FNF 10-Q Quarterly Report March 31, 2023 | Alphaminr
Fidelity National Financial, Inc.
ALPHAMINR

FNF 10-Q Quarter ended March 31, 2023

Balance Sheet
Cash Flow
Income Statement
Debt
FIDELITY NATIONAL FINANCIAL, INC.
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fnf-20230331
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-32630
FNF_Updated_Marks.jpg
FIDELITY NATIONAL FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Delaware 16-1725106
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
601 Riverside Avenue
Jacksonville , Florida , 32204
(Address of principal executive offices, including zip code)

( 904 ) 854-8100
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
FNF Common Stock, $0.0001 par value FNF New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ or    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( § 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ or No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.




Large Accelerated Filer ☒ Accelerated Filer
☐
Non-accelerated Filer
☐
Smaller reporting Company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ or    No ☒
The number of shares outstanding of the Registrant's common stock as of April 30, 2023 were:
FNF Common Stock 272,191,238



Table of Contents
FORM 10-Q
QUARTERLY REPORT
Quarter Ended March 31, 2023
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION
2
3
4
5
6
7
8
72
101
101
PART II. OTHER INFORMATION
103
104
105
106
1
Table of Contents
PART I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
2
Table of Contents

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions, except share data)
March 31,
2023 		December 31,
2022
(Unaudited)
ASSETS
Investments:
Fixed maturity securities available for sale, at fair value, at March 31, 2023 and December 31, 2022, at an amortized cost of $ 40,219 and $ 37,708 , respectively, net of allowance for credit losses of $ 20 and $ 39 , respectively, and includes pledged fixed maturity securities of $ 471 and $ 448 , respectively, related to secured trust deposits
$ 36,110 $ 33,095
Preferred securities, at fair value 851 903
Equity securities, at fair value 734 678
Derivative investments 432 244
Mortgage loans, net of allowance for credit losses of $ 60 and $ 42 at March 31, 2023 and December 31, 2022, respectively
4,984 4,554
Investments in unconsolidated affiliates 2,889 2,642
Other long-term investments 691 664
Short-term investments, at March 31, 2023 and December 31, 2022 includes pledged short-term investments of $ 1 and $ 6 , respectively, related to secured trust deposits
1,346 2,590
Total investments 48,037 45,370
Cash and cash equivalents, at March 31, 2023 and December 31, 2022 includes $ 343 and $ 242 , respectively, of pledged cash related to secured trust deposits
2,821 2,286
Trade and notes receivables, net of allowance for credit losses of $ 33 and $ 33 at March 31, 2023 and December 31, 2022, respectively
428 467
Reinsurance recoverable, net of allowance for credit losses of $ 9 and $ 10 at March 31, 2023 and December 31, 2022, respectively
6,362 5,418
Goodwill 4,791 4,635
Prepaid expenses and other assets 1,991 2,068
Market risk benefits asset 106 117
Lease assets 367 376
Other intangible assets, net 4,158 3,811
Title plants 416 416
Property and equipment, net 177 179
Total assets $ 69,654 $ 65,143
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds $ 43,379 $ 40,843
Future policy benefits 5,371 5,021
Accounts payable and accrued liabilities 2,343 2,326
Market risk benefits liability 324 282
Notes payable 3,696 3,238
Reserve for title claim losses 1,791 1,810
Funds withheld for reinsurance liabilities 4,830 3,703
Secured trust deposits 801 862
Lease liabilities 410 418
Deferred tax liability 61 71
Total liabilities 63,006 58,574
Equity:
FNF common stock, $ 0.0001 par value; authorized 600,000,000 shares as of March 31, 2023 and December 31, 2022; outstanding of 272,194,249 and 272,309,890 as of March 31, 2023 and December 31, 2022, respectively, and issued of 327,747,431 and 327,757,349 as of March 31, 2023 and December 31, 2022, respectively
— —
Preferred stock, $ 0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none
— —
Additional paid-in capital 5,871 5,870
Retained earnings 5,044 5,225
Accumulated other comprehensive loss ( 2,610 ) ( 2,870 )
Less: Treasury stock, 55,553,182 shares and 55,447,459 shares as of March 31, 2023 and December 31, 2022, respectively, at cost
( 2,113 ) ( 2,109 )
Total Fidelity National Financial, Inc. shareholders’ equity 6,192 6,116
Non-controlling interests 456 453
Total equity 6,648 6,569
Total liabilities and equity $ 69,654 $ 65,143
See Notes to Condensed Consolidated Financial Statements
3
Table of Contents

FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share data)

Three months ended March 31,
2023 2022
(Unaudited)
Revenues:
Direct title insurance premiums $ 428 $ 767
Agency title insurance premiums 550 1,099
Escrow, title-related and other fees 880 1,292
Interest and investment income 611 478
Recognized gains and losses, net 5 ( 469 )
Total revenues 2,474 3,167
Expenses:
Personnel costs 677 823
Agent commissions 420 844
Other operating expenses 360 442
Benefits and other changes in policy reserves 812 203
Market risk benefit losses 59 70
Depreciation and amortization 134 115
Provision for title claim losses 44 84
Interest expense 42 30
Total expenses 2,548 2,611
(Loss) earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates ( 74 ) 556
Income tax expense 14 156
(Loss) earnings before equity in earnings of unconsolidated affiliates ( 88 ) 400
Equity in (loss) earnings of unconsolidated affiliates — 2
Net (loss) earnings ( 88 ) 402
Less: Net (loss) earnings attributable to non-controlling interests ( 29 ) 2
Net (loss) earnings attributable to Fidelity National Financial, Inc. common shareholders $ ( 59 ) $ 400
Earnings per share
Basic
Net earnings per share from continuing operations attributable to common shareholders $ ( 0.22 ) $ 1.42
Net earnings per share attributable to common shareholders, basic $ ( 0.22 ) $ 1.42
Diluted
Net earnings per share from continuing operations attributable to common shareholders $ ( 0.22 ) $ 1.41
Net earnings per share attributable to common shareholders, diluted $ ( 0.22 ) $ 1.41
Weighted average common shares outstanding - basic 270 281
Weighted average common shares outstanding - diluted 271 283
See Notes to Condensed Consolidated Financial Statements
4
Table of Contents
FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(In millions)
Three months ended March 31,
2023 2022
(Unaudited)
Net (loss) earnings $ ( 88 ) $ 402
Other comprehensive earnings (loss):
Unrealized gain (loss) on investments and other financial instruments (excluding investments in unconsolidated affiliates) (1) 349 ( 1,904 )
Unrealized gain on investments in unconsolidated affiliates (2) 11 7
Unrealized gain (loss) on foreign currency translation (3) 1 ( 2 )
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4) 35 25
Changes in current discount rate - future policy benefits (5) ( 100 ) 292
Changes in instrument-specific credit risk - market risk benefits (6) 7 33
Other comprehensive earnings attributable to non-controlling interest (7) ( 43 ) —
Other comprehensive earnings (loss) 260 ( 1,549 )
Comprehensive earnings (loss) 172 ( 1,147 )
Less: Comprehensive (loss) earnings attributable to non-controlling interests ( 29 ) 2
Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders $ 201 $ ( 1,149 )
_______________________________________
(1) Net of income tax expense (benefit) of $ 88 million and $( 387 ) million for the three months ended March 31, 2023 and 2022, respectively.
(2) Net of income tax expense of $ 3 million and $ 2 million for the three months ended March 31, 2023 and 2022, respectively.
(3) Net of income tax expense of less than $ 1 million for the three months ended March 31, 2023 and 2022.
(4) Net of income tax expense of $ 9 million and $ 7 million for the three months ended March 31, 2023 and 2022, respectively.
(5) Net of income tax (benefit) expense of $( 27 ) million and $ 78 million for the three months ended March 31, 2023 and 2022, respectively.
(6) Net of income tax expense of $ 2 million and $ 9 million for the three months ended March 31, 2023 and 2022, respectively.
(7) Net of income tax benefit of $ 11 million for the three months ended March 31, 2023.
See Notes to Condensed Consolidated Financial Statements






5
Table of Contents


FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions, except per share data)
(Unaudited)
Fidelity National Financial, Inc. Common Shareholders
Accumulated
FNF Other
Common Additional Comprehensive Treasury Non-
Stock Paid-in Retained Earnings Stock controlling Total
Shares $ Capital Earnings (Loss) Shares $ Interests Equity
Balance, January 1, 2022 325 $ — $ 5,811 $ 4,818 $ 879 42 $ ( 1,545 ) $ 43 $ 10,006
Exercise of stock options 1 — 3 — — — — — 3
Treasury stock repurchased — — — — — 3 ( 134 ) — ( 134 )
Other comprehensive earnings - unrealized loss on investments and other financial instruments — — — — ( 1,904 ) — — — ( 1,904 )
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates — — — — 7 — — — 7
Other comprehensive earnings - unrealized gain on foreign currency translation — — — — ( 2 ) — — — ( 2 )
Reclassification adjustments for change in unrealized gains and losses included in net earnings — — — — 25 — — — 25
Change in instrument-specific credit risk - market risk benefits 33 33
Change in current discount rate - liability for future policy benefits 292 292
Stock-based compensation — — 12 — — — — — 12
Dividends declared, $ 0.44 per common share
— — — ( 124 ) — — — — ( 124 )
Subsidiary dividends declared to non-controlling interests — — — — — — — ( 4 ) ( 4 )
Net earnings — — — 400 — — — 2 402
Balance, March 31, 2022 326 $ — $ 5,826 $ 5,094 $ ( 670 ) 45 $ ( 1,679 ) $ 41 $ 8,612
Balance, January 1, 2023 328 $ — $ 5,870 $ 5,225 $ ( 2,870 ) 55 $ ( 2,109 ) $ 453 $ 6,569
Treasury stock repurchased — — — — — — ( 4 ) — ( 4 )
Purchase of incremental share in consolidated subs — — ( 12 ) — — — — ( 8 ) ( 20 )
Other comprehensive earnings - unrealized gain on investments and other financial instruments — — — — 349 — — — 349
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates — — — — 11 — — — 11
Other comprehensive earnings - unrealized gain on foreign currency translation — — — — 1 — — — 1
Reclassification adjustments for change in unrealized gains and losses included in net earnings — — — — 35 — — — 35
Change in current discount rate — liability for future policy benefits — — — — ( 100 ) — — — ( 100 )
Change in instrument-specific credit risk - market risk benefits — — — — 7 — — — 7
Other comprehensive loss associated with noncontrolling interests — — — — ( 43 ) — — 43 —
Stock-based compensation — — 13 — — — — — 13
Dividends declared, $ 0.45 per common share
— — — ( 122 ) — — — — ( 122 )
Subsidiary dividends declared to non-controlling interests — — — — — — — ( 3 ) ( 3 )
Net loss — — — ( 59 ) — — — ( 29 ) ( 88 )
Balance, March 31, 2023 328 $ — $ 5,871 $ 5,044 $ ( 2,610 ) 55 $ ( 2,113 ) $ 456 $ 6,648

See Notes to Condensed Consolidated Financial Statements

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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
For the three months ended March 31,
2023 2022
(Unaudited)
Cash flows from operating activities:
Net (loss) earnings $ ( 88 ) $ 402
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 134 115
Equity in earnings of unconsolidated affiliates — ( 2 )
Loss (gain) on sales of investments and other assets and asset impairments, net 213 ( 30 )
Interest credited/index credits to contractholder account balances 542 ( 386 )
Change in market risk benefits, net 60 70
Deferred policy acquisition costs and deferred sales inducements ( 251 ) ( 169 )
Charges assessed to contractholders for mortality and admin ( 58 ) ( 52 )
Non-cash lease costs 35 36
Operating lease payments ( 39 ) ( 37 )
Distributions from unconsolidated affiliates, return on investment 36 25
Stock-based compensation cost 14 13
Change in NAV of limited partnerships, net ( 57 ) ( 112 )
Change in valuation of derivatives, equity and preferred securities, net ( 216 ) 499
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable ( 79 ) 47
Change in future policy benefits 224 428
Change in funds withheld from reinsurers 1,124 181
Net decrease in trade receivables 45 27
Net (decrease) increase in reserve for title claim losses ( 19 ) 30
Net change in income taxes ( 28 ) 143
Net change in other assets and other liabilities ( 174 ) ( 561 )
Net cash provided by operating activities 1,418 667
Cash flows from investing activities:
Proceeds from sales, calls and maturities of investment securities 1,091 1,984
Proceeds from sales of property and equipment — 5
Additions to property and equipment and capitalized software ( 34 ) ( 43 )
Purchases of investment securities ( 4,077 ) ( 3,810 )
Net proceeds from sales and maturities (purchases) of short-term investment securities 1,249 ( 1,255 )
Additions to notes receivable ( 4 ) ( 4 )
Acquisitions and dispositions ( 273 ) ( 20 )
Additional investments in unconsolidated affiliates ( 327 ) ( 309 )
Distributions from unconsolidated affiliates, return of investment 90 34
Net other investing activities — 4
Net cash used in investing activities ( 2,285 ) ( 3,414 )
Cash flows from financing activities:
Debt offering 500 —
Debt costs/equity issuance additions ( 10 ) —
F&G Credit Agreement repayments, net ( 35 ) —
Dividends paid ( 122 ) ( 124 )
Subsidiary dividends paid to non-controlling interest shareholders ( 7 ) ( 4 )
Exercise of stock options — 2
Additional investment in consolidated subsidiary ( 20 ) —
Net change in secured trust deposits ( 61 ) 36
Payment of contingent consideration for prior period acquisitions ( 2 ) ( 1 )
Contractholder account deposits 2,115 2,123
Contractholder account withdrawals ( 950 ) ( 723 )
Purchases of treasury stock ( 6 ) ( 129 )
Net cash provided by financing activities 1,402 1,180
Net increase (decrease) in cash and cash equivalents 535 ( 1,567 )
Cash and cash equivalents at beginning of period 2,286 4,360
Cash and cash equivalents at end of period $ 2,821 $ 2,793
See Notes to Condensed Consolidated Financial Statements
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FIDELITY NATIONAL FINANCIAL, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
( Unaudited)
Note A — Basis of Financial Statements
The financial information in this report presented for interim periods is unaudited and includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022.
Description of the Business
We are a leading provider of (i) title insurance, escrow and other title-related services, including loan sub-servicing, valuations, default services and home warranty products, (ii) technology to the real estate and mortgage industries and (iii) annuity and life insurance products. FNF is one of the nation’s largest title insurance companies operating through its title insurance underwriters - Fidelity National Title Insurance Company ("FNTIC"), Chicago Title Insurance Company ("Chicago Title"), Commonwealth Land Title Insurance Company ("Commonwealth Title"), Alamo Title Insurance and National Title Insurance of New York Inc. - which collectively issue more title insurance policies than any other title company in the United States. Through our subsidiary, ServiceLink Holdings, LLC ("ServiceLink"), we provide mortgage transaction services, including title-related services and facilitation of production and management of mortgage loans. We are also a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through our majority-owned subsidiary, F&G Annuities & Life ("F&G").
For information about our reportable segments refe r to Note H Segment Information .
Recent Developments
7.40 % F&G Senior Notes
On January 13, 2023, F&G completed its issuance and sale of $ 500 million aggregate amount of its 7.40 % Senior Notes due 2028 (the " 7.40 % F&G Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. For further information about the 7.40 % F&G Notes refer to Note O Notes Payable .
Title Point Acquisition
On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $ 224 million in cash, subject to customary working capital adjustments. TitlePoint enables searches for detailed property information, images of documents and maps from hundreds of counties across the U.S and is a leader in the science of real estate property research technology. For further information about the TitlePoint acquisition refer to Note N Acquisitions .
Income Tax
Income tax expense was $ 14 million and $ 156 million in the three months ended March 31, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was ( 19 )% and 28 % in the three months ended March 31, 2023 and 2022, respectively. The change in income tax expense as a percentage of (loss) earnings before taxes in the three months ended March 31, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of a valuation allowance in the 2022 period. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three months ended March 31, 2023 was further reduced by an increase in the valuation allowance in 2023.

Earnings Per Share
Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders in a given period by the weighted average number of common shares outstanding during such period. In periods when earnings are positive, diluted
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earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options and shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Options or other instruments, which provide the ability to purchase shares of our common stock that are antidilutive, are excluded from the computation of diluted earnings per share.
Recent Accounting Pronouncements
Adopted Pronouncements
In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of operations; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in accumulated other comprehensive income (loss) (“AOCI”); Market risk benefits (“MRB”) associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk, which is recognized in AOCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated roll forwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. We adopted this standard, which required the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date, and elected the full retrospective transition method. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $ 73 million, net of tax.

Summary of Updated Significant Accounting Policies
Since our Annual Report on Form 10-K for the year ended December 31, 2022, as a result of the adoption of ASU 2018-12 we have updated the following significant accounting policies, which have been followed in preparing the accompanying unaudited Condensed Consolidated Financial Statements:
Investments
Fixed Maturity Securities Available-for-Sale
Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within AOCI, net of deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are primarily valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. We recognize investment income on fixed maturities based on the effective interest method, which results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Realized gains and losses on sales of our fixed maturity securities are determined on the first-in first-out cost basis. We generally record security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying Condensed Consolidated Statements of Operations. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on AFS securities, refer to Note D Investments.
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VOBA, DAC, DSI and URL
Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI").
VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital. DAC consists principally of commissions and other acquisition costs that are related directly to the successful sale of new or renewal insurance contracts. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and persistency or vesting bonuses credited to policyholder account balances.
VOBA, DAC, and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Contracts are grouped by product type and feature and issue year into cohorts consistent with the grouping used in estimating the associated liability, where applicable. The constant level amortization bases of VOBA, DAC and DSI varies by product type. For universal life and indexed universal life ("IUL") insurance products, the constant level basis used is face amount in force. For deferred annuities (fixed indexed annuities ("FIA") and fixed rate annuities), the constant level basis used is initial premium deposit for DAC and DSI and vested account value as of the acquisition date for VOBA. For immediate annuity contracts, the VOBA balance is amortized in alignment with the Company’s accounting policy of amortizing the deferred profit liability (“DPL”). All amortization bases are adjusted by full lapses, which includes deaths, full surrenders, annuitizations and maturities, where applicable.
The constant level bases used for amortization are projected using mortality and lapse assumptions that are based on Company’s experience, industry data, and other factors and are consistent with those used for the Future Policy Benefits ("FPB"), where applicable. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected contract terminations, due to higher mortality and/or lapse experience than expected, are recognized in the current period as a reduction of the capitalized balances. All balances are reduced for actual experience in excess of expected experience with changes in future estimates recognized prospectively over the remaining expected grouped contract term. The impact of changes in projected assumptions and the impact of actual experience that is different from expectations both impact the amortization of these intangible assets, which is reported within Depreciation and amortization in the accompanying unaudited Condensed Consolidated Statements of Operations.
Some of our IUL policies require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies or contracts. These payments are established as unearned revenue liabilities (“URL”) upon receipt and included in Accounts payable and other accrued liabilities in the Condensed Consolidated Balance Sheets. URL is amortized like DAC over the estimated lives of these policies. As of March 31, 2023 and December 31, 2022, our URL balance was $ 190 million and $ 160 million, respectively
Contractholder Funds
Contractholder funds include deferred annuities (FIAs and fixed rate annuities), IULs, funding agreements and non-life contingent (“NLC”) immediate annuities (which includes NLC pension risk transfer ("PRT") annuities). The liabilities for contractholder funds for fixed rate annuities, funding agreements and NLC immediate annuities (which includes NLC PRT annuities) consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative liability is carried at fair value in Contractholder funds in the accompanying Condensed Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments .
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Future Policy Benefits
The FPB is determined as the present value of future policy benefits and related claims expenses to be paid to or on behalf of the policyholder less the present value of future net premiums to be collected from policyholders. The FPB for traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities) are estimated using current assumptions that include discount rate, mortality and surrender/lapse terminations for traditional life insurance policies only, and expenses. The expense assumption is locked-in at contract issuance and not subsequently reviewed or updated. The initial assumptions are based on generally accepted actuarial methods and a combination of internal and industry experience. Policies are terminated through surrenders, lapses and maturities, where surrenders represent the voluntary terminations of policies by policyholders, lapses represent cancellations by us due to nonpayment of premiums, and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder behavior experience adjusted for expected future conditions.
For traditional life policies and life-contingent immediate annuity policies, contracts are grouped into cohorts by product type, legal entity, and issue year, or acquisition year for cohorts established as of the F&G acquisition date, June 1, 2020. Life-contingent PRT annuities are grouped into cohorts by deal and legal entity. At contract inception, a net premium ratio (“NPR”) is determined, which is calculated based on discounted future cash flows projected using best estimate assumptions and is capped at 100 %, as net premiums cannot exceed gross premiums. Cohorts with NPRs less than 100 % are not used to offset cohorts with NPRs greater than 100 %.
The NPR is adjusted for changes in cash flow assumptions and for differences between actual and expected experience. We assess the appropriateness of all future cash flow assumptions, excluding the expense assumption, on a quarterly basis and perform an in-depth review of future cash flow assumptions in the third quarter of each year. Updates are made when evidence suggests a revision is necessary. Updates for actual experience, which includes actual cash flows and insurance in-force, are performed on a quarterly basis. These updated cash flows are used to calculate a revised NPR, which is used to derive an updated liability as of the beginning of the current reporting period, discounted at the original contract issuance date. The updated liability is compared with the carrying amount of the liability as of that same date before the revised NPR. The difference between these amounts is the remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying Condensed Consolidated Statements of Operations. In subsequent periods, the revised NPR, which is capped at 100 %, is used to measure the FPB, subject to future revisions. If the NPR is greater than 100 %, and therefore capped at 100 %, the liability is increased and expensed immediately to reflect the amount necessary for net premiums to equal gross premiums. As the liability assumptions are reviewed and updated, if deemed necessary, at least annually, if conditions improve whereby the contracts are no longer expected to have net premiums in excess of gross premiums, the improvements would be captured in the remeasurement process and reflected in the accompanying unaudited Condensed Consolidated Statements of Operations in the period of improvement.
For traditional life policies and life-contingent immediate annuity policies (which includes life-contingent PRT annuities), the discount rate assumption is an equivalent single rate that is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. We selected fixed-income instruments that have been A-rated by Bloomberg. In order to reflect the duration characteristics of the liability, we will use an implied forward yield curve and linear interpolation will be used for durations that have limited or no market observable points on the curve. The discount rate assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change reflected in the accompanying unaudited Condensed Consolidated Statements of Comprehensive Earnings.
Deferred Profit Liability
For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a DPL. Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for FPB, including discount rate, mortality, and expenses.
The DPL is amortized and recognized as premium revenue with the amount of expected future benefit payments, discounted using the same discount rate determined and locked-in at contract issuance that is used in the measurement of the related FPB. Interest is accreted on the balance of the DPL using this same discount rate. We periodically review and update our estimates of using the actual historical experience and updated cash flows for the DPL at the same time as the estimates of cash flows for the FPB. When cash flows are updated,
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the updated estimates are used to recalculate the initial DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the current reporting period, with any differences recognized as a remeasurement gain or loss, presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Operations. The DPL is recorded as a component of the Future policy benefits in the accompanying Condensed Consolidated Balance Sheets.
Market Risk Benefits
MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest rate and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA products that provide minimum guarantees to policyholders, such as guaranteed minimum death benefit (“GMDB”) and guaranteed minimum withdrawal benefit (“GMWB”) riders.
MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits, which represent expected benefits in excess of the policyholder’s account value. At contract inception, an attributed fee ratio is calculated equal to rider charges over benefits paid in excess of the account value attributable to the MRB. The attributed fee ratio remains static over the life of the MRB and is capped at 100 %. Each period subsequent to contract inception, the attributed fee ratio is used to calculate the fair value of the MRB using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, GMWB utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. MRBs can either be in an asset or liability position and are presented separately on the Condensed Consolidated Balance Sheets as the right of setoff criteria are not met. Changes in fair value are recognized in Market risk benefits gain (losses) in the unaudited Condensed Consolidated Statements of Operations, except for the change in fair value due to a change in the instrument-specific credit risk, which is recognized in the Condensed Consolidated Statements of Comprehensive Earnings. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments and Note P Market Risk Benefits .
Benefits and Other Changes in Policy Reserves
Benefit expenses for deferred annuities (FIAs and fixed rate annuities), IUL policies and funding agreements include interest credited, fixed interest and/or indexed (specific to FIA and IUL policies), to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative.
Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and life-contingent immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Remeasurement gains or losses on the related FPB and DPL balances are presented parenthetically within Benefits and other changes in policy reserves in the accompanying unaudited Condensed Consolidated Statements of Operations.


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Impacts of adoption of ASU 2018-12 on Financial Statements
The following tables summarize the impacts of the adoption of ASU 2018-12 on our accompanying unaudited Condensed Consolidated Balance Sheet and unaudited Condensed Consolidated Statement of Operations.
Condensed Consolidated Balance Sheet
December 31, 2022
As Previously Reported Adjustments As adjusted
(Unaudited) (Unaudited)
(In millions)
ASSETS
Reinsurance recoverable, net of allowance for credit losses $ 5,588 $ ( 170 ) $ 5,418
Goodwill 4,642 ( 7 ) 4,635
Prepaid expenses and other assets 2,231 ( 163 ) 2,068
Market risk benefits asset — 117 117
Other intangible assets, net 4,034 ( 223 ) 3,811
Total assets $ 16,495 $ ( 446 ) $ 16,049
LIABILITIES AND EQUITY
Liabilities:
Contractholder funds $ 41,233 $ ( 390 ) $ 40,843
Future policy benefits 5,923 ( 902 ) 5,021
Accounts payable and accrued liabilities 2,352 ( 26 ) 2,326
Market risk benefits liability — 282 282
Total liabilities $ 49,508 $ ( 1,036 ) $ 48,472
Equity:
Additional paid-in capital $ 5,876 $ ( 6 ) $ 5,870
Retained earnings 4,714 511 5,225
Accumulated other comprehensive (loss) earnings ( 2,862 ) ( 8 ) ( 2,870 )
Non-controlling interests 360 93 453
Total equity $ 8,088 $ 590 $ 8,678

Condensed Consolidated Statement of Operations
Three months ended March 31, 2022
As Previously Reported Adjustments As adjusted
(Unaudited)
Revenues: (In millions)
Escrow, title-related and other fees $ 1,290 $ 2 $ 1,292
Expenses:
Benefits and other changes in policy reserves $ 208 $ ( 5 ) $ 203
Market risk benefit losses — 70 70
Depreciation and amortization 182 ( 67 ) 115
Income tax expense 155 1 156
Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 397 $ 3 $ 400
Earnings per share
Basic
Net earnings per share attributable to common shareholders, basic $ 1.41 $ 0.01 $ 1.42
Diluted
Net earnings per share attributable to common shareholders, diluted $ 1.40 $ 0.01 $ 1.41



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Note B — Summary of Reserve for Title Claim Losses
A summary of the reserve for title claim losses follows:
Three months ended March 31,
2023 2022
(In millions)
Beginning balance $ 1,810 $ 1,883
Change in insurance recoverable — ( 1 )
Claim loss provision related to:
Current year 43 84
Total title claim loss provision 43 84
Claims paid, net of recoupments related to:
Current year ( 1 ) ( 1 )
Prior years ( 61 ) ( 53 )
Total title claims paid, net of recoupments ( 62 ) ( 54 )
Ending balance of claim loss reserve for title insurance $ 1,791 $ 1,912
Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 %
Several lawsuits have been filed by various parties against Chicago Title Company and Chicago Title Insurance Company as its principal (collectively, the “Named Companies”). Generally, plaintiffs claim they are investors who were solicited by Gina Champion-Cain through her former company, ANI Development LLC (“ANI”), or other affiliates to provide funds that purportedly were to be used for high-interest, short-term loans to parties seeking to acquire California alcoholic beverage licenses. Plaintiffs contend they were told that under California state law, alcoholic beverage license applicants are required to deposit into escrow an amount equal to the license purchase price while their applications remain pending with the State. Plaintiffs further alleged that employees of Chicago Title Company participated with Ms. Champion-Cain and her entities in a fraud scheme involving an escrow account maintained by Chicago Title Company into which some of the plaintiffs’ funds were deposited.
In connection with the alcoholic beverage license scheme, a lawsuit styled, Securities and Exchange Commission v. Gina Champion-Cain and ANI Development, LLC , was filed in the United States District Court for the Southern District of California asserting claims for securities fraud against Ms. Champion-Cain and certain of her affiliated entities. A receiver was appointed by the court to preserve the assets of the defendant affiliated entities (the “receivership entities”), pay their debts, operate the businesses and pursue any claims they may have against third-parties. Pursuant to the authority granted to her by the federal court, on January 7, 2022, a lawsuit styled, Krista Freitag v. Chicago Title Co. and Chicago Title Ins. Co. , was filed in San Diego County Superior Court by the receiver on behalf of the receivership entities against the Named Companies. The receiver seeks compensatory, incidental, consequential, and punitive damages, and seeks the recovery of attorneys’ fees. In turn, the Named Companies petitioned the Federal Court to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors, which was granted.
On April 26, 2022, the Named Companies reached a global settlement with the receiver and several other investor claimants. As a condition of the settlement, the Named Companies and the receiver jointly sought court approval of the global settlement and entry of an order barring any claims against the Named Companies related to the alcoholic beverage license scheme. On November 23, 2022, the federal court overruled any objections by non-joining investors and entered an order approving the global settlement and barring further claims against the Named Companies (“Settlement and Bar Order”). The receiver is in receipt of the settlement payment from Chicago Title Company and will distribute the amount designated for each non-joining investor at the conclusion of any such investor’s appeal of the Settlement and Bar Order (or back to Chicago Title Company if an appeal is successful). Some of the investor claimants who objected to entry of the Settlement and Bar Order appealed the decision to the United States Court of Appeals for the Ninth Circuit by (Cases 22-56206, 22-56208, and 23-55083). Appellate briefing is expected to take place over the next several months. After filing its appeal, one of the appellants, CalPrivate Bank (Case 23-55083), entered into a settlement with the receiver that was approved by the federal court. This settlement resolves CalPrivate Bank’s objections to the Settlement and Bar Order, and its appeal has been dismissed.

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The following lawsuits remain pending in the Superior Court of San Diego County for the State of California, all of which involve investor claimants who have claims against the Named Companies, objected to the settlement with the receiver, and have appealed the Settlement and Bar Order. Since any pending and future claims against the Named Companies are barred, the state court cases where plaintiffs have served a notice of appeal have been stayed pending the outcome of the appeals, and the claims against the Named Companies by non-appealing plaintiffs have been dismissed with prejudice. While they have not been consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy.

On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $ 250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages, as well as the recovery of attorneys' fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the members of ABC Funding Strategies, LLC plaintiffs under confidential terms.

On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson , which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $ 35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $ 250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain and others, and the Named Companies were substituted in as the Plaintiff following a settlement with the bank.
On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman , was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 , which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $ 12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $ 250 million in monetary losses as well as exemplary damages and attorneys’ fees.
On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $ 12 million based upon business loan advances made in the alcoholic beverage license scheme and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. Given CalPrivate Bank's settlement with the receiver, this action against the Named Companies will be dismissed.
Chicago Title Company has also resolved a number of other pre-suit claims and previously-disclosed lawsuits from both individual and groups of alleged investors under confidential terms. Based on the facts and circumstances of the remaining claims, including the settlements already reached, we have recorded reserves included in our reserve for title claim losses, which we believe are adequate to cover losses related to this matter, and believe that our reserves for title claim losses are adequate.
We continually upda te loss reserve estimates as new information becomes known, new loss patterns emerge or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors.
Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. If actual claims loss development varies from what is currently expected and is not offset by other factors, it is possible that additional reserve adjustments may be required in future periods in order to maintain our recorded reserve within a reasonable range of our actuary's central estimate.
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Note C — Fair Value of Financial Instruments
Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with net asset value. The hierarchy for fair value measurement is defined as follows:
Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.
Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.
Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.
Net asset value ("NAV") - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the limited partnership financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the limited partnerships may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.
When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources.
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The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:
March 31, 2023
Level 1 Level 2 Level 3 NAV Fair Value
Assets (In millions)
Cash and cash equivalents $ 2,821 $ — $ — $ — $ 2,821
Fixed maturity securities, available-for-sale:
Asset-backed securities — 5,592 6,300 — 11,892
Commercial mortgage-backed securities — 3,686 29 — 3,715
Corporates 25 14,262 1,544 — 15,831
Hybrids 97 683 — — 780
Municipals — 1,597 32 — 1,629
Residential mortgage-backed securities — 1,657 12 — 1,669
U.S. Government 318 11 — — 329
Foreign Governments — 249 16 — 265
Short term investments 1,315 8 23 — 1,346
Preferred securities 285 565 1 — 851
Equity securities 681 — 11 42 734
Derivative investments — 432 — — 432
Investment in unconsolidated affiliates — — 107 — 107
Reinsurance related embedded derivative, included in other assets — 260 — — 260
Market risk benefits asset — — 106 — 106
Other long-term investments — — 48 — 48
Total financial assets at fair value $ 5,542 $ 29,002 $ 8,229 $ 42 $ 42,815
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds — — 3,569 — 3,569
Market risk benefits liability $ — $ — $ 324 $ — $ 324
Total financial liabilities at fair value $ — $ — $ 3,893 $ — $ 3,893

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December 31, 2022
Level 1 Level 2 Level 3 NAV Fair Value
Assets (In millions)
Cash and cash equivalents $ 2,286 $ — $ — $ — $ 2,286
Fixed maturity securities, available-for-sale:
Asset-backed securities — 5,204 6,263 — 11,467
Commercial mortgage-backed securities — 3,026 37 — 3,063
Corporates 40 12,857 1,440 — 14,337
Hybrids 93 638 — — 731
Municipals — 1,431 29 — 1,460
Residential mortgage-backed securities — 1,225 302 — 1,527
U.S. Government 260 11 — — 271
Foreign Governments — 223 16 — 239
Short term investments 2,590 — — — 2,590
Preferred securities 320 582 1 — 903
Equity securities 621 — 10 47 678
Derivative investments — 244 — — 244
Investment in unconsolidated affiliates — — 23 — 23
Reinsurance related embedded derivative, included in other assets — 279 — — 279
Market risk benefits asset — — 117 — 117
Other long-term investments — — 48 — 48
Total financial assets at fair value $ 6,210 $ 25,720 $ 8,286 $ 47 $ 40,263
Liabilities
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds — — 3,115 — 3,115
Market risk benefits liability — — 282 — 282
Total financial liabilities at fair value $ — $ — $ 3,397 $ — $ 3,397

Valuation Methodologies
Cash and Cash Equivalents
The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments approximate fair value.
Fixed Maturity Preferred and Equity Securities
We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met.
For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices.
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We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of March 31, 2023 or December 31, 2022.
Certain equity investments are measured using NAV as a practical expedient in determining fair value.
Derivative Financial Instruments
The fair value of call options is based upon valuation pricing models, which represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on industry accepted valuation pricing models, which use market-observable inputs, including interest rates, yield curve volatilities, and other factors.
The fair value of futures contracts (specifically for FIA contracts) represents the cumulative unsettled variation margin (open trade equity, net of cash settlements), which represents what we would expect to receive or pay at the balance sheet date if we canceled the contracts or entered into offsetting positions. These contracts are classified as Level 1.
The fair value measurement of the FIA/IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at March 31, 2023 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input.
The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera") (effective October 31, 2021, this agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer) and ASPIDA Life Re Ltd ("Aspida Re") are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2. See Note L F&G Reinsurance for further discussion on F&G reinsurance agreements.
Investments in Unconsolidated affiliates
The fair value of our investments in unconsolidated affiliates is determined using a multiple of the affiliates’ EBITDA, which is derived from market analysis of transactions involving comparable companies. The EBITDA used in this calculation is based on the affiliates’ financial information.
Short-term investments
The carrying amounts reported in the unaudited Condensed Consolidated Balance Sheets for these instruments
approximate fair value.
Other long-term investments
We hold a fund-linked note, which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the embedded derivative is based on an unobservable input, the NAV of the fund at the balance sheet date. The embedded derivative is similar to a call option on the NAV of the fund with a strike price of zero since F&G will not be required to make any additional payments at maturity of the fund-linked note in order to receive the NAV of the fund on the maturity date. A Black-Scholes model determines the NAV of the fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model.  The NAV of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note E Derivative Financial Instruments .
The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting
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investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter.
Market Risk Benefits
MRBs are measured at fair value using an attributed fee measurement approach where attributed fees are explicit rider charges collectible from the policyholder used to cover the excess benefits. The fair value is calculated using a risk neutral valuation method and is based on current net amounts at risk, market data, internal and industry experience, and other factors. The balances are computed using assumptions including mortality, full and partial surrender, rider benefit utilization, risk-free rates including non-performance spread and risk margin, market value of options and economic scenarios. Policyholder behavior assumptions are reviewed at least annually, typically in the third quarter, for any revisions. See further discussion on MRBs in Note P - Market Risk Benefits .
Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2023 and December 31, 2022 are as follows:
Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average)
March 31, 2023
(In millions) March 31, 2023
Assets
Asset-backed securities $ 6,019 Broker-quoted Offered quotes
54.2 % - 187.27 % ( 93.86 %)
Asset-backed securities 281 Third-Party Valuation Offered quotes
39.43 % - 102.60 % ( 62.83 %)
Commercial mortgage-backed securities 12 Broker-quoted Offered quotes
95.34 % - 101.25 % ( 99.34 %)
Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes
73.36 % - 88.60 %
( 82.26 %)
Corporates 682 Broker-quoted Offered quotes
80.24 % - 104.74 % ( 95.90 %)
Corporates 11 Discounted Cash Flow Discount Rate
44.00 % - 100.00 % ( 75.18 %)
Corporates 851 Third-Party Valuation Offered quotes
0.00 % - 105.32 % ( 90.85 %)
Municipals 32 Third-Party Valuation Offered quotes
104.38 % - 104.38 % ( 104.38 %)
Residential mortgage-backed securities 8 Broker-quoted Offered quotes
0.00 % - 98.38 % ( 98.18 %)
Residential mortgage-backed securities 4 Third-Party Valuation Offered quotes
94.93 %
Foreign Governments 16 Third-Party Valuation Offered quotes
99.20 % - 99.44 % ( 99.28 %)
Investment in unconsolidated affiliates 107 Market Comparable Company Analysis EBITDA multiple
5 x- 14 x
( 12.1 x)
Short term investments 23 Broker-quoted Offered quotes
100.00 % - 100.00 %
( 100.00 %)
Preferred securities 1 Discounted Cash Flow Discount rate
100.00 % - 100.00 % ( 100.00 %)
Equity securities 7 Broker Quoted Offered quotes
$ 68.50 - $ 68.50 ($ 68.50 )
Equity securities 4 Discounted Cash Flow Discount rate
11.16 % - 11.16 % ( 11.16 %)
Market Comparable Company Analysis EBITDA multiple
7.8 x - 7.8 x ( 7.8 x)
Other long-term investments:
Available-for-sale embedded derivative 25 Black Scholes model Market value of fund
100.00 %
Secured borrowing receivable 10 Broker-quoted Offered quotes
100.00 % - 100.00 %
( 100.00 %)
Credit Linked Note 13 Broker-quoted Offered quotes
96.23 %
Market risk benefits asset 106 Discounted Cash Flow Mortality
100.00 % - 100.00 % ( 100.00 %)
Surrender rates
0.25 % - 10.00 %
( 5.03 %)
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Partial withdrawal rates
2.00 % - 21.74 %
( 2.49 %)
Non-performance spread
0.48 % - 1.42 %
( 1.31 %)
GMWB utilization
50.00 % - 60.00 %
( 50.89 %)
Total financial assets at fair value $ 8,229
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds $ 3,569 Discounted cash flow Market value of option
0.00 % - 28.31 % ( 1.54 %)
Swap rates
3.48 % - 4.97 % ( 4.23 %)
Mortality multiplier
100.00 % - 100.00 % ( 100.00 %)
Surrender rates
0.25 % - 70.00 % ( 6.57 %)
Partial withdrawals
2.00 % - 32.26 % ( 2.74 %)
Non-performance spread
0.48 % - 1.42 % ( 1.31 %)
Option cost
0.07 % - 5.67 % ( 2.11 %)
Market risk benefits liability 324 Discounted cash flow Mortality
100.00 % - 100.00 %
( 100.00 %)
Surrender rates
0.25 % - 10.00 %
( 5.03 %)
Partial withdrawal rates
2.00 % - 21.74 %
( 2.49 %)
Non-performance spread
0.48 % - 1.42 %
( 1.31 %)
GMWB utilization
0.48 % - 1.42 %
( 50.89 %)
Total financial liabilities at fair value $ 3,893
Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average)
December 31, 2022
(In millions) December 31, 2022
Assets
Asset-backed securities $ 5,916 Broker-quoted Offered quotes
52.85 % - 117.17 %
( 94.18 %)
Asset-backed securities 347 Third-Party Valuation Offered quotes
41.43 % - 210.50 %
( 67.99 %)
Commercial mortgage-backed securities 20 Broker-quoted Offered quotes
109.02 % - 109.02 %
( 109.02 %)
Commercial mortgage-backed securities 17 Third-Party Valuation Offered quotes
74.66 % - 88.48 %
( 82.74 %)
Corporates 602 Broker-quoted Offered quotes
79.16 % - 102.53 %
( 94.16 %)
Corporates 826 Third-Party Evaluation Offered quotes
— % - 104.96 %
( 89.69 %)
Corporates 12 Discounted Cash Flow Discount Rate
44.00 % - 100.00 % ( 77.02 %)
Municipals 29 Third-Party Evaluation Offered quotes
93.95 % - 93.95 %
( 93.95 %)
Foreign governments 16 Third-Party Evaluation Offered quotes
99.78 % - 102.29 %
( 100.56 %)
Investment in unconsolidated affiliates 23 Market Comparable Company Analysis EBITDA multiple
5 x- 5.50 x
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Residential mortgage-backed securities 302 Broker-quoted Offered quotes
— % - 91.04 %
( 86.38 %)
Preferred Securities 1 Discounted Cash Flow Discount rate
100.00 %
Equity securities 6 Broker-quoted Offered Quotes
$ 64.25 - $ 64.25 ($ 64.25 )
Equity securities 4 Discounted Cash Flow Discount Rate
11.10 % - 11.10 %
( 11.10 %)
Market Comparable Company Analysis EBITDA multiple
5.6 x - 5.6 x ( 5.6 x)
Other long-term investments:
Available-for-sale embedded derivative 23 Black Scholes model Market value of fund
100.00 %
Secured borrowing receivable 10 Broker-quoted Offered quotes
100.00 % - 100.00 % ( 100.00 %)
Credit Linked Note 15 Broker-quoted Offered quotes
96.23 %
Market risk benefits asset 117 Discounted Cash Flow Mortality
100.00 % - 100.00 % ( 100.00 %)
Surrender rates
0.25 % - 10.00 % ( 4.69 %)
Partial withdrawal rates
2.00 % - 21.74 % ( 2.49 %)
Non-performance spread
0.48 % - 1.44 % ( 1.30 %)
GMWB utilization
50.00 % - 60.00 % ( 50.94 %)
Total financial assets at fair value $ 8,286
Liabilities
Derivative investments:
FIA/ IUL embedded derivatives, included in contractholder funds 3,115 Discounted cash flow Market value of option
— % - 23.90 %
( 87.00 %)
Swap rates
3.88 % - 4.73 %
( 4.31 %)
Mortality multiplier
100.00 % - 100.00 %
( 100.00 %)
Surrender rates
0.25 % - 70.00 %
( 6.57 %)
Partial withdrawals
2.00 % - 29.41 %
( 2.73 %)
Non-performance spread
0.48 % - 1.44 % ( 1.30 %)
Option cost
0.07 % - 4.97 %
( 1.89 %)
Market risk benefits liability 282 Discounted Cash Flow Mortality
100.00 % - 100.00 % ( 100.00 %)
Surrender rates
0.25 % - 10.00 % ( 4.69 %)
Partial withdrawal rates
2.00 % - 21.74 % ( 2.49 %)
Non-performance spread
0.48 % - 1.44 % ( 1.30 %)
GMWB utilization
50.00 % - 60.00 % ( 50.94 %)
Total financial liabilities at fair value $ 3,397





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The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2023 and 2022. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Three months ended March 31, 2023
Balance at Beginning
of Period 		Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of
Level 3 (a) 		Balance at End of
Period 		Change in Unrealized Gains (Losses) Incl in OCI
Included in
Earnings 		Included in
AOCI
Assets (In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities $ 6,263 $ ( 8 ) $ 18 $ 416 $ ( 83 ) $ ( 235 ) $ ( 71 ) $ 6,300 $ 18
Commercial mortgage-backed securities 37 — 1 12 — — ( 21 ) 29 1
Corporates 1,440 ( 1 ) ( 23 ) 133 — ( 5 ) — 1,544 ( 23 )
Municipals 29 — 3 — — — — 32 3
Residential mortgage-backed securities 302 1 8 8 — ( 8 ) ( 299 ) 12 8
Foreign Governments 16 — — — — — — 16 —
Investment in unconsolidated affiliates 23 — — 84 — — — 107 —
Short term investments — — — 23 — — — 23 —
Preferred securities 1 — — — — — — 1 —
Equity securities 10 — — 1 — — — 11 —
Other long-term investments:
Available-for-sale embedded derivative 23 — 2 — — — — 25 2
Credit linked note 15 — — — — ( 2 ) — 13 —
Secured borrowing receivable 10 — — — — — — 10 —
Subtotal Level 3 assets at fair value $ 8,169 $ ( 8 ) $ 9 $ 677 $ ( 83 ) $ ( 250 ) $ ( 391 ) $ 8,123 $ 8,123 $ 9
Market risk benefits asset 117 106
Total Level 3 assets at fair value $ 8,286 $ 8,229
Liabilities
FIA/ IUL embedded derivatives, included in contractholder funds 3,115 385 — 96 — ( 27 ) — 3,569 —
Subtotal Level 3 liabilities at fair value $ 3,115 $ 385 $ — $ 96 $ — $ ( 27 ) $ — $ 3,569 $ —
Market risk benefits liability 282 324
Total Level 3 liabilities at fair value $ 3,397 $ 3,893
(a) The net transfers out of Level 3 during the three months ended March 31, 2023 were exclusively to Level 2.
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Three months ended March 31, 2022
Balance at Beginning
of Period 		Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of
Level 3 (a) 		Balance at End of
Period 		Change in Unrealized Gains (Losses) Incl in OCI
Included in
Earnings 		Included in
AOCI
Assets (In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities $ 3,959 $ — $ ( 130 ) $ 400 $ — $ ( 152 ) $ 84 $ 4,161 $ ( 138 )
Commercial mortgage-backed securities 35 — ( 2 ) — — — 7 40 ( 2 )
Corporates 1,135 — ( 74 ) 80 — ( 26 ) 26 1,141 ( 73 )
Municipals 43 — ( 6 ) — — — — 37 ( 5 )
Foreign Governments 18 — ( 1 ) — — — — 17 ( 1 )
Investment in unconsolidated affiliates 21 — — — — — — 21 —
Short term investments 321 — ( 1 ) 20 — — ( 321 ) 19 ( 1 )
Preferred securities 2 — ( 1 ) — — — — 1 ( 1 )
Equity securities 9 — — 1 — — — 10 —
Other long-term investments:
Available-for-sale embedded derivative 34 ( 4 ) — — — — — 30 —
Credit linked note 23 — ( 3 ) — — ( 1 ) — 19 —
Subtotal Level 3 assets at fair value $ 5,600 $ ( 4 ) $ ( 218 ) $ 501 $ — $ ( 179 ) $ ( 204 ) $ 5,496 $ ( 221 )
Market risk benefits asset 41 29
Total Level 3 assets at fair value $ 5,641 $ 5,525
Liabilities
FIA embedded derivatives, included in contractholder funds 3,883 ( 584 ) — 126 — ( 30 ) — 3,395 —
Subtotal Level 3 liabilities at fair value $ 3,883 $ ( 584 ) $ — $ 126 $ — $ ( 30 ) $ — $ 3,395 $ —
Market risk benefits liability 469 486
Total Level 3 liabilities at fair value $ 4,352 $ 3,881

Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value
The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments.
Mortgage Loans
The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy.
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Investments in Unconsolidated affiliates
In our F&G segment, the fair value of Investments in unconsolidated affiliates is primarily determined using NAV as a practical expedient and are included in the NAV column in the table below. In our title segment, Investments in unconsolidated affiliates are accounted for under the equity method of accounting. In our title segment, Investments in unconsolidated affiliates were $ 220 million and $ 187 million as of March 31, 2023 and December 31, 2022, respectively.
Policy Loans (included within Other long-term investments)
Fair values for policy loans are estimated from a discounted cash flow analysis, using interest rates currently being offered for loans with similar credit risk.  Loans with similar characteristics are aggregated for purposes of the calculations.
Company Owned Life Insurance
Company owned life insurance ("COLI") is a life insurance program used to finance certain employee benefit expenses. The fair value of COLI is based on net realizable value, which is generally cash surrender value. COLI is classified as Level 3 within the fair value hierarchy.
Other Invested Assets (included within Other long-term investments)
The fair value of bank loans is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Bank loans are classified as Level 3 within the fair value hierarchy. For cost method investments, our carrying value approximates fair value. Cost method investments are classified as Level 1 within the fair value hierarchy.
Investment Contracts
Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed IULs, funding agreements, PRTs and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e., cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements, PRTs and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.
Other
Federal Home Loan Bank of Atlanta ("FHLB") common stock, Accounts receivable and Notes receivable are carried at cost, which approximates fair value. FHLB common stock is classified as Level 2 within the fair value hierarchy. Accounts receivable and Notes receivable are classified as Level 3 within the fair value hierarchy.
Debt
The fair value of debt, with the exception of the F&G Credit Agreement, as defined in Note O Notes Payable , is based on quoted market prices. The carrying value of the F&G Credit Agreement approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy.
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The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.
March 31, 2023
Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount
Assets (In millions)
FHLB common stock $ — $ 106 $ — $ — $ 106 $ 106
Commercial mortgage loans — — 2,178 — 2,178 2,458
Residential mortgage loans — — 2,323 — 2,323 2,526
Investments in unconsolidated affiliates — — 4 2,558 2,562 2,562
Policy loans — — 55 — 55 55
Other invested assets 91 — 11 — 102 102
Company-owned life insurance — — 381 — 381 381
Trade and notes receivables, net of allowance — — 428 — 428 428
Total $ 91 $ 106 $ 5,380 $ 2,558 $ 8,135 $ 8,618
Liabilities
Investment contracts, included in contractholder funds $ — $ — $ 36,117 $ — $ 36,117 $ 39,809
Debt — 3,308 — — 3,308 3,696
Total $ — $ 3,308 $ 36,117 $ — $ 39,425 $ 43,505

December 31, 2022
Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount
Assets (In millions)
FHLB common stock $ — $ 99 $ — $ — $ 99 $ 99
Commercial mortgage loans — — 2,083 — 2,083 2,406
Residential mortgage loans — — 1,892 — 1,892 2,148
Investments in unconsolidated affiliates — — 5 2,427 2,432 2,432
Policy loans — — 52 — 52 52
Other invested assets 93 — 16 — 109 109
Company-owned life insurance — — 363 — 363 363
Trade and notes receivables, net of allowance — — 467 — 467 467
Total $ 93 $ 99 $ 4,878 $ 2,427 $ 7,497 $ 8,076
Liabilities
Investment contracts, included in contractholder funds $ — $ — $ 34,464 $ — $ 34,464 $ 38,412
Debt — 2,776 — — 2,776 3,238
Total $ — $ 2,776 $ 34,464 $ — $ 37,240 $ 41,650
For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable that a price less than NAV would be received in the event of a liquidation.
We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

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Note D — Investments
Our fixed maturity securities investments have been designated as AFS, and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings. The Company’s consolidated investments at March 31, 2023 and December 31, 2022 are summarized as follows:
March 31, 2023
Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
Available-for-sale securities (In millions)
Asset-backed securities $ 12,620 $ ( 10 ) $ 43 $ ( 761 ) $ 11,892
Commercial mortgage-backed securities 4,048 — 3 ( 336 ) 3,715
Corporates 18,426 ( 3 ) 64 ( 2,656 ) 15,831
Hybrids 853 — 9 ( 82 ) 780
Municipals 1,850 — 13 ( 234 ) 1,629
Residential mortgage-backed securities 1,770 ( 7 ) 13 ( 107 ) 1,669
U.S. Government 341 — — ( 12 ) 329
Foreign Governments 311 — 1 ( 47 ) 265
Total available-for-sale securities $ 40,219 $ ( 20 ) $ 146 $ ( 4,235 ) $ 36,110
December 31, 2022
Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value
Available-for-sale securities (In millions)
Asset-backed securities $ 12,209 $ ( 8 ) $ 36 $ ( 770 ) $ 11,467
Commercial mortgage-backed/asset-backed securities 3,337 ( 1 ) 11 ( 284 ) 3,063
Corporates 17,396 ( 22 ) 32 ( 3,069 ) 14,337
Hybrids 806 — 9 ( 84 ) 731
Municipals 1,749 — 4 ( 293 ) 1,460
Residential mortgage-backed securities 1,638 ( 8 ) 6 ( 109 ) 1,527
U.S. Government 287 — — ( 16 ) 271
Foreign Governments 286 — — ( 47 ) 239
Total available-for-sale securities $ 37,708 $ ( 39 ) $ 98 $ ( 4,672 ) $ 33,095

Securities held on deposit with various state regulatory authorities had a fair value of $ 18,876 million and $ 17,870 million at March 31, 2023 and December 31, 2022, respectively.
As of March 31, 2023 and December 31, 2022, the Company held no material investments that were non-income producing for a period greater than twelve months.
As of March 31, 2023 and December 31, 2022, the Company's accrued interest receivable balance was $ 413 million and $ 365 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the unaudited Condensed Consolidated Balance Sheets.
In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to us for general purposes. The collateral investments had a fair value of $ 3,830 million and $ 3,387 million as of March 31, 2023 and December 31, 2022, respectively.
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The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations.
March 31, 2023 December 31, 2022
(In millions) (In millions)
Amortized Cost Fair Value Amortized Cost Fair Value
Corporates, Non-structured Hybrids, Municipal and Government securities:
Due in one year or less $ 586 $ 574 $ 536 $ 527
Due after one year through five years 3,921 3,745 3,288 3,089
Due after five years through ten years 2,265 2,079 2,171 1,939
Due after ten years 14,983 12,410 14,503 11,457
Subtotal 21,755 18,808 20,498 17,012
Other securities, which provide for periodic payments:
Asset-backed securities 12,620 11,892 12,209 11,467
Commercial mortgage-backed securities 4,048 3,715 3,337 3,063
Structured hybrids 26 26 26 26
Residential mortgage-backed securities 1,770 1,669 1,638 1,527
Subtotal 18,464 17,302 17,210 16,083
Total fixed maturity available-for-sale securities $ 40,219 $ 36,110 $ 37,708 $ 33,095

Allowance for Expected Credit Loss
We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss:
• The extent to which the fair value is less than the amortized cost basis;
• The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening);
• The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength);
• Current delinquencies and nonperforming assets of underlying collateral;
• Expected future default rates;
• Collateral value by vintage, geographic region, industry concentration or property type;
• Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and
• Contractual and regulatory cash obligations and the issuer's plans to meet such obligations.
We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the unaudited Condensed Consolidated Statements of Operations, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income as we write-off accrued interest through Interest and investment income when collectability concerns arise.
We consider the following in determining whether write-offs of a security’s amortized cost is necessary:
• We believe amounts related to securities have become uncollectible;
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• We intend to sell a security; or
• It is more likely than not that we will be required to sell a security prior to recovery.
If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Operations. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible (generally based on proximity to expected credit loss), an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Operations. The remainder of unrealized loss is held in AOCI. As of March 31, 2023 and December 31, 2022, our allowance for expected credit losses for AFS securities was $ 20 million and $ 39 million, respectively.
Purchased credit deteriorated ("PCD") financial assets are AFS securities purchased at a discount, where part of that discount is attributable to credit. Credit loss allowances are calculated for these securities as of the date of their acquisition, with the initial allowance serving to increase amortized cost. There were no purchases of PCD AFS securities during the three months ended March 31, 2023 or 2022.
The fair value and gross unrealized losses of AFS securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost as of March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023
Less than 12 months 12 months or longer Total
Fair Value Gross Unrealized
Losses 		Fair Value Gross Unrealized
Losses 		Fair Value Gross Unrealized
Losses
Available-for-sale securities (In millions)
Asset-backed securities $ 5,347 $ ( 307 ) $ 4,520 $ ( 448 ) $ 9,867 $ ( 755 )
Commercial mortgage-backed securities 2,249 ( 122 ) 1,236 ( 214 ) 3,485 ( 336 )
Corporates 5,501 ( 392 ) 8,553 ( 2,263 ) 14,054 ( 2,655 )
Hybrids 346 ( 29 ) 321 ( 53 ) 667 ( 82 )
Municipals 483 ( 37 ) 907 ( 196 ) 1,390 ( 233 )
Residential mortgage-backed securities 708 ( 22 ) 540 ( 81 ) 1,248 ( 103 )
U.S. Government 29 — 206 ( 11 ) 235 ( 11 )
Foreign Government 23 ( 2 ) 183 ( 44 ) 206 ( 46 )
Total available-for-sale securities $ 14,686 $ ( 911 ) $ 16,466 $ ( 3,310 ) $ 31,152 $ ( 4,221 )
Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,402
Total number of available-for-sale securities in an unrealized loss position twelve months or longer 2,270
Total number of available-for-sale securities in an unrealized loss position 4,672
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December 31, 2022
Less than 12 months 12 months or longer Total
Fair Value Gross Unrealized
Losses 		Fair Value Gross Unrealized
Losses 		Fair Value Gross Unrealized
Losses
Available-for-sale securities (In millions)
Asset-backed securities $ 7,001 $ ( 410 ) $ 3,727 $ ( 360 ) $ 10,728 $ ( 770 )
Commercial mortgage-backed securities 2,079 ( 169 ) 475 ( 116 ) 2,554 ( 285 )
Corporates 9,913 ( 1,735 ) 3,523 ( 1,330 ) 13,436 ( 3,065 )
Hybrids 628 ( 83 ) 3 ( 1 ) 631 ( 84 )
Municipals 998 ( 180 ) 352 ( 113 ) 1,350 ( 293 )
Residential mortgage-backed securities 992 ( 51 ) 184 ( 22 ) 1,176 ( 73 )
U.S. Government 130 ( 7 ) 140 ( 8 ) 270 ( 15 )
Foreign Government 119 ( 32 ) 59 ( 14 ) 178 ( 46 )
Total available-for-sale securities $ 21,860 $ ( 2,667 ) $ 8,463 $ ( 1,964 ) $ 30,323 $ ( 4,631 )
Total number of available-for-sale securities in an unrealized loss position less than twelve months 3,114
Total number of available-for-sale securities in an unrealized loss position twelve months or longer 1,296
Total number of available-for-sale securities in an unrealized loss position 4,410

We determined the decrease in unrealized losses as of March 31, 2023, compared to December 31, 2022, was caused by lower treasury rates as well as spread compression. For securities in an unrealized loss position as of March 31, 2023, our allowance for expected credit loss was $ 20 million. We believe the unrealized loss position for which we have not recorded an allowance for expected credit loss as of March 31, 2023 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns.
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Mortgage Loans
Our mortgage loans are collateralized by commercial and residential properties.
Commercial Mortgage Loans
Commercial mortgage loans (“CMLs”) represented approximately 6 % of our total investments March 31, 2023 and December 31, 2022. The mortgage loans in our investment portfolio, are generally comprised of high quality commercial first lien and mezzanine real estate loans. Mortgage loans are primarily on income producing properties including industrial properties, retail buildings, multifamily properties and office buildings. We diversify our CML portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a consistent and acceptable level to secure the related debt. The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables:
March 31, 2023 December 31, 2022
Gross Carrying Value % of Total Gross Carrying Value % of Total
Property Type: (Dollars in millions) (Dollars in millions)
Hotel $ 18 1 % $ 18 1 %
Industrial 538 22 % 520 22 %
Mixed Use 12 1 % 12 1 %
Multifamily 1,013 41 % 1,013 42 %
Office 329 13 % 330 14 %
Retail 104 4 % 105 4 %
Student Housing 83 3 % 83 3 %
Other 373 15 % 335 13 %
Total commercial mortgage loans, gross of valuation allowance
$ 2,470 100 % $ 2,416 100 %
Allowance for expected credit loss ( 12 ) ( 10 )
Total commercial mortgage loans, net of valuation allowance
$ 2,458 $ 2,406
U.S. Region:
East North Central $ 177 7 % $ 151 6 %
East South Central 76 3 % 76 3 %
Middle Atlantic 325 13 % 326 13 %
Mountain 354 14 % 355 15 %
New England 164 7 % 158 7 %
Pacific 700 28 % 708 28 %
South Atlantic 553 22 % 521 22 %
West North Central 4 1 % 4 1 %
West South Central 117 5 % 117 5 %
Total commercial mortgage loans, gross of valuation allowance
$ 2,470 100 % $ 2,416 100 %
Allowance for expected credit loss ( 12 ) ( 10 )
Total commercial mortgage loans, net of valuation allowance
$ 2,458 $ 2,406
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Commercial mortgage loans segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances:
March 31, 2023
Amortized Cost by Origination Year
2023 2022 2021 2020 2019 Prior Total
Commercial mortgages (In millions)
Current (less than 30 days past due) $ 53 $ 354 $ 1,301 $ 486 $ — $ 267 $ 2,461
30-89 days past due — — — — — — —
90 days or more past due — — — — — 9 9
Total commercial mortgages $ 53 $ 354 $ 1301 $ 486 $ — $ 276 $ 2,470
December 31, 2022
Amortized Cost by Origination Year
2022 2021 2020 2019 2018 Prior Total
Commercial mortgages (In millions)
Current (less than 30 days past due) $ 350 $ 1,300 $ 488 $ — $ — $ 269 $ 2,407
30-89 days past due — — — — — — —
90 days or more past due — — — — — 9 9
Total commercial mortgages $ 350 $ 1,300 $ 488 $ — $ — $ 278 $ 2,416
Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25 year amortization period for purposes of our general loan allowance evaluation.
The following tables present the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances at March 31, 2023 and December 31, 2022 :
Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total
>1.25 1.00 - 1.25 <1.00
March 31, 2023 (In millions)
LTV Ratios:
Less than 50.00% $ 511 $ 4 $ 11 $ 526 21 % $ 493 23 %
50.00% to 59.99% 732 — — 732 30 % 653 30 %
60.00% to 74.99% 1,170 8 — 1,178 48 % 1,002 46 %
75.00% to 84.99% — 2 18 20 1 % 17 1 %
Commercial mortgage loans (a) $ 2,413 $ 14 $ 29 $ 2,456 100 % $ 2,165 100 %
December 31, 2022
LTV Ratios:
Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 %
50.00% to 59.99% 706 — — 706 29 % 615 30 %
60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 %
75.00% to 84.99% — — 18 18 1 % 14 1 %
Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 %
(a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $ 9 million for December 31, 2022.
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March 31, 2023
Amortized Cost by Origination Year
2023 2022 2021 2020 2019 Prior Total
Commercial mortgages (In millions)
LTV
Less than 50.00% $ 4 $ 69 $ 120 $ 206 $ 127 $ 526
50.00% to 59.99% 27 149 268 158 130 732
60.00% to 74.99% 20 113 913 122 10 1,178
75.00% to 84.99% 3 9 — — 8 20
Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456
Commercial mortgages
DSCR
Greater than 1.25x $ 47 $ 328 $ 1,301 $ 486 $ 251 $ 2,413
1.00x - 1.25x 7 3 — — 4 14
Less than 1.00x — 9 — — 20 29
Total commercial mortgages (a) $ 54 $ 340 $ 1301 $ 486 $ — $ 275 $ 2,456
December 31, 2022
Amortized Cost by Origination Year
2022 2021 2020 2019 2017 Prior Total
Commercial mortgages (In millions)
LTV
Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526
50.00% to 59.99% 149 268 158 — — 131 706
60.00% to 74.99% 113 912 123 — — 9 1,157
75.00% to 84.99% 9 — — — — 9 18
Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407
Commercial mortgages
DSCR
Greater than 1.25x $ 329 $ 1,300 $ 488 $ — $ — $ 254 $ 2,371
1.00x - 1.25x 3 — — — — 4 7
Less than 1.00x 9 — — — — 20 29
Total commercial mortgages (a) $ 341 $ 1,300 $ 488 $ — $ — $ 278 $ 2,407
(a) Excludes loans under development with an amortized cost and estimated fair value of $ 9 million for March 31, 2023 and an amortized cost and estimated fair value of $ 9 million for December 31, 2022.
We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. At March 31, 2023 and December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table above.










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Residential Mortgage Loans
Residential mortgage loans (“RMLs”) represented approximately 6 % and 5 % of our total investments as of March 31, 2023 and December 31, 2022, respectively. Our RMLs are closed end, amortizing loans and 100 % of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances:
March 31, 2023
(Dollars in millions)
U.S. State: Amortized Cost % of Total
Florida $ 236 9 %
Texas 181 7 %
New Jersey 167 6 %
California 157 6 %
New York 155 6 %
All other states (a) 1,678 66 %
Total residential mortgage loans $ 2,574 100 %
(a) The individual concentration of each state is equal to or less than 5% as of March 31, 2023.

December 31, 2022
(Dollars in millions)
U.S. State: Amortized Cost % of Total
Florida $ 324 15 %
Texas 215 10 %
New Jersey 172 8 %
Pennsylvania 153 7 %
California 139 6 %
New York 138 6 %
Georgia 125 6 %
All other states (a) 914 42 %
Total residential mortgage loans $ 2,180 100 %
(a) The individual concentration of each state is equal to or less than 5% as of December 31, 2022.
RMLs have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing RMLs as those that are 90 or more days past due or in non-accrual status, which is assessed monthly. The credit quality of RMLs as of March 31, 2023 and December 31, 2022, was as follows :
March 31, 2023 December 31, 2022
(Dollars in millions) (Dollars in millions)
Performance indicators: Amortized Cost % of Total Amortized Cost % of Total
Performing $ 2,511 98 % $ 2,118 97 %
Non-performing 63 2 % 62 3 %
Total residential mortgage loans, gross of valuation allowance $ 2,574 100 % $ 2,180 100 %
Allowance for expected loan loss ( 48 ) — % ( 32 ) — %
Total residential mortgage loans, net of valuation allowance $ 2,526 100 % $ 2,148 100 %
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RMLs segregated by risk rating exposure as of March 31, 2023 and December 31, 2022, were as follows, gross of valuation allowances:
March 31, 2023
Amortized Cost by Origination Year
2023 2022 2021 2020 2019 Prior Total
Residential mortgages (In millions)
Current (less than 30 days past due) $ 35 $ 950 $ 889 $ 209 $ 199 $ 209 $ 2,491
30-89 days past due — 3 8 3 4 2 20
90 days or more past due — 3 18 13 28 1 63
Total residential mortgages $ 35 $ 956 $ 915 $ 225 $ 231 $ 212 $ 2,574
December 31, 2022
Amortized Cost by Origination Year
(In millions)
2022 2021 2020 2019 2018 Prior Total
Residential mortgages (In millions)
Current (less than 30 days past due) $ 766 $ 884 $ 214 $ 185 $ 23 $ 33 $ 2,105
30-89 days past due 2 7 — 4 — — 13
90 days or more past due 3 9 15 34 1 — 62
Total residential mortgages $ 771 $ 900 $ 229 $ 223 $ 24 $ 33 $ 2,180
Non-accrual loans by amortized cost as of March 31, 2023 and December 31, 2022, were as follows:
March 31, 2023 December 31, 2022
Amortized cost of loans on non-accrual (In millions)
Residential mortgage: $ 63 $ 62
Commercial mortgage: 9 9
Total non-accrual mortgages $ 72 $ 71
Immaterial interest income was recognized on non-accrual financing receivables for the three months ended March 31, 2023 and March 31, 2022.
It is our policy to cease to accrue interest on loans that are delinquent for 90 days or more. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of March 31, 2023 and December 31, 2022, we had $ 72 million and $ 71 million, respectively, of RMLs that were over 90 days past due, of which $ 32 million and $ 38 million were in the process of foreclosure as of March 31, 2023 and December 31, 2022, respectively.

Allowance for Expected Credit Loss
We estimate expected credit losses for our commercial and residential mortgage loan portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying unaudited Condensed Consolidated Statements of Earnings.
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The allowances for our mortgage loan portfolio are summarized as follows:
Three months ended March 31, 2023
(In millions)
Residential Mortgage Commercial Mortgage Total
Beginning Balance $ 32 $ 10 $ 42
Provision for loan losses 16 2 18
Ending Balance $ 48 $ 12 $ 60
Three months ended March 31, 2022
(In millions)
Residential Mortgage Commercial Mortgage Total
Beginning Balance
$ 25 $ 6 $ 31
Provision for loan losses 1 — 1
Ending Balance
$ 26 $ 6 $ 32
An allowance for expected credit loss is not measured on accrued interest income for CMLs as we have a process to write-off interest on loans that enter into non-accrual status (90 days or more past due). Allowances for expected credit losses are measured on accrued interest income for RMLs and were immaterial as of March 31, 2023 and March 31, 2022.
Interest and Investment Income
The major sources of Interest and investment income reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Fixed maturity securities, available-for-sale $ 447 $ 332
Equity securities 8 8
Preferred securities 13 15
Mortgage loans 51 39
Invested cash and short-term investments 33 5
Limited partnerships 57 113
Tax deferred property exchange income 45 3
Other investments 19 9
Gross investment income 673 524
Investment expense ( 62 ) ( 46 )
Interest and investment income $ 611 $ 478
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Recognized Gains and Losses, net
Details underlying Recognized gains and losses, net reported on the accompanying unaudited Condensed Consolidated Statements of Operations were as follows:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Net realized losses on fixed maturity available-for-sale securities $ ( 50 ) $ ( 36 )
Net realized/unrealized gains (losses) on equity securities (1) 33 ( 148 )
Net realized/unrealized losses on preferred securities (2) ( 10 ) ( 91 )
Realized losses on other invested assets ( 5 ) ( 1 )
Change in allowance for expected credit losses ( 4 ) ( 4 )
Derivatives and embedded derivatives:
Realized (losses) gains on certain derivative instruments ( 89 ) 50
Unrealized gains (losses) on certain derivative instruments 147 ( 358 )
Change in fair value of reinsurance related embedded derivatives (3) ( 19 ) 122
Change in fair value of other derivatives and embedded derivatives 2 ( 3 )
Realized gains (losses) on derivatives and embedded derivatives 41 ( 189 )
Recognized gains and losses, net $ 5 $ ( 469 )
(1) Includes net valuation losses of $ 46 million and $ 166 million for the three months ended March 31, 2023 and 2022, respectively.
(2) Includes net valuation losses of $ 35 million and $ 90 million for the three months ended March 31, 2023 and 2022, respectively.
(3) Change in fair value of reinsurance related embedded derivatives is due to activity related to the reinsurance treaties with Kubera (novated from Kubera to Somerset effective October 31, 2021) and Aspida Re.
Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized (losses) gains attributable to these agreements, and thus excluded from the totals in the table above, was $( 22 ) million and $ 128 million for the three months ended March 31, 2023 and March 31, 2022, respectively.
The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Proceeds $ 489 $ 1,052
Gross gains 1 3
Gross losses ( 51 ) ( 39 )
Unconsolidated Variable Interest Entities
We own investments in variable interest entities ("VIEs") that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While we participate in the benefits from VIEs in which we invest, but do not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under our common control. It is for this reason that we are not considered the primary beneficiary for the VIE investments that are not consolidated.
We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our unaudited Condensed Consolidated Balance Sheets. In addition, we invest in structured investments, which may be VIEs, but for which we are not the
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primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in Fixed maturity securities available for sale on our unaudited Condensed Consolidated Balance Sheets.
Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our unaudited Condensed Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note F Commitments and Contingencies ).
The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs as of March 31, 2023 and December 31, 2022:
March 31, 2023 December 31, 2022
(In millions) (In millions)
Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure
Investment in limited partnerships $ 2,558 $ 4,268 $ 2,427 $ 4,030
Fixed maturity securities 16,890 18,590 15,680 17,404
Total unconsolidated VIE investments $ 19,448 $ 22,858 $ 18,107 $ 21,434
Concentrations
Our underlying investment concentrations that exceed 10% of shareholders equity are as follows:
March 31, 2023
(In millions)
Blackstone Wave Asset Holdco (1) $ 760
(1) Represents a special purpose vehicle that holds investments in numerous limited partnership investments whose underlying investments are further diversified by holding interest in multiple individual investments and industries.

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Note E — Derivative Financial Instruments
The carrying amounts of derivative instruments, including derivative instruments embedded in FIA/IUL contracts, and reinsurance is as follows:
March 31, 2023 December 31, 2022
Assets: (In millions)
Derivative investments:
Call options $ 432 $ 244
Other long-term investments:
Other embedded derivatives 25 23
Prepaid expenses and other assets:
Reinsurance related embedded derivatives 260 279
$ 717 $ 546
Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives $ 3,569 $ 3,115
$ 3,569 $ 3,115
The change in fair value of derivative instruments in the accompanying unaudited Condensed Consolidated Statements of Operations is as follows:
Three months ended
March 31, 2023 March 31, 2022
Recognized gains and losses, net (In millions)
Net investment gains (losses):
Call options $ 55 $ ( 314 )
Futures contracts 5 3
Foreign currency forwards ( 1 ) 3
Other derivatives and embedded derivatives 1 ( 3 )
Reinsurance related embedded derivatives ( 19 ) 122
Total net investment gains (losses) $ 41 $ ( 189 )
Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives (decrease) increase $ 454 $ ( 488 )
Additional Disclosures
FIA/IUL Embedded Derivative, Call Options and Futures
We have FIA and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for Contractholder funds in the accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the unaudited Condensed Consolidated Statements of Operations. See a description of the fair value methodology used in Note C Fair Value of Financial Instruments .
We purchase derivatives consisting of a combination of call options and futures contracts (specifically for FIA contracts) on the applicable market indices to fund the index credits due to FIA/IUL contractholders. The call options are one , two , three , 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
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value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the accompanying unaudited Condensed Consolidated Statements of Operations. The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions.
Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our FIA/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes.
Reinsurance Related Embedded Derivatives
F&G entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain fixed rate and deferred annuity business, including MYGA, on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. Additionally, F&G entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a coinsurance funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements creates an obligation for F&G to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangements, including gains and losses from sales, were passed directly to the reinsurers pursuant to contractual terms of the reinsurance arrangements. The reinsurance related embedded derivatives are reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position, on the unaudited Condensed Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Operations.

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Credit Risk
We are exposed to credit loss in the event of non-performance by our counterparties on the call options and reflect assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement.
Information regarding our exposure to credit loss on the call options we hold is presented in the following tables.
March 31, 2023
(In millions)
Counterparty Credit Rating
(Fitch/Moody's/S&P) (1) 		Notional
Amount 		Fair Value Collateral Net Credit Risk
Merrill Lynch AA/*/A+ $ 3,834 $ 44 $ — $ 44
Morgan Stanley */Aa3/A+ 2,038 22 24 —
Barclay's Bank A+/A1/A 5,939 106 95 11
Canadian Imperial Bank of Commerce AA/Aa2/A+ 6,006 129 113 16
Wells Fargo A+/A1/BBB+ 1,270 31 29 2
Goldman Sachs A/A2/BBB+ 1,178 16 14 2
Credit Suisse BBB+/A3/A- 672 7 7 —
Truist A+/A2/A 2,204 60 54 6
Citibank A+/Aa3/A+ 1,207 17 15 2
Total $ 24,348 $ 432 $ 351 $ 83

December 31, 2022
(In millions)
Counterparty Credit Rating
(Fitch/Moody's/S&P) (1) 		Notional
Amount 		Fair Value Collateral Net Credit Risk
Merrill Lynch AA/*/A+ $ 3,563 $ 23 $ — $ 23
Morgan Stanley */Aa3/A+ 1,699 14 19 —
Barclay's Bank A+/A1/A 6,049 65 59 6
Canadian Imperial Bank of Commerce AA/Aa2/A+ 5,169 68 64 4
Wells Fargo A+/A1/BBB+ 1,361 17 17 —
Goldman Sachs A/A2/BBB+ 1,133 9 10 —
Credit Suisse BBB+/A3/A- 1,039 5 5 —
Truist A+/A2/A 2,489 35 36 —
Citibank A+/Aa3/A+ 795 8 9 —
Total $ 23,297 $ 244 $ 219 $ 33
(a) An * represents credit ratings that were not available.
Collateral Agreements
We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying option contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both us and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except Merrill Lynch, this threshold is set to zero . As of March 31, 2023 and December 31, 2022, counterparties posted $ 351 million and $ 219 million, respectively, of collateral of which $ 290 million and $ 178 million, respectively, is included in Cash and cash equivalents with an associated payable for this collateral included in Accounts
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payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts was $ 83 million at March 31, 2023 and $ 33 million at December 31, 2022.
We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reinvest derivative cash collateral to reduce the interest cost. Cash collateral is invested in overnight investment sweep products, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.
We held 404 and 409 futures contracts at March 31, 2023 and December 31, 2022, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $ 4 million and $ 3 million at March 31, 2023 and December 31, 2022, respectively.

Note F — Commitments and Contingencies
Legal and Regulatory Contingencies
In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. With respect to our title insurance operations, this customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. See Note B Summary of Reserve for Title Claim Losses for further discussion. Additionally, like other companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our operations. We believe that no actions, other than the matters discussed below, if any, depart from customary litigation incidental to our business.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $ 8 million and $ 12 million as of March 31, 2023 and December 31, 2022, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

In August 2020, a lawsuit styled , In the Matter of FGL Holdings , was filed in the Grand Court of the Cayman Islands related to FNF's acquisition of F&G where dissenting shareholders, Kingfishers LP, Kingstown 1740 Fund LP, Kingstown Partners II LP, Kingstown Partners Master Ltd., and Ktown LP, asserted statutory appraisal rights relative to their ownership of 12,000,000 shares of F&G stock. They sought a judicial determination of the fair value of their shares of F&G stock as of the date of valuation under the law of the Cayman Islands, together with interest. On September 5, 2022 the Grand Court of the Cayman Islands decided in favor of F&G. Kingstown Capital Management LP failed to appeal, and its appeal period expired on October 20, 2022. On April 19, 2023 the Grand Court of the Cayman Islands determined that the dissenting shareholders should pay F&G's Cayman Islands legal expenses relating to the lawsuit, by way of interim payment of $ 4 million with the balance to be determined after assessment. We are attempting to collect reimbursement of these expenses.

From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices,
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and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition.
F&G Commitments
In our F&G segment, we have unfunded investment commitments as of March 31, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class as of March 31, 2023 is included below:
March 31, 2023
Asset Type (In millions)
Unconsolidated VIEs:
Limited partnerships $ 1,710
Whole loans 743
Fixed maturity securities, ABS 212
Direct Lending 1,000
Other fixed maturity securities, AFS 28
Commercial mortgage loans 29
Other assets 142
Residential mortgage loans 1
Committed amounts included in liabilities 1
Total $ 3,866

Note G — Dividends
On May 3, 2023, our Board of Directors declared cash dividends of $ 0.45 per share, payable on June 30, 2023, to FNF common shareholders of record as of June 16, 2023.

Note H — Segment Information
Summarized financial information concerning our reportable segments is shown in the following tables.
As of and for the three months ended March 31, 2023:
Title F&G Corporate and Other Total
(In millions)
Title premiums $ 978 $ — $ — $ 978
Other revenues 471 365 44 880
Revenues from external customers 1,449 365 44 1,858
Interest and investment income, including recognized gains and losses, net 103 504 9 616
Total revenues 1,552 869 53 2,474
Depreciation and amortization 37 90 7 134
Interest expense — 22 20 42
Earnings (loss) from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates 157 ( 203 ) ( 28 ) ( 74 )
Income tax expense (benefit) 27 ( 8 ) ( 5 ) 14
Earnings (loss) from continuing operations before equity in earnings (loss) of unconsolidated affiliates 130 ( 195 ) ( 23 ) ( 88 )
Equity in loss of unconsolidated affiliates — — — —
Net earnings (loss) from continuing operations $ 130 $ ( 195 ) $ ( 23 ) $ ( 88 )
Assets $ 8,017 $ 59,395 $ 2,242 $ 69,654
Goodwill 2,766 1,749 276 4,791


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

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


































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Note J — Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
Three months ended March 31,
2023 2022
Revenue Stream Income Statement Classification Segment Total Revenue
Revenue from insurance contracts: (In millions)
Direct title insurance premiums Direct title insurance premiums Title $ 428 $ 767
Agency title insurance premiums Agency title insurance premiums Title 550 1,099
Life insurance premiums, insurance and investment product fees, and other Escrow, title-related and other fees F&G 365 596
Home warranty Escrow, title-related and other fees Title 30 34
Total revenue from insurance contracts 1,373 2,496
Revenue from contracts with customers:
Escrow fees Escrow, title-related and other fees Title 160 265
Other title-related fees and income Escrow, title-related and other fees Title 146 196
ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 75 94
Real estate technology Escrow, title-related and other fees Corporate and other 37 38
Total revenue from contracts with customers 418 593
Other revenue:
Loan subservicing revenue Escrow, title-related and other fees Title 60 76
Other Escrow, title-related and other fees Corporate and other 7 ( 7 )
Interest and investment income Interest and investment income Various 611 478
Recognized gains and losses, net Recognized gains and losses, net Various 5 ( 469 )
Total revenues Total revenues $ 2,474 $ 3,167

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

Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year . The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the unaudited Condensed Consolidated Balance Sheets. During the three months ended March 31, 2023 and March 31, 2022, we recognized $ 32 million a nd $ 38 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.


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Note K — Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
March 31, 2023 December 31, 2022
(In millions)
VOBA $ 1,572 $ 1,615
DAC 1,676 1,411
DSI 225 200
Value of distribution asset 97 100
Computer software 65 61
Definite lived trademarks, tradenames, and other 21 22
Indefinite lived tradenames and other 21 20
Total Other intangible assets, net $ 3,677 $ 3,429
The following tables roll forward VOBA by product for the three months ended March 31, 2023 and March 31, 2022.
FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total
(In millions)
Balance at January 1, 2023
$ 1,166 $ 32 $ 201 $ 143 $ 73 $ 1,615
Amortization ( 36 ) ( 1 ) ( 3 ) ( 2 ) ( 1 ) ( 43 )
Balance at March 31, 2023
$ 1,130 $ 31 $ 198 $ 141 $ 72 $ 1,572
FIA Fixed Rate Annuities Immediate Annuities Universal Life Traditional Life Total
(In millions)
Balance at January 1, 2022
$ 1,314 $ 39 $ 212 $ 153 $ 25 $ 1,743
Amortization ( 38 ) ( 2 ) ( 3 ) ( 3 ) ( 1 ) ( 47 )
Shadow Premium Deficiency Testing (“PDT”) — — — — 53 53
Balance at March 31, 2022
$ 1,276 $ 37 $ 209 $ 150 $ 77 $ 1,749

The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
March 31, 2023 December 31, 2022
(In millions)
FIA $ 1,130 $ 1,166
Fixed Rate Annuities 31 32
Immediate Annuities 198 201
Universal Life 141 143
Traditional Life 72 73
Total $ 1,572 $ 1,615

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The following tables roll forward DAC for the three months ended March 31, 2023 and March 31, 2022.
FIA Fixed Rate Annuities Universal Life Total (a)
(In millions)
Balance at January 1, 2023
$ 971 $ 83 $ 348 $ 1,402
Capitalization 113 52 56 221
Amortization ( 22 ) ( 5 ) ( 8 ) ( 35 )
Reinsurance related adjustments — 79 — 79
Balance at March 31, 2023
$ 1,062 $ 209 $ 396 $ 1,667
FIA Fixed Rate Annuities Universal Life Total (a)
(In millions)
Balance at January 1, 2022
$ 564 $ 38 $ 173 $ 775
Capitalization 98 8 47 153
Amortization ( 13 ) ( 2 ) ( 4 ) ( 19 )
Balance at March 31, 2022
$ 649 $ 44 $ 216 $ 909
(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)
The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 :
March 31, 2023 December 31, 2022
(In millions)
FIA $ 1,062 $ 971
Fixed Rate Annuities 209 83
Universal Life 396 348
Funding Agreements 9 9
Total $ 1,676 $ 1,411
The following tables roll forward DSI for the three months ended March 31, 2023 and March 31, 2022:
FIA Total
(In millions)
Balance at January 1, 2023
$ 200 $ 200
Capitalization 29 29
Amortization ( 4 ) ( 4 )
Balance at March 31, 2023
$ 225 $ 225
FIA Total
(In millions)
Balance at January 1, 2022
$ 127 $ 127
Capitalization 16 16
Amortization ( 3 ) ( 3 )
Balance at March 31, 2022
$ 140 $ 140
The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
March 31, 2023 December 31, 2022
(In millions)
FIA $ 225 $ 200
Total $ 225 $ 200
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The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuity and PRT contracts, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For FIA contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the company’s best estimates for policyholder behavior, consistent with the development of assumptions for FIA, immediate annuity, and PRT.
We review cash flow assumptions annually, generally in the third quarter. In 2022, F&G undertook a review of all significant assumptions and revised GMWB utilization for our deferred annuity contracts (FIA and fixed rate annuities) to reflect internal and industry experience in the first several contract years.
For the in-force liabilities as of March 31, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:
Estimated Amortization Expense
Fiscal Year (In millions)
2023 $ 122
2024 151
2025 139
2026 128
2027 117
Thereafter 915
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Note L — F&G Reinsurance
F&G reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding the Company's retention limit is reinsured. The Company primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. The Company follows reinsurance accounting when there is adequate risk transfer or deposit accounting if there is inadequate risk transfer. If the underlying policy being reinsured is an investment contract, the effects of the agreement are accounted for as a separate investment contract.
The effects of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the three months ended March 31, 2023 and March 31, 2022 were as follows:
Three months ended
March 31, 2023 March 31, 2022
Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred
(In millions)
Direct $ 301 $ 872 $ 567 $ 505
Ceded ( 26 ) ( 60 ) ( 32 ) ( 302 )
Net $ 275 $ 812 $ 535 $ 203

Amounts payable or recoverable for reinsurance on paid and unpaid claims are not subject to periodic or maximum limits. F&G did not write off any significant reinsurance balances during the three months ended March 31, 2023 and March 31, 2022. F&G did not commute any ceded reinsurance treaties during the three months ended March 31, 2023 and March 31, 2022.
F&G estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. The expected credit loss reserves were as follows:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Balance at Beginning of Period $ ( 10 ) $ ( 20 )
Changes in the expected credit loss reserve 1 —
Balance at End of Period $ ( 9 ) $ ( 20 )
No policies issued by F&G have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance.
F&G has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues.
Aspida Reinsurance Transaction. F&G executed a Funds Withheld Coinsurance Agreement with Aspida Re, a Bermuda reinsurer. In accordance with the terms of this agreement, F&G cedes to the reinsurer, on a fifty percent ( 50 %) funds withheld coinsurance basis, certain multiyear guaranteed annuity business written effective January 1, 2021. The agreement was originally executed January 15, 2021 and amended in August 2021 and September 2022. For reinsured policies issued prior to September 1, 2022, the policies are ceded on a fifty percent ( 50 %) quota share basis.  For reinsured policies issued on or after September 1, 2022, the policies are ceded on a seventy-five percent ( 75 %) quota share basis, capped at $ 350 million cession per month. For the month of March 2023 only, the premiums cap increased to $ 450 million. As the policies ceded to Aspida are investment contracts, there is no significant insurance risk present and; therefore, the effects of this agreement are accounted for as a separate investment contract.
There have been no other significant changes to reinsurance contracts for the three months ended March 31, 2023.
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Concentration of Reinsurance Risk
The Company has a significant concentration of reinsurance risk with third party reinsurers, Aspida Re, Wilton Reassurance Company (“Wilton Re”), and Somerset that could have a material impact on our financial position in the event that any of these reinsurers fails to perform its obligations under the various reinsurance treaties. Aspida Re has an A- issuer credit rating from AM Best as of March 31, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. Wilton Re has an A+ issuer credit rating from AM Best and an A issuer credit rating from Fitch as of March 31, 2023. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of March 31, 2023, and the risk of non-performance is further mitigated through the funds withheld arrangement. On March 31, 2023, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $ 4,073 million, $ 1,184 million, and $ 553 million, respectively. We monitor both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. We believe that all amounts due from Aspida Re, Wilton Re, and Somerset for periodic treaty settlements are collectible as of March 31, 2023.
There have been no other material changes in the reinsurance and the intercompany reinsurance agreements described in our Form 10-K for the year ended December 31, 2022.
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Note M — F&G Insurance Subsidiary Financial Information and Regulatory Matters
Our U.S. insurance subsidiaries, Fidelity & Guaranty Life Insurance Company ("FGL Insurance"), Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Reinsurance Company ("Raven Re"), file financial statements with state insurance regulatory authorities and the National Association of Insurance Commissioners (“NAIC”) that are prepared in accordance with Statutory Accounting Principles (“SAP”) prescribed or permitted by such authorities, which may vary materially from GAAP. Prescribed SAP includes the Accounting Practices and Procedures Manual of the NAIC as well as state laws, regulations and administrative rules. Permitted SAP encompasses all accounting practices not so prescribed. The principal differences between SAP financial statements and financial statements prepared in accordance with GAAP are that SAP financial statements do not reflect VOBA, DAC, and DSI, some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contractholder liabilities are generally valued using more conservative assumptions and certain assets are non-admitted. Accordingly, SAP operating results and SAP capital and surplus may differ substantially from amounts reported in the GAAP basis financial statements for comparable items.
F&G Cayman Re Ltd and F&G Life Re Ltd (Bermuda) file financial statements with their respective regulators that are based on U.S. GAAP.
FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. This resulted in a $ 3 million and $152 million decrease to statutory capital and surplus at March 31, 2023 and December 31, 2022, respectively.
FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $ 200 million and $ 200 million at March 31, 2023 and December 31, 2022, respectively.
Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) and its risk-based capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent. FGL Insurance’s statutory carrying value of Raven Re was $ 93 million and $ 121 million at March 31, 2023 and December 31, 2022, respectively.
As of March 31, 2023, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices.
The prescribed and permitted statutory accounting practices have no impact on our unaudited Condensed Consolidated Financial Statements, which are prepared in accordance with GAAP.
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Note N — Acquisitions

TitlePoint
On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $ 224 million in cash, subject to a customary working capital adjustment.
The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The purchase price has been allocated to TitlePoint's assets acquired based on their fair values as of the acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. In connection with the acquisition, we recorded preliminary fair value estimates for goodwill, other intangible assets and other assets of $ 146 million, $ 73 million and $ 5 million, respectively, as of March 31, 2023.
The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the TitlePoint acquisition consist of the following:
Gross Carrying Value Weighted Average
Estimated Useful Life
(in years)
Other intangible assets: (In millions)
Customer relationships $ 9 10
Trade name 4 10
Software 60 7
Total Other intangible assets $ 73
AllFirst
On August 9, 2022, we acquired approximately 74 % of the outstanding equity of AllFirst Title Insurance Agency (" AllFirst ") for approximately $ 130 million in cash consideration. On December 19, 2022, we purchased an additional 6 % of the outstanding equity of AllFirst for approximately $ 10 million in cash consideration.

The acquisition was accounted for as a business combination under Topic 805. The purchase price has been allocated to AllFirst's assets acquired and liabilities assumed based on their fair values as of acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. Goodwill consists primarily of intangible assets that do not qualify for separate recognition. The goodwill recorded is expected to be deductible for tax purposes. We completed our assessment of the fair value of assets acquired and liabilities assumed within the one-year period from the date of the acquisition. We recorded fair value amounts as of the acquisition date for goodwill, other intangibles, other assets, other liabilities and non-controlling interest of $ 104 million, $ 55 million, $ 40 million, $ 18 million and $ 46 million, respectively.

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following:
Gross Carrying Value Weighted Average
Estimated Useful Life
(in years)
Other intangible assets: (In millions)
Customer relationships $ 46 10
Trade name 7 10
Non-compete agreements 1 5
Software 1 2
Total Other intangible assets $ 55

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Note O — Notes Payable
Notes payable consists of the following:
March 31, 2023 December 31, 2022
(In millions)
4.50 % Notes, net of discount
$ 445 $ 445
3.40 % Notes, net of discount
644 644
2.45 % Notes, net of discount
594 594
3.20 % Notes, net of discount
444 444
Revolving Credit Facility ( 3 ) ( 3 )
F&G Credit Agreement 511 547
7.40 % F&G Notes
494 —
5.50 % F&G Notes
567 567
$ 3,696 $ 3,238
On January 13, 2023, F&G completed its issuance and sale of $ 500 million aggregate amount of its 7.40 % F&G Notes, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 7.40 % F&G Notes are the senior unsecured, unsubordinated obligations of F&G and are guaranteed on an unsecured, unsubordinated basis by each of F&G's subsidiaries that are guarantors of its obligations under the F&G Credit Agreement (the “Guarantors”). The interest rate payable on the 7.40 % F&G Notes will be subject to adjustment from time to time if either S&P or Fitch (or a substitute rating agency therefor) downgrades (or downgrades and subsequently upgrades) the credit ratings assigned to the 7.40 % F&G Notes. F&G intends to use the net proceeds from the offering for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements.
On November 22, 2022, F&G entered into a Credit Agreement (the "F&G Credit Agreement") with certain lenders (the "Lenders") and Bank of America, N.A. as administrative agent (the "Administrative Agent"), swing line lender and issuing bank, pursuant to which the Lenders have made available to F&G an unsecured revolving credit facility (the "F&G Credit Facility") in an aggregate principal amount of $ 550 million to be used for working capital and general corporate purposes.

The F&G Credit Agreement matures the earlier to occur of November 22, 2025 or 91 days prior to May 1, 2025, the stated maturity date of the 5.50 % F&G Notes, unless the principal amount of the 5.50 % F&G Notes is $ 150 million or less at such time, the 5.50 % F&G Notes have been redeemed or defeased in full, and any refinancing Indebtedness incurred in connection therewith matures at least 91 days after the date that is 3 years from the Effective Date, as defined in the F&G Credit Agreement, or certain other conditions are met. Revolving loans under the F&G Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. On February 21, 2023, F&G amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The amendment of the F&G Credit Agreement increased the aggregate principal amount of commitments under the F&G Credit Facility by $ 115 million to $ 665 million.

On September 17, 2021, we completed our underwritten public offering of $ 450 million aggregate principal amount of our 3.20 % Notes, pursuant to our registration statement on Form S-3 ASR (File No. 333-239002) and the related prospectus supplement. The net proceeds from the registered offering of the 3.20 % Notes were approximately $ 443 million, after deducting underwriting discounts, commissions and offering expenses. We plan to use the net proceeds from the offering for general corporate purposes.

On October 29, 2020, we entered into the Fifth Restated Credit Agreement for our Amended Revolving Credit Facility with Bank of America, N.A., as administrative agent and the other agents party thereto. Among other changes, the Fifth Restated Credit Agreement amends the Fourth Restated Credit Agreement to extend the maturity date from April 27, 2022 to October 29, 2025. The material terms of the Fourth Restated Credit Agreement are set forth in our Annual Report on Form 10-K for the year ended December 31, 2019. As of
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March 31, 2023, there was no principal outstanding, $ 3 million of unamortized debt issuance costs, and $ 800 million of available borrowing capacity under the Revolving Credit Facility.
On September 15, 2020, we completed our underwritten public offering of $ 600 million aggregate principal amount of our 2.45 % Notes due March 15, 2031 (the " 2.45 % Notes") pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 2.45 % Notes were approximately $ 593 million, after deducting underwriting discounts and commissions and offering expenses. We used the net proceeds from the offering (i) to repay all our $ 260 million outstanding indebtedness under the Term Loan, and (ii) for general corporate purposes.
On June 12, 2020, we completed our underwritten public offering of $ 650 million aggregate principal amount of the 3.40 % Notes due June 15, 2030 (the “ 3.40 % Notes”) pursuant to an effective registration statement filed with the SEC. The net proceeds from the registered offering of the 3.40 % Notes were approximately $ 642 million, after deducting underwriting discounts, and commissions and offering expenses. We used the net proceeds from the offering (i) to repay $ 640 million of the outstanding principal amount under the Term Loan, and (ii) for general corporate purposes.
On June 1, 2020, as a result of the F&G acquisition, we assumed $ 550 million aggregate principal amount of 5.50 % senior notes due 2025 (the " 5.50 % F&G Notes"), originally issued on April 20, 2018 at 99.5 % of face value for proceeds of $ 547 million.
On August 13, 2018, we completed an offering of $ 450 million in aggregate principal amount of 4.50 % notes due August 2028 (the " 4.50 % Notes"), pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The 4.50 % Notes were priced at 99.252 % of par to yield 4.594 % annual interest. We pay interest on the 4.50 % Notes semi-annually on the 15th of February and August, beginning February 15, 2019. The 4.50 % Notes contain customary covenants and events of default for investment grade public debt, which primarily relate to failure to make principal or interest payments. On May 16, 2019, we completed an offering to exchange the 4.50 % Notes for substantially identical notes registered pursuant to Rule 424 under the Securities Act of 1933 (the " 4.50 % Notes Exchange"). There were no material changes to the terms of the 4.50 % Notes as a result of the 4.50 % Notes Exchange and all holders of the 4.50 % Notes accepted the offer to exchange.
Gross principal maturities of notes payable at March 31, 2023 are as follows:
(In millions)
2023 (remaining) $ 515
2024 —
2025 550
2026 —
2027 —
Thereafter 2,650
$ 3,715

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Note P — Market Risk Benefits
The following table presents the balances of and changes in MRBs associated with FIAs and fixed rate annuities for the three months ended March 31, 2023 and the years ended December 31, 2022 and December 31, 2021:
March 31, 2023 December 31, 2022 December 31, 2021
FIA Fixed rate annuities FIA Fixed rate annuities FIA Fixed rate annuities
(Dollars in millions)
Balance, beginning of period $ 164 $ 1 $ 426 $ 2 $ 478 $ 1
Balance, beginning of period, before effect of changes in the instrument-specific credit risk $ 104 $ 1 $ 280 $ 1 $ 320 $ 1
Issuances and benefit payments ( 4 ) — ( 21 ) — ( 9 ) —
Attributed fees collected and interest accrual 30 — 107 1 99 1
Actual policyholder behavior different from expected 7 — 43 — ( 22 ) —
Changes in assumptions and other 1 — ( 76 ) — — —
Effects of market related movements 26 — ( 231 ) ( 1 ) ( 108 ) —
Balance, end of period, before effect of changes in the instrument-specific credit risk $ 164 $ 1 $ 102 $ 1 $ 280 $ 2
Effect of changes in the instrument-specific credit risk 53 — 62 — 146 —
Balance, end of period $ 217 $ 1 $ 164 $ 1 $ 426 $ 2
Weighted-average attained age of policyholders weighted by total AV (years) 68.49 72.64 68.59 72.88 68.95 73.10
Weighted-average attained age of policyholders weighted by Unlocked MRB (years) 78.33 77.73 80.84 77.56 68.77 73.72
Net amount at risk $ 1,031 $ 3 $ 952 $ 3 $ 1,304 $ 4
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The following table reconciles MRBs by amounts in an asset position and amounts in a liability position to the MRB amounts in the accompanying unaudited Condensed Consolidated Balance Sheets:
March 31, 2023 December 31, 2022 December 31, 2021
Asset Liability Net Asset Liability Net Asset Liability Net
(In millions)
FIA $ 106 $ 323 $ 217 $ 117 $ 281 $ 164 $ 41 $ 467 $ 426
Fixed rate annuities — 1 1 — 1 1 — 2 2
Total $ 106 $ 324 $ 218 $ 117 $ 282 $ 165 $ 41 $ 469 $ 428

In the first quarter of 2023, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:
• Risk-free rates decreased slightly, leading to an increase in the MRB associated with FIA and fixed rate annuities.
• Decreases in the equity market related projections resulted in an increase in the net amount of risk associated with FIAs, leading to an increase in the value of the associated MRBs.
• F&G’s credit spread increased, leading to a corresponding decrease in the MRBs associated with both FIA and fixed rate annuities.
In 2022, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:
• Risk-free rates increased moderately, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.
• Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.
• Volatility indices decreased, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.
• Cash flow assumptions for mortality and full and partial surrenders were unchanged during the annual third quarter review. The GMWB utilization assumption was revised in the second quarter of 2022 to reflect additional internal and industry experience for the first several contract years. This assumption update led to a decrease in the MRBs.
• F&G’s credit spread increased during the year, leading to a corresponding decrease in the MRBs value. Credit spreads on the block of business remain lower than the at-issue or at-purchase credit spreads, but the level has decreased since the beginning of 2022.
In 2021, the following notable changes were made to the inputs to the fair value estimates of MRB calculations:

•    Risk-free rates increased moderately, leading to a decrease in the MRBs associated with both FIA and fixed rate annuities.
• Increases in the equity markets resulted in a decrease in the net amount at risk associated with FIA and fixed rate annuities, leading to a decrease in the value of the associated MRBs.


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Note Q — Contractholder Funds
The following tables summarize balances of and changes in contractholder funds’ account balances:
March 31, 2023
FIA Fixed rate annuities Universal Life FABN (b) FHLB (b)
(Dollars in millions)
Balance, beginning of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982
Issuances 1,186 1,522 49 — 256
Premiums received 25 1 87 — —
Policy charges (a) ( 42 ) — ( 60 ) — —
Surrenders and withdrawals ( 403 ) ( 257 ) ( 21 ) — —
Benefit payments ( 121 ) ( 59 ) ( 10 ) ( 15 ) ( 110 )
Interest credited 21 81 5 13 11
Other 23 ( 1 ) — — —
Balance, end of year $ 25,455 $ 10,645 $ 2,162 $ 2,611 $ 2,139
Embedded derivative adjustment (c) ( 12 ) — 45 — —
Gross Liability, end of period $ 25,443 $ 10,645 $ 2,207 $ 2,611 $ 2,139
Less: Reinsurance ( 17 ) ( 4,691 ) ( 933 ) — —
Net Liability, after Reinsurance $ 25,426 $ 5,954 $ 1,274 $ 2,611 $ 2,139
Weighted-average crediting rate 0.33 % — % 1.00 % N/A N/A
Net amount at risk (d) N/A N/A 49,426 N/A N/A
Cash surrender value 23,726 9,929 1,724 N/A N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
December 31, 2022
FIA Fixed rate annuities Universal Life FABN (b) FHLB (b)
(Dollars in millions)
Balance, beginning of year 21,997 6,367 1,907 1,904 1,543
Issuances 4,462 3,758 167 700 1,192
Premiums received 106 3 295 — —
Policy charges (a) ( 166 ) ( 1 ) ( 209 ) — —
Surrenders and withdrawals ( 1,322 ) ( 797 ) ( 74 ) — —
Benefit payments ( 485 ) ( 192 ) ( 22 ) ( 35 ) ( 789 )
Interest credited 198 220 48 45 36
Other ( 24 ) — — ( 1 ) —
Balance, end of year $ 24,766 $ 9,358 $ 2,112 $ 2,613 $ 1,982
Embedded derivative adjustment (c) ( 343 ) — 15 — —
Gross Liability, end of period $ 24,423 $ 9,358 $ 2,127 $ 2,613 $ 1,982
Less: Reinsurance ( 17 ) ( 3,723 ) ( 947 ) — —
Net Liability, after Reinsurance $ 24,406 $ 5,635 $ 1,180 $ 2,613 $ 1,982
Weighted-average crediting rate 0.85 % — 2.39 % N/A N/A
Net amount at risk (d) N/A N/A 53,348 N/A N/A
Cash surrender value 188 5,992 1,698 N/A N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
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(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
December 31, 2021
FIA Fixed rate annuities Universal Life FABN (b) FHLB (b)
(In millions)
Balance, beginning of year $ 18,703 $ 5,142 $ 1,696 $ — $ 1,203
Issuances 4,400 1,743 114 1,899 759
Premiums received 103 3 233 — —
Policy charges (a) ( 148 ) ( 1 ) ( 167 ) — —
Surrenders and withdrawals ( 1,303 ) ( 543 ) ( 68 ) — —
Benefit payments ( 440 ) ( 145 ) ( 19 ) ( 7 ) ( 447 )
Interest credited 686 167 118 12 30
Other ( 4 ) 1 — — ( 2 )
Balance, end of year $ 21,997 $ 6,367 $ 1,907 $ 1,904 $ 1,543
Embedded derivative adjustment (c) 603 — 74 — —
Gross Liability, end of period $ 22,600 $ 6,367 $ 1,981 $ 1,904 $ 1,543
Less: Reinsurance ( 17 ) ( 1,692 ) ( 984 ) — —
Net Liability, after Reinsurance $ 22,583 $ 4,675 $ 997 $ 1,904 $ 1,543
Weighted-average crediting rate 3.43 % — 6.77 % N/A N/A
Net amount at risk (d) N/A N/A 41,326 N/A N/A
Cash surrender value 20,455 5,992 1,572 N/A N/A
(a) Contracts included in the contractholder funds are generally charged a premium and/or monthly assessments on the basis of the account balance.
(b) FABN and FHLB are considered funding agreements that are investment contracts which follow the interest method of accounting, and therefore are not subject to ASU 2018-12 disclosure requirements. However, the Company has elected to present the liability for these agreements within the disaggregated roll forward as we believe it will provide meaningful information for users of the financials.
(c) The embedded derivative adjustment reconciles the account balance to the gross GAAP liability and represents the combination of the host contract and the fair value of the embedded derivatives.
(d) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
The following table reconciles contractholder funds’ account balances to the contractholder funds liability in the accompanying unaudited Condensed Consolidated Balance Sheets:
March 31, 2023 December 31, 2022 December 31, 2021
(In millions)
FIA $ 25,443 $ 24,423 $ 22,600
Fixed rate annuities 10,645 9,358 6,367
Immediate annuities 326 332 352
Universal life 2,207 2,127 1,981
Traditional life 5 5 5
Funding Agreement-FABN 2,611 2,613 1,904
FHLB 2,139 1,982 1,543
PRT 3 3 1
Total $ 43,379 $ 40,843 $ 34,753




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


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Note R — Future Policy Benefits
The following table summarizes balances and changes in the present value of expected net premiums and the present value of the expected FPB for nonparticipating traditional contracts:
March 31, 2023 December 31, 2022 December 31, 2021
Expected net premiums (Dollars in millions)
Balance, beginning of year $ 797 $ 1,020 $ 1,152
Beginning balance of original discount rate 974 1,045 1,131
Effect of actual variances from expected experience 3 33 25
Balance adjusted for variances from expectation 977 1,078 1,156
Interest accrual 5 20 22
Net premiums collected ( 30 ) ( 124 ) ( 133 )
Ending Balance at original discount rate 952 974 1,045
Effect of changes in discount rate assumptions ( 158 ) ( 177 ) ( 25 )
Balance, end of year $ 794 $ 797 $ 1,020
Expected FPB
Balance, beginning of year $ 2,151 $ 2,772 $ 3,105
Beginning balance of original discount rate 2,665 2,806 2,995
Effect of actual variances from expected experience ( 7 ) 13 ( 14 )
Balance adjusted for variances from expectation 2,658 $ 2,819 $ 2,981
Interest accrual 14 59 62
Benefits payments ( 48 ) ( 213 ) ( 237 )
Ending Balance at original discount rate 2,624 $ 2,665 $ 2,806
Effect of changes in discount rate assumptions ( 448 ) ( 514 ) ( 34 )
Balance, end of year $ 2,176 $ 2,151 $ 2,772
Net liability for future policy benefits $ 1,382 $ 1,354 $ 1,752
Less: Reinsurance recoverable 510 515 670
Net liability for future policy benefits, after reinsurance recoverable $ 872 $ 839 $ 1,082
Weighted-average duration of liability for future policyholder benefits (years) 7.53 7.58 8.54


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The following tables summarize balances and changes in the present value of the expected FPB for limited-payment contracts:
March 31, 2023
Immediate annuities PRT
(Dollars in millions)
Balance, beginning of year $ 1,429 $ 2,165
Beginning balance of original discount rate 1,858 2,475
Effect of changes in cash flow assumptions — ( 1 )
Effect of actual variances from expected experience ( 7 ) ( 3 )
Balance adjusted for variances from expectation 1,851 2,471
Issuances 5 268
Interest accrual 16 23
Benefits payments ( 31 ) ( 55 )
Ending Balance at original discount rate 1,841 2,707
Effect of changes in discount rate assumptions ( 389 ) ( 251 )
Balance, end of year $ 1,452 $ 2,456
Net liability for future policy benefits $ 1,452 $ 2,456
Less: Reinsurance recoverable 204 —
Net liability for future policy benefits, after reinsurance recoverable $ 1,248 $ 2,456
Weighted-average duration of liability for future policyholder benefits (years) 12.18 8.07

December 31, 2022
Immediate annuities PRT
(Dollars in millions)
Balance, beginning of year $ 1,954 $ 1,148
Beginning balance of original discount rate 1,935 1,151
Effect of changes in cash flow assumptions — ( 20 )
Effect of actual variances from expected experience ( 26 ) 2
Balance adjusted for variances from expectation $ 1,909 $ 1,133
Issuances 26 1,418
Interest accrual 60 50
Benefits payments ( 137 ) ( 126 )
Ending Balance at original discount rate $ 1,858 $ 2,475
Effect of changes in discount rate assumptions ( 429 ) ( 310 )
Balance, end of year $ 1,429 $ 2,165
Net liability for future policy benefits $ 1,429 $ 2,165
Less: Reinsurance recoverable 218 —
Net liability for future policy benefits, after reinsurance recoverable $ 1,211 $ 2,165
Weighted-average duration of liability for future policyholder benefits (years) 11.76 8.09
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December 31, 2021
Immediate annuities PRT
(Dollars in millions)
Balance, beginning of year $ 2,153 $ —
Beginning balance of original discount rate 2,040 —
Effect of actual variances from expected experience ( 47 ) —
Balance adjusted for variances from expectation $ 1,993 $ —
Issuances 18 1,155
Interest accrual 60 2
Benefits payments ( 136 ) ( 6 )
Ending Balance at original discount rate $ 1,935 $ 1,151
Effect of changes in discount rate assumptions 19 ( 3 )
Balance, end of year $ 1,954 $ 1,148
Net liability for future policy benefits $ 1,954 $ 1,148
Less: Reinsurance recoverable 293 —
Net liability for future policy benefits, after reinsurance recoverable $ 1,661 $ 1,148
Weighted-average duration of liability for future policyholder benefits (years) 13.61 8.75
The following tables summarize balances and changes in the liability for DPL for limited-payment contracts:
March 31, 2023 December 31, 2022 December 31, 2021
Immediate annuities PRT Immediate annuities PRT Immediate annuities PRT
(In millions)
Balance, beginning of year $ 69 $ 4 $ 57 $ 7 $ 22 $ —
Effect of modeling changes 4 — — — — —
Effect of changes in cash flow assumptions — — — ( 2 ) — —
Effect of actual variances from expected experience 4 — 16 — 39 —
Balance adjusted for variances from expectation 77 4 73 5 61 —
Issuances 1 — 1 — $ — $ 7
Interest accrual 1 — 2 — 2 —
Amortization ( 2 ) — ( 7 ) ( 1 ) ( 6 ) —
Balance, end of year $ 77 $ 4 $ 69 $ 4 $ 57 $ 7
The following table reconciles the net FPB to the FPB in the unaudited Condensed Consolidated Balance Sheets. The DPL for Immediate Annuities and PRT is presented together with the FPB in the unaudited Condensed Consolidated Balance Sheets and has been included as a reconciling item in the table below:
March 31, 2023 December 31, 2022 December 31, 2021
(In millions)
Traditional Life $ 1,382 $ 1,354 $ 1,752
Immediate annuities 1,452 1,429 1,954
PRT 2,456 2,165 1,148
Immediate annuities DPL 77 69 57
PRT DPL 4 4 7
Total $ 5,371 $ 5,021 $ 4,918
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The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional and limited-payment contracts:
Undiscounted Discounted
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Traditional Life (In millions)
Expected future benefit payments $ 3,073 $ 3,265 $ 2,155 $ 2,734
Expected future gross premiums 1,142 1,289 839 1,129
Immediate annuities
Expected future benefit payments $ 3,402 $ 3,545 $ 1,452 $ 1,923
Expected future gross premiums — — — —
PRT
Expected future benefit payments $ 3,916 $ 2,289 $ 2,708 $ 1,665
Expected future gross premiums — — — —
The following table summarizes the amount of revenue and interest related to nonparticipating traditional and limited-payment contracts recognized in the unaudited Condensed Consolidated Statements of Operations:
Gross Premiums (a) Interest Expense (b)
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
(In millions)
Traditional Life $ 32 $ 36 $ 9 $ 10
Immediate annuities 6 7 16 15
PRT 263 525 23 7
Total $ 301 $ 568 $ 48 $ 32
(a) Included in Life insurance premiums and other fees on the Condensed Consolidated Statements of Operations.
(b Included in Benefits and other changes in policy reserves (Remeasurement gains (losses) (a)) on the Condensed Consolidated Statements of Operations.
The following table presents the weighted-average interest rate:
March 31, 2023 December 31, 2022 December 31, 2021
Traditional Life
Interest accretion rate 2.33 % 2.32 % 2.29 %
Current discount rate 4.96 % 5.37 % 2.41 %
Immediate annuities
Interest accretion rate 3.11 % 3.07 % 3.04 %
Current discount rate 5.02 % 5.21 % 3.07 %
PRT
Interest accretion rate 3.82 % 3.20 % 1.20 %
Current discount rate 5.08 % 5.40 % 2.79 %
The following tables summarize the actual experience and expected experience for mortality and lapses of the FPB:
March 31, 2023
Traditional Life Immediate annuities PRT
Mortality
Actual experience 1.4 % 3.2 % 2.7 %
Expected experience 1.4 % 1.7 % 2.1 %
Lapses
Actual experience 0.1 % — % — %
Expected experience 0.2 % — % — %
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December 31, 2022
Traditional Life Immediate annuities PRT
Mortality
Actual experience 1.5 % 3.0 % 1.9 %
Expected experience 1.3 % 1.9 % 2.5 %
Lapses
Actual experience — % — % — %
Expected experience 0.3 % — % — %
December 31, 2021
Traditional Life Immediate annuities PRT
Mortality
Actual experience 1.7 % 4.2 % — %
Expected experience 1.3 % 2.0 % — %
Lapses
Actual experience 0.1 % — % — %
Expected experience 0.3 % — % — %
The following table provides additional information for periods in which a cohort has an NPR > 100% (and; therefore, capped at 100%) (dollars in millions):
March 31, 2023 December 31, 2022
Cohort X Description Cohort X Description
Net Premium Ratio before capping 101 % Term with ROP Non-NY Cohort 100 % Term with ROP Non-NY Cohort
Reserves before NP Ratio capping $ 1,208 Term with ROP Non-NY Cohort $ 1,172 Term with ROP Non-NY Cohort
Reserves after NP Ratio capping $ 1,211 Term with ROP Non-NY Cohort $ 1,173 Term with ROP Non-NY Cohort
Loss Expense $ 2 Term with ROP Non-NY Cohort $ — Term with ROP Non-NY Cohort
F&G realized actual-to-expected experience variances and made changes to assumptions during the three months ended March 31, 2023 and the year ended December 31, 2022 as follows:
Traditional life
Significant assumption inputs to the calculation of the FPB for traditional life include mortality, lapses (including lapses due to nonpayment of premium and surrenders for cash surrender value), and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022 resulting in decreased discount rates that drove a material increase to the FPB.
In 2022, F&G similarly undertook a review in the third quarter of the significant cash flow assumptions and did not make any changes to mortality or lapses.
Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected net premiums and expected future policy benefits due to discount rate changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.
Immediate annuities (life contingent)
Significant assumption inputs to the calculation of the FPB for immediate annuities (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from that utilized in 2022, resulting in decreased discount rates that drove a material increase to the FPB.
In 2022, F&G similarly undertook a review of the significant cash flow assumptions and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy
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benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.
PRT (life contingent)
Significant assumption inputs to the calculation of the FPB for PRT (life contingent) include mortality and discount rates (both accretion and current). We review the cash flow assumptions annually, typically in the third quarter. Market data that underlies current discount rates was updated in the first quarter of 2023 from 2022 resulting in decreased discount rates that drove a material increase to the FPB.
In 2022, F&G similarly undertook a review of the significant cash flow assumption and did not make any changes to mortality. Market data that underlies current discount rates was updated from 2021 and increased significantly year-over-year, resulting in a material decrease to the FPB. Impacts to expected future policy benefits due to assumption changes in 2022 can be observed in the FPB roll forward tables at December 31, 2022.
Premium deficiency testing
F&G conducts annual premium deficiency testing for its long-duration contracts except for the FPB for nonparticipating traditional and limited-payment contracts. F&G also conducts annual premium deficiency testing for the VOBA of all long-duration contracts. Premium deficiency testing is performed by reviewing assumptions used to calculate the insurance liabilities and determining whether the sum of the existing contract liabilities and the present value of future gross premiums is sufficient to cover the present value of future benefits to be paid to or on behalf of policyholders and settlement costs and recover unamortized present value of future profits. Anticipated investment income, based on F&G’s experience, is considered when performing premium deficiency testing for long-duration contracts. During 2023 and 2022, F&G was not required to establish any additional liabilities as a result of premium deficiency testing.

Note S — ASU 2018-12 Transition
We adopted ASU 2018-12 on January 1, 2023 with a transition date of January 1, 2021, or the beginning of the earliest period that will be presented in the annual December 31, 2023 Consolidated Financial Statements. We elected to adopt ASU 2018-12 using the full retrospective transition method and balances for FPB, DAC and balances amortized on a basis consistent with DAC (VOBA, DSI, and URL), and MRBs were adjusted to conform to ASU 2018-12 starting as of the F&G acquisition date, June 1, 2020. No hindsight was used for the full retrospective adoption of MRBs. As a result of adoption, the Company recorded a cumulative-effect adjustment, which increased opening 2021 retained earnings by $ 73 million, net of tax.
The following table summarizes the balance of and changes in the FPB on January 1, 2021 due to adoption of ASU 2018-12 :
Immediate annuities Traditional Life Total (3)
(In millions)
Balance, December 31, 2020 $ 1,861 $ 2,144 $ 4,005
Cumulative effect of retrospective adoption (1) 201 ( 279 ) ( 78 )
Effect of remeasurement of liability at current discount rate (2) 113 88 201
Balance, January 1, 2021 $ 2,175 $ 1,953 $ 4,128
Less: Reinsurance Recoverable 322 793 1,115
Balance, January 1, 2021, net of reinsurance $ 1,853 $ 1,160 $ 3,013
(1) Adjustments for the cumulative effect of adoption of the new measurement guidance under the full retrospective method for contract issue years from the FNF Acquisition Date through December 31, 2020, net of the effects of any change in the DPL.
(2) The remeasurement of the liability at the current discount rate is reflected as an adjustment to opening AOCI upon the adoption of ASU 2018-12.
(3) PRT was not written as of the transition date, January 1, 2021, and as a result is not presented in the transition adjustment roll forward.
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The following table summarizes the balance of and changes in VOBA on January 1, 2021 due to adoption of ASU 2018-12:
FIA Fixed rate annuities Immediate annuities Universal Life Traditional Life Total
(In millions)
Balance, December 31, 2020 $ 1,208 $ 15 $ 86 $ 139 $ 18 $ 1,466
Adjustment for reversal of AOCI adjustments (1) 208 24 — 29 22 283
Cumulative effect of retrospective adoption (2) ( 14 ) 7 ( 5 ) ( 9 ) ( 1 ) ( 22 )
Transition opening balance adjustment 69 2 144 5 43 263
Balance, January 1, 2021 $ 1,471 $ 48 $ 225 $ 164 $ 82 $ 1,990
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020
(3) Adjustments for the change in VOBA due to the full retrospective adjustment of carrying amounts of acquired contracts as of the FNF Acquisition Date due to the adoption of ASU 2018-12.
The following table summarizes the balance of and changes in DAC on January 1, 2021 due to adoption of ASU 2018-12 :
FIA Fixed rate annuities Universal Life Total
(In millions)
Balance, December 31, 2020 $ 167 $ 14 $ 41 $ 222
Adjustment for reversal of AOCI adjustments (1) 15 2 8 25
Cumulative effect of retrospective adoption (2) ( 1 ) — ( 1 ) ( 2 )
Balance, January 1, 2021 $ 181 $ 16 $ 48 $ 245
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.
The following table summarizes the balance of and changes in DSI on January 1, 2021 due to adoption of ASU 2018-12 :
FIA Total
(In millions)
Balance, December 31, 2020 $ 36 $ 36
Adjustment for reversal of AOCI adjustments (1) 5 5
Cumulative effect of retrospective adoption (2) 4 4
Balance, January 1, 2021 $ 45 $ 45
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.
The following table summarizes the balance of and changes in URL on January 1, 2021 due to adoption of ASU 2018-12 :
Universal Life Total
(In millions)
Balance, December 31, 2020 $ 2 $ 2
Adjustment for reversal of AOCI adjustments (1) 25 25
Cumulative effect of retrospective adoption (2) 2 2
Balance, January 1, 2021 $ 29 $ 29
(1) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(2) Adjustments for the cumulative effect of adoption of the simplified amortization methodology under the full retrospective method for contract issue years from the FNF acquisition date through December 31, 2020.
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The following table summarizes the balance of and changes in the asset and liability position of MRBs on January 1, 2021 due to adoption of ASU 2018-12 :
FIA Fixed rate annuities Total
(In millions)
Balance, December 31, 2020 - Carrying amount of MRBs under prior guidance (1) $ 531 $ — $ 531
Adjustment for reversal of AOCI adjustments (2) ( 116 ) — ( 116 )
Cumulative effect of the changes in the instrument-specific credit risk between the original contract issuance date and the transition date (3) 159 — 159
Remaining cumulative difference (exclusive of the instrument specific credit risk change) between June 1, 2020 carrying amount and fair value measurement for the MRBs (4) ( 96 ) 1 ( 95 )
Balance, January 1, 2021 - Market risk benefits at fair value $ 478 $ 1 $ 479
Less: Reinsurance Recoverable — — —
Balance, January 1, 2021, net of reinsurance $ 478 $ 1 $ 479
(1) The pre-adoption balance as of December 31, 2020 balance for MRBs represents the contract features that meet the definition of an MRB under ASU 2018-12 and the related carrying amount of those features prior to the ASU. Those contract features were previously accounted for at fair value as a derivative or embedded derivative under ASC 815 or as an additional liability for annuitization benefits or death or other insurance benefits under ASC 944.
(2) Prior period "shadow" adjustments in AOCI have been reversed upon the adoption of ASU 2018-12 from opening AOCI.
(3) The cumulative effective of the change in instrument-specific credit risk between the FNF Acquisition Date or, if later, the original contract issuance date and the transition date to ASU 2018-12, which is recorded as an adjustment to opening AOCI.
(4) The cumulative difference (exclusive of instrument-specific credit risk change) between the pre-adoption carrying amount and the fair value measurement for MRBs is recorded as an adjustment to opening retained earnings.
The following table presents the effect of transition adjustments on Equity on January 1, 2021 due to the adoption of ASU 2018-12:
January 1, 2021
Retained Earnings AOCI
(In millions)
Contractholder funds $ 100 $ 115
MRB 29 ( 159 )
FPB ( 15 ) ( 159 )
VOBA ( 21 ) 233
DAC ( 1 ) 5
Increase to Equity, gross of tax $ 92 $ 35
Tax impact 19 9
Increase to Equity, net of tax $ 73 $ 26
For MRBs, the transition adjustment reflected within the unaudited Condensed Consolidated Statements of Comprehensive Earnings relates to the cumulative effect of changes in the instrument-specific credit risk between contract issue date and transition date. The remaining difference between the fair value and carrying amount of the MRBs at transition, excluding the amounts recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, was recorded as an adjustment to Retained Earnings as of the transition date.
For the FPB, the net transition adjustment is primarily related to the difference in the discount rate used pre-transition and the discount rate at January 1, 2021, partially offset by the removal of provisions for adverse deviation from the cash flow assumptions used in the FPB calculation. At transition, we did not identify any instances, at the cohort level, where net premiums exceeded gross premiums.
Before the adoption of ASU 2018-12, VOBA was amortized consistent with DAC, which was amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”). Based on our historical practice of using consistent amortization methods for VOBA and DAC, we elected to change the amortization method for VOBA associated with fixed rate annuities, FIAs, and IUL/Universal Life products to maintain consistency with the amortization method for DAC. At transition, VOBA associated with these product types is amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Additionally, at transition, shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings, consistent with the historic amortization of DAC, have been removed.
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For DAC, DSI and URL, we removed shadow adjustments previously recorded in the unaudited Condensed Consolidated Statements of Comprehensive Earnings for the impact of unrealized gains and losses that were included in the pre-transition expected gross profits amortization calculation as of the transition date.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, hopes, intentions or strategies regarding the future. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. It is important to note that our actual results could vary materially from those forward-looking statements contained herein due to many factors, including, but not limited to: the potential impact of the F&G Distribution on relationships, including employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding, or a weak U.S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in consummating and integrating acquisitions; our dependence on distributions from our title insurance underwriters as our main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2022 and other filings with the SEC.
The following discussion should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022.
Overview
For a description of our business, including descriptions of segments and recent business developments, see the discussion in Note A Basis of Financial Statements in the accompanying unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report, which is incorporated by reference into this Part I, Item 2.
Business Trends and Conditions
Title
Our Title segment revenue is closely related to the level of real estate activity that includes sales, mortgage financing and mortgage refinancing. Declines in the level of real estate activity or the average price of real estate sales will adversely affect our title insurance revenues.
We have found that residential real estate activity is generally dependent on the following factors:
• mortgage interest rates;
• mortgage funding supply;
• housing inventory and home prices;
• supply and demand for commercial real estate; and
• the strength of the United States economy, including employment levels.
The most recent forecast of the Mortgage Bankers Association ("MBA"), as of April 17, 2023, estimates (actual for fiscal year 2022) the size of the U.S. residential mortgage originations market as shown in the following table for 2022 - 2025 in its "Mortgage Finance Forecast" (in trillions):
2025 2024 2023 2022
Purchase transactions $ 1.8 $ 1.6 $ 1.4 $ 1.6
Refinance transactions $ 0.7 $ 0.6 $ 0.4 $ 0.6
Total U.S. mortgage originations forecast $ 2.5 $ 2.2 $ 1.8 $ 2.2
As of April 17, 2023, the MBA expects residential purchase transactions to decrease in 2023 before increasing in 2024 and 2025. Additionally, the MBA expects residential refinance transactions and overall mortgage originations to decrease in 2023 before increasing in 2024 and 2025.
The Federal Reserve raised the benchmark interest rate from near zero as of March 2022 to a range between 4.75% and 5.0% as of March 2023. Average interest rates for a 30-year fixed rate mortgage increased to 6.4%
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for the three months ended March 31, 2023, as compared to 3.9% for the corresponding period of 2022. On May 3, 2023, the Federal Reserve raised the benchmark interest rate by an additional 25 basis points.
A shortage in the supply of homes for sale, increasing home prices, rising mortgage interest rates, disrupted labor markets and geopolitical uncertainties associated with the war in Ukraine created some volatility in the residential real estate market in 2022, which has continued into 2023. Existing-home sales decreased 22% in March 2023 as compared to the corresponding period in 2022 while median existing-home sales prices decreased from $379,500 to $375,700 in March 2023, a 1% decrease compared with the corresponding period in 2022.
Other economic indicators used to measure the health of the U.S. economy, including the unemployment rate, have remained strong. The unemployment rate was 3.5% in March 2023, which equals the record low set in February 2020, as compared to 3.6% in March 2022.
Because commercial real estate transactions tend to be generally driven by supply and demand for commercial space and occupancy rates in a particular area rather than by interest rate fluctuations, we believe that our commercial real estate title insurance business is less dependent on the industry cycles discussed above than our residential real estate title business. Commercial real estate transaction volume is also often linked to the availability of financing. Factors including U.S. tax reform and a shift in U.S. monetary policy have had, or are expected to have, varying effects on availability of financing in the U.S. Lower corporate and individual tax rates and corporate tax-deductibility of capital expenditures have provided increased capacity and incentive for investments in commercial real estate. In the three months ended March 31, 2022, we experienced strong demand in commercial real estate markets and, therefore, experienced relatively high volumes and fee-per-file in our commercial business when compared to historical results. In the three months ended March 31, 2023, order volumes and fee per file decreased when compared with the prior year period.
We continually monitor mortgage origination trends and believe that, based on our ability to produce industry leading operating margins through all economic cycles, we are well positioned to adjust our operations for adverse changes in real estate activity and to take advantage of increased volume when demand increases.
Seasonality. H istorically, real estate transactions have produced seasonal revenue fluctuations in the real estate industry. The first calendar quarter is typically the weakest quarter in terms of revenue due to the generally low volume of home sales during January and February. The second and third calendar quarters are typically the strongest quarters in terms of revenue, primarily due to a higher volume of residential transactions in the spring and summer months. The fourth quarter is typically strong due to the desire of commercial entities to complete transactions by year-end. We have noted short-term fluctuations through recent years in resale and refinance transactions as a result of changes in interest rates. In 2022, the rapid rise in mortgage rates and resulting decline in housing affordability has resulted in deviations in seasonality from historical patterns.
F&G
The following factors represent some of the key trends and uncertainties that have influenced the development of our F&G segment and its historical financial performance, and we believe these key trends and uncertainties will continue to influence the business and financial performance of our F&G segment in the future.
Market Conditions
Market volatility has affected, and may continue to affect, our business and financial performance in varying ways. Volatility can pressure sales and reduce demand as consumers hesitate to make financial decisions. To enhance the attractiveness and profitability of our products and services, we continually monitor the behavior of our customers, as evidenced by annuitization rates and lapse rates in our F&G segment, which vary in response to changes in market conditions. See Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion of risk factors that could affect market conditions.
Interest Rate Environment
Some of our F&G products include guaranteed minimum crediting rates, most notably our fixed rate annuities. As of March 31, 2023, our reserves, net of reinsurance, and average crediting rate on our fixed rate annuities were $11.0 billion and 3%, respectively. We are required to pay the guaranteed minimum crediting rates even if earnings on our investment portfolio decline, which would negatively impact earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates for a longer period in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio would increase
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earnings if the average interest rate we pay on our products does not rise correspondingly. Similarly, we expect that policyholders would be less likely to hold policies with existing guarantees as interest rates rise and the relative value of other new business offerings are increased, which would negatively impact our earnings and cash flows.
See Item 7A of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022 for a more detailed discussion of interest rate risk.
Aging of the U.S. Population
We believe that the aging of the U.S. population will increase the demand for our fixed indexed annuity ("FIA") and indexed universal life ("IUL") products. As the “baby boomer” generation prepares for retirement, we believe that demand for retirement savings, growth, and income products will grow. Over 10,000 people will turn 65 each day in the United States over the next 15 years, and according to the U.S. Census Bureau, the proportion of the U.S. population over the age of 65 is expected to grow from 18% in 2022 to 21% in 2035. The impact of this growth may be offset to some extent by asset outflows as an increasing percentage of the population begins withdrawing assets to convert their savings into income.
Industry Factors and Trends Affecting Our Results of Operations
We operate in the sector of the insurance industry that focuses on the needs of middle-income Americans. The underserved middle-income market represents a major growth opportunity for us. As a tool for addressing the unmet need for retirement planning, we believe that many middle-income Americans have grown to appreciate the financial certainty that we believe annuities such as our FIA products afford. Accordingly, the FIA market grew from nearly $12 billion of sales in 2002 to $79 billion of sales in 2022. Additionally, this market demand has positively impacted the IUL market as it has expanded from $100 million of annual premiums in 2002 to $3 billion of annual premiums in 2022.
See Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022 for a more detailed discussion of industry factors and trends affecting our Results of Operations.

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Critical Accounting Policies and Estimates
As a result of the adoption of ASU 2018-12, we have applied the following additional critical accounting policies and estimates in preparing our Condensed Consolidated Financial Statements included in Item 1 of Part I of this Report. Other than the following additional critical accounting policies and estimates, which are further described in the Notes to our Condensed Consolidated Financial Statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 2 of Part I, there have been no material changes to our critical accounting policies described in Item 7 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2022. See Note A Basis of Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional description of certain significant accounting policies that have been followed in preparing our Condensed Consolidated Financial Statements.
Reserves for Future Policy Benefits and Certain Information on Contractholder Funds
The determination of future policy benefit ("FPB") reserves is dependent on actuarial assumptions. The principal assumptions used to establish liabilities for FPBs are established at issue of the contract and include discount rates, mortality, and cash surrender or policy lapse for our traditional life insurance products. The assumptions used require considerable judgment. We review policyholder behavior experience at least annually and update these assumptions when deemed necessary based on additional information that becomes available. Discount rate assumptions are updated at each reporting period and also incorporate changes in risk free rates and option market values. Changes in, or deviations from, the assumptions previously used can significantly affect our reserve levels and related results of operations in a positive or negative direction.
Mortality refers to the incidence of death on covered lives, which triggers contractual death benefit provisions. On our deferred annuities and life insurance products, these provisions may allow for lump sum payments, payments over a period of time, or spousal continuation of the contract. On our life-contingent immediate annuities, the death of a named annuitant or pension risk transfer (“PRT”) certificate holder may trigger the cessation or reduction of future life-contingent payments due, depending on the presence of a joint annuitant/certificate holder and any remaining guaranteed non-life contingent payment periods. We utilize a combination of internal and industry experience when setting our mortality assumptions.
A surrender rate is the percentage of account value surrendered by the policyholder in exchange for receipt of a cash surrender value. A lapse rate is the percentage of account value canceled by us due to nonpayment of premiums required to maintain coverage on our life insurance products. We make estimates of expected full and partial surrenders of our deferred annuity products, based on a combination of internal and industry experience. Management’s best estimate of surrender behavior generally represents a medium-to-long term perspective, as we expect to experience a range of policyholder behavior and market conditions period to period. If actual surrender rates are significantly different from those estimated, such differences could have a significant effect on our reserve levels and related results of operations.
Discount rates refers to the interest rates used to discount future cash flows to the current period to determine a present value. For liability for FPB reserves the discount rate used is based on the yield curve for A-rated corporate bonds as of the valuation date. Changes in the discount rates from the at-issue or at-purchase discount rates flow through other comprehensive income (“OCI”).
Our aggregate reserves for contractholder funds, FPBs and market risk benefits ("MRBs") on a direct and net basis as of March 31, 2023 and December 31, 2022 are summarized as follows:
As of March 31, 2023
Direct Deposit Asset/ Reinsurance Recoverable Net
(In millions)
Fixed indexed annuities (“FIA”) $ 25,765 $ (16) $ 25,749
Fixed rate annuities 10,646 (4,691) 5,955
Single premium immediate annuities (“SPIA”) and other 1,854 (86) 1,768
IUL and other life 3,595 (1,568) 2,027
Funding agreement backed notes ("FABN") 4,751 — 4,751
PRT 2,463 — 2,463
Total $ 49,074 $ (6,361) $ 42,713
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As of December 31, 2022
Direct Deposit Asset/ Reinsurance Recoverable Net
(In millions)
FIA $ 24,704 $ (16) $ 24,688
Fixed rate annuities 9,360 (3,723) 5,637
SPIA and other 1,829 (118) 1,711
IUL and other life 3,486 (1,560) 1,926
FABN 4,595 — 4,595
PRT 2,172 — 2,172
Total $ 46,146 $ (5,417) $ 40,729
FIA and IUL products contain an embedded derivative; a feature that permits the holder to elect an interest rate return or an equity-index linked component, where interest credited to the contract is linked to the performance of various equity indices. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for contractholder funds in our accompanying unaudited Condensed Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in our accompanying unaudited Condensed Consolidated Statements of Operations.
For life-contingent immediate annuity policies (which includes life-contingent PRT annuities), gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the related liability for future policy benefits.
Valuation of Fixed Maturity, Preferred and Equity Securities, and Derivatives and Reinsurance Recoverable
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 deferred income taxes. Our equity securities are carried at fair value with unrealized gains and losses included in net income (loss). Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis.
Management’s assessment of all available data when determining fair value of the AFS securities is necessary to appropriately apply fair value accounting. Management utilizes information from independent pricing services, who take into account perceived market movements and sector news, as well as a security’s terms and conditions, including any features specific to that issue that may influence risk and marketability. Depending on the security, the priority of the use of observable market inputs may change as some observable market inputs may not be relevant or additional inputs may be necessary. We generally obtain one value from our primary external pricing service. In situations where a price is not available from the independent pricing service, we may obtain broker quotes or prices from additional parties 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. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flows, matrix pricing, or other similar techniques.
We validate external valuations at least quarterly through a combination of procedures that include the evaluation of methodologies used by the pricing services, comparisons to valuations from other independent pricing services, analytical reviews and performance analysis of the prices against trends, and maintenance of a securities watch list. See Note C Fair Value of Financial Instruments and Note D Investments to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
The fair value of derivative assets and liabilities is based upon valuation pricing models and 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 using a conventional model and market observable inputs, including interest rates, yield curve volatilities and other factors. Credit risk related to the counterparty is considered when estimating the fair values of these derivatives. However, we are largely protected by collateral arrangements with counterparties when individual counterparty exposures exceed certain thresholds. The fair value of futures contracts (specifically for FIA contracts) at the balance sheet date represents the cumulative unsettled variation margin (open trade equity net of cash settlements). The fair values of the embedded derivatives in our FIA and IUL contracts are derived using market
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value of options, use of current and budgeted option cost, swap rates, mortality rates, surrender rates, partial withdrawals, and non-performance spread and are classified as Level 3. The discount rate used to determine the fair value of our FIA/IUL embedded derivative liabilities includes an adjustment to reflect the risk that these obligations will not be fulfilled (“non-performance risk”). For the quarter ended March 31, 2023 and the year ended December 31, 2022, our non-performance risk adjustment was based on the expected loss due to default in debt obligations for similarly rated financial companies. See Note C Fair Value of Financial Instruments and Note E Derivative Financial Instruments to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
As discussed in Note L Reinsurance of our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q, FGL Insurance entered into a reinsurance agreement with Kubera effective December 31, 2018, to cede certain MYGAs and other fixed rate annuity GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset. Additionally, FGL Insurance entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of MYGA business on a funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements create an obligation for FGL Insurance 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 swaps are 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. 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 accompanying unaudited Condensed Consolidated Balance Sheets. The related gains or losses are reported in Recognized gains and losses, net on the accompanying unaudited Condensed Consolidated Statements of Operations.
Market Risk Benefits
MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs include certain contract features primarily on FIA contracts that provide minimum guarantees to policyholders, such as Guaranteed Minimum Death Benefit (“GMDBs”) and Guaranteed Minimum Withdrawal Benefits (“GMWBs”) riders. MRBs are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors.
The principal policyholder behavior assumptions used to calculate MRBs are established at issue of the contract and include mortality, contract full and partial surrenders, and utilization of the GMWB rider benefits. The assumptions used reflect a combination of internal experience, industry experience, and judgment. We review overall policyholder behavior experience at least annually and update these assumptions when deemed necessary based on additional information that becomes available. Changes in, or deviations from, the assumptions previously used can significantly affect our MRBs and related results of operations in a positive or negative direction.
Mortality refers to the incidence of death amongst policyholders on covered lives, which triggers contractual death benefit provisions. These provisions may allow for lump sum payments, payments over a period of time, or spousal continuation of the contract. We utilize a combination of actual internal and industry experience when setting our mortality assumptions.
A surrender rate is the percentage of account value surrendered by the policyholder in exchange for receipt of a cash surrender value. We make estimates of expected full and partial surrenders of our deferred annuity products based on a combination of internal and industry experience. Management’s best estimate of surrender generally represents a medium-to-long term perspective, as we expect to experience a range of policyholder behavior and market conditions period to period. If actual surrender rates are significantly different from those estimated, such differences could have a significant effect on our MRBs and related results of operations.
We have been issuing GMWB products since 2008. We make assumptions for policyholder behavior as it relates to GMWB utilization using a higher degree of industry experience and judgment than our other behavioral assumptions because internal experience, which we review annually, is still emerging. If emerging experience deviates from our assumptions on GMWB utilization, it could have a significant effect on MRBs and related results of operations.
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Results of Operations
Consolidated Results of Operations
Net Earnings. The following table presents certain financial data for the periods indicated:
Three months ended March 31,
2023 2022
(In millions)
Revenues:
Direct title insurance premiums $ 428 $ 767
Agency title insurance premiums 550 1,099
Escrow, title-related and other fees 880 1,292
Interest and investment income 611 478
Recognized gains and losses, net 5 (469)
Total revenues 2,474 3,167
Expenses:
Benefits and other changes in policy reserves 812 203
Personnel costs 677 823
Agent commissions 420 844
Other operating expenses 360 442
Market risk benefit losses 59 70
Depreciation and amortization 134 115
Provision for title claim losses 44 84
Interest expense 42 30
Total expenses 2,548 2,611
(Loss) Earnings before income taxes and equity in (losses) earnings of unconsolidated affiliates (74) 556
Income tax expense 14 156
Equity in earnings of unconsolidated affiliates — 2
Net (loss) earnings from continuing operations $ (88) $ 402
Revenues.
Total revenues decreased by $693 million in the three months ended March 31, 2023 compared to the corresponding period in 2022.
Net earnings from continuing operations decreased by $490 million in the three months ended March 31, 2023 compared to the corresponding period in 2022.
The change in revenue and net earnings from our reportable segments is discussed in further detail at the segment level below.

Expenses.
Our operating expenses consist primarily of Personnel costs; Other operating expenses, which in our title business are incurred as orders are received and processed; Agent commissions, which are incurred as title agency revenue is recognized; and Benefits and other changes in policy reserves, which in our F&G segment are charged to earnings in the period they are earned by the policyholder based on their selected strategy. For traditional life and immediate annuities, policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries. Title insurance premiums, escrow and title-related fees are generally recognized as income at the time the underlying transaction closes or other service is provided. Direct title operations revenue often lags approximately 45-60 days behind expenses and therefore gross margins may fluctuate. The changes in the market environment, mix of business between direct and agency operations and the contributions from our various business units have historically impacted margins and net earnings. We have
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implemented programs and have taken necessary actions to maintain expense levels consistent with revenue streams. However, a short-term lag exists in reducing controllable fixed costs and certain fixed costs are incurred regardless of revenue levels.
Personnel costs include base salaries, commissions, benefits, stock-based compensation and bonuses paid to employees, and are one of our most significant operating expenses.
Agent commissions represent the portion of premiums retained by our third-party agents pursuant to the terms of their respective agency contracts.
Benefit expenses for deferred annuity, FIA and IUL policies include index credits and interest credited to contractholder account balances and benefit claims in excess of contract account balances, net of reinsurance recoveries. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative and the change in the reserve for secondary guarantee benefit payments. Other changes in policy reserves also include the change in reserves for life insurance products.
Other operating expenses consist primarily of facilities expenses, title plant maintenance, premium taxes (which insurance underwriters are required to pay on title premiums in lieu of franchise and other state taxes), appraisal fees and other cost of sales on ServiceLink product offerings and other title-related products, postage and courier services, computer services, professional services, travel expenses, general insurance and bad debt expense on our trade and notes receivable.
The provision for title claim losses includes an estimate of anticipated title and title-related claims, and escrow losses.
The change in expenses attributable to our reportable segments is discussed in further detail at the segment level below.
Income tax expense was $14 million and $156 million in the three months ended March 31, 2023 and 2022, respectively. Income tax expense as a percentage of earnings before income taxes was (19)% and 28% in the three months ended March 31, 2023 and 2022, respectively. The change in income tax expense as a percentage of (loss) earnings before taxes in the three months ended March 31, 2023 as compared to the corresponding period in 2022 is primarily attributable to the recording of a valuation allowance in the 2022 period. The valuation allowance is associated with tax benefits from deferred tax assets related to recognized valuation losses on equity securities that we will more likely than not be able to realize for tax purposes. Additionally, the tax benefit associated with the valuation losses on equity securities in the three months ended March 31, 2023 was further reduced by an increase in the valuation allowance in 2023.
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 on adjusted financial statement income and a 1% excise tax on treasury stock repurchases. The effective date of these provisions was January 1, 2023. We do not anticipate that the IRA will have a material effect on our current or future financial condition or results from operations.

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Title
The following table presents the results from operations of our Title segment:
Three months ended March 31,
2023 2022
Revenues: (In millions)
Direct title insurance premiums $ 428 $ 767
Agency title insurance premiums 550 1,099
Escrow, title-related and other fees 471 665
Interest and investment income 81 27
Recognized gains and losses, net 22 (175)
Total revenues 1,552 2,383
Expenses:
Personnel costs 598 776
Agent commissions 420 844
Other operating expenses 296 397
Depreciation and amortization 37 33
Provision for title claim losses 44 84
Total expenses 1,395 2,134
Earnings from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates $ 157 $ 249
Orders opened by direct title operations (in thousands) 308 522
Orders closed by direct title operations (in thousands) 188 380
Fee per file (in dollars) $ 3,446 $ 2,891
Total revenues for the Title segment decreased by $831 million, or 35%, in the three months ended March 31, 2023 from the corresponding period in 2022.
The following table presents the percentages of title insurance premiums generated by our direct and agency operations:
Three months ended March 31,
% of % of
2023 Total 2022 Total
(Dollars in millions)
Title premiums from direct operations $ 428 44 % $ 767 41 %
Title premiums from agency operations 550 56 1,099 59
Total title premiums $ 978 100 % $ 1,866 100 %
Title premiums decreased by $888 million, or 48% in the three months ended March 31, 2023 from the corresponding period in 2022. The decrease was comprised of a decrease in Title premiums from direct operations of $339 million, or 44%, and a decrease in Title premiums from agency operations of $549 million, or 50%.
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The following table presents the percentages of opened and closed title insurance orders generated by purchase and refinance transactions by our direct operations:
Three months ended March 31,
2023 2022
Opened title insurance orders from purchase transactions (1) 78 % 62 %
Opened title insurance orders from refinance transactions (1) 22 38
100 % 100 %
Closed title insurance orders from purchase transactions (1) 78 % 55 %
Closed title insurance orders from refinance transactions (1) 22 45
100 % 100 %
_______________________________________
(1)    Percentages exclude consideration of an immaterial number of non-purchase and non-refinance orders.
Title premiums from direct operations decreased in the three months ended March 31, 2023 from the corresponding period in 2022. The decrease was primarily attributable to decreased closed order volume, partially offset by increases in the average fee per file, which were driven by increases in the proportion of purchase transactions versus refinance transactions.
We experie nced a significant decrease in c losed title insurance order volume from both purchase and refinance transactions in the three months ended March 31, 2023 from the corresponding period in 2022. Total closed order volume was 188,000 in the three months ended March 31, 2023 compared to 380,000 in the three months ended March 31, 2022. This represented an overall decrease of 51% in the three months ended March 31, 2023 from the corresponding period in 2022. The decrease was primarily attributable to higher average mortgage interest rates in the three months ended March 31, 2023 when compared to the corresponding period in 2022.
Total open ed title insurance order volume decreased in the th ree months ended March 31, 2023 from the corresponding period in 2022. The decrease was attributable to decreased opened title orders from both purchase and refinance transactions.
The average fee per file in our direct operations was $3,446 in the three months ended March 31, 2023, respectively, compared to $2,891 in the three months ended March 31, 2022. The increase in average fee per file in the three months ended March 31, 2023 reflects an increased proportion of purchase transactions relative to total closed orders compared to the corresponding period in 2022. The fee per file tends to change as the mix of refinance and purchase transactions changes, because purchase transactions involve the issuance of both a lender’s policy and an owner’s policy, resulting in higher fees, whereas refinance transactions only require a lender’s policy, resulting in lower fees.
Title premiums from agency operations decreased $549 million, or 50%, in the three months ended March 31, 2023 from the corresponding period in 2022. The current trends in the agency bus iness reflect a softening residential purchase environment in many markets throughout the country and a dramatic decline in residential refinance transactions, consistent with recent trends in our direct business.
Escrow, title-related and other fees decreased by $194 million, or 29%, in the three months ended March 31, 2023 from the corresponding period in 2022. Escrow fees decreased by $105 million, or 39%, in the three months ended March 31, 2023 from the corresponding period in 2022. The decreases in the three month periods were primarily attributable to the decrease in residential refinance transactions, which have relatively higher escrow fees per transaction than residential purchase and commercial transactions. Other fees, excluding escrow fees, decreased by $89 million, or 22%, in the three months ended March 31, 2023 from the corresponding period in 2022. The decreases in Other fees were attributable to various immaterial items.
Interest and investment income levels are primarily a function of securities markets, interest rates and the amount of cash available for investment. Interest and investment income increased $54 million, or 200%, in the three months ended March 31, 2023 from the corresponding period in 2022. The increase was primarily attributable to increased income from our tax-deferred property exchange business and higher yields on our short-term investments when compared to the corresponding period in 2022.
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Net recognized gains were $22 million in the three months ended March 31, 2023. Net recognized losses were $175 million in the three months ended March 31, 2022. The variations in recognized gains and losses, net in the three months ended March 31, 2023 compared to the corresponding periods in 2022 are primarily attributable to fluctuations in non-cash valuation changes on our equity and preferred security holdings in addition to various other immaterial items.
Personnel costs include base salaries, commissions, benefits, stock-based compensation and bonuses paid to employees, and are one of our most significant operating expenses. Personnel costs decreased $178 million, or 23%, in the three months ended March 31, 2023 compared to the corresponding period in 2022. The decrease is due to lower average head count in the 2023 period in response to the decline in title orders. Personnel costs as a percentage of total revenues from direct title premiums and escrow, title-related and other fees were 67% and 54% for the three months ended March 31, 2023 and 2022, respectively. Average employee count in the Title segment was 21,516 and 26,974 in the three months ended March 31, 2023 and 2022, respectively.
Other operating expenses decreased by $101 million, or 25%, in the three months ended March 31, 2023, from the corresponding period in 2022. Other operating expenses as a percentage of total revenue excluding agency premiums, interest and investment income, and recognized gains and losses were 33% and 28% in the three months ended March 31, 2023 and 2022, respectively.
Agent commissions represent the portion of premiums retained by agents pursuant to the terms of their respective agency contracts. Agent commissions and the resulting percentage of agent premiums that we retain vary according to regional differences in real estate closing practices and state regulations.
The following table illustrates the relationship of agent premiums and agent commissions, which has remained relatively consistent since 2022:
Three months ended March 31,
2023 % 2022 %
(Dollars in millions)
Agent premiums $ 550 100 % $ 1,099 100 %
Agent commissions 420 76 % 844 77 %
Net retained agent premiums $ 130 24 % $ 255 23 %
The claim loss provision for title insurance was $44 million and $84 million for the three months ended March 31, 2023 and 2022, respectively. The provision reflects an average provision rate of 4.5% of title premiums in all periods. We continually monitor and evaluate our loss provision level, actual claims paid, and the loss reserve position each quarter. This loss provision rate is set to provide for losses on current year policies, but due to development of prior years and our long claim duration, it periodically includes amounts of estimated adverse or positive development on prior years' policies.
F&G
Segment Overview
Through our majority-owned F&G subsidiary, we have five distribution channels across retail and institutional markets. Our three retail channels include agent-based Independent Marketing Organizations ("IMOs"), banks and broker dealers. We have deep, long-tenured relationships with our network of leading IMOs and their agents to serve the needs of the middle-income market and develop competitive annuity and life products to align with their evolving needs. Upon FNF’s ownership and F&G’s subsequent rating upgrades in mid-2020, we launched into banks and broker dealers. Further, in 2021, we launched two institutional channels to originate Funding Agreement Backed Note ("FABN") and PRT transactions. The FABN Program offers funding agreements to institutional clients by means of capital markets transactions through investment banks. The funding agreements issued under the FABN Program are in addition to those issued to the Federal Home Loan Bank of Atlanta ("FHLB"). The PRT solutions business was launched by building an experienced team and then working with brokers and institutional consultants for distribution. These markets leverage our existing team's spread-based capabilities as well as our strategic partnership with Blackstone.
In setting the features and pricing of our flagship FIA products relative to our targeted net margin, we take into account our expectations regarding (1) the difference between the net investment income we earn and the sum of the interest credited to policyholders and the cost of hedging our risk on the policies; (2) fees, including surrender charges and rider fees, partly offset by vesting bonuses that we pay our policyholders; and (3) a
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number of related expenses, including benefits and changes in reserves, acquisition costs, and general and administrative expenses.
Key Components of Our Historical Results of Operations
Through our insurance subsidiaries, we issue a broad portfolio of deferred annuities (FIA and fixed rate annuities), IUL, immediate annuities, funding agreements and PRT solutions. A deferred annuity is a type of contract that accumulates value on a tax deferred basis and typically begins making specified periodic or lump sum payments a certain number of years after the contract has been issued. IUL insurance is a complementary type of contract that accumulates value in a cash value account and provides a payment to designated beneficiaries upon the policyholder’s death. An immediate annuity is a type of contract that begins making specified payments within one annuity period (e.g., one month or one year) and typically makes payments of principal and interest earnings over a period of time.
Under U.S. GAAP, premium collections for deferred annuities, FIAs, fixed rate annuities, immediate annuities and PRT without life contingency, and deposits received for funding agreements are reported in the financial statements as deposit liabilities (i.e., contractholder funds) instead of as sales or revenues. Similarly, cash payments to customers are reported as decreases in the liability for contractholder funds and not as expenses. Sources of revenues for products accounted for as deposit liabilities are net investment income, surrender, cost of insurance and other charges deducted from contractholder funds, and net realized gains (losses) on investments. Components of expenses for products accounted for as deposit liabilities are interest-sensitive and index product benefits (primarily interest credited to account balances or the hedging cost of providing index credits to the policyholder), amortization of value of insurance and reinsurance contracts acquired ("VOBA"), deferred acquisition costs ("DAC"), deferred sales inducements ("DSI") and unearned revenue liability ("URL"), other operating costs and expenses, and income taxes.
We hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions. We purchase derivatives consisting predominantly of call options and, to a lesser degree, futures contracts (specifically for FIA contracts) on the equity indices underlying the applicable policy. These derivatives are used to offset the reserve impact of the index credits due to policyholders under the FIA and IUL contracts. The majority of all such call options are one-year options purchased to match the funding requirements underlying the FIA/IUL contracts. We attempt to manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spread, or participation rates on each policy's annual anniversary, subject to certain guaranteed minimums that must be maintained. The call options and futures contracts are marked to fair value with the change in fair value included as a component of net investment gains (losses). The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instruments’ terms or upon early termination and the changes in fair value of open positions.
As noted above, MRBs are contracts or contract features that both provide protection to the contract holder from other-than-nominal capital market risk (equity, interest and foreign exchange risk) and expose the Company to other-than-nominal capital market risk. MRBs are measured at fair value using a risk neutral valuation method, which is based on current net amounts at risk, market data, internal and industry experience, and other factors. The change in fair value of MRBs generally reflects impacts from actual policyholder behavior (including surrenders of the benefit), changes in interest rates, and changes in equity market returns. Generally higher interest rates and equity returns result in gains whereas lower interest rates and equity returns result in losses.
Earnings from products accounted for as deposit liabilities are primarily generated from the excess of net investment income earned over the sum of interest credited to policyholders and the cost of hedging our risk on FIA/IUL policies. With respect to FIAs/IULs, the cost of hedging our risk includes the expenses incurred to fund the index credits. Proceeds received upon expiration or early termination of call options purchased to fund annual index credits are recorded as part of the change in fair value of derivatives, and are largely offset by an expense for index credits earned on annuity contractholder fund balances.
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F&G Results of Operations
The results of operations of our F&G segment for the three months ended March 31, 2023 and 2022 were as follows:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Revenues:
Life insurance premiums and other fees (a) $ 365 $ 596
Interest and investment income 519 451
Recognized gains and (losses), net (15) (297)
Total revenues 869 750
Benefits and expenses:
Benefits and other changes in policy reserves 812 203
Market risk benefit losses 59 70
Depreciation and amortization 90 76
Personnel costs 53 30
Other operating expenses 36 18
Interest expense 22 8
Total benefits and expenses 1,072 405
Earnings (loss) before income taxes (203) 345
Income tax expense (benefit) $ (8) $ 106
Earnings (loss) from continuing operations $ (195) $ 345
(a) Included within Escrow, title-related and other fees in Condensed Consolidated Statements of Operations
Revenues
Life insurance premiums and other fees
Life insurance premiums and other fees primarily reflect premiums on life-contingent PRTs and traditional life insurance products, which are recognized as revenue when due from the policyholder, as well as policy rider fees primarily on FIA policies, the cost of insurance on IUL policies and surrender charges assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts (up to 10% of the prior year's value, subject to certain limitations). The following table summarizes the Life insurance premiums and other fees, included within Escrow, title-related and other fees on the accompanying unaudited Condensed Consolidated Statements of Operations, for the three months ended March 31, 2023 and 2022:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Life-contingent pension risk transfer premiums $ 263 $ 525
Traditional life insurance premiums 6 5
Life-contingent immediate annuity premiums 6 5
Surrender charges 23 10
Policyholder fees and other income 67 51
Life insurance premiums and other fees $ 365 $ 596
• Life insurance premiums and other fees for the three months ended March 31, 2023 decreased compared to the three months ended March 31, 2022, reflecting lower PRT premiums. As noted above, PRT premiums are subject to fluctuation period to period.
• Surrender charges increased for the three months ended March 31, 2023 compared to March 31, 2022, primarily reflecting an increase in market value adjustments (“MVA”) assessed on certain surrendered FIA policies. An MVA will apply in most states to any withdrawal that incurs a surrender charge, subject to certain exceptions. The MVA is based on a formula that takes into account changes in interest rates since contract issuance. Generally, if interest rates have risen, the MVA will decrease
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surrender value, whereas if rates have fallen, it will increase surrender value. In addition, surrender charges increases as a result of increased amounts assessed against policy withdrawals in excess of the policyholder's allowable penalty-free amounts primarily on our FIA policies.
• Policyholder fees and other income increased for the three months ended March 31, 2023 compared to March 31, 2022, primarily due to increased GMWB rider fees, cost of insurance charges on IUL policies and IUL premium loads. GMWB rider fees are based on the policyholder's benefit base and are collected at the end of the policy year.
Interest and investment income
Below is a summary of interest and investment income for the three months ended March 31, 2023 and March 31, 2022:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Fixed maturity securities, available-for-sale $ 432 $ 319
Equity securities 5 4
Preferred securities 10 11
Mortgage loans 51 39
Invested cash and short-term investments 16 4
Limited partnerships 57 113
Other investments 9 6
Gross investment income 580 496
Investment expense (61) (45)
Interest and investment income $ 519 $ 451
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 $(58) million and $(18) million for the three months ended March 31, 2023 and March 31, 2022, respectively.
Recognized gains and (losses), net
Below is a summary of the major components included in recognized gains and losses, net for the three months ended March 31, 2023 and March 31, 2022:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Net realized and unrealized losses on fixed maturity available-for-sale securities, equity securities and other invested assets $ (48) $ (107)
Change in allowance for expected credit losses (8) (1)
Net realized and unrealized gains (losses) on certain derivatives instruments 58 (308)
Change in fair value of reinsurance related embedded derivatives (19) 122
Change in fair value of other derivatives and embedded derivatives 2 (3)
Recognized gains and losses, net $ (15) $ (297)
Recognized gains and losses, net is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Recognized gains and losses, net attributable to these agreements, and thus excluded from the totals in the table above, was $(22) million and $128 million for the three months ended March 31, 2023 and March 31, 2022, respectively.
• For the three months ended March 31, 2023, net realized and unrealized gains (losses) on fixed maturity AFS securities, equity securities and other invested assets is primarily the result of realized losses on fixed maturity AFS securities and mark-to-market losses on our equity securities.
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• For the three months ended March 31, 2022, net realized and unrealized gains (losses) on fixed maturity AFS securities, equity securities and other invested assets is primarily the result of mark-to-market losses on our equity securities and realized losses on fixed maturity AFS securities.
• For all periods, net realized and unrealized gains (losses) on certain derivative instruments primarily relate to the net realized and unrealized gains (losses) on options and futures used to hedge FIA and IUL products, including gains on option and futures expiration. See the table below for primary drivers of gains (losses) on certain derivatives.
• The fair value of reinsurance related embedded derivative is based on the change in fair value of the underlying assets held in the funds withheld portfolio.
We utilize a combination of static (call options) and dynamic (long futures contracts) instruments in our hedging strategy. A substantial portion of the call options and futures contracts are based upon the S&P 500 Index with the remainder based upon other equity, bond and gold market indices.
The components of the realized and unrealized gains (losses) on certain derivative instruments hedging our indexed annuity and universal life products are summarized in the table below for the three months ended March 31, 2023 and March 31, 2022:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Call options:
Realized (losses) gains $ (91) $ 45
Change in unrealized gains (losses) 146 (359)
Futures contracts:
Gains on futures contracts expiration 3 2
Change in unrealized gains 1 1
Foreign currency forward:
(Losses) gains on foreign currency forward (1) 3
Total net change in fair value $ 58 $ (308)
Annual Point-to-Point Change in S&P 500 Index during the periods (9) % 14 %
• Realized gains and losses on certain derivative instruments are directly correlated to the performance of the indices upon which the call options and futures contracts are based and the value of the derivatives at the time of expiration compared to the value at the time of purchase. Gains (losses) on option expiration reflect the movement during each period on options settled during the respective period.
• The change in unrealized gains (losses) due to fair value of call options is primarily driven by the underlying performance of the S&P 500 Index during each respective period relative to the S&P 500 Index on the policyholder buy dates.
• The net change in fair value of the call options and futures contracts was primarily driven by movements in the S&P 500 Index relative to the policyholder buy dates.
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The average index credits to policyholders are as follows:
Three months ended
March 31, 2023 March 31, 2022
Average Crediting Rate — % 3 %
S&P 500 Index:
Point-to-point strategy — % 3 %
Monthly average strategy — % 3 %
Monthly point-to-point strategy — % 2 %
3 year high water mark 13 % 15 %
• Actual amounts credited to contractholder fund balances may differ from the index appreciation due to contractual features in the FIA contracts and certain IUL contracts (caps, spreads and participation rates), which allow F&G to manage the cost of the options purchased to fund the annual index credits.
• The credits for the periods presented were based on comparing the S&P 500 Index on each issue date in the period to the same issue date in the respective prior year periods.
Benefits and expenses
Benefits and other changes in policy reserves
Below is a summary of the major components included in Benefits and other changes in policy reserves:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
PRT agreements $ 266 $ 532
FIA/IUL market related liability movements 369 (559)
Index credits, interest credited & bonuses 134 206
Annuity payments and other 43 24
Total benefits and other changes in policy reserves
$ 812 $ 203
• PRT agreements decreased for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 reflecting lower PRT transactions during the periods and are subject to fluctuation period to period.
• The FIA/IUL market related liability movements during the three months ended March 31, 2023 and March 31, 2022, respectively, are mainly driven by changes in the equity markets, non-performance spreads, and risk free rates during the periods. The change in risk free rates and non-performance spreads (decreased) increased the FIA market related liability by $65 million and $306 million during the three months ended March 31, 2023 and March 31, 2022, respectively. The remaining changes in market value of the market related liability movements for all periods was driven by equity market impacts. See table in the net investment gains/losses discussion above for summary and discussion of net unrealized gains (losses) on certain derivative instruments.
• Annually, typically in the third quarter, we review assumptions associated with reserves for policy benefits and product guarantees. During the first quarter of 2023, based on increases in interest rates and pricing changes, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds. These changes resulted in an increase in contractholder funds of $102 million.
• Index credits, interest credited & bonuses for the three months ended March 31, 2023 were lower compared to the three months ended March 31, 2022 and primarily reflected lower index credits on FIA policies as a result of market movement during the respective periods. Refer to average policyholder index discussion above for details on drivers.
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Market Risk Benefit Losses
Below is a summary of market risk benefit losses:

Three months ended
March 31, 2023 March 31, 2022
(In millions)
Market risk benefits (gains) losses $ 59 $ 70
• Market risk benefit losses are primarily driven by attributed fees collected, effects of market related movements (including changes in equity markets and risk free rates), actual policyholder behavior as compared with expected and changes in assumptions during the periods. Market risk benefit losses for the three months ended March 31, 2023 and March 31, 2022 were impacted by attributed fees collected and unfavorable market related movements in both periods. In addition, actual policyholder behavior for the three months ended March 31, 2023 was more in line with expected, as compared to March 31, 2022, resulting in a decrease to the market risk benefit losses. There were no significant changes in assumptions during either period.
Depreciation and Amortization
Below is a summary of the major components included in depreciation and amortization:

Three months ended
March 31, 2023 March 31, 2022
(In millions)
Amortization of VOBA, DAC and DSI $ 82 $ 69
Amortization of other intangible assets and other depreciation 8 7
Total depreciation and amortization $ 90 $ 76
• VOBA, DAC and DSI are amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization.
• Depreciation and amortization increased for the three months ended March 31, 2023 compared to the three months ended March 31, 2022 and primarily reflected increased DAC and DSI associated with the growth in business.
Personnel Costs and Other Operating Expenses
Below is a summary of personnel costs and other operating expenses:
Three months ended
March 31, 2023 March 31, 2022
(In millions)
Personnel costs 53 30
Other operating expenses 36 18
Total personnel costs and other operating costs $ 89 $ 48
• Personnel costs and other operating expenses for the three months ended March 31, 2023 were higher compared to the three months ended March 31, 2022, and primarily reflect headcount growth to support higher volumes and strategic growth capabilities.
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Other Items Affecting Net Earnings
Income Tax (Benefit) Expense
Below is a summary of the major components included in income tax (benefit) expense:
Three months ended
March 31, 2023 March 31, 2022
(Dollars in millions)
(Loss) income before taxes $ (203) $ 345
Income tax (benefit) expense before valuation allowance (45) 68
Change in valuation allowance 37 38
Federal income tax (benefit) expense
$ (8) $ 106
Effective rate 4 % 31 %
• Income tax benefit for the three months ended March 31, 2023 was $8 million, compared to income tax expense of $106 million for the three months ended March 31, 2022. The effective tax rate was 4% and 31% for the three months ended March 31, 2023 and 2022, respectively. The decrease in income tax expense quarter over quarter is primarily related to the decrease in pre-tax income.
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Investment Portfolio
The types of assets in which we may invest are influenced by various state laws, which prescribe qualified investment assets applicable to insurance companies. Within the parameters of these laws, we invest in assets giving consideration to four primary investment objectives: (i) maintain robust absolute returns; (ii) provide reliable yield and investment income; (iii) preserve capital and (iv) provide liquidity to meet policyholder and other corporate obligations.
Our investment portfolio is designed to contribute stable earnings and balance risk across diverse asset classes and is primarily invested in high quality fixed income securities.
As of March 31, 2023 and December 31, 2022, the fair value of our investment portfolio was approximately $44 billion and $41 billion, respectively, and was divided among the following asset classes and sectors:
March 31, 2023 December 31, 2022
Fair Value Percent Fair Value Percent
Fixed maturity securities, available for sale: (Dollars in millions)
United States Government full faith and credit $ 71 — % $ 32 — %
United States Government sponsored entities 40 — % 42 — %
United States municipalities, states and territories 1,581 3 % 1,410 3 %
Foreign Governments 172 — % 148 — %
Corporate securities:
Finance, insurance and real estate 5,960 14 % 5,085 12 %
Manufacturing, construction and mining 931 2 % 737 2 %
Utilities, energy and related sectors 2,185 5 % 2,275 6 %
Wholesale/retail trade 2,064 5 % 2,008 5 %
Services, media and other 3,251 7 % 2,794 7 %
Hybrid securities 754 2 % 705 2 %
Non-agency residential mortgage-backed securities 1,624 4 % 1,479 4 %
Commercial mortgage-backed securities 3,672 8 % 3,036 7 %
Asset-backed securities 7,631 17 % 7,245 18 %
Collateral loan obligations ("CLO")
4,261 10 % 4,222 10 %
Total fixed maturity available for sale securities 34,197 77 % 31,218 76 %
Equity securities (a) 797 2 % 823 2 %
Limited partnerships:
Private equity 1,161 3 % 1,129 3 %
Real assets 433 1 % 431 1 %
Credit 964 2 % 867 2 %
Commercial mortgage loans 2,178 5 % 2,083 5 %
Residential mortgage loans 2,323 5 % 1,892 5 %
Other (primarily derivatives and company owned life insurance) 1,108 3 % 809 2 %
Short term investments 776 2 % 1,556 4 %
Total investments
$ 43,937 100 % $ 40,808 100 %
(a) Includes investment grade non-redeemable preferred stocks ($650 million and $672 million as of March 31, 2023 and December 31, 2022, respectively).
Insurance statutes regulate the type of investments that our life insurance subsidiaries are permitted to make and limit the amount of funds that may be used for any one type of investment. In light of these statutes and regulations, and our business and investment strategy, we generally seek to invest in (i) corporate securities rated investment grade by established nationally recognized statistical rating organizations (each, an “NRSRO”), (ii) U.S. Government and government-sponsored agency securities, or (iii) securities of comparable investment quality, if not rated.
The NAIC’s Securities Valuation Office (“SVO ” ) is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for regulatory filings. The SVO conducts credit analysis on these securities for the purpose of assigning an NAIC designation or unit price.
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Typically, if a security has been rated by an NRSRO, the SVO utilizes that rating and assigns an NAIC designation based upon the NAIC published comparison of NRSRO ratings to NAIC designations.
The NAIC determines ratings for non-agency Residential Mortgage Backed Securities (“RMBS”) and CMBS using modeling that estimates security level expected losses under a variety of economic scenarios. For such assets issued prior to January 1, 2013, an insurer’s amortized cost basis in applicable assets can impact the assigned rating. In the tables below, we present the rating of structured securities based on ratings from the NAIC rating methodologies described above (which in some cases do not correspond to rating agency designations). All NAIC designations (e.g., NAIC 1-6) are based on the NAIC methodologies.
The following table summarizes the credit quality by NRSRO rating, or NAIC designation equivalent, of our fixed income portfolio at March 31, 2023 and December 31, 2022:

March 31, 2023 December 31, 2022
NRSRO Rating NAIC Designation Amortized Cost Fair Value Fair Value Percent Amortized Cost Fair Value Fair Value Percent
(Dollars in millions)
AAA/AA/A 1 $ 23,436 $ 21,164 62 % $ 21,294 $ 18,681 60 %
BBB 2 12,713 11,204 33 % 12,422 10,737 34 %
BB 3 1,647 1,477 4 % 1,588 1,425 5 %
B 4 226 184 1 % 259 236 1 %
CCC 5 114 88 — % 87 67 — %
In or near default 6 90 80 — % 73 72 — %
Total
$ 38,226 $ 34,197 100 % $ 35,723 $ 31,218 100 %

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Investment Industry Concentration
The tables below present the top ten industry categories of our fixed maturity and equity securities including the fair value and percent of total fixed maturity and equity securities fair value as of March 31, 2023 and December 31, 2022. Effective January 1, 2023, we updated our industry classifications as a result of a change in our investment accounting software and related service providers. Our investment strategy has remained consistent and our portfolio mix has not materially changed. The December 31, 2022 table was updated to reflect a consistent presentation with the March 31, 2023 classifications:
March 31, 2023
Top 10 Industry Concentration Fair Value (In millions) Percent of Total Fair Value
ABS Other $ 7,631 22 %
CLO securities 4,261 12 %
Commercial mortgage backed securities 3,672 11 %
Diversified financial services 2,919 8 %
Banks 2,224 6 %
Municipal 1,598 5 %
Insurance 1,567 4 %
Whole loan collateralized mortgage obligations ("CMO") 1,375 4 %
Electric 1,058 3 %
Telecommunications 600 2 %
Total $ 26,905 77 %
December 31, 2022
Top 10 Industry Concentration Fair Value (In millions) Percent of Total Fair Value
ABS Other $ 7,359 23 %
CLO securities 3,856 12 %
Commercial mortgage-backed securities 3,399 11 %
Diversified financial services 2,620 8 %
Banks 1,850 6 %
Insurance 1,545 5 %
Municipal 1,428 4 %
Whole loan collateralized mortgage obligations 1,278 4 %
Electric 1,014 3 %
Telecommunications 547 2 %
Total $ 24,896 78 %









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The amortized cost and fair value of fixed maturity AFS securities by contractual maturities as of March 31, 2023 and December 31, 2022, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
March 31, 2023 December 31, 2022
Amortized Cost Fair Value Amortized Cost Fair Value
Corporate, Non-structured Hybrids, Municipal and Government securities: (In millions)
Due in one year or less $ 170 $ 166 $ 124 $ 123
Due after one year through five years 2,853 2,724 2,193 2,059
Due after five years through ten years 1,922 1,750 1,840 1,633
Due after ten years 14,893 12,329 14,417 11,379
Subtotal $ 19,838 $ 16,969 $ 18,574 $ 15,194
Other securities, which provide for periodic payments:
Asset-backed securities $ 12,620 $ 11,892 $ 12,209 $ 11,467
Commercial-mortgage-backed securities 4,004 3,672 3,309 3,036
Structured hybrids — — — —
Residential mortgage-backed securities 1,764 1,664 1,631 1,521
Subtotal $ 18,388 $ 17,228 $ 17,149 $ 16,024
Total fixed maturity available-for-sale securities $ 38,226 $ 34,197 $ 35,723 $ 31,218
Non-Agency RMBS Exposure
Our investment in non-agency RMBS securities is predicated on the conservative and adequate cushion between purchase price and NAIC 1 rating, general lack of sensitivity to interest rates, positive convexity to prepayment rates and correlation between the price of the securities and the unfolding recovery of the housing market.
The fair value of our investments in subprime and Alt-A RMBS securities was $38 million and $52 million as of March 31, 2023, respectively, and $40 million and $54 million as of December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022 approximately 94% and 91%, respectively, of the subprime and Alt-A RMBS exposures were rated NAIC 2 or higher.
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The following tables summarize our exposure to subprime and Alt-A RMBS by credit quality using NAIC designations, NRSRO ratings and vintage year as of March 31, 2023 and December 31, 2022:
March 31, 2023 December 31, 2022
NAIC Designation: Fair Value (In millions) Percent of Total Fair Value (In millions) Percent of Total
1 $ 82 91 % $ 83 88 %
2 3 3 % 3 3 %
3 4 5 % 7 8 %
4 1 1 % 1 1 %
5 — — % — — %
6 — — % — — %
Total $ 90 100 % $ 94 100 %
NRSRO:
AAA $ — — % $ — — %
AA 12 13 % 12 13 %
A 4 4 % 4 4 %
BBB 7 8 % 8 9 %
Not rated - above investment grade (a) 18 20 % 20 21 %
BB and below 49 55 % 50 53 %
Total $ 90 100 % $ 94 100 %
Vintage:
2005 and prior $ 43 48 % $ 46 24 %
Total 90 100 % 94 27 %
(a) Securities denoted as not-rated by an NRSRO were classified as investment or non-investment grade according to the securities' respective NAIC designation.
ABS and CLO Exposures
Our ABS exposures are largely diversified by underlying collateral and issuer type. Our CLO exposures are generally senior tranches of CLOs, which have leveraged loans as their underlying collateral.
As of March 31, 2023, the CLO and ABS positions were trading at a net unrealized loss position of $190 million and $529 million, respectively. As of December 31, 2022, the CLO and ABS positions were trading at a net unrealized loss position of $236 million and $499 million, respectively.
Municipal Bond Exposure
Our municipal bond exposure is a combination of general obligation bonds (fair value of $212 million and $188 million and an amortized cost of $246 million and $231 million as of March 31, 2023 and December 31, 2022, respectively) and special revenue bonds (fair value of $1,196 million and $1,017 million and an amortized cost of $1,375 million and $1,248 million as of March 31, 2023 and December 31, 2022, respectively).
Across all municipal bonds, the largest issuer represented 5% and 6% of the category as of March 31, 2023 and December 31, 2022, respectively, less than 1% of the entire portfolio and is rated NAIC 1. Our focus within municipal bonds is on NAIC 1 rated instruments, and 97% of our municipal bond exposure is rated NAIC 1 as of March 31, 2023.

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Mortgage Loans
Commercial Mortgage Loans
We diversify our commercial mortgage loans ("CMLs") portfolio by geographic region and property type to attempt to reduce concentration risk. We continuously evaluate CMLs based on relevant current information to ensure properties are performing at a level to secure the related debt. LTV and DSC ratios are utilized to assess the risk and quality of CMLs. As of March 31, 2023 and December 31, 2022, our mortgage loans on real estate portfolio had a weighted average DSC ratio of 2.3 times and 2.4 times, respectively, and a weighted average LTV ratio of 55% and 57%, respectively. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our CMLs, including our distribution by property type, geographic region and LTV and DSC ratios.
We consider a CML delinquent when a loan payment is greater than 30 days past due. For mortgage loans that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. At March 31, 2023, we had one CML that was delinquent in principal or interest payments and none in the process of foreclosure. As of December 31, 2022, we had no CMLs that were delinquent in principal or interest payments or in process of foreclosure.
Residential Mortgage Loans
F&G's RMLs are closed end, amortizing loans and 100% of the properties are in the United States. F&G diversifies its RML portfolio by state to attempt to reduce concentration risk. RMLs have a primary credit quality indicator of either a performing or nonperforming loan. F&G defines non-performing RMLs as those that are 90 or more days past due and/or in nonaccrual status.
Loans are placed on nonaccrual status when they are over 90 days delinquent. If a loan becomes over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current can be put in place. See Note D Investments to the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional information on our RMLs.






























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Unrealized Losses
The amortized cost and fair value of the fixed maturity securities and the equity securities that were in an unrealized loss position as of March 31, 2023 and December 31, 2022, were as follows:
March 31, 2023
Number of securities Amortized Cost Allowance for Expected Credit Losses Unrealized Losses Fair Value
Fixed maturity securities, available for sale: (In millions)
United States Government full faith and credit 4 $ 27 $ — $ (1) $ 26
United States Government sponsored agencies 57 36 — (3) 33
United States municipalities, states and territories 192 1,576 — (229) 1,347
Foreign Governments 64 200 — (40) 160
Corporate securities:
Finance, insurance and real estate 714 6,058 — (788) 5,270
Manufacturing, construction and mining 136 1,038 — (164) 874
Utilities, energy and related sectors 341 2,495 — (503) 1,991
Wholesale/retail trade 444 2,222 — (416) 1,806
Services, media and other 348 3,505 — (728) 2,777
Hybrid securities 47 745 — (83) 662
Non-agency residential mortgage-backed securities 252 1,351 (5) (104) 1,242
Commercial mortgage-backed securities 532 3,802 — (336) 3,466
Asset-backed securities 1,182 10,651 (9) (762) 9,880
Total fixed maturity available for sale securities 4,313 33,706 (14) (4,157) 29,534
Equity securities 58 844 — (144) 700
Total investments 4,371 $ 34,550 $ (14) $ (4,301) $ 30,234
December 31, 2022
Number of securities Amortized Cost Allowance for Expected Credit Losses Unrealized Losses Fair Value
Fixed maturity securities, available for sale: (In millions)
United States Government full faith and credit 6 $ 34 $ — $ (2) $ 32
United States Government sponsored agencies 58 39 — (4) 35
United States municipalities, states and territories 167 1,590 — (289) 1,301
Foreign Governments 44 169 — (37) 132
Corporate securities:
Finance, insurance and real estate 526 5,586 (15) (876) 4,695
Manufacturing, construction and mining 120 850 — (160) 690
Utilities, energy and related sectors 333 2,825 — (644) 2,181
Wholesale/retail trade 316 2,418 — (532) 1,886
Services, media and other 360 3,354 — (783) 2,571
Hybrid securities 43 706 — (84) 622
Non-agency residential mortgage-backed securities 241 1,353 (5) (105) 1,243
Commercial mortgage-backed securities 365 2,850 — (284) 2,566
Asset-backed securities 1,147 11,511 (1) (770) 10,740
Total fixed maturity available for sale securities 3,726 33,285 (21) (4,570) 28,694
Equity securities 59 879 — (174) 705
Total investments 3,785 $ 34,164 $ (21) $ (4,744) $ 29,399
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The gross unrealized loss position on the fixed maturity AFS fixed and equity portfolio was $4,301 million and $4,744 million as of March 31, 2023 and December 31, 2022, respectively. Most components of the portfolio exhibited price depreciation caused by lower treasury rates and spread compression. The total amortized cost of all securities in an unrealized loss position was $34,550 million and $34,164 million as of March 31, 2023 and December 31, 2022, respectively. The average market value/book value of the investment category with the largest unrealized loss position was 87% for Finance, insurance and real estate as of March 31, 2023. In the aggregate, Finance, insurance and real estate represented 18% of the total unrealized loss position as of March 31, 2023. The average market value/book value of the investment category with the largest unrealized loss position was 84% for finance, insurance and real estate as of December 31, 2022. In aggregate, finance, insurance and real estate represented 18% of the total unrealized loss position as of December 31, 2022.
The amortized cost and fair value of fixed maturity AFS securities under watch list analysis and the number of months in a loss position with investment grade securities (NRSRO rating of BBB/Baa or higher) as of March 31, 2023 and December 31, 2022, were as follows:
March 31, 2023
Number of securities Amortized Cost Fair Value Allowance for Credit Loss Gross Unrealized Losses
Investment grade: (Dollars in millions)
Less than six months 6 $ 13 $ 10 $ — $ — $ (2)
Six months or more and less than twelve months — — — — — —
Twelve months or greater 69 691 465 — — (226)
Total investment grade 75 703 475 — — (228)
Below investment grade:
Less than six months 3 20 18 — (2)
Six months or more and less than twelve months 5 52 42 — (10)
Twelve months or greater 7 45 38 — (7)
Total below investment grade 15 117 98 — (19)
Total 90 $ 820 $ 573 $ — $ (247)
December 31, 2022
Number of securities Amortized Cost Fair Value Allowance for Credit Loss Gross Unrealized Losses
Investment grade: (Dollars in Millions)
Less than six months 6 $ 5 $ 3 $ — $ (2)
Six months or more and less than twelve months 49 299 200 — (99)
Twelve months or greater 76 969 634 — (335)
Total investment grade 131 1,273 837 — (436)
Below investment grade:
Less than six months 1 32 13 15 (4)
Six months or more and less than twelve months 12 124 94 — (30)
Twelve months or greater 2 6 4 — (2)
Total below investment grade 15 162 111 15 (36)
Total 146 $ 1,435 $ 948 $ 15 $ (472)







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Expected Credit Losses and Watch List
F&G prepares a watch list to identify securities to evaluate for expected credit losses. Factors used in preparing the watch list include fair values relative to amortized cost, ratings and negative ratings actions and other factors. Detailed analysis is performed for each security on the watch list to further assess the presence of credit impairment loss indicators and, where present, calculate an allowance for expected credit loss or direct write-down of a security’s amortized cost.
At March 31, 2023, our watch list included 90 securities in an unrealized loss position with an amortized cost of $820 million, no allowance for credit loss, unrealized losses of $247 million and a fair value of $573 million.
At December 31, 2022, our watch list included 146 securities in an unrealized loss position with an amortized cost of $1,435 million, allowance for expected credit losses of $15 million, unrealized losses of $472 million and a fair value of $948 million.
The watch list excludes structured securities as we have separate processes to evaluate the credit quality on the structured securities.
There were 39 and 64 structured securities with a fair value of $70 million and $162 million to which we had potential credit exposure as of March 31, 2023 and December 31, 2022, respectively. Our analysis of these structured securities, which included cash flow testing, resulted in allowances for expected credit losses of $16 million as of March 31, 2023 and December 31, 2022.
Exposure to Sovereign Debt
There have been no material changes in the exposure to sovereign debt described in our Annual Report on Form 10-K for the year ended December 31, 2022.
Interest and Investment Income
For discussion regarding our net investment income and net investment gains (losses) refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
AFS Securities
For additional information regarding our AFS securities, including the amortized cost, gross unrealized gains (losses), and fair value as well as the amortized cost and fair value of fixed maturity AFS securities by contractual maturities, as of March 31, 2023 and December 31, 2022, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
Concentrations of Financial Instruments
For certain information regarding our concentrations of financial instruments, refer to Note D Investments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q.
There have been no other material changes in the concentrations of financial instruments described in our Annual Report on Form 10-K for the year ended December 31, 2022.
Derivatives
We are exposed to credit loss in the event of nonperformance by our counterparties on call options. We attempt to reduce this credit risk by purchasing such options from large, well-established financial institutions.
We also hold cash and cash equivalents received from counterparties for call option collateral, as well as U.S. Government securities pledged as call option collateral, if our counterparty’s net exposures exceed pre-determined thresholds.
We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reduce the negative interest cost associated with cash collateral posted from counterparties under various ISDA agreements by reinvesting derivative cash collateral. This program permits collateral cash received to be invested in short term Treasury securities, bank deposits and
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commercial paper rated A1/P1, which are included in Cash and cash equivalents in the accompanying unaudited Condensed Consolidated Balance Sheets.
See Note E Derivative Financial Instruments to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information regarding our derivatives and our exposure to credit loss on call options.
Corporate and Other
The Corporate and Other segment consists of the operations of the parent holding company and our real estate technology subsidiaries. This segment also includes certain other unallocated corporate overhead expenses and eliminations of revenues and expenses between it and our Title segment.
The following table presents the results of operations of our Corporate and Other segment:
Three months ended March 31,
2023 2022
Revenues: (In millions)
Escrow, title-related and other fees $ 44 $ 31
Interest and investment income 11 —
Recognized gains and losses, net (2) 3
Total revenues 53 34
Expenses:
Personnel costs 26 17
Other operating expenses 28 27
Depreciation and amortization 7 6
Interest expense 20 22
Total expenses 81 72
Loss from continuing operations, before income taxes and equity in earnings of unconsolidated affiliates $ (28) $ (38)
The revenue in the Corporate and Other segment represents revenue generated by our non-title real estate technology subsidiaries as well as mark-to-market valuation changes on certain corporate deferred compensation plans.
Total revenues in the Corporate and Other segment increased $19 million, or 56%, in the three months ended March 31, 2023 from the corresponding period in 2022. The increase is primarily attributable to an increase in valuations associated with our deferred compensation plan assets of approximately $13 million in the 2023 period and various other immaterial items.
Personnel costs in the Corporate and Other segment increased $9 million, or 53%, in the three months ended March 31, 2023 from the corresponding period in 2022. The increase in the 2023 period was primarily attributable to the aforementioned $13 million increase in valuations associated with our deferred compensation plan assets, which increased both revenue and personnel costs, partially offset by various immaterial items.
Other operating expenses in the Corporate and Other segment increased $1 million, or 4%, in the three months ended March 31, 2023 from the corresponding period in 2022. The increase is attributable to various immaterial items.
Interest expense in the Corporate and Other segment decreased $2 million, or 9% , in the three months ended March 31, 2023 from the corresponding period in 2022. The decrease was primarily attributable to lower average debt outstanding in the three months ended March 31, 2023 from the corresponding period in 2022.
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Liquidity and Capital Resources
Cash Requirements. Our current cash requirements include personnel costs, operating expenses, claim payments, taxes, payments of interest and principal on our debt, capital expenditures, business acquisitions, stock repurchases and dividends on our common stock. We paid dividends of $0.45 per share in the first quarter of 2023, or approximately $122 million to our common shareholders. On May 3, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on June 30, 2023 , to FNF common shareholders of record as of June 16, 2023 . There are no restrictions on our retained earnings regarding our ability to pay dividends to our shareholders, although there are limits on the ability of certain subsidiaries to pay dividends to us, as described below. The declaration of any future dividends is at the discretion of our Board of Directors.
As of March 31, 2023, we had cash and cash equivalents of $2,821 million, short term investments of $1,346 million and available capacity under our Revolving Credit Facility of $800 million. We continually assess our capital allocation strategy, including decisions relating to the amount of our dividend, reducing debt, repurchasing our stock, investing in growth of our subsidiaries, making acquisitions and/or conserving cash. We believe that all anticipated cash requirements for current operations will be met from internally generated funds, through cash dividends from subsidiaries, cash generated by investment securities, potential sales of non-strategic assets, potential issuances of additional debt or equity securities, and borrowings on our Revolving Credit Facility. Our short-term and long-term liquidity requirements are monitored regularly to ensure that we can meet our cash requirements. We forecast the needs of all of our subsidiaries and periodically review their short-term and long-term projected sources and uses of funds, as well as the asset, liability, investment and cash flow assumptions underlying such forecasts.
Our insurance subsidiaries generate cash from premiums earned and their respective investment portfolios, and these funds are adequate to satisfy the payments of claims and other liabilities. Due to the magnitude of our investment portfolio in relation to our title claim loss reserves, we do not specifically match durations of our investments to the cash outflows required to pay claims, but do manage outflows on a shorter time frame.
Our two significant sources of internally generated funds are dividends and other payments from our subsidiaries. As a holding company, we receive cash from our subsidiaries in the form of dividends and as reimbursement for operating and other administrative expenses we incur. The reimbursements are paid within the guidelines of management agreements among us and our subsidiaries. Our insurance subsidiaries are restricted by state regulation in their ability to pay dividends and make distributions. Each applicable state of domicile regulates the extent to which our title underwriters can pay dividends or make other distributions. As of December 31, 2022, $1,442 million of our net assets were restricted from dividend payments without prior approval from the relevant departments of insurance. We anticipate that our title insurance subsidiaries will pay or make dividends in the remainder of 2023 of approximately $457 million. Our underwritten title companies and non-insurance subsidiaries are not regulated to the same extent as our insurance subsidiaries.
The maximum dividend permitted by law is not necessarily indicative of an insurer’s actual ability to pay dividends, which may be constrained by business and regulatory considerations, such as the impact of dividends on surplus, which could affect an insurer’s ratings or competitive position, the amount of premiums that can be written and the ability to pay future dividends. Further, depending on business and regulatory conditions, we may in the future need to retain cash in our underwriters or even contribute cash to one or more of them in order to maintain their ratings or their statutory capital position. Such a requirement could be the result of investment losses, reserve charges, adverse operating conditions in the current economic environment or changes in statutory accounting requirements by regulators.
Cash flow from our operations will be used for general corporate purposes including to reinvest in operations, repay debt, pay dividends, repurchase stock, pursue other strategic initiatives and/or conserve cash.
Operating Cash Flow . Our cash flows provided by operations for the three months ended March 31, 2023 and 2022 totaled $1,418 million and $667 million, respectively. The increase in cash provided by operating activities in 2023 of $751 million is primarily attributable to increased net cash inflows associated with the change in funds withheld from reinsurers of approximately $943 million and the timing of receipts and payments of prepaid assets and payables, and other individually immaterial items, partially offset by the decrease in net earnings of $490 million in 2023, increased net cash outflows associated with the change in reinsurance recoverable of $126 million, increased net cash outflows associated with the change in income taxes of approximately $171million and reduced net cash inflows associated with the change in future policy benefits of approximately $204 million,
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Investing Cash Flows. Our cash flows used in investing activities for the three months ended March 31, 2023 and 2022 were $2,285 million and $3,414 million, respectively. The decrease in cash used in investing activities in 2023 of $1,129 million is primarily attributable to decreased net proceeds from sales and maturities of short-term investments of approximately $2,504 million, partially offset by decreased proceeds from sales, calls and maturities of investment securities of approximately $893 million, increased purchases of investment securities of approximately $267 million and increased cash outflows associated with acquisitions of approximately $253 million.
Capital Expenditures. Total capital expenditures for property and equipment and capitalized software were $34 million and $43 million for the three months ended March 31, 2023 and 2022, respectively.
Financing Cash Flows. Our cash flows provided by financing activities for the three months ended March 31, 2023 and 2022 were $1,402 million and $1,180 million, respectively. The increase in cash provided by financing activities in 2023 of $222 million is primarily attributable to the issuance of the 7.40% F&G Notes of $500 million in 2023, and reduced cash outflows associated with the purchase of treasury stock of approximately $123 million, partially offset by increased cash outflows associated with the change in contractholder withdrawals of approximately $227 million and increased cash outflows associated with the change in secured trust deposits of approximately $97 million.
Financing Arrangements. For a description of our financing arrangements see Note G Notes Payable included in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2021.
Capital Stock Transactions . On August 3, 2021, our Board of Directors approved the 2021 Repurchase Program (the "Repurchase Program") under which we may purchase up to 25 million shares of our FNF common stock through July 31, 2024. We repurchased 100,000 shares of FNF common stock during the three months ended March 31, 2023 for approximately $4 million, at an average price of $38.45 per share. Subsequent to March 31, 2023 and through market close on May 5, 2023 we have not repurchased additional shares under this program. Since the original commencement of the Repurchase Program, we repurchased a total of 16,449,565 FNF common shares for approximately $701 million, at an average price of $42.60 per share.
Equity and Preferred Security Investments. Our equity and preferred security investments may be subject to significant volatility. Currently prevailing accounting standards require us to record the change in fair value of equity and preferred security investments held as of any given period end within earnings. Our results of operations in future periods is anticipated to be subject to such volatility.
Off-Balance Sheet Arrangements. Other than our unfunded investment commitments discussed below, t here have been no significant changes to our off-balance sheet arrangements since our Annual Report on Form 10-K for the year ended December 31, 2022.
We have unfunded investment commitments as of March 31, 2023 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. Please refer to Note F Commitments and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional details on unfunded investment commitments.

Item 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no material changes in the market risks described in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 4. Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is: (a) recorded, processed, summarized and reported, within the time periods specified in the
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Commission’s rules and forms; and (b) accumulated and communicated to management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II

Item 1. Legal Proceedings
See discussion of legal proceedings in Note F Commitment and Contingencies to the unaudited Condensed Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q, which is incorporated by reference into this Item 1 of Part II.

Item 1A. Risk Factors
In addition to the information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the "Risk Factors" disclosed under "Item 1A. Risk Factors" in our Annual Report on Form 10-K, which was filed with the SEC on February 27, 2023. You should be aware that these risk factors and other information may not describe every risk facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
We adopted Accounting Standards Update (“ASU”) 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”) using the full retrospective transition method effective January 1, 2023, with changes applied as of January 1, 2021, also referred to as the transition date. The following updates to Risk Factors relate to the adoption of ASU 2018-12. There have been no other material changes from the Risk Factors previously disclosed in "Item 1A. Risk Factors" in our Annual Report filed with the SEC on February 27, 2023 and hereby incorporated by reference.

ASU 2018-12 requires that VOBA, DAC and DSI be amortized on a constant level basis for the grouped contracts over the expected term of the related contracts to approximate straight-line amortization. Based on this change, we have removed the risk factor previously titled “The pattern of amortizing our VOBA, DAC and DSI balances relies on assumptions and estimates made by management. Changes in these assumptions and estimates could impact our results of operations and financial condition.”
Interest rate fluctuations could adversely affect our business, financial condition, liquidity and results of operations.
Interest rate risk is a significant market risk for us, as our F&G business involves issuing interest rate sensitive obligations backed primarily by investments in fixed income assets. F&G also maintains a portion of the assets in its investment portfolio in floating rate instruments and had executed a variable interest rate Credit Agreement, which are both subject to an element of market risk from changes in interest rates.
Prior to 2022, interest rates had been at or near historical low levels over the preceding several years. A prolonged period of low rates exposes us to the risk of not achieving returns sufficient to meet our earnings targets and/or our contractual obligations. Furthermore, low or declining interest rates may reduce the rate of policyholder surrenders and withdrawals on our life insurance and annuity products, thus increasing the duration of the liabilities, creating asset and liability duration mismatches and increasing the risk of having to reinvest assets at yields below the amounts required to support our obligations. Lower interest rates may also result in decreased sales of certain insurance products, negatively impacting our profitability from new business.
During periods of increasing interest rates, we may offer higher crediting rates on interest-sensitive products, such as universal life insurance and fixed rate annuities, and we may increase crediting rates on in-force products to keep these products competitive. We may be required to accept lower spread income (the difference between the returns we earn on our investments and the amounts we credit to contract holders), thus reducing our profitability, as returns on our portfolio of invested assets may not increase as quickly as current interest rates. Rapidly rising interest rates may also expose us to the risk of financial disintermediation, which is an increase in policy surrenders, withdrawals and requests for policy loans as customers seek to achieve higher returns elsewhere, requiring us to liquidate assets in an unrealized loss position. If we experience unexpected withdrawal activity, we could exhaust our liquid assets and be forced to liquidate other less liquid assets such as limited partnership investments. We may have difficulty selling these investments in a timely manner and/or be forced to sell them for less than we otherwise would have been able to realize, which could have a material adverse effect on our business, financial condition or operating results. We have developed and maintain asset liability management programs and procedures that are, we believe, designed to mitigate interest rate risk by matching asset cash flows to expected liability cash flows. In addition, we assess surrender charges on
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withdrawals in excess of allowable penalty-free amounts that occur during the surrender charge period. There can be no assurance that actual withdrawals, contract benefits, and maturities will match our estimates. Despite our efforts to reduce the impact of rising interest rates, we may be required to sell assets to raise the cash necessary to respond to an increase in surrenders, withdrawals and loans, thereby realizing capital losses on the assets sold.
Liabilities that are held on our balance sheet at fair value, including embedded derivatives on our FIA and IUL business and MRBs on our FIA and fixed rate annuity business, are sensitive to fluctuations in interest rates. Decreases in interest rates generally would have the impact of increasing the value of these liabilities, which will result in a reduction in our net income. Liabilities for future policyholder benefits are valued using locked-in discount rates, and any changes in interest rates since the inception of those contracts are reflected in OCI. Decreases in interest rates would result in a reduction in our OCI. In addition, certain statutory capital and reserve requirements are based on formulas or models that consider interest rates and a prolonged period of low interest rates may increase the statutory capital we are required to hold as well as the amount of assets we must maintain to support statutory reserves.
Economic conditions, including higher interest rates, could materially adversely affected our business, results of operations and financial condition. However, we cannot predict if it will impact our business, results of operations or financial condition in the future for the forgoing reasons.
Equity market volatility could negatively impact our business.
The estimated cost of providing GMWB riders associated with our annuity products incorporates various assumptions about the overall performance of equity markets over certain time periods. Periods of significant and sustained downturns in equity markets or increased equity volatility could result in an increase in the valuation of the MRB or policyholder account balance liabilities associated with such products, resulting in a reduction in our revenues and net income.


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The following table summarizes repurchases of equity securities by FNF during the three months ended March 31, 2023:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (2)
12/31/2022 8,650,435
1/1/2023 - 1/31/2023 100,000 $ 38.45 100,000 8,550,435
2/1/2023 - 2/28/2023 — — — 8,550,435
3/1/2023 - 3/31/2023 — — — 8,550,435
Total 100,000 $ 38.45 100,000 8,550,435
(1)    On August 3, 2021, our Board of Directors approved the Repurchase Program under which we may purchase up to 25 million shares of our FNF common stock through July 31, 2024.
(2)    As of the last day of the applicable month.

Item 3. Defaults Upon Senior Securities

None.

Item 5. Other Information

None.

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Item 6. Exhibits
(a) Exhibits:
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
31.1
31.2
32.1
32.2
101.INS Inline XBRL Instance Document*

101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document
104 Cover Page Interactive Data File formatted in Inline XBRL and contained in Exhibit 101.
(1) A management or compensatory plan or arrangement required to be filed as an exhibit to this report pursuant to Item 601(b)(10)(ii) of Regulation S-K.
* The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.


** Furnished herewith in accordance with Item 601(b)(32) of Regulation S-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: May 9, 2023
FIDELITY NATIONAL FINANCIAL, INC.
(registrant)
By: /s/ Anthony J. Park
Anthony J. Park
Chief Financial Officer
(Principal Financial and Accounting Officer)
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Part I: Financial InformationprintItem 1. Condensed Consolidated Financial StatementsprintItem 2. Management's Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart IIprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 3. Defaults Upon Senior SecuritiesprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

10.1 Investment Management Agreement, dated as of December 16, 2020, by and between F&G Cayman Re Ltd. and Blackstone ISGI Advisors L.L.C. 10.2 Investment Management Agreement, dated as of January 4, 2021, by and between F&G Annuities & Life, Inc. and Blackstone ISG-I Advisors L.L.C. 10.3 Investment Management Agreement, dated as of July 29, 2021, by and between Fidelity & Guaranty Life Insurance Company and Blackstone ISG-I Advisors L.L.C. 10.4 Amended and Restated Amendment to Investment Management Agreements; IMA Omnibus Termination Side Letter; SMA Fee Agreement and Participation Fee Agreement, dated September 24, 2021, by and among F&G Life & Annuities, Inc., Fidelity National Financial, Inc. and Blackstone ISG-I Advisors L.L.C. 10.5 Amended and Restated Fidelity National Financial, Inc. 2013 Employee Stock Purchase Plan (1) 10.6 Indenture relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and Citibank, N.A., as trustee, filed as Exhibit 4.1 to our Current Report on Form 8-K filed January 13, 2023 10.7 First Supplement Indenture relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and Citibank, N.A., as trustee, filed as Exhibit 4.2 to our Current Report on Form 8-K filed January 13, 2023 10.8 Form of 7.400% Senior Notes due 2028, filed as Exhibit 4.3 to our Current Report on Form 8-K filed January 13, 2023 10.9 Registration Rights Agreement relating to the 7.400% Senior Notes due 2028, dated as of January 13, 2023, among F&G Annuities & Life, Inc., the guarantors named therein and BofA Securities, Inc., J.P. Morgan Securities LC and RBC Capital Markets, LLC, as representatives of the initial purchasers, filed as Exhibit 10.1 to our Current Report on Form 8-K filed January 13, 2023 31.1 Certification of Chief Executive Officer pursuant to Section302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer pursuant to Section302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification by Chief Executive Officer of Periodic Financial Reports pursuant to Section906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section1350. 32.2 Certification by Chief Financial Officer of Periodic Financial Reports pursuant to Section906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section1350.