
Funds held under reinsurance agreements(183)(74)
Total deferred tax liability$(939)$(1,053)
Net deferred tax asset (liability)$764 $(24)
v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
F&G restricted stock transactions under the 2022 F&G Omnibus Plan in 2022 are as follows:

SharesWeighted Average Grant Date Fair Value
Balance, January 1, 2022— $— 
Granted1,411,369 21.80 
Canceled(1,465)21.80 
Vested— — 
Balance, December 31, 2022
1,409,904 $21.80 
Share-Based Payment Arrangement, Option, Activity
Stock option transactions under the 2020 F&G Omnibus Plan for the years ended December 31, 2022 and 2021 and for the period June 1, 2020 to December 31, 2020, and the FGL Incentive Plan for the Predecessor period January 1, 2020 to May 31, 2020, are as follows:
OptionsWeighted Average Exercise PriceExercisable
Predecessor balance, January 1, 202015,213,959 $9.30 1,008,780 
Granted— $— 
Exercised(1,672,330)$9.51 
Canceled(96,604)$10.00 
Predecessor balance, May 31, 202013,445,025 $9.30 640,000 
FGL options canceled and converted into options to purchase FNF common shares in connection with the F&G acquisition2,411,585 36.04 
Exercised(109,159)27.64 
Canceled(299,736)38.41 
Balance, December 31, 20202,002,690 $36.14 1,021,671 
Exercised(474,754)36.68  
Canceled— —  
Balance, December 31, 20211,527,936 $35.97 1,072,584 
Granted— $— 
Exercised(352,614)$38.79 
Canceled(2,715)$28.00 
Balance, December 31, 2022
1,172,607 35.151,172,607 
Share-Based Payment Arrangement, Option, Exercise Price Range
The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2022:
Options OutstandingOptions Exercisable
Range of Exercise PricesNumber of OptionsWeighted Average Remaining Contractual LifeWeighted Average Exercise PriceIntrinsic ValueNumber of OptionsWeighted Average Remaining Contractual LifeWeighted Average Exercise PriceIntrinsic Value
(In years)(In millions)(In years)(In millions)
$0.00 - $27.53
359,510 2.9827.53 4 359,510 2.9827.53 4 
$27.54 - $28.00
43,019 3.3228.00 — 43,019 3.3228.00 — 
$28.01 - $39.10
770,078 2.6239.10 — 770,078 2.6239.10— 
1,172,607 4 1,172,607 4 
Share-Based Payment Arrangement, Nonvested Award, Cost
Restricted stock transactions under the 2020 F&G Omnibus Plan for the years ended December 31, 2022 and 2021 and for the period June 1, 2020 to December 31, 2020, and the FGL Incentive Plan for the predecessor period January 1, 2020 to May 31, 2020, are as follows:
SharesWeighted Average Grant Date Fair Value
Predecessor balance, January 1, 2020— — 
Granted95,416 $10.48 
Canceled— — 
Predecessor balance, May 31, 202095,416 $10.48 
FGL shares vested in connection with the F&G acquisition(95,416)10.48 
Granted474,025 34.13 
Canceled(24,155)34.47 
Balance, December 31, 2020449,870 $34.11 
Granted311,081 48.28 
Canceled(12,437)33.40 
Vested(29,873)34.59 
Balance, December 31, 2021718,641 $40.24 
Granted— — 
Canceled(78,551)37.79 
Vested(138,542)34.11 
Balance, December 31, 2022
501,548 $42.31 
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted earnings per share (share amounts in thousands):
Year Ended December 31,Period from
June 1 to December 31, 		Period from January 1 to May 31,
2022202120202020
Predecessor
Net earnings (loss) from continuing operations$481 $857 $161 $(200)
Net earnings (loss) from discontinued operations— 8 (25)(114)
Net earnings (loss)$481 $865 $136 $(314)
Less: Preferred stock dividend— — — 8 
Net earnings (loss) attributable to common shares$481 $865 $136 $(322)
Weighted-average common shares outstanding - basic115 105 105 213 
Dilutive effect of unvested restricted stock— — — — 
Dilutive effect of stock options— — — — 
Weighted-average shares outstanding - diluted115 105 105 213 
Net earnings (loss) per common share:
Basic - continuing$4.18 $8.16 $1.54 $(0.97)
Basic - discontinued operations— 0.08 (0.24)(0.54)
Basic - net$4.18 $8.24 $1.30 $(1.51)
Diluted - continuing4.18 8.16 1.54 (0.97)
Diluted - discontinued operations— 0.08 (0.24)(0.54)
Diluted - net$4.18 $8.24 $1.30 $(1.51)
v3.22.4
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
A summary of the major components of discontinued operations reported in the Consolidated Statements of Earnings are as follows:
Year Ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
 202120202020
Predecessor
Revenues:
Life insurance premiums and other fees$— $— $1 
Interest and investment income3 42 24 
Recognized gains and (losses), net— 196 (95)
Total revenues3 238 (70)
Expenses:
Other operating expenses— 19 (41)
Benefits and other changes in policy reserves(5)244 (5)
Other expenses— — 2 
Total expenses(5)263 (44)
Earnings (loss) from discontinued operations before income taxes8 (25)(114)
Income tax (expense) benefit— — — 
Net earnings (loss) from discontinued operations, net of tax$8 $(25)$(114)
Cash flow from discontinued operations data:— — 
Net cash provided by (used in) operating activities(26)121 (39)
v3.22.4
Schedule II - Condensed Financial Information (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Supplemental Condensed Balance Sheet
Schedule II
F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED BALANCE SHEET

(In millions)December 31, 2022December 31, 2021
Assets
Investments in consolidated subsidiaries$2,217 $4,777 
Fixed maturity securities, available for sale54 72 
Cash and cash equivalents52 3 
Prepaid expenses and other assets5 — 
Notes receivable1 1 
Deferred tax assets— 35 
Income taxes receivable60 — 
Total assets$2,389 $4,888 
Liabilities and Equity
Accounts payable and other liabilities24 3 
Intercompany payables3 — 
Notes payable546 400 
Total liabilities$573 $403 
Equity:
F&G common stock, $0.001 par value; authorized 500,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 126,409,904 and 105,000,000 as of December 31, 2022 and December 31, 2021, respectively, and issued of 126,409,904 and 105,000,000 as of December 31, 2022 and December 31, 2021, respectively
— — 
Additional paid-in-capital3,162 2,750 
Retained earnings1,457 1,001 
Accumulated other comprehensive income (loss)(2,803)734 
Total equity1,816 4,485 
Total liabilities and equity$2,389 $4,888 
Supplemental Condensed Income Statement
Schedule II (continued)
F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED INCOME STATEMENT
(In millions)Year ended December 31,Year ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Revenues:Predecessor
Interest and investment income$3 $— $— $— 
Total revenues3 — — — 
Expenses:
Other operating expenses— — — 11 
Interest expense7 3 — — 
Total expenses7 3 — 11 
Earnings (losses) before income tax expense and equity in earnings of subsidiaries(4)(3)— (11)
Income tax expense24 — 35 — 
Earnings (losses) before equity in earnings of subsidiaries20 (3)35 (11)
Equity in earnings (losses) of subsidiaries461 868 101 (303)
Net earnings (losses)$481 $865 136 (314)
Supplemental Condensed Cash Flow Statement
Schedule II (continued)

F&G ANNUITIES & LIFE, INC. (Parent Only)
CONDENSED FINANCIAL INFORMATION OF PARENT ONLY
SUPPLEMENTAL CONDENSED CASH FLOW STATEMENT
(In millions)Year ended December 31,Year ended December 31,Period from June 1 to December 31,Period from January 1 to May 31,
2022202120202020
Cash flows from operating activitiesPredecessor
Net earnings (loss)$481 $865 $136 $(314)
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Gain (loss) on sales of investments1 — — — 
Equity in earnings of subsidiaries(461)(868)(101)303 
Net change in income taxes(25)— (35)— 
Stock-based compensation12 9 4 3 
Net (increase) decrease in other assets and other liabilities(9)(3)(5)(6)
Net cash provided by (used in) operating activities(1)3 (1)(14)
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities4 — — — 
Net cash provided by (used in) investing activities4 — — — 
Cash flows from financing activities:
Borrowings550 — — — 
Debt issuance costs(4)— — — 
Exercise of stock options— — — 10 
Capital contributions(500)— — — 
Net cash provided by (used in) financing activities46 — — 10 
Net change in cash and cash equivalents49 3 (1)(4)
Cash and cash equivalents at beginning of year3 — 1 5 
Cash and cash equivalents at end of year$52 $3 $— $1 
v3.22.4
Business and Summary of Significant Accounting Policies - Description of Business (Details)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Aug. 26, 2020
USD ($)
shares
Jun. 01, 2020
USD ($)
$ / shares
shares
Dec. 31, 2022
insuranceAgent
Dec. 01, 2022
Class of Stock [Line Items]        
Number of reporting segments | insuranceAgent     1  
FGL Holdings        
Class of Stock [Line Items]        
Outstanding equity acquired, percentage   100.00%    
Consideration transferred | $   $ 2,700    
Shares issued for acquisition | shares 1 24    
Payments to acquire businesses, gross | $ $ 100 $ 1,800    
Shares issued per warrant at exercise (in shares) | $ / shares   $ 0.0833    
Cash paid per warrant at exercise (in usd per share) | $ / shares   $ 8.18    
Shares converted, common and preferred (in shares) | shares 7      
F&G | Fidelity National Financial, Inc.        
Class of Stock [Line Items]        
Distribution to shareholders, pro rata percentage of common stock       15.00%
Ownership percentage retained by parent       85.00%
v3.22.4
Business and Summary of Significant Accounting Policies - Recent Developments (Details)
 2 Months Ended 3 Months Ended 12 Months Ended
Feb. 21, 2023
USD ($)
Jan. 31, 2023
USD ($)
Dec. 08, 2022
$ / shares
Jun. 24, 2022
USD ($)
shares
Feb. 21, 2023
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Jan. 13, 2023
USD ($)
Dec. 01, 2022
Nov. 22, 2022
USD ($)
Jun. 23, 2022
shares
Sep. 15, 2021
USD ($)
Debt Instrument [Line Items]                            
Dividends declared (in usd per share) | $ / shares     $ 0.20                      
Credit facility outstanding               $ 1,114,000,000 $ 977,000,000          
Stock split, conversion ratio       105,000                    
Stock issued for each share of common stock (in shares) | shares       104,999                    
Common stock, shares authorized (in shares) | shares       500,000,000       500,000,000 500,000,000       1,000  
Revolving Credit Facility | Line of Credit                            
Debt Instrument [Line Items]                            
Interest expense               $ 1,000,000            
F&G | Fidelity National Financial, Inc.                            
Debt Instrument [Line Items]                            
Distribution to shareholders, pro rata percentage of common stock                     15.00%      
Subsequent Event                            
Debt Instrument [Line Items]                            
Dividends common stock, aggregate annual amount   $ 100,000,000                        
7.40% Senior Notes Due 2028 | Subsequent Event | Senior Notes                            
Debt Instrument [Line Items]                            
Interest rate, stated percentage                   7.40%        
Aggregate principal amount                   $ 500,000,000        
F&G Credit Agreement | Revolving Credit Facility | Line of Credit                            
Debt Instrument [Line Items]                            
Credit facility, maximum borrowing capacity                       $ 550,000,000    
Credit facility outstanding               550,000,000            
F&G Credit Agreement | Subsequent Event | Revolving Credit Facility | Line of Credit                            
Debt Instrument [Line Items]                            
Credit facility, maximum borrowing capacity $ 665,000,000       $ 665,000,000                  
Partial repayment of debt         $ 35,000,000                  
Credit facility, increase in principal amount $ 115,000,000                          
FNF Promissory Note                            
Debt Instrument [Line Items]                            
Aggregate principal amount                           $ 400,000,000
Credit facility outstanding               0 $ 400,000,000          
Debt conversion, converted note, amount       $ 400,000,000                    
Gain (loss) on exchange agreement       $ 0                    
Interest expense           $ 6,000,000 $ 3,000,000 $ 6,000,000 $ 3,000,000          
v3.22.4
Business and Summary of Significant Accounting Policies - Intangible Assets and Property and Equipment (Details) - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]        
Impairment expense $ 0 $ 0 $ 14,000,000 $ 0
Maximum | Building        
Property, Plant and Equipment [Line Items]        
Property and equipment, estimated useful lives (years)     thirty years  
Maximum | Furniture, Fixtures and Equipment        
Property, Plant and Equipment [Line Items]        
Property and equipment, estimated useful lives (years)     twenty-five  
Minimum | Building        
Property, Plant and Equipment [Line Items]        
Property and equipment, estimated useful lives (years)     twenty  
Minimum | Furniture, Fixtures and Equipment        
Property, Plant and Equipment [Line Items]        
Property and equipment, estimated useful lives (years)     zero  
Customer Relationships        
Property, Plant and Equipment [Line Items]        
Finite-lived intangible asset, useful life (years)     10 years  
Definite lived trademarks, tradenames, and other        
Property, Plant and Equipment [Line Items]        
Finite-lived intangible asset, useful life (years)     10 years  
v3.22.4
Business and Summary of Significant Accounting Policies - Contract Holder Funds and Future Policy Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Ceded Credit Risk [Line Items]    
FABN Program, amount outstanding $ 2,200 $ 1,900
Funds withheld for reinsurance liabilities 3,703 1,676
FHLB collateral pledged $ 3,387 $ 2,469
Life and Annuity Insurance Product Line | Minimum    
Ceded Credit Risk [Line Items]    
Investment yield assumption 4.30% 4.30%
Life Contingent Payout Annuity    
Ceded Credit Risk [Line Items]    
Investment yield assumption 4.10% 4.10%
Pension Risk Transfer Annuities | Minimum    
Ceded Credit Risk [Line Items]    
Investment yield assumption 3.60% 3.60%
Pension Risk Transfer Annuities | Maximum    
Ceded Credit Risk [Line Items]    
Investment yield assumption 6.90% 6.90%
Federal Home Loan Bank of Atlanta    
Ceded Credit Risk [Line Items]    
Funds withheld for reinsurance liabilities $ 1,982 $ 1,543
v3.22.4
Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 31, 2020
Disaggregation of Revenue [Line Items]        
Premium and annuity deposits, net of reinsurance $ 8,342 $ 8,285 $ 2,849 $ 1,817
Fixed indexed annuities        
Disaggregation of Revenue [Line Items]        
Premium and annuity deposits, net of reinsurance 4,483 4,420 1,966 1,469
Fixed rate annuities        
Disaggregation of Revenue [Line Items]        
Premium and annuity deposits, net of reinsurance 1,522 878 631 146
Funding agreements (FABN/FHLB)        
Disaggregation of Revenue [Line Items]        
Premium and annuity deposits, net of reinsurance 1,891 2,658 100 100
Life insurance and other        
Disaggregation of Revenue [Line Items]        
Premium and annuity deposits, net of reinsurance $ 446 $ 329 $ 152 $ 102
v3.22.4
Business and Summary of Significant Accounting Policies - Benefits and Other Changes in Policy Reserves (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fixed indexed annuities | Minimum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 0.50%  
Fixed indexed annuities | Maximum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 6.00%  
IULs | Minimum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 3.00%  
IULs | Maximum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 4.80%  
Funding agreements | Minimum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 0.80% 0.20%
Funding agreements | Maximum    
Ceded Credit Risk [Line Items]    
Interest crediting rates for funds invested in account of subsidiaries 5.15% 5.00%
v3.22.4
Business and Summary of Significant Accounting Policies - Earnings Per Share (Details)
Jun. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Stock split, conversion ratio 105,000
v3.22.4
Business and Summary of Significant Accounting Policies - Management Estimates (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Jun. 01, 2020
May 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]              
Future policy benefits $ 5,923 $ 4,732          
Intangibles assets 3,460 $ 2,034   $ 1,724 $ 1,847 $ 1,991 $ 1,476
Change in Accounting Method Accounted for as Change in Estimate              
Business Acquisition [Line Items]              
Future policy benefits 97   $ (425)        
Intangibles assets $ 47   (136)        
Liability for guaranteed minimum withdrawal benefit     $ 28        
v3.22.4
Fair Value of Financial Instruments - Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Fixed maturity securities available-for-sale $ 31,218 $ 29,962
Derivative investments 244 816
Total financial assets at fair value 8,145 5,576
Derivatives:    
Total financial liabilities at fair value 0  
Fair Value    
Assets    
Cash and cash equivalents 960 1,533
Equity and preferred securities   1,028
Derivative investments 244 816
Short term investments 1,556 373
Total financial assets at fair value 35,151 33,933
Derivatives:    
Total financial liabilities at fair value 3,115 3,956
Carrying Amount    
Assets    
Cash and cash equivalents 960 1,533
Equity and preferred securities   1,028
Derivative investments 244 816
Short term investments 1,556 373
Total financial assets at fair value 35,151 33,933
Derivatives:    
Total financial liabilities at fair value 3,115 3,956
Level 1    
Assets    
Cash and cash equivalents 960 1,533
Equity and preferred securities   407
Derivative investments 0 0
Short term investments 1,556 50
Total financial assets at fair value 2,943 2,267
Derivatives:    
Total financial liabilities at fair value 0 0
Level 2    
Assets    
Cash and cash equivalents 0 0
Equity and preferred securities   620
Derivative investments 244 816
Short term investments 0 2
Total financial assets at fair value 24,016 26,042
Derivatives:    
Total financial liabilities at fair value 0 73
Level 3    
Assets    
Cash and cash equivalents 0 0
Equity and preferred securities   1
Derivative investments 0 0
Short term investments 0 321
Total financial assets at fair value 8,145 5,576
Derivatives:    
Total financial liabilities at fair value 3,115 3,883
NAV    
Assets    
Total financial assets at fair value 47 48
Reinsurance related embedded derivative, included in other assets | Fair Value    
Assets    
Derivative investments 279  
Reinsurance related embedded derivative, included in other assets | Carrying Amount    
Assets    
Derivative investments 279  
Reinsurance related embedded derivative, included in other assets | Level 1    
Assets    
Derivative investments 0  
Reinsurance related embedded derivative, included in other assets | Level 2    
Assets    
Derivative investments 279  
Reinsurance related embedded derivative, included in other assets | Level 3    
Assets    
Derivative investments 0  
FIA/ IUL embedded derivatives    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 0  
FIA/ IUL embedded derivatives | Fair Value    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 3,115 3,883
FIA/ IUL embedded derivatives | Carrying Amount    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 3,115 3,883
FIA/ IUL embedded derivatives | Level 1    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 0 0
FIA/ IUL embedded derivatives | Level 2    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 0 0
FIA/ IUL embedded derivatives | Level 3    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds 3,115 3,883
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Fair Value    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds   73
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Carrying Amount    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds   73
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 1    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds   0
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 2    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds   73
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities | Level 3    
Derivatives:    
FIA/ IUL embedded derivatives, included in contractholder funds   0
Asset-backed securities    
Assets    
Fixed maturity securities available-for-sale 11,467 8,695
Asset-backed securities | Fair Value    
Assets    
Fixed maturity securities available-for-sale 11,467 8,695
Asset-backed securities | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 11,467 8,695
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 5,204 4,736
Asset-backed securities | Level 3    
Assets    
Fixed maturity securities available-for-sale 6,263 3,959
Commercial mortgage-backed securities    
Assets    
Fixed maturity securities available-for-sale 3,036 2,964
Commercial mortgage-backed securities | Fair Value    
Assets    
Fixed maturity securities available-for-sale 3,036 2,964
Commercial mortgage-backed securities | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 3,036 2,964
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 2,999 2,929
Commercial mortgage-backed securities | Level 3    
Assets    
Fixed maturity securities available-for-sale 37 35
Corporates    
Assets    
Fixed maturity securities available-for-sale 12,899 15,004
Corporates | Fair Value    
Assets    
Fixed maturity securities available-for-sale 12,899 15,004
Corporates | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 12,899 15,004
Corporates | Level 1    
Assets    
Fixed maturity securities available-for-sale 0 0
Corporates | Level 2    
Assets    
Fixed maturity securities available-for-sale 11,472 13,883
Corporates | Level 3    
Assets    
Fixed maturity securities available-for-sale 1,427 1,121
Hybrids    
Assets    
Fixed maturity securities available-for-sale 705 881
Hybrids | Fair Value    
Assets    
Fixed maturity securities available-for-sale 705 881
Hybrids | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 705 881
Hybrids | Level 1    
Assets    
Fixed maturity securities available-for-sale 93 132
Hybrids | Level 2    
Assets    
Fixed maturity securities available-for-sale 612 749
Hybrids | Level 3    
Assets    
Fixed maturity securities available-for-sale 0 0
Municipals | Fair Value    
Assets    
Fixed maturity securities available-for-sale 1,410 1,441
Municipals | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 1,410 1,441
Municipals | Level 1    
Assets    
Fixed maturity securities available-for-sale 0 0
Municipals | Level 2    
Assets    
Fixed maturity securities available-for-sale 1,381 1,398
Municipals | Level 3    
Assets    
Fixed maturity securities available-for-sale 29 43
Residential mortgage-backed securities    
Assets    
Fixed maturity securities available-for-sale 1,521 722
Residential mortgage-backed securities | Fair Value    
Assets    
Fixed maturity securities available-for-sale 1,521 722
Residential mortgage-backed securities | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 1,521 722
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 1,219 722
Residential mortgage-backed securities | Level 3    
Assets    
Fixed maturity securities available-for-sale 302 0
U.S. Government    
Assets    
Fixed maturity securities available-for-sale 32 50
U.S. Government | Fair Value    
Assets    
Fixed maturity securities available-for-sale 32 50
U.S. Government | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 32 50
U.S. Government | Level 1    
Assets    
Fixed maturity securities available-for-sale 32 50
U.S. Government | Level 2    
Assets    
Fixed maturity securities available-for-sale 0 0
U.S. Government | Level 3    
Assets    
Fixed maturity securities available-for-sale 0 0
Foreign Governments    
Assets    
Fixed maturity securities available-for-sale 148 205
Foreign Governments | Fair Value    
Assets    
Fixed maturity securities available-for-sale 148 205
Foreign Governments | Carrying Amount    
Assets    
Fixed maturity securities available-for-sale 148 205
Foreign Governments | Level 1    
Assets    
Fixed maturity securities available-for-sale 0 0
Foreign Governments | Level 2    
Assets    
Fixed maturity securities available-for-sale 132 187
Foreign Governments | Level 3    
Assets    
Fixed maturity securities available-for-sale 16 18
Preferred securities    
Assets    
Equity and preferred securities 722 1,028
Preferred securities | Fair Value    
Assets    
Equity and preferred securities 722  
Preferred securities | Carrying Amount    
Assets    
Equity and preferred securities 722  
Preferred securities | Level 1    
Assets    
Equity and preferred securities 248  
Preferred securities | Level 2    
Assets    
Equity and preferred securities 474  
Preferred securities | Level 3    
Assets    
Equity and preferred securities 0  
Equity securities | Fair Value    
Assets    
Equity and preferred securities 101 143
Equity securities | Carrying Amount    
Assets    
Equity and preferred securities 101 143
Equity securities | Level 1    
Assets    
Equity and preferred securities 54 95
Equity securities | Level 2    
Assets    
Equity and preferred securities 0 0
Equity securities | Level 3    
Assets    
Equity and preferred securities 0 0
Equity securities | NAV    
Assets    
Equity and preferred securities 47 48
Other long-term investments | Fair Value    
Assets    
Other long-term investments 71 78
Other long-term investments | Carrying Amount    
Assets    
Other long-term investments 71 78
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 $ 71 $ 78
v3.22.4
Fair Value of Financial Instruments - Narrative (Details)
$ in Millions
Dec. 31, 2022
$ / Contract
Dec. 31, 2021
USD ($)
Jun. 01, 2020
USD ($)
Fidelity National Financial, Inc.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Promissory note   $ 400  
Senior Notes Due 2025      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate principal amount     $ 550
Interest rate, stated percentage     5.50%
Other long-term investments | Income-Approach      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative, strike price | $ / Contract 0    
v3.22.4
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
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 8,145 $ 5,576
Liabilities, fair value 3,115 3,883
Discounted cash flow | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Liabilities, fair value $ 3,115 $ 3,883
Minimum | Discounted cash flow | Market value of option | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0000 0
Minimum | Discounted cash flow | Swap rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0388 0.0005
Minimum | Discounted cash flow | Mortality multiplier | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 1.0000 1.0000
Minimum | Discounted cash flow | Surrender rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0025 0.0025
Minimum | Discounted cash flow | Partial withdrawals | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0200 0.0200
Minimum | Discounted cash flow | Non-performance spread | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0048 0.0043
Minimum | Discounted cash flow | Option cost | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0007 0.0007
Maximum | Discounted cash flow | Market value of option | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.2390 0.3872
Maximum | Discounted cash flow | Swap rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0473 0.0194
Maximum | Discounted cash flow | Mortality multiplier | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 1.0000 1.0000
Maximum | Discounted cash flow | Surrender rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.7000 0.7000
Maximum | Discounted cash flow | Partial withdrawals | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.2941 0.2326
Maximum | Discounted cash flow | Non-performance spread | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0144 0.0101
Maximum | Discounted cash flow | Option cost | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0497 0.0497
Weighted Average | Discounted cash flow | Market value of option | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0087 (0.0316)
Weighted Average | Discounted cash flow | Swap rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0431 (0.0100)
Weighted Average | Discounted cash flow | Mortality multiplier | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 1.0000 (1.0000)
Weighted Average | Discounted cash flow | Surrender rates | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0657 (0.0626)
Weighted Average | Discounted cash flow | Partial withdrawals | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0273 (0.0272)
Weighted Average | Discounted cash flow | Non-performance spread | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0130 (0.0068)
Weighted Average | Discounted cash flow | Option cost | FIA/ IUL embedded derivatives    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative liability 0.0189 (0.0183)
Asset-backed securities | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 5,916 $ 3,844
Asset-backed securities | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 347 $ 115
Asset-backed securities | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.5285 0.5256
Asset-backed securities | Minimum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.4143 0.9302
Asset-backed securities | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.1717 2.6070
Asset-backed securities | Maximum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 2.1050 1.0845
Asset-backed securities | Weighted Average | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9418 (0.9706)
Asset-backed securities | Weighted Average | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.6799 (1.0495)
Commercial mortgage-backed securities | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 20 $ 24
Commercial mortgage-backed securities | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 17 $ 11
Commercial mortgage-backed securities | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0902 1.2670
Commercial mortgage-backed securities | Minimum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.8274 0.9791
Commercial mortgage-backed securities | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0902 1.2670
Commercial mortgage-backed securities | Maximum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.7466 0.9791
Commercial mortgage-backed securities | Weighted Average | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0902 (1.2670)
Commercial mortgage-backed securities | Weighted Average | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.8848 (0.9791)
Corporates | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 602 $ 380
Corporates | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 825 $ 741
Corporates | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.7916 0
Corporates | Minimum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0 0.8571
Corporates | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0253 1.0969
Corporates | Maximum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0496 1.1957
Corporates | Weighted Average | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9416 (1.0091)
Corporates | Weighted Average | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.8969 (1.0772)
Municipals | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 29 $ 43
Municipals | Minimum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9395 1.3509
Municipals | Maximum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9395 1.3509
Municipals | Weighted Average | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9395 (1.3509)
Residential mortgage-backed securities | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 302  
Residential mortgage-backed securities | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.0000  
Residential mortgage-backed securities | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 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 0.8638  
Foreign governments | Third-Party Valuation    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 16 $ 18
Foreign governments | Minimum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 0.9978 1.0723
Foreign governments | Maximum | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0229 1.1644
Foreign governments | Weighted Average | Third-Party Valuation | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Debt securities 1.0056 (1.1011)
Short-term | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value   $ 321
Short-term | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Short-term   1.0000
Short-term | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Short-term   1.0000
Short-term | Weighted Average | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Short-term   (1.0000)
Preferred securities | Income-Approach | Affiliated Entity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value   $ 1
Preferred securities | Income-Approach | Measurement Input, Yield | Affiliated Entity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Preferred securities   0.0243
Available-for-sale embedded derivative | Black Scholes model    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 23 $ 34
Available-for-sale embedded derivative | Black Scholes model | Market value of fund    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Embedded derivative asset 1.0000 1.0000
Secured borrowing receivable | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 10  
Secured borrowing receivable | Minimum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured borrowing receivable 1.0000  
Secured borrowing receivable | Maximum | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured borrowing receivable 1.0000  
Secured borrowing receivable | Weighted Average | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Secured borrowing receivable 1.0000  
Credit linked note | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 15 $ 23
Credit linked note | Broker-quoted/Market Comparable | Offered quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Credit linked note 0.9623  
Credit linked note | Broker-quoted/Market Comparable | Offered quotes | Affiliated Entity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Credit linked note   1.0000
Investment in affiliate | Broker-quoted/Market Comparable    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Assets, fair value $ 23 $ 21
Investment in affiliate | Minimum | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment in affiliate 5 8
Investment in affiliate | Maximum | EBITDA multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Investment in affiliate 5.5 8
v3.22.4
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period $ 5,576 $ 3,248
Assets, Total Gains (Losses) Included in Earnings (17) 13
Assets, Total Gains (Losses) Included in AOCI (602) (48)
Assets, Purchases 4,315 4,438
Assets, Sales (61) (106)
Assets, Settlements (760) (1,449)
Assets, Net transfer In (Out) of Level 3 (306) (520)
Balance at End of Period 8,145 5,576
Change in Unrealized Included in OCI (632) 59
Liabilities:    
Balance at Beginning of Period 3,883 3,409
Liabilities, Total Gains (Losses) Included in Earnings (1,382) 121
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 768 513
Liabilities, Sales 0 (4)
Liabilities, Settlements (154) (156)
Liabilities, Net transfer In (Out) of Level 3 0 0
Balance at End of Period $ 3,115 3,883
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] 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] Other comprehensive earnings - unrealized gain on investments and other financial instruments  
Change in Unrealized Included in OCI $ 0 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Recognized gains and (losses), net  
Future policy benefits    
Liabilities:    
Balance at Beginning of Period $ 0 5
Liabilities, Total Gains (Losses) Included in Earnings   0
Liabilities, Total Gains (Losses) Included in AOCI   0
Liabilities, Purchases   0
Liabilities, Sales   (4)
Liabilities, Settlements   (1)
Liabilities, Net transfer In (Out) of Level 3   0
Balance at End of Period   0
Change in Unrealized Included in OCI   0
FIA/ IUL embedded derivatives    
Liabilities:    
Balance at Beginning of Period 3,883 3,404
Liabilities, Total Gains (Losses) Included in Earnings (1,382) 121
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 768 513
Liabilities, Sales 0 0
Liabilities, Settlements (154) (155)
Liabilities, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 3,115 3,883
Change in Unrealized Included in OCI 0 0
Asset-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 3,959 1,350
Assets, Total Gains (Losses) Included in Earnings (6) (1)
Assets, Total Gains (Losses) Included in AOCI (393) (8)
Assets, Purchases 3,269 3,417
Assets, Sales (39) (97)
Assets, Settlements (541) (595)
Assets, Net transfer In (Out) of Level 3 14 (107)
Balance at End of Period 6,263 3,959
Change in Unrealized Included in OCI (426) 4
Commercial mortgage-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 35 26
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (5) (3)
Assets, Purchases 0 12
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 7 0
Balance at End of Period 37 35
Change in Unrealized Included in OCI (4) 1
Corporates    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 1,121 1,274
Assets, Total Gains (Losses) Included in Earnings 1 8
Assets, Total Gains (Losses) Included in AOCI (187) (40)
Assets, Purchases 710 154
Assets, Sales (20) (9)
Assets, Settlements (215) (247)
Assets, Net transfer In (Out) of Level 3 17 (19)
Balance at End of Period 1,427 1,121
Change in Unrealized Included in OCI (188) 23
Hybrids    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0 4
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements 0 (4)
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 0 0
Change in Unrealized Included in OCI 0 0
Municipals    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 43 43
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (14) 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 29 43
Change in Unrealized Included in OCI (13) 7
Residential mortgage-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0 483
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 (1)
Assets, Purchases 316 14
Assets, Sales 0 0
Assets, Settlements 0 (102)
Assets, Net transfer In (Out) of Level 3 (14) (394)
Balance at End of Period 302 0
Change in Unrealized Included in OCI 0 22
Foreign Governments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 18 17
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (2) 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 18
Change in Unrealized Included in OCI (1) 2
Short-term    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 321 0
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (1) 2
Assets, Purchases 20 820
Assets, Sales 0 0
Assets, Settlements 0 (501)
Assets, Net transfer In (Out) of Level 3 (340) 0
Balance at End of Period 0 321
Change in Unrealized Included in OCI (1) 0
Preferred securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 1 1
Assets, Total Gains (Losses) Included in Earnings 0 (1)
Assets, Total Gains (Losses) Included in AOCI (1) 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 0 1
Change in Unrealized Included in OCI (1) 0
Equity securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0  
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 0 0
Change in Unrealized Included in OCI 0  
Available-for-sale embedded derivative    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 34 27
Assets, Total Gains (Losses) Included in Earnings (11) 7
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 23 34
Change in Unrealized Included in OCI 0 0
Investment in affiliate    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 21 0
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 2 0
Assets, Purchases 0 21
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 23 21
Change in Unrealized Included in OCI 2 0
Credit linked note    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 23 23
Assets, Total Gains (Losses) Included in Earnings (1) 0
Assets, Total Gains (Losses) Included in AOCI (1) 0
Assets, Purchases 0 0
Assets, Sales (2) 0
Assets, Settlements (4) 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 15 23
Change in Unrealized Included in OCI 0 0
Secured borrowing receivable    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0  
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 10  
Balance at End of Period 10 $ 0
Change in Unrealized Included in OCI $ 0  
v3.22.4
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Total Estimated Fair Value    
Assets:    
FHLB common stock $ 99 $ 72
Commercial mortgage loans 2,083 2,265
Residential mortgage loans 1,892 1,549
Investments in unconsolidated affiliates 2,427 2,350
Policy loans 52 39
Other invested assets 15  
Company-owned life insurance 328 299
Total 6,896 6,574
Liabilities:    
Investment contracts, included in contractholder funds 34,464 27,448
Debt 1,092 1,027
Total 35,556 28,475
Carrying Amount    
Assets:    
FHLB common stock 99 72
Commercial mortgage loans 2,406 2,168
Residential mortgage loans 2,148 1,581
Investments in unconsolidated affiliates 2,427 2,350
Policy loans 52 39
Other invested assets 15  
Company-owned life insurance 328 299
Total 7,475 6,509
Liabilities:    
Investment contracts, included in contractholder funds 38,412 31,529
Debt 1,114 977
Total 39,526 32,506
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 0  
Company-owned life insurance 0 0
Total 0 0
Liabilities:    
Investment contracts, included in contractholder funds 0 0
Debt 0 0
Total 0 0
Level 2    
Assets:    
FHLB common stock 99 72
Commercial mortgage loans 0 0
Residential mortgage loans 0 0
Investments in unconsolidated affiliates 0 0
Policy loans 0 0
Other invested assets 0  
Company-owned life insurance 0 0
Total 99 72
Liabilities:    
Investment contracts, included in contractholder funds 0 0
Debt 1,092 615
Total 1,092 615
Level 3    
Assets:    
FHLB common stock 0 0
Commercial mortgage loans 2,083 2,265
Residential mortgage loans 1,892 1,549
Investments in unconsolidated affiliates 0 0
Policy loans 52 39
Other invested assets 15  
Company-owned life insurance 328 299
Total 4,370 4,152
Liabilities:    
Investment contracts, included in contractholder funds 34,464 27,448
Debt 0 412
Total 34,464 27,860
NAV    
Assets:    
Investments in unconsolidated affiliates 2,427 2,350
Total $ 2,427 $ 2,350
v3.22.4
Investments - Consolidated Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 01, 2020
May 31, 2020
Dec. 31, 2019
Available-for-sale securities            
Amortized Cost $ 35,723 $ 28,724        
Allowance for Expected Credit Losses (31) (8) $ (10) $ 0 $ (15) $ 0
Gross Unrealized Gains 96 1,462        
Gross Unrealized Losses (4,570) (216)        
Fair Value/Carrying Value 31,218 29,962        
Asset-backed securities            
Available-for-sale securities            
Amortized Cost 12,209 8,516        
Allowance for Expected Credit Losses (8) (3) 0 0 (5) 0
Gross Unrealized Gains 36 220        
Gross Unrealized Losses (770) (38)        
Fair Value/Carrying Value 11,467 8,695        
Commercial mortgage-backed securities            
Available-for-sale securities            
Amortized Cost 3,309 2,669        
Allowance for Expected Credit Losses (1) (2) 0      
Gross Unrealized Gains 12 308        
Gross Unrealized Losses (284) (11)        
Fair Value/Carrying Value 3,036 2,964        
Corporates            
Available-for-sale securities            
Amortized Cost 15,879 14,372        
Allowance for Expected Credit Losses (15) 0 (7) 0 (7) 0
Gross Unrealized Gains 30 784        
Gross Unrealized Losses (2,995) (152)        
Fair Value/Carrying Value 12,899 15,004        
Hybrids            
Available-for-sale securities            
Amortized Cost 781 812        
Allowance for Expected Credit Losses 0 0 0 0    
Gross Unrealized Gains 8 69        
Gross Unrealized Losses (84) 0        
Fair Value/Carrying Value 705 881        
Municipals            
Available-for-sale securities            
Amortized Cost 1,695 1,386        
Allowance for Expected Credit Losses 0 0        
Gross Unrealized Gains 4 66        
Gross Unrealized Losses (289) (11)        
Fair Value/Carrying Value 1,410 1,441        
Residential mortgage-backed securities            
Available-for-sale securities            
Amortized Cost 1,631 722        
Allowance for Expected Credit Losses (7) (3) $ (3) $ 0 $ (3) $ 0
Gross Unrealized Gains 6 7        
Gross Unrealized Losses (109) (4)        
Fair Value/Carrying Value 1,521 722        
U.S. Government            
Available-for-sale securities            
Amortized Cost 34 50        
Allowance for Expected Credit Losses 0 0        
Gross Unrealized Gains 0 0        
Gross Unrealized Losses (2) 0        
Fair Value/Carrying Value 32 50        
Foreign Governments            
Available-for-sale securities            
Amortized Cost 185 197        
Allowance for Expected Credit Losses 0 0        
Gross Unrealized Gains 0 8        
Gross Unrealized Losses (37) 0        
Fair Value/Carrying Value $ 148 $ 205        
v3.22.4
Investments - Narrative (Details)
insuranceAgent in Thousands
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
USD ($)
May 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
insuranceAgent
Debt Securities, Available-for-sale [Line Items]          
Assets held by insurance regulators       $ 17,751,000,000 $ 22,219,000,000
Non-income producing investment fair value       27,000,000 0
Accrued interest receivable       358,000,000 246,000,000
FHLB collateral pledged       3,387,000,000 $ 2,469,000,000
Allowance for credit loss for securities in an unrealized loss position       $ 31,000,000  
Commercial mortgage loans, percentage of investments       6.00% 6.00%
DSC ratio, amortization period       25 years  
Gross investment income   $ 454,000,000 $ 818,000,000 $ 1,846,000,000 $ 2,015,000,000
Reinsurance agreement, recognized gains (losses) $ 21,000,000   (58,000,000) $ 381,000,000 $ 15,000,000
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]       Prepaid expenses and other assets Prepaid expenses and other assets
Commercial mortgage loans          
Debt Securities, Available-for-sale [Line Items]          
Loans delinquent in principal or interest payments       1 0
Funds Withheld for Reinsurance          
Debt Securities, Available-for-sale [Line Items]          
Gross investment income $ 15,000,000   $ 21,000,000 $ 109,000,000 $ 53,000,000
90 days or over past due | Mortgage loans          
Debt Securities, Available-for-sale [Line Items]          
Mortgage loans over 90 days past due       71,000,000 72,000,000
Mortgage loans in process of foreclosure       $ 38,000,000 $ 39,000,000
Residential mortgages          
Debt Securities, Available-for-sale [Line Items]          
Percentage of total investments       5.00% 4.00%
Mortgage loans over 90 days past due       $ 2,180,000,000 $ 1,606,000,000
Residential mortgages | 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 mortgages | 90 days or over past due          
Debt Securities, Available-for-sale [Line Items]          
Mortgage loans over 90 days past due       $ 62,000,000 72,000,000
Commercial mortgages          
Debt Securities, Available-for-sale [Line Items]          
Mortgage loans over 90 days past due       $ 2,416,000,000 2,174,000,000
Commercial mortgages | 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  
Commercial mortgages | 90 days or over past due          
Debt Securities, Available-for-sale [Line Items]          
Mortgage loans over 90 days past due       $ 9,000,000 $ 0
United States          
Debt Securities, Available-for-sale [Line Items]          
Residential mortgage loans, location percentage       100.00%  
v3.22.4
Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Due in one year or less, Amortized Cost $ 124 $ 105
Due after one year through five years, Amortized Cost 2,193 1,724
Due after five years through ten years, Amortized Cost 1,840 2,141
Due after ten years, Amortized Cost 14,417 12,842
Subtotal 18,574 16,812
Other securities which provide for periodic payments, Amortized Cost 17,149 11,912
Amortized Cost 35,723 28,724
Due in one year or less, Fair Value 123 106
Due after one year through five years, Fair Value 2,059 1,754
Due after five years through ten years, Fair Value 1,633 2,201
Due after ten years, Fair Value 11,379 13,515
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value, Total 15,194 17,576
Other securities which provide for periodic payments, Fair Value 16,024 12,386
Total fixed maturity available-for-sale securities 31,218 29,962
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 12,209 8,516
Amortized Cost 12,209 8,516
Other securities which provide for periodic payments, Fair Value 11,467 8,695
Total fixed maturity available-for-sale securities 11,467 8,695
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 3,309 2,669
Amortized Cost 3,309 2,669
Other securities which provide for periodic payments, Fair Value 3,036 2,964
Total fixed maturity available-for-sale securities 3,036 2,964
Structured hybrids    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost   5
Other securities which provide for periodic payments, Fair Value   5
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Other securities which provide for periodic payments, Amortized Cost 1,631 722
Other securities which provide for periodic payments, Fair Value $ 1,521 $ 722
v3.22.4
Investments - Allowance for Credit Loss Aggregated By Investment Category (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period $ 0 $ (15) $ (8) $ (10)
Additions        
For credit losses on securities for which losses were not previously recorded (51) 10 (24) (2)
For initial credit losses on purchased securities accounted for as PCD financial assets (a) 0 (36) 0 (1)
(Additions) reductions in allowance recorded on previously impaired securities 15 3 (3) 4
Reductions        
For securities sold during the period 8 7 3 0
For securities intended/required to be sold prior to recovery of amortized cost basis 12 4 0 0
Write offs charged against the allowance 1 2 1 0
Recoveries of amounts previously written off 0 0 0 1
Balance at End of Period (15) (10) (31) (8)
Asset-backed securities        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period 0 (5) (3) 0
Additions        
For credit losses on securities for which losses were not previously recorded (17) 7 (7) 0
For initial credit losses on purchased securities accounted for as PCD financial assets (a) 0 (9) 0 (1)
(Additions) reductions in allowance recorded on previously impaired securities 12 2 (1) (2)
Reductions        
For securities sold during the period 0 0 2 0
For securities intended/required to be sold prior to recovery of amortized cost basis 0 0 0 0
Write offs charged against the allowance 0 0 1 0
Recoveries of amounts previously written off 0 0 0 0
Balance at End of Period (5) 0 (8) (3)
Commercial mortgage-backed securities        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period     (2) 0
Additions        
For credit losses on securities for which losses were not previously recorded     0 (2)
For initial credit losses on purchased securities accounted for as PCD financial assets (a)     0 0
(Additions) reductions in allowance recorded on previously impaired securities     0 0
Reductions        
For securities sold during the period     1 0
For securities intended/required to be sold prior to recovery of amortized cost basis     0 0
Write offs charged against the allowance     0 0
Recoveries of amounts previously written off     0 0
Balance at End of Period   0 (1) (2)
Corporates        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period 0 (7) 0 (7)
Additions        
For credit losses on securities for which losses were not previously recorded (28) 1 (15) 0
For initial credit losses on purchased securities accounted for as PCD financial assets (a) 0 (17) 0 0
(Additions) reductions in allowance recorded on previously impaired securities 0 0 0 6
Reductions        
For securities sold during the period 8 3 0 0
For securities intended/required to be sold prior to recovery of amortized cost basis 12 4 0 0
Write offs charged against the allowance 1 2 0 0
Recoveries of amounts previously written off 0 0 0 1
Balance at End of Period (7) (7) (15) 0
Hybrids        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period     0 0
Additions        
For credit losses on securities for which losses were not previously recorded   0    
For initial credit losses on purchased securities accounted for as PCD financial assets (a)   (3)    
(Additions) reductions in allowance recorded on previously impaired securities   0    
Reductions        
For securities sold during the period   3    
For securities intended/required to be sold prior to recovery of amortized cost basis   0    
Write offs charged against the allowance   0    
Recoveries of amounts previously written off   0    
Balance at End of Period   0 0 0
Residential mortgage-backed securities        
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]        
Balance at Beginning of Period 0 (3) (3) (3)
Additions        
For credit losses on securities for which losses were not previously recorded (6) 2 (2) 0
For initial credit losses on purchased securities accounted for as PCD financial assets (a) 0 (7) 0 0
(Additions) reductions in allowance recorded on previously impaired securities 3 1 (2) 0
Reductions        
For securities sold during the period 0 1 0 0
For securities intended/required to be sold prior to recovery of amortized cost basis 0 0 0 0
Write offs charged against the allowance 0 0 0 0
Recoveries of amounts previously written off 0 0 0 0
Balance at End of Period $ (3) $ (3) $ (7) $ (3)
v3.22.4
Investments - Debt Securities, Available-for-sale, Purchased with Credit Deterioration (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Purchased credit-deteriorated available-for-sale debt securities    
Purchase price $ 0 $ 4
Allowance for credit losses at acquisition 0 1
AFS purchased credit-deteriorated par value $ 0 $ 5
v3.22.4
Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details)
$ in Millions
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months $ 20,533 $ 10,821
Gross Unrealized Losses Less than 12 months (2,600) (176)
Fair Value, 12 Months or longer 8,007 641
Gross Unrealized Losses, 12 months or longer (1,930) (40)
Total Fair Value 28,540 11,462
Total Gross Unrealized Losses $ (4,530) $ (216)
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security 2,774 1,955,000,000
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security 1,212 67,000,000
Total number of available-for-sale securities in an unrealized loss position | security 3,986 2,022,000,000
Asset-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months $ 7,001 $ 4,410
Gross Unrealized Losses Less than 12 months (410) (31)
Fair Value, 12 Months or longer 3,727 146
Gross Unrealized Losses, 12 months or longer (360) (7)
Total Fair Value 10,728 4,556
Total Gross Unrealized Losses (770) (38)
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 2,065 600
Gross Unrealized Losses Less than 12 months (168) (11)
Fair Value, 12 Months or longer 475 1
Gross Unrealized Losses, 12 months or longer (116) 0
Total Fair Value 2,540 601
Total Gross Unrealized Losses (284) (11)
Corporates    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 8,780 5,017
Gross Unrealized Losses Less than 12 months (1,679) (126)
Fair Value, 12 Months or longer 3,231 394
Gross Unrealized Losses, 12 months or longer (1,312) (26)
Total Fair Value 12,011 5,411
Total Gross Unrealized Losses (2,991) (152)
Hybrids    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 619 3
Gross Unrealized Losses Less than 12 months (83) 0
Fair Value, 12 Months or longer 3 0
Gross Unrealized Losses, 12 months or longer (1) 0
Total Fair Value 622 3
Total Gross Unrealized Losses (84) 0
Municipals    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 948 407
Gross Unrealized Losses Less than 12 months (176) (5)
Fair Value, 12 Months or longer 352 85
Gross Unrealized Losses, 12 months or longer (113) (6)
Total Fair Value 1,300 492
Total Gross Unrealized Losses (289) (11)
Residential mortgage-backed securities    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 990 325
Gross Unrealized Losses Less than 12 months (51) (3)
Fair Value, 12 Months or longer 184 11
Gross Unrealized Losses, 12 months or longer (22) (1)
Total Fair Value 1,174 336
Total Gross Unrealized Losses (73) (4)
U.S. Government    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 11 32
Gross Unrealized Losses Less than 12 months (1) 0
Fair Value, 12 Months or longer 21 4
Gross Unrealized Losses, 12 months or longer (1) 0
Total Fair Value 32 36
Total Gross Unrealized Losses (2) 0
Foreign Governments    
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]    
Fair Values, Less than 12 months 119 27
Gross Unrealized Losses Less than 12 months (32) 0
Fair Value, 12 Months or longer 14 0
Gross Unrealized Losses, 12 months or longer (5) 0
Total Fair Value 133 27
Total Gross Unrealized Losses $ (37) $ 0
v3.22.4
Investments - Schedule of Commercial Mortgage Loan, Gross of Valuation Allowance, By Property Type and Region (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 01, 2020
May 31, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]            
Allowance for expected credit loss $ (42) $ (31) $ (39) $ 0 $ (15) $ (8)
Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost 2,416 2,174        
Allowance for expected credit loss (10) (6) $ (2) $ 0 $ (1) $ (1)
Loans, net $ 2,406 $ 2,168        
% of Total 100.00% 100.00%        
East North Central | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 151 $ 137        
% of Total 6.00% 6.00%        
East South Central | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 76 $ 79        
% of Total 3.00% 4.00%        
Middle Atlantic | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 326 $ 293        
% of Total 13.00% 13.00%        
Mountain | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 355 $ 236        
% of Total 15.00% 11.00%        
New England | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 158 $ 149        
% of Total 7.00% 7.00%        
Pacific | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 708 $ 649        
% of Total 28.00% 30.00%        
South Atlantic | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 521 $ 459        
% of Total 22.00% 21.00%        
West North Central | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 4 $ 12        
% of Total 1.00% 1.00%        
West South Central | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 117 $ 160        
% of Total 5.00% 7.00%        
Hotel | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 18 $ 19        
% of Total 1.00% 1.00%        
Industrial | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 520 $ 497        
% of Total 22.00% 23.00%        
Mixed Use | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 12 $ 13        
% of Total 1.00% 1.00%        
Multifamily | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 1,013 $ 894        
% of Total 42.00% 41.00%        
Office | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 330 $ 343        
% of Total 14.00% 16.00%        
Retail | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 105 $ 121        
% of Total 4.00% 6.00%        
Student Housing | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 83 $ 83        
% of Total 3.00% 4.00%        
Other | Commercial mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 335 $ 204        
% of Total 13.00% 8.00%        
v3.22.4
Investments - Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Loans under development, fair value $ 9  
Loans under development, amortized cost 9  
Commercial mortgages    
Schedule of Investments [Line Items]    
Loan excluding loans under development 2,407  
Loans $ 2,416 $ 2,174
% of Total 100.00% 100.00%
Commercial mortgages | Fair Value    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 2,074  
Loans   $ 2,265
% of Total 100.00% 100.00%
Commercial mortgages | Less than 50.00%    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 526  
Loans   $ 668
% of Total 22.00% 31.00%
Commercial mortgages | Less than 50.00% | Fair Value    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 490  
Loans   $ 745
% of Total 24.00% 33.00%
Commercial mortgages | 50.00% to 59.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 706  
Loans   $ 470
% of Total 29.00% 22.00%
Commercial mortgages | 50.00% to 59.99% | Fair Value    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 615  
Loans   $ 481
% of Total 30.00% 21.00%
Commercial mortgages | 60.00% to 74.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 1,157  
Loans   $ 1,036
% of Total 48.00% 47.00%
Commercial mortgages | 60.00% to 74.99% | Fair Value    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 955  
Loans   $ 1,039
% of Total 45.00% 46.00%
Commercial mortgages | 75.00% to 84.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 18  
% of Total 1.00%  
Commercial mortgages | 75.00% to 84.99% | Fair Value    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 14  
% of Total 1.00%  
Greater than 1.25 | Commercial mortgages    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 2,371  
Loans   $ 2,132
Greater than 1.25 | Commercial mortgages | Less than 50.00%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 511  
Loans   626
Greater than 1.25 | Commercial mortgages | 50.00% to 59.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 706  
Loans   470
Greater than 1.25 | Commercial mortgages | 60.00% to 74.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 1,154  
Loans   1,036
Greater than 1.25 | Commercial mortgages | 75.00% to 84.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 0  
Greater than 1.00 but less than 1.25 | Commercial mortgages    
Schedule of Investments [Line Items]    
Loan excluding loans under development 7  
Loans   33
Greater than 1.00 but less than 1.25 | Commercial mortgages | Less than 50.00%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 4  
Loans   33
Greater than 1.00 but less than 1.25 | Commercial mortgages | 50.00% to 59.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 0  
Loans   0
Greater than 1.00 but less than 1.25 | Commercial mortgages | 60.00% to 74.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 3  
Loans   0
Greater than 1.00 but less than 1.25 | Commercial mortgages | 75.00% to 84.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 0  
Less than 1.00 | Commercial mortgages    
Schedule of Investments [Line Items]    
Loan excluding loans under development 29  
Loans   9
Less than 1.00 | Commercial mortgages | Less than 50.00%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 11  
Loans   9
Less than 1.00 | Commercial mortgages | 50.00% to 59.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 0  
Loans   0
Less than 1.00 | Commercial mortgages | 60.00% to 74.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development 0  
Loans   $ 0
Less than 1.00 | Commercial mortgages | 75.00% to 84.99%    
Schedule of Investments [Line Items]    
Loan excluding loans under development $ 18  
v3.22.4
Investments - Schedule of Residential Mortgage Loans by State (Details) - Residential mortgages - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Loans $ 2,180 $ 1,606
% of Total 100.00% 100.00%
Florida    
Schedule of Investments [Line Items]    
Loans $ 324 $ 234
% of Total 15.00% 15.00%
Texas    
Schedule of Investments [Line Items]    
Loans $ 215 $ 170
% of Total 10.00% 10.00%
New Jersey    
Schedule of Investments [Line Items]    
Loans $ 172 $ 153
% of Total 8.00% 10.00%
Pennsylvania    
Schedule of Investments [Line Items]    
Loans $ 153  
% of Total 7.00%  
California    
Schedule of Investments [Line Items]    
Loans $ 139  
% of Total 6.00%  
New York    
Schedule of Investments [Line Items]    
Loans $ 138  
% of Total 6.00%  
Georgia    
Schedule of Investments [Line Items]    
Loans $ 125  
% of Total 6.00%  
All other states    
Schedule of Investments [Line Items]    
Loans $ 914 $ 1,049
% of Total 42.00% 65.00%
v3.22.4
Investments - Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 01, 2020
May 31, 2020
Dec. 31, 2019
Schedule of Investments [Line Items]            
Allowance for expected credit loss $ (42) $ (31) $ (39) $ 0 $ (15) $ (8)
Residential mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 2,180 $ 1,606        
% of Total 100.00% 100.00%        
Allowance for expected credit loss $ (32) $ (25) $ (37) $ 0 $ (14) $ (7)
Financing receivable allowance for expected credit loss, percent 0.00% 0.00%        
Financing receivable, excluding accrued interest, after allowance for credit loss $ 2,148 $ 1,581        
Financing receivable, allowance for credit loss to outstanding, percent 100.00% 100.00%        
Performing Financial Instruments | Residential mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 2,118 $ 1,533        
% of Total 97.00% 95.00%        
Nonperforming Financial Instruments | Residential mortgages            
Schedule of Investments [Line Items]            
Amortized Cost $ 62 $ 73        
% of Total 3.00% 5.00%        
v3.22.4
Investments - Schedule of Loans Segregated by Risk Rating Exposure and Non-accrual Loans by Amortized Cost (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Amortized Cost of Non-Accrual Loans [Abstract]    
Amortized cost of loans on non-accrual $ 71 $ 72
Residential mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 900 320
2020 229 375
2019 223 53
2018 24 36
Prior 33 21
Credit Quality Indicator Prior Year [Abstract]    
2021 771 801
2020 900 320
2019 229 375
2018 223 53
2017 24 36
Prior 33 21
Total 2,180 1,606
Amortized Cost of Non-Accrual Loans [Abstract]    
Amortized cost of loans on non-accrual 62 72
Commercial mortgages    
Credit Quality Indicator Current Year [Abstract]    
2022 341  
2021 1,300 543
2020 488 0
2019 0 6
2018 0 0
Prior 278 324
Total 2,407  
Credit Quality Indicator Prior Year [Abstract]    
2021 350 1,301
2020 1,300 543
2019 488 0
2018 0 6
2017 0 0
Prior 278 324
Total 2,416 2,174
Amortized Cost of Non-Accrual Loans [Abstract]    
Amortized cost of loans on non-accrual 9 0
Commercial mortgages | Greater than 1.25    
Credit Quality Indicator Current Year [Abstract]    
2022 329  
2021 1,300 543
2020 488 0
2019 0 4
2018 0 0
Prior 254 284
Total 2,371  
Credit Quality Indicator Prior Year [Abstract]    
2021   1,301
2020 1,300 543
2019 488 0
2018 0 4
2017 0 0
Prior 254 284
Total   2,132
Commercial mortgages | Greater than 1.00 but less than 1.25    
Credit Quality Indicator Current Year [Abstract]    
2022 3  
2021 0 0
2020 0 0
2019 0 2
2018 0 0
Prior 4 31
Total 7  
Credit Quality Indicator Prior Year [Abstract]    
2021   0
2020 0 0
2019 0 0
2018 0 2
2017 0 0
Prior 4 31
Total   33
Commercial mortgages | Less than 1.00    
Credit Quality Indicator Current Year [Abstract]    
2022 9  
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 20 9
Total 29  
Credit Quality Indicator Prior Year [Abstract]    
2021   0
2020 0 0
2019 0 0
2018 0 0
2017 0 0
Prior 20 9
Total   9
Commercial mortgages | Less than 50.00%    
Credit Quality Indicator Current Year [Abstract]    
2022 70  
2021 120 229
2020 207 0
2019 0 6
2018 0 0
Prior 129 313
Total 526  
Credit Quality Indicator Prior Year [Abstract]    
2021   120
2020 120 229
2019 207 0
2018 0 6
2017 0 0
Prior 129 313
Total   668
Commercial mortgages | Less than 50.00% | Greater than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 511  
Credit Quality Indicator Prior Year [Abstract]    
Total   626
Commercial mortgages | Less than 50.00% | Greater than 1.00 but less than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 4  
Credit Quality Indicator Prior Year [Abstract]    
Total   33
Commercial mortgages | Less than 50.00% | Less than 1.00    
Credit Quality Indicator Current Year [Abstract]    
Total 11  
Credit Quality Indicator Prior Year [Abstract]    
Total   9
Commercial mortgages | 50.00% to 59.99%    
Credit Quality Indicator Current Year [Abstract]    
2022 149  
2021 268 192
2020 158 0
2019 0 0
2018 0 0
Prior 131 11
Total 706  
Credit Quality Indicator Prior Year [Abstract]    
2021   267
2020 268 192
2019 158 0
2018 0 0
2017 0 0
Prior 131 11
Total   470
Commercial mortgages | 50.00% to 59.99% | Greater than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 706  
Credit Quality Indicator Prior Year [Abstract]    
Total   470
Commercial mortgages | 50.00% to 59.99% | Greater than 1.00 but less than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 0  
Credit Quality Indicator Prior Year [Abstract]    
Total   0
Commercial mortgages | 50.00% to 59.99% | Less than 1.00    
Credit Quality Indicator Current Year [Abstract]    
Total 0  
Credit Quality Indicator Prior Year [Abstract]    
Total   0
Commercial mortgages | 60.00% to 74.99%    
Credit Quality Indicator Current Year [Abstract]    
2022 113  
2021 912 122
2020 123 0
2019 0 0
2018 0 0
Prior 9 0
Total 1,157  
Credit Quality Indicator Prior Year [Abstract]    
2021   914
2020 912 122
2019 123 0
2018 0 0
2017 0 0
Prior 9 0
Total   1,036
Commercial mortgages | 60.00% to 74.99% | Greater than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 1,154  
Credit Quality Indicator Prior Year [Abstract]    
Total   1,036
Commercial mortgages | 60.00% to 74.99% | Greater than 1.00 but less than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 3  
Credit Quality Indicator Prior Year [Abstract]    
Total   0
Commercial mortgages | 60.00% to 74.99% | Less than 1.00    
Credit Quality Indicator Current Year [Abstract]    
Total 0  
Credit Quality Indicator Prior Year [Abstract]    
Total   0
Commercial mortgages | 75.00% to 84.99%    
Credit Quality Indicator Current Year [Abstract]    
2022 9  
2021 0  
2020 0  
2019 0  
2018 0  
Prior 9  
Total 18  
Credit Quality Indicator Prior Year [Abstract]    
2020 0  
2019 0  
2018 0  
2017 0  
Prior 9  
Commercial mortgages | 75.00% to 84.99% | Greater than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 0  
Commercial mortgages | 75.00% to 84.99% | Greater than 1.00 but less than 1.25    
Credit Quality Indicator Current Year [Abstract]    
Total 0  
Commercial mortgages | 75.00% to 84.99% | Less than 1.00    
Credit Quality Indicator Current Year [Abstract]    
Total 18  
Financial Asset, 1 to 29 Days Past Due | Residential mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 884 293
2020 214 323
2019 185 50
2018 23 36
Prior 33 21
Credit Quality Indicator Prior Year [Abstract]    
2021 766 795
2020 884 293
2019 214 323
2018 185 50
2017 23 36
Prior 33 21
Total 2,105 1,518
Financial Asset, 1 to 29 Days Past Due | Commercial mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 1,300 543
2020 488 0
2019 0 6
2018 0 0
Prior 269 324
Credit Quality Indicator Prior Year [Abstract]    
2021 350 1,301
2020 1,300 543
2019 488 0
2018 0 6
2017 0 0
Prior 269 324
Total 2,407 2,174
Financial Asset, 30 to 89 Days Past Due | Residential mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 7 4
2020 0 6
2019 4 1
2018 0 0
Prior 0 0
Credit Quality Indicator Prior Year [Abstract]    
2021 2 5
2020 7 4
2019 0 6
2018 4 1
2017 0 0
Prior 0 0
Total 13 16
Financial Asset, 30 to 89 Days Past Due | Commercial mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 0 0
Credit Quality Indicator Prior Year [Abstract]    
2021 0 0
2020 0 0
2019 0 0
2018 0 0
2017 0 0
Prior 0 0
Total 0 0
90 days or over past due | Residential mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 9 23
2020 15 46
2019 34 2
2018 1 0
Prior 0 0
Credit Quality Indicator Prior Year [Abstract]    
2021 3 1
2020 9 23
2019 15 46
2018 34 2
2017 1 0
Prior 0 0
Total 62 72
90 days or over past due | Commercial mortgages    
Credit Quality Indicator Current Year [Abstract]    
2021 0 0
2020 0 0
2019 0 0
2018 0 0
Prior 9 0
Credit Quality Indicator Prior Year [Abstract]    
2021 0 0
2020 0 0
2019 0 0
2018 0 0
2017 0 0
Prior 9 0
Total $ 9 $ 0
v3.22.4
Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning Balance   $ 15 $ 31 $ 39
Provision for loan losses $ 7 32 11 (8)
For initial credit losses on purchased loans accounted for as PCD financial assets 0 7    
Ending Balance 15 39 42 31
Residential mortgages        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning Balance   14 25 37
Provision for loan losses 7 30 7 (12)
For initial credit losses on purchased loans accounted for as PCD financial assets 0 7    
Ending Balance 14 37 32 25
Commercial mortgages        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Beginning Balance   1 6 2
Provision for loan losses 0 2 4 4
For initial credit losses on purchased loans accounted for as PCD financial assets 0 0    
Ending Balance $ 1 $ 2 $ 10 $ 6
v3.22.4
Investments - Schedule of Sources of Net Investment Income Reported (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]          
Gross investment income   $ 454 $ 818 $ 1,846 $ 2,015
Investment expense   (51) (75) (191) (163)
Interest and investment income $ 403 403 743 1,655 1,852
Fixed maturity securities, available-for-sale          
Schedule of Investments [Line Items]          
Gross investment income   426 643 1,431 1,213
Equity securities          
Schedule of Investments [Line Items]          
Gross investment income   4 7 17 11
Preferred securities          
Schedule of Investments [Line Items]          
Gross investment income   16 35 49 47
Mortgage loans          
Schedule of Investments [Line Items]          
Gross investment income   36 50 186 131
Invested cash and short-term investments          
Schedule of Investments [Line Items]          
Gross investment income   4 0 33 7
Limited partnerships          
Schedule of Investments [Line Items]          
Gross investment income   (37) 75 110 589
Other investments          
Schedule of Investments [Line Items]          
Gross investment income   $ 5 $ 8 $ 20 $ 17
v3.22.4
Investments - Realized Gain (Loss) on Investments (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]          
Net realized (losses) gains on fixed maturity available-for-sale securities   $ (49) $ 95 $ (241) $ 102
Realized (losses) gains on other invested assets   (2) 0 (13) 6
Change in allowance for expected credit losses   (23) (19) (34) 4
Realized (losses) gains on certain derivative instruments   11 76 (164) 455
Unrealized (losses) gains on certain derivative instruments   (223) 161 (693) 160
Change in fair value of reinsurance related embedded derivatives   19 (53) 352 34
Change in fair value of other derivatives and embedded derivatives   (1) 8 (10) 5
Realized (losses) gains on derivatives and embedded derivatives   (194) 192 (515) 654
Recognized gains and (losses), net $ (338) (338) 352 (1,010) 715
Equity securities          
Schedule of Investments [Line Items]          
Net realized/unrealized (losses) gains   (30) 29 (40) (37)
Equity securities, FV-NI, valuation gain (loss) (30)   30 (40) (37)
Preferred securities          
Schedule of Investments [Line Items]          
Net realized/unrealized (losses) gains   $ (40) 55 (167) (14)
Equity securities, FV-NI, valuation gain (loss) $ (34)   $ 56 $ (159) $ (14)
v3.22.4
Investments - Proceeds from Sale of Fixed Maturity AFS Securities (Details) - Total fixed maturity securities, available for sale - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]        
Proceeds $ 513 $ 1,398 $ 3,097 $ 4,555
Gross gains 29 101 13 142
Gross losses $ (20) $ (5) $ (239) $ (42)
v3.22.4
Investments - Schedule of Carrying Value and Maximum Loss Exposure Unconsolidated VIEs (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Schedule of Investments [Line Items]    
Carrying Value $ 18,107 $ 14,732
Maximum Loss Exposure 21,434 16,298
Investment in unconsolidated affiliates    
Schedule of Investments [Line Items]    
Carrying Value 2,427 2,350
Maximum Loss Exposure 4,030 3,496
Fixed maturity securities    
Schedule of Investments [Line Items]    
Carrying Value 15,680 12,382
Maximum Loss Exposure $ 17,404 $ 12,802
v3.22.4
Investments - Schedules of Investment Concentrations (Details) - Stockholders' Equity, Total - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Blackstone Wave Asset Holdco | Investment Risk Concentration    
Schedule of Investments [Line Items]    
Investment owned, at fair value $ 741 $ 870
ELBA    
Schedule of Investments [Line Items]    
Investment owned, at fair value 470 0
COLI    
Schedule of Investments [Line Items]    
Investment owned, at fair value 308 0
Verus Securitization Trust    
Schedule of Investments [Line Items]    
Investment owned, at fair value 302 0
Jade 1    
Schedule of Investments [Line Items]    
Investment owned, at fair value 271 0
Jade 2    
Schedule of Investments [Line Items]    
Investment owned, at fair value 271 0
Jade 3    
Schedule of Investments [Line Items]    
Investment owned, at fair value 271 0
Jade 4    
Schedule of Investments [Line Items]    
Investment owned, at fair value 271 0
Maybay Finance, LLC    
Schedule of Investments [Line Items]    
Investment owned, at fair value $ 224 $ 0
v3.22.4
Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total asset derivatives $ 546 $ 849
Total liability derivatives 3,115 3,956
Derivative investments | Call options    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total asset derivatives 244 816
Other long-term investments | Embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total asset derivatives 23 33
Prepaid expenses and other assets | Embedded Derivatives in Reinsurance Contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total asset derivatives 279 0
Contractholder funds | FIA/ IUL embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total liability derivatives 3,115 3,883
Accounts payable and accrued liabilities | Reinsurance related embedded derivatives    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Total liability derivatives $ 0 $ 73
v3.22.4
Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
Jun. 01, 2020
May 31, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]            
Derivative gains (losses)     $ 19 $ (53) $ 352 $ 34
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Recognized gains and (losses), net   Recognized gains and (losses), net Recognized gains and (losses), net Recognized gains and (losses), net
Call options            
Derivative [Line Items]            
Derivative gains (losses) $ 229 $ (221)     $ (862) $ 597
Futures contracts            
Derivative [Line Items]            
Derivative gains (losses) 15 8     (7) 8
Foreign currency forwards            
Derivative [Line Items]            
Derivative gains (losses) (7) 1     12 10
Embedded derivatives            
Derivative [Line Items]            
Derivative gains (losses) 8 (1)     (10) 5
Reinsurance related embedded derivatives            
Derivative [Line Items]            
Derivative gains (losses) (53) 19     352 34
FIA/ IUL embedded derivatives (decrease) increase            
Derivative [Line Items]            
Derivative gains (losses) 552 239     (768) 479
Total Derivatives, Net            
Derivative [Line Items]            
Derivative gains (losses) $ 192 $ (194)     $ (515) $ 654
v3.22.4
Derivative Financial Instruments - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
All Counterparties Except Merrill Lynch    
Derivative [Line Items]    
Counterparties, collateral required threshold 0.00%  
Embedded derivatives    
Derivative [Line Items]    
Term of contract, term one 1 year  
Term of contract, term two 2 years  
Term of contract, term three 3 years  
Term of contract, term four 5 years  
Call options | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Collateral posted $ 219 $ 790
Maximum amount of loss due to credit risk 33 42
Call options | Derivatives for Trading and Investment | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Collateral posted 219 790
Maximum amount of loss due to credit risk 33 42
Call options | Cash and Cash Equivalents | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Collateral posted $ 178 $ 576
Futures contracts    
Derivative [Line Items]    
Number of instruments held | contract 409,000,000 329,000,000
Collateral held $ 3 $ 3
v3.22.4
Derivative Financial Instruments - FGL's Exposure to Credit Loss on Call Options Held (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Fair Value $ 546 $ 849
Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 23,297 19,404
Fair Value 244 816
Collateral 219 790
Net Credit Risk 33 42
Merrill Lynch | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 3,563 3,307
Fair Value 23 128
Collateral 0 86
Net Credit Risk 23 42
Morgan Stanley | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,699 2,184
Fair Value 14 86
Collateral 19 92
Net Credit Risk 0 0
Barclay's Bank | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 6,049 5,197
Fair Value 65 231
Collateral 59 233
Net Credit Risk 6 0
Canadian Imperial Bank of Commerce | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 5,169 2,936
Fair Value 68 147
Collateral 64 151
Net Credit Risk 4 0
Wells Fargo | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,361 2,445
Fair Value 17 89
Collateral 17 90
Net Credit Risk 0 0
Goldman Sachs | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,133 307
Fair Value 9 10
Collateral 10 10
Net Credit Risk 0 0
Credit Suisse | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 1,039 1,485
Fair Value 5 74
Collateral 5 75
Net Credit Risk 0 0
Truist | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 2,489 1,543
Fair Value 35 51
Collateral 36 53
Net Credit Risk 0 $ 0
Citibank | Call options | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 795  
Fair Value 8  
Collateral 9  
Net Credit Risk $ 0  
v3.22.4
Notes Payable - Components of Notes Payable (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Notes payable $ 1,114 $ 977
Revolving Credit Facility - Short-term | Revolving Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Notes payable $ 547 0
5.50% F&G Notes | Senior Notes    
Debt Instrument [Line Items]    
Interest rate, stated percentage 5.50%  
Notes payable $ 567 577
FNF Promissory Note    
Debt Instrument [Line Items]    
Notes payable $ 0 $ 400
v3.22.4
Notes Payable - Narrative (Details) - USD ($)
 3 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Nov. 22, 2022
Jun. 24, 2022
Dec. 31, 2021
Sep. 15, 2021
Apr. 20, 2018
Mar. 31, 2022
Mar. 31, 2021
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 29, 2020
Jun. 01, 2020
Credit Agreement November 2022 | Revolving Credit Facility | Fed Funds Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt 0.05%                        
FNF Promissory Note                          
Debt Instrument [Line Items]                          
Aggregate principal amount       $ 400,000,000                  
Interest expense           $ 6,000,000 $ 3,000,000     $ 6,000,000 $ 3,000,000    
Debt conversion, converted note, amount   $ 400,000,000                      
Gain (loss) on exchange agreement   $ 0                      
FNF Promissory Note | LIBOR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt       2.50%                  
Interest rate     2.63%                    
Line of Credit | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Interest expense                   1,000,000      
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Credit facility, maximum borrowing capacity $ 550,000,000                        
Prior debt redeemed or paid and any refinancing of debt incurred matures period (at least) 91 days                        
Period from effective date 3 years                        
Revolving credit facility outstanding                   550,000,000      
Unamortized debt issuance costs                   3,000,000      
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | Minimum                          
Debt Instrument [Line Items]                          
Facility fee, rate 0.20%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | Maximum                          
Debt Instrument [Line Items]                          
Facility fee, rate 0.45%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | SOFR                          
Debt Instrument [Line Items]                          
Credit ratings agencies, basis spread on variable rate 1.65%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | SOFR | Condition One | Minimum                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt 0.30%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | SOFR | Condition One | Maximum                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt 0.80%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | SOFR | Condition Two | Minimum                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt 1.30%                        
Line of Credit | Credit Agreement November 2022 | Revolving Credit Facility | SOFR | Condition Two | Maximum                          
Debt Instrument [Line Items]                          
Basis spread on variable rate debt 1.80%                        
Line of Credit | FNF Credit Facility | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Credit facility, maximum borrowing capacity                       $ 200,000,000  
Revolving credit facility outstanding     $ 0             0 0    
Line of Credit | F&G Credit Agreement | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Credit facility, maximum borrowing capacity $ 550,000,000                        
Debt, period prior to maturity date (days) 91 days                        
Senior Notes | Credit Agreement November 2022                          
Debt Instrument [Line Items]                          
Maturity date, principal amount , maximum $ 150,000,000                        
Senior Notes | 5.50% F&G Senior Notes due May 2025                          
Debt Instrument [Line Items]                          
Interest rate, stated percentage 5.50%       5.50%                
Aggregate principal amount         $ 550,000,000                
Interest expense               $ 13,000,000 $ 18,000,000 $ 29,000,000 $ 29,000,000    
Debt premium established                         $ 39,000,000
Proceeds from issuance of senior long-term debt         $ 547,000,000                
Senior Notes | 5.50% F&G Senior Notes due May 2025 | FGL Holdings                          
Debt Instrument [Line Items]                          
Price as percent of par on offering of unsecured notes         99.50%                
Senior Notes | 5.50% F&G Notes                          
Debt Instrument [Line Items]                          
Interest rate, stated percentage                   5.50%      
v3.22.4
Notes Payable - Gross Principal Maturities of Notes Payable (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Debt Disclosure [Abstract]  
2023 $ 550
2024 0
2025 550
2026 0
2027 0
Thereafter 0
Total $ 1,100
v3.22.4
Commitments and Contingencies - Narrative (Details) - USD ($)
shares in Thousands, $ in Millions
 1 Months Ended
Aug. 31, 2020
Oct. 31, 2021
Kubera Reassurance Company    
Loss Contingencies [Line Items]    
Note funding, maximum   $ 300
In the Matter of FGL Holdings    
Loss Contingencies [Line Items]    
Number of shares in which statutory appraisal rights have been claimed (in shares) 12,000  
v3.22.4
Commitments and Contingencies - Unfunded Commitments (Details) - Commitment to Invest - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other Commitments [Line Items]    
Unfunded investment commitment $ 2,430 $ 2,360
Limited partnerships    
Other Commitments [Line Items]    
Unfunded investment commitment 1,603 1,146
Whole loans    
Other Commitments [Line Items]    
Unfunded investment commitment 419 589
Fixed maturity securities, ABS    
Other Commitments [Line Items]    
Unfunded investment commitment 201 306
Other fixed maturity securities, AFS    
Other Commitments [Line Items]    
Unfunded investment commitment 48 119
Commercial mortgage loans    
Other Commitments [Line Items]    
Unfunded investment commitment 36 44
Other assets    
Other Commitments [Line Items]    
Unfunded investment commitment 120 156
Residential mortgage loans    
Other Commitments [Line Items]    
Unfunded investment commitment 2 0
Committed amounts included in liabilities    
Other Commitments [Line Items]    
Unfunded investment commitment $ 1 $ 0
v3.22.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash paid for:        
Interest paid $ 15 $ 15 $ 34 $ 30
Income taxes (refunded) paid 0 2 (72) 44
Deferred sales inducements 43 46 87 90
Non-cash investing and financing activities:        
Investments received from pension risk transfer premiums 0 0 0 316
Change in proceeds of sales of investments available for sale receivable in period 5 (3) 115 (160)
Change in purchases of investments available for sale payable in period $ (6) $ 7 $ (10) $ 2
v3.22.4
Intangibles - Summary of Changes in Carrying Amounts Intangible Assets Including DAC, VOBA and DSI (Details) - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Jun. 01, 2020
Finite-Lived Intangible Assets [Line Items]            
Balance at beginning of period $ 1,476,000,000   $ 1,991,000,000 $ 2,034,000,000 $ 1,724,000,000  
Purchase price allocation adjustments         61,000,000  
Deferrals   $ 227,000,000 297,000,000 814,000,000 675,000,000  
Amortization   46,000,000 (131,000,000) (353,000,000) 517,000,000  
Interest   17,000,000 22,000,000 57,000,000 44,000,000  
Unlocking   (11,000,000) 2,000,000 (4,000,000) 12,000,000  
Adjustment for net unrealized investment losses (gains)   236,000,000 (313,000,000) 912,000,000 35,000,000  
Balance at end of period 1,991,000,000 1,991,000,000 1,724,000,000 3,460,000,000 2,034,000,000  
F&G            
Finite-Lived Intangible Assets [Line Items]            
Intangible assets, after purchase accounting adjustments           $ 0
VOBA            
Finite-Lived Intangible Assets [Line Items]            
Balance at beginning of period 599,000,000   752,000,000 1,185,000,000 1,466,000,000  
Purchase price allocation adjustments         61,000,000  
Deferrals   0 0 0 0  
Amortization   14,000,000 (120,000,000) (203,000,000) 436,000,000  
Interest   7,000,000 20,000,000 25,000,000 30,000,000  
Unlocking   (9,000,000) 2,000,000 (5,000,000) 13,000,000  
Adjustment for net unrealized investment losses (gains)   141,000,000 (283,000,000) 662,000,000 51,000,000  
Balance at end of period 752,000,000 752,000,000 1,466,000,000 1,664,000,000 1,185,000,000  
DAC            
Finite-Lived Intangible Assets [Line Items]            
Balance at beginning of period 641,000,000   918,000,000 761,000,000 222,000,000  
Purchase price allocation adjustments         0  
Deferrals   184,000,000 251,000,000 727,000,000 585,000,000  
Amortization   22,000,000 (6,000,000) (107,000,000) 46,000,000  
Interest   8,000,000 2,000,000 30,000,000 13,000,000  
Unlocking   (2,000,000) 0 (4,000,000) 1,000,000  
Adjustment for net unrealized investment losses (gains)   65,000,000 (25,000,000) 182,000,000 (14,000,000)  
Balance at end of period 918,000,000 918,000,000 222,000,000 1,589,000,000 761,000,000  
DSI            
Finite-Lived Intangible Assets [Line Items]            
Balance at beginning of period 236,000,000   321,000,000 88,000,000 36,000,000  
Purchase price allocation adjustments         0  
Deferrals 43,000,000   46,000,000 87,000,000 90,000,000  
Amortization 10,000,000   (5,000,000) (43,000,000) 35,000,000  
Interest 2,000,000   0 2,000,000 1,000,000  
Unlocking 0   0 5,000,000 (2,000,000)  
Adjustment for net unrealized investment losses (gains) 30,000,000   (5,000,000) 68,000,000 (2,000,000)  
Balance at end of period $ 321,000,000 $ 321,000,000 $ 36,000,000 $ 207,000,000 $ 88,000,000  
v3.22.4
Intangibles - Narrative (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]        
Amortization of intangible assets $ 1 $ 17 $ 25 $ 28
Expected amortization, 2023     29  
Expected amortization, 2024     26  
Expected amortization, 2025     24  
Expected amortization, 2026     23  
Expected amortization, 2027     22  
VOBA        
Finite-Lived Intangible Assets [Line Items]        
Adjustment for net unrealized investment gains (losses)     $ (430) 232
VOBA | Minimum        
Finite-Lived Intangible Assets [Line Items]        
Interest accrual rate utilized to calculate accretion of interest     0.00%  
VOBA | Maximum        
Finite-Lived Intangible Assets [Line Items]        
Interest accrual rate utilized to calculate accretion of interest     4.71%  
DAC        
Finite-Lived Intangible Assets [Line Items]        
Adjustment for net unrealized investment gains (losses)     $ (143) 39
DSI        
Finite-Lived Intangible Assets [Line Items]        
Deferred sales inducement, unrealized investment gains (losses)     $ (61) $ 7
v3.22.4
Intangibles - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2023 $ (53)
2024 172
2025 151
2026 133
2027 129
Thereafter $ 702
v3.22.4
Intangibles - Definite and Indefinite Lived Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Other intangible assets, net $ 191 $ 200
Indefinite lived tradenames and other    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived, cost/carrying amount 8 8
Value of distribution asset (VODA)    
Finite-Lived Intangible Assets [Line Items]    
Cost 140 140
Accumulated amortization (40) (25)
Net carrying amount $ 100 $ 115
Weighted average useful life (years) 15 years 15 years
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 82 $ 67
Accumulated amortization (21) (15)
Net carrying amount $ 61 $ 52
Computer software | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life (years) 2 years 2 years
Computer software | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life (years) 10 years 10 years
Definite lived trademarks, tradenames, and other    
Finite-Lived Intangible Assets [Line Items]    
Cost $ 30 $ 30
Accumulated amortization (8) (5)
Net carrying amount $ 22 $ 25
Weighted average useful life (years) 10 years 10 years
v3.22.4
Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 1,756 $ 1,756
v3.22.4
Reinsurance - Effect of Reinsurance on Premiums Earned and Benefits Incurred and Reserve Changes (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Net Premiums Earned        
Direct $ 179 $ 254 $ 1,822 $ 1,583
Assumed 0 0 0 0
Ceded (89) (116) (178) (188)
Net 90 138 1,644 1,395
Life Insurance Product Line        
Net Premiums Earned        
Direct 86 108 1,522 1,314
Assumed 0 0 0 0
Ceded (67) (85) (128) (137)
Net 19 23 1,394 1,177
Net Benefits Incurred        
Direct 402 976 3,671 3,282
Assumed (1) 1 0 0
Ceded (103) (111) (2,546) (1,144)
Net $ 298 $ 866 $ 1,125 $ 2,138
v3.22.4
Reinsurance - Narrative (Details) - USD ($)
 1 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2022
Oct. 01, 2022
Sep. 01, 2022
Oct. 31, 2021
Jan. 15, 2021
Dec. 20, 2020
Sep. 30, 2021
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Jun. 01, 2020
Effects of Reinsurance [Line Items]                        
Expected credit losses on reinsurance recoverable $ 10,000,000             $ 22,000,000 $ 21,000,000 $ 10,000,000 $ 20,000,000 $ 0
Net amount recoverable 5,587,000,000                 5,587,000,000 3,610,000,000  
Aspida Re                        
Effects of Reinsurance [Line Items]                        
Funds withheld co-insurance basis, percentage         50.00%              
Monthly cession capped amount     $ 350,000,000                  
Aspida Re | AM Best, A- Rating                        
Effects of Reinsurance [Line Items]                        
Net amount recoverable 3,121,000,000                 3,121,000,000    
Aspida Re | Minimum                        
Effects of Reinsurance [Line Items]                        
Funds withheld co-insurance basis, percentage     50.00%                  
Aspida Re | Maximum                        
Effects of Reinsurance [Line Items]                        
Funds withheld co-insurance basis, percentage     75.00%                  
Kubera Reassurance Company                        
Effects of Reinsurance [Line Items]                        
Reinsurance, amount retained, per policy       $ 1,000,000,000                
Debt instrument, accordion feature, increase limit       300,000,000                
Kubera Reassurance Company | Fixed Index Annuity                        
Effects of Reinsurance [Line Items]                        
Reinsurance, amount retained, per policy       $ 10,000,000,000     $ 4,000,000,000          
Statutory reserves, increase (decrease) due to waiver of surrender charges   $ (52,000,000)                    
Reinsurance risk charge fee               (1,000,000) 4,000,000 12,000,000 5,000,000  
Canada Life Assurance Company, US                        
Effects of Reinsurance [Line Items]                        
Reinsurance risk charge fee                 1,000,000 4,000,000 2,000,000  
Hannover Re | Fixed Index Annuity                        
Effects of Reinsurance [Line Items]                        
Reinsurance risk charge fee               $ 8,000,000 $ 12,000,000 $ 20,000,000 21,000,000  
Wilton Reassurance Company                        
Effects of Reinsurance [Line Items]                        
Reinsurance, excess retention, percentage                   100.00%    
Wilton Reassurance Company | AM Best, A+ Rating | Fitch, A Rating                        
Effects of Reinsurance [Line Items]                        
Net amount recoverable 1,231,000,000                 $ 1,231,000,000    
Somerset | AM Best, A- Rating | Standard & Poor's, BBB+ Rating                        
Effects of Reinsurance [Line Items]                        
Net amount recoverable 570,000,000                 570,000,000    
Raven Re | Intercompany Reinsurance Agreements | Affiliated Entity                        
Effects of Reinsurance [Line Items]                        
Line of credit facility, remaining borrowing capacity 200,000,000                 200,000,000    
Statutory capital and surplus $ 11,000,000                 11,000,000 $ 62,000,000  
F&G Life Re Ltd | Intercompany Reinsurance Agreements | Affiliated Entity                        
Effects of Reinsurance [Line Items]                        
Reinsurance, amount retained, per policy           $ 5,000,000,000            
Reinsurance, retrocession, quota share basis, net, percentage           100.00%            
F&G Life Re Ltd | Pension Risk Transfer Annuities                        
Effects of Reinsurance [Line Items]                        
Reinsurance, excess retention, percentage 80.00%                      
Reinsurance reserves ceded, funds withheld, amount $ 380,000,000                      
Co-insurance reserve for PRT separate account insurance liability $ 1,700,000,000                 $ 1,700,000,000    
F&G Cayman Re Ltd | Intercompany Reinsurance Agreements | Affiliated Entity                        
Effects of Reinsurance [Line Items]                        
Reinsurance, amount retained, per policy           $ 2,200,000,000            
Reinsurance, retrocession, quota share basis, percentage           45.00%            
v3.22.4
Related Party Transactions (Details)
insuranceAgent in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 7 Months Ended 12 Months Ended
Jun. 24, 2022
USD ($)
shares
Oct. 31, 2021
insuranceAgent
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
May 31, 2020
USD ($)
May 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Dec. 01, 2022
Jun. 23, 2022
shares
Related Party Transaction [Line Items]                      
Stock split, conversion ratio 105,000                    
Stock issued for each share of common stock (in shares) | shares 104,999                    
Common stock, shares authorized (in shares) | shares 500,000,000             500,000,000 500,000,000   1,000
Interest and investment income         $ (403,000,000) $ (403,000,000) $ (743,000,000) $ (1,655,000,000) $ (1,852,000,000)    
Freedom Equity Group                      
Related Party Transaction [Line Items]                      
Number of insurance agents (approximately) | insuranceAgent   4                  
Ownership percentage   30.00%                  
F&G | Fidelity National Financial, Inc.                      
Related Party Transaction [Line Items]                      
Ownership percentage retained by parent                   85.00%  
FNF Promissory Note                      
Related Party Transaction [Line Items]                      
Debt conversion, converted note, amount $ 400,000,000                    
Gain (loss) on exchange agreement $ 0                    
Interest expense     $ 6,000,000 $ 3,000,000       $ 6,000,000 $ 3,000,000    
Parent Company                      
Related Party Transaction [Line Items]                      
Corporate Services Agreement, written notice of termination, period               90 days      
Reverse Corporate Services Agreement, written notice of termination, period               90 days      
Parent Company | Operational Support Services                      
Related Party Transaction [Line Items]                      
Expenses from related party transactions               $ 4,000,000      
Affiliated Entity                      
Related Party Transaction [Line Items]                      
Interest and investment income         (12,000,000)            
Affiliated Entity | Freedom Equity Group                      
Related Party Transaction [Line Items]                      
Payments for commissions               $ 74,000,000      
Affiliated Entity | Finance of America Holdings LLC                      
Related Party Transaction [Line Items]                      
Purchase of loans         103,000,000            
Affiliated Entity | Blackstone Real Estate Debt Strategies                      
Related Party Transaction [Line Items]                      
Purchase of loans         $ 67,000,000            
v3.22.4
Insurance Subsidiary Financial Information and Regulatory Matters - Statutory Accounting Practices Disclosure (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Iowa    
Statutory Accounting Practices [Line Items]    
Statutory Net income (loss): $ (243) $ 351
Statutory Capital and Surplus: 1,877 1,473
New York    
Statutory Accounting Practices [Line Items]    
Statutory Net income (loss): (15) 4
Statutory Capital and Surplus: 82 99
Vermont    
Statutory Accounting Practices [Line Items]    
Statutory Net income (loss): (111) 3
Statutory Capital and Surplus: 121 115
Cayman Islands    
Statutory Accounting Practices [Line Items]    
Statutory Net income (loss): 299 99
Statutory Capital and Surplus: 126 164
Bermuda    
Statutory Accounting Practices [Line Items]    
Statutory Net income (loss): 339 94
Statutory Capital and Surplus: $ 138 $ 206
v3.22.4
Insurance Subsidiary Financial Information and Regulatory Matters - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statutory Accounting Practices [Line Items]      
Statutory accounting practices, dividends paid with approval of regulatory agency $ 0 $ 38,000,000 $ 151,000,000
Iowa      
Statutory Accounting Practices [Line Items]      
Increase (decrease) in statutory capital and surplus (152,000,000) (106,000,000)  
Statutory capital and surplus 1,877,000,000 1,473,000,000  
Vermont      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 121,000,000 115,000,000  
Raven Re | Iowa      
Statutory Accounting Practices [Line Items]      
Change in statutory capital surplus increase (decrease) 28,000,000 0  
Statutory accounting practices, non-permitted practice, change in statutory capital and surplus (107,000,000) 30,000,000  
Raven Re | Vermont      
Statutory Accounting Practices [Line Items]      
Change in statutory capital surplus increase (decrease) 200,000,000 85,000,000  
Statutory capital and surplus $ 121,000,000 $ 115,000,000  
v3.22.4
Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Payables and Accruals [Abstract]    
Salaries and incentives $ 72 $ 60
Accrued benefits 58 74
Deferred revenue 203 35
Trade accounts payable 114 72
Accrued premium taxes 5 3
Liability for policy and contract claims 109 109
Retained asset account 117 148
Remittances and items not allocated 225 39
Option collateral liabilities 178 576
Funds withheld embedded derivative 0 73
Other accrued liabilities 193 108
Accounts payable and accrued liabilities $ 1,273 $ 1,297
v3.22.4
Income Taxes - Tax Expense on Continuing Operations (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Current $ (1) $ 18 $ (31) $ 27
Deferred (13) (93) 148 193
Income tax expense on continuing operations $ (14) $ (75) $ 117 $ 220
v3.22.4
Income Taxes - Tax Expense (Benefit) Allocation (Details) - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Taxes on net earnings (loss) from continuing operations $ (14,000,000) $ (75,000,000) $ 117,000,000 $ 220,000,000
Tax expense on net earnings (loss) from discontinued operations 0 0 0 0
Other comprehensive earnings (loss):        
Unrealized (loss) gain on investments and other financial instruments (185,000,000) 315,000,000 (935,000,000) (123,000,000)
Unrealized gain on foreign currency translation and cash flow hedging 0 2,000,000 (1,000,000) (1,000,000)
Total income tax (benefit) expense allocated to other comprehensive earnings (185,000,000) 317,000,000 (936,000,000) (124,000,000)
Total income taxes $ (199,000,000) $ 242,000,000 $ (819,000,000) $ 96,000,000
v3.22.4
Income Taxes - Effective Tax Rate Reconciliation (Details)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]        
Federal statutory rate 21.00% 21.00% 21.00% 21.00%
State income taxes, net of federal benefit (0.40%) 1.80% 0.10% 0.40%
Benefit for Capital Loss Carryback   0.00% (4.00%) 0.00%
Stock compensation 0.00% 0.10% 0.00% (0.10%)
Tax credits 0.10% (3.20%) (1.40%) (0.40%)
Dividends received deduction 0.40% (2.50%) (0.60%) (0.30%)
Benefit on outside of United States income taxed at 0% (1.80%) 0.00% 0.00% 0.00%
Withholding tax on 0% taxed jurisdiction (0.30%) (2.50%) 0.00% 0.00%
Valuation allowance for deferred tax assets (12.10%) (63.50%) 4.50% (1.30%)
Change in tax status benefit 0.00% (41.00%) 0.00% 0.00%
Adjustment of DTAs on sale of subsidiary 0.00% 0.00% 0.00% 1.40%
Non-deductible expenses and other, net (0.40%) 1.50% 0.00% (0.20%)
Effective tax rate 6.50% (88.30%) 19.60% 20.50%
v3.22.4
Income Taxes - Components Deferred Tax Asset and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred Tax Assets:    
Employee benefit accruals $ 21 $ 22
Net operating loss carryforwards 28 16
Accrued liabilities 1 0
Tax credits 30 32
Investment securities 853 0
Capital loss carryover 8 41
Derivatives 67 0
Life insurance and claim related adjustments 669 854
Funds held under reinsurance agreements 37 52
Other 19 12
Total gross deferred tax asset 1,733 1,029
Less: valuation allowance 30 0
Total deferred tax asset 1,703 1,029
Deferred tax liabilities:    
Amortization of goodwill and intangible assets (29) (33)
Other (2) (1)
Investment securities 0 (355)
Depreciation (14) (11)
Partnerships (93) (126)
Value of business acquired (350) (249)
Derivatives 0 (68)
Deferred acquisition costs (243) (102)
Transition reserve on new reserve method (25) (34)
Funds held under reinsurance agreements (183) (74)
Total deferred tax liability (939) (1,053)
Net deferred tax asset (liability) $ 764  
Net deferred tax asset (liability)   $ (24)
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance [Line Items]        
Effective tax rate 6.50% (88.30%) 19.60% 20.50%
Net deferred tax asset     $ 764,000,000  
Deferred tax liabilities, net       $ (24,000,000)
Decrease in deferred tax liability due to investments unrealized losses     1,208,000,000  
Increase in deferred tax liability relating to partnerships     33,000,000  
Increase in deferred tax liability for VOBA     101,000,000  
Increase in deferred tax liability, deferred acquisition costs     141,000,000  
Increase in deferred tax liability, derivatives     135,000,000  
Reduction in deferred tax asset, basis difference, held-for-sale     185,000,000  
Decrease in deferred tax asset, reinsurance receivables     15,000,000  
Increase in deferred tax liability, reinsurance receivables     109,000,000  
Operating loss carryforwards     133,000,000  
Tax credits     30,000,000 32,000,000
Valuation allowance     30,000,000 0
Unrecognized tax benefits     0 $ 58,000,000
CARES Act, tax benefit $ 7,000,000      
CARES Act, tax benefit, due to NOL carryback 1,000,000      
CARES Act, tax benefit, due to change in percentage limitation for NOLs $ 6,000,000      
Deferred tax asset, capital loss carryforward, subsidiaries        
Valuation Allowance [Line Items]        
Valuation allowance     4,000,000  
Deferred tax asset, capital loss carryforward, U.S. Non-life Companies        
Valuation Allowance [Line Items]        
Valuation allowance     4,000,000  
Deferred tax asset, capital loss carryforward, US Life Companies        
Valuation Allowance [Line Items]        
Valuation allowance     22,000,000  
Tax credit subject to loss limitation        
Valuation Allowance [Line Items]        
Tax credits     11,000,000  
Tax credit, no loss limitation        
Valuation Allowance [Line Items]        
Tax credits     19,000,000  
Begin to expire in 2023        
Valuation Allowance [Line Items]        
Operating loss carryforwards     $ 133,000,000  
v3.22.4
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
Jan. 01, 2023
Jun. 01, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 01, 2022
Dec. 31, 2019
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Maximum employee contributions percent         75.00%      
Employer matching contribution on employee contribution         1.00      
Employer matching contribution, up to percent of employees eligible earnings contributed, percent         5.00%      
Employer contribution     $ 2 $ 1 $ 5 $ 3    
Stock-based compensation cost     $ 3 $ 4 $ 12 $ 9    
Employee Stock | Subsequent Event                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Employer contribution after initial employee contribution, period 1 year              
Employee Stock | Minimum | Subsequent Event                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Employee stock purchase, percent 3.00%              
Employer contributions match, percent 30.00%              
Employee Stock | Maximum | Subsequent Event                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Employee stock purchase, percent 15.00%              
Employer contributions match, percent 50.00%              
Stock Options and Restricted Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Nonvested award, cost not yet recognized, period for recognition         1 year 4 months 2 days      
FNF Stock Purchase Plan | Employee Stock | Minimum                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Employee stock purchase, percent         3.00% 3.00%    
FNF Stock Purchase Plan | Employee Stock | Maximum                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Employee stock purchase, percent         15.00% 15.00%    
F&G Omnibus Plan                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Options, outstanding (in shares)     13,445,025 2,002,690   1,527,936   15,213,959
F&G Omnibus Plan | Fidelity National Financial Group Common Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Number of shares authorized   2,096,429            
Options, outstanding (in shares)         1,172,607      
F&G Omnibus Plan | Stock Options and Restricted Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Nonvested award, cost not yet recognized, amount         $ 6      
F&G Omnibus Plan | Options                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Number of shares authorized             6,000,000  
F&G Omnibus Plan | Options | Fidelity National Financial Group Common Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Number of shares authorized   2,411,585            
Award vesting period   3 years            
Expiration period (in years)   7 years            
F&G Omnibus Plan | Restricted Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Outstanding (in shares)     95,416,000 449,870,000 1,409,904 718,641,000   0
Grant date, fair value       $ 16 $ 0 $ 15    
Vested (in shares)       95,416,000 138,542,000 29,873,000    
Nonvested award, cost not yet recognized, amount         $ 30      
Nonvested award, cost not yet recognized, period for recognition         1 year 10 months 24 days      
Vested in period, fair value         $ 5      
F&G Omnibus Plan | Restricted Stock | Fidelity National Financial Group Common Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Outstanding (in shares)         501,548,000      
2022 Omnibus Plan | Restricted Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Grant date, fair value         $ 31      
Stock-based compensation cost         $ 1      
2022 Omnibus Plan | Restricted Stock | Fidelity National Financial Group Common Stock                
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]                
Outstanding (in shares)         1,409,904 0    
Vested (in shares)         0      
v3.22.4
Employee Benefit Plans - Restricted Stock Transactions under the 2022 F&G Omnibus Plan (Details) - $ / shares
 5 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2022
Shares    
Canceled (in shares) 0  
Restricted Stock | 2022 Omnibus Plan | Fidelity National Financial Group Common Stock    
Shares    
Beginning balance (in shares)   0
Granted (in shares)   1,411,369
Canceled (in shares)   (1,465)
Vested (in shares)   0
Ending balance (in shares)   1,409,904
Weighted Average Grant Date Fair Value    
Beginning balance (in dollars per share)   $ 0
Granted (in usd per share)   21.80
Canceled (in usd per share)   21.80
Vested (in usd per share)   0
Ending balance (in dollars per share)   $ 21.80
v3.22.4
Employee Benefit Plans - Stock Option Transactions Under 2020 Omnibus Plan (Details) - F&G Omnibus Plan - $ / shares
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Options          
Beginning balance (in shares) 15,213,959 13,445,025 1,527,936 2,002,690  
Granted (in shares) 0   0    
FGL options canceled and converted into options to purchase FNF common shares in connection with the F&G acquisition (in shares)   2,411,585      
Exercised (in shares) (1,672,330) (109,159) (352,614) (474,754)  
Canceled (in shares) (96,604) (299,736) (2,715) 0  
Ending balance (in shares) 13,445,025 2,002,690   1,527,936  
Weighted Average Exercise Price          
Beginning balance (in dollars per share) $ 9.30 $ 9.30 $ 35.97 $ 36.14  
Granted (in dollars per share) 0   0    
FGL options canceled and converted into options to purchase FNF common shares in connection with the F&G acquisition (in dollars per share)   36.04      
Exercised (in dollars per share) 9.51 27.64 38.79 36.68  
Canceled (in dollars per share) 10.00 38.41 28.00 0  
Ending balance (in dollars per share) $ 9.30 $ 36.14 $ 35.15 $ 35.97  
Exercisable          
Exercisable (in shares) 640,000 1,021,671 1,172,607 1,072,584 1,008,780
v3.22.4
Employee Benefit Plans - Stock Options Outstanding and Exercisable by Exercise Price (Details) - F&G Omnibus Plan
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Number of outstanding options (in shares) | shares 1,172,607
Options, outstanding, intrinsic value | $ $ 4
Number of exercisable options (in shares) | shares 1,172,607
Options, exercisable, intrinsic value | $ $ 4
$0.00 - $27.53  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise price range, lower range limit (in dollars per share) $ 0.00
Exercise price range, upper range limit (in dollars per share) $ 27.53
Number of outstanding options (in shares) | shares 359,510
Outstanding options, weighted average remaining contractual term (in years) 2 years 11 months 23 days
Outstanding options, weighted average exercise price (in dollars per share) $ 27.53
Options, outstanding, intrinsic value | $ $ 4
Number of exercisable options (in shares) | shares 359,510
Exercisable options, weighted average remaining contractual term (in years) 2 years 11 months 23 days
Exercisable options, weighted average exercise price (in dollars per share) $ 27.53
Options, exercisable, intrinsic value | $ $ 4
$27.54 - $28.00  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise price range, lower range limit (in dollars per share) $ 27.54
Exercise price range, upper range limit (in dollars per share) $ 28.00
Number of outstanding options (in shares) | shares 43,019
Outstanding options, weighted average remaining contractual term (in years) 3 years 3 months 25 days
Outstanding options, weighted average exercise price (in dollars per share) $ 28.00
Options, outstanding, intrinsic value | $ $ 0
Number of exercisable options (in shares) | shares 43,019
Exercisable options, weighted average remaining contractual term (in years) 3 years 3 months 25 days
Exercisable options, weighted average exercise price (in dollars per share) $ 28.00
Options, exercisable, intrinsic value | $ $ 0
$28.01 - $39.10  
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]  
Exercise price range, lower range limit (in dollars per share) $ 28.01
Exercise price range, upper range limit (in dollars per share) $ 39.10
Number of outstanding options (in shares) | shares 770,078
Outstanding options, weighted average remaining contractual term (in years) 2 years 7 months 13 days
Outstanding options, weighted average exercise price (in dollars per share) $ 39.10
Options, outstanding, intrinsic value | $ $ 0
Number of exercisable options (in shares) | shares 770,078
Exercisable options, weighted average remaining contractual term (in years) 2 years 7 months 13 days
Exercisable options, weighted average exercise price (in dollars per share) $ 39.10
Options, exercisable, intrinsic value | $ $ 0
v3.22.4
Employee Benefit Plans - Restricted Stock Transactions (Details) - $ / shares
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Shares        
Canceled (in shares) 0      
F&G Omnibus Plan | Restricted Stock        
Shares        
Beginning balance (in shares) 0 95,416,000 718,641,000 449,870,000
Granted (in shares) 95,416,000 474,025,000 0 311,081,000
Canceled (in shares)   (24,155,000) (78,551,000) (12,437,000)
Vested (in shares)   (95,416,000) (138,542,000) (29,873,000)
Ending balance (in shares) 95,416,000 449,870,000 1,409,904 718,641,000
Weighted Average Grant Date Fair Value        
Beginning balance (in dollars per share) $ 0 $ 10.48 $ 40.24 $ 34.11
Granted (usd per share) 10.48 34.13 0 48.28
Canceled (in usd per share) 0 34.47 37.79 33.40
Vested (in usd per share)   10.48 34.11 34.59
Ending balance (in dollars per share) $ 10.48 $ 34.11 $ 42.31 $ 40.24
v3.22.4
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Net earnings (loss) from continuing operations $ (200) $ 161 $ 481 $ 857
Net earnings (loss) from discontinued operations, net of tax (114) (25) 0 8
Net earnings (loss) (314) 136 481 865
Less: Preferred stock dividend 8 0 0 0
Net earnings (loss) attributable to common shareholders (322) 136 481 865
Net earnings (loss) attributable to common shareholders $ (322) $ 136 $ 481 $ 865
Weighted average common shares used in computing net income (loss) per common share (in shares) 213,000 105,000 [1] 115,000 105,000 [1]
Weighted average common shares used in computing net income (loss) per diluted share (in shares) 213,000 105,000 [1] 115,000 105,000 [1]
Net earnings (loss) per common share:        
Net earnings (loss) from continuing operations, basic (in usd per share) $ (0.97) $ 1.54 $ 4.18 $ 8.16
Net earnings (loss) from discontinuing operations, basic (in usd per share) (0.54) (0.24) 0 0.08
Net earnings (loss) per common share, basic (in usd per share) (1.51) 1.30 4.18 8.24
Net earnings (loss) from continuing operations, diluted (in usd per share) (0.97) 1.54 4.18 8.16
Net earnings (loss) from discontinuing operations, diluted (in usd per share) (0.54) (0.24) 0 0.08
Net earnings (loss) per share, diluted (in usd per share) $ (1.51) $ 1.30 $ 4.18 $ 8.24
Restricted Stock        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Dilutive effect of unvested restricted stock and stock options (in shares) 0 0 0 0
Options        
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]        
Dilutive effect of unvested restricted stock and stock options (in shares) 0 0 0 0
[1] Weighted average shares outstanding for the year ended December 31, 2021 and for the period June 1, 2020 to December 31, 2020, retrospectively include the effects of the 105,000 for 1 stock split that became effective on June 24, 2022
v3.22.4
Earnings Per Share - Narrative (Details)
shares in Thousands, $ in Millions
 5 Months Ended 12 Months Ended
Jun. 24, 2022
USD ($)
May 31, 2020
shares
Dec. 31, 2022
shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Stock split, conversion ratio 105,000    
Options      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   447  
FNF Promissory Note      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Debt conversion, converted note, amount | $ $ 400    
Fidelity National Financial, Inc. | FNF Promissory Note      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Debt conversion, converted note, amount | $ $ 400    
Restricted Stock Units (RSUs)      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)     120
Restricted Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   19  
Options      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   456  
Preferred Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares)   438  
Common Stock      
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Stock split, conversion ratio 105,000    
Antidilutive securities excluded from computation of earnings per share (in shares)   213,721  
v3.22.4
Recent Accounting Pronouncements (Details) - Cumulative effect for change in accounting principle - USD ($)
$ in Millions
Jan. 01, 2021
Jan. 01, 2020
Retained Earnings    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Reduction to retained earnings   $ 27
Total stockholders' equity   $ (27)
Maximum | Pro Forma    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Reduction to retained earnings $ (200)  
Total stockholders' equity $ 200  
v3.22.4
Discontinued Operations (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Revenues:        
Life insurance premiums and other fees $ 1 $ 0   $ 0
Interest and investment income 24 42   3
Recognized gains and (losses), net (95) 196   0
Total revenues (70) 238   3
Expenses:        
Other operating expenses (41) 19   0
Benefits and other changes in policy reserves (5) 244   (5)
Other expenses 2 0   0
Total expenses (44) 263   (5)
Earnings (loss) from discontinued operations before income taxes (114) (25)   8
Income tax (expense) benefit 0 0 $ 0 0
Net earnings (loss) from discontinued operations, net of tax (114) (25) $ 0 8
Cash flow from discontinued operations data:        
Net cash provided by (used in) operating activities $ (39) $ 121   $ (26)
v3.22.4
Subsequent Events (Details) - Syncis Holdings, LLC - Subsequent Event
Jan. 30, 2023
insuranceAgent
Subsequent Event [Line Items]  
Ownership percentage 49.00%
Number of insurance agents (approximately) 1,200
v3.22.4
Schedule I - Summary of Investments - Other than Investments in Related Parties (Details)
$ in Millions
Dec. 31, 2022
USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost $ 46,394
Fair Value 40,808
Amount Shown on Condensed Consolidated Balance Sheet 41,387
United States Government full faith and credit  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 34
Fair Value 32
Amount Shown on Condensed Consolidated Balance Sheet 32
United States Government sponsored entities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 46
Fair Value 42
Amount Shown on Condensed Consolidated Balance Sheet 42
Municipals  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,695
Fair Value 1,410
Amount Shown on Condensed Consolidated Balance Sheet 1,410
Foreign Governments  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 185
Fair Value 148
Amount Shown on Condensed Consolidated Balance Sheet 148
Finance, insurance and real estate  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 5,969
Fair Value 5,085
Amount Shown on Condensed Consolidated Balance Sheet 5,085
Manufacturing, construction and mining  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 896
Fair Value 737
Amount Shown on Condensed Consolidated Balance Sheet 737
Utilities, energy and related sectors  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 2,915
Fair Value 2,275
Amount Shown on Condensed Consolidated Balance Sheet 2,275
Wholesale/retail trade  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 2,535
Fair Value 2,008
Amount Shown on Condensed Consolidated Balance Sheet 2,008
Services, media and other  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 3,564
Fair Value 2,794
Amount Shown on Condensed Consolidated Balance Sheet 2,794
Hybrid securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 781
Fair Value 705
Amount Shown on Condensed Consolidated Balance Sheet 705
Non-agency residential mortgage-backed securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,585
Fair Value 1,479
Amount Shown on Condensed Consolidated Balance Sheet 1,479
Commercial mortgage-backed securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 3,309
Fair Value 3,036
Amount Shown on Condensed Consolidated Balance Sheet 3,036
Asset-backed securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 7,749
Fair Value 7,245
Amount Shown on Condensed Consolidated Balance Sheet 7,245
CLO securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 4,460
Fair Value 4,222
Amount Shown on Condensed Consolidated Balance Sheet 4,222
Total fixed maturity securities, available for sale  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 35,723
Fair Value 31,218
Amount Shown on Condensed Consolidated Balance Sheet 31,218
Equity securities  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 992
Fair Value 823
Amount Shown on Condensed Consolidated Balance Sheet 823
Private equity  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,129
Fair Value 1,129
Amount Shown on Condensed Consolidated Balance Sheet 1,129
Real assets  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 436
Fair Value 431
Amount Shown on Condensed Consolidated Balance Sheet 431
Credit  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 867
Fair Value 867
Amount Shown on Condensed Consolidated Balance Sheet 867
Limited partnerships  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 2,432
Fair Value 2,427
Amount Shown on Condensed Consolidated Balance Sheet 2,427
Commercial mortgage loans  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 2,406
Fair Value 2,083
Amount Shown on Condensed Consolidated Balance Sheet 2,406
Residential mortgage loans  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 2,148
Fair Value 1,892
Amount Shown on Condensed Consolidated Balance Sheet 2,148
Other (primarily derivatives and company owned life insurance)  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,137
Fair Value 809
Amount Shown on Condensed Consolidated Balance Sheet 809
Short-term  
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]  
Amortized Cost 1,556
Fair Value 1,556
Amount Shown on Condensed Consolidated Balance Sheet $ 1,556
v3.22.4
Schedule II - Condensed Financial Information (Parent Company) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 31, 2020
Dec. 31, 2019
Assets:          
Fixed maturity securities available-for-sale $ 31,218 $ 29,962      
Cash and cash equivalents 960 1,533      
Prepaid expenses and other assets 917 613      
Notes receivable 3 3      
Deferred tax asset, net 764 0      
Income taxes receivable 28 50      
Total assets 55,075 48,730      
Liabilities:          
Accounts payable and accrued liabilities 1,273 1,297      
Notes payable 1,114 977      
Liabilities 53,259 44,245      
Equity:          
Common stock 0 0      
Additional paid-in-capital 3,162 2,750      
Retained earnings 1,457 1,001      
Accumulated other comprehensive (loss) earnings (2,803) 734      
Total equity 1,816 4,485 $ 4,074 $ 2,737 $ 2,585
Total liabilities and equity 55,075 48,730      
Parent Company          
Assets:          
Investments in consolidated subsidiaries 2,217 4,777      
Fixed maturity securities available-for-sale 54 72      
Cash and cash equivalents 52 3      
Prepaid expenses and other assets 5 0      
Notes receivable 1 1      
Deferred tax asset, net 0 35      
Income taxes receivable 60 0      
Total assets 2,389 4,888      
Liabilities:          
Accounts payable and accrued liabilities 24 3      
Intercompany payables 3 0      
Notes payable 546 400      
Liabilities 573 403      
Equity:          
Common stock 0 0      
Additional paid-in-capital 3,162 2,750      
Retained earnings 1,457 1,001      
Accumulated other comprehensive (loss) earnings (2,803) 734      
Total equity 1,816 4,485      
Total liabilities and equity $ 2,389 $ 4,888      
v3.22.4
Schedule II - Condensed Financial Information - Balance Sheet Additional Information (Parent Company) (Details) - $ / shares
Dec. 31, 2022
Jun. 24, 2022
Jun. 23, 2022
Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]        
Common stock, par or stated value per share (in dollars per share) $ 0.001     $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000 1,000 500,000,000
Common stock, shares, outstanding (in shares) 126,409,904     105,000,000
Common stock, shares, issued (in shares) 126,409,904     105,000,000
Parent Company        
Condensed Balance Sheet Statements, Captions [Line Items]        
Common stock, par or stated value per share (in dollars per share) $ 0.001      
Common stock, shares authorized (in shares) 500,000,000     500,000,000
Common stock, shares, outstanding (in shares) 126,409,904     105,000,000
Common stock, shares, issued (in shares) 126,409,904     105,000,000
v3.22.4
Schedule II - Condensed Financial Information - Statement of Operations (Parent Company) (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]          
Interest and investment income $ 403 $ 403 $ 743 $ 1,655 $ 1,852
Revenues 155   1,233 2,340 3,962
Other operating expenses 75   75 102 105
Interest expense 13   18 29 29
Total expenses 369   1,147 1,742 2,885
Income tax expense (benefit) 14   75 (117) (220)
Net earnings (loss) (314)   136 481 865
Parent Company          
Condensed Income Statements, Captions [Line Items]          
Interest and investment income 0   0 3 0
Revenues 0   0 3 0
Other operating expenses 11   0 0 0
Interest expense 0   0 7 3
Total expenses 11   0 7 3
Earnings (losses) before income tax expense and equity in earnings of subsidiaries (11)   0 (4) (3)
Income tax expense (benefit) 0   35 24 0
Earnings (losses) before equity in earnings of subsidiaries (11)   35 20 (3)
Equity in earnings (losses) of subsidiaries (303)   101 461 868
Net earnings (loss) $ (314)   $ 136 $ 481 $ 865
v3.22.4
Schedule II - Condensed Financial Information - Statement of Cash Flow (Parent Company) (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:        
Net earnings (loss) $ (314) $ 136 $ 481 $ 865
Net change in income taxes (11) (89) 170 138
Net change in other assets and other liabilities (43) 145 (528) 69
Net cash provided by (used in) operating activities (224) 287 3,171 1,871
Cash Flows from Investing Activities:        
Net cash provided by (used in) investing activities (724) (1,865) (9,370) (6,862)
Cash Flows from Financing Activities:        
Debt issuance costs 0 0 (4) 0
Exercise of stock options 10 0 0 0
Net cash provided by (used in) financing activities 877 1,640 5,626 5,635
Net increase (decrease) in cash and cash equivalents (71) 62 (573) 644
Cash and cash equivalents at beginning of period 935 864 1,533 889
Cash and cash equivalents at end of period 864 889 960 1,533
Parent Company        
Cash Flows from Operating Activities:        
Net earnings (loss) (314) 136 481 865
Gain (Loss) on Sale of Investments 0 0 1 0
Equity in earnings of subsidiaries 303 (101) (461) (868)
Net change in income taxes 0 (35) (25) 0
Stock-based compensation 3 4 12 9
Net change in other assets and other liabilities (6) (5) (9) (3)
Net cash provided by (used in) operating activities (14) (1) (1) 3
Cash Flows from Investing Activities:        
Proceeds 0 0 4 0
Net cash provided by (used in) investing activities 0 0 4 0
Cash Flows from Financing Activities:        
Proceeds from Issuance of Long-Term Debt 0 0 550 0
Debt issuance costs 0 0 (4) 0
Exercise of stock options 10 0 0 0
Capital contributions 0 0 (500) 0
Net cash provided by (used in) financing activities 10 0 46 0
Net increase (decrease) in cash and cash equivalents (4) (1) 49 3
Cash and cash equivalents at beginning of period 5 1 3 0
Cash and cash equivalents at end of period $ 1 $ 0 $ 52 $ 3
v3.22.4
Schedule III - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]        
Deferred acquisition costs $ 918 $ 222 $ 1,589 $ 761
Future policy benefits, losses, claims and loss expenses 3,741 4,010 5,923 4,732
Other policy claims and benefits payable 74 88 109 109
Life insurance premiums and other fees 90 138 1,695 1,395
Interest and investment income 403 743 1,655 1,852
Benefits, claims, losses and settlement expenses (298) (866) (1,125) (2,138)
Amortization, interest, and unlocking of deferred acquisition costs 28 (4) (81) (32)
Other operating expenses, net of deferrals $ (75) $ (75) $ (102) $ (105)
v3.22.4
Schedule IV - Supplemental Reinsurance Schedule (Details) - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
May 31, 2020
Dec. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Life insurance in force        
Gross Amount $ 3,626 $ 3,892 $ 6,258 $ 4,881
Ceded to other companies (2,025) (2,064) (1,594) (1,682)
Assumed from other companies 0 0 0 0
Net Amount $ 1,601 $ 1,828 $ 4,664 $ 3,199
Percentage of amount assumed of net 0.00% 0.00% 0.00% 0.00%
Net Premiums Earned        
Gross Amount $ 179 $ 254 $ 1,822 $ 1,583
Ceded (89) (116) (178) (188)
Assumed from other companies 0 0 0 0
Net $ 90 $ 138 $ 1,644 $ 1,395
Percentage of amount assumed of net 0.00% 0.00% 0.00% 0.00%
Life Insurance Premiums        
Net Premiums Earned        
Gross Amount     $ 160 $ 168
Ceded     (128) (137)
Assumed from other companies     0 0
Net     $ 32 $ 31
Percentage of amount assumed of net     0.00% 0.00%
Life-contingent PRT Premiums        
Net Premiums Earned        
Gross Amount $ 86 $ 108 $ 1,362 $ 1,146
Ceded (67) (85) 0 0
Assumed from other companies 0 0 0 0
Net $ 19 $ 23 $ 1,362 $ 1,146
Percentage of amount assumed of net 0.00% 0.00% 0.00% 0.00%
Annuity product charges        
Net Premiums Earned        
Gross Amount $ 93 $ 146 $ 300 $ 269
Ceded (22) (31) (50) (51)
Assumed from other companies 0 0 0 0
Net $ 71 $ 115 $ 250 $ 218
Percentage of amount assumed of net 0.00% 0.00% 0.00% 0.00%
v3.22.4
Label Element Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 827,000,000
DSI [Member]  
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net us-gaap_DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired 0
Voba [Member]  
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net us-gaap_DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired 1,847,000,000
Dac [Member]  
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net us-gaap_DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired $ 0