Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-32630 | ||
Entity Registrant Name | FIDELITY NATIONAL FINANCIAL, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 16-1725106 | ||
Entity Address, Address Line One | 601 Riverside Avenue | ||
Entity Address, City or Town | Jacksonville | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32204 | ||
City Area Code | 904 | ||
Local Phone Number | 854-8100 | ||
Title of 12(b) Security | FNF Common Stock, $0.0001 par value | ||
Trading Symbol | FNF | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 9,347,180,906 | ||
Entity Common Stock, Shares Outstanding | 272,206,915 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001331875 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Jacksonville, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturity securities available for sale, at fair value, at December 31, 2022 and December 31, 2021, at an amortized cost of $37,708 and $30,705, respectively, net of allowance for credit losses of $39 and $8, respectively, and includes pledged fixed maturity securities of $448 and $460, respectively, related to secured trust deposits | $ 33,095 | $ 31,990 |
Derivative investments | 244 | 816 |
Mortgage loans, net of allowance for credit losses of $42 and $31 at December 31, 2022 and 2021, respectively. | 4,554 | 3,749 |
Investments in unconsolidated affiliates | 2,614 | 2,486 |
Other long-term investments | 692 | 579 |
Short-term investments, at December 31, 2022 and December 31, 2021 includes pledged short-term investments of $6 and $1, respectively, related to secured trust deposits | 2,590 | 491 |
Total investments | 45,370 | 42,775 |
Cash and cash equivalents, at December 31, 2022 and 2021 includes $242 and $480, respectively, of pledged cash related to secured trust deposits | 2,286 | 4,360 |
Trade and notes receivables, net of allowance of $33 and $32 at December 31, 2022 and 2021, respectively | 467 | 557 |
Reinsurance recoverable, net of allowance for credit losses of $10 and $20 at December 31, 2022 and 2021, respectively | 5,588 | 3,738 |
Goodwill | 4,642 | 4,539 |
Prepaid expenses and other assets | 2,231 | 1,203 |
Lease assets | 376 | 376 |
Other intangible assets, net | 4,034 | 2,557 |
Title plants | 416 | 400 |
Property and equipment, net | 179 | 185 |
Total assets | 65,589 | 60,690 |
Liabilities: | ||
Contractholder funds | 41,233 | 35,525 |
Future policy benefits | 5,923 | 4,732 |
Accounts payable and accrued liabilities | 2,352 | 2,696 |
Notes payable | 3,238 | 3,096 |
Reserve for title claim losses | 1,810 | 1,883 |
Funds withheld for reinsurance liabilities | 3,703 | 1,676 |
Secured trust deposits | 862 | 934 |
Lease liabilities | 418 | 414 |
Income taxes payable | 0 | 72 |
Deferred tax liability | 71 | 205 |
Total liabilities | 59,610 | 51,233 |
Equity: | ||
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2022 and 2021, respectively; outstanding of 272,309,890 and 283,778,574 as of December 31, 2022 and 2021, respectively, and issued of 327,757,349 and 325,486,429 as of December 31, 2022 and 2021, respectively | 0 | 0 |
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none | 0 | 0 |
Additional paid-in capital | 5,876 | 5,811 |
Retained earnings | 4,714 | 4,369 |
Accumulated other comprehensive earnings | (2,862) | 779 |
Less: Treasury stock, 55,447,459 shares and 41,707,855 shares as of December 31, 2022 and 2021, respectively, at cost | (2,109) | (1,545) |
Total Fidelity National Financial, Inc. shareholders’ equity | 5,619 | 9,414 |
Non-controlling interests | 360 | 43 |
Total equity | 5,979 | 9,457 |
Total liabilities and equity | 65,589 | 60,690 |
Preferred securities | ||
Investments: | ||
Securities, at fair value | 903 | 1,401 |
Equity securities | ||
Investments: | ||
Securities, at fair value | $ 678 | $ 1,263 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Available-for-sale securities, amortized cost, net | $ 37,708,000,000 | $ 30,705,000,000 |
Available for sale securities, allowance for credit losses | 39,000,000 | 8,000,000 |
Available-for-sale securities, pledged securities, secured trust deposits | 448,000,000 | 460,000,000 |
Mortgage loans, allowance for credit loss | 42,000,000 | 31,000,000 |
Short-term investments, pledged, secured trust deposits | 6,000,000 | 1,000,000 |
Cash, pledged, secured trust deposits | 242,000,000 | 480,000,000 |
Allowance for doubtful accounts, premiums and other receivables | 33,000,000 | 32,000,000 |
Expected credit losses on reinsurance recoverable | $ 10,000,000 | $ 20,000,000 |
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares, outstanding (in shares) | 272,309,890 | 283,778,574 |
Common stock, shares, issued (in shares) | 327,757,349 | 325,486,429 |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock (in shares) | 55,447,459 | 41,707,855 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Direct title insurance premiums | $ 2,858 | $ 3,571 | $ 2,699 |
Agency title insurance premiums | 3,976 | 4,982 | 3,599 |
Escrow, title-related and other fees | 4,324 | 4,795 | 3,092 |
Interest and investment income | 1,891 | 1,961 | 900 |
Recognized gains and losses, net | (1,493) | 334 | 488 |
Total revenues | 11,556 | 15,643 | 10,778 |
Expenses: | |||
Personnel costs | 3,192 | 3,528 | 2,951 |
Agent commissions | 3,064 | 3,821 | 2,749 |
Other operating expenses | 1,721 | 1,929 | 1,759 |
Benefits and other changes in policy reserves | 1,125 | 2,138 | 866 |
Depreciation and amortization | 496 | 645 | 296 |
Provision for title claim losses | 308 | 385 | 283 |
Interest expense | 115 | 114 | 90 |
Total expenses | 10,021 | 12,560 | 8,994 |
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 1,535 | 3,083 | 1,784 |
Income tax expense | 398 | 713 | 322 |
Earnings before equity in earnings of unconsolidated affiliates | 1,137 | 2,370 | 1,462 |
Equity in earnings of unconsolidated affiliates | 15 | 64 | 15 |
Net earnings from continuing operations | 1,152 | 2,434 | 1,477 |
Net earnings (loss) from discontinued operations, net of tax | 0 | 8 | (25) |
Net earnings | 1,152 | 2,442 | 1,452 |
Less: Net earnings attributable to non-controlling interests | 16 | 20 | 25 |
Net earnings attributable to Fidelity National Financial, Inc. common shareholders | $ 1,136 | $ 2,422 | $ 1,427 |
Basic | |||
Net earnings from continuing operations attributable to FNF commons shareholders (in usd per share) | $ 4.13 | $ 8.47 | $ 5.11 |
Net earnings (loss) from discontinued operations attributable to FNF common shareholders (in usd per share) | 0 | 0.03 | (0.09) |
Net earnings per share attributable to FNF common shareholders, basic (in usd per share) | 4.13 | 8.50 | 5.02 |
Diluted | |||
Net earnings from continuing operations attributable to FNF commons shareholders (in usd per share) | 4.10 | 8.41 | 5.08 |
Net earnings (loss) from discontinued operations attributable to FNF common shareholders (in usd per share) | 0 | 0.03 | (0.09) |
Net earnings per share attributable to FNF common shareholders, diluted (in usd per share) | $ 4.10 | $ 8.44 | $ 4.99 |
Weighted average shares outstanding FNF common stock, basic basis (in shares) | 275 | 285 | 284 |
Weighted average shares outstanding FNF common stock, diluted basis (in shares) | 277 | 287 | 286 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 1,152 | $ 2,442 | $ 1,452 | |||
Other comprehensive earnings: | ||||||
Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) | [1] | (3,839) | (413) | 1,310 | ||
Unrealized gain on investments in unconsolidated affiliates | [2] | 9 | 22 | 3 | ||
Unrealized (loss) gain on foreign currency translation | [3] | (18) | (7) | 10 | ||
Reclassification adjustments for change in unrealized gains and losses included in net earnings | [4] | 173 | (123) | (73) | ||
Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk | 0 | [5] | 3 | (3) | [5] | |
Other comprehensive earnings attributable to non-controlling interest | [6] | 29 | 0 | 0 | ||
Minimum pension liability adjustment | [7] | 5 | (7) | 14 | ||
Other comprehensive (loss) earnings | (3,641) | (525) | 1,261 | |||
Comprehensive (loss) earnings | (2,489) | 1,917 | 2,713 | |||
Less: Comprehensive earnings attributable to non-controlling interests | 16 | 20 | 25 | |||
Comprehensive (loss) earnings attributable to Fidelity National Financial, Inc. common shareholders | $ (2,505) | $ 1,897 | $ 2,688 | |||
[1]Net of income tax (benefit) expense of $(1,010) million, $(113) million, and $350 million for the years ended December 31, 2022, 2021, and 2020, respectively.[2]Net of income tax expense of $3 million, $7 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[3]Net of income tax (benefit) expense of $(4) million, $0 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[4]Net of income tax expense (benefit) of $60 million, $(33) million and $(18) million for the years ended December 31, 2022, 2021 and 2020, respectively.[5]Net of income tax expense (benefit) of $1 million and $(1) million for the years ended December 31, 2021, and 2020, respectively.[6]Net of income tax expense of $8 million for the year ended December 31, 2022.[7]Net of income tax expense (benefit) of $2 million, $(2) million and $4 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Statement of Comprehensive Income [Abstract] | |||||||
Unrealized (loss) gain on investments and other financial instruments, tax (benefit) expense | [1] | $ (1,010) | $ (113) | $ 350 | |||
Unrealized gain on investments in unconsolidated affiliates tax expense | [2] | 3 | 7 | 1 | |||
Unrealized (loss) gain foreign currency translation, tax (benefit) expense | (4) | 0 | [3] | 1 | [3] | ||
Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax expense (benefit) | 60 | (33) | (18) | ||||
Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk, tax expense (benefit) | 1 | (1) | |||||
Other comprehensive earnings attributable to non-controlling interest, tax expense | 8 | [4] | 0 | 0 | |||
Minimum pension liability adjustment, tax expense (benefit) | $ 2 | $ (2) | $ 4 | ||||
[1]Net of income tax (benefit) expense of $(1,010) million, $(113) million, and $350 million for the years ended December 31, 2022, 2021, and 2020, respectively.[2]Net of income tax expense of $3 million, $7 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[3]Net of income tax (benefit) expense of $(4) million, $0 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[4]Net of income tax expense of $8 million for the year ended December 31, 2022. |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Earnings (Loss) | Treasury Stock | Non-controlling Interests | ||
Beginning balance at Dec. 31, 2019 | $ 5,365 | $ 0 | $ 4,581 | $ 1,356 | $ 43 | $ (598) | $ (17) | ||
Beginning balance (in shares) at Dec. 31, 2019 | 292,000,000 | ||||||||
Beginning balance, Treasury stock (in shares) at Dec. 31, 2019 | 17,000,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 3,208,712 | 3,000,000 | |||||||
Exercise of stock options | $ 62 | 62 | |||||||
F&G Acquisition (in shares) | 25,000,000 | 7,000,000 | |||||||
F&G Acquisition | $ 610 | 827 | $ (217) | ||||||
Treasury stock repurchased | (244) | $ (244) | |||||||
Treasury stock repurchased (in shares) | 7,000,000 | ||||||||
Issuance of restricted stock (in shares) | 2,000,000 | ||||||||
Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest | 258 | 211 | 47 | ||||||
Other comprehensive earnings - unrealized gain (loss) on investments and other financial instruments | 1,310 | 1,310 | |||||||
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates | 3 | [1] | 3 | ||||||
Other comprehensive earnings - unrealized gain (loss) on foreign currency translation | 10 | [2] | 10 | ||||||
Other comprehensive earnings - minimum pension liability adjustment | 14 | 14 | |||||||
Reclassification adjustments for change in unrealized gains and losses included in net earnings | (73) | [3] | (73) | ||||||
Stock-based compensation | 39 | 39 | |||||||
Dividends declared | (389) | (389) | |||||||
Shares withheld for taxes and in treasury | (8) | $ (8) | |||||||
Other comprehensive earnings attributable to non-controlling interest, tax expense | 0 | ||||||||
Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk | (3) | [4] | (3) | ||||||
Subsidiary dividends declared to non-controlling interests | (14) | 0 | 0 | 0 | (14) | ||||
Net earnings | 1,452 | 1,427 | 25 | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 322,000,000 | ||||||||
Ending balance at Dec. 31, 2020 | 8,392 | $ 0 | 5,720 | 2,394 | 1,304 | $ (1,067) | 41 | ||
Ending balance, Treasury stock (in shares) at Dec. 31, 2020 | 31,000,000 | ||||||||
Beginning Balance at Dec. 31, 2019 | 344 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Purchase of ServiceLink noncontrolling interest | (344) | ||||||||
Ending Balance at Dec. 31, 2020 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 1,325,300 | 2,000,000 | |||||||
Exercise of stock options | $ 50 | 50 | |||||||
Treasury stock repurchased | (461) | $ (461) | |||||||
Treasury stock repurchased (in shares) | 10,000,000 | ||||||||
Issuance of restricted stock (in shares) | 1,000,000 | ||||||||
Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest | 1 | 1 | |||||||
Other comprehensive earnings - unrealized gain (loss) on investments and other financial instruments | (413) | (413) | |||||||
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates | 22 | [1] | 22 | ||||||
Other comprehensive earnings - unrealized gain (loss) on foreign currency translation | (7) | [2] | (7) | ||||||
Other comprehensive earnings - minimum pension liability adjustment | (7) | (7) | |||||||
Reclassification adjustments for change in unrealized gains and losses included in net earnings | (123) | [3] | (123) | ||||||
Stock-based compensation | 41 | 41 | |||||||
Dividends declared | (447) | (447) | |||||||
Shares withheld for taxes and in treasury (in shares) | (1,000,000) | ||||||||
Shares withheld for taxes and in treasury | (17) | $ (17) | |||||||
Other comprehensive earnings attributable to non-controlling interest, tax expense | 0 | ||||||||
Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk | 3 | 3 | |||||||
Subsidiary dividends declared to non-controlling interests | (19) | 0 | 0 | 0 | (19) | ||||
Net earnings | 2,442 | 2,422 | 20 | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 325,000,000 | ||||||||
Ending balance at Dec. 31, 2021 | 9,457 | $ 0 | 5,811 | 4,369 | 779 | $ (1,545) | 43 | ||
Ending balance, Treasury stock (in shares) at Dec. 31, 2021 | 42,000,000 | ||||||||
Ending Balance at Dec. 31, 2021 | $ 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 996,113 | 2,000,000 | |||||||
Exercise of stock options | $ 39 | 39 | |||||||
Non-controlling interest associated with current period acquisitions | 45 | 45 | |||||||
Treasury stock repurchased | (549) | $ (549) | |||||||
Treasury stock repurchased (in shares) | 13,000,000 | ||||||||
Issuance of restricted stock (in shares) | 1,000,000 | ||||||||
Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest | (15) | (3) | (12) | ||||||
Other comprehensive earnings - unrealized gain (loss) on investments and other financial instruments | (3,839) | (3,839) | |||||||
Other comprehensive earnings - unrealized gain on investments in unconsolidated affiliates | 9 | [1] | 9 | ||||||
Other comprehensive earnings - unrealized gain (loss) on foreign currency translation | (18) | [2] | (18) | ||||||
Other comprehensive earnings - minimum pension liability adjustment | 5 | 5 | |||||||
Reclassification adjustments for change in unrealized gains and losses included in net earnings | 173 | [3] | 173 | ||||||
Stock-based compensation | 49 | 48 | 1 | ||||||
Dividends declared | (490) | (490) | |||||||
Shares withheld for taxes and in treasury (in shares) | 0 | ||||||||
Shares withheld for taxes and in treasury | (15) | $ (15) | |||||||
Distribution of 15% of the common stock of F&G | 0 | (19) | (301) | 320 | |||||
Other comprehensive earnings attributable to non-controlling interest, tax expense | (8) | [5] | 29 | (29) | |||||
Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk | [4] | 0 | |||||||
Subsidiary dividends declared to non-controlling interests | (24) | (19) | (301) | (29) | (24) | ||||
Net earnings | 1,152 | 1,136 | 16 | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 328,000,000 | ||||||||
Ending balance at Dec. 31, 2022 | $ 5,979 | $ 0 | $ 5,876 | $ 4,714 | $ (2,862) | $ (2,109) | $ 360 | ||
Ending balance, Treasury stock (in shares) at Dec. 31, 2022 | 55,000,000 | ||||||||
[1]Net of income tax expense of $3 million, $7 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[2]Net of income tax (benefit) expense of $(4) million, $0 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[3]Net of income tax expense (benefit) of $60 million, $(33) million and $(18) million for the years ended December 31, 2022, 2021 and 2020, respectively.[4]Net of income tax expense (benefit) of $1 million and $(1) million for the years ended December 31, 2021, and 2020, respectively.[5]Net of income tax expense of $8 million for the year ended December 31, 2022. |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |
Dividend to shareholders, pro rata percentage of common stock | 15% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net earnings | $ 1,152 | $ 2,442 | $ 1,452 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 496 | 645 | 296 |
Equity in earnings of unconsolidated affiliates | (15) | (64) | (15) |
Loss (gain) on sales of investments and other assets and asset impairments, net | 533 | (588) | 80 |
Loss on sale of businesses | 0 | 14 | 9 |
Interest credited/index credits to contractholder account balances | (542) | 805 | 750 |
Deferred policy acquisition costs and deferred sales inducements | (814) | (675) | (266) |
Charges assessed to contractholders for mortality and administration | (212) | (180) | (100) |
Non-cash lease costs | 142 | 139 | 150 |
Operating lease payments | (154) | (150) | (152) |
Distributions from unconsolidated affiliates, return on investment | 151 | 106 | 0 |
Stock-based compensation cost | 49 | 43 | 39 |
Change in NAV of limited partnerships, net | (109) | (589) | 0 |
Change in valuation of derivatives, equity and preferred securities, net | 947 | 253 | (568) |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Change in reinsurance recoverable | 149 | 4 | 40 |
Change in future policy benefits | 1,191 | 634 | (92) |
Change in funds withheld from reinsurers | 2,056 | 850 | (15) |
Net decrease (increase) in trade receivables | 178 | (120) | (83) |
Net (decrease) increase in reserve for title claim losses | (73) | 260 | 114 |
Net change in income taxes | 25 | (18) | 24 |
Net change in other assets and other liabilities | (795) | 279 | (85) |
Net cash provided by (used in) operating activities | 4,355 | 4,090 | 1,578 |
Cash Flows From Investing Activities: | |||
Proceeds from calls and maturities of investment securities | 6,340 | 9,796 | 3,592 |
Fundings of notes receivable | (99) | 0 | 0 |
Additions to property and equipment and capitalized software | (138) | (131) | (110) |
Purchases of investment securities | (13,148) | (16,014) | (4,959) |
Net (purchases of) proceeds from sales and maturities of short-term investment securities | (2,571) | 266 | 145 |
F&G acquisition | 0 | 0 | (1,076) |
Other acquisitions/disposals of businesses, net of cash acquired/disposed | (180) | (100) | 158 |
Additional investments in unconsolidated affiliates | (1,077) | (1,746) | (327) |
Distributions from unconsolidated affiliates, return of investment | 335 | 491 | 241 |
Net other investing activities | 14 | (11) | 5 |
Net cash used in investing activities | (10,524) | (7,449) | (2,331) |
Cash Flows From Financing Activities: | |||
Borrowings | 550 | 0 | 1,000 |
Debt offering | 0 | 449 | 1,246 |
Debt costs/equity issuance additions | 0 | (6) | (22) |
Debt service payments | (404) | 0 | (1,000) |
Dividends paid | (489) | (446) | (389) |
Subsidiary dividends paid to non-controlling interest shareholders | (20) | (19) | (14) |
Exercise of stock options | 39 | 48 | 62 |
Net change in secured trust deposits | (72) | 224 | (80) |
Purchase of additional share in consolidated subsidiaries | (15) | 0 | (90) |
Payment of contingent consideration for prior period acquisitions | (7) | (5) | (13) |
Payment for shares withheld for taxes and in treasury | (15) | (17) | (8) |
Contractholder account deposits | 8,531 | 8,166 | 2,967 |
Contractholder account withdrawals | (3,450) | (2,931) | (1,327) |
Purchases of treasury stock | (553) | (463) | (236) |
Net cash provided by financing activities | 4,095 | 5,000 | 2,096 |
Net (decrease) increase in cash and cash equivalents | (2,074) | 1,641 | 1,343 |
Cash and cash equivalents at beginning of period | 4,360 | 2,719 | 1,376 |
Cash and cash equivalents at end of period | $ 2,286 | $ 4,360 | $ 2,719 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Business and Summary of Significant Accounting Policies | Business and Summary of Significant Accounting Policies The following describes the business and significant accounting policies of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” the "Company" or “FNF”), which have been followed in preparing the accompanying Consolidated Financial Statement s. Description of the Business We are a leading provider of (i) title insurance, escrow and other title-related services, including trust activities, trustee sales guarantees, recordings and reconveyances and home warranty products, (ii) technology and transaction services 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 J Seg ment 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. 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”). F&G intends to use the net proceeds from the offering of the 7.40% F&G Notes for general corporate purposes, including to support the growth of assets under management and for F&G's future liquidity requirements. 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. Acquisition of TitlePoint On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $225 million in cash, subject to a customary working capital adjustment. 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. F&G Distribution On December 1, 2022, we completed our previously announced separation and distribution of approximately 15% of the common stock of F&G (the "F&G Distribution"). Following the F&G Distribution, we retained control of F&G through our approximate 85% ownership stake. The F&G Distribution was accomplished by the distribution of 68 shares of common stock, par value $0.001 per share, of F&G for every 1,000 shares of common stock, par value $0.0001 per share, of FNF (“FNF Common Stock”) as a dividend to each holder of shares of FNF Common Stock as of the close of business on November 22, 2022, the record date for the Distribution. As a result of the F&G Distribution, F&G is a separate, publicly traded company and its businesses, assets and liabilities are expected to primarily consist of those related to F&G’s business as a provider of insurance solutions serving retail annuity and life customers and institutional clients. Through F&G’s insurance subsidiaries, including Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, F&G intends continue to market a broad portfolio of deferred annuities (fixed indexed annuities and multi-year guarantee annuities or other fixed rate annuities), immediate annuities, indexed universal life insurance, funding agreements (through funding agreement-backed notes issuances and the Federal Home Loan Bank of Atlanta) and pension risk transfer solutions. All of FNF’s core title insurance, real estate, technology and mortgage related businesses, assets and liabilities that are not held by F&G remain with FNF. F&G Credit Facility 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 an issuing bank, pursuant to which F&G has an available 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. As of December 31, 2022, the F&G Credit Facility was fully drawn with $550 million outstanding, offset by approximately $3 million of unamortized debt issuance costs. A net partial paydown of $35 million was made on January 6, 2023 and, on February 21, 2023, F&G entered into an amendment (the "First Amendment") to the F&G Credit Agreement (the "Amended F&G Credit Agreement"). The First Amendment increased the aggregate principal amount of commitments under the F&G Credit Facility by $115 million to $665 million. For further information related to the F&G Credit Facility, refer to Note G Notes Payable . Repayment of 5.50% Senior Notes On September 1, 2022, we repaid the remaining $400 million in outstanding principal amount of our 5.50% Senior Notes due September 2022. Acquisition of AllFirst Title Insurance Agency ("AllFirst") On August 9, 2022, we acquired approximately 74% of the outstanding equity of 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. AllFirst and its portfolio brands, FirsTitle, Excel Title Group, Allegiance Title Company, Guaranty Title, Smith Brothers Abstract, Aggieland Title Company, and Guaranty Title New Mexico provide title examination, title plant, abstract, and settlement services for residential, commercial, farm and ranch sales, and energy projects in 121 counties throughout Texas, Oklahoma, New Mexico, and Arkansas. For further information related to the acquisition of AllFirst, refer to Note B Acquisitions. Note Receivable from Cannae In November 2017, in conjunction with the split-off of our former portfolio company investments into a separate company, Cannae Holdings, Inc. ("Cannae"), we issued to Cannae a revolver note, which we and Cannae amended and restated on May 12, 2022 (as amended and restated, the "Cannae Revolver"). The Cannae Revolver in the aggregate principal amount of up to $100 million accrues interest quarterly at the Adjusted Term SOFR Rate, as defined in the Amended and Restated Revolver Note, plus 450 basis points and matures on November 17, 2025. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion. During the year ended December 31, 2022, Cannae borrowed approximately $85 million under the Cannae Revolver. We account for the Cannae Revolver as a financing receivable. Interest income is recorded ratably in periods in which principal is outstanding. Uncollectible financing receivables are written off or impaired when, based on all available information, it is probable that a loss has occurred. Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include our accounts as well as our wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. In our title segment, our investments in unconsolidated subsidiaries and affiliates are accounted for using the equity method until such time that they become wholly or majority-owned. Earnings attributable to noncontrolling interests recorded on the Consolidated Statements of Earnings represents the portion of a majority-owned subsidiary's net earnings or loss that is owned by noncontrolling shareholders of the subsidiary. Noncontrolling interest recorded on the Consolidated Balance Sheets represents the portion of equity in a consolidated subsidiary owned by noncontrolling shareholders. We are involved in certain entities that are considered variable interest entities ("VIEs") as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. We assess our relationships with VIEs to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our Consolidated Financial Statements. See Note E Investments for additional information on our investments in VIEs. I nvestments Fixed Maturity Securities Available-for-Sale Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI"), net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), Statement of Position 03-1, “ Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts ,” ("SOP 03-1") reserves, and deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are 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 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. In our title segment, realized gains and losses on sales of our fixed maturity securitie s 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. Our F&G segment uses FIFO cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on available-for-sale securities, refer to Note E Investments. Preferred and Equity Securities Equity and prefer red securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable or based on net asset value (“NAV”) . Changes in fair value and realized gains and losses on sales of our preferred and equity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Recognized gains and losses on sales of our preferred and equity securities are credited or charged to earnings on a trade date basis, unless the security is a private placement in which case settlement date basis is used. Interest and dividend income from these investments is reported in Interest and investment income in the accompanying Consolidated Statements of Earnings. Derivative Financial Instruments In our F&G segment, we hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily call options). All such derivative instruments are recognized as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. The changes in fair value are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. We purchase financial instruments and issue products that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. The embedded derivative is carried at fair value, which is determined through a combination of market observable inputs such as market value of option and interest swap rates and unobservable inputs such as the mortality multiplier, surrender and withdrawal rates and non-performance spread. The changes in fair value are reported within Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments . Reinsurance Related Embedded Derivatives As discussed in Note O F&G Reinsurance , F&G entered into reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera"), effective December 31, 2018, and ASPIDA Life Re Ltd ("Aspida Re"), effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of certain deferred annuity and multi-year guaranteed annuities ("MYGA") and deferred annuity "), respectively, GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, the Kubera agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer. Funds withheld arrangements allow the Company to retain legal ownership of assets backing reinsurance arrangements until they are earned by the reinsurer while passing credit risk associated with the assets in the funds withheld account to the reinsurer. These arrangements create embedded derivatives considered to be total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangement. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangement, including gains and losses from sales, are passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The reinsurance related embedded derivative is reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position on the Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains (losses) on the Consolidated Statements of Earnings. Mortgage Loans Our investment in mortgage loans consists of commercial and residential mortgage loans on real estate, which are reported at amortized cost, less allowance for expected credit losses. For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note E Investments . Commercial mortgage loans are continuously monitored by reviewing appraisals, operating statements, rent revenues, annual inspection reports, loan specific credit quality, property characteristics, market trends and other factors. Commercial mortgage loans are rated for the purpose of quantifying the level of risk. Loans are placed on a watch list when the debt service coverage ("DSC") ratio falls below certain thresholds and the loan-to-value ("LTV") ratios exceeds certain thresholds. Loans on the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. We define delinquent mortgage loans as 30 days past due, consistent with industry practice. Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status, which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. We consider residential mortgage loans that are 90 or more days past due and have an LTV greater than 90% to be foreclosure probable. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Interest income, amortization of premiums and discounts, prepayment fees, and loan commitment fees are reported in Interest and investment income in the accompanying Consolidated Statements of Earnings. Short-term investments Short-term investments consist of financial instruments with an original maturity of one year or less when purchased and include short-term fixed maturity securities and money market instruments, which are carried at fair value, and short-term loans, which are carried at amortized cost, which approximates fair value. Investments in Unconsolidated Affiliates In our F&G segment, we primarily account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method, where the cost is initially recorded as an investment in the entity. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the limited partnership financial statements. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. Management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income. In our title business we account for our Investments in unconsolidated affiliates using the equity method of accounting and earnings on our investments in unconsolidated affiliates are recorded within Equity in earnings of unconsolidated affiliates within the Consolidated Statements of Earnings. Interest and investment income Dividends and interest income are recorded in Interest and investment income and recognized when earned. Income or losses upon call or prepayment of fixed maturity securities are recognized in Interest and investment income. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in Interest and investment income over the contractual terms of the investments, and for callable investments at a premium, based on the earliest call date of the investments, in a manner that produces a constant effective yield. For mortgage-backed and asset-backed securities, included in the fixed maturity securities portfolios, one of two models may be used to recognize interest income. For higher rated securities, interest income will be estimated based on an effective yield that considers cash flows received to date plus current expectations of future cash flows. For all other securities, interest income will be estimated based upon an effective yield that considers current expectations of future cash flows. For both interest income models, the estimated future cash flows include assumptions regarding the performance of the underlying collateral pool. Interest and investment income is presented net of earned investment management fees and the effects of certain reinsurance contracts. Cash and Cash Equivalents Highly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate fair value. Trade and Notes Receivables The carrying values reported in the Consolidated Balance Sheets for trade and notes receivables approximate their fair value. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete and reported to us. Premium revenues from agency operations and related commissions include an accrual based on estimated historical transaction volume data for policies that have closed in a particular period in which premiums have not yet been reported to us. Historically, the time lag between the closing of these transactions by our agents and the reporting of these policies, or premiums, to us has been up to 15 months, with 66% - 85% reported within three months following closing, an additional 10% - 24% reported within the next three months and the remainder within seven fifteen Fair Value of Financial Instruments The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments . Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, Business Combinations, requires an acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. During the measurement period, we are also required to recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be adjusted for changes in fair value until settled. Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at the reporting unit level on an annual basis or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we perform an annual goodwill impairment analysis based on a review of qualitative factors to determine if events and circumstances exist, which will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. We completed annual goodwill impairment analyses in the fourth quarter of each period presented using a September 30 measurement date. For the years ended December 31, 2022, 2021 and 2020, we determined there were no events or circumstances that indicated that the carrying value of a reporting unit exceeded the fair value. VOBA, DAC and DSI Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), DAC, and DSI. VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital, and is sensitive to assumptions including the discount rate, surrender rates, partial withdrawals, utilization rates, projected investment spreads, mortality, and expenses. DAC consists principally of commissions that are related directly to the successful sale of new or renewal insurance contracts, which may be deferred to the extent recoverable. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and vesting and persistency bonuses to policyholder account values, which may be deferred to the extent recoverable. The methodology for determining the amortization of VOBA, DAC and DSI varies by product type. For all insurance contracts accounted for under long-duration contract deposit accounting, amortization is based on assumptions consistent with those used in the development of the underlying contract liabilities, adjusted for emerging experience and expected trends. For all of the insurance intangibles (VOBA, DAC and DSI), the balances are generally amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”) from investment income, surrender charges and other product fees, less policy benefits, maintenance expenses, mortality, and expense margins. Recognized gains (losses) on investments, changes in fair value of derivatives and changes in fair value of the embedded derivative on our FIA and IUL products are included in actual gross profits in the period realized as described further below. Amortization is reported within Depreciation and amortization in the accompanying Consolidated Statements of Earnings. Changes in assumptions, including our earned rate (i.e., long term assumptions of the Company’s expected earnings on related investments), budgeted option costs (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature) and surrender rates can have a significant impact on VOBA, DAC and DSI balances and amortization rates. Due to the relative size and sensitivity to minor changes in underlying assumptions of those intangible balances, we perform quarterly and annual analyses of the VOBA, DAC and DSI balances for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected with the impact on the intangibles reported as “unlocking” as a component of amortization expense, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the contract issuance or acquisition date with respect to VOBA. The cumulative unlocking adjustment is recognized as a component of current period amortization and reflected within Depreciation and amortization in the accompanying Consolidated Statements of Earnings. For investment-type products, the VOBA, DAC and DSI assets are adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments"). Other Intangible Assets We have other intangible assets, not including goodwill, VOBA, DAC or DSI, which consist primarily of customer relationships and contracts, the value of distribution network acquired ("VODA"), trademarks and tradenames and state licenses, and computer software, which are generally recorded in connection with acquisitions at their fair value . Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives, generally ten years, using an accelerated method, which takes into consideration expected customer attrition rates. VODA is an intangible asset that represents the value of an acquired distribution network and is amortized using the sum of years digits method. Contractual relationships are generally amortized over their contractual life. Trademarks and tradenames are generally amortized over ten years. Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life, ranging from five We recorded $14 million in impairment expense to other intangible assets in our F&G segment for the year ended December 31, 2022. We recorded no impairment expense to other intangible assets during the years ended December 31, 2021, and 2020. Title Plants Title plants are recorded at the cost incurred to construct or obtain and organize historical title information to the point it can be used to perform title searches. Costs incurred to maintain, update and operate title plants are expensed as incurred. Title plants are not amortized as they are considered to have an ind |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions AllFirst On August 9, 2022, we acquired approximately 74% of the outstanding equity of 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 FASB Accounting Standards Codification Topic 805, Business Combinations ("Topic 805"). The purchase price has been allocated to AllFirst's assets acquired and liabilities assumed based on their fair values as of August 9, 2022. 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 intangibles, other assets, other liabilities and non-controlling interest of $105 million, $55 million, $40 million, $19 million and $46 million, respectively, as of December 31, 2022. The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following (dollars in millions): Gross Carrying Value Weighted Average Other intangible assets: Customer relationships $ 46 10 Trade name 7 10 Non-compete agreements 1 5 Software 1 2 Total Other intangible assets $ 55 F&G On June 1, 2020, we acquired 100% of the outstanding equity of F&G for approximately $2.7 billion pursuant to the Agreement and Plan of Merger, dated February 7, 2020, as amended (the "Merger Agreement"). In connection with the Merger, we issued approximately 24 million shares of FNF common stock and paid approximately $1.8 billion in cash to former holders of F&G ordinary and preferred shares. On August 26, 2020, we issued an additional 1 million shares of FNF common stock and paid approximately $100 million in cash to Kingfishers, LP., Kingstown Partners Master, LTD., Kingstown Partners II, LP., Kingstown 1740 Fund, LP. and Ktown, LP. (collectively the "Kingstown Dissenters"), who are former owners of F&G common stock. For more information related to the Kingstown Dissenters, refer to Note H Commitments and Contingencies . At closing, all outstanding shares of F&G common stock, excluding shares associated with the liability to former owners, were converted into the right to receive the Merger Consideration (as defined in the Merger Agreement). Additionally, each outstanding F&G Option and F&G Phantom unit was canceled and converted into options to purchase FNF common stock and phantom units denominated in FNF common stock, and each outstanding warrant to purchase F&G common stock was converted into the right to purchase and receive upon exercise $8.18 in cash and .0833 shares of FNF common stock. At closing, our subsidiaries' ownership of F&G common and preferred shares was converted into approximately 7 million shares of FNF common stock, which are reflected as treasury shares in the accompanying Consolidated Financial Statements. The initial purchase price is as follows (in millions): Cash paid for outstanding F&G shares $ 1,903 Less: Cash Acquired 827 Net cash paid for F&G 1,076 Value of FNF share consideration 806 Value of outstanding converted equity awards attributed to services already rendered 28 Total net consideration paid $ 1,910 The acquisition was accounted for as a business combination under Topic 805.The purchase price was allocated to F&G's assets acquired and liabilities assumed 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 not expected to be deductible for tax purposes, except for $16 million related to a prior F&G transaction. Pursuant to Topic 805, the financial statements were not retrospectively adjusted for any provisional amount changes that occurred during the measurement period. Rather, we recognized provisional adjustments as we obtained information not available as of the completion of the preliminary fair value calculation. We also recorded, in the same period as the financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, as a result of any changes to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions): Fair Value Fixed maturity securities $ 22,389 Preferred securities 876 Equity securities 52 Derivative instruments 313 Mortgage loans 1,755 Investments in unconsolidated affiliates 1,049 Other long-term investments 430 Short-term investments 37 Trade and notes receivable 1 Reinsurance recoverable 2,998 Goodwill 1,756 Prepaid expenses and other assets 379 Lease assets 8 Other intangible assets 2,107 Deferred tax asset 269 Assets of discontinued operations 2,392 Total assets acquired 36,811 Contractholder funds 26,451 Future policy benefits 3,871 Accounts payable and accrued liabilities 897 Notes payable 589 Funds withheld for reinsurance liabilities 816 Lease liabilities 9 Liabilities of discontinued operations 2,268 Total liabilities assumed 34,901 Net assets acquired $ 1,910 The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the F&G acquisition consist of the following (dollars in millions): Gross Carrying Value Estimated Useful Life Other intangible assets: Value of business acquired $ 1,908 Various Value of distribution network acquired 140 15 Trademarks and licenses 38 10 Software 21 2 Total Other intangible assets $ 2,107 We completed our assessment of the fair value of assets acquired and liabilities assumed within the one-year period from the date of acquisition. During the year ended December 31, 2021, we recorded measurement period adjustments as of the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of the acquisition date. Such adjustments resulted in a decrease in Reinsurance recoverable of approximately $289 million, an increase in Other intangible assets of approximately $61 million, a decrease in Future policy benefits of $227 million and various other, individually immaterial items. There was no material impact on Consolidated Statements of Earnings as a result of the measurement period adjustments recorded. Unaudited Supplemental Pro-forma Financial Results F&G's financial results since the acquisition date are reflected in our Consolidated Financial Statements. F&G's revenues and net earnings for the period from June 1, 2020 through December 31, 2020 of $1,233 million and $136 million, respectively, are included in the Consolidated Statements of Earnings for the year ended December 31, 2020. For comparative purposes, selected unaudited pro-forma consolidated results of operations of FNF for the year ended December 31, 2020 is presented below. Unaudited pro-forma results presented assume the consolidation of F&G occurred as of January 1, 2019. Year Ended December 31, 2020 (In millions) Total revenues $ 10,897 Net earnings attributable to FNF common shareholders 1,233 Amounts reflect certain pro forma adjustments to revenue and net earnings that were directly attributable to the acquisition, and for the elimination of historical activity between FNF and F&G prior to the acquisition. These adjustments include the following: • elimination of valuation changes on FNF's investment in F&G common and preferred shares prior to the acquisition; • elimination of dividends received by FNF related to its holdings of F&G's common and preferred shares prior to the acquisition; • elimination of advisory fees F&G paid to FNF; • elimination of transaction costs paid by F&G; • adjustment to record interest expense related to financing associated with the acquisition; • adjustment to reflect the elimination of historical amortization of F&G intangibles and the additional amortization of F&G intangibles measured at fair value as of the acquisition date; and • adjustment to reflect the prospective reclassification from accumulated other comprehensive earnings of the unrealized gains on available-for-sale securities to a premium, which will be amortized into income based on the expected life of the investment securities. |
Summary of Reserve for Title Cl
Summary of Reserve for Title Claim Losses | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Summary of Reserve for Title Claim Losses | Summary of Reserve for Title Claim Losses A summary of the reserve for title claim losses follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Beginning balance $ 1,883 $ 1,623 $ 1,509 Change in insurance recoverable (128) 94 34 Claim loss provision related to: Current year 308 385 283 Prior years — — — Total title claim loss provision 308 385 283 Claims paid, net of recoupments related to: Current year (21) (14) (11) Prior years (232) (205) (192) Total title claims paid, net of recoupments (253) (219) (203) Ending balance of claim loss reserve for title insurance $ 1,810 $ 1,883 $ 1,623 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 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 have 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. 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 Decem ber 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 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 Septemb er 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, C alPrivate 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. 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 update 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. Regulation Title Our insurance subsidiaries, including title insurers, underwritten title companies and insurance agencies, are subject to extensive regulation under applicable state laws. Each of the insurance underwriters is subject to a holding company act in its state of domicile that regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates. The laws of most states in which we transact business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules. The process of state regulation of changes in rates ranges from states that set rates, to states where individual companies or associations of companies prepare rate filings that are submitted for approval, to a few states in which rate changes do not need to be filed for approval. Since we are regulated by both state and federal governments and the applicable insurance laws and regulations are constantly subject to change, it is not possible to predict the potential effects on our insurance operations, particularly the Title segment, of any laws or regulations that may become more restrictive in the future or if new restrictive laws will be enacted. Statutory-basis financial statements are prepared in accordance with accounting practices prescribed or permitted by the various state insurance regulatory authorities. The National Association of Insurance Commissioners' (“NAIC” ) Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by each of the states that regulate us. Each of our states of domicile for our title insurance underwriter subsidiaries have adopted a material prescribed accounting practice that differs from that found in NAIC SAP. Specifically, in both years, the timing of amounts released from the statutory unearned premium reserve under NAIC SAP differs from the states' required practice. Statutory surplus at December 31, 2022 and 2021 was lower by approximately $32 million and $29 million than if we had reported such amounts in accordance with NAIC SAP. Pursuant to statutory accounting requirements of the various states in which our insurers are domiciled, these insurers must defer a portion of premiums earned as an unearned premium reserve for the protection of policyholders and must maintain qualified assets in an amount equal to the statutory requirements. The level of unearned premium reserve required to be maintained at any time is determined by statutory formula based upon either the age, number of policies and dollar amount of policy liabilities underwritten, or the age and dollar amount of statutory premiums written. As of December 31, 2022, the combined statutory unearned premium reserve required and reported for our title insurers was $1,772 million . In addition to statutory unearned premium reserves, each of our insurers maintains reserves for known claims and surplus funds for policyholder protection and business operations. Each of our insurance subsidiaries is regulated by the insurance regulatory authority in its respective state of domicile, as well as that of each state in which it is licensed. The insurance commissioners of their respective states of domicile are the primary regulators of our title insurance subsidiaries. Each of the insurers is subject to periodic regulatory financial examination by regulatory authorities. Our insurance subsidiaries are subject to regulations that restrict their ability to pay dividends or make other distributions of cash or property to their immediate parent company without prior approval from the Department of Insurance of their respective states of domicile. As of December 31, 2022 , $1,442 million of our net assets are restricted from dividend payments without prior approval from the Departments of Insurance. During 2023, our title insurers can pay or make distributions to us of approximately $606 million, without prior approval. The combined statutory capital and surplus of our title insurers was approximately $1,350 million and $1,903 million as of December 31, 2022 and 2021, respectively. The combined statutory net earnings of our title insurance subsidiaries were $778 million, $936 million, and $629 million for the years ended December 31, 2022 , 2021, and 2020, respectively. As a condition to continued authority to underwrite policies in the states in which our insurers conduct their business, the insurers are required to pay certain fees and file information regarding their officers, directors and financial condition. In addition, our escrow and trust business is subject to regulation by various state banking authorities. Pursuant to statutory requirements of the various states in which our insurers are domiciled, such insurers must maintain certain levels of minimum capital and surplus. Required levels of minimum capital and surplus are not significant to the insurers individually or in the aggregate. Each of our insurers has complied with the minimum statutory requirements as of December 31, 2022. Our underwritten title companies, primarily those domiciled in California, are also subject to certain regulation by insurance regulatory or banking authorities relating to their net worth and working capital. Minimum net worth and working capital requirements for each underwritten title company is less than $1 million. These companies were in compliance with their respective minimum net worth and working capital requirements at December 31, 2022. There are no restrictions on our retained earnings regarding our ability to pay dividends to shareholders although there are limits on the ability of certain subsidiaries to pay dividends to us, as described above. F&G Through our wholly owned F&G subsidiary, our U.S. insurance subsidiaries, FGL Insurance, Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Re, file financial statements with state insurance regulatory authorities and the NAIC that are prepared in accordance with 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. Our principal insurance subsidiaries' statutory (SAP and GAAP) financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned U.S regulated insurance subsidiaries were as follows (in millions): Subsidiary (state of domicile) (a) FGL Insurance (IA) FGL NY Insurance (NY) Raven Re (VT) Statutory Net income (loss): Year ended December 31, 2022 $ (243) $ (15) $ (111) Year ended December 31, 2021 351 4 3 Statutory Capital and Surplus: December 31, 2022 $ 1,877 $ 82 $ 121 December 31, 2021 1,473 99 115 (a) FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together. FGL Insurance, FGL NY Insurance and Raven Re's respective statutory capital and surplus satisfies the applicable minimum regulatory requirements. Life insurance companies domiciled in the U.S. are subject to certain Risk-Based Capital (“RBC”) requirements as specified by the NAIC. The RBC is used to evaluate the adequacy of capital and surplus maintained by an insurance company in relation to risks associated with: (i) asset risk, (ii) insurance risk, (iii) interest rate risk and (iv) business risk. We monitor the RBC of FGLH’s insurance subsidiaries. As of December 31, 2022, each of FGLH's insurance subsidiaries had exceeded the minimum RBC requirements. Our insurance subsidiaries domiciled in the U.S. are restricted by state laws and regulations as to the amount of dividends they may pay to their parent, our wholly owned F&G subsidiary, without regulatory approval in any year, the purpose of which is to protect affected insurance policyholders, depositors or investors. Any dividends in excess of limits are deemed “extraordinary” and require regulatory approval. In addition, and pursuant to an order issued by the Iowa Commissioner on November 28, 2017, FGL Insurance may not pay any dividend or other distribution to shareholders prior to November 28, 2020 without the prior approval of the Iowa Commissioner. During the years ended December 31, 2022 and 2021, upon approval by the Iowa Commissioner, FGL Insurance declared and paid extraordinary dividends of $0 million and $38 million to its parent, respectively. FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $152 million and $106 million decrease to statutory capital and surplus at December 31, 2022 and 2021, respectively. FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $85 million at December 31, 2022 and 2021, respectively. Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance, which increased Raven Re’s statutory capital and surplus by $28 million at December 31, 2022 and by $0 million at December 31, 2021. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $(107) million as of December 31, 2022 and would be $30 million as of December 31, 2021, and its risk-based capital would not fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent as discussed in Note O F&G Reinsurance . FGL Insurance’s statutory carrying value of Raven Re was $121 million and $115 million at December 31, 2022 and 2021, respectively. As of December 31, 2022, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices. The prescribed and permitted statutory accounting practices have no impact on our Consolidated Financial Statements, which are prepared in accordance with GAAP. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique, along with NAV. 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. NAV - Certain equity investments are measured using NAV as a practical expedient in determining fair value. In addition, our unconsolidated affiliates (primarily limited partnerships) are primarily accounted for using the equity method of accounting with fair value determined using NAV as a practical expedient. Our carrying value reflects our pro rata ownership percentage as indicated by NAV in the limited partnership financial statements, which we may adjust if we determine NAV is not calculated consistent with investment company fair value principles. The underlying investments of the limited partnerships may have significant unobservable inputs, which may include, but are not limited to, comparable multiples and weighted average cost of capital rates applied in valuation models or a discounted cash flow model. Additionally, management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. When a determination is made to classify an asset or liability within Level 3 of the fair value hierarchy, the determination is based upon the significance of the unobservable inputs to the overall fair value measurement. Because certain securities trade in less liquid or illiquid markets with limited or no pricing information, the determination of fair value for these securities is inherently more difficult. In addition to the unobservable inputs, Level 3 fair value investments may include observable components, which are components that are actively quoted or can be validated to market-based sources. The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows (in millions): December 31, 2022 Level 1 Level 2 Level 3 NAV Fair Value Assets 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 Equity securities 621 — 10 47 678 Preferred securities 320 582 1 — 903 Derivative investments — 244 — — 244 Reinsurance related embedded derivative, included in other assets — 279 — — 279 Short term investments 2,590 — — — 2,590 Other long-term investments — — 71 — 71 Total financial assets at fair value $ 6,210 $ 25,720 $ 8,169 $ 47 $ 40,146 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,115 — 3,115 Total financial liabilities at fair value $ — $ — $ 3,115 $ — $ 3,115 December 31, 2021 Level 1 Level 2 Level 3 NAV Fair Value Assets Cash and cash equivalents $ 4,360 $ — $ — $ — $ 4,360 Fixed maturity securities, available-for-sale: Asset-backed securities — 4,736 3,959 — 8,695 Commercial mortgage-backed securities — 2,944 35 — 2,979 Corporates 37 15,322 1,135 — 16,494 Hybrids 132 780 — — 912 Municipals — 1,458 43 — 1,501 Residential mortgage-backed securities — 731 — — 731 U.S. Government 394 — — — 394 Foreign Governments — 266 18 — 284 Equity securities 1,206 — 9 48 1,263 Preferred securities 506 893 2 — 1,401 Derivative investments — 816 — — 816 Short term investments 168 2 321 — 491 Other long-term investments — — 78 — 78 Total financial assets at fair value $ 6,803 $ 27,948 $ 5,600 $ 48 $ 40,399 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,883 — 3,883 Reinsurance related embedded derivatives, included in other liabilities — 73 — — 73 Total financial liabilities at fair value $ — $ 73 $ 3,883 $ — $ 3,956 Valuation Methodologies Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate fair value. Fixed Maturity, Preferred and Equity Securities We measure the fair value of our securities based on assumptions used by market participants in pricing the security. The most appropriate valuation methodology is selected based on the specific characteristics of the fixed maturity, preferred or equity security, and we will then consistently apply the valuation methodology to measure the security’s fair value. Our fair value measurement is based on a market approach, which utilizes prices and other relevant information generated by market transactions involving identical or comparable securities. Sources of inputs to the market approach include third-party pricing services, independent broker quotations, or pricing matrices. We use observable and unobservable inputs in our valuation methodologies. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. In addition, market indicators and industry and economic events are monitored and further market data will be acquired when certain thresholds are met. For certain security types, additional inputs may be used, or some of the inputs described above may not be applicable. The significant input used in the fair value measurement of equity securities for which the market approach valuation technique is employed is yield for comparable securities. Increases or decreases in the yields would result in lower or higher, respectively, fair value measurements. For broker-quoted only securities, quotes from market makers or broker-dealers are obtained from sources recognized to be market participants. We believe the broker quotes are prices at which trades could be executed based on historical trades executed at broker-quoted or slightly higher prices. We analyze the third-party valuation methodologies and related inputs to perform assessments to determine the appropriate level within the fair value hierarchy. However, we did not adjust prices received from third parties as of December 31, 2022 or December 31, 2021. Certain equity investments are measured using NAV as a practical expedient in determining fair value. Derivative Financial Instruments The fair value of call options is based upon valuation pricing models, which represents what we would expect to receive or pay at the balance sheet date if we canceled the options, entered into offsetting positions, or exercised the options. Fair values for these instruments are determined internally, based on industry accepted valuation pricing models, which use market-observable inputs, including interest rates, yield curve volatilities, and other factors. The fair value of futures contracts (specifically for FIA contracts) represents the cumulative unsettled variation margin (open trade equity, net of cash settlements), which represents what we would expect to receive or pay at the balance sheet date if we canceled the contracts or entered into offsetting positions. These contracts are classified as Level 1. The fair value measurement of the FIA/ IUL embedded derivatives included in contractholder funds is determined through a combination of market observable information and significant unobservable inputs using the option budget method. The market observable inputs are the market value of option and treasury rates. The significant unobservable inputs are the budgeted option cost (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature), surrender rates, mortality multiplier and non-performance spread. The mortality multiplier at December 31, 2022 and December 31, 2021was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input. Also refer to Management's Estimates in Note A Business and Summary of Significant Accounting Policies regarding updated assumptions during the fourth quarter of 2022 and the implementation of a new actuarial valuation system and assumption updates during third quarter of 2021. The system implementation and assumption review process included refinements in the calculation of the fair value of the embedded derivative component of our fixed indexed annuities. The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera 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. Please see Note O F&G Reinsurance for further discussion on F&G reinsurance agreements. Other long-term investments We hold a fund-linked note that 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 Fidelity & Guaranty Life Insurance Company ("FGL Insurance") 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 F Derivative Financial Instruments . The fair value of the credit-linked note is based on a weighted average of a broker quote and a discounted cash flow analysis. The discounted cash flow approach is based on the expected portfolio cash flows and amortization schedule reflecting investment expectations, adjusted for assumptions on the portfolio's default and recovery rates, and the note's discount rate. The fair value of the note is provided by the fund manager at the end of each quarter. Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of December 31, 2022 and December 31, 2021 are as follows: Fair Value 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 Valuation Offered quotes —% - 104.96% (89.69%) Corporates 12 Discounted Cash Flow Discount Rate 44.00% - 100.00% (77.02%) Municipals 29 Third-Party Valuation Offered quotes 93.95% - 93.95% (93.95%) Residential mortgage-backed securities 302 Broker-quoted Offered quotes 0.00% - 91.04% (86.38%) Foreign Governments 16 Third-Party Valuation Offered quotes 99.78% - 102.29% (100.56%) Preferred securities 1 Discounted Cash Flow Discount rate 100.00% Equity securities 6 Broker Quoted Offered quotes $64.25 - $64.25 ($64.25) Equity securities 4 Discounted Cash Flow Discount rate 11.10% - 11.10% (11.10%) Market Comparable Company Analysis EBITDA multiple 5.6x - 5.6x (5.6x) Other long-term investments: Available-for-sale embedded derivative 23 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 15 Broker-quoted Offered quotes 96.23% Investment in affiliate 23 Market Comparable Company Analysis EBITDA multiple 5x - 5.5x Total financial assets at fair value $ 8,169 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds 3,115 Discounted cash flow Market value of option 0.00% - 23.90% (0.87%) Swap rates 3.88% - 4.73% (4.31%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 29.41% (2.73%) Non-performance spread 0.48% - 1.44% (1.30%) Option cost 0.07% - 4.97% (1.89%) Total financial liabilities at fair value $ 3,115 Fair Value at Valuation Technique Unobservable Input(s) Range (Weighted average) December 31, 2021 December 31, 2021 Assets Asset-backed securities $ 3,844 Broker-quoted Offered quotes 52.56% - 260.70% (97.06%) Asset-backed securities 115 Third-Party Valuation Offered quotes 93.02% - 108.45% (104.95%) Commercial mortgage-backed securities 24 Broker-quoted Offered quotes 126.70% - 126.70% (126.70%) Commercial mortgage-backed securities 11 Third-Party Valuation Offered quotes 97.91% - 97.91% (97.91%) Corporates 380 Broker-quoted Offered quotes —% - 109.69% (100.91%) Corporates 741 Third-Party Evaluation Offered quotes 85.71% - 119.57% (107.72%) Corporates 14 Discounted Cash Flow Discount Rate 44.00% - 100.00% (62.00%) Municipals 43 Third-Party Evaluation Offered quotes 135.09% - 135.09% (135.09%) Short-term 321 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Foreign governments 18 Third-Party Evaluation Offered quotes 107.23% - 116.44% (110.11%) Preferred Securities 2 Income-Approach Yield 2.43% Equity securities 3 Broker-quoted Offered Quotes $6.23 - $6.23 ($6.23) Equity securities 2 Black Scholes Model Risk Free Rate 1.00% - 1.00% (1.00%) Strike Price $1.50 - $1.50 ($1.50) Volatility 81.00% - 81.00% (81.00%) Dividend Yield 0.00% - 0.00% (0.00%) Equity securities 4 Discounted Cash Flow Discount Rate 12.70% - 12.70% (12.70%) Market Comparable Company Analysis EBITDA multiple 5.9x - 5.9x (5.9x) Other long-term investments: Available-for-sale embedded derivative 34 Black Scholes model Market value of fund 100.00% Credit Linked Note 23 Broker-quoted Offered quotes 100.00% Investment in affiliate 21 Market Comparable Company Analysis EBITDA multiple 8x - 8x Total financial assets at fair value $ 5,600 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds 3,883 Discounted cash flow Market value of option 0.00% - 38.72% (3.16%) Swap rates 0.05% - 1.94% (1.00%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.26%) Partial withdrawals 2.00% - 23.26% (2.72%) Non-performance spread 0.43% - 1.01% (0.68%) Option cost 0.07% - 4.97% (1.83%) Total financial liabilities at fair value $ 3,883 The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2022 and December 31, 2021, respectively. This summary excludes any impact of amortization of VOBA, DAC and DSI. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Year ended December 31, 2022 (in millions) Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ (6) $ (393) $ 3,269 $ (39) $ (541) $ 14 $ 6,263 $ (426) Commercial mortgage-backed securities 35 — (5) — — — 7 37 (4) Corporates 1,135 1 (187) 714 (20) (215) 12 1,440 (188) Hybrids — — — — — — — — — Municipals 43 — (14) — — — — 29 (13) Residential mortgage-backed securities — — — 316 — — (14) 302 — Foreign Governments 18 — (2) — — — — 16 (1) Short-term 321 — (1) 20 — — (340) — (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 2 (1) — — 10 — Other long-term assets: Available-for-sale embedded derivative 34 (11) — — — — — 23 — Credit linked note 23 (1) (1) — (2) (4) — 15 — Investment in affiliate 21 — 2 — — — — 23 2 Secured borrowing receivable $ — $ — $ — $ — $ — $ — $ 10 $ 10 $ — Total assets at Level 3 fair value $ 5,600 $ (17) $ (602) $ 4,321 $ (62) $ (760) $ (311) $ 8,169 $ (632) Liabilities Future policy benefits $ — $ — $ — $ — $ — $ — $ — $ — $ — FIA/ IUL embedded derivatives, included in contractholder funds 3,883 (1,382) — 768 — (154) — 3,115 — Total liabilities at Level 3 fair value $ 3,883 $ (1,382) $ — $ 768 $ — $ (154) $ — $ 3,115 $ — ( a) The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2. Year ended December 31, 2021 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 1,350 $ (1) $ (8) $ 3,417 $ (97) $ (595) $ (107) $ 3,959 $ 4 Commercial mortgage-backed securities 26 — (3) 12 — — — 35 1 Corporates 1,289 8 (40) 161 (23) (247) (13) 1,135 23 Hybrids 4 — — — — (4) — — — Municipals 43 — — — — — — 43 7 Residential mortgage-backed securities 483 — (1) 14 — (102) (394) — 22 Foreign Governments 17 — 1 — — — — 18 2 Short-term — — 2 820 — (501) — 321 — Preferred securities 1 (1) 1 1 — — — 2 — Equity securities 4 2 — 3 — — — 9 — Other long-term assets: Available-for-sale embedded derivative 27 7 — — — — — 34 — Credit linked note 23 — — — — — — 23 — Investment in affiliate — — — 21 — — — 21 — Total assets at Level 3 fair value $ 3,267 $ 15 $ (48) $ 4,449 $ (120) $ (1,449) $ (514) $ 5,600 $ 59 Liabilities Future policy benefits (FSRC) $ 5 $ — $ — $ — $ (4) $ (1) $ — $ — $ — FIA embedded derivatives, included in contractholder funds 3,404 121 — 513 — (155) — 3,883 — Total liabilities at Level 3 fair value $ 3,409 $ 121 $ — $ 513 $ (4) $ (156) $ — $ 3,883 $ — ( a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2. Valuation Methodologies and Associated Inputs for Financial Instruments Not Carried at Fair Value The following discussion outlines the methodologies and assumptions used to determine the fair value of our financial instruments not carried at fair value. Considerable judgment is required to develop these assumptions used to measure fair value. Accordingly, the estimates shown are not necessarily indicative of the amounts that would be realized in a one-time, current market exchange of all of our financial instruments. Mortgage Loans The fair value of mortgage loans is established using a discounted cash flow method based on internal credit rating, maturity and future income. This yield-based approach is sourced from our third-party vendor. The internal ratings for mortgages in good standing are based on property type, location, market conditions, occupancy, debt service coverage, loan-to-value, quality of tenancy, borrower, and payment record. The inputs used to measure the fair value of our mortgage loans are classified as Level 3 within the fair value hierarchy. Investments in Unconsolidated affiliates In our F&G segment, the fair value of Investments in unconsolidated affiliates is 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 $187 million and $136 million as of December 31, 2022 and December 31, 2021, 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 the bank loan is estimated using a discounted cash flow method with the discount rate based on weighted average cost of capital ("WACC"). This yield-based approach is sourced from a third-party vendor and the WACC establishes a market participant discount rate by determining the hypothetical capital structure for the asset should it be underwritten as of each period end. Other invested assets are classified as Level 3 within the fair value hierarchy. Investment Contracts Investment contracts include deferred annuities (FIAs and fixed rate annuities), indexed IULs, funding agreements and pension risk transfer solutions ("PRT") and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e. the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value. Other Federal Home Loan Bank of Atlanta ("FHLB") common stock, Accounts receivable and Notes receivable are carried at cost, which approximates fair value. FHLB common stock is classified as Level 2 within the fair value hierarchy. Accounts receivable and Notes receivable are classified as Level 3 within the fair value hierarchy. Debt The fair value of debt is based on quoted market prices. The inputs used to measure the fair value of our outstanding debt are classified as Level 2 within the fair value hierarchy. The carrying value of the F&G Credit Facility at December 31, 2022 approximates fair value as the rates are comparable to those at which we could currently borrow under similar terms. As such, the fair value of the revolving credit facility was classified as a Level 2 measurement. The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the accompanying Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. December 31, 2022 (in millions) Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets FHLB common stock $ — $ 99 $ — $ — $ 99 $ 99 Commercial mortgage loans — — 2,083 — 2,083 2,406 Residential mortgage loans — — 1,892 — 1,892 2,148 Investments in unconsolidated affiliates — — — 2,427 2,427 2,427 Policy loans — — 52 — 52 52 Other invested assets 93 — 16 — 109 109 Company-owned life insurance 35 — 328 — 363 363 Trade and notes receivables, net of allowance — — 467 — 467 467 Total $ 128 $ 99 $ 4,838 $ 2,427 $ 7,492 $ 8,071 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 December 31, 2021 (in millions) Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets FHLB common stock $ — $ 72 $ — $ — $ 72 $ 72 Commercial mortgage loans — — 2,265 — 2,265 2,168 Residential mortgage loans — — 1,549 — 1,549 1,581 Investments in unconsolidated affiliates — — — 2,350 2,350 2,350 Policy loans — — 39 — 39 39 Other invested assets — — 57 — 57 57 Company-owned life insurance — — 333 — 333 333 Trade and notes receivables, net of allowance — — 557 — 557 557 Total $ — $ 72 $ 4,800 $ 2,350 $ 7,222 $ 7,157 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 27,448 $ — $ 27,448 $ 31,529 Debt — 3,218 — — 3,218 3,096 Total $ — $ 3,218 $ 27,448 $ — $ 30,666 $ 34,625 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 1.25 1.00 - 1.25 <1.00 December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % December 31, 2021 LTV Ratios: Less than 50.00% $ 626 $ 33 $ 9 $ 668 31 % $ 745 33 % 50.00% to 59.99% 470 — — 470 22 % 481 21 % 60.00% to 74.99% 1,036 — — 1,036 47 % 1,039 46 % Commercial mortgage loans $ 2,132 $ 33 $ 9 $ 2,174 100 % $ 2,265 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. We recognize mortgage loans as delinquent when payments on the loan are greater than 30 days past due. At December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table below. At December 31, 2021, we had no CMLs that were delinquent in principal or interest payments. Residential Mortgage Loans Residential mortgage loans ("RMLs") represented approximately 5% and 4% of our total investments at December 31, 2022 and December 31, 2021, respectively. Our residential mortgage loans are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances (dollars in millions): December 31, 2022 U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All Other States (1) 914 42 % Total mortgage loans $ 2,180 100 % (1) The individual concentration of each state is equal to or less than to 5%. December 31, 2021 U.S. State: Amortized Cost % of Total Florida $ 234 15 % Texas 170 10 % New Jersey 153 10 % All Other States (1) 1,049 65 % Total residential mortgage loans $ 1,606 100 % (1) The individual concentration of each state is less than 9%. 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 nonaccrual status, which is assessed monthly. The credit quality of RMLs was as follows (dollars in millions): December 31, 2022 December 31, 2021 Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,118 97 % $ 1,533 95 % Non-performing 62 3 % 73 5 % Total residential mortgage loans, gross of valuation allowance $ 2,180 100 % $ 1,606 100 % Allowance for expected loan loss (32) — % (25) — % Total residential mortgage loans, net of valuation allowance $ 2,148 100 % $ 1,581 100 % Loans segregated by risk rating exposure were as follows, gross of valuation allowances (in millions): December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Residential mortgages 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 Commercial mortgages 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 December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Residential mortgages Current (less than 30 days past due) $ 795 $ 293 $ 323 $ 50 $ 36 $ 21 $ 1,518 30-89 days past due 5 4 6 1 — — 16 90 days or more past due 1 23 46 2 — — 72 Total residential mortgages $ 801 $ 320 $ 375 $ 53 $ 36 $ 21 $ 1,606 Commercial mortgages Current (less than 30 days past due) $ 1301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 30-89 days past due — — — — — — — 90 days or more past due — — — — — — — Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Commercial mortgages LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1300 $ 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 $ 1300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Commercial mortgages LTV Less than 50.00% $ 120 $ 229 $ — $ 6 $ — $ 313 $ 668 50.00% to 59.99% 267 192 — — — 11 470 60.00% to 74.99% 914 122 — — — — 1,036 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 Commercial mortgages DSCR Greater than 1.25x $ 1,301 $ 543 $ — $ 4 $ — $ 284 $ 2,132 1.00x - 1.25x — — — 2 — 31 33 Less than 1.00x — — — — — 9 9 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 Non-accrual loans by amortized cost were as follows (in millions): Amortized cost of loans on non-accrual December 31, 2022 December 31, 2021 Residential mortgage $ 64 $ 72 Commercial mortgage 9 — Total non-accrual mortgages $ 73 $ 72 Immaterial interest income was recognized on non-accrual financing receivables for the years ended December 31, 2022 and December 31, 2021. It is our policy to cease to accrue interest on loans that are 90 days or more delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of December 31, 2022 and December 31, 2021, we had $71 million and $72 million, respectively, of mortgage loans that were over 90 days past due, of which $38 million and $39 million was in the process of foreclosure as of December 31, 2022 and December 31, 2021, respectively. Allowance for Expected Credit Loss We estimate expected credit losses for our CML and RML portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. The allowances for our mortgage loan portfolio is summarized as follows (in millions): Year ended December 31, 2022 Year ended December 31, 2021 Residential Mortgage Commercial Mortgage Total Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 $ 37 $ 2 $ 39 Provision for loan losses 7 4 11 (12) 4 (8) Ending Balance $ 32 $ 10 $ 42 $ 25 $ 6 $ 31 Seven months ended December 31, 2020 Residential Mortgage Commercial Mortgage Total Beginning Balance — — — Provision for loan losses 30 2 32 For initial credit losses on purchased loans accounted for as PCD financial assets 7 — 7 Ending Balance $ 37 $ 2 $ 39 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 December 31, 2022 and December 31, 2021. Interest and Investment Income The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Fixed maturity securities, available-for-sale $ 1,489 $ 1,267 $ 708 Equity securities 31 23 19 Preferred securities 67 63 59 Mortgage loans 186 131 50 Invested cash and short-term investments 61 7 8 Limited partnerships 110 589 76 Tax deferred property exchange income 103 16 33 Other investments 41 32 25 Gross investment income 2,088 2,128 978 Investment expense (197) (167) (78) Interest and investment income $ 1,891 $ 1,961 $ 900 The Company’s Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and Investment Income attributable to these agreements, and thus excluded from the totals in the table above, was $109 million, $53 million and $21 million for the years ended December 31, 2022 and 2021 and for the period from June 1 to December 31, 2020. Recognized Gains and Losses, net Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Net realized (losses) gains on fixed maturity available-for-sale securities $ (253) $ 111 $ 102 Net realized/unrealized (losses) gains on equity securities (2) (386) (434) 241 Net realized/unrealized (losses) gains on preferred securities (3) (230) (14) 15 Realized (losses) gains on other invested assets (68) 8 (25) Change in allowance for expected credit losses (41) 8 (37) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (164) 456 76 Unrealized (losses) gains on certain derivative instruments (693) 159 161 Change in fair value of reinsurance related embedded derivatives (1) 352 34 (53) Change in fair value of other derivatives and embedded derivatives (10) 6 8 Realized (losses) gains on derivatives and embedded derivatives (515) 655 192 Recognized gains and losses, net $ (1,493) $ 334 $ 488 (1) 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. (2) Includes net valuation (losses) gains of $(387) million, $(436) million and $248 million for the years ended December 31, 2022, 2021, and 2020 respectively. (3) Includes net valuation losses of $198million, $14 million, and $40 million for the years ended December 31, 2022, 2021 and 2020, respectively. The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Proceeds $ 3,264 $ 4,749 $ 1,946 Gross gains 14 158 116 Gross losses (252) (49) (12) Unconsolidated Variable Interest Entities The Company owns investments in VIEs that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While the Company participates in the benefits from VIEs in which it invests, but does not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under common control with the Company. It is for this reason that the Company is not considered the primary beneficiary for the VIE investments that are not consolidated. We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our Consolidated Balance Sheets. In addition, we invest in structured investments that may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in fixed maturity securities available for sale on our Consolidated Balance Sheets. Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note H Commitments and Contingencies ). The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs: December 31, 2022 December 31, 2021 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in unconsolidated affiliates $ 2,427 $ 4,030 $ 2,350 $ 3,496 Fixed maturity securities 15,680 17,404 12,382 12,802 Total unconsolidated VIE investments $ 18,107 $ 21,434 $ 14,732 $ 16,298 Concentrations Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions): December 31, 2022 Blackstone Wave Asset Holdco (1) $ 741 __________________ (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. Investment in Cannae Holdings, Inc. ("Cannae") Included in equity securities as of December 31, 2021 were 5,775,598 shares of Cannae common stock (NYSE: CNNE). The fair value of this investment based on quoted market prices was $203 million as of December 31, 2021. During the year ended December 31, 2022, we sold all 5,775,598 shares of CNNE common stock back to Cannae for approximately $109 million in the aggregate. As of December 31, 2022, we held no shares of CNNE common stock." id="sjs-B4">Investments Our fixed maturity securities investments have been designated as available-for-sale and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included in AOCI, net of associated adjustments for DAC, VOBA, DSI, UREV, SOP 03-1 reserves, and deferred income taxes. Our preferred and equity securities investments are carried at fair value with unrealized gains and losses included in net earnings (loss). The Company’s consolidated investments are summarized as follows (in millions): December 31, 2022 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Asset-backed securities $ 12,209 $ (8) $ 36 $ (770) $ 11,467 Commercial mortgage-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 December 31, 2021 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Asset-backed securities $ 8,516 $ (3) $ 220 $ (38) $ 8,695 Commercial mortgage-backed/asset-backed securities 2,684 (2) 308 (11) 2,979 Corporates 15,822 — 830 (158) 16,494 Hybrids 838 — 74 — 912 Municipals 1,445 — 67 (11) 1,501 Residential mortgage-backed securities 731 (3) 7 (4) 731 U.S. Government 393 — 3 (2) 394 Foreign Governments 276 — 9 (1) 284 Total available-for-sale securities $ 30,705 $ (8) $ 1,518 $ (225) $ 31,990 Securities held on deposit with various state regulatory authorities had a fair value of $17,870 million and $22,343 million at December 31, 2022 and December 31, 2021, respectively. As of December 31, 2022, we held $27 million of investments that were non-income producing for a period greater than twelve months. As of December 31, 2021, we held no material investments that were non-income producing for a period greater than twelve months. As of December 31, 2022 and December 31, 2021, the Company's accrued interest receivable balance was $365 million and $253 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets 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 the Company for general purposes. The collateral investments had a fair value of $3,387 million and $2,469 million at December 31, 2022 and December 31, 2021, respectively. The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. December 31, 2022 December 31, 2021 (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 $ 536 $ 527 $ 426 $ 431 Due after one year through five years 3,288 3,089 2,998 3,051 Due after five years through ten years 2,171 1,939 2,389 2,458 Due after ten years 14,503 11,457 12,930 13,608 20,498 17,012 18,743 19,548 Other securities, which provide for periodic payments: Asset-backed securities 12,209 11,467 8,516 8,695 Commercial mortgage-backed securities 3,337 3,063 2,684 2,979 Structured hybrids 26 26 31 37 Residential mortgage-backed securities 1,638 1,527 731 731 17,210 16,083 11,962 12,442 Total fixed maturity available-for-sale securities $ 37,708 $ 33,095 $ 30,705 $ 31,990 Allowance for Current Expected Credit Loss We regularly review AFS securities for declines in fair value that we determine to be credit related. For our fixed maturity securities, we generally consider the following in determining whether our unrealized losses are credit related, and if so, the magnitude of the credit loss: • The extent to which the fair value is less than the amortized cost basis; • The reasons for the decline in value (credit event, currency or interest-rate related, including general credit spread widening); • The financial condition of and near-term prospects of the issuer (including issuer's current credit rating and the probability of full recovery of principal based upon the issuer's financial strength); • Current delinquencies and nonperforming assets of underlying collateral; • Expected future default rates; • Collateral value by vintage, geographic region, industry concentration or property type; • Subordination levels or other credit enhancements as of the balance sheet date as compared to origination; and • Contractual and regulatory cash obligations and the issuer's plans to meet such obligations. We recognize an allowance for current expected credit losses on fixed maturity securities in an unrealized loss position when it is determined, using the factors discussed above, a component of the unrealized loss is related to credit. We measure the credit loss using a discounted cash flow model that utilizes the single best estimate cash flow and the recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor). Cash flows are discounted using the implicit yield of bonds at their time of purchase and the current book yield for asset and mortgage backed securities as well as variable rate securities. We recognize the expected credit losses in Recognized gains and losses, net in the Consolidated Statements of Earnings, with an offset for the amount of non-credit impairments recognized in AOCI. We do not measure a credit loss allowance on accrued investment income because we write-off accrued interest through Interest and investment income when collectability concerns arise. We consider the following in determining whether write-offs of a security’s amortized cost is necessary: • We believe amounts related to securities have become uncollectible; or • 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. The fair value and gross unrealized losses of available-for-sale securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost were as follows (dollars in millions): December 31, 2022 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities 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 December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities Asset-backed securities $ 4,410 $ (31) $ 146 $ (7) $ 4,556 $ (38) Commercial mortgage-backed securities 603 (11) 1 — 604 (11) Corporates 5,391 $ (132) $ 394 $ (26) $ 5,785 $ (158) Hybrids 3 — — — 3 — Municipals 410 (5) 85 (6) 495 (11) Residential mortgage-backed securities 325 (3) 11 (1) 336 (4) U.S. Government 219 (2) 4 — 223 (2) Foreign Government 82 (1) 5 — 87 (1) Total available-for-sale securities $ 11,443 $ (185) $ 646 $ (40) $ 12,089 $ (225) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,056 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 68 Total number of available-for-sale securities in an unrealized loss position 2,124 We determined the increase in unrealized losses as of December 31, 2022 was caused by higher treasury rates as well as wider spreads. This is in part due to the Federal Reserve's action to increase rates in efforts to combat inflation. For securities in an unrealized loss position as of December 31, 2022, our allowance for expected credit loss was $39 million. We believe that the unrealized loss position for which we have not recorded an allowance for expected credit loss as of December 31, 2022 was primarily attributable to interest rate increases, near-term illiquidity, and other macroeconomic uncertainties as opposed to issuer specific credit concerns. Mortgage Loans Our mortgage loans are collateralized by commercial and residential properties. Commercial Mortgage Loans Commercial mortgage loans ("CMLs") represented approximately 6% of our total investments at December 31, 2022 and December 31, 2021. 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 (dollars in millions): December 31, 2022 December 31, 2021 Amortized Cost % of Total Amortized Cost % of Total Property Type: Hotel $ 18 1 % $ 19 1 % Industrial 520 22 % 497 23 % Mixed Use 12 1 % 13 1 % Multifamily 1,013 42 % 894 41 % Office 330 14 % 343 16 % Retail 105 4 % 121 6 % Student Housing 83 3 % 83 4 % Other 335 13 % 204 8 % Total commercial mortgage loans, gross of valuation allowance $ 2,416 100 % $ 2,174 100 % Allowance for expected credit loss (10) (6) Total commercial mortgage loans, net of valuation allowance $ 2,406 $ 2,168 U.S. Region: East North Central $ 151 6 % $ 137 6 % East South Central 76 3 % 79 4 % Middle Atlantic 326 13 % 293 13 % Mountain 355 15 % 236 11 % New England 158 7 % 149 7 % Pacific 708 28 % 649 30 % South Atlantic 521 22 % 459 21 % West North Central 4 1 % 12 1 % West South Central 117 5 % 160 7 % Total commercial mortgage loans, gross of valuation allowance $ 2,416 100 % $ 2,174 100 % Allowance for expected credit loss (10) (6) Total commercial mortgage loans, net of valuation allowance $ 2,406 $ 2,168 LTV and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.00 indicates that a property’s operations do not generate sufficient income to cover debt payments. We normalize our DSC ratios to a 25-year amortization period for purposes of our general loan allowance evaluation. The following tables presents the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances (dollars in millions) : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % December 31, 2021 LTV Ratios: Less than 50.00% $ 626 $ 33 $ 9 $ 668 31 % $ 745 33 % 50.00% to 59.99% 470 — — 470 22 % 481 21 % 60.00% to 74.99% 1,036 — — 1,036 47 % 1,039 46 % Commercial mortgage loans $ 2,132 $ 33 $ 9 $ 2,174 100 % $ 2,265 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. We recognize mortgage loans as delinquent when payments on the loan are greater than 30 days past due. At December 31, 2022, we had one CML that was delinquent in principal or interest payments as shown in the risk rating exposure table below. At December 31, 2021, we had no CMLs that were delinquent in principal or interest payments. Residential Mortgage Loans Residential mortgage loans ("RMLs") represented approximately 5% and 4% of our total investments at December 31, 2022 and December 31, 2021, respectively. Our residential mortgage loans are closed end, amortizing loans and 100% of the properties are located in the United States. We diversify our RML portfolio by state to attempt to reduce concentration risk. The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances (dollars in millions): December 31, 2022 U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All Other States (1) 914 42 % Total mortgage loans $ 2,180 100 % (1) The individual concentration of each state is equal to or less than to 5%. December 31, 2021 U.S. State: Amortized Cost % of Total Florida $ 234 15 % Texas 170 10 % New Jersey 153 10 % All Other States (1) 1,049 65 % Total residential mortgage loans $ 1,606 100 % (1) The individual concentration of each state is less than 9%. 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 nonaccrual status, which is assessed monthly. The credit quality of RMLs was as follows (dollars in millions): December 31, 2022 December 31, 2021 Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,118 97 % $ 1,533 95 % Non-performing 62 3 % 73 5 % Total residential mortgage loans, gross of valuation allowance $ 2,180 100 % $ 1,606 100 % Allowance for expected loan loss (32) — % (25) — % Total residential mortgage loans, net of valuation allowance $ 2,148 100 % $ 1,581 100 % Loans segregated by risk rating exposure were as follows, gross of valuation allowances (in millions): December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Residential mortgages 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 Commercial mortgages 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 December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Residential mortgages Current (less than 30 days past due) $ 795 $ 293 $ 323 $ 50 $ 36 $ 21 $ 1,518 30-89 days past due 5 4 6 1 — — 16 90 days or more past due 1 23 46 2 — — 72 Total residential mortgages $ 801 $ 320 $ 375 $ 53 $ 36 $ 21 $ 1,606 Commercial mortgages Current (less than 30 days past due) $ 1301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 30-89 days past due — — — — — — — 90 days or more past due — — — — — — — Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Commercial mortgages LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1300 $ 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 $ 1300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Commercial mortgages LTV Less than 50.00% $ 120 $ 229 $ — $ 6 $ — $ 313 $ 668 50.00% to 59.99% 267 192 — — — 11 470 60.00% to 74.99% 914 122 — — — — 1,036 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 Commercial mortgages DSCR Greater than 1.25x $ 1,301 $ 543 $ — $ 4 $ — $ 284 $ 2,132 1.00x - 1.25x — — — 2 — 31 33 Less than 1.00x — — — — — 9 9 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 Non-accrual loans by amortized cost were as follows (in millions): Amortized cost of loans on non-accrual December 31, 2022 December 31, 2021 Residential mortgage $ 64 $ 72 Commercial mortgage 9 — Total non-accrual mortgages $ 73 $ 72 Immaterial interest income was recognized on non-accrual financing receivables for the years ended December 31, 2022 and December 31, 2021. It is our policy to cease to accrue interest on loans that are 90 days or more delinquent. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible. If a loan becomes 90 days or more delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. As of December 31, 2022 and December 31, 2021, we had $71 million and $72 million, respectively, of mortgage loans that were over 90 days past due, of which $38 million and $39 million was in the process of foreclosure as of December 31, 2022 and December 31, 2021, respectively. Allowance for Expected Credit Loss We estimate expected credit losses for our CML and RML portfolios using a probability of default/loss given default model. Significant inputs to this model include, where applicable, the loans' current performance, underlying collateral type, location, contractual life, LTV, DSC and Debt to Income or FICO. The model projects losses using a two year reasonable and supportable forecast and then reverts over a three year period to market-wide historical loss experience. Changes in our allowance for expected credit losses on mortgage loans are recognized in Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. The allowances for our mortgage loan portfolio is summarized as follows (in millions): Year ended December 31, 2022 Year ended December 31, 2021 Residential Mortgage Commercial Mortgage Total Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 $ 37 $ 2 $ 39 Provision for loan losses 7 4 11 (12) 4 (8) Ending Balance $ 32 $ 10 $ 42 $ 25 $ 6 $ 31 Seven months ended December 31, 2020 Residential Mortgage Commercial Mortgage Total Beginning Balance — — — Provision for loan losses 30 2 32 For initial credit losses on purchased loans accounted for as PCD financial assets 7 — 7 Ending Balance $ 37 $ 2 $ 39 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 December 31, 2022 and December 31, 2021. Interest and Investment Income The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Fixed maturity securities, available-for-sale $ 1,489 $ 1,267 $ 708 Equity securities 31 23 19 Preferred securities 67 63 59 Mortgage loans 186 131 50 Invested cash and short-term investments 61 7 8 Limited partnerships 110 589 76 Tax deferred property exchange income 103 16 33 Other investments 41 32 25 Gross investment income 2,088 2,128 978 Investment expense (197) (167) (78) Interest and investment income $ 1,891 $ 1,961 $ 900 The Company’s Interest and investment income is shown net of amounts attributable to certain funds withheld reinsurance agreements which is passed along to the reinsurer in accordance with the terms of these agreements. Interest and Investment Income attributable to these agreements, and thus excluded from the totals in the table above, was $109 million, $53 million and $21 million for the years ended December 31, 2022 and 2021 and for the period from June 1 to December 31, 2020. Recognized Gains and Losses, net Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Net realized (losses) gains on fixed maturity available-for-sale securities $ (253) $ 111 $ 102 Net realized/unrealized (losses) gains on equity securities (2) (386) (434) 241 Net realized/unrealized (losses) gains on preferred securities (3) (230) (14) 15 Realized (losses) gains on other invested assets (68) 8 (25) Change in allowance for expected credit losses (41) 8 (37) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (164) 456 76 Unrealized (losses) gains on certain derivative instruments (693) 159 161 Change in fair value of reinsurance related embedded derivatives (1) 352 34 (53) Change in fair value of other derivatives and embedded derivatives (10) 6 8 Realized (losses) gains on derivatives and embedded derivatives (515) 655 192 Recognized gains and losses, net $ (1,493) $ 334 $ 488 (1) 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. (2) Includes net valuation (losses) gains of $(387) million, $(436) million and $248 million for the years ended December 31, 2022, 2021, and 2020 respectively. (3) Includes net valuation losses of $198million, $14 million, and $40 million for the years ended December 31, 2022, 2021 and 2020, respectively. The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Proceeds $ 3,264 $ 4,749 $ 1,946 Gross gains 14 158 116 Gross losses (252) (49) (12) Unconsolidated Variable Interest Entities The Company owns investments in VIEs that are not consolidated within our financial statements. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. VIEs are consolidated by their ‘primary beneficiary’, a designation given to an entity that receives both the benefits from the VIE as well as the substantive power to make its key economic decisions. While the Company participates in the benefits from VIEs in which it invests, but does not consolidate, the substantive power to make the key economic decisions for each respective VIE resides with entities not under common control with the Company. It is for this reason that the Company is not considered the primary beneficiary for the VIE investments that are not consolidated. We invest in various limited partnerships and limited liability companies primarily as a passive investor. These investments are primarily in credit funds with a bias towards current income, real assets, or private equity. Limited partnership and limited liability company interests are accounted for under the equity method and are included in Investments in unconsolidated affiliates on our Consolidated Balance Sheets. In addition, we invest in structured investments that may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in fixed maturity securities available for sale on our Consolidated Balance Sheets. Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note H Commitments and Contingencies ). The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs: December 31, 2022 December 31, 2021 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in unconsolidated affiliates $ 2,427 $ 4,030 $ 2,350 $ 3,496 Fixed maturity securities 15,680 17,404 12,382 12,802 Total unconsolidated VIE investments $ 18,107 $ 21,434 $ 14,732 $ 16,298 Concentrations Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions): December 31, 2022 Blackstone Wave Asset Holdco (1) $ 741 __________________ (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. Investment in Cannae Holdings, Inc. ("Cannae") Included in equity securities as of December 31, 2021 were 5,775,598 shares of Cannae common stock (NYSE: CNNE). The fair value of this investment based on quoted market prices was $203 million as of December 31, 2021. During the year ended December 31, 2022, we sold all 5,775,598 shares of CNNE common stock back to Cannae for approximately $109 million in the aggregate. As of December 31, 2022, we held no shares of CNNE common stock. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, and reinsurance is as follows (in millions): December 31, 2022 December 31, 2021 Assets: Derivative investments: Call options $ 244 $ 816 Other long-term investments: Other embedded derivatives 23 33 Prepaid expenses and other assets: Reinsurance related embedded derivatives 279 — $ 546 $ 849 Liabilities: Contractholder funds: FIA/ IUL embedded derivatives $ 3,115 $ 3,883 Accounts payable and accrued liabilities: Reinsurance related embedded derivatives — 73 $ 3,115 $ 3,956 The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows (in millions): Year Ended Seven Months Ended December 31, 2022 December 31, 2021 December 31, 2020 Net investment gains (losses): Call options $ (862) $ 597 $ 229 Futures contracts (7) 8 15 Foreign currency forwards 12 10 (7) Other derivatives and embedded derivatives (10) 5 8 Reinsurance related embedded derivatives 352 34 (53) Total net investment gains $ (515) $ 654 $ 192 Benefits and other changes in policy reserves: FIA/ IUL embedded derivatives increase (decrease) $ (768) $ 479 $ 552 Additional Disclosures FIA/ IUL Embedded Derivative and Call Options and Futures We have FIA and IUL contracts that permit the holder to elect an interest rate return or an equity index linked component, where interest credited to the contracts is linked to the performance of various equity indices, primarily the S&P 500 Index. This feature represents an embedded derivative under GAAP. The FIA/IUL embedded derivatives are valued at fair value and included in the liability for contractholder funds in the accompanying Consolidated Balance Sheets with changes in fair value included as a component of Benefits and other changes in policy reserves in the Consolidated Statements of Earnings. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments . We purchase derivatives consisting of a combination of call options and futures contracts (specifically for FIA contracts) on the applicable market indices to fund the index credits due to FIA/ IUL contractholders. The call options are one two three five the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings. The change in fair value of the call options and futures contracts includes the gains and losses recognized at the expiration of the instrument term or upon early termination and the changes in fair value of open positions. Other market exposures are hedged periodically depending on market conditions and our risk tolerance. Our FIA/IUL hedging strategy economically hedges the equity returns and exposes us to the risk that unhedged market exposures result in divergence between changes in the fair value of the liabilities and the hedging assets. We use a variety of techniques, including direct estimation of market sensitivities, to monitor this risk daily. We intend to continue to adjust the hedging strategy as market conditions and our risk tolerance changes. Credit Risk We are exposed to credit loss in the event of non-performance by our counterparties on the call options and reflect assumptions regarding this non-performance risk in the fair value of the call options. The non-performance risk is the net counterparty exposure based on the fair value of the open contracts less collateral held. We maintain a policy of requiring all derivative contracts to be governed by an International Swaps and Derivatives Association (“ISDA”) Master Agreement. Information regarding our exposure to credit loss on the call options we hold is presented in the following table (in millions): December 31, 2022 Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,563 $ 23 $ — $ 23 Morgan Stanley */Aa3/A+ 1,699 14 19 — Barclay's Bank A+/A1/A 6,049 65 59 6 Canadian Imperial Bank of Commerce AA/Aa2/A+ 5,169 68 64 4 Wells Fargo A+/A1/BBB+ 1,361 17 17 — Goldman Sachs A/A2/BBB+ 1,133 9 10 — Credit Suisse BBB+/A3/A- 1,039 5 5 — Truist A+/A2/A 2,489 35 36 — Citibank A+/Aa3/A+ 795 8 9 — Total $ 23,297 $ 244 $ 219 $ 33 December 31, 2021 Counterparty Credit Rating (Fitch/Moody's/S&P)(1) Notional Amount Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,307 $ 128 $ 86 $ 42 Morgan Stanley */Aa3/A+ 2,184 86 92 — Barclay's Bank A+/A1/A 5,197 231 233 — Canadian Imperial Bank of Commerce AA/Aa2/A+ 2,936 147 151 — Wells Fargo A+/A1/BBB+ 2,445 89 90 — Goldman Sachs A/A2/BBB+ 307 10 10 — Credit Suisse A/A1/A+ 1,485 74 75 — Truist A+/A2/A 1,543 51 53 — Total $ 19,404 $ 816 $ 790 $ 42 (1) An * represents credit ratings that were not available. Collateral Agreements We are required to maintain minimum ratings as a matter of routine practice as part of our over-the-counter derivative agreements on ISDA forms. Under some ISDA agreements, we have agreed to maintain certain financial strength ratings. A downgrade below these levels provides the counterparty under the agreement the right to terminate the open option contracts between the parties, at which time any amounts payable by us or the counterparty would be dependent on the market value of the underlying option contracts. Our current rating does not allow any counterparty the right to terminate ISDA agreements. In certain transactions, both we and the counterparty have entered into a collateral support agreement requiring either party to post collateral when the net exposures exceed pre-determined thresholds. For all counterparties, except Merrill Lynch, this threshold is set to zero. As of December 31, 2022 and December 31, 2021, counterparties posted $219 million and $790 million, respectively, of collateral, of which $178 million and $576 million, respectively, is included in cash and cash equivalents with an associated payable for this collateral included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. Accordingly, the maximum amount of loss due to credit risk that we would incur if parties to the call options failed completely to perform according to the terms of the contracts was $33 million at December 31, 2022 and $42 million at December 31, 2021. We are required to pay counterparties the effective federal funds rate each day for cash collateral posted to F&G for daily mark to market margin changes. We reinvest derivative cash collateral to reduce the interest cost. Cash collateral is invested in overnight investment sweep products, which are included in cash and cash equivalents in the accompanying Consolidated Balance Sheets. We held 409 and 329 futures contracts at December 31, 2022 and December 31, 2021, respectively. The fair value of the futures contracts represents the cumulative unsettled variation margin (open trade equity, net of cash settlements). We provide cash collateral to the counterparties for the initial and variation margin on the futures contracts, which is included in cash and cash equivalents in the accompanying Consolidated Balance Sheets. The amount of cash collateral held by the counterparties for such contracts was $3 million and $3 million at December 31, 2022 and December 31, 2021, respectively. Reinsurance Related Embedded Derivatives F&G entered into a reinsurance agreement with Kubera, effective December 31, 2018, to cede certain multi-year guaranteed annuity (“MYGA”) and deferred annuity business on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third party reinsurer. Additionally, F&G entered into a reinsurance agreement with Aspida Re effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of certain deferred annuity business on a funds withheld basis. Fair value movements in the funds withheld balances associated with these arrangements creates an obligation for F&G to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangements, including gains and losses from sales, were passed directly to the reinsurers pursuant to contractual terms of the reinsurance arrangements. The reinsurance related embedded derivatives are reported in prepaid expenses and other assets if in a net gain position, or accounts payable and accrued liabilities, if in a net loss position, on the Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains and losses, net on the Consolidated Statements of Earnings. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Notes payable consists of the following: December 31, 2022 December 31, 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 444 443 Revolving Credit Facility (3) (4) F&G Credit Agreement 547 — 5.50% F&G Notes 567 577 $ 3,238 $ 3,096 On November 22, 2022, F&G entered into the F&G Credit Agreement pursuant to which the Lenders have made available 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 $150,000,000 or less at such time, the 5.50% F&G Notes have been redeemed or defeased in full, and any refinancing Indebtedness incurred in connection therewith matures at least 91 days after the date that is 3 years from the Effective Date or certain other conditions are met. Revolving loans under the Credit Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent’s “prime rate”, or (c) the sum of one percent plus Term The Secured Overnight Financing Rate (“SOFR”) plus a margin of between 30.0 and 80.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G or (ii) Term SOFR plus a margin of between 130.0 and 180.0 basis points depending on the non-credit-enhanced, senior unsecured long-term debt ratings of F&G. As of December 31, 2022, the revolving credit facility was fully drawn with $550 million outstanding, offset by approximately $3 million of unamortized debt issuance costs. A net partial paydown of $35 million was made on January 6, 2023 and, on February 21, 2023, F&G entered into the Amended F&G Credit Agreement with the Lenders and the Administrative Agent, swing line lender and issuing bank. The Amended 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 due 2051, 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 for the year ended December 31, 2019. As of December 31, 2021, 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 Securities and Exchange Commission ("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 the remaining $260 million outstanding indebtedness under our prior term loan credit agreement dated April 22, 2020, among us, as borrower, various lenders, and Bank of American N.A., as administrative agent (the "Term Loan"), which provided for an aggregate principal borrowing of $1.0 billion that we entered into to fund a portion of the acquisition of F&G 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 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 then 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. On September 1, 2022, we repaid the remaining $400 million in outstanding principal amount of our 5.50% Senior Notes due September 2022. Gross principal maturities of notes payable at December 31, 2022 are as follows (in millions): 2023 $ 550 2024 — 2025 550 2026 — 2027 — Thereafter 2,150 $ 3,250 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal and Regulatory Contingencies In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. 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 C 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 $12 million a s of December 31, 2022 and 2021 . 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. We are attempting to collect reimbursement of our expenses in this lawsuit. From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities, which may require us to pay fines or claims or take other actions. We do not anticipate such fines and settlements, either individually or in the aggregate, will have a material adverse effect on our financial condition. Escrow Balances In conducting our operations, we routinely hold customers’ assets in escrow, pending completion of real estate transactions, and are respon sible for the proper disposition of these balances for our customers. Certain of these amounts are maintained in segregated bank accounts and have not been included in the accompanying Consolidated Balance Sheets, consistent with GAAP and industry practice. These balances amounted to $18.9 billion and $30.5 billion at December 31, 2022 and 2021, respectively. As a result of holding these customers’ assets in escrow, we have ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks. There were no investments or loans outstanding as of December 31, 2022 and 2021 related to these arrangements. FNF Commitments As of December 31, 2022, we had a commitment to purchase TitlePoint for $225 million. On January 1, 2023, we completed our previously announced acquisition of TitlePoint for $225 million in cash, subject to a customary working capital adjustment. For further information associated with the purchase of TitlePoint, refer to Note A Business and Summary of Significant Accounting Policies. F&G Commitments In our F&G segment, we have unfunded investment commitments as of December 31, 2022 and 2021 based upon the timing of when investments are executed compared to when the actual investments are funded, as some investments require that funding occur over a period of months or years. A summary of unfunded commitments by invested asset class is included below: December 31, 2022 December 31, 2021 Asset Type (In millions) Unconsolidated VIEs: Limited partnerships $ 1,603 $ 1,146 Whole loans 419 589 Fixed maturity securities, ABS 201 306 Other fixed maturity securities, AFS 48 119 Other assets 120 156 Commercial mortgage loans 36 44 Residential mortgage loans 2 — Committed amounts included in liabilities 1 $ — Total $ 2,430 $ 2,360 See Note A Business and Summary of Significant Accounting Policies , for discussion of funding agreements that have been issued pursuant to the FABN Program as well as to the FHLB that are included in Contractholder funds. As discussed in Note O F&G Reinsurance |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Dividends | DividendsOn February 16, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on March 31, 2023, to FNF common shareholders of record as of March 17, 2023.Net Income Attributable to FNF Common Shareholders and Change in Total Equity On December 1, 2022, we completed the F&G Distribution. For further information related to the F&G Distribution, refer to Note A Business and Summary of Significant Accounting Policies . On July 29, 2020, we purchased for $90 million the outstanding Class A units of ServiceLink held by its minority owners. As of the purchase date, ServiceLink is a wholly owned subsidiary of FNF. For further information related to the purchase of the outstanding Class A units of ServiceLink held by its minority owners, refer to Note A Business and Summary of Significant Accounting Policies . The following table presents the effect of the change in our ownership percentage in F&G and ServiceLink on equity attributable to FNF: Year ended December 31, 2022 2021 2020 (In millions) Net earnings attributable to FNF common shareholders $ 1,136 $ 2,422 $ 1,427 Decrease in additional paid-in capital for decrease in ownership of F&G (19) — — Decrease in retained earnings for decrease in ownership of F&G (301) — — Increase in accumulated comprehensive earnings for decrease in ownership of F&G 29 — — Increase in additional paid-in capital for increase in ownership percentage in ServiceLink — — 211 Decrease in noncontrolling interests resulting from increased ownership in ServiceLink — — 47 Net transfers (to) from noncontrolling interests (291) — 258 Change in net earnings and equity attributable to FNF common shareholders $ 845 $ 2,422 $ 1,685 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. On June 1, 2020, we completed our acquisition of F&G. As a result, the year ended December 31, 2020 includes seven months of activity from our F&G segment. As of and for the year ended December 31, 2022: Title F&G Corporate and Other Total (In millions) Title premiums $ 6,834 $ — $ — $ 6,834 Other revenues 2,502 1,695 127 4,324 Revenues from external customers 9,336 1,695 127 11,158 Interest and investment income, including recognized gains and losses (230) 645 (17) 398 Total revenues 9,106 2,340 110 11,556 Depreciation and amortization 142 329 25 496 Interest expense — 29 86 115 Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates 1,090 598 (153) 1,535 Income tax expense (benefit) 298 117 (17) 398 Earnings (loss) before equity in earnings (loss) of unconsolidated affiliates 792 481 (136) 1,137 Equity in earnings of unconsolidated affiliates 15 — — 15 Net earnings (loss) from continuing operations $ 807 $ 481 $ (136) $ 1,152 Assets $ 8,295 $ 55,077 $ 2,217 $ 65,589 Goodwill 2,620 1,756 266 4,642 As of and for the year ended December 31, 2021: Title F&G Corporate and Other Total (In millions) Title premiums $ 8,553 $ — $ — $ 8,553 Other revenues 3,228 1,395 172 4,795 Revenues from external customers 11,781 1,395 172 13,348 Interest and investment income, including recognized gains and losses (284) 2,567 12 2,295 Total revenues 11,497 3,962 184 15,643 Depreciation and amortization 138 484 23 645 Interest expense — 29 85 114 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 2,136 1,077 (130) 3,083 Income tax expense (benefit) 511 220 (18) 713 Earnings (loss) before equity in earnings of unconsolidated affiliates 1,625 857 (112) 2,370 Equity in earnings of unconsolidated affiliates 58 — 6 64 Net earnings (loss) $ 1,683 $ 857 $ (106) $ 2,434 Assets $ 9,663 $ 48,730 $ 2,297 $ 60,690 Goodwill 2,517 1,756 266 4,539 As of and for the year ended December 31, 2020: Title F&G Corporate and Other Total (In millions) Title premiums $ 6,298 $ — $ — $ 6,298 Other revenues 2,782 138 172 3,092 Revenues from external customers 9,080 138 172 9,390 Interest and investment income, including recognized gains and losses 294 1,095 (1) 1,388 Total revenues 9,374 1,233 171 10,778 Depreciation and amortization 149 123 24 296 Interest expense 1 18 71 90 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 1,878 86 (180) 1,784 Income tax expense (benefit) 432 (75) (35) 322 Earnings (loss) before equity in earnings of unconsolidated affiliates 1,446 161 (145) 1,462 Equity in earnings of unconsolidated affiliates 14 — 1 15 Net earnings (loss) $ 1,460 $ 161 $ (144) $ 1,477 Assets $ 9,211 $ 39,714 $ 1,530 $ 50,455 Goodwill 2,478 1,751 266 4,495 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 trust activities, trustee sales guarantees, and home warranty products. This segment also includes our transaction services business, which includes other title-related services used in the production and management of mortgage loans, including mortgage loans that experience default. • 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 (fixed indexed and fixed rate annuities), immediate annuities and indexed universal life insurance. This segment also provides funding agreements and pension risk transfer 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. Refer to Note L Revenue Recognition for a description of our accounting for our various revenue streams. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities. Year Ended December 31, 2022 2021 2020 (In millions) Cash paid for: Interest $ 125 $ 112 $ 73 Income taxes 387 653 315 Deferred sales inducements 87 90 46 Non-cash investing and financing activities: Equity financing associated with the acquisition of F&G $ — $ — $ 609 Distribution of 15% of the common stock of F&G 320 — — Investments received from pension risk transfer premiums — 316 — Change in proceeds of sales of investments available for sale receivable in period 96 (160) (4) Change in purchases of investments available for sale payable in period (25) 18 14 Lease liabilities recognized in exchange for lease right-of-use assets 70 47 44 Remeasurement of lease liabilities 60 87 48 Liabilities assumed in connection with acquisitions (excluding F&G)(1) Fair value of assets acquired 266 85 32 Less: Total Purchase price 180 59 24 Liabilities and noncontrolling interests assumed $ 86 $ 26 $ 8 (1) For further information related to the acquisition of F&G, refer to Note B Acquisitions |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue Our revenue consists of: Year Ended December 31, 2022 2021 2020 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (In millions) Direct title insurance premiums Direct title insurance premiums Title $ 2,858 $ 3,571 $ 2,699 Agency title insurance premiums Agency title insurance premiums Title 3,976 4,982 3,599 Life insurance premiums, insurance and investment product fees, and other (1) Escrow, title-related and other fees F&G 1,695 1,395 138 Home warranty Escrow, title-related and other fees Title 165 185 181 Total revenue from insurance contracts 8,694 10,133 6,617 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 980 1,395 1,170 Other title-related fees and income Escrow, title-related and other fees Title 752 888 724 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 342 396 368 Real estate technology Escrow, title-related and other fees Corporate and other 158 142 112 Real estate brokerage Escrow, title-related and other fees Corporate and other — — 25 Total revenue from contracts with customers 2,232 2,821 2,399 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 263 364 338 Other Escrow, title-related and other fees Corporate and other (31) 30 36 Interest and investment income Interest and investment income Various 1,891 1,961 900 Recognized gains and losses, net Recognized gains and losses, net Various (1,493) 334 488 Total revenues Total revenues $ 11,556 $ 15,643 $ 10,778 (1) Includes $1,362 and 1,146 of life-contingent pension risk transfer premiums in 2022 and 2021, respectively. Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete. Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract. Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue ("UREV") 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 DAC, DSI, and VOBA, other operating costs and expenses, and income taxes. Premiums, annuity deposits (net of reinsurance) and funding agreements, which are not included as revenues in the accompanying Consolidated Statements of Earnings, collected by product type were as follows: Year ended December 31, 2022 December 31, 2021 December 31, 2020 Product Type (In millions) Fixed indexed annuities 4,483 4,420 $ 1,966 Fixed rate annuities 1,522 878 631 Funding agreements (FABN/FHLB) 1,891 2,658 100 Life insurance and other (a) 446 329 152 Total $ 8,342 $ 8,285 $ 2,849 (a) Life insurance and other primarily includes indexed universal life insurance. 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. Real estate brokerage revenues are primarily comprised of commission revenues earned in association with the facilitation of real estate transactions and are recognized upon closing of the sale of the underlying real estate transaction. 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: December 31, 2022 December 31, 2021 (In millions) Trade receivables $ 349 $ 524 Deferred revenue (contract liabilities) 296 144 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 Consolidated Balance Sheets. During the years ended December 31, 2022 and 2021, we recognized $98 million and $106 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other Intangible Assets A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets are as follows (in millions): VOBA DAC DSI Total Balance at January 1, 2022 $ 1,185 $ 761 $ 88 $ 2,034 Purchase price allocation adjustments — — — Deferrals — 727 87 814 Amortization (203) (107) (43) (353) Interest 25 30 2 57 Unlocking (5) (4) 5 (4) Adjustment for net unrealized investment (gains) losses 662 182 68 912 Balance at December 31, 2022 $ 1,664 $ 1,589 $ 207 $ 3,460 VOBA DAC DSI Total Balance at January 1, 2021 $ 1,466 $ 222 $ 36 $ 1,724 Purchase price allocation adjustments 61 — — 61 Deferrals — 585 90 675 Amortization (436) (46) (35) (517) Interest 30 13 1 44 Unlocking 13 1 (2) 12 Adjustment for net unrealized investment (losses) gains 51 (14) (2) 35 Balance at December 31, 2021 $ 1,185 $ 761 $ 88 $ 2,034 Amortization of VOBA, DAC, and DSI is based on the current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 0% to 4.71% for the years ended December 31, 2022 and December 31, 2021. The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, and DSI that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI On the Consolidated Balance Sheet rather than as depreciation and amortization on the Consolidated Statements of Earnings. As of December 31, 2022 and 2021, the VOBA balances included cumulative adjustments for net unrealized investment gains (losses) of $(430) million and $232 million respectively, the DAC balances included cumulative adjustments for net unrealized investment gains (losses) of $(143) million and $39 million, respectively, and the DSI balance included net unrealized investment gains of $(61) million and $7 million, respectively. For the in-force liabilities as of December 31, 2022, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions): Estimated Amortization Expense Fiscal Year 2023 $ (53) 2024 172 2025 151 2026 133 2027 129 Thereafter 702 Definite and Indefinite Lived Other Intangible Assets Other intangible assets as of December 31, 2022 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 916 $ (713) $ 203 10 Computer software 537 (341) 196 2 to 10 Value of distribution asset (VODA) 140 (40) 100 15 Definite lived trademarks, tradenames, and other 56 (41) 15 10 Indefinite lived tradenames and other 60 N/A 60 Indefinite Total $ 574 Other intangible assets as of December 31, 2021 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 803 $ (651) $ 152 10 Computer software 488 (307) 181 2 to 10 Value of distribution Asset (VODA) 140 (25) 115 15 Definite lived trademarks, tradenames, and other 49 (33) 16 10 Indefinite lived tradenames and other 59 N/A 59 Indefinite Total $ 523 Amortization expense for amortizable intangible assets, which consist primarily of VODA, customer relationships and computer software and definite lived trademarks, tradenames and other, was $133 million, $135 million, and $138 million for the years ended December 31, 2022, 2021 and 2020, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2022, is $131 million in 2023, $96 million in 2024, $72 million in 2025, $58 million in 2026 and $47 million in 2027. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill A summary of the changes in Goo dwill consists of the following: Title F&G Corporate and Other Total (In millions) Balance, December 31, 2020 $ 2,478 $ 1,751 $ 266 $ 4,495 Goodwill associated with acquisitions 38 — — 38 Adjustments to prior year acquisitions $ 1 $ 5 $ — 6 Balance, December 31, 2021 $ 2,517 $ 1,756 $ 266 $ 4,539 Goodwill associated with acquisitions 103 — — 103 Balance, December 31, 2022 $ 2,620 $ 1,756 $ 266 $ 4,642 |
F&G Reinsurance
F&G Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
F&G Reinsurance | F&G Reinsurance F&G reinsures portions of its policy risks with other insurance companies. The use of indemnity reinsurance does not discharge an insurer from liability on the insurance ceded. The insurer is required to pay in full the amount of its insurance liability regardless of whether it is entitled to or able to receive payment from the reinsurer. The portion of risks exceeding F&G's retention limit is reinsured. F&G primarily seeks reinsurance coverage in order to limit its exposure to mortality losses and enhance capital management. F&G follows reinsurance accounting when there is adequate risk transfer or deposit accounting if there is inadequate risk transfer. If the underlying policy being reinsured is an investment contract, the effects of the agreement are accounted for as a separate investment contract. Refer to Note A Business and Summary of Significant Accounting Policies for more information over our accounting policy for reinsurance agreements. The effect of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2022 and December 31, 2021, and the seven months ended December 31, 2020 were as follows (in millions): Year Ended Seven months ended December 31, 2022 December 31, 2021 December 31, 2020 Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Direct $ 1,522 $ 3,671 $ 1,314 $ 3,282 $ 108 $ 976 Assumed — — — — — 1 Ceded (128) (2,546) (137) (1,144) (85) (111) Net $ 1,394 $ 1,125 $ 1,177 $ 2,138 $ 23 $ 866 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 years ended December 31, 2022 and December 31, 2021, or the seven months ended December 31, 2020. F&G did not commute any ceded reinsurance treaties during the years ended December 31, 2022 and December 31, 2021, or the seven months ended December 31, 2020. F&G estimates expected credit losses on reinsurance recoverables using a probability of default/loss given default model. Significant inputs to the model include the reinsurer's credit risk, expected timing of recovery, industry-wide historical default experience, senior unsecured bond recovery rates, and credit enhancement features. As of the June 1, 2020 acquisition of F&G, due to purchase accounting adjustments, our expected credit loss reserve was valued at $0. For the seven months ended December 31, 2020, the expected credit loss reserve increased from $0 to $21 million. As of December 31, 2022 and December 31, 2021, the expected credit loss reserve was $10 million and $20 million, respectively. No policies issued by F&G have been reinsured with any foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. F&G has not entered into any reinsurance agreements in which the reinsurer may unilaterally cancel any reinsurance for reasons other than non-payment of premiums or other similar credit issues. New Reinsurance Transaction. Effective December 31, 2022, F&G entered into an indemnity reinsurance agreement with New Reinsurance Company Ltd. ("New Re"), a third-party reinsurer, to cede a quota share of certain FIA policies and related waiver of surrender charges, issued after January 1, 2022, on a coinsurance and yearly renewable term basis. The coinsurance quota share is only applicable to the base contract benefits under the FIA policies. The yearly renewable term is applicable to the waiver of surrender charges. As the FIA policies ceded do not include any GMWB or GMDB benefits, there is no significant insurance risk present and therefore the effects of this agreement are accounted for as a separate investment contract. Aspida Reinsurance Transaction. F&G executed a Funds Withheld Coinsurance Agreement with Aspida Re, a Bermuda reinsurer. In accordance with the terms of this agreement, F&G cedes to the reinsurer, on a fifty percent (50%) funds withheld coinsurance basis, certain multiyear guaranteed annuity business written effective January 1, 2021. The agreement was originally executed January 15, 2021 and amended in August 2021 and September 2022. For reinsured policies issued prior to September 1, 2022, the policies are ceded on a fifty percent (50%) quota share basis. For reinsured policies issued on or after September 1, 2022, the policies are ceded on a seventy-five percent (75%) quota share basis, capped at $350 million cession per month. As the policies ceded to Aspida are investment contracts, there is no significant insurance risk present and therefore the effects of this agreement are accounted for as a separate investment contract. Somerset Reinsurance Transaction. F&G entered into a reinsurance agreement with Kubera, a third-party reinsurer, effective December 31, 2018, to cede certain MYGA and deferred annuity GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. In accordance with the terms of this agreement, F&G cedes a quota share percentage of MYGA and deferred annuity policies for certain issue years to Kubera. Effective October 31, 2021, this agreement was novated from Kubera to Somerset, a certified third-party reinsurer. This agreement cedes GAAP and statutory reserves of approximately $1 billion. As the policies ceded to Somerset are investment contracts, there is no significant insurance risk present and therefore the effects of this agreement are accounted for as a separate investment contract. Kubera Reinsurance Transaction. F&G has a reinsurance agreement with Kubera to cede certain FIA statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. In accordance with the terms of this agreement, F&G cedes a quota share percentage of FIA policies for certain issue years to Kubera. Effective October 31, 2021, this agreement was amended to increase the ceded reserves from approximately $4 billion to approximately $10 billion. The agreement was subsequently amended and restated on October 1, 2022 whereby F&G recaptured approximately $52 million in statutory reserves solely related to waiver of surrender charges. As the policies ceded to Kubera are investment contracts, there is no significant insurance risk present and therefore the reinsurance agreement is accounted for as a separate investment contract. F&G incurred risk charge fees of $12 million $5 million, and $4 million during the years ended December 31, 2022 and December 31, 2021, or the seven months ended December 31, 2020, respectively, in relation to this reinsurance agreement. To enhance Kubera's ability to pay its obligations under the amended reinsurance agreement, F&G entered into a Variable Note Purchase Agreement (the “NPA”), whereby F&G agreed to fund a note to Kubera to be used to ultimately settle with F&G, with principal increases up to a maximum amount of $300 million, to the extent a potential funding shortfall (treaty assets are less than the total funding requirement) is projected relative to the business ceded to Kubera from F&G as part of the amended reinsurance agreement. The potential funding shortfall will be determined quarterly and, among other items, is impacted by the market value of the assets in the funds withheld account related to the reinsurance agreement and Kubera's capital as calculated on a Bermuda regulatory basis. The NPA matures on November 30, 2071. Based on the current level of the treaty assets and projections that these policies will be profitable over the lifetime of the agreement, we do not expect significant fundings to occur under the NPA. As of December 31, 2022 and December 31, 2021, the amount funded under the NPA was insignificant. Canada Life Reinsurance Transaction. Effective May 1, 2020, F&G entered into an indemnity reinsurance agreement with Canada Life Assurance Company United States Branch, a third-party reinsurer, to reinsure FIA policies with GMWB. In accordance with the terms of this agreement, F&G cedes a quota share percentage of the net retention of guarantee payments in excess of account value for GMWB. This treaty was amended effective January 1, 2021 and January 1, 2022, and covers FIA policies with GMWB issued from January 1, 2020 to December 31, 2023. Effective October 1, 2022, the treaty was then amended and restated to cover additional FIA business policies. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP; therefore, deposit accounting is applied. F&G incurred risk charge fees of $4 million, $2 million and $1 million during the years ended December 31, 2022 and December 31, 2021, and the seven months ended December 31, 2020, respectively, in relation to this reinsurance agreement. Hannover Reinsurance Transaction. F&G has an indemnity reinsurance agreement with Hannover Re, a third-party reinsurer, to cede a quota share percentage of the net retention of guarantee payments in excess of account value for GMWB and GMDB guarantees associated with an in-force block of its FIA and fixed deferred annuity contracts. The effects of this agreement are not accounted for as reinsurance as it does not satisfy the risk transfer requirements for GAAP; therefore, deposit accounting is applied. F&G incurred risk charge fees of $20 million, $21 million and $12 million during the years ended December 31, 2022 and December 31, 2021, or the seven months ended December 31, 2020, respectively, in relation to this reinsurance agreement. Wilton Reinsurance Transaction . Pursuant to the agreed upon terms, Wilton Reassurance Company (“Wilton Re”) purchased through a 100% quota share reinsurance agreement certain FGL Insurance life insurance policies that are subject to redundant reserves, reported on a statutory basis, under Regulation XXX and Guideline AXXX, as well as another block of FGL Insurance’s in-force traditional, universal life and IUL insurance policies. The effects of this agreement are accounted for as reinsurance as the ceded policies qualify as insurance products and because the agreement satisfies the risk transfer requirements for GAAP. Concentration of Reinsurance Risk The Company has a significant concentration of reinsurance risk with third-party reinsurers, Aspida Re, Wilton 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 December 31, 2022, and the risk of non-performance is further mitigated through the funds withheld arrangement. Wilton Re has an A+ issuer credit rating from AM Best and an A issuer credit rating from Fitch as of December 31, 2022. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of December 31, 2022, and the risk of non-performance is further mitigated through the funds withheld arrangement. On December 31, 2022, the net amounts recoverable from Aspida Re, Wilton Re, and Somerset were $3,121 million, $1,231 million, and $570 million, respectively. We monitor both the financial condition of individual reinsurers and risk concentration arising from similar activities and economic characteristics of reinsurers to attempt to reduce the risk of default by such reinsurers. We believe that all amounts due from Aspida Re, Wilton Re, and Somerset for periodic treaty settlements are collectible as of December 31, 2022. Intercompany Reinsurance Agreements Effective December 31, 2022, FGL Insurance entered into a Coinsurance Agreement with F&G Life Re Ltd. ("Reinsurer"), an affiliated Bermuda reinsurer to issue a quota share of PRT group annuity contracts. Some of the contracts reinsured are held by FGL Insurance’s general account and others are held by a FGL Insurance separate account (which does not meet the GAAP definition of a separate account). The cession from FGL Insurance to the Reinsurer is on a 80% quota share basis. Reinsurance of the separate account contracts are maintained on a modified coinsurance basis and reinsurance of the general account contracts are maintained on a funds withheld basis. On the funds withheld portion of the transaction, FGL Insurance ceded approximately $380 million, in certain PRT Statutory Reserves and Interest Maintenance Reserve. FGL Insurance also established a modified coinsurance reserve of approximately $1.7 billion associated with the PRT Separate Account Insurance Liabilities. F&G has a reinsurance treaty with Raven Reinsurance Company ("Raven Re"), its wholly-owned captive reinsurance company, to cede the Commissioners Annuity Reserve Valuation Method ("CARVM") liability for annuity benefits where surrender charges are waived related to certain FIA, DA and MYGA policies. Effective October 1, 2022, the treaty was amended and restated to cover additional FIA, DA and MYGA policy issue years. In connection with the CARVM reinsurance agreement, FGL Insurance and Raven Re entered into an agreement with Nomura Bank International plc (“NBI”) to establish a reserve financing facility in the form of a letter of credit issued by NBI. The reimbursement agreement associated with the facility was amended and restated on September 30, 2022. As a result, the financing facility now has $200 million available to draw on as of December 31, 2022. The amended facility may terminate earlier than the current termination date of October 1, 2027, in accordance with the terms of the reimbursement agreement. Under the terms of the reimbursement agreement, in the event the letter of credit is drawn upon, Raven Re is required to repay the amounts utilized, and Fidelity & Guaranty Life Holdings, Inc. ("FGLH") is obligated to repay the amounts utilized if Raven Re fails to make the required reimbursement. FGLH also is required to make capital contributions to Raven Re in the event that Raven Re’s statutory capital and surplus falls below certain defined levels. As of December 31, 2022 and December 31, 2021, Raven Re’s statutory capital and surplus was $11 million and $62 million, respectively, in excess of the minimum level required under the reimbursement agreement. As this letter of credit is provided by an unaffiliated financial institution, Raven Re is permitted to carry the letter of credit as an admitted asset on the Raven Re statutory balance sheet. Effective December 31, 2020, FGL Insurance executed a Coinsurance Agreement with F&G Life Re Ltd. ("Reinsurer"), an affiliated Bermuda reinsurer, to reinsure a quota share of FIA policies to the Reinsurer. Concurrently, the Reinsurer and F&G Cayman Re Ltd., an affiliated reinsurer of both FGL Insurance and the Reinsurer, entered into a Retrocession Agreement. The cession from FGL Insurance to the Reinsurer is on a 100% quota share basis, net of applicable existing reinsurance and the retrocession to F&G Cayman Re Ltd. from the Reinsurer is on a 45% quota share basis. Additionally, both treaties are maintained on a funds withheld basis. FGL Insurance ceded and the Reinsurer retroceded approximately $5.0 billion and $2.2 billion, respectively, in certain FIA Statutory Reserves and Interest Maintenance Reserve. |
Regulation and Equity
Regulation and Equity | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Regulation and Equity | Summary of Reserve for Title Claim Losses A summary of the reserve for title claim losses follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Beginning balance $ 1,883 $ 1,623 $ 1,509 Change in insurance recoverable (128) 94 34 Claim loss provision related to: Current year 308 385 283 Prior years — — — Total title claim loss provision 308 385 283 Claims paid, net of recoupments related to: Current year (21) (14) (11) Prior years (232) (205) (192) Total title claims paid, net of recoupments (253) (219) (203) Ending balance of claim loss reserve for title insurance $ 1,810 $ 1,883 $ 1,623 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 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 have 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. 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 Decem ber 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 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 Septemb er 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, C alPrivate 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. 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 update 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. Regulation Title Our insurance subsidiaries, including title insurers, underwritten title companies and insurance agencies, are subject to extensive regulation under applicable state laws. Each of the insurance underwriters is subject to a holding company act in its state of domicile that regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates. The laws of most states in which we transact business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules. The process of state regulation of changes in rates ranges from states that set rates, to states where individual companies or associations of companies prepare rate filings that are submitted for approval, to a few states in which rate changes do not need to be filed for approval. Since we are regulated by both state and federal governments and the applicable insurance laws and regulations are constantly subject to change, it is not possible to predict the potential effects on our insurance operations, particularly the Title segment, of any laws or regulations that may become more restrictive in the future or if new restrictive laws will be enacted. Statutory-basis financial statements are prepared in accordance with accounting practices prescribed or permitted by the various state insurance regulatory authorities. The National Association of Insurance Commissioners' (“NAIC” ) Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by each of the states that regulate us. Each of our states of domicile for our title insurance underwriter subsidiaries have adopted a material prescribed accounting practice that differs from that found in NAIC SAP. Specifically, in both years, the timing of amounts released from the statutory unearned premium reserve under NAIC SAP differs from the states' required practice. Statutory surplus at December 31, 2022 and 2021 was lower by approximately $32 million and $29 million than if we had reported such amounts in accordance with NAIC SAP. Pursuant to statutory accounting requirements of the various states in which our insurers are domiciled, these insurers must defer a portion of premiums earned as an unearned premium reserve for the protection of policyholders and must maintain qualified assets in an amount equal to the statutory requirements. The level of unearned premium reserve required to be maintained at any time is determined by statutory formula based upon either the age, number of policies and dollar amount of policy liabilities underwritten, or the age and dollar amount of statutory premiums written. As of December 31, 2022, the combined statutory unearned premium reserve required and reported for our title insurers was $1,772 million . In addition to statutory unearned premium reserves, each of our insurers maintains reserves for known claims and surplus funds for policyholder protection and business operations. Each of our insurance subsidiaries is regulated by the insurance regulatory authority in its respective state of domicile, as well as that of each state in which it is licensed. The insurance commissioners of their respective states of domicile are the primary regulators of our title insurance subsidiaries. Each of the insurers is subject to periodic regulatory financial examination by regulatory authorities. Our insurance subsidiaries are subject to regulations that restrict their ability to pay dividends or make other distributions of cash or property to their immediate parent company without prior approval from the Department of Insurance of their respective states of domicile. As of December 31, 2022 , $1,442 million of our net assets are restricted from dividend payments without prior approval from the Departments of Insurance. During 2023, our title insurers can pay or make distributions to us of approximately $606 million, without prior approval. The combined statutory capital and surplus of our title insurers was approximately $1,350 million and $1,903 million as of December 31, 2022 and 2021, respectively. The combined statutory net earnings of our title insurance subsidiaries were $778 million, $936 million, and $629 million for the years ended December 31, 2022 , 2021, and 2020, respectively. As a condition to continued authority to underwrite policies in the states in which our insurers conduct their business, the insurers are required to pay certain fees and file information regarding their officers, directors and financial condition. In addition, our escrow and trust business is subject to regulation by various state banking authorities. Pursuant to statutory requirements of the various states in which our insurers are domiciled, such insurers must maintain certain levels of minimum capital and surplus. Required levels of minimum capital and surplus are not significant to the insurers individually or in the aggregate. Each of our insurers has complied with the minimum statutory requirements as of December 31, 2022. Our underwritten title companies, primarily those domiciled in California, are also subject to certain regulation by insurance regulatory or banking authorities relating to their net worth and working capital. Minimum net worth and working capital requirements for each underwritten title company is less than $1 million. These companies were in compliance with their respective minimum net worth and working capital requirements at December 31, 2022. There are no restrictions on our retained earnings regarding our ability to pay dividends to shareholders although there are limits on the ability of certain subsidiaries to pay dividends to us, as described above. F&G Through our wholly owned F&G subsidiary, our U.S. insurance subsidiaries, FGL Insurance, Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance"), and Raven Re, file financial statements with state insurance regulatory authorities and the NAIC that are prepared in accordance with 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. Our principal insurance subsidiaries' statutory (SAP and GAAP) financial statements are based on a December 31 year end. Statutory net income and statutory capital and surplus of our wholly owned U.S regulated insurance subsidiaries were as follows (in millions): Subsidiary (state of domicile) (a) FGL Insurance (IA) FGL NY Insurance (NY) Raven Re (VT) Statutory Net income (loss): Year ended December 31, 2022 $ (243) $ (15) $ (111) Year ended December 31, 2021 351 4 3 Statutory Capital and Surplus: December 31, 2022 $ 1,877 $ 82 $ 121 December 31, 2021 1,473 99 115 (a) FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together. FGL Insurance, FGL NY Insurance and Raven Re's respective statutory capital and surplus satisfies the applicable minimum regulatory requirements. Life insurance companies domiciled in the U.S. are subject to certain Risk-Based Capital (“RBC”) requirements as specified by the NAIC. The RBC is used to evaluate the adequacy of capital and surplus maintained by an insurance company in relation to risks associated with: (i) asset risk, (ii) insurance risk, (iii) interest rate risk and (iv) business risk. We monitor the RBC of FGLH’s insurance subsidiaries. As of December 31, 2022, each of FGLH's insurance subsidiaries had exceeded the minimum RBC requirements. Our insurance subsidiaries domiciled in the U.S. are restricted by state laws and regulations as to the amount of dividends they may pay to their parent, our wholly owned F&G subsidiary, without regulatory approval in any year, the purpose of which is to protect affected insurance policyholders, depositors or investors. Any dividends in excess of limits are deemed “extraordinary” and require regulatory approval. In addition, and pursuant to an order issued by the Iowa Commissioner on November 28, 2017, FGL Insurance may not pay any dividend or other distribution to shareholders prior to November 28, 2020 without the prior approval of the Iowa Commissioner. During the years ended December 31, 2022 and 2021, upon approval by the Iowa Commissioner, FGL Insurance declared and paid extraordinary dividends of $0 million and $38 million to its parent, respectively. FGL Insurance applies Iowa-prescribed accounting practices that permit Iowa-domiciled insurers to report equity call options used to economically hedge FIA index credits at amortized cost for statutory accounting purposes and to calculate FIA statutory reserves such that index credit returns will be included in the reserve only after crediting to the annuity contract. Effective October 1, 2022, the Company incorporated IUL products under these Iowa-prescribed accounting practices. This resulted in a $152 million and $106 million decrease to statutory capital and surplus at December 31, 2022 and 2021, respectively. FGL Insurance’s statutory carrying value of Raven Re reflects the effect of permitted practices Raven Re received to treat the available amount of a letter of credit as an admitted asset, which increased Raven Re’s statutory capital and surplus by $200 million and $85 million at December 31, 2022 and 2021, respectively. Raven Re is also permitted to follow Iowa prescribed statutory accounting practice for its reserves on reinsurance assumed from FGL Insurance, which increased Raven Re’s statutory capital and surplus by $28 million at December 31, 2022 and by $0 million at December 31, 2021. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $(107) million as of December 31, 2022 and would be $30 million as of December 31, 2021, and its risk-based capital would not fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent as discussed in Note O F&G Reinsurance . FGL Insurance’s statutory carrying value of Raven Re was $121 million and $115 million at December 31, 2022 and 2021, respectively. As of December 31, 2022, FGL NY Insurance did not follow any prescribed or permitted statutory accounting practices that differ from the NAIC's statutory accounting practices. The prescribed and permitted statutory accounting practices have no impact on our Consolidated Financial Statements, which are prepared in accordance with GAAP. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Right-of-use assets and lease liabilities related to operating leases under ASC Topic 842 are recorded when we are party to a contract, which conveys the right for us to control an asset for a specified period of time. Substantially all of our operating lease arrangements relate to rented office space and real estate for our title operations. We generally are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities under ASC Topic 842 are recorded as Lease assets and Lease liabilities, respectively, on the Consolidated Balance Sheet as of December 31, 2022. Our operating leases range in term from one Our lease agreements do not contain material variable lease payments, buyout options, residual value guarantees or restrictive covenants. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term by varying amounts. The exercise of lease renewal options is at our sole discretion. We do not include options to renew in our measurement of lease assets and lease liabilities as they are not considered reasonably assured of exercise. Our operating lease liability is determined by discounting future lease payments using a discount rate based on our incremental borrowing rate for similar collateralized borrowing. The discount rate is calculated as an average of the current yield on our unsecured notes payable and 140 basis points in excess of the current five year LIBOR swap rate. As of December 31, 2022 the weighted-average discount rate used to determine our operating lease liability was 3.4%. We do not separate lease components from non-lease components for any of our right-of-use assets. Our lease costs are included in Other operating expenses on the Consolidated Statements of Earnings and was $142 million, $139 million and $150 million for the years ended December 31, 2022, 2021 and 2020, respectively. We do not have any material short term lease costs, variable lease costs, or sublease income. Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2022 are as follows (in millions): 2023 $ 147 2024 116 2025 74 2026 51 2027 26 Thereafter 35 Total operating lease payments, undiscounted $ 449 Less: present value discount 31 Lease liability, at present value $ 418 See Note K Supplementary Cash Flow Information for certain information on noncash investing and financing activities related to our operating lease arrangements. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consist of the following: December 31, 2022 2021 (In millions) Furniture, fixtures and equipment $ 235 $ 239 Data processing equipment 212 210 Leasehold improvements 118 121 Buildings 84 79 Land 14 14 Other 7 5 Total property and equipment, gross 670 668 Accumulated depreciation and amortization (491) (483) Total property and equipment, net $ 179 $ 185 Depreciation expense on property and equipment was $59 million, $45 million, and $48 million for the years ended December 31, 2022, 2021 , and 2020 , respectively. |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Accrued Liabilities | Accounts Payable and Other Accrued Liabilities Accounts payable and other accrued liabilities consist of the following: December 31, 2022 2021 (In millions) Salaries and incentives $ 390 $ 537 Accrued benefits 408 447 Deferred revenue 296 144 Contingent consideration - acquisitions 47 30 Trade accounts payable 156 129 Accrued recording fees and transfer taxes 12 14 Accrued premium taxes 20 59 Liability for policy and contract claims 109 109 Retained asset account 117 148 Remittances and items not allocated 225 39 Option collateral liabilities 178 576 Funds withheld embedded derivative — 73 Other accrued liabilities 394 391 $ 2,352 $ 2,696 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax (benefit) expense on continuing operations consists of the following: Year Ended December 31, 2022 2021 2020 (In millions) Current $ 331 $ 656 $ 379 Deferred 67 57 (57) $ 398 $ 713 $ 322 Total income tax expense was allocated as follows: Year Ended December 31, 2022 2021 2020 (In millions) Net earnings from continuing operations $ 398 $ 713 $ 322 Other comprehensive (loss) earnings: Unrealized (loss) gain on investments and other financial instruments (947) (141) 332 Unrealized (loss) gain on foreign currency translation and cash flow hedging (4) — 1 Other comprehensive earnings attributable to noncontrolling interest 8 — — Minimum pension liability adjustment 2 (2) 4 Total income tax (benefit) expense allocated to other comprehensive earnings (941) (143) 337 Total income taxes $ (543) $ 570 $ 659 A reconciliation of the federal statutory rate to our effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.2 1.6 2.5 Stock compensation (0.1) (0.2) (0.3) Tax credits (0.7) (0.2) (0.4) Consolidated partnerships (0.2) (0.1) (0.3) Tax gain on parent shares held (1.0) 0.5 — Valuation allowance for deferred tax assets 6.1 (0.3) (3.0) Change in tax status benefit — — (2.0) Benefit on Capital Loss Carryback (1.5) — — Non-deductible expenses and other, net 0.1 0.8 0.5 Effective tax rate 25.9 % 23.1 % 18.0 % The significant components of deferred tax assets and liabilities consist of the following: December 31, 2022 2021 (In millions) Deferred Tax Assets: Employee benefit accruals $ 103 $ 111 Net operating loss carryforwards 38 27 Derivatives 67 — Accrued liabilities 5 1 Allowance for uncollectible accounts receivable 5 5 Pension plan 1 2 Tax credits 74 77 State income taxes 5 8 Investment securities 952 — Capital loss carryover 8 41 Life insurance and claim related adjustments 669 854 Funds held under reinsurance agreements 37 52 Other 21 33 Total gross deferred tax asset 1,985 1,211 Less: valuation allowance 151 33 Total deferred tax asset $ 1,834 $ 1,178 Deferred Tax Liabilities: Title plant $ (53) $ (52) Amortization of goodwill and intangible assets (117) (140) Other (2) (2) Investment securities — (401) Depreciation (32) (29) Partnerships (122) (182) Value of business acquired (350) (249) Derivatives — (68) Deferred acquisition costs (243) (102) Transition reserve on new reserve method (25) (34) Funds held under reinsurance agreements (183) (74) Title Insurance reserve discounting (31) (50) Total deferred tax liability $ (1,158) $ (1,383) Net deferred tax asset (liability) $ 676 $ (205) Our net deferred tax asset (liability) was $676 million and $(205) million as of December 31, 2022 and 2021, respectively. The significant changes in the deferred taxes are as follows: the deferred tax liability for investment securities decreased by $1,353 million primarily due to unrealized losses recorded on investment securities, of which $144 million was related to unrealized losses in our Title segment and $1,209 million was related to unrealized losses in our F&G segment's life insurance business. The deferred tax liability relating to partnerships decreased by $60 million, primarily due to increased tax basis in partnership investments by F&G and R&E expense capitalization at FNF’s partnerships. The F&G segment’s life insurance business’ deferred tax liability relating to the VOBA increased by $101 million due to unrealized losses on the VOBA assets. The deferred tax liability related to deferred acquisition costs increased by $141 million, which is consistent with the growth in sales in our F&G segment. The deferred tax liability relating to derivatives in our F&G segment decreased by $135 million due to unrealized losses for call options. The reinsurance receivable deferred tax asset decreased by $15 million, and the reinsurance receivable deferred tax liability increased by $109 million both due to unrealized losses in the funds withheld portfolios in the F&G segment. The deferred tax asset relating to the capital loss carryover decreased by $33 million which is primarily related to the effective settlement of a capital loss carryback tax benefit previously unrecognized. The deferred tax asset relating to life insurance receivables decreased by $185 million primarily due to tax reserves increasing more than GAAP reserves by F&G. As of December 31, 2022, we have net operating losses ("NOLs") on a pretax basis of $181 million, of which $48 million relates to our Title segment and $133 million relates to our F&G segment's life insurance business, which are available to carryforward and offset future federal taxable income. The NOLs are U.S. federal NOLs arising from acquisitions made since 2012, including Buyers Protection Group, Inc., Digital Insurance Holdings, Inc., ServiceLink, THL Corporations and F&G. Most of the NOLs are subject to an annual Internal Revenue Code Section 382 limitation. These losses will begin to expire in 2034 and we fully anticipate utilizing these losses prior to expiration with the exception of $25 million of gross net operating losses that are offset by a $25 million valuation allowance in the Title segment. As of December 31, 2022 and 2021, we had $74 million and $77 million of tax credits, respectively, which expire between 2025 and 2042. The credits primarily consist of general business credits from historical acquisitions, including $30 million associated with our F&G segment's life insurance business. We anticipate that these credits will be utilized prior to expiration after a valuation allowance of $28 million, which primarily relates to the general business credits in our Title segment. As of December 31, 2022, a valuation allowance on the net deferred tax asset for unrealized capital losses of $118 million was recorded, of which $88 million related to our Title segment and $30 million related to our F&G segment. Valuation allowance was recorded in 2022 because it is more likely than not that this amount of deferred tax assets will not be realized. We considered sources of income available as of December 31, 2022 and determined a valuation allowance was needed. No similar valuation allowance was necessary as of December 31, 2021 as there was a net deferred tax liability for unrealized capital gains. As of December 31, 2022 and 2021, the balance of unrecognized tax benefits which would, if recognized, favorably affect our effective tax rate was $0 million and $24 million, respectively. Interest and penalties accrued on income tax uncertainties are recorded as a component of income tax expense and were $0 million and $1 million as of December 31, 2022, and 2021, respectively. Unrecognized tax benefits decreased in 2022 when the refund was examined to a sufficient extent without adjustment such that the tax position was effectively settled. A reconciliation of the beginning and ending unrecognized tax benefits is as follows: Year ended December 31, 2022 2021 (In millions) Beginning balance $ 60 $ 64 Additions based on positions taken in current year 1 — Reductions related to statute of limitation lapses and audit payments (61) (4) Ending balance $ — $ 60 F&G's life insurance subsidiaries, as well as certain F&G non-life subsidiaries file separate tax returns from the FNF consolidated group. Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2022 includes $27 million of tax receivables and $747 million of deferred tax assets related to F&G subsidiaries who file separate tax returns. Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2021 includes $52 million of tax receivables related to F&G subsidiaries who file separate tax returns. The Internal Revenue Service (“IRS”) has selected us to participate in the CAP program that is a real-time audit. We are currently under audit by the IRS for the 2021 through 2022 tax years. We file income tax returns in various foreign and US state jurisdictions. Our state income tax returns for the 2018 through 2022 tax years remain subject to examination by state jurisdictions. The F&G life insurance group files a separate consolidated return with the IRS. F&G is not currently under examination by the IRS. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Stock Purchase Plan During the three-year period ended December 31, 2022, our eligible employees could voluntarily participate in our employee stock purchase plan (“ESPP”) sponsored by us. Pursuant to the ESPP, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. We contribute varying amounts as specified in the ESPP. We contribu ted $36 million, $24 million, and $30 million to the ESPP in the years ended December 31, 2022 , 2021, and 2020, respectively, in accordance with our matching contribution. FNF 401(k) Profit Sharing Plan During the three-year period ended December 31, 2022 , we have offered our employees the opportunity to participate in our 401(k) profit sharing plan (the “401(k) Plan”), a qualified voluntary contributory savings plan that is available to substantially all of our employees. Eligible employees may contribute up to 40% of their pre-tax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code. During the years ended December 31, 2021 and 2020, we made an employer match on the 401(k) Plan of $0.375 on each $1.00 contributed up to the first 6% of eligible earnings contributed to the 401(k) Plan by employees. During the year ended December 31, 2022, we increased the employer match on the 401(k) Plan to $0.50 on each $1.00 contributed up to the first 6% of eligible earnings contributed to the 401(k) Plan by employees. The employer match was $50 million, $36 million, and $31 million for the years ended December 31, 2022, 2021, and 2020, respectively, and was credited based on the participant's individual investment elections in the FNF 401(k) Plan. Omnibus Incentive Plan In 2005, we established the FNT 2005 Omnibus Incentive Plan (as amended and restated, the “Omnibus Plan”) authorizing the issuance of up to 8 million shares of common stock, subject to the terms of the Omnibus Plan. On October 23, 2006; May 29, 2008; May 25, 2011; May 22, 2013; and June 15, 2016 the shareholders of FNF approved amendments to increase the number of shares for issuance under the Omnibus Plan by 16 million, 11 million, 6 million, 6 million and 10 million shares, respectively. The primary purpose of the increases were to assure that we had adequate means to provide equity incentive compensation to our employees on a going-forward basis. The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2022, there were 1,841,544 shares of restricted stock and no stock options outstanding under the Omnibus Plan. Awards granted are approved by the Compensation Committee of the Board of Directors. Options vest over a 3 year period and have a contractual life o f 7 years. The exercise price for options granted equals the market price of the underlying stock on the grant date. Stock option grants vest according to certain time based and operating performance criteria. Option exercises by participants are settled on the open market. F&G Omnibus Incentive Plan On June 1, 2020, in connection with the acquisition of F&G, we assumed the shares that remained available for future awards under the FGL Holdings 2017 Omnibus Incentive Plan, as amended and restated (the “F&G Omnibus Plan”) and converted such shares into 2,096,429 shares of FNF common stock that may be issued pursuant to future awards granted under the F&G Omnibus Plan and 2,411,585 sh ares of FNF common stock that may be issued pursuant to outstanding stock options under the F&G Omnibus Plan. Each unvested stock option assumed under the F&G Omnibus Plan was converted into an FNF stock option and vests solely on the passage of time without any ongoing performance-vesting conditions. The options vest over a 3 year period, based on the option's initial grant date, and have a contractual life of 7 years. As of December 31, 2022, there were 501,548 shares of restricted stock and 1,172,607 stock options outstanding under the F&G Omnibus Plan. FNF stock option transactions under the Omnibus Plan for 2022 , 2021, and 2020 are as follows: Options Weighted Average Exercisable Balance, January 1, 2020 5,530,125 $ 20.88 5,530,125 Exercised (3,208,712) 18.45 Balance, December 31, 2020 2,321,413 $ 24.24 2,321,413 Exercised (1,325,300) 23.28 Balance, December 31, 2021 996,113 $ 25.53 996,113 Exercised (996,113) 25.53 Balance, December 31, 2022 — $ — — FNF stock option transactions under the F&G Omnibus Plan for 2022, 2021 , and 2020 are as follows: Options Weighted Average Exercisable Balance January 1, 2020 — $ — — Options assumed in connection with F&G acquisition 2,411,585 36.04 Exercised (109,159) 27.64 Canceled (299,736) 38.41 Balance, December 31, 2020 2,002,690 $ 36.14 1,021,671 Exercised (474,754) 36.68 Canceled — — Balance, December 31, 2021 1,527,936 $ 35.97 1,072,584 Exercised (352,614) 38.79 Canceled (2,715) 28.00 Balance, December 31, 2022 1,172,607 $ 35.15 1,172,607 FNF restricted stock transactions under the Omnibus Plan in 2022 , 2021, and 2020 are as follows: Shares Weighted Average Grant Date Fair Value Balance, December 31, 2019 1,517,176 $ 38.90 Granted 1,006,058 33.40 Canceled (11,604) 38.93 Vested (795,075) 37.60 Balance, December 31, 2020 1,716,555 $ 36.26 Granted 772,189 48.27 Canceled (7,577) 37.20 Vested (841,941) 36.15 Balance, December 31, 2021 1,639,226 $ 41.97 Granted 994,548 40.83 Vested (792,230) 41.44 Balance, December 31, 2022 1,841,544 $ 41.59 FNF restricted stock transactions under the F&G Omnibus Plan in 2022, 2021 , 2020 are as follows: Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 — $ — Granted 474,025 34.13 Canceled (24,155) 34.47 Balance, December 31, 2020 449,870 $ 34.11 Granted 311,081 48.28 Canceled (12,437) 33.40 Vested (29,873) 34.59 Balance, December 31, 2021 718,641 $ 40.24 Granted — — Canceled (78,551) 37.79 Vested (138,542) 34.11 Balance, December 31, 2022 501,548 $ 42.31 The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2022 : Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Remaining Average Remaining Average Range of Number of Contractual Exercise Intrinsic Number of Contractual Exercise Intrinsic Exercise Prices Options Life Price Value Options Life Price Value (In years) (In millions) (In years) (In millions) $0.00 - $27.53 359,510 2.98 $ 27.53 $ 4 359,510 2.98 $ 27.53 $ 4 $27.54 - $28.00 43,019 3.32 28.00 — 43,019 3.32 28.00 — $28.01 - $39.10 770,078 2.62 39.10 — 770,078 2.62 39.10 — 1,172,607 $ 4 1,172,607 $ 4 We account for stock-based compensation plans in accordance with GAAP on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period. Fair value of restricted stock awards and units is based on the grant date value of the underlying stock derived from quoted market prices. The total fair value of restricted stock awards granted in the years ended December 31, 2022 , 2021 and 2020 was $41 million, $52 million, and $50 million, respectively. The total fair value of restricted stock awards, which vested in the years ended December 31, 2022 , 2021 and 2020 was $38 million, $43 million, and $25 million, respectively. Option awards are measured at fair value on the grant date using the Black Scholes Option Pricing Model. The intrinsic value of options exercised in the years ended December 31, 2022 , 2021 and 2020 was $16 million, $32 million, and $50 million, respectively. Net earnings attributable to FNF Shareholders reflects stock-based compensation expense amounts of $49 million for the year ended December 31, 2022, $43 million for the year ended December 31, 2021 , and $39 million for the year ended December 31, 2020 , which are included in personnel costs in the reported financial results of each period. At December 31, 2022 Pension Plan In 2000, FNF merged with Chicago Title Corporation ("CTC"). In connection with the merger, we assumed CTC’s noncontributory defined contribution plan and noncontributory defined benefit pension plan (the “Pension Plan”). The Pension Plan covers certain CTC employees. The benefits are based on years of service and the employee’s average monthly compensation in the highest 60 consecutive calendar months during the 120 months ending at retirement or termination. Effective December 31, 2000, the Pension Plan was frozen and there will be no future credit given for years of service or changes in salary. The accumulated benefit obligation is the same as the projected benefit obligation due to the pension plan The discount rate used to determine the benefit obligation as of December 31, 2022 and 2021 wa s 4.85% and 2.35%, respectively. As of December 31, 2022 and 2021, the projected benefit obligation was |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk In the normal course of business, we and certain of our subsidiaries enter into off-balance sheet credit arrangements associated with certain aspects of the title insurance business and other activities. We generate a significant amount of title insurance premiums in Texas, California, Florida, Pennsylvania and Illinois. Title insurance premiums as a percentage of the total title insurance premiums written from those five states are detailed as follows: 2022 2021 2020 Texas 15.0 % 13.0 % 12.3 % California 12.0 % 14.6 % 15.2 % Florida 10.6 % 9.3 % 8.6 % Illinois 5.3 % 5.1 % 5.0 % Pennsylvania 5.2 % 5.1 % 4.8 % Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, short-term investments, and trade receivables. We place cash equivalents and short-term investments with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Investments in commercial paper of industrial firms and financial institutions are rated investment grade by nationally recognized rating agencies. Concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up our customer base, thus spreading the trade receivables credit risk. We control credit risk through monitoring procedures. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Pronouncements In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326). The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of fixed maturity securities available for sale. The method used to measure estimated credit losses for fixed maturity available-for-sale securities will be unchanged from current GAAP; however, the amendments require credit losses to be recognized through an allowance rather than as a reduction to the amortized cost of those securities. We adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost. Results for reporting period beginning after December 15, 2019 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable Generally Accepted Accounting Principles. We adopted this standard using the prospective transition approach for debt securities for which other than temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of ASC 326. The effective interest rate on these debt securities was not changed. Amounts previously recognized in accumulated other comprehensive income as of January 1, 2020 relating to improvements in cash flows expected to be collected will be accreted into income over the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows after January 1, 2020 will be recorded in earnings when received . See Note E Investments for further discussion of the adoption as it relates to our fixed maturity securities available for sale. In December 2019, the FASB issued ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We adopted this standard as of January 1, 2021, and it had no impact on our Consolidated Financial Statements upon adoption. In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. The amendments in this update clarify that callable debt securities should be re-evaluated each reporting period to determine if the amortized cost exceeds the amount repayable by the issuer at the next earliest call date, and, if so, the excess should be amortized to the next call date. We adopted this standard as of January 1, 2021 and are applying this guidance on a prospective basis. This standard had no impact on our Consolidated Financial Statements upon adoption. Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944), Targeted Improvements to the Accounting for Long-Duration Contracts, as clarified and amended by ASU 2019-09, Financial Services-Insurance: Effective Date and ASU 2020-11, Financial Services-Insurance: Effective Date and Early Application, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. This update introduced the following requirements: assumptions used to measure cash flows for traditional and limited-payment contracts must be reviewed at least annually with the effect of changes in those assumptions being recognized in the statement of operations; the discount rate applied to measure the liability for future policy benefits and limited-payment contracts must be updated at each reporting date with the effect of changes in the rate being recognized in other comprehensive income (“OCI”); market risk benefits ("MRBs") associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value recognized in earnings, except for the change attributable to instrument-specific credit risk which is recognized in OCI; deferred acquisition costs are no longer required to be amortized in proportion to premiums, gross profits, or gross margins; instead, those balances must be amortized on a constant level basis over the expected term of the related contracts; deferred acquisition costs must be written off for unexpected contract terminations; and disaggregated rollforwards of beginning to ending balances of the liability for future policy benefits, policyholder account balances, MRBs, separate account liabilities and deferred acquisition costs, as well as information about significant inputs, judgments, assumptions, and methods used in measurement are required to be disclosed. The amendments in this ASU may be early adopted as of the beginning of an annual reporting period for which financial statements have not yet been issued, including interim financial statements. We have identified specific areas that will be impacted by the new guidance. This guidance will bring significant changes to how we account for certain insurance and annuity products within our business and expand disclosures. As part of the implementation process, to date our progress includes, but is not limited to the following: identifying and documenting contracts and contract features in scope of the guidance; identifying actuarial models, systems, and processes to be updated; building and running models; generating and analyzing preliminary output; evaluating and finalizing key accounting policies; evaluating transition requirements and impacts; and establishing, documenting, and executing appropriate internal controls. We will not early adopt this standard and have selected the full retrospective transition method, which requires the new guidance be applied as of the beginning of the earliest period presented or January 1, 2021, referred to as the transition date. Adoption of this standard is expected to increase total stockholders’ equity as of the transition date, January 1, 2021, up to approximately $200 million, net of tax. This transition adjustment is expected to primarily increase Retained Earnings, as well as OCI. The most significant driver of this transition adjustment expected to increase Retained Earnings is the measurement of certain benefits historically recorded as insurance liabilities which will now be classified and measured as MRBs, along with their subsequent changes in fair value, excluding changes attributable to instrument-specific credit risk, which are recorded as a component of OCI. The most significant drivers of this transition adjustment expected to increase OCI are the reversal of intangible balances previously recorded as an adjustment to unrealized gains (losses) on available for sale securities, the remeasurement of the liability for future policyholder benefits using a discount rate assumption that reflects upper-medium grade fixed-income instruments, and the effect of changes in the fair value of MRBs attributable to changes in the instrument-specific credit risk. As of December 31, 2022, the Company continues to expect the measurement drivers above, in relation to the current market conditions, to support a favorable impact to total stockholders’ equity at or greater than the transition impact, contingent upon the completion of our ongoing implementation process. Further, the specific impacts on Retained Earnings and OCI upon adoption of this standard on January 1, 2023 may also differ materially from the transition impact based on the performance of the Company’s business and macroeconomic conditions, including changes in interest rates. In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the Troubled Debt Restructuring ("TDR") recognition and measurement guidance for creditors and, instead, require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. Additionally, these amendments require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. The guidance is effective for entities that have adopted ASU 2016-13 Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, though early adoption is permitted. We do not expect this guidance to have a material impact on our Consolidated Financial Statements and related disclosures upon adoption. We do not currently plan to early adopt this standard. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this update affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction and clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not |
Net Income Attributable to FNF
Net Income Attributable to FNF Common Shareholders and Change in Total Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Net Income Attributable to FNF Common Shareholders and Change in Total Equity | DividendsOn February 16, 2023, our Board of Directors declared cash dividends of $0.45 per share, payable on March 31, 2023, to FNF common shareholders of record as of March 17, 2023.Net Income Attributable to FNF Common Shareholders and Change in Total Equity On December 1, 2022, we completed the F&G Distribution. For further information related to the F&G Distribution, refer to Note A Business and Summary of Significant Accounting Policies . On July 29, 2020, we purchased for $90 million the outstanding Class A units of ServiceLink held by its minority owners. As of the purchase date, ServiceLink is a wholly owned subsidiary of FNF. For further information related to the purchase of the outstanding Class A units of ServiceLink held by its minority owners, refer to Note A Business and Summary of Significant Accounting Policies . The following table presents the effect of the change in our ownership percentage in F&G and ServiceLink on equity attributable to FNF: Year ended December 31, 2022 2021 2020 (In millions) Net earnings attributable to FNF common shareholders $ 1,136 $ 2,422 $ 1,427 Decrease in additional paid-in capital for decrease in ownership of F&G (19) — — Decrease in retained earnings for decrease in ownership of F&G (301) — — Increase in accumulated comprehensive earnings for decrease in ownership of F&G 29 — — Increase in additional paid-in capital for increase in ownership percentage in ServiceLink — — 211 Decrease in noncontrolling interests resulting from increased ownership in ServiceLink — — 47 Net transfers (to) from noncontrolling interests (291) — 258 Change in net earnings and equity attributable to FNF common shareholders $ 845 $ 2,422 $ 1,685 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information | SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) BALANCE SHEETS December 31, 2022 2021 (In millions, except share data) ASSETS Cash $ 406 $ 1,515 Short-term investments 533 — Other long-term investments 35 52 Equity securities, at fair value 1 7 Investment in unconsolidated affiliates 3 9 Notes receivable 303 696 Investments in and amounts due from subsidiaries 6,794 10,215 Property and equipment, net 2 2 Prepaid expenses and other assets 243 275 Total assets $ 8,320 $ 12,771 LIABILITIES AND EQUITY Liabilities: Accounts payable and other accrued liabilities $ 291 $ 344 Income taxes payable — 72 Deferred tax liability 71 206 Notes payable 2,123 2,519 Total liabilities 2,485 3,141 Equity: FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 279,064,457 and 290,533,141 as of December 31, 2022 and December 31, 2021, respectively, and issued of 327,757,349 and 325,486,429 as of December 31, 2022 and December 31, 2021, respectively — — Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none — — Additional paid-in capital 5,876 5,811 Retained earnings 4,714 4,369 Accumulated other comprehensive earnings (2,862) 779 Less: Treasury stock, 48,692,892 shares and 34,953,288 shares as of December 31, 2022 and December 31, 2021, respectively, at cost (1,893) (1,329) Total equity of Fidelity National Financial, Inc. common shareholders 5,835 9,630 Total liabilities and equity $ 8,320 $ 12,771 SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF EARNINGS AND RETAINED EARNINGS Year Ended December 31, 2022 2021 2020 (In millions, except per share data) Revenues: Other fees and revenue $ (37) $ 24 $ 32 Interest and investment income and realized gains 43 17 25 Realized gains and losses, net (42) 12 (6) Total revenues (36) 53 51 Expenses: Personnel expenses (11) 54 58 Other operating expenses 16 25 60 Interest expense 92 87 71 Total expenses 97 166 189 Losses before income tax benefit and equity in earnings of subsidiaries (133) (113) (138) Income tax benefit (33) (27) (33) Losses before equity in earnings of subsidiaries (100) (86) (105) Equity in earnings of subsidiaries 1,236 2,500 1,557 Earnings from continuing operations 1,136 2,414 1,452 Equity in earnings of discontinued operations — 8 (25) Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 1,136 $ 2,422 $ 1,427 Retained earnings, beginning of year $ 4,369 $ 2,394 $ 1,356 Dividends declared (490) (447) (389) Distribution of F&G to FNF common shareholders (301) — — Net earnings attributable to Fidelity National Financial, Inc. common shareholders 1,136 2,422 1,427 Retained earnings, end of year $ 4,714 $ 4,369 $ 2,394 SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 (In millions) Cash Flows From Operating Activities: Net earnings $ 1,136 $ 2,422 $ 1,427 Adjustments to reconcile net earnings to net cash provided by operating activities: Equity in earnings of unconsolidated affiliates — (6) (1) Impairment of assets — — 1 Equity in earnings of subsidiaries (1,236) (2,500) (1,742) Depreciation and amortization 1 1 1 Stock-based compensation 48 43 39 Net change in income taxes 748 65 (1) Net (increase) decrease in prepaid expenses and other assets 41 (14) (15) Net increase in accounts payable and other accrued liabilities (50) 36 26 Net cash provided by (used in) operating activities 688 47 (265) Cash Flows From Investing Activities: Purchases of investments available for sale — (52) — Net purchases of short-term investment activities (509) (6) 564 Acquisition of F&G (net of cash acquired) — — (1,076) Additions to notes receivable (87) (400) (3) Collection of notes receivable 79 120 89 Distributions from unconsolidated affiliates — — — Additional investments in unconsolidated affiliates — — (1) Net cash used in investing activities (517) (338) (427) Cash Flows From Financing Activities: Borrowings — 449 2,246 Debt service payments (400) — (1,000) Debt issuance costs — (6) (22) Dividends paid (489) (446) (389) Purchases of treasury stock (553) (463) (236) Exercise of stock options 39 48 62 Payment for shares withheld for taxes and in treasury (15) (17) (9) Additional investments in non-controlling interests (2) — (90) Other financing activity — — 1 Net dividends from subsidiaries 140 1,266 539 Net cash provided by financing activities (1,280) 831 1,102 Net change in cash and cash equivalents (1,109) 540 410 Cash at beginning of year 1,515 975 565 Cash at end of year $ 406 $ 1,515 $ 975 See Notes to Financial Statements SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) NOTES TO FINANCIAL STATEMENTS A. Summary of Significant Accounting Policies Fidelity National Financial, Inc. transacts substantially all of its business through its subsidiaries. The Parent Company Financial Statements should be read in connection with the aforementioned Consolidated Financial Statements and Notes thereto included elsewhere herein. B. Notes Payable Notes payable consist of the following: December 31, 2022 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 443 443 Revolving credit facility (3) (4) $ 2,123 $ 2,519 C. Supplemental Cash Flow Information Year Ended December 31, 2022 2021 2020 (In millions) Cash paid during the year: Interest paid $ 95 $ 81 $ 58 Income tax payments 459 609 317 D. Cash Dividends Received We have received cash dividends from subsidiaries and affiliates of $0.8 billion , $0.6 billion, and $0.5 billion during the years ended December 31, 2022, 2021, and 2020, respectively. |
Schedule III - F&G Supplementar
Schedule III - F&G Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - F&G Supplementary Insurance Information | Schedule III FIDELITY NATIONAL FINANCIAL, INC. F&G Supplementary Insurance Information (in millions) Year Ended December 31, 2022 December 31, 2021 F&G Segment: Deferred acquisition costs 1,589 761 Future policy benefits, losses, claims and loss expenses 5,923 4,732 Other policy claims and benefits payable 109 109 Life insurance premiums and other fees 1,695 1,395 Interest and investment income 1,655 1,852 Benefits, claims, losses and settlement expenses (1,125) (2,138) Amortization, interest, and unlocking of deferred acquisition costs (81) (32) Other operating expenses, net of deferrals (102) (105) |
Schedule IV - F&G Reinsurance
Schedule IV - F&G Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - F&G Reinsurance | Schedule IV FIDELITY NATIONAL FINANCIAL, INC. F&G Reinsurance (In millions) For the year ended December 31, 2022 Gross Amount Ceded to other companies Assumed from other companies Net Amount Percentage of amount assumed to net Life insurance in force $ 6,258 $ (1,594) $ — $ 4,664 — % Premiums and other considerations: Traditional life insurance premiums 160 (128) — 32 — % Life-contingent PRT premiums 1,362 — — 1,362 — % Annuity product charges 300 (50) — 250 — % Total premiums and other considerations $ 1,822 $ (178) $ — $ 1,644 — % For the year ended December 31, 2021 Gross Amount Ceded to other companies Assumed from other companies Net Amount Percentage of amount assumed to net Life insurance in force $ 4,881 $ (1,682) $ — $ 3,199 — % Premiums and other considerations: Traditional life insurance premiums 168 (137) — 31 — % Life-contingent PRT premiums 1,146 — — 1,146 — % Annuity product charges 269 (51) — 218 — % Total premiums and other considerations $ 1,583 $ (188) $ — $ 1,395 — % For the seven months ended December 31, 2020 Gross Amount Ceded to other companies Assumed from other companies Net Amount Percentage of amount assumed to net Life insurance in force $ 3,892 $ (2,064) $ — $ 1,828 — % Premiums and other considerations: Traditional life insurance premiums 108 (85) — 23 — % Annuity product charges 146 (31) — 115 — % Total premiums and other considerations $ 254 $ (116) $ — $ 138 — % |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Financial Statements | Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include our accounts as well as our wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. In our title segment, our investments in unconsolidated subsidiaries and affiliates are accounted for using the equity method until such time that they become wholly or majority-owned. Earnings attributable to noncontrolling interests recorded on the Consolidated Statements of Earnings represents the portion of a majority-owned subsidiary's net earnings or loss that is owned by noncontrolling shareholders of the subsidiary. Noncontrolling interest recorded on the Consolidated Balance Sheets represents the portion of equity in a consolidated subsidiary owned by noncontrolling shareholders. We are involved in certain entities that are considered variable interest entities ("VIEs") as defined under GAAP. Our involvement with VIEs is primarily to invest in assets that allow us to gain exposure to a broadly diversified portfolio of asset classes. A VIE is an entity that does not have sufficient equity to finance its own activities without additional financial support, where investors lack certain characteristics of a controlling financial interest, or where the entity is structured with non-substantive voting rights. We assess our relationships with VIEs to evaluate if we are the primary beneficiary of the VIE. If we determine we are the primary beneficiary of a VIE, we consolidate the assets and liabilities of the VIE in our Consolidated Financial Statements. See Note E Investments for additional information on our investments in VIEs. |
Investments | I nvestments Fixed Maturity Securities Available-for-Sale Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI"), net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), Statement of Position 03-1, “ Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts ,” ("SOP 03-1") reserves, and deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are 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 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. In our title segment, realized gains and losses on sales of our fixed maturity securitie s 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. Our F&G segment uses FIFO cost basis and generally records security transactions on a trade date basis except for private placements, which are recorded on a settlement date basis. Realized gains and losses on sales of fixed maturity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Fixed maturity securities AFS are subject to an allowance for credit loss and changes in the allowance are reported in net earnings as a component of Recognized gains and losses, net. For details on our policy around allowance for expected credit losses on available-for-sale securities, refer to Note E Investments. Preferred and Equity Securities Equity and prefer red securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable or based on net asset value (“NAV”) . Changes in fair value and realized gains and losses on sales of our preferred and equity securities are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. Recognized gains and losses on sales of our preferred and equity securities are credited or charged to earnings on a trade date basis, unless the security is a private placement in which case settlement date basis is used. Interest and dividend income from these investments is reported in Interest and investment income in the accompanying Consolidated Statements of Earnings. |
Derivative Financial Instruments | Derivative Financial Instruments In our F&G segment, we hedge certain portions of our exposure to product related equity market risk by entering into derivative transactions (primarily call options). All such derivative instruments are recognized as either assets or liabilities in the accompanying Consolidated Balance Sheets at fair value. The changes in fair value are reported within Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. We purchase financial instruments and issue products that may contain embedded derivative instruments. If it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is bifurcated from the host contract for measurement purposes. The embedded derivative is carried at fair value, which is determined through a combination of market observable inputs such as market value of option and interest swap rates and unobservable inputs such as the mortality multiplier, surrender and withdrawal rates and non-performance spread. The changes in fair value are reported within Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments . Reinsurance Related Embedded Derivatives As discussed in Note O F&G Reinsurance , F&G entered into reinsurance agreements with Kubera Insurance (SAC) Ltd. ("Kubera"), effective December 31, 2018, and ASPIDA Life Re Ltd ("Aspida Re"), effective January 1, 2021, and amended in August 2021 and September 2022, to cede a quota share of certain deferred annuity and multi-year guaranteed annuities ("MYGA") and deferred annuity "), respectively, GAAP and statutory reserves on a coinsurance funds withheld basis, net of applicable existing reinsurance. Effective October 31, 2021, the Kubera agreement was novated from Kubera to Somerset Reinsurance Ltd. ("Somerset"), a certified third-party reinsurer. Funds withheld arrangements allow the Company to retain legal ownership of assets backing reinsurance arrangements until they are earned by the reinsurer while passing credit risk associated with the assets in the funds withheld account to the reinsurer. These arrangements create embedded derivatives considered to be total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangement. The fair value of the total return swap is based on the change in fair value of the underlying assets held in the funds withheld portfolio. Investment results for the assets that support the coinsurance with funds withheld reinsurance arrangement, including gains and losses from sales, are passed directly to the reinsurer pursuant to contractual terms of the reinsurance arrangement. These total return swaps are not clearly and closely related to the underlying reinsurance contract and thus require bifurcation. The reinsurance related embedded derivative is reported in Prepaid expenses and other assets if in a net gain position, or Accounts payable and accrued liabilities, if in a net loss position on the Consolidated Balance Sheets and the related gains or losses are reported in Recognized gains (losses) on the Consolidated Statements of Earnings. |
Mortgage Loans | Mortgage Loans Our investment in mortgage loans consists of commercial and residential mortgage loans on real estate, which are reported at amortized cost, less allowance for expected credit losses. For details on our policy around allowance for expected credit losses on mortgage loans, refer to Note E Investments . Commercial mortgage loans are continuously monitored by reviewing appraisals, operating statements, rent revenues, annual inspection reports, loan specific credit quality, property characteristics, market trends and other factors. Commercial mortgage loans are rated for the purpose of quantifying the level of risk. Loans are placed on a watch list when the debt service coverage ("DSC") ratio falls below certain thresholds and the loan-to-value ("LTV") ratios exceeds certain thresholds. Loans on the watchlist are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. We define delinquent mortgage loans as 30 days past due, consistent with industry practice. Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define nonperforming residential mortgage loans as those that are 90 or more days past due and/or in nonaccrual status, which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. We consider residential mortgage loans that are 90 or more days past due and have an LTV greater than 90% to be foreclosure probable. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are deferred and amortized on an effective yield basis over the term of the loan. Interest income, amortization of premiums and discounts, prepayment fees, and loan commitment fees are reported in Interest and investment income in the accompanying Consolidated Statements of Earnings. |
Short-term Investments | Short-term investmentsShort-term investments consist of financial instruments with an original maturity of one year or less when purchased and include short-term fixed maturity securities and money market instruments, which are carried at fair value, and short-term loans, which are carried at amortized cost, which approximates fair value. |
Investments in Unconsolidated Affiliates | Investments in Unconsolidated AffiliatesIn our F&G segment, we primarily account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method, where the cost is initially recorded as an investment in the entity. Adjustments to the carrying amount reflect our pro rata ownership percentage of the operating results as indicated by NAV in the limited partnership financial statements. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income and adjustments to the carrying amount are delayed due to the availability of the related financial statements, which are obtained from the general partner generally on a one to three-month delay. Management meets quarterly with the general partner to determine whether any credit or other market events have occurred since prior quarter financial statements to ensure any material events are properly included in current quarter valuation and investment income. In our title business we account for our Investments in unconsolidated affiliates using the equity method of accounting and earnings on our investments in unconsolidated affiliates are recorded within Equity in earnings of unconsolidated affiliates within the Consolidated Statements of Earnings. |
Interest and Investment Income | Interest and investment income Dividends and interest income are recorded in Interest and investment income and recognized when earned. Income or losses upon call or prepayment of fixed maturity securities are recognized in Interest and investment income. Amortization of premiums and accretion of discounts on investments in fixed maturity securities are reflected in Interest and investment income over the contractual terms of the investments, and for callable investments at a premium, based on the earliest call date of the investments, in a manner that produces a constant effective yield. For mortgage-backed and asset-backed securities, included in the fixed maturity securities portfolios, one of two models may be used to recognize interest income. For higher rated securities, interest income will be estimated based on an effective yield that considers cash flows received to date plus current expectations of future cash flows. For all other securities, interest income will be estimated based upon an effective yield that considers current expectations of future cash flows. For both interest income models, the estimated future cash flows include assumptions regarding the performance of the underlying collateral pool. |
Cash and Cash Equivalents | Cash and Cash EquivalentsHighly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. |
Trade and Notes Receivables | Trade and Notes Receivables The carrying values reported in the Consolidated Balance Sheets for trade and notes receivables approximate their fair value. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete and reported to us. Premium revenues from agency operations and related commissions include an accrual based on estimated historical transaction volume data for policies that have closed in a particular period in which premiums have not yet been reported to us. Historically, the time lag between the closing of these transactions by our agents and the reporting of these policies, or premiums, to us has been up to 15 months, with 66% - 85% reported within three months following closing, an additional 10% - 24% reported within the next three months and the remainder within seven fifteen |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments |
Fair Value of Assets Acquired and Liabilities Assumed in Business Combination | Fair Value of Assets Acquired and Liabilities Assumed in Business Combinations Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 805, Business Combinations, requires an acquirer to recognize, separately from goodwill, the identifiable assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree, and to measure these items generally at their acquisition date fair values. Goodwill is recorded as the residual amount by which the purchase price exceeds the fair value of the net assets acquired. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, we are required to report provisional amounts in the financial statements for the items for which the accounting is incomplete. Adjustments to provisional amounts initially recorded that are identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined. This includes any effect on earnings of changes in depreciation, amortization, or other income effects as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. During the measurement period, we are also required to recognize additional assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. The measurement period ends the sooner of one year from the acquisition date or when we receive the information we were seeking about facts and circumstances that existed as of the acquisition date or learn that more information is not obtainable. Contingent consideration liabilities or receivables recorded in connection with business acquisitions must also be adjusted for changes in fair value until settled. |
Goodwill | Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at the reporting unit level on an annual basis or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we perform an annual goodwill impairment analysis based on a review of qualitative factors to determine if events and circumstances exist, which will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. We completed annual goodwill impairment analyses in the fourth quarter of each period presented using a September 30 measurement date. For the years ended December 31, 2022, |
Intangible Assets | VOBA, DAC and DSI Our intangible assets include the value of insurance and reinsurance contracts acquired (hereafter referred to as VOBA), DAC, and DSI. VOBA is an intangible asset that reflects the amount recorded as insurance contract liabilities less the estimated fair value of in-force contracts (“VIF”) in a life insurance company acquisition. It represents the portion of the purchase price that is allocated to the value of the rights to receive future cash flows from the business in force at the acquisition date. VOBA is a function of the VIF, current GAAP reserves, GAAP assets, and deferred tax liability. The VIF is determined by the present value of statutory distributable earnings less opening required capital, and is sensitive to assumptions including the discount rate, surrender rates, partial withdrawals, utilization rates, projected investment spreads, mortality, and expenses. DAC consists principally of commissions that are related directly to the successful sale of new or renewal insurance contracts, which may be deferred to the extent recoverable. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. DSI represents up front bonus credits and vesting and persistency bonuses to policyholder account values, which may be deferred to the extent recoverable. The methodology for determining the amortization of VOBA, DAC and DSI varies by product type. For all insurance contracts accounted for under long-duration contract deposit accounting, amortization is based on assumptions consistent with those used in the development of the underlying contract liabilities, adjusted for emerging experience and expected trends. For all of the insurance intangibles (VOBA, DAC and DSI), the balances are generally amortized over the lives of the policies in relation to the expected emergence of estimated gross profits (“EGPs”) from investment income, surrender charges and other product fees, less policy benefits, maintenance expenses, mortality, and expense margins. Recognized gains (losses) on investments, changes in fair value of derivatives and changes in fair value of the embedded derivative on our FIA and IUL products are included in actual gross profits in the period realized as described further below. Amortization is reported within Depreciation and amortization in the accompanying Consolidated Statements of Earnings. Changes in assumptions, including our earned rate (i.e., long term assumptions of the Company’s expected earnings on related investments), budgeted option costs (i.e., the expected cost to purchase call options in future periods to fund the equity indexed linked feature) and surrender rates can have a significant impact on VOBA, DAC and DSI balances and amortization rates. Due to the relative size and sensitivity to minor changes in underlying assumptions of those intangible balances, we perform quarterly and annual analyses of the VOBA, DAC and DSI balances for recoverability to ensure that the unamortized portion does not exceed the expected recoverable amounts. At each evaluation date, actual historical gross profits are reflected with the impact on the intangibles reported as “unlocking” as a component of amortization expense, and estimated future gross profits and related assumptions are evaluated for continued reasonableness. Any adjustment in estimated future gross profits requires that the amortization rate be revised (“unlocking”) retroactively to the date of the contract issuance or acquisition date with respect to VOBA. The cumulative unlocking adjustment is recognized as a component of current period amortization and reflected within Depreciation and amortization in the accompanying Consolidated Statements of Earnings. For investment-type products, the VOBA, DAC and DSI assets are adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments"). Other Intangible Assets We have other intangible assets, not including goodwill, VOBA, DAC or DSI, which consist primarily of customer relationships and contracts, the value of distribution network acquired ("VODA"), trademarks and tradenames and state licenses, and computer software, which are generally recorded in connection with acquisitions at their fair value . Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives, generally ten years, using an accelerated method, which takes into consideration expected customer attrition rates. VODA is an intangible asset that represents the value of an acquired distribution network and is amortized using the sum of years digits method. Contractual relationships are generally amortized over their contractual life. Trademarks and tradenames are generally amortized over ten years. Capitalized computer software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life, ranging from five We recorded $14 million in impairment expense to other intangible assets in our F&G segment for the year ended December 31, 2022. We recorded no impairment expense to other intangible assets during the years ended December 31, 2021, and 2020. Title Plants |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. |
Contractholder Funds | Contractholder Funds Contractholder Funds include FIAs, fixed rate annuities, IULs, funding agreements and PRT and immediate annuities contracts without life contingencies. The liabilities for contractholder funds for fixed rate annuities, funding agreements and PRT and immediate annuities contracts without life contingencies consist of contract account balances that accrue to the benefit of the contractholders. The liabilities for FIA and IUL policies consist of the value of the host contract plus the fair value of the indexed crediting feature of the policy, which is accounted for as an embedded derivative. The embedded derivative is carried at fair value in Contractholder funds in the accompanying Consolidated Balance Sheets with changes in fair value reported in Benefits and other changes in policy reserves in the accompanying Consolidated Statements of Earnings. See a description of the fair value methodology used in Note D Fair Value of Financial Instruments . Liabilities for the Guaranteed Minimum Withdrawal Benefits ("GMWB") and Guaranteed Minimum Death Benefit ("GMDB") riders on FIA and fixed rate annuity products are calculated by multiplying the benefit ratio by the cumulative assessments recorded from contract inception through the balance sheet date less the cumulative guaranteed minimum withdrawal and death benefit payments plus interest. The benefit ratio is the ratio of the present value of future guaranteed minimum withdrawal and death benefit payments to the present value of the assessments used to provide the guaranteed minimum withdrawal and death benefit payments using the same assumptions as we use for our intangible assets. If experience or assumption changes result in a new benefit ratio, the reserves are adjusted to reflect the changes in a manner similar to the unlocking of VOBA, DAC and DSI. The accounting for these GMWB and GMDB benefit liabilities (also referred to as "SOP 03-1 liabilities") impact EGPs used to calculate amortization of VOBA, DAC and DSI. The related reserve is adjusted for the impact of unrealized gains (losses) on AFS investments as if these gains (losses) had been realized, with corresponding credits or charges included in AOCI ("shadow adjustments"). Contractholder funds include funds related to funding agreements that have been issued pursuant to the FABN Program as well as to the Federal Home Loan Bank of Atlanta (" FHLB"). Single premiums are received at the initiation of the funding agreements. As of December 31, 2022 and December 31, 2021, we had approximately $2,200 million and $1,900 million outstanding under the FABN Program, respectively, which provides for semi-annual interest payments with principal maturities. Reserves for the FHLB funding agreements totaled $1,982 million and $1,543 million as of December 31, 2022 and 2021, respectively. The FHLB agreements provide a guaranteed stream of payments or provide for a bullet payment at maturity with renewal provisions. In accordance with the FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to settle our general obligations. The collateral investments had a fair value of $3,387 million and $2,469 million as of December 31, 2022 and 2021, respectively. Payments pursuant to FABN and FHLB funding agreements extend through 2029. |
Future Policy Benefits | Future Policy Benefits The liabilities for future policy benefits and claim reserves for traditional life policies and life contingent immediate annuity policies (which includes life-contingent PRT annuities) are computed using assumptions for investment yields, mortality and withdrawals, with a provision for adverse deviation, based on generally accepted actuarial methods and |
Reserve for Title Claims Losses | Reserve for Title Claim Losses Our reserve for title claim losses includes known claims as well as losses we expect to incur, net of recoupments. Each known claim is reserved based on our review as to the estimated amount of the claim and the costs required to settle the claim. Reserves for claims, which are incurred but not reported are established at the time premium revenue is recognized based on historical loss experience and also take into consideration other factors, including industry trends, claim loss history, current leg al environment, geographic considerations and the type of policy written. The reserve for title claim losses also includes reserves for losses arising from closing and disbursement functions due to frau d or operational error. If a loss is r elated to a policy issued by an independent agent, we may proceed against the independent agent pursuant to the terms of the agency agreement. In any event, we may proceed against third parties who are responsible for any loss under th e title insurance policy under rights of subrogation. |
Secured Trust Deposits | Secured Trust Deposits In the state of Illinois, a trust company is permitted to commingle and invest customers’ assets with its own assets, pending completion of real estate transactions. Accordingly, our Consolidated Balance Sheets reflect a secured trust deposit liability of $862 million and $934 million at December 31, 2022 and 2021, respectively, representing customers’ assets held by us and corresponding assets including cash and investments pledged as security for those trust balances. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. |
Reinsurance | Reinsurance Title In our Title segment, in a limited number of situations, we limit our maximum loss exposure by reinsuring certain risks with other title insurers. We also earn a small amount of additional income, which is reflected in our direct premiums, by assuming reinsurance for certain risks of other title insurers. We cede a portion of certain policy and other liabilities under agent fidelity, excess of loss and case-by-case reinsurance agreements. Reinsurance agreements provide that in the event of a loss (including costs, attorneys’ fees and expenses) exceeding the retained amounts, the reinsurer is liable for the excess amount assumed. However, the ceding company remains primarily liable in the event the reinsurer does not meet its contractual obligations. F&G In our F&G segment, our insurance subsidiaries enter into reinsurance agreements with other companies in the normal course of business. For arrangements in which F&G follows reinsurance accounting and for most arrangements that are accounted for as separate investment contracts, we present the amounts consistently and on a gross basis in our Consolidated Balance Sheets with the ceded reserves balance presented as a Reinsurance recoverable. Where applicable, deferred gains associated with the reinsurance of insurance and investment contracts will be included within Accounts payable and accrued expenses with the related accretion reflected within Escrow, title-related and other fees on the Consolidated Balance Sheets and Statements of Earnings, respectively. Where applicable, deferred costs associated with the reinsurance of insurance and |
Benefits and Other Changes in Policy Reserves | Benefits and Other Changes in Policy Reserves Benefit expenses for FIAs, fixed rate annuities, IUL policies and funding agreements include interest credited and, for FIA and IUL policies, index credits, to contractholder account balances. Benefit claims in excess of contract account balances, net of reinsurance recoveries, are charged to expense in the period that they are earned by the policyholder based on their selected strategy or strategies. Interest crediting rates associated with funds invested in the general account of our insurance subsidiaries range from 0.5% to 6.0% for fixed rate annuities and FIAs combined, 3.0% to 4.8% for IULs, and 0.9% to 5.2% for funding agreements. Other changes in policy reserves include the change in the fair value of the FIA embedded derivative and the change in the SOP 03-1 reserve for GMWB and GMDB benefits. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans We accou nt for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date using quoted market prices, and recognized over the service period. |
Earnings Per Share | Earnings Per Share Basic earnings per share, as presented on the Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain stock options, shares of restricted stock, convertible debt instruments and certain other convertible share based payments, 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. The net earnings of F&G in our calculation of diluted earnings per share is adjusted for dilution related to certain F&G restricted stock granted to F&G's employees in accordance with ASC 260-10-55-20. We calculate the ratio of the shares of F&G we own to the total weighted average diluted shares of F&G outstanding and multiply the ratio by F&G's net earnings. The result is used for F&G's net earnings attributable to FNF included in our consolidated net earnings in the numerator for our diluted EPS calculation. |
Comprehensive Earnings (Loss) | Comprehensive Earnings (Loss)We report Comprehensive earnings (loss) in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to the realized gains (losses) on our investments and other financial instruments, excluding investments in unconsolidated affiliates, and are included in Recognized gains and losses, net on the Consolidated Statements of Earnings. |
Redeemable Non-controlling Interest | Redeemable Non-controlling Interest |
Management Estimates | Management Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Periodically, and at least annually, typically in the third quarter, we review the assumptions associated with reserves for policy benefits, product guarantees, and amortization of intangibles. During the fourth quarter of 2022, based on increases in interest rates and pricing changes during 2022, we updated certain FIA assumptions used to calculate the fair value of the embedded derivative component within contractholder funds and certain assumptions used to calculate SOP 03-1 liabilities and intangible balances. These changes, taken together, resulted in an increase in contractholder funds and future policy reserves of $96 million and an increase to intangible assets of $47 million. During the third quarter of 2021, we implemented a new actuarial valuation system. As a result, our third quarter 2021 assumption updates include model refinements and assumption updates resulting from the implementation. The system implementation and assumption review process that occurred in the third quarter of 2021 included refinements in the calculation of the fair value of the embedded derivative component of our FIAs within contractholder funds and updates to the surrender rates, GMWB utilization, IUL premium persistency, maintenance expenses, and earned rate assumptions to reflect our current and expected future experience. These changes, taken together, resulted in a decrease in contractholder funds and future policy reserves of $425 million and a decrease to intangible assets of $136 million. These model refinements and assumptions are also used in the SOP 03-1 liability for GMWB and GMDB benefits and resulted in an increase in the liability of $28 million. There was no material change to underlying policyholder behavior. The majority of the changes represent one-time adjustments in the |
Revenue Recognition | Our Direct title insurance premiums are recognized as revenue at the time of closing of the underlying transaction as the earnings process is then considered complete. Regulation of title insurance rates varies by state. Premiums are charged to customers based on rates predetermined in coordination with each states' respective Department of Insurance. Cash associated with such revenue is typically collected at closing of the underlying real estate transaction. Premium revenues from agency title operations are recognized when the underlying title order and transaction closing, if applicable, are complete.Revenues from our home warranty business are generated from contracts with customers to provide warranty for major home appliances. Substantially all of our home warranty contracts are one year in length and revenue is recognized ratably over the term of the contract. |
Revenue Recognition, Other | 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. |
Revenue Recognition, Services, Real Estate Transactions | Escrow fees and Other title-related fees and income in our Title segment are closely related to Direct title insurance premiums and are primarily associated with managing the closing of real estate transactions including the processing of funds on behalf of the transaction participants, gathering and recording the required closing documents, providing notary and home inspection services, and other real estate or title-related activities. Revenue is primarily recognized upon closing of the underlying real estate transaction or completion of services. Cash associated with such revenue is typically collected at closing. Revenues from ServiceLink, excluding its title premiums, escrow fees and loan subservicing fees primarily include revenues from real estate appraisal services and foreclosure processing and facilitation services. Revenues from real estate appraisal services are recognized when all appraisal work is complete, a final report is issued to the client and the client is billed. Revenues from foreclosure processing and facilitation services are primarily recognized upon completion of the services and when billing to the client is complete. Life insurance premiums in our F&G segment reflect premiums for life-contingent PRT, traditional life insurance products and life-contingent immediate annuity products, which are recognized as revenue when due from the policyholder. We have ceded the majority of our traditional life business to unaffiliated third-party reinsurers. While the base contract has been reinsured, we continue to retain the return of premium rider. Insurance and investment product fees and other consist primarily of the cost of insurance on IUL policies, unearned revenue ("UREV") 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 DAC, DSI, and VOBA, 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. Real estate brokerage revenues are primarily comprised of commission revenues earned in association with the facilitation of real estate transactions and are recognized upon closing of the sale of the underlying real estate transaction. 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. |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Changes in Other Comprehensive Earnings (Loss) | Changes in the balance of Other comprehensive earnings (loss) by component are as follows: Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) Unrealized gain (loss) relating to investments in unconsolidated affiliates Unrealized (loss) gain on foreign currency translation and cash flow hedging Minimum pension liability adjustment Total Accumulated Other Comprehensive Earnings (Loss) (In millions) Balance January 1, 2020 $ 46 $ 18 $ (11) $ (10) $ 43 Reclassification adjustments (73) — — — (73) Other comprehensive earnings 1,307 3 10 14 1,334 Balance December 31, 2020 1,280 21 (1) 4 1,304 Reclassification adjustments (123) — — — (123) Other comprehensive earnings (410) 22 (7) (7) (402) Balance December 31, 2021 747 43 (8) (3) 779 Reclassification adjustments 173 — — — 173 Other comprehensive earnings (3,810) 9 (18) 5 (3,814) Balance December 31, 2022 $ (2,890) $ 52 $ (26) $ 2 $ (2,862) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Initial Purchase Price | The initial purchase price is as follows (in millions): Cash paid for outstanding F&G shares $ 1,903 Less: Cash Acquired 827 Net cash paid for F&G 1,076 Value of FNF share consideration 806 Value of outstanding converted equity awards attributed to services already rendered 28 Total net consideration paid $ 1,910 |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions): Fair Value Fixed maturity securities $ 22,389 Preferred securities 876 Equity securities 52 Derivative instruments 313 Mortgage loans 1,755 Investments in unconsolidated affiliates 1,049 Other long-term investments 430 Short-term investments 37 Trade and notes receivable 1 Reinsurance recoverable 2,998 Goodwill 1,756 Prepaid expenses and other assets 379 Lease assets 8 Other intangible assets 2,107 Deferred tax asset 269 Assets of discontinued operations 2,392 Total assets acquired 36,811 Contractholder funds 26,451 Future policy benefits 3,871 Accounts payable and accrued liabilities 897 Notes payable 589 Funds withheld for reinsurance liabilities 816 Lease liabilities 9 Liabilities of discontinued operations 2,268 Total liabilities assumed 34,901 Net assets acquired $ 1,910 |
Gross Carrying Value and Weighted Average Useful Lives of Property and Equipment and Other Intangible Assets Acquired | The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following (dollars in millions): Gross Carrying Value Weighted Average Other intangible assets: Customer relationships $ 46 10 Trade name 7 10 Non-compete agreements 1 5 Software 1 2 Total Other intangible assets $ 55 The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the F&G acquisition consist of the following (dollars in millions): Gross Carrying Value Estimated Useful Life Other intangible assets: Value of business acquired $ 1,908 Various Value of distribution network acquired 140 15 Trademarks and licenses 38 10 Software 21 2 Total Other intangible assets $ 2,107 |
Unaudited Pro Forma Results | For comparative purposes, selected unaudited pro-forma consolidated results of operations of FNF for the year ended December 31, 2020 is presented below. Unaudited pro-forma results presented assume the consolidation of F&G occurred as of January 1, 2019. Year Ended December 31, 2020 (In millions) Total revenues $ 10,897 Net earnings attributable to FNF common shareholders 1,233 |
Summary of Reserve for Title _2
Summary of Reserve for Title Claim Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Summary of the Reserve for Title Claim Losses | A summary of the reserve for title claim losses follows: Year Ended December 31, 2022 2021 2020 (Dollars in millions) Beginning balance $ 1,883 $ 1,623 $ 1,509 Change in insurance recoverable (128) 94 34 Claim loss provision related to: Current year 308 385 283 Prior years — — — Total title claim loss provision 308 385 283 Claims paid, net of recoupments related to: Current year (21) (14) (11) Prior years (232) (205) (192) Total title claims paid, net of recoupments (253) (219) (203) Ending balance of claim loss reserve for title insurance $ 1,810 $ 1,883 $ 1,623 Provision for title insurance claim losses as a percentage of title insurance premiums 4.5 % 4.5 % 4.5 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts of Assets and Liabilities and Estimated at Fair Value on Recurring Basis | The carrying amounts and estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows (in millions): December 31, 2022 Level 1 Level 2 Level 3 NAV Fair Value Assets 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 Equity securities 621 — 10 47 678 Preferred securities 320 582 1 — 903 Derivative investments — 244 — — 244 Reinsurance related embedded derivative, included in other assets — 279 — — 279 Short term investments 2,590 — — — 2,590 Other long-term investments — — 71 — 71 Total financial assets at fair value $ 6,210 $ 25,720 $ 8,169 $ 47 $ 40,146 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,115 — 3,115 Total financial liabilities at fair value $ — $ — $ 3,115 $ — $ 3,115 December 31, 2021 Level 1 Level 2 Level 3 NAV Fair Value Assets Cash and cash equivalents $ 4,360 $ — $ — $ — $ 4,360 Fixed maturity securities, available-for-sale: Asset-backed securities — 4,736 3,959 — 8,695 Commercial mortgage-backed securities — 2,944 35 — 2,979 Corporates 37 15,322 1,135 — 16,494 Hybrids 132 780 — — 912 Municipals — 1,458 43 — 1,501 Residential mortgage-backed securities — 731 — — 731 U.S. Government 394 — — — 394 Foreign Governments — 266 18 — 284 Equity securities 1,206 — 9 48 1,263 Preferred securities 506 893 2 — 1,401 Derivative investments — 816 — — 816 Short term investments 168 2 321 — 491 Other long-term investments — — 78 — 78 Total financial assets at fair value $ 6,803 $ 27,948 $ 5,600 $ 48 $ 40,399 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds — — 3,883 — 3,883 Reinsurance related embedded derivatives, included in other liabilities — 73 — — 73 Total financial liabilities at fair value $ — $ 73 $ 3,883 $ — $ 3,956 The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the accompanying Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described. December 31, 2022 (in millions) Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets FHLB common stock $ — $ 99 $ — $ — $ 99 $ 99 Commercial mortgage loans — — 2,083 — 2,083 2,406 Residential mortgage loans — — 1,892 — 1,892 2,148 Investments in unconsolidated affiliates — — — 2,427 2,427 2,427 Policy loans — — 52 — 52 52 Other invested assets 93 — 16 — 109 109 Company-owned life insurance 35 — 328 — 363 363 Trade and notes receivables, net of allowance — — 467 — 467 467 Total $ 128 $ 99 $ 4,838 $ 2,427 $ 7,492 $ 8,071 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 December 31, 2021 (in millions) Level 1 Level 2 Level 3 NAV Total Estimated Fair Value Carrying Amount Assets FHLB common stock $ — $ 72 $ — $ — $ 72 $ 72 Commercial mortgage loans — — 2,265 — 2,265 2,168 Residential mortgage loans — — 1,549 — 1,549 1,581 Investments in unconsolidated affiliates — — — 2,350 2,350 2,350 Policy loans — — 39 — 39 39 Other invested assets — — 57 — 57 57 Company-owned life insurance — — 333 — 333 333 Trade and notes receivables, net of allowance — — 557 — 557 557 Total $ — $ 72 $ 4,800 $ 2,350 $ 7,222 $ 7,157 Liabilities Investment contracts, included in contractholder funds $ — $ — $ 27,448 $ — $ 27,448 $ 31,529 Debt — 3,218 — — 3,218 3,096 Total $ — $ 3,218 $ 27,448 $ — $ 30,666 $ 34,625 |
Schedule of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis | 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 Valuation Offered quotes —% - 104.96% (89.69%) Corporates 12 Discounted Cash Flow Discount Rate 44.00% - 100.00% (77.02%) Municipals 29 Third-Party Valuation Offered quotes 93.95% - 93.95% (93.95%) Residential mortgage-backed securities 302 Broker-quoted Offered quotes 0.00% - 91.04% (86.38%) Foreign Governments 16 Third-Party Valuation Offered quotes 99.78% - 102.29% (100.56%) Preferred securities 1 Discounted Cash Flow Discount rate 100.00% Equity securities 6 Broker Quoted Offered quotes $64.25 - $64.25 ($64.25) Equity securities 4 Discounted Cash Flow Discount rate 11.10% - 11.10% (11.10%) Market Comparable Company Analysis EBITDA multiple 5.6x - 5.6x (5.6x) Other long-term investments: Available-for-sale embedded derivative 23 Black Scholes model Market value of fund 100.00% Secured borrowing receivable 10 Broker-quoted Offered quotes 100.00% - 100.00% (100.00%) Credit Linked Note 15 Broker-quoted Offered quotes 96.23% Investment in affiliate 23 Market Comparable Company Analysis EBITDA multiple 5x - 5.5x Total financial assets at fair value $ 8,169 Liabilities Derivatives: FIA/ IUL embedded derivatives, included in contractholder funds 3,115 Discounted cash flow Market value of option 0.00% - 23.90% (0.87%) Swap rates 3.88% - 4.73% (4.31%) Mortality multiplier 100.00% - 100.00% (100.00%) Surrender rates 0.25% - 70.00% (6.57%) Partial withdrawals 2.00% - 29.41% (2.73%) Non-performance spread 0.48% - 1.44% (1.30%) Option cost 0.07% - 4.97% (1.89%) Total financial liabilities at fair value $ 3,115 |
Changes in Fair Value of Financial Instruments - Assets | The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2022 and December 31, 2021, respectively. This summary excludes any impact of amortization of VOBA, DAC and DSI. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Year ended December 31, 2022 (in millions) Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ (6) $ (393) $ 3,269 $ (39) $ (541) $ 14 $ 6,263 $ (426) Commercial mortgage-backed securities 35 — (5) — — — 7 37 (4) Corporates 1,135 1 (187) 714 (20) (215) 12 1,440 (188) Hybrids — — — — — — — — — Municipals 43 — (14) — — — — 29 (13) Residential mortgage-backed securities — — — 316 — — (14) 302 — Foreign Governments 18 — (2) — — — — 16 (1) Short-term 321 — (1) 20 — — (340) — (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 2 (1) — — 10 — Other long-term assets: Available-for-sale embedded derivative 34 (11) — — — — — 23 — Credit linked note 23 (1) (1) — (2) (4) — 15 — Investment in affiliate 21 — 2 — — — — 23 2 Secured borrowing receivable $ — $ — $ — $ — $ — $ — $ 10 $ 10 $ — Total assets at Level 3 fair value $ 5,600 $ (17) $ (602) $ 4,321 $ (62) $ (760) $ (311) $ 8,169 $ (632) Liabilities Future policy benefits $ — $ — $ — $ — $ — $ — $ — $ — $ — FIA/ IUL embedded derivatives, included in contractholder funds 3,883 (1,382) — 768 — (154) — 3,115 — Total liabilities at Level 3 fair value $ 3,883 $ (1,382) $ — $ 768 $ — $ (154) $ — $ 3,115 $ — ( a) The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2. Year ended December 31, 2021 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 1,350 $ (1) $ (8) $ 3,417 $ (97) $ (595) $ (107) $ 3,959 $ 4 Commercial mortgage-backed securities 26 — (3) 12 — — — 35 1 Corporates 1,289 8 (40) 161 (23) (247) (13) 1,135 23 Hybrids 4 — — — — (4) — — — Municipals 43 — — — — — — 43 7 Residential mortgage-backed securities 483 — (1) 14 — (102) (394) — 22 Foreign Governments 17 — 1 — — — — 18 2 Short-term — — 2 820 — (501) — 321 — Preferred securities 1 (1) 1 1 — — — 2 — Equity securities 4 2 — 3 — — — 9 — Other long-term assets: Available-for-sale embedded derivative 27 7 — — — — — 34 — Credit linked note 23 — — — — — — 23 — Investment in affiliate — — — 21 — — — 21 — Total assets at Level 3 fair value $ 3,267 $ 15 $ (48) $ 4,449 $ (120) $ (1,449) $ (514) $ 5,600 $ 59 Liabilities Future policy benefits (FSRC) $ 5 $ — $ — $ — $ (4) $ (1) $ — $ — $ — FIA embedded derivatives, included in contractholder funds 3,404 121 — 513 — (155) — 3,883 — Total liabilities at Level 3 fair value $ 3,409 $ 121 $ — $ 513 $ (4) $ (156) $ — $ 3,883 $ — |
Changes in Fair Value of Financial Instruments - Liabilities | The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2022 and December 31, 2021, respectively. This summary excludes any impact of amortization of VOBA, DAC and DSI. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. Year ended December 31, 2022 (in millions) Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 3,959 $ (6) $ (393) $ 3,269 $ (39) $ (541) $ 14 $ 6,263 $ (426) Commercial mortgage-backed securities 35 — (5) — — — 7 37 (4) Corporates 1,135 1 (187) 714 (20) (215) 12 1,440 (188) Hybrids — — — — — — — — — Municipals 43 — (14) — — — — 29 (13) Residential mortgage-backed securities — — — 316 — — (14) 302 — Foreign Governments 18 — (2) — — — — 16 (1) Short-term 321 — (1) 20 — — (340) — (1) Preferred securities 2 — (1) — — — — 1 (1) Equity securities 9 — — 2 (1) — — 10 — Other long-term assets: Available-for-sale embedded derivative 34 (11) — — — — — 23 — Credit linked note 23 (1) (1) — (2) (4) — 15 — Investment in affiliate 21 — 2 — — — — 23 2 Secured borrowing receivable $ — $ — $ — $ — $ — $ — $ 10 $ 10 $ — Total assets at Level 3 fair value $ 5,600 $ (17) $ (602) $ 4,321 $ (62) $ (760) $ (311) $ 8,169 $ (632) Liabilities Future policy benefits $ — $ — $ — $ — $ — $ — $ — $ — $ — FIA/ IUL embedded derivatives, included in contractholder funds 3,883 (1,382) — 768 — (154) — 3,115 — Total liabilities at Level 3 fair value $ 3,883 $ (1,382) $ — $ 768 $ — $ (154) $ — $ 3,115 $ — ( a) The net transfers out of Level 3 during the year ended December 31, 2022 were to Level 2. Year ended December 31, 2021 Balance at Beginning Total Gains (Losses) Purchases Sales Settlements Net transfer In (Out) of Balance at End of Change in Unrealized Incl in OCI Included in Included in Assets Fixed maturity securities available-for-sale: Asset-backed securities $ 1,350 $ (1) $ (8) $ 3,417 $ (97) $ (595) $ (107) $ 3,959 $ 4 Commercial mortgage-backed securities 26 — (3) 12 — — — 35 1 Corporates 1,289 8 (40) 161 (23) (247) (13) 1,135 23 Hybrids 4 — — — — (4) — — — Municipals 43 — — — — — — 43 7 Residential mortgage-backed securities 483 — (1) 14 — (102) (394) — 22 Foreign Governments 17 — 1 — — — — 18 2 Short-term — — 2 820 — (501) — 321 — Preferred securities 1 (1) 1 1 — — — 2 — Equity securities 4 2 — 3 — — — 9 — Other long-term assets: Available-for-sale embedded derivative 27 7 — — — — — 34 — Credit linked note 23 — — — — — — 23 — Investment in affiliate — — — 21 — — — 21 — Total assets at Level 3 fair value $ 3,267 $ 15 $ (48) $ 4,449 $ (120) $ (1,449) $ (514) $ 5,600 $ 59 Liabilities Future policy benefits (FSRC) $ 5 $ — $ — $ — $ (4) $ (1) $ — $ — $ — FIA embedded derivatives, included in contractholder funds 3,404 121 — 513 — (155) — 3,883 — Total liabilities at Level 3 fair value $ 3,409 $ 121 $ — $ 513 $ (4) $ (156) $ — $ 3,883 $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Consolidated Investments | The Company’s consolidated investments are summarized as follows (in millions): December 31, 2022 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Asset-backed securities $ 12,209 $ (8) $ 36 $ (770) $ 11,467 Commercial mortgage-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 December 31, 2021 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities Asset-backed securities $ 8,516 $ (3) $ 220 $ (38) $ 8,695 Commercial mortgage-backed/asset-backed securities 2,684 (2) 308 (11) 2,979 Corporates 15,822 — 830 (158) 16,494 Hybrids 838 — 74 — 912 Municipals 1,445 — 67 (11) 1,501 Residential mortgage-backed securities 731 (3) 7 (4) 731 U.S. Government 393 — 3 (2) 394 Foreign Governments 276 — 9 (1) 284 Total available-for-sale securities $ 30,705 $ (8) $ 1,518 $ (225) $ 31,990 |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturity securities by contractual maturities, as applicable, are shown below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. December 31, 2022 December 31, 2021 (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 $ 536 $ 527 $ 426 $ 431 Due after one year through five years 3,288 3,089 2,998 3,051 Due after five years through ten years 2,171 1,939 2,389 2,458 Due after ten years 14,503 11,457 12,930 13,608 20,498 17,012 18,743 19,548 Other securities, which provide for periodic payments: Asset-backed securities 12,209 11,467 8,516 8,695 Commercial mortgage-backed securities 3,337 3,063 2,684 2,979 Structured hybrids 26 26 31 37 Residential mortgage-backed securities 1,638 1,527 731 731 17,210 16,083 11,962 12,442 Total fixed maturity available-for-sale securities $ 37,708 $ 33,095 $ 30,705 $ 31,990 |
Fair Value and Gross Unrealized Losses of Available-for-sale Securities | The fair value and gross unrealized losses of available-for-sale securities, excluding securities in an unrealized loss position with an allowance for expected credit loss, aggregated by investment category and duration of fair value below amortized cost were as follows (dollars in millions): December 31, 2022 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities 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 December 31, 2021 Less than 12 months 12 months or longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized Available-for-sale securities Asset-backed securities $ 4,410 $ (31) $ 146 $ (7) $ 4,556 $ (38) Commercial mortgage-backed securities 603 (11) 1 — 604 (11) Corporates 5,391 $ (132) $ 394 $ (26) $ 5,785 $ (158) Hybrids 3 — — — 3 — Municipals 410 (5) 85 (6) 495 (11) Residential mortgage-backed securities 325 (3) 11 (1) 336 (4) U.S. Government 219 (2) 4 — 223 (2) Foreign Government 82 (1) 5 — 87 (1) Total available-for-sale securities $ 11,443 $ (185) $ 646 $ (40) $ 12,089 $ (225) Total number of available-for-sale securities in an unrealized loss position less than twelve months 2,056 Total number of available-for-sale securities in an unrealized loss position twelve months or longer 68 Total number of available-for-sale securities in an unrealized loss position 2,124 |
Schedule of Distribution of CMLs, Gross Valuation by Property Type and Geographic Region | The distribution of CMLs, gross of valuation allowances, by property type and geographic region is reflected in the following tables (dollars in millions): December 31, 2022 December 31, 2021 Amortized Cost % of Total Amortized Cost % of Total Property Type: Hotel $ 18 1 % $ 19 1 % Industrial 520 22 % 497 23 % Mixed Use 12 1 % 13 1 % Multifamily 1,013 42 % 894 41 % Office 330 14 % 343 16 % Retail 105 4 % 121 6 % Student Housing 83 3 % 83 4 % Other 335 13 % 204 8 % Total commercial mortgage loans, gross of valuation allowance $ 2,416 100 % $ 2,174 100 % Allowance for expected credit loss (10) (6) Total commercial mortgage loans, net of valuation allowance $ 2,406 $ 2,168 U.S. Region: East North Central $ 151 6 % $ 137 6 % East South Central 76 3 % 79 4 % Middle Atlantic 326 13 % 293 13 % Mountain 355 15 % 236 11 % New England 158 7 % 149 7 % Pacific 708 28 % 649 30 % South Atlantic 521 22 % 459 21 % West North Central 4 1 % 12 1 % West South Central 117 5 % 160 7 % Total commercial mortgage loans, gross of valuation allowance $ 2,416 100 % $ 2,174 100 % Allowance for expected credit loss (10) (6) Total commercial mortgage loans, net of valuation allowance $ 2,406 $ 2,168 |
Schedule of Investment in Mortgage Loans by Loan to Value and Debt Service Coverage Ratios | The following tables presents the recorded investment in CMLs by LTV and DSC ratio categories and estimated fair value by the indicated loan-to-value ratios, gross of valuation allowances (dollars in millions) : Debt-Service Coverage Ratios Total Amount % of Total Estimated Fair Value % of Total >1.25 1.00 - 1.25 <1.00 December 31, 2022 LTV Ratios: Less than 50.00% $ 511 $ 4 $ 11 $ 526 22 % $ 490 24 % 50.00% to 59.99% 706 — — 706 29 % 615 30 % 60.00% to 74.99% 1,154 3 — 1,157 48 % 955 45 % 75.00% to 84.99% — — 18 18 1 % 14 1 % Commercial mortgage loans (a) $ 2,371 $ 7 $ 29 $ 2,407 100 % $ 2,074 100 % December 31, 2021 LTV Ratios: Less than 50.00% $ 626 $ 33 $ 9 $ 668 31 % $ 745 33 % 50.00% to 59.99% 470 — — 470 22 % 481 21 % 60.00% to 74.99% 1,036 — — 1,036 47 % 1,039 46 % Commercial mortgage loans $ 2,132 $ 33 $ 9 $ 2,174 100 % $ 2,265 100 % (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. |
Schedule of Residential Mortgage Loans by State | The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables, gross of valuation allowances (dollars in millions): December 31, 2022 U.S. State: Amortized Cost % of Total Florida $ 324 15 % Texas 215 10 % New Jersey 172 8 % Pennsylvania 153 7 % California 139 6 % New York 138 6 % Georgia 125 6 % All Other States (1) 914 42 % Total mortgage loans $ 2,180 100 % (1) The individual concentration of each state is equal to or less than to 5%. December 31, 2021 U.S. State: Amortized Cost % of Total Florida $ 234 15 % Texas 170 10 % New Jersey 153 10 % All Other States (1) 1,049 65 % Total residential mortgage loans $ 1,606 100 % (1) The individual concentration of each state is less than 9%. |
Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming | The credit quality of RMLs was as follows (dollars in millions): December 31, 2022 December 31, 2021 Performance indicators: Amortized Cost % of Total Amortized Cost % of Total Performing $ 2,118 97 % $ 1,533 95 % Non-performing 62 3 % 73 5 % Total residential mortgage loans, gross of valuation allowance $ 2,180 100 % $ 1,606 100 % Allowance for expected loan loss (32) — % (25) — % Total residential mortgage loans, net of valuation allowance $ 2,148 100 % $ 1,581 100 % |
Loans Segregated by Risk Rating Exposure | Loans segregated by risk rating exposure were as follows, gross of valuation allowances (in millions): December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Residential mortgages 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 Commercial mortgages 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 December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Residential mortgages Current (less than 30 days past due) $ 795 $ 293 $ 323 $ 50 $ 36 $ 21 $ 1,518 30-89 days past due 5 4 6 1 — — 16 90 days or more past due 1 23 46 2 — — 72 Total residential mortgages $ 801 $ 320 $ 375 $ 53 $ 36 $ 21 $ 1,606 Commercial mortgages Current (less than 30 days past due) $ 1301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 30-89 days past due — — — — — — — 90 days or more past due — — — — — — — Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 December 31, 2022 Amortized Cost by Origination Year 2022 2021 2020 2019 2018 Prior Total Commercial mortgages LTV Less than 50.00% $ 70 $ 120 $ 207 $ — $ — $ 129 $ 526 50.00% to 59.99% 149 268 158 — — 131 706 60.00% to 74.99% 113 912 123 — — 9 1,157 75.00% to 84.99% 9 — — — — 9 18 Total commercial mortgages (a) $ 341 $ 1300 $ 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 $ 1300 $ 488 $ — $ — $ 278 $ 2,407 (a) Excludes loans under development with an amortized cost and estimated fair value of $9 million. December 31, 2021 Amortized Cost by Origination Year 2021 2020 2019 2018 2017 Prior Total Commercial mortgages LTV Less than 50.00% $ 120 $ 229 $ — $ 6 $ — $ 313 $ 668 50.00% to 59.99% 267 192 — — — 11 470 60.00% to 74.99% 914 122 — — — — 1,036 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 Commercial mortgages DSCR Greater than 1.25x $ 1,301 $ 543 $ — $ 4 $ — $ 284 $ 2,132 1.00x - 1.25x — — — 2 — 31 33 Less than 1.00x — — — — — 9 9 Total commercial mortgages $ 1,301 $ 543 $ — $ 6 $ — $ 324 $ 2,174 |
Schedule of Nonaccrual Loans by Amortized Cost | Non-accrual loans by amortized cost were as follows (in millions): Amortized cost of loans on non-accrual December 31, 2022 December 31, 2021 Residential mortgage $ 64 $ 72 Commercial mortgage 9 — Total non-accrual mortgages $ 73 $ 72 |
Changes in Allowance for Expected Credit Losses on Loans | The allowances for our mortgage loan portfolio is summarized as follows (in millions): Year ended December 31, 2022 Year ended December 31, 2021 Residential Mortgage Commercial Mortgage Total Residential Mortgage Commercial Mortgage Total Beginning Balance $ 25 $ 6 $ 31 $ 37 $ 2 $ 39 Provision for loan losses 7 4 11 (12) 4 (8) Ending Balance $ 32 $ 10 $ 42 $ 25 $ 6 $ 31 Seven months ended December 31, 2020 Residential Mortgage Commercial Mortgage Total Beginning Balance — — — Provision for loan losses 30 2 32 For initial credit losses on purchased loans accounted for as PCD financial assets 7 — 7 Ending Balance $ 37 $ 2 $ 39 |
Schedule of Sources of Net Investment Income Reported | The major sources of Interest and investment income reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Fixed maturity securities, available-for-sale $ 1,489 $ 1,267 $ 708 Equity securities 31 23 19 Preferred securities 67 63 59 Mortgage loans 186 131 50 Invested cash and short-term investments 61 7 8 Limited partnerships 110 589 76 Tax deferred property exchange income 103 16 33 Other investments 41 32 25 Gross investment income 2,088 2,128 978 Investment expense (197) (167) (78) Interest and investment income $ 1,891 $ 1,961 $ 900 |
Recognized Gains and Losses, net | Details underlying Recognized gains and losses, net reported on the accompanying Consolidated Statements of Earnings were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Net realized (losses) gains on fixed maturity available-for-sale securities $ (253) $ 111 $ 102 Net realized/unrealized (losses) gains on equity securities (2) (386) (434) 241 Net realized/unrealized (losses) gains on preferred securities (3) (230) (14) 15 Realized (losses) gains on other invested assets (68) 8 (25) Change in allowance for expected credit losses (41) 8 (37) Derivatives and embedded derivatives: Realized (losses) gains on certain derivative instruments (164) 456 76 Unrealized (losses) gains on certain derivative instruments (693) 159 161 Change in fair value of reinsurance related embedded derivatives (1) 352 34 (53) Change in fair value of other derivatives and embedded derivatives (10) 6 8 Realized (losses) gains on derivatives and embedded derivatives (515) 655 192 Recognized gains and losses, net $ (1,493) $ 334 $ 488 (1) 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. (2) Includes net valuation (losses) gains of $(387) million, $(436) million and $248 million for the years ended December 31, 2022, 2021, and 2020 respectively. |
Impact of Adoption of ASU on P&L | |
Proceeds from Sale of Fixed Maturity Available-for-sale Securities | The proceeds from the sale of fixed-maturity securities and the gross gains and losses associated with those transactions were as follows (in millions): Year ended December 31, 2022 December 31, 2021 December 31, 2020 Proceeds $ 3,264 $ 4,749 $ 1,946 Gross gains 14 158 116 Gross losses (252) (49) (12) |
Schedule of Carrying Value and Maximum Loss Exposure, Unconsolidated VIEs | The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs: December 31, 2022 December 31, 2021 Carrying Value Maximum Loss Exposure Carrying Value Maximum Loss Exposure Investments in unconsolidated affiliates $ 2,427 $ 4,030 $ 2,350 $ 3,496 Fixed maturity securities 15,680 17,404 12,382 12,802 Total unconsolidated VIE investments $ 18,107 $ 21,434 $ 14,732 $ 16,298 |
Schedule of Investment Concentrations | Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions): December 31, 2022 Blackstone Wave Asset Holdco (1) $ 741 __________________ (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. 2022 2021 2020 Texas 15.0 % 13.0 % 12.3 % California 12.0 % 14.6 % 15.2 % Florida 10.6 % 9.3 % 8.6 % Illinois 5.3 % 5.1 % 5.0 % Pennsylvania 5.2 % 5.1 % 4.8 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The carrying amounts of derivative instruments, including derivative instruments embedded in FIA and IUL contracts, and reinsurance is as follows (in millions): December 31, 2022 December 31, 2021 Assets: Derivative investments: Call options $ 244 $ 816 Other long-term investments: Other embedded derivatives 23 33 Prepaid expenses and other assets: Reinsurance related embedded derivatives 279 — $ 546 $ 849 Liabilities: Contractholder funds: FIA/ IUL embedded derivatives $ 3,115 $ 3,883 Accounts payable and accrued liabilities: Reinsurance related embedded derivatives — 73 $ 3,115 $ 3,956 |
Derivative Instruments, Gain (Loss) | The change in fair value of derivative instruments included within Recognized gains and losses, net, in the accompanying Consolidated Statements of Earnings is as follows (in millions): Year Ended Seven Months Ended December 31, 2022 December 31, 2021 December 31, 2020 Net investment gains (losses): Call options $ (862) $ 597 $ 229 Futures contracts (7) 8 15 Foreign currency forwards 12 10 (7) Other derivatives and embedded derivatives (10) 5 8 Reinsurance related embedded derivatives 352 34 (53) Total net investment gains $ (515) $ 654 $ 192 Benefits and other changes in policy reserves: FIA/ IUL embedded derivatives increase (decrease) $ (768) $ 479 $ 552 |
Information Regarding Exposure to Credit Loss on Call Options Held | December 31, 2022 Counterparty Credit Rating Notional Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,563 $ 23 $ — $ 23 Morgan Stanley */Aa3/A+ 1,699 14 19 — Barclay's Bank A+/A1/A 6,049 65 59 6 Canadian Imperial Bank of Commerce AA/Aa2/A+ 5,169 68 64 4 Wells Fargo A+/A1/BBB+ 1,361 17 17 — Goldman Sachs A/A2/BBB+ 1,133 9 10 — Credit Suisse BBB+/A3/A- 1,039 5 5 — Truist A+/A2/A 2,489 35 36 — Citibank A+/Aa3/A+ 795 8 9 — Total $ 23,297 $ 244 $ 219 $ 33 December 31, 2021 Counterparty Credit Rating (Fitch/Moody's/S&P)(1) Notional Amount Fair Value Collateral Net Credit Risk Merrill Lynch AA/*/A+ $ 3,307 $ 128 $ 86 $ 42 Morgan Stanley */Aa3/A+ 2,184 86 92 — Barclay's Bank A+/A1/A 5,197 231 233 — Canadian Imperial Bank of Commerce AA/Aa2/A+ 2,936 147 151 — Wells Fargo A+/A1/BBB+ 2,445 89 90 — Goldman Sachs A/A2/BBB+ 307 10 10 — Credit Suisse A/A1/A+ 1,485 74 75 — Truist A+/A2/A 1,543 51 53 — Total $ 19,404 $ 816 $ 790 $ 42 (1) An * represents credit ratings that were not available. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consists of the following: December 31, 2022 December 31, 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 444 443 Revolving Credit Facility (3) (4) F&G Credit Agreement 547 — 5.50% F&G Notes 567 577 $ 3,238 $ 3,096 B. Notes Payable Notes payable consist of the following: December 31, 2022 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 443 443 Revolving credit facility (3) (4) $ 2,123 $ 2,519 |
Schedule of Principal Maturities of Notes Payable | Gross principal maturities of notes payable at December 31, 2022 are as follows (in millions): 2023 $ 550 2024 — 2025 550 2026 — 2027 — Thereafter 2,150 $ 3,250 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unfunded Commitments | A summary of unfunded commitments by invested asset class is included below: December 31, 2022 December 31, 2021 Asset Type (In millions) Unconsolidated VIEs: Limited partnerships $ 1,603 $ 1,146 Whole loans 419 589 Fixed maturity securities, ABS 201 306 Other fixed maturity securities, AFS 48 119 Other assets 120 156 Commercial mortgage loans 36 44 Residential mortgage loans 2 — Committed amounts included in liabilities 1 $ — Total $ 2,430 $ 2,360 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Summarized financial information concerning our reportable segments is shown in the following tables. On June 1, 2020, we completed our acquisition of F&G. As a result, the year ended December 31, 2020 includes seven months of activity from our F&G segment. As of and for the year ended December 31, 2022: Title F&G Corporate and Other Total (In millions) Title premiums $ 6,834 $ — $ — $ 6,834 Other revenues 2,502 1,695 127 4,324 Revenues from external customers 9,336 1,695 127 11,158 Interest and investment income, including recognized gains and losses (230) 645 (17) 398 Total revenues 9,106 2,340 110 11,556 Depreciation and amortization 142 329 25 496 Interest expense — 29 86 115 Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates 1,090 598 (153) 1,535 Income tax expense (benefit) 298 117 (17) 398 Earnings (loss) before equity in earnings (loss) of unconsolidated affiliates 792 481 (136) 1,137 Equity in earnings of unconsolidated affiliates 15 — — 15 Net earnings (loss) from continuing operations $ 807 $ 481 $ (136) $ 1,152 Assets $ 8,295 $ 55,077 $ 2,217 $ 65,589 Goodwill 2,620 1,756 266 4,642 As of and for the year ended December 31, 2021: Title F&G Corporate and Other Total (In millions) Title premiums $ 8,553 $ — $ — $ 8,553 Other revenues 3,228 1,395 172 4,795 Revenues from external customers 11,781 1,395 172 13,348 Interest and investment income, including recognized gains and losses (284) 2,567 12 2,295 Total revenues 11,497 3,962 184 15,643 Depreciation and amortization 138 484 23 645 Interest expense — 29 85 114 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 2,136 1,077 (130) 3,083 Income tax expense (benefit) 511 220 (18) 713 Earnings (loss) before equity in earnings of unconsolidated affiliates 1,625 857 (112) 2,370 Equity in earnings of unconsolidated affiliates 58 — 6 64 Net earnings (loss) $ 1,683 $ 857 $ (106) $ 2,434 Assets $ 9,663 $ 48,730 $ 2,297 $ 60,690 Goodwill 2,517 1,756 266 4,539 As of and for the year ended December 31, 2020: Title F&G Corporate and Other Total (In millions) Title premiums $ 6,298 $ — $ — $ 6,298 Other revenues 2,782 138 172 3,092 Revenues from external customers 9,080 138 172 9,390 Interest and investment income, including recognized gains and losses 294 1,095 (1) 1,388 Total revenues 9,374 1,233 171 10,778 Depreciation and amortization 149 123 24 296 Interest expense 1 18 71 90 Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates 1,878 86 (180) 1,784 Income tax expense (benefit) 432 (75) (35) 322 Earnings (loss) before equity in earnings of unconsolidated affiliates 1,446 161 (145) 1,462 Equity in earnings of unconsolidated affiliates 14 — 1 15 Net earnings (loss) $ 1,460 $ 161 $ (144) $ 1,477 Assets $ 9,211 $ 39,714 $ 1,530 $ 50,455 Goodwill 2,478 1,751 266 4,495 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities. Year Ended December 31, 2022 2021 2020 (In millions) Cash paid for: Interest $ 125 $ 112 $ 73 Income taxes 387 653 315 Deferred sales inducements 87 90 46 Non-cash investing and financing activities: Equity financing associated with the acquisition of F&G $ — $ — $ 609 Distribution of 15% of the common stock of F&G 320 — — Investments received from pension risk transfer premiums — 316 — Change in proceeds of sales of investments available for sale receivable in period 96 (160) (4) Change in purchases of investments available for sale payable in period (25) 18 14 Lease liabilities recognized in exchange for lease right-of-use assets 70 47 44 Remeasurement of lease liabilities 60 87 48 Liabilities assumed in connection with acquisitions (excluding F&G)(1) Fair value of assets acquired 266 85 32 Less: Total Purchase price 180 59 24 Liabilities and noncontrolling interests assumed $ 86 $ 26 $ 8 (1) For further information related to the acquisition of F&G, refer to Note B Acquisitions Year Ended December 31, 2022 2021 2020 (In millions) Cash paid during the year: Interest paid $ 95 $ 81 $ 58 Income tax payments 459 609 317 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Our revenue consists of: Year Ended December 31, 2022 2021 2020 Revenue Stream Income Statement Classification Segment Total Revenue Revenue from insurance contracts: (In millions) Direct title insurance premiums Direct title insurance premiums Title $ 2,858 $ 3,571 $ 2,699 Agency title insurance premiums Agency title insurance premiums Title 3,976 4,982 3,599 Life insurance premiums, insurance and investment product fees, and other (1) Escrow, title-related and other fees F&G 1,695 1,395 138 Home warranty Escrow, title-related and other fees Title 165 185 181 Total revenue from insurance contracts 8,694 10,133 6,617 Revenue from contracts with customers: Escrow fees Escrow, title-related and other fees Title 980 1,395 1,170 Other title-related fees and income Escrow, title-related and other fees Title 752 888 724 ServiceLink, excluding title premiums, escrow fees, and subservicing fees Escrow, title-related and other fees Title 342 396 368 Real estate technology Escrow, title-related and other fees Corporate and other 158 142 112 Real estate brokerage Escrow, title-related and other fees Corporate and other — — 25 Total revenue from contracts with customers 2,232 2,821 2,399 Other revenue: Loan subservicing revenue Escrow, title-related and other fees Title 263 364 338 Other Escrow, title-related and other fees Corporate and other (31) 30 36 Interest and investment income Interest and investment income Various 1,891 1,961 900 Recognized gains and losses, net Recognized gains and losses, net Various (1,493) 334 488 Total revenues Total revenues $ 11,556 $ 15,643 $ 10,778 (1) Includes $1,362 and 1,146 of life-contingent pension risk transfer premiums in 2022 and 2021, respectively. |
Information about Trade Receivables and Deferred Revenue | The following table provides information about trade receivables and deferred revenue: December 31, 2022 December 31, 2021 (In millions) Trade receivables $ 349 $ 524 Deferred revenue (contract liabilities) 296 144 |
Premium, Annuity Deposits and Funding Agreements (Net of Reinsurance) By Type | Premiums, annuity deposits (net of reinsurance) and funding agreements, which are not included as revenues in the accompanying Consolidated Statements of Earnings, collected by product type were as follows: Year ended December 31, 2022 December 31, 2021 December 31, 2020 Product Type (In millions) Fixed indexed annuities 4,483 4,420 $ 1,966 Fixed rate annuities 1,522 878 631 Funding agreements (FABN/FHLB) 1,891 2,658 100 Life insurance and other (a) 446 329 152 Total $ 8,342 $ 8,285 $ 2,849 (a) Life insurance and other primarily includes indexed universal life insurance. |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of changes in the carrying amounts of VOBA, DAC and DSI Intangible Assets | A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets are as follows (in millions): VOBA DAC DSI Total Balance at January 1, 2022 $ 1,185 $ 761 $ 88 $ 2,034 Purchase price allocation adjustments — — — Deferrals — 727 87 814 Amortization (203) (107) (43) (353) Interest 25 30 2 57 Unlocking (5) (4) 5 (4) Adjustment for net unrealized investment (gains) losses 662 182 68 912 Balance at December 31, 2022 $ 1,664 $ 1,589 $ 207 $ 3,460 VOBA DAC DSI Total Balance at January 1, 2021 $ 1,466 $ 222 $ 36 $ 1,724 Purchase price allocation adjustments 61 — — 61 Deferrals — 585 90 675 Amortization (436) (46) (35) (517) Interest 30 13 1 44 Unlocking 13 1 (2) 12 Adjustment for net unrealized investment (losses) gains 51 (14) (2) 35 Balance at December 31, 2021 $ 1,185 $ 761 $ 88 $ 2,034 Other intangible assets as of December 31, 2022 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 916 $ (713) $ 203 10 Computer software 537 (341) 196 2 to 10 Value of distribution asset (VODA) 140 (40) 100 15 Definite lived trademarks, tradenames, and other 56 (41) 15 10 Indefinite lived tradenames and other 60 N/A 60 Indefinite Total $ 574 Other intangible assets as of December 31, 2021 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 803 $ (651) $ 152 10 Computer software 488 (307) 181 2 to 10 Value of distribution Asset (VODA) 140 (25) 115 15 Definite lived trademarks, tradenames, and other 49 (33) 16 10 Indefinite lived tradenames and other 59 N/A 59 Indefinite Total $ 523 |
Estimated Amortization Expense for VOBA in Future Fiscal Periods | For the in-force liabilities as of December 31, 2022, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions): Estimated Amortization Expense Fiscal Year 2023 $ (53) 2024 172 2025 151 2026 133 2027 129 Thereafter 702 |
Schedule of Other Indefinite-Lived Intangible Assets | Other intangible assets as of December 31, 2022 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 916 $ (713) $ 203 10 Computer software 537 (341) 196 2 to 10 Value of distribution asset (VODA) 140 (40) 100 15 Definite lived trademarks, tradenames, and other 56 (41) 15 10 Indefinite lived tradenames and other 60 N/A 60 Indefinite Total $ 574 Other intangible assets as of December 31, 2021 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 803 $ (651) $ 152 10 Computer software 488 (307) 181 2 to 10 Value of distribution Asset (VODA) 140 (25) 115 15 Definite lived trademarks, tradenames, and other 49 (33) 16 10 Indefinite lived tradenames and other 59 N/A 59 Indefinite Total $ 523 |
Definite and Indefinite Lived Other Intangible Assets | A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets are as follows (in millions): VOBA DAC DSI Total Balance at January 1, 2022 $ 1,185 $ 761 $ 88 $ 2,034 Purchase price allocation adjustments — — — Deferrals — 727 87 814 Amortization (203) (107) (43) (353) Interest 25 30 2 57 Unlocking (5) (4) 5 (4) Adjustment for net unrealized investment (gains) losses 662 182 68 912 Balance at December 31, 2022 $ 1,664 $ 1,589 $ 207 $ 3,460 VOBA DAC DSI Total Balance at January 1, 2021 $ 1,466 $ 222 $ 36 $ 1,724 Purchase price allocation adjustments 61 — — 61 Deferrals — 585 90 675 Amortization (436) (46) (35) (517) Interest 30 13 1 44 Unlocking 13 1 (2) 12 Adjustment for net unrealized investment (losses) gains 51 (14) (2) 35 Balance at December 31, 2021 $ 1,185 $ 761 $ 88 $ 2,034 Other intangible assets as of December 31, 2022 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 916 $ (713) $ 203 10 Computer software 537 (341) 196 2 to 10 Value of distribution asset (VODA) 140 (40) 100 15 Definite lived trademarks, tradenames, and other 56 (41) 15 10 Indefinite lived tradenames and other 60 N/A 60 Indefinite Total $ 574 Other intangible assets as of December 31, 2021 consist of the following (in millions): Cost Accumulated amortization Net carrying amount Weighted average useful life (years) Customer relationships and contracts $ 803 $ (651) $ 152 10 Computer software 488 (307) 181 2 to 10 Value of distribution Asset (VODA) 140 (25) 115 15 Definite lived trademarks, tradenames, and other 49 (33) 16 10 Indefinite lived tradenames and other 59 N/A 59 Indefinite Total $ 523 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill consists of the following: Title F&G Corporate and Other Total (In millions) Balance, December 31, 2020 $ 2,478 $ 1,751 $ 266 $ 4,495 Goodwill associated with acquisitions 38 — — 38 Adjustments to prior year acquisitions $ 1 $ 5 $ — 6 Balance, December 31, 2021 $ 2,517 $ 1,756 $ 266 $ 4,539 Goodwill associated with acquisitions 103 — — 103 Balance, December 31, 2022 $ 2,620 $ 1,756 $ 266 $ 4,642 |
F&G Reinsurance (Tables)
F&G Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Reinsurance Disclosures [Abstract] | |
Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes | The effect of reinsurance on net premiums earned and net benefits incurred (benefits paid and reserve changes) for the years ended December 31, 2022 and December 31, 2021, and the seven months ended December 31, 2020 were as follows (in millions): Year Ended Seven months ended December 31, 2022 December 31, 2021 December 31, 2020 Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Net Premiums Earned Net Benefits Incurred Direct $ 1,522 $ 3,671 $ 1,314 $ 3,282 $ 108 $ 976 Assumed — — — — — 1 Ceded (128) (2,546) (137) (1,144) (85) (111) Net $ 1,394 $ 1,125 $ 1,177 $ 2,138 $ 23 $ 866 |
Regulation and Equity (Tables)
Regulation and Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Statutory Accounting Practices Disclosure | Statutory net income and statutory capital and surplus of our wholly owned U.S regulated insurance subsidiaries were as follows (in millions): Subsidiary (state of domicile) (a) FGL Insurance (IA) FGL NY Insurance (NY) Raven Re (VT) Statutory Net income (loss): Year ended December 31, 2022 $ (243) $ (15) $ (111) Year ended December 31, 2021 351 4 3 Statutory Capital and Surplus: December 31, 2022 $ 1,877 $ 82 $ 121 December 31, 2021 1,473 99 115 (a) FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Future Payments Under Operating Lease Arrangements | Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2022 are as follows (in millions): 2023 $ 147 2024 116 2025 74 2026 51 2027 26 Thereafter 35 Total operating lease payments, undiscounted $ 449 Less: present value discount 31 Lease liability, at present value $ 418 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: December 31, 2022 2021 (In millions) Furniture, fixtures and equipment $ 235 $ 239 Data processing equipment 212 210 Leasehold improvements 118 121 Buildings 84 79 Land 14 14 Other 7 5 Total property and equipment, gross 670 668 Accumulated depreciation and amortization (491) (483) Total property and equipment, net $ 179 $ 185 |
Accounts Payable and Other Ac_2
Accounts Payable and Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Other Accrued Liabilities | Accounts payable and other accrued liabilities consist of the following: December 31, 2022 2021 (In millions) Salaries and incentives $ 390 $ 537 Accrued benefits 408 447 Deferred revenue 296 144 Contingent consideration - acquisitions 47 30 Trade accounts payable 156 129 Accrued recording fees and transfer taxes 12 14 Accrued premium taxes 20 59 Liability for policy and contract claims 109 109 Retained asset account 117 148 Remittances and items not allocated 225 39 Option collateral liabilities 178 576 Funds withheld embedded derivative — 73 Other accrued liabilities 394 391 $ 2,352 $ 2,696 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Income tax (benefit) expense on continuing operations consists of the following: Year Ended December 31, 2022 2021 2020 (In millions) Current $ 331 $ 656 $ 379 Deferred 67 57 (57) $ 398 $ 713 $ 322 |
Schedule of Components of Income Tax Expense (Benefit) | Total income tax expense was allocated as follows: Year Ended December 31, 2022 2021 2020 (In millions) Net earnings from continuing operations $ 398 $ 713 $ 322 Other comprehensive (loss) earnings: Unrealized (loss) gain on investments and other financial instruments (947) (141) 332 Unrealized (loss) gain on foreign currency translation and cash flow hedging (4) — 1 Other comprehensive earnings attributable to noncontrolling interest 8 — — Minimum pension liability adjustment 2 (2) 4 Total income tax (benefit) expense allocated to other comprehensive earnings (941) (143) 337 Total income taxes $ (543) $ 570 $ 659 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory rate to our effective tax rate is as follows: Year Ended December 31, 2022 2021 2020 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 2.2 1.6 2.5 Stock compensation (0.1) (0.2) (0.3) Tax credits (0.7) (0.2) (0.4) Consolidated partnerships (0.2) (0.1) (0.3) Tax gain on parent shares held (1.0) 0.5 — Valuation allowance for deferred tax assets 6.1 (0.3) (3.0) Change in tax status benefit — — (2.0) Benefit on Capital Loss Carryback (1.5) — — Non-deductible expenses and other, net 0.1 0.8 0.5 Effective tax rate 25.9 % 23.1 % 18.0 % |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities consist of the following: December 31, 2022 2021 (In millions) Deferred Tax Assets: Employee benefit accruals $ 103 $ 111 Net operating loss carryforwards 38 27 Derivatives 67 — Accrued liabilities 5 1 Allowance for uncollectible accounts receivable 5 5 Pension plan 1 2 Tax credits 74 77 State income taxes 5 8 Investment securities 952 — Capital loss carryover 8 41 Life insurance and claim related adjustments 669 854 Funds held under reinsurance agreements 37 52 Other 21 33 Total gross deferred tax asset 1,985 1,211 Less: valuation allowance 151 33 Total deferred tax asset $ 1,834 $ 1,178 Deferred Tax Liabilities: Title plant $ (53) $ (52) Amortization of goodwill and intangible assets (117) (140) Other (2) (2) Investment securities — (401) Depreciation (32) (29) Partnerships (122) (182) Value of business acquired (350) (249) Derivatives — (68) Deferred acquisition costs (243) (102) Transition reserve on new reserve method (25) (34) Funds held under reinsurance agreements (183) (74) Title Insurance reserve discounting (31) (50) Total deferred tax liability $ (1,158) $ (1,383) Net deferred tax asset (liability) $ 676 $ (205) |
Reconciliation of Beginning and Ending Unrecognized Tax Benefits | A reconciliation of the beginning and ending unrecognized tax benefits is as follows: Year ended December 31, 2022 2021 (In millions) Beginning balance $ 60 $ 64 Additions based on positions taken in current year 1 — Reductions related to statute of limitation lapses and audit payments (61) (4) Ending balance $ — $ 60 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Stock Options Transactions | FNF stock option transactions under the Omnibus Plan for 2022 , 2021, and 2020 are as follows: Options Weighted Average Exercisable Balance, January 1, 2020 5,530,125 $ 20.88 5,530,125 Exercised (3,208,712) 18.45 Balance, December 31, 2020 2,321,413 $ 24.24 2,321,413 Exercised (1,325,300) 23.28 Balance, December 31, 2021 996,113 $ 25.53 996,113 Exercised (996,113) 25.53 Balance, December 31, 2022 — $ — — FNF stock option transactions under the F&G Omnibus Plan for 2022, 2021 , and 2020 are as follows: Options Weighted Average Exercisable Balance January 1, 2020 — $ — — Options assumed in connection with F&G acquisition 2,411,585 36.04 Exercised (109,159) 27.64 Canceled (299,736) 38.41 Balance, December 31, 2020 2,002,690 $ 36.14 1,021,671 Exercised (474,754) 36.68 Canceled — — Balance, December 31, 2021 1,527,936 $ 35.97 1,072,584 Exercised (352,614) 38.79 Canceled (2,715) 28.00 Balance, December 31, 2022 1,172,607 $ 35.15 1,172,607 |
Schedule of Restricted Stock Transactions | FNF restricted stock transactions under the Omnibus Plan in 2022 , 2021, and 2020 are as follows: Shares Weighted Average Grant Date Fair Value Balance, December 31, 2019 1,517,176 $ 38.90 Granted 1,006,058 33.40 Canceled (11,604) 38.93 Vested (795,075) 37.60 Balance, December 31, 2020 1,716,555 $ 36.26 Granted 772,189 48.27 Canceled (7,577) 37.20 Vested (841,941) 36.15 Balance, December 31, 2021 1,639,226 $ 41.97 Granted 994,548 40.83 Vested (792,230) 41.44 Balance, December 31, 2022 1,841,544 $ 41.59 FNF restricted stock transactions under the F&G Omnibus Plan in 2022, 2021 , 2020 are as follows: Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 — $ — Granted 474,025 34.13 Canceled (24,155) 34.47 Balance, December 31, 2020 449,870 $ 34.11 Granted 311,081 48.28 Canceled (12,437) 33.40 Vested (29,873) 34.59 Balance, December 31, 2021 718,641 $ 40.24 Granted — — Canceled (78,551) 37.79 Vested (138,542) 34.11 Balance, December 31, 2022 501,548 $ 42.31 |
Schedule of Stock Options Outstanding and Exercisable | The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2022 : Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Weighted Remaining Average Remaining Average Range of Number of Contractual Exercise Intrinsic Number of Contractual Exercise Intrinsic Exercise Prices Options Life Price Value Options Life Price Value (In years) (In millions) (In years) (In millions) $0.00 - $27.53 359,510 2.98 $ 27.53 $ 4 359,510 2.98 $ 27.53 $ 4 $27.54 - $28.00 43,019 3.32 28.00 — 43,019 3.32 28.00 — $28.01 - $39.10 770,078 2.62 39.10 — 770,078 2.62 39.10 — 1,172,607 $ 4 1,172,607 $ 4 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedules of Title Insurance Premiums as a Percentage of Total Title Insurance Premiums Written | Our underlying investment concentrations that exceed 10% of shareholders equity are as follows (in millions): December 31, 2022 Blackstone Wave Asset Holdco (1) $ 741 __________________ (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. 2022 2021 2020 Texas 15.0 % 13.0 % 12.3 % California 12.0 % 14.6 % 15.2 % Florida 10.6 % 9.3 % 8.6 % Illinois 5.3 % 5.1 % 5.0 % Pennsylvania 5.2 % 5.1 % 4.8 % |
Net Income Attributable to FN_2
Net Income Attributable to FNF Common Shareholders and Change in Total Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of the Effect of the Change in Ownership Percentage in ServiceLink | The following table presents the effect of the change in our ownership percentage in F&G and ServiceLink on equity attributable to FNF: Year ended December 31, 2022 2021 2020 (In millions) Net earnings attributable to FNF common shareholders $ 1,136 $ 2,422 $ 1,427 Decrease in additional paid-in capital for decrease in ownership of F&G (19) — — Decrease in retained earnings for decrease in ownership of F&G (301) — — Increase in accumulated comprehensive earnings for decrease in ownership of F&G 29 — — Increase in additional paid-in capital for increase in ownership percentage in ServiceLink — — 211 Decrease in noncontrolling interests resulting from increased ownership in ServiceLink — — 47 Net transfers (to) from noncontrolling interests (291) — 258 Change in net earnings and equity attributable to FNF common shareholders $ 845 $ 2,422 $ 1,685 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets | SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) BALANCE SHEETS December 31, 2022 2021 (In millions, except share data) ASSETS Cash $ 406 $ 1,515 Short-term investments 533 — Other long-term investments 35 52 Equity securities, at fair value 1 7 Investment in unconsolidated affiliates 3 9 Notes receivable 303 696 Investments in and amounts due from subsidiaries 6,794 10,215 Property and equipment, net 2 2 Prepaid expenses and other assets 243 275 Total assets $ 8,320 $ 12,771 LIABILITIES AND EQUITY Liabilities: Accounts payable and other accrued liabilities $ 291 $ 344 Income taxes payable — 72 Deferred tax liability 71 206 Notes payable 2,123 2,519 Total liabilities 2,485 3,141 Equity: FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 279,064,457 and 290,533,141 as of December 31, 2022 and December 31, 2021, respectively, and issued of 327,757,349 and 325,486,429 as of December 31, 2022 and December 31, 2021, respectively — — Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none — — Additional paid-in capital 5,876 5,811 Retained earnings 4,714 4,369 Accumulated other comprehensive earnings (2,862) 779 Less: Treasury stock, 48,692,892 shares and 34,953,288 shares as of December 31, 2022 and December 31, 2021, respectively, at cost (1,893) (1,329) Total equity of Fidelity National Financial, Inc. common shareholders 5,835 9,630 Total liabilities and equity $ 8,320 $ 12,771 |
Statement of Earnings and Retained Earnings | SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF EARNINGS AND RETAINED EARNINGS Year Ended December 31, 2022 2021 2020 (In millions, except per share data) Revenues: Other fees and revenue $ (37) $ 24 $ 32 Interest and investment income and realized gains 43 17 25 Realized gains and losses, net (42) 12 (6) Total revenues (36) 53 51 Expenses: Personnel expenses (11) 54 58 Other operating expenses 16 25 60 Interest expense 92 87 71 Total expenses 97 166 189 Losses before income tax benefit and equity in earnings of subsidiaries (133) (113) (138) Income tax benefit (33) (27) (33) Losses before equity in earnings of subsidiaries (100) (86) (105) Equity in earnings of subsidiaries 1,236 2,500 1,557 Earnings from continuing operations 1,136 2,414 1,452 Equity in earnings of discontinued operations — 8 (25) Net earnings attributable to Fidelity National Financial, Inc. common shareholders $ 1,136 $ 2,422 $ 1,427 Retained earnings, beginning of year $ 4,369 $ 2,394 $ 1,356 Dividends declared (490) (447) (389) Distribution of F&G to FNF common shareholders (301) — — Net earnings attributable to Fidelity National Financial, Inc. common shareholders 1,136 2,422 1,427 Retained earnings, end of year $ 4,714 $ 4,369 $ 2,394 |
Statements Of Cash Flows | SCHEDULE II FIDELITY NATIONAL FINANCIAL, INC. (Parent Company) STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 (In millions) Cash Flows From Operating Activities: Net earnings $ 1,136 $ 2,422 $ 1,427 Adjustments to reconcile net earnings to net cash provided by operating activities: Equity in earnings of unconsolidated affiliates — (6) (1) Impairment of assets — — 1 Equity in earnings of subsidiaries (1,236) (2,500) (1,742) Depreciation and amortization 1 1 1 Stock-based compensation 48 43 39 Net change in income taxes 748 65 (1) Net (increase) decrease in prepaid expenses and other assets 41 (14) (15) Net increase in accounts payable and other accrued liabilities (50) 36 26 Net cash provided by (used in) operating activities 688 47 (265) Cash Flows From Investing Activities: Purchases of investments available for sale — (52) — Net purchases of short-term investment activities (509) (6) 564 Acquisition of F&G (net of cash acquired) — — (1,076) Additions to notes receivable (87) (400) (3) Collection of notes receivable 79 120 89 Distributions from unconsolidated affiliates — — — Additional investments in unconsolidated affiliates — — (1) Net cash used in investing activities (517) (338) (427) Cash Flows From Financing Activities: Borrowings — 449 2,246 Debt service payments (400) — (1,000) Debt issuance costs — (6) (22) Dividends paid (489) (446) (389) Purchases of treasury stock (553) (463) (236) Exercise of stock options 39 48 62 Payment for shares withheld for taxes and in treasury (15) (17) (9) Additional investments in non-controlling interests (2) — (90) Other financing activity — — 1 Net dividends from subsidiaries 140 1,266 539 Net cash provided by financing activities (1,280) 831 1,102 Net change in cash and cash equivalents (1,109) 540 410 Cash at beginning of year 1,515 975 565 Cash at end of year $ 406 $ 1,515 $ 975 See Notes to Financial Statements |
Schedule of Notes Payable | Notes payable consists of the following: December 31, 2022 December 31, 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 444 443 Revolving Credit Facility (3) (4) F&G Credit Agreement 547 — 5.50% F&G Notes 567 577 $ 3,238 $ 3,096 B. Notes Payable Notes payable consist of the following: December 31, 2022 2021 (In millions) 4.50% Notes, net of discount $ 445 $ 444 5.50% Notes, net of discount — 400 3.40% Notes, net of discount 644 643 2.45% Notes, net of discount 594 593 3.20% Notes, net of discount 443 443 Revolving credit facility (3) (4) $ 2,123 $ 2,519 |
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to certain cash payment and non-cash investing and financing activities. Year Ended December 31, 2022 2021 2020 (In millions) Cash paid for: Interest $ 125 $ 112 $ 73 Income taxes 387 653 315 Deferred sales inducements 87 90 46 Non-cash investing and financing activities: Equity financing associated with the acquisition of F&G $ — $ — $ 609 Distribution of 15% of the common stock of F&G 320 — — Investments received from pension risk transfer premiums — 316 — Change in proceeds of sales of investments available for sale receivable in period 96 (160) (4) Change in purchases of investments available for sale payable in period (25) 18 14 Lease liabilities recognized in exchange for lease right-of-use assets 70 47 44 Remeasurement of lease liabilities 60 87 48 Liabilities assumed in connection with acquisitions (excluding F&G)(1) Fair value of assets acquired 266 85 32 Less: Total Purchase price 180 59 24 Liabilities and noncontrolling interests assumed $ 86 $ 26 $ 8 (1) For further information related to the acquisition of F&G, refer to Note B Acquisitions Year Ended December 31, 2022 2021 2020 (In millions) Cash paid during the year: Interest paid $ 95 $ 81 $ 58 Income tax payments 459 609 317 |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies - Recent Developments (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 21, 2023 USD ($) | Jan. 06, 2023 USD ($) | Jan. 01, 2023 USD ($) | Dec. 19, 2022 USD ($) | Dec. 01, 2022 | Sep. 01, 2022 USD ($) | Aug. 09, 2022 USD ($) county | Nov. 30, 2017 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Jan. 13, 2023 USD ($) | Nov. 22, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||||||||||
Dividend to shareholders, pro rata percentage of common stock | 15% | |||||||||||||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||
Outstanding debt | $ 3,238 | $ 3,096 | ||||||||||||
Net partial paydown of debt | 404 | 0 | $ 1,000 | |||||||||||
Revolving Credit Facility | Investment in affiliate | Corporate Revolver | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Line of credit facility | $ 100 | |||||||||||||
Basis spread on variable rate (as percent) | 4.50% | |||||||||||||
Term of automatic extension | 5 years | |||||||||||||
Revolving Credit Facility | Investment in affiliate | Borrowing Under Line of Credit | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Borrowing under revolver | $ 85 | |||||||||||||
AllFirst | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash paid for acquisition | $ 10 | $ 130 | ||||||||||||
Percentage of outstanding equity acquired | 6% | 74% | ||||||||||||
Counties where services are provided by acquiree | county | 121 | |||||||||||||
F&G | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership interest retained by parent | 85% | |||||||||||||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
F&G | Common Stock | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Shares of common stock of new entity received by shareholder for number of shares redeemed | 0.068 | |||||||||||||
F&G | Fidelity National Financial Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Dividend to shareholders, pro rata percentage of common stock | 15% | |||||||||||||
Subsequent Event | TitlePoint | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Cash paid for acquisition | $ 225 | |||||||||||||
7.40% FG Senior Notes | Subsequent Event | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 7.40% | |||||||||||||
7.40% FG Senior Notes | Subsequent Event | Senior Notes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Aggregate principal amount | $ 500 | |||||||||||||
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Line of credit facility | $ 550 | |||||||||||||
Outstanding debt | $ 547 | 0 | 550 | |||||||||||
Unamortized debt issuance costs | $ 3 | |||||||||||||
F&G Credit Agreement | Subsequent Event | Line of Credit | Revolving Credit Facility | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Line of credit facility | $ 665 | |||||||||||||
Net partial paydown of debt | $ 35 | |||||||||||||
Credit facility increase in borrowing capacity | $ 115 | |||||||||||||
5.50% Notes, net of discount | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||||||||||
5.50% Notes, net of discount | Senior Notes | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% | ||||||||||||
Outstanding debt | $ 0 | $ 400 | ||||||||||||
Repayment of remaining outstanding principal | $ 400 |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies - Trade and Notes Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition, Milestone Method [Line Items] | |||
Insurance commissions as percentage of agent premiums | 77.10% | 76.70% | 76.40% |
Premium due from agents, net of accrued sales commissions | $ 74 | $ 113 | |
Minimum | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Accrual for agency premiums, time lag period | 7 months | ||
Accrual for agency premiums reported within three months, percent | 66% | ||
Accrual for agency premiums reported within next three months, percent | 10% | ||
Maximum | |||
Revenue Recognition, Milestone Method [Line Items] | |||
Accrual for agency premiums, time lag period | 15 months | ||
Accrual for agency premiums reported within three months, percent | 85% | ||
Accrual for agency premiums reported within next three months, percent | 24% |
Business and Summary of Signi_6
Business and Summary of Significant Accounting Policies - Goodwill, Intangible Assets and Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Impairment of other intangible assets | $ 14 | $ 0 | $ 0 |
Minimum | Buildings | |||
Goodwill [Line Items] | |||
Property and equipment, estimated useful lives (years) | twenty | ||
Minimum | Furniture Fixture and Equipment | |||
Goodwill [Line Items] | |||
Property and equipment, estimated useful lives (years) | three | ||
Maximum | Buildings | |||
Goodwill [Line Items] | |||
Property and equipment, estimated useful lives (years) | thirty years | ||
Maximum | Furniture Fixture and Equipment | |||
Goodwill [Line Items] | |||
Property and equipment, estimated useful lives (years) | twenty-five years | ||
Title Plant | |||
Goodwill [Line Items] | |||
Impairment of indefinite-lived intangible asset | $ 1 | $ 0 | $ 0 |
Customer relationships | |||
Goodwill [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Definite lived trademarks, tradenames, and other | |||
Goodwill [Line Items] | |||
Finite-lived intangible asset, useful life (years) | 10 years | ||
Acquired finite-lived intangible assets, useful life (years) | 10 years | 10 years | |
Software | Minimum | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets, useful life (years) | 5 years | ||
Software | Maximum | |||
Goodwill [Line Items] | |||
Acquired finite-lived intangible assets, useful life (years) | 10 years |
Business and Summary of Signi_7
Business and Summary of Significant Accounting Policies - Contract Holder Funds, Future Policy Benefits and Secured Trust Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Ceded Credit Risk [Line Items] | ||
FABN program, amount outstanding | $ 2,200 | $ 1,900 |
Funds withheld for reinsurance liabilities | 3,703 | 1,676 |
FHLB collateral pledged | 3,387 | 2,469 |
Secured trust deposits | $ 862 | 934 |
Life and Annuity Insurance Product Line | Minimum | ||
Ceded Credit Risk [Line Items] | ||
Investment yield assumptions | 4.30% | |
Life and Annuity Insurance Product Line | Maximum | ||
Ceded Credit Risk [Line Items] | ||
Investment yield assumptions | 4.10% | |
PRT Annuities | Minimum | ||
Ceded Credit Risk [Line Items] | ||
Investment yield assumptions | 3.60% | |
PRT Annuities | Maximum | ||
Ceded Credit Risk [Line Items] | ||
Investment yield assumptions | 6.90% | |
Federal Home Loan Bank of Atlanta | ||
Ceded Credit Risk [Line Items] | ||
Funds withheld for reinsurance liabilities | $ 1,982 | 1,543 |
FHLB collateral pledged | $ 3,387 | $ 2,469 |
Business and Summary of Signi_8
Business and Summary of Significant Accounting Policies - Benefits and Other Changes in Policy Reserves (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Annuities | Minimum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 0.50% |
Deferred Annuities | Maximum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 6% |
IUL's | Minimum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 3% |
IUL's | Maximum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 4.80% |
Funding Agreements | Minimum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 0.90% |
Funding Agreements | Maximum | |
Ceded Credit Risk [Line Items] | |
Interest crediting rates for funds at subsidiaries | 5.20% |
Business and Summary of Signi_9
Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Antidilutive securities excluded from computation of EPS, less than, amount (shares) | 1,000,000 | 1,000,000 |
Business and Summary of Sign_10
Business and Summary of Significant Accounting Policies - Schedule of Changes in Other Comprehensive Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | $ 9,414 | ||
Reclassification adjustments | 173 | $ (123) | $ (73) |
Other comprehensive earnings | (3,814) | (402) | 1,334 |
Stockholders' equity attributable to parent, ending balance | 5,619 | 9,414 | |
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | 747 | 1,280 | 46 |
Reclassification adjustments | 173 | (123) | (73) |
Other comprehensive earnings | (3,810) | (410) | 1,307 |
Stockholders' equity attributable to parent, ending balance | (2,890) | 747 | 1,280 |
Unrealized gain (loss) relating to investments in unconsolidated affiliates | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | 43 | 21 | 18 |
Reclassification adjustments | 0 | 0 | 0 |
Other comprehensive earnings | 9 | 22 | 3 |
Stockholders' equity attributable to parent, ending balance | 52 | 43 | 21 |
Unrealized (loss) gain on foreign currency translation and cash flow hedging | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | (8) | (1) | (11) |
Reclassification adjustments | 0 | 0 | 0 |
Other comprehensive earnings | (18) | (7) | 10 |
Stockholders' equity attributable to parent, ending balance | (26) | (8) | (1) |
Minimum pension liability adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | (3) | 4 | (10) |
Reclassification adjustments | 0 | 0 | 0 |
Other comprehensive earnings | 5 | (7) | 14 |
Stockholders' equity attributable to parent, ending balance | 2 | (3) | 4 |
Accumulated Other Comprehensive Earnings (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stockholders' equity attributable to parent, beginning balance | 779 | 1,304 | 43 |
Stockholders' equity attributable to parent, ending balance | $ (2,862) | $ 779 | $ 1,304 |
Business and Summary of Sign_11
Business and Summary of Significant Accounting Policies - Redeemable Non-controlling Interest (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Jul. 29, 2020 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Initial value | $ 344 | |||
Thomas H. Lee Partners, LP and Affiliates [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Period with no public offering | 4 years | |||
Thomas H. Lee Partners, LP and Affiliates [Member] | Black Knight Financial Services, Inc. | ServiceLink Holdings, LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable non-controlling interest, ownership percentage | 35% | 21% | 35% | |
ServiceLink Holdings, LLC | ||||
Noncontrolling Interest [Line Items] | ||||
Purchase of outstanding Class A units of minority owners | $ 90 |
Business and Summary of Sign_12
Business and Summary of Significant Accounting Policies - Management Estimates (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||
Future policy benefits | $ 5,923 | $ 4,732 | ||
Intangibles assets | 3,460 | $ 2,034 | $ 1,724 | |
Change in Accounting Method Accounted for as Change in Estimate | ||||
Business Acquisition [Line Items] | ||||
Future policy benefits | 96 | $ (425) | ||
Intangibles assets | $ 47 | (136) | ||
Liability for guaranteed minimum withdrawal benefit | $ 28 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 7 Months Ended | ||||||
Dec. 19, 2022 | Aug. 09, 2022 | Aug. 26, 2020 | Jun. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 4,495 | $ 4,642 | $ 4,539 | ||||
F&G | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding equity acquired | 100% | ||||||
Cash paid for acquisition | $ 100 | $ 1,800 | |||||
Goodwill | 1,756 | ||||||
Other intangible assets | 2,107 | ||||||
Consideration transferred | $ 2,700 | ||||||
Consideration transferred (in shares) | 1 | 24 | |||||
Right to purchase and receive upon exercise in cash (in usd per share) | $ 8.18 | ||||||
Consideration, cash paid per acquiree share (in usd per share) | $ 0.0833 | ||||||
Shares converted, common and preferred (in shares) | 7 | ||||||
Goodwill expected to be tax deductible | $ 16 | ||||||
Decrease in reinsurance recoverable | 289 | ||||||
Decrease in other intangible assets | 61 | ||||||
Decrease in future policy benefits | $ 227 | ||||||
Pro forma revenues | 1,233 | ||||||
Pro forma net earning (loss) | $ 136 | ||||||
AllFirst | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of outstanding equity acquired | 6% | 74% | |||||
Cash paid for acquisition | $ 10 | $ 130 | |||||
Goodwill | 105 | ||||||
Other intangible assets | 55 | ||||||
Other long-term investments | 40 | ||||||
Other liabilities | 19 | ||||||
Noncontrolling interest | $ 46 |
Acquisitions - AllFirst Carryin
Acquisitions - AllFirst Carrying Value and Estimated Useful Lives (Details) - AllFirst $ in Millions | Aug. 09, 2022 USD ($) |
Business Acquisition [Line Items] | |
Other intangible assets | $ 55 |
Customer relationships | |
Business Acquisition [Line Items] | |
Other intangible assets | $ 46 |
Weighted average useful life (years) | 10 years |
Trademarks and licenses | |
Business Acquisition [Line Items] | |
Other intangible assets | $ 7 |
Weighted average useful life (years) | 10 years |
Noncompete Agreements | |
Business Acquisition [Line Items] | |
Other intangible assets | $ 1 |
Weighted average useful life (years) | 5 years |
Software | |
Business Acquisition [Line Items] | |
Other intangible assets | $ 1 |
Weighted average useful life (years) | 2 years |
Acquisitions - Consideration Pa
Acquisitions - Consideration Paid, F&G (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jun. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Net cash paid for F&G | $ 0 | $ 0 | $ 1,076 | |
F&G | ||||
Business Acquisition [Line Items] | ||||
Cash paid for outstanding F&G shares | $ 1,903 | |||
Less: Cash Acquired | 827 | |||
Net cash paid for F&G | 1,076 | |||
Value of FNF share consideration | 806 | |||
Value of outstanding converted equity awards attributed to services already rendered | 28 | |||
Total net consideration paid | $ 1,910 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed, F&G (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 4,642 | $ 4,539 | $ 4,495 | |
F&G | ||||
Business Acquisition [Line Items] | ||||
Derivative instruments | $ 313 | |||
Mortgage loans | 1,755 | |||
Investments in unconsolidated affiliates | 1,049 | |||
Other long-term investments | 430 | |||
Short-term investments | 37 | |||
Trade and notes receivable | 1 | |||
Reinsurance recoverable | 2,998 | |||
Goodwill | 1,756 | |||
Prepaid expenses and other assets | 379 | |||
Lease assets | 8 | |||
Other intangible assets | 2,107 | |||
Deferred tax asset | 269 | |||
Assets of discontinued operations | 2,392 | |||
Total assets acquired | 36,811 | |||
Contractholder funds | 26,451 | |||
Future policy benefits | 3,871 | |||
Accounts payable and accrued liabilities | 897 | |||
Notes payable | 589 | |||
Funds withheld for reinsurance liabilities | 816 | |||
Lease liabilities | 9 | |||
Liabilities of discontinued operations | 2,268 | |||
Total liabilities assumed | 34,901 | |||
Net assets acquired | 1,910 | |||
F&G | Fixed maturity securities | ||||
Business Acquisition [Line Items] | ||||
Securities | 22,389 | |||
F&G | Preferred securities | ||||
Business Acquisition [Line Items] | ||||
Securities | 876 | |||
F&G | Equity securities | ||||
Business Acquisition [Line Items] | ||||
Securities | $ 52 |
Acquisitions - Carrying Value a
Acquisitions - Carrying Value and Estimated Useful Lives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Value of distribution network acquired | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (in years) | 15 years | 15 years | |
F&G | |||
Property, Plant and Equipment [Line Items] | |||
Other intangible assets | $ 2,107 | ||
F&G | Value of business acquired | |||
Property, Plant and Equipment [Line Items] | |||
Other intangible assets | 1,908 | ||
F&G | Value of distribution network acquired | |||
Property, Plant and Equipment [Line Items] | |||
Other intangible assets | $ 140 | ||
Estimated Useful Life (in years) | 15 years | ||
F&G | Trademarks and licenses | |||
Property, Plant and Equipment [Line Items] | |||
Other intangible assets | $ 38 | ||
Estimated Useful Life (in years) | 10 years | ||
F&G | Software | |||
Property, Plant and Equipment [Line Items] | |||
Other intangible assets | $ 21 | ||
Estimated Useful Life (in years) | 2 years |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - F&G $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |
Total revenues | $ 10,897 |
Net earnings attributable to FNF common shareholders | $ 1,233 |
Summary of Reserve for Title _3
Summary of Reserve for Title Claim Losses - Summary (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Change in insurance recoverable | $ (149) | $ (4) | $ (40) |
Title | |||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Beginning balance | 1,883 | 1,623 | 1,509 |
Change in insurance recoverable | (128) | 94 | 34 |
Claim loss provision related to: | |||
Current year | 308 | 385 | 283 |
Prior years | 0 | 0 | 0 |
Total title claim loss provision | 308 | 385 | 283 |
Claims paid, net of recoupments related to: | |||
Current year | (21) | (14) | (11) |
Prior years | (232) | (205) | (192) |
Total title claims paid, net of recoupments | (253) | (219) | (203) |
Ending balance of claim loss reserve for title insurance | $ 1,810 | $ 1,883 | $ 1,623 |
Provision for title insurance claim losses as a percentage of title insurance premiums | 4.50% | 4.50% | 4.50% |
Summary of Reserve for Title _4
Summary of Reserve for Title Claim Losses - Narrative (Details) - Pending Litigation - USD ($) $ in Millions | Nov. 02, 2020 | Sep. 03, 2020 | Jul. 07, 2020 | Dec. 13, 2019 |
Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 250 | |||
Banc of California, National Association v. Laurie Peterson | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 35 | |||
Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 250 | |||
CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 12 | |||
Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 250 | |||
CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co. | ||||
Loss Contingencies [Line Items] | ||||
Plaintiffs claim losses amount | $ 12 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | $ 33,095 | $ 31,990 |
Derivative investments | 244 | 816 |
Total financial assets at fair value | 8,169 | 5,600 |
Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 2,286 | 4,360 |
Derivative investments | 0 | 0 |
Short term investments | 2,590 | 168 |
Total financial assets at fair value | 6,210 | 6,803 |
Derivatives: | ||
Total financial liabilities at fair value | 0 | 0 |
Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative investments | 244 | 816 |
Short term investments | 0 | 2 |
Total financial assets at fair value | 25,720 | 27,948 |
Derivatives: | ||
Total financial liabilities at fair value | 0 | 73 |
Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Derivative investments | 0 | 0 |
Short term investments | 0 | 321 |
Total financial assets at fair value | 8,169 | 5,600 |
Derivatives: | ||
Total financial liabilities at fair value | 3,115 | 3,883 |
Fair Value Measured at NAV | ||
Assets, Fair Value Disclosure [Abstract] | ||
Total financial assets at fair value | 47 | 48 |
Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Cash and cash equivalents | 2,286 | 4,360 |
Derivative investments | 244 | 816 |
Short term investments | 2,590 | 491 |
Total financial assets at fair value | 40,146 | 40,399 |
Derivatives: | ||
Total financial liabilities at fair value | 3,115 | 3,956 |
Reinsurance related embedded derivatives | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative investments | 0 | |
Derivatives: | ||
Derivative liability | 0 | |
Reinsurance related embedded derivatives | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative investments | 279 | |
Derivatives: | ||
Derivative liability | 73 | |
Reinsurance related embedded derivatives | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative investments | 0 | |
Derivatives: | ||
Derivative liability | 0 | |
Reinsurance related embedded derivatives | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative investments | 279 | |
Derivatives: | ||
Derivative liability | 73 | |
FIA/ IUL embedded derivatives, included in contractholder funds | Level 1 | ||
Derivatives: | ||
Derivative liability | 0 | 0 |
FIA/ IUL embedded derivatives, included in contractholder funds | Level 2 | ||
Derivatives: | ||
Derivative liability | 0 | 0 |
FIA/ IUL embedded derivatives, included in contractholder funds | Level 3 | ||
Derivatives: | ||
Derivative liability | 3,115 | 3,883 |
FIA/ IUL embedded derivatives, included in contractholder funds | Total Estimated Fair Value | ||
Derivatives: | ||
Derivative liability | 3,115 | 3,883 |
Asset-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 11,467 | 8,695 |
Asset-backed securities | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Asset-backed securities | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 5,204 | 4,736 |
Asset-backed securities | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 6,263 | 3,959 |
Asset-backed securities | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 11,467 | 8,695 |
Commercial mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 3,063 | 2,979 |
Commercial mortgage-backed securities | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Commercial mortgage-backed securities | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 3,026 | 2,944 |
Commercial mortgage-backed securities | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 37 | 35 |
Commercial mortgage-backed securities | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 3,063 | 2,979 |
Corporates | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 14,337 | 16,494 |
Corporates | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 40 | 37 |
Corporates | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 12,857 | 15,322 |
Corporates | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,440 | 1,135 |
Corporates | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 14,337 | 16,494 |
Hybrids | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 731 | 912 |
Hybrids | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 93 | 132 |
Hybrids | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 638 | 780 |
Hybrids | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Hybrids | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 731 | 912 |
Municipals | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Municipals | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,431 | 1,458 |
Municipals | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 29 | 43 |
Municipals | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,460 | 1,501 |
Residential mortgage-backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,527 | 731 |
Residential mortgage-backed securities | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Residential mortgage-backed securities | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,225 | 731 |
Residential mortgage-backed securities | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 302 | 0 |
Residential mortgage-backed securities | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 1,527 | 731 |
U.S. Government | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 271 | 394 |
U.S. Government | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 260 | 394 |
U.S. Government | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 11 | 0 |
U.S. Government | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
U.S. Government | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 271 | 394 |
Foreign Governments | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 239 | 284 |
Foreign Governments | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 0 | 0 |
Foreign Governments | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 223 | 266 |
Foreign Governments | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 16 | 18 |
Foreign Governments | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Fixed maturity securities available-for-sale | 239 | 284 |
Equity securities | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 621 | 1,206 |
Equity securities | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 0 | 0 |
Equity securities | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 10 | 9 |
Equity securities | Fair Value Measured at NAV | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 47 | 48 |
Equity securities | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 678 | 1,263 |
Preferred securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 903 | 1,401 |
Preferred securities | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 320 | 506 |
Preferred securities | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 582 | 893 |
Preferred securities | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 1 | 2 |
Preferred securities | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity securities | 903 | 1,401 |
Other long-term investments | Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other long-term investments | 0 | 0 |
Other long-term investments | Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other long-term investments | 0 | 0 |
Other long-term investments | Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other long-term investments | 71 | 78 |
Other long-term investments | Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other long-term investments | $ 71 | $ 78 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Quantitative Information of Unobservable Inputs Used for Level Three Fair Value Measurements of Financial Instruments on Recurring Basis (Detail) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 8,169 | $ 5,600 |
Liabilities, fair value | 3,115 | $ 3,883 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Liabilities, fair value | $ 3,115 | |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0 | 0 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.2390 | 0.3872 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Market value of option | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0087 | 0.0316 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0388 | 0.0005 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0473 | 0.0194 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Swap rates | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0431 | 0.0100 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 1 | 1 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 1 | 1 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Mortality multiplier | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 1 | 1 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0025 | 0.0025 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.7000 | 0.7000 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Surrender rates | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0657 | 0.0626 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0200 | 0.0200 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.2941 | 0.2326 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Partial withdrawals | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0273 | 0.0272 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0048 | 0.0043 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0144 | 0.0101 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Non-performance spread | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0130 | 0.0068 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0007 | 0.0007 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0497 | 0.0497 |
FIA embedded derivatives, included in contractholder funds | Discounted cash flow | Option cost | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
FIA/ IUL embedded derivatives, included in contractholder funds | 0.0189 | 0.0183 |
FIA embedded derivatives, included in contractholder funds | Income Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Liabilities, fair value | $ 3,883 | |
Investment in affiliate | Discounted cash flow | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.1110 | 0.1270 |
Investment in affiliate | Discounted cash flow | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.1110 | 0.1270 |
Investment in affiliate | Discounted cash flow | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.1110 | 0.1270 |
Asset-backed securities | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 5,916 | $ 3,844 |
Asset-backed securities | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.5285 | 0.5256 |
Asset-backed securities | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.1717 | 2.6070 |
Asset-backed securities | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9418 | 0.9706 |
Asset-backed securities | Third-Party Valuation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 347 | $ 115 |
Asset-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.4143 | 0.9302 |
Asset-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 2.1050 | 1.0845 |
Asset-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.6799 | 1.0495 |
Commercial mortgage-backed securities | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 20 | $ 24 |
Commercial mortgage-backed securities | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0902 | 1.2670 |
Commercial mortgage-backed securities | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0902 | 1.2670 |
Commercial mortgage-backed securities | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0902 | 1.2670 |
Commercial mortgage-backed securities | Third-Party Valuation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 17 | $ 11 |
Commercial mortgage-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.7466 | 0.9791 |
Commercial mortgage-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.8848 | 0.9791 |
Commercial mortgage-backed securities | Third-Party Valuation | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.8274 | 0.9791 |
Corporates | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 602 | $ 380 |
Corporates | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.7916 | 0 |
Corporates | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0253 | 1.0969 |
Corporates | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9416 | 1.0091 |
Corporates | Third-Party Valuation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 826 | $ 741 |
Corporates | Third-Party Valuation | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0 | 0.8571 |
Corporates | Third-Party Valuation | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0496 | 1.1957 |
Corporates | Third-Party Valuation | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.8969 | 1.0772 |
Corporates | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 12 | $ 14 |
Corporates | Discounted cash flow | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.4400 | 0.4400 |
Corporates | Discounted cash flow | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1 | 1 |
Corporates | Discounted cash flow | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.7702 | 0.6200 |
Municipals | Third-Party Valuation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 29 | $ 43 |
Municipals | Third-Party Valuation | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9395 | 1.3509 |
Municipals | Third-Party Valuation | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9395 | 1.3509 |
Municipals | Third-Party Valuation | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9395 | 1.3509 |
Residential mortgage-backed securities | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 302 | |
Residential mortgage-backed securities | Broker-quoted | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0 | |
Residential mortgage-backed securities | Broker-quoted | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9104 | |
Residential mortgage-backed securities | Broker-quoted | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.8638 | |
Short term investments | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 321 | |
Short term investments | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short term investments | 1 | |
Short term investments | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short term investments | 1 | |
Short term investments | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Short term investments | 1 | |
Foreign Governments | Third-Party Valuation | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 16 | $ 18 |
Foreign Governments | Third-Party Valuation | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 0.9978 | 1.0723 |
Foreign Governments | Third-Party Valuation | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0229 | 1.1644 |
Foreign Governments | Third-Party Valuation | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities | 1.0056 | 1.1011 |
Preferred securities | Investment in affiliate | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 1 | |
Preferred securities | Investment in affiliate | Discounted cash flow | Discount rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1 | |
Preferred securities | Investment in affiliate | Income Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 2 | |
Preferred securities | Investment in affiliate | Income Approach | Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0243 | |
Equity securities | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 6 | $ 3 |
Equity securities | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 6.23 | |
Equity securities | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 6.23 | |
Equity securities | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 6.23 | |
Equity securities | Broker-quoted | EBITDA multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 5.6 | 5.9 |
Equity securities | Broker-quoted | EBITDA multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 5.6 | 5.9 |
Equity securities | Broker-quoted | EBITDA multiple | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 5.6 | 5.9 |
Equity securities | Investment in affiliate | Broker-quoted | Broker quoted/Market Comparable | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 64.25 | |
Equity securities | Investment in affiliate | Broker-quoted | Broker quoted/Market Comparable | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 64.25 | |
Equity securities | Investment in affiliate | Broker-quoted | Broker quoted/Market Comparable | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 64.25 | |
Equity securities | Investment in affiliate | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 4 | $ 4 |
Equity securities | Investment in affiliate | Black Scholes model | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 2 | |
Equity securities | Investment in affiliate | Black Scholes model | Risk Free Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0100 | |
Equity securities | Investment in affiliate | Black Scholes model | Risk Free Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0100 | |
Equity securities | Investment in affiliate | Black Scholes model | Risk Free Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.0100 | |
Equity securities | Investment in affiliate | Black Scholes model | Strike Price | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1.50 | |
Equity securities | Investment in affiliate | Black Scholes model | Strike Price | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1.50 | |
Equity securities | Investment in affiliate | Black Scholes model | Strike Price | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 1.50 | |
Equity securities | Investment in affiliate | Black Scholes model | Volatility | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.8100 | |
Equity securities | Investment in affiliate | Black Scholes model | Volatility | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.8100 | |
Equity securities | Investment in affiliate | Black Scholes model | Volatility | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0.8100 | |
Equity securities | Investment in affiliate | Black Scholes model | Dividend Yield | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0 | |
Equity securities | Investment in affiliate | Black Scholes model | Dividend Yield | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0 | |
Equity securities | Investment in affiliate | Black Scholes model | Dividend Yield | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities | 0 | |
Available-for-sale embedded derivative | Black Scholes model | Market value of fund | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Available-for-sale embedded derivative | 1 | 1 |
Available-for-sale embedded derivative | Investment in affiliate | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 23 | $ 34 |
Secured borrowing receivable | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 10 | |
Secured borrowing receivable | Broker-quoted | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term investments | 1 | |
Secured borrowing receivable | Broker-quoted | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term investments | 1 | |
Secured borrowing receivable | Broker-quoted | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other long-term investments | 1 | |
Credit Linked Note | Broker-quoted | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 15 | $ 23 |
Credit Linked Note | Broker-quoted | Broker quoted/Market Comparable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Credit Linked Note | 0.9623 | |
Credit Linked Note | Investment in affiliate | Broker-quoted | Broker quoted/Market Comparable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Credit Linked Note | 1 | |
Investment in affiliate | EBITDA multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment in affiliate | 5 | |
Investment in affiliate | EBITDA multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment in affiliate | 5.5 | |
Investment in affiliate | Broker-quoted | EBITDA multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment in affiliate | 8 | |
Investment in affiliate | Broker-quoted | EBITDA multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment in affiliate | 8 | |
Investment in affiliate | Investment in affiliate | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, fair value | $ 23 | $ 21 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | $ 5,600 | $ 3,267 |
Assets, Total Gains (Losses) Included in Earnings | (17) | 15 |
Assets, Total Gains (Losses) Included in AOCI | (602) | (48) |
Assets, Purchases | 4,321 | 4,449 |
Assets, Sales | (62) | (120) |
Assets, Settlements | (760) | (1,449) |
Assets, Net transfer In (Out) of Level 3 | (311) | (514) |
Balance at End of Period | 8,169 | 5,600 |
Change in Unrealized Included in OCI | (632) | 59 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Balance at Beginning of Period | 3,883 | 3,409 |
Liabilities, Total Gains (Losses) Included in Earnings | (1,382) | 121 |
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 |
Liabilities, Purchases | 768 | 513 |
Liabilities, Sales | 0 | (4) |
Liabilities, Settlements | (154) | 156 |
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 3,115 | 3,883 |
Change in Unrealized Incl in OCI | $ 0 | 0 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Recognized gains and losses, net | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) | |
Future policy benefits | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Balance at Beginning of Period | $ 0 | 5 |
Liabilities, Total Gains (Losses) Included in Earnings | 0 | 0 |
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 |
Liabilities, Purchases | 0 | 0 |
Liabilities, Sales | 0 | (4) |
Liabilities, Settlements | 0 | 1 |
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 0 | 0 |
Change in Unrealized Incl in OCI | 0 | 0 |
FIA embedded derivatives, included in contractholder funds | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Balance at Beginning of Period | 3,883 | 3,404 |
Liabilities, Total Gains (Losses) Included in Earnings | (1,382) | 121 |
Liabilities, Total Gains (Losses) Included in AOCI | 0 | 0 |
Liabilities, Purchases | 768 | 513 |
Liabilities, Sales | 0 | 0 |
Liabilities, Settlements | (154) | 155 |
Liabilities, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 3,115 | 3,883 |
Change in Unrealized Incl in OCI | 0 | 0 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 3,959 | 1,350 |
Assets, Total Gains (Losses) Included in Earnings | (6) | (1) |
Assets, Total Gains (Losses) Included in AOCI | (393) | (8) |
Assets, Purchases | 3,269 | 3,417 |
Assets, Sales | (39) | (97) |
Assets, Settlements | (541) | (595) |
Assets, Net transfer In (Out) of Level 3 | 14 | (107) |
Balance at End of Period | 6,263 | 3,959 |
Change in Unrealized Included in OCI | (426) | 4 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 35 | 26 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | (5) | (3) |
Assets, Purchases | 0 | 12 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 7 | 0 |
Balance at End of Period | 37 | 35 |
Change in Unrealized Included in OCI | (4) | 1 |
Corporates | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 1,135 | 1,289 |
Assets, Total Gains (Losses) Included in Earnings | 1 | 8 |
Assets, Total Gains (Losses) Included in AOCI | (187) | (40) |
Assets, Purchases | 714 | 161 |
Assets, Sales | (20) | (23) |
Assets, Settlements | (215) | (247) |
Assets, Net transfer In (Out) of Level 3 | 12 | (13) |
Balance at End of Period | 1,440 | 1,135 |
Change in Unrealized Included in OCI | (188) | 23 |
Hybrids | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 0 | 4 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 |
Assets, Purchases | 0 | 0 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | (4) |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 0 | 0 |
Change in Unrealized Included in OCI | 0 | 0 |
Municipals | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 43 | 43 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | (14) | 0 |
Assets, Purchases | 0 | 0 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 29 | 43 |
Change in Unrealized Included in OCI | (13) | 7 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 0 | 483 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | 0 | (1) |
Assets, Purchases | 316 | 14 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | (102) |
Assets, Net transfer In (Out) of Level 3 | (14) | (394) |
Balance at End of Period | 302 | 0 |
Change in Unrealized Included in OCI | 0 | 22 |
Foreign Governments | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 18 | 17 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | (2) | 1 |
Assets, Purchases | 0 | 0 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 16 | 18 |
Change in Unrealized Included in OCI | (1) | 2 |
Short-term | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 321 | 0 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | (1) | 2 |
Assets, Purchases | 20 | 820 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | (501) |
Assets, Net transfer In (Out) of Level 3 | (340) | 0 |
Balance at End of Period | 0 | 321 |
Change in Unrealized Included in OCI | (1) | 0 |
Preferred securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 2 | 1 |
Assets, Total Gains (Losses) Included in Earnings | 0 | (1) |
Assets, Total Gains (Losses) Included in AOCI | (1) | 1 |
Assets, Purchases | 0 | 1 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 1 | 2 |
Change in Unrealized Included in OCI | (1) | 0 |
Equity securities | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 9 | 4 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 2 |
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 |
Assets, Purchases | 2 | 3 |
Assets, Sales | (1) | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 10 | 9 |
Change in Unrealized Included in OCI | 0 | 0 |
Available-for-sale embedded derivative | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 34 | 27 |
Assets, Total Gains (Losses) Included in Earnings | (11) | 7 |
Assets, Total Gains (Losses) Included in AOCI | 0 | 0 |
Assets, Purchases | 0 | 0 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 23 | 34 |
Change in Unrealized Included in OCI | 0 | 0 |
Credit linked note | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 23 | |
Assets, Total Gains (Losses) Included in Earnings | (1) | |
Assets, Total Gains (Losses) Included in AOCI | (1) | |
Assets, Purchases | 0 | |
Assets, Sales | (2) | |
Assets, Settlements | (4) | |
Assets, Net transfer In (Out) of Level 3 | 0 | |
Balance at End of Period | 15 | 23 |
Change in Unrealized Included in OCI | 0 | |
Credit linked note | Investment in affiliate | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 23 | 23 |
Assets, Total Gains (Losses) Included in Earnings | 0 | |
Assets, Total Gains (Losses) Included in AOCI | 0 | |
Assets, Purchases | 0 | |
Assets, Sales | 0 | |
Assets, Settlements | 0 | |
Assets, Net transfer In (Out) of Level 3 | 0 | |
Balance at End of Period | 23 | |
Change in Unrealized Included in OCI | 0 | |
Investment in affiliate | Investment in affiliate | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 21 | 0 |
Assets, Total Gains (Losses) Included in Earnings | 0 | 0 |
Assets, Total Gains (Losses) Included in AOCI | 2 | 0 |
Assets, Purchases | 0 | 21 |
Assets, Sales | 0 | 0 |
Assets, Settlements | 0 | 0 |
Assets, Net transfer In (Out) of Level 3 | 0 | 0 |
Balance at End of Period | 23 | 21 |
Change in Unrealized Included in OCI | 2 | 0 |
Secured borrowing receivable | ||
Debt Securities, Available-for-sale [Abstract] | ||
Balance at Beginning of Period | 0 | |
Assets, Total Gains (Losses) Included in Earnings | 0 | |
Assets, Total Gains (Losses) Included in AOCI | 0 | |
Assets, Purchases | 0 | |
Assets, Sales | 0 | |
Assets, Settlements | 0 | |
Assets, Net transfer In (Out) of Level 3 | 10 | |
Balance at End of Period | 10 | $ 0 |
Change in Unrealized Included in OCI | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Investments in unconsolidated affiliates | $ 2,614 | $ 2,486 |
Trade and notes receivables, net of allowance | 467 | 557 |
Total Estimated Fair Value | ||
Assets, Fair Value Disclosure [Abstract] | ||
FHLB common stock | 99 | 72 |
Commercial mortgage loans | 2,083 | 2,265 |
Residential mortgage loans | 1,892 | 1,549 |
Investments in unconsolidated affiliates | 2,427 | 2,350 |
Policy loans | 52 | 39 |
Other invested assets | 109 | 57 |
Company-owned life insurance | 363 | 333 |
Trade and notes receivables, net of allowance | 467 | 557 |
Total | 7,492 | 7,222 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Investment contracts, included in contractholder funds | 34,464 | 27,448 |
Debt | 2,776 | 3,218 |
Total | 37,240 | 30,666 |
Carrying Amount | ||
Assets, Fair Value Disclosure [Abstract] | ||
FHLB common stock | 99 | 72 |
Commercial mortgage loans | 2,406 | 2,168 |
Residential mortgage loans | 2,148 | 1,581 |
Investments in unconsolidated affiliates | 2,427 | 2,350 |
Policy loans | 52 | 39 |
Other invested assets | 109 | 57 |
Company-owned life insurance | 363 | 333 |
Trade and notes receivables, net of allowance | 467 | 557 |
Total | 8,071 | 7,157 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Investment contracts, included in contractholder funds | 38,412 | 31,529 |
Debt | 3,238 | 3,096 |
Total | 41,650 | 34,625 |
Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
FHLB common stock | 0 | 0 |
Commercial mortgage loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Other invested assets | 93 | 0 |
Company-owned life insurance | 35 | 0 |
Trade and notes receivables, net of allowance | 0 | 0 |
Total | 128 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Investment contracts, included in contractholder funds | 0 | 0 |
Debt | 0 | 0 |
Total | 0 | 0 |
Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
FHLB common stock | 99 | 72 |
Commercial mortgage loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Other invested assets | 0 | 0 |
Company-owned life insurance | 0 | 0 |
Trade and notes receivables, net of allowance | 0 | 0 |
Total | 99 | 72 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Investment contracts, included in contractholder funds | 0 | 0 |
Debt | 2,776 | 3,218 |
Total | 2,776 | 3,218 |
Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
FHLB common stock | 0 | 0 |
Commercial mortgage loans | 2,083 | 2,265 |
Residential mortgage loans | 1,892 | 1,549 |
Policy loans | 52 | 39 |
Other invested assets | 16 | 57 |
Company-owned life insurance | 328 | 333 |
Trade and notes receivables, net of allowance | 467 | 557 |
Total | 4,838 | 4,800 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Investment contracts, included in contractholder funds | 34,464 | 27,448 |
Debt | 0 | 0 |
Total | 34,464 | 27,448 |
Fair Value Measured at NAV | ||
Assets, Fair Value Disclosure [Abstract] | ||
Investments in unconsolidated affiliates | 2,427 | 2,350 |
Total | $ 2,427 | $ 2,350 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Narrative (Detail) $ in Millions | Dec. 31, 2022 USD ($) $ / Contract | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in unconsolidated affiliates | $ 2,614 | $ 2,486 |
Investments, Unconsolidated Affiliates | Title | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in unconsolidated affiliates | $ 187 | $ 136 |
Other long-term investments | Income Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, strike price | $ / Contract | 0 |
Investments - Consolidated Inve
Investments - Consolidated Investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities | ||
Amortized Cost | $ 37,708 | $ 30,705 |
Allowance for Expected Credit Losses | (39) | (8) |
Gross Unrealized Gains | 98 | 1,518 |
Gross Unrealized Losses | (4,672) | (225) |
Fair Value/Carrying Value | 33,095 | 31,990 |
Asset-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 12,209 | 8,516 |
Allowance for Expected Credit Losses | (8) | (3) |
Gross Unrealized Gains | 36 | 220 |
Gross Unrealized Losses | (770) | (38) |
Fair Value/Carrying Value | 11,467 | 8,695 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 3,337 | 2,684 |
Allowance for Expected Credit Losses | (1) | (2) |
Gross Unrealized Gains | 11 | 308 |
Gross Unrealized Losses | (284) | (11) |
Fair Value/Carrying Value | 3,063 | 2,979 |
Corporates | ||
Available-for-sale securities | ||
Amortized Cost | 17,396 | 15,822 |
Allowance for Expected Credit Losses | (22) | 0 |
Gross Unrealized Gains | 32 | 830 |
Gross Unrealized Losses | (3,069) | (158) |
Fair Value/Carrying Value | 14,337 | 16,494 |
Hybrids | ||
Available-for-sale securities | ||
Amortized Cost | 806 | 838 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 9 | 74 |
Gross Unrealized Losses | (84) | 0 |
Fair Value/Carrying Value | 731 | 912 |
Municipals | ||
Available-for-sale securities | ||
Amortized Cost | 1,749 | 1,445 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 4 | 67 |
Gross Unrealized Losses | (293) | (11) |
Fair Value/Carrying Value | 1,460 | 1,501 |
Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized Cost | 1,638 | 731 |
Allowance for Expected Credit Losses | (8) | (3) |
Gross Unrealized Gains | 6 | 7 |
Gross Unrealized Losses | (109) | (4) |
Fair Value/Carrying Value | 1,527 | 731 |
U.S. Government | ||
Available-for-sale securities | ||
Amortized Cost | 287 | 393 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (16) | (2) |
Fair Value/Carrying Value | 271 | 394 |
Foreign Governments | ||
Available-for-sale securities | ||
Amortized Cost | 286 | 276 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | (47) | (1) |
Fair Value/Carrying Value | $ 239 | $ 284 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) loan shares | Dec. 31, 2021 USD ($) loan shares | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Non-income producing investment fair value | $ 27,000,000 | $ 0 | ||
Accrued interest receivable | 365,000,000 | 253,000,000 | ||
FHLB collateral pledged | 3,387,000,000 | 2,469,000,000 | ||
Available for sale securities, allowance for credit losses | 39,000,000 | 8,000,000 | ||
Available-for-sale, securities in unrealized loss position, allowance for credit loss | $ 39,000,000 | |||
Commercial mortgage loans, percentage of investments | 6% | |||
DSC ratio, amortization period | 25 years | |||
Gross investment income | $ 2,088,000,000 | 2,128,000,000 | $ 978,000,000 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other assets | |||
Funds Withheld for Reinsurance | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Gross investment income | $ 21,000,000 | $ 109,000,000 | $ 53,000,000 | |
Residential Mortgage | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Percentage of total investments | 5% | 4% | ||
Mortgage loans over 90 days past due | $ 2,180,000,000 | $ 1,606,000,000 | ||
Residential Mortgage | 90 days or more past due | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans over 90 days past due | 62,000,000 | 72,000,000 | ||
Commercial Mortgage | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans over 90 days past due | 2,416,000,000 | 2,174,000,000 | ||
Commercial Mortgage | 90 days or more past due | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans over 90 days past due | $ 9,000,000 | $ 0 | ||
Cannae Holdings Inc. | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Investment owned, (in shares) | shares | 5,775,598 | |||
Investment owned, at fair value | $ 203,000,000 | |||
Investment in affiliate | Equity securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Investment owned, (in shares) | shares | 0 | |||
Aggregate consideration to Cannae in exchange transaction | $ 109,000,000 | |||
United States | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Residential mortgage loans, location percentage | 100% | |||
Commercial Mortgage Loans | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Number of loans delinquent in principal or interest payments | loan | 1 | 0 | ||
Mortgage loans | 90 days or more past due | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Mortgage loans over 90 days past due | $ 71,000,000 | $ 72,000,000 | ||
Mortgage loans in process of foreclosure | $ 38,000,000 | 39,000,000 | ||
Mortgage loans | Residential Mortgage | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Allowance for expected credit loss, probability of loss/default model, projected loss, forecast period | 2 years | |||
Allowance for credit loss, probability of loss/default, using market historical loss experience, period | 3 years | |||
Mortgage loans | Commercial Mortgage | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Allowance for expected credit loss, probability of loss/default model, projected loss, forecast period | 2 years | |||
Allowance for credit loss, probability of loss/default, using market historical loss experience, period | 3 years | |||
Fixed maturity securities, available-for-sale | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Assets held by insurance regulators | $ 17,870,000,000 | $ 22,343,000,000 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, Amortized Cost | $ 536 | $ 426 |
Due after one year through five years, Amortized Cost | 3,288 | 2,998 |
Due after five years through ten years, Amortized Cost | 2,171 | 2,389 |
Due after ten years, Amortized Cost | 14,503 | 12,930 |
Subtotal, Amortized Cost | 20,498 | 18,743 |
Other securities which provide for periodic payments, Amortized Cost | 17,210 | 11,962 |
Due in one year or less, Fair Value | 527 | 431 |
Due after one year through five years, Fair Value | 3,089 | 3,051 |
Due after five years through ten years, Fair Value | 1,939 | 2,458 |
Due after ten years, Fair Value | 11,457 | 13,608 |
Subtotal, Fair Value | 17,012 | 19,548 |
Other securities which provide for periodic payments, Fair Value | 16,083 | 12,442 |
Amortized Cost | 37,708 | 30,705 |
Fair Value | 33,095 | 31,990 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 12,209 | 8,516 |
Other securities which provide for periodic payments, Fair Value | 11,467 | 8,695 |
Amortized Cost | 12,209 | 8,516 |
Fair Value | 11,467 | 8,695 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 3,337 | 2,684 |
Other securities which provide for periodic payments, Fair Value | 3,063 | 2,979 |
Amortized Cost | 3,337 | 2,684 |
Fair Value | 3,063 | 2,979 |
Structured hybrids | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 26 | 31 |
Other securities which provide for periodic payments, Fair Value | 26 | 37 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Other securities which provide for periodic payments, Amortized Cost | 1,638 | 731 |
Other securities which provide for periodic payments, Fair Value | $ 1,527 | $ 731 |
Investments - Fair Value and Gr
Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | $ 21,860 | $ 11,443 |
Gross Unrealized Losses Less than 12 months | (2,667) | (185) |
Fair Value, 12 Months or longer | 8,463 | 646 |
Gross Unrealized Losses, 12 months or longer | (1,964) | (40) |
Total Fair Value | 30,323 | 12,089 |
Total Gross Unrealized Losses | $ (4,631) | $ (225) |
Total number of available-for-sale securities in an unrealized loss position less than twelve months | security | 3,114 | 2,056 |
Total number of available-for-sale securities in an unrealized loss position twelve months or longer | security | 1,296 | 68 |
Total number of available-for-sale securities in an unrealized loss position | security | 4,410 | 2,124 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | $ 7,001 | $ 4,410 |
Gross Unrealized Losses Less than 12 months | (410) | (31) |
Fair Value, 12 Months or longer | 3,727 | 146 |
Gross Unrealized Losses, 12 months or longer | (360) | (7) |
Total Fair Value | 10,728 | 4,556 |
Total Gross Unrealized Losses | (770) | (38) |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 2,079 | 603 |
Gross Unrealized Losses Less than 12 months | (169) | (11) |
Fair Value, 12 Months or longer | 475 | 1 |
Gross Unrealized Losses, 12 months or longer | (116) | 0 |
Total Fair Value | 2,554 | 604 |
Total Gross Unrealized Losses | (285) | (11) |
Corporates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 9,913 | 5,391 |
Gross Unrealized Losses Less than 12 months | (1,735) | (132) |
Fair Value, 12 Months or longer | 3,523 | 394 |
Gross Unrealized Losses, 12 months or longer | (1,330) | (26) |
Total Fair Value | 13,436 | 5,785 |
Total Gross Unrealized Losses | (3,065) | (158) |
Hybrids | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 628 | 3 |
Gross Unrealized Losses Less than 12 months | (83) | 0 |
Fair Value, 12 Months or longer | 3 | 0 |
Gross Unrealized Losses, 12 months or longer | (1) | 0 |
Total Fair Value | 631 | 3 |
Total Gross Unrealized Losses | (84) | 0 |
Municipals | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 998 | 410 |
Gross Unrealized Losses Less than 12 months | (180) | (5) |
Fair Value, 12 Months or longer | 352 | 85 |
Gross Unrealized Losses, 12 months or longer | (113) | (6) |
Total Fair Value | 1,350 | 495 |
Total Gross Unrealized Losses | (293) | (11) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 992 | 325 |
Gross Unrealized Losses Less than 12 months | (51) | (3) |
Fair Value, 12 Months or longer | 184 | 11 |
Gross Unrealized Losses, 12 months or longer | (22) | (1) |
Total Fair Value | 1,176 | 336 |
Total Gross Unrealized Losses | (73) | (4) |
U.S. Government | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 130 | 219 |
Gross Unrealized Losses Less than 12 months | (7) | (2) |
Fair Value, 12 Months or longer | 140 | 4 |
Gross Unrealized Losses, 12 months or longer | (8) | 0 |
Total Fair Value | 270 | 223 |
Total Gross Unrealized Losses | (15) | (2) |
Foreign Governments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fair Values, Less than 12 months | 119 | 82 |
Gross Unrealized Losses Less than 12 months | (32) | (1) |
Fair Value, 12 Months or longer | 59 | 5 |
Gross Unrealized Losses, 12 months or longer | (14) | 0 |
Total Fair Value | 178 | 87 |
Total Gross Unrealized Losses | $ (46) | $ (1) |
Investments - Schedule of Comme
Investments - Schedule of Commercial Mortgage Loan, Gross of Valuation Allowance, By Property Type and Region (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2020 |
Schedule of Investments [Line Items] | ||||
Allowance for expected credit loss | $ (42) | $ (31) | $ (39) | $ 0 |
Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,416 | 2,174 | ||
Allowance for expected credit loss | (10) | (6) | $ (2) | $ 0 |
Loans, net | $ 2,406 | $ 2,168 | ||
% of Total | 100% | 100% | ||
Commercial Mortgage | Greater than 1.25 | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 2,132 | |||
Commercial Mortgage | Greater than 1.00 but less than 1.25 | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 33 | |||
Commercial Mortgage | Greater than 1.00 | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 9 | |||
East North Central | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 151 | $ 137 | ||
% of Total | 6% | 6% | ||
East South Central | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 76 | $ 79 | ||
% of Total | 3% | 4% | ||
Middle Atlantic | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 326 | $ 293 | ||
% of Total | 13% | 13% | ||
Mountain | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 355 | $ 236 | ||
% of Total | 15% | 11% | ||
New England | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 158 | $ 149 | ||
% of Total | 7% | 7% | ||
Pacific | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 708 | $ 649 | ||
% of Total | 28% | 30% | ||
South Atlantic | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 521 | $ 459 | ||
% of Total | 22% | 21% | ||
West North Central | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 4 | $ 12 | ||
% of Total | 1% | 1% | ||
West South Central | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 117 | $ 160 | ||
% of Total | 5% | 7% | ||
Hotel | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 18 | $ 19 | ||
% of Total | 1% | 1% | ||
Industrial | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 520 | $ 497 | ||
% of Total | 22% | 23% | ||
Mixed Use | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 12 | $ 13 | ||
% of Total | 1% | 1% | ||
Multifamily | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,013 | $ 894 | ||
% of Total | 42% | 41% | ||
Office | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 330 | $ 343 | ||
% of Total | 14% | 16% | ||
Retail | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 105 | $ 121 | ||
% of Total | 4% | 6% | ||
Student Housing | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 83 | $ 83 | ||
% of Total | 3% | 4% | ||
Other | Commercial Mortgage | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 335 | $ 204 | ||
% of Total | 13% | 8% |
Investments - Recorded Investme
Investments - Recorded Investment in CMLs by LTV and DSC Ratio Categories (Details) - Commercial Mortgage - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 2,407 | |
Loans | $ 2,416 | $ 2,174 |
% of Total | 100% | 100% |
2022 | $ 341 | |
2021 | 1,300 | $ 543 |
2020 | 488 | 0 |
2019 | 0 | 6 |
2018 | 0 | 0 |
Prior | 278 | 324 |
Loans under development, amortized cost | 9 | |
Loans under development, fair value | 9 | |
Total Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 2,074 | |
Loans | $ 2,265 | |
% of Total | 100% | 100% |
Greater than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 2,371 | |
Loans | $ 2,132 | |
2022 | 329 | |
2021 | 1,300 | 543 |
2020 | 488 | 0 |
2019 | 0 | 4 |
2018 | 0 | 0 |
Prior | 254 | 284 |
Greater than 1.00 but less than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 7 | |
Loans | 33 | |
2022 | 3 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 2 |
2018 | 0 | 0 |
Prior | 4 | 31 |
Greater than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 29 | |
Loans | 9 | |
Less than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 29 | |
Loans | 9 | |
2022 | 9 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 20 | 9 |
Less than 50.00% | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 526 | |
Loans | $ 668 | |
% of Total | 22% | 31% |
2022 | $ 70 | |
2021 | 120 | $ 229 |
2020 | 207 | 0 |
2019 | 0 | 6 |
2018 | 0 | 0 |
Prior | 129 | 313 |
Less than 50.00% | Total Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 490 | |
Loans | $ 745 | |
% of Total | 24% | 33% |
Less than 50.00% | Greater than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 511 | |
Loans | $ 626 | |
Less than 50.00% | Greater than 1.00 but less than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 4 | |
Loans | 33 | |
Less than 50.00% | Greater than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 11 | |
Loans | 9 | |
50.00% to 59.99% | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 706 | |
Loans | $ 470 | |
% of Total | 29% | 22% |
2022 | $ 149 | |
2021 | 268 | $ 192 |
2020 | 158 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 131 | 11 |
50.00% to 59.99% | Total Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 615 | |
Loans | $ 481 | |
% of Total | 30% | 21% |
50.00% to 59.99% | Greater than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 706 | |
Loans | $ 470 | |
50.00% to 59.99% | Greater than 1.00 but less than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 0 | |
Loans | 0 | |
50.00% to 59.99% | Greater than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 0 | |
Loans | 0 | |
60.00% to 74.99% | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 1,157 | |
Loans | $ 1,036 | |
% of Total | 48% | 47% |
2022 | $ 113 | |
2021 | 912 | $ 122 |
2020 | 123 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 9 | 0 |
60.00% to 74.99% | Total Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 955 | |
Loans | $ 1,039 | |
% of Total | 45% | 46% |
60.00% to 74.99% | Greater than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 1,154 | |
Loans | $ 1,036 | |
60.00% to 74.99% | Greater than 1.00 but less than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 3 | |
Loans | 0 | |
60.00% to 74.99% | Greater than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 0 | |
Loans | $ 0 | |
75.00% to 84.99% | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 18 | |
% of Total | 1% | |
2022 | $ 9 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 9 | |
75.00% to 84.99% | Total Estimated Fair Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 14 | |
% of Total | 1% | |
75.00% to 84.99% | Greater than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 0 | |
75.00% to 84.99% | Greater than 1.00 but less than 1.25 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | 0 | |
75.00% to 84.99% | Greater than 1.00 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Loan excluding loans under development | $ 18 |
Investments - Schedule of Resid
Investments - Schedule of Residential Mortgage Loan by State (Details) - Residential Mortgage - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,180 | $ 1,606 |
% of Total | 100% | 100% |
Florida | ||
Loans | $ 324 | $ 234 |
% of Total | 15% | 15% |
Texas | ||
Loans | $ 215 | $ 170 |
% of Total | 10% | 10% |
New Jersey | ||
Loans | $ 172 | $ 153 |
% of Total | 8% | 10% |
Pennsylvania | ||
Loans | $ 153 | |
% of Total | 7% | |
California | ||
Loans | $ 139 | |
% of Total | 6% | |
New York | ||
Loans | $ 138 | |
% of Total | 6% | |
Georgia | ||
Loans | $ 125 | |
% of Total | 6% | |
All Other States | ||
Loans | $ 914 | $ 1,049 |
% of Total | 42% | 65% |
Investments - Credit Quality of
Investments - Credit Quality of RMLs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Allowance for expected credit loss | $ (42) | $ (31) | $ (39) | $ 0 |
Residential Mortgage | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Amortized Cost | 2,180 | 1,606 | ||
Allowance for expected credit loss | (32) | (25) | $ (37) | $ 0 |
Loans, net | $ 2,148 | $ 1,581 | ||
% of Total | 100% | 100% | ||
Allowance for expected loan loss, % of Total | 0% | 0% | ||
Total residential mortgage loans, % of Total | 100% | 100% | ||
Residential Mortgage | Performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Amortized Cost | $ 2,118 | $ 1,533 | ||
% of Total | 97% | 95% | ||
Residential Mortgage | Non-performing | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Amortized Cost | $ 62 | $ 73 | ||
% of Total | 3% | 5% | ||
Residential Mortgage | 90 days or more past due | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Amortized Cost | $ 62 | $ 72 |
Investments - Loans Segregated
Investments - Loans Segregated By Risk Rating and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized cost of loans on non-accrual | ||
Amortized cost of loans on non-accrual | $ 73 | $ 72 |
Residential Mortgage | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 900 | 320 |
2020 | 229 | 375 |
2019 | 223 | 53 |
2018 | 24 | 36 |
Prior | 33 | 21 |
Amortized Cost | 2,180 | 1,606 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 771 | 801 |
2020 | 900 | 320 |
2019 | 229 | 375 |
2018 | 223 | 53 |
2017 | 24 | 36 |
Prior | 33 | 21 |
Amortized Cost | 2,180 | 1,606 |
Amortized cost of loans on non-accrual | ||
Amortized cost of loans on non-accrual | 64 | 72 |
Residential Mortgage | Current (less than 30 days past due) | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 884 | 293 |
2020 | 214 | 323 |
2019 | 185 | 50 |
2018 | 23 | 36 |
Prior | 33 | 21 |
Amortized Cost | 2,105 | 1,518 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 766 | 795 |
2020 | 884 | 293 |
2019 | 214 | 323 |
2018 | 185 | 50 |
2017 | 23 | 36 |
Prior | 33 | 21 |
Amortized Cost | 2,105 | 1,518 |
Residential Mortgage | 30-89 days past due | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 7 | 4 |
2020 | 0 | 6 |
2019 | 4 | 1 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Amortized Cost | 13 | 16 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 2 | 5 |
2020 | 7 | 4 |
2019 | 0 | 6 |
2018 | 4 | 1 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Amortized Cost | 13 | 16 |
Residential Mortgage | 90 days or more past due | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 9 | 23 |
2020 | 15 | 46 |
2019 | 34 | 2 |
2018 | 1 | 0 |
Prior | 0 | 0 |
Amortized Cost | 62 | 72 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 3 | 1 |
2020 | 9 | 23 |
2019 | 15 | 46 |
2018 | 34 | 2 |
2017 | 1 | 0 |
Prior | 0 | 0 |
Amortized Cost | 62 | 72 |
Commercial Mortgage | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 341 | |
2021 | 1,300 | 543 |
2020 | 488 | 0 |
2019 | 0 | 6 |
2018 | 0 | 0 |
Prior | 278 | 324 |
Amortized Cost | 2,416 | 2,174 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 350 | 1,301 |
2020 | 1,300 | 543 |
2019 | 488 | 0 |
2018 | 0 | 6 |
2017 | 0 | 0 |
Prior | 278 | 324 |
Amortized Cost | 2,416 | 2,174 |
Amortized cost of loans on non-accrual | ||
Amortized cost of loans on non-accrual | 9 | 0 |
Commercial Mortgage | Greater than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 329 | |
2021 | 1,300 | 543 |
2020 | 488 | 0 |
2019 | 0 | 4 |
2018 | 0 | 0 |
Prior | 254 | 284 |
Amortized Cost | 2,132 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 1,301 | |
2020 | 1,300 | 543 |
2019 | 488 | 0 |
2018 | 0 | 4 |
2017 | 0 | 0 |
Prior | 254 | 284 |
Amortized Cost | 2,132 | |
Commercial Mortgage | Greater than 1.00 but less than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 3 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 2 |
2018 | 0 | 0 |
Prior | 4 | 31 |
Amortized Cost | 33 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 0 | |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 2 |
2017 | 0 | 0 |
Prior | 4 | 31 |
Amortized Cost | 33 | |
Commercial Mortgage | Less than 1.00 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 9 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 20 | 9 |
Amortized Cost | 9 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 0 | |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 20 | 9 |
Amortized Cost | 9 | |
Commercial Mortgage | Less than 50.00% | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 70 | |
2021 | 120 | 229 |
2020 | 207 | 0 |
2019 | 0 | 6 |
2018 | 0 | 0 |
Prior | 129 | 313 |
Amortized Cost | 668 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 120 | |
2020 | 120 | 229 |
2019 | 207 | 0 |
2018 | 0 | 6 |
2017 | 0 | 0 |
Prior | 129 | 313 |
Amortized Cost | 668 | |
Commercial Mortgage | Less than 50.00% | Greater than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 626 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 626 | |
Commercial Mortgage | Less than 50.00% | Greater than 1.00 but less than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 33 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 33 | |
Commercial Mortgage | 50.00% to 59.99% | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 149 | |
2021 | 268 | 192 |
2020 | 158 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 131 | 11 |
Amortized Cost | 470 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 267 | |
2020 | 268 | 192 |
2019 | 158 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 131 | 11 |
Amortized Cost | 470 | |
Commercial Mortgage | 50.00% to 59.99% | Greater than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 470 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 470 | |
Commercial Mortgage | 50.00% to 59.99% | Greater than 1.00 but less than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 0 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 0 | |
Commercial Mortgage | 60.00% to 74.99% | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 113 | |
2021 | 912 | 122 |
2020 | 123 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 9 | 0 |
Amortized Cost | 1,036 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 914 | |
2020 | 912 | 122 |
2019 | 123 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 9 | 0 |
Amortized Cost | 1,036 | |
Commercial Mortgage | 60.00% to 74.99% | Greater than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 1,036 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 1,036 | |
Commercial Mortgage | 60.00% to 74.99% | Greater than 1.00 but less than 1.25 | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
Amortized Cost | 0 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
Amortized Cost | 0 | |
Commercial Mortgage | 75.00% to 84.99% | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2022 | 9 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 9 | |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 9 | |
Commercial Mortgage | Current (less than 30 days past due) | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 1,300 | 543 |
2020 | 488 | 0 |
2019 | 0 | 6 |
2018 | 0 | 0 |
Prior | 269 | 324 |
Amortized Cost | 2,407 | 2,174 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 350 | 1,301 |
2020 | 1,300 | 543 |
2019 | 488 | 0 |
2018 | 0 | 6 |
2017 | 0 | 0 |
Prior | 269 | 324 |
Amortized Cost | 2,407 | 2,174 |
Commercial Mortgage | 30-89 days past due | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Amortized Cost | 0 | 0 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Amortized Cost | 0 | 0 |
Commercial Mortgage | 90 days or more past due | ||
Financing Receivable Credit Quality Indicator Current Year [Abstract] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 9 | 0 |
Amortized Cost | 9 | 0 |
Financing Receivable Credit Quality Indicator Prior Year [Abstract] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 9 | 0 |
Amortized Cost | $ 9 | $ 0 |
Investments - Changes in Allowa
Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 31 | $ 39 | |
Provision for loan losses | $ 32 | 11 | (8) |
For initial credit losses on purchased loans accounted for as PCD financial assets | 7 | ||
Ending Balance | 39 | 42 | 31 |
Residential Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 25 | 37 | |
Provision for loan losses | 30 | 7 | (12) |
For initial credit losses on purchased loans accounted for as PCD financial assets | 7 | ||
Ending Balance | 37 | 32 | 25 |
Commercial Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 6 | 2 | |
Provision for loan losses | 2 | 4 | 4 |
For initial credit losses on purchased loans accounted for as PCD financial assets | 0 | ||
Ending Balance | $ 2 | $ 10 | $ 6 |
Investments - Major Sources of
Investments - Major Sources of Interest and Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Gross investment income | $ (2,088) | $ (2,128) | $ (978) |
Investment expense | (197) | (167) | (78) |
Interest and investment income | 1,891 | 1,961 | 900 |
Fixed maturity securities, available-for-sale | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (1,489) | (1,267) | (708) |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (31) | (23) | (19) |
Preferred securities | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (67) | (63) | (59) |
Mortgage loans | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (186) | (131) | (50) |
Invested cash and short-term investments | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (61) | (7) | (8) |
Limited partnerships | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (110) | (589) | (76) |
Tax deferred property exchange income | |||
Schedule of Investments [Line Items] | |||
Gross investment income | (103) | (16) | (33) |
Other investments | |||
Schedule of Investments [Line Items] | |||
Gross investment income | $ (41) | $ (32) | $ (25) |
Investments - Investment Gains
Investments - Investment Gains (Losses) Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | |||
Net realized (losses) gains on fixed maturity available-for-sale securities | $ (253) | $ 111 | $ 102 |
Realized (losses) gains on other invested assets | (68) | 8 | (25) |
Change in allowance for expected credit losses | (41) | 8 | (37) |
Realized (losses) gains on certain derivative instruments | (164) | 456 | 76 |
Unrealized (losses) gains on certain derivative instruments | (693) | 159 | 161 |
Change in fair value of reinsurance related embedded derivatives | 352 | 34 | (53) |
Change in fair value of other derivatives and embedded derivatives | (10) | 6 | 8 |
Realized (losses) gains on derivatives and embedded derivatives | (515) | 655 | 192 |
Recognized gains and losses, net | (1,493) | 334 | 488 |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Net realized/unrealized (losses) gains on equity and preferred equity securities | (386) | (434) | 241 |
Valuation (losses) gains | (387) | (436) | 248 |
Preferred securities | |||
Schedule of Investments [Line Items] | |||
Net realized/unrealized (losses) gains on equity and preferred equity securities | (230) | (14) | 15 |
Valuation (losses) gains | $ (198) | $ (14) | $ (40) |
Investments - Proceeds From the
Investments - Proceeds From the Sale of Fixed-Maturity Available-For-Sale Securities (Details) - Total fixed maturities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds | $ 3,264 | $ 4,749 | $ 1,946 |
Gross gains | 14 | 158 | 116 |
Gross losses | $ (252) | $ (49) | $ (12) |
Investments - Carrying Value an
Investments - Carrying Value and Maximum Loss Exposure of Unconsolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Carrying Value | $ 18,107 | $ 14,732 |
Maximum Loss Exposure | 21,434 | 16,298 |
Investments in unconsolidated affiliates | ||
Schedule of Investments [Line Items] | ||
Carrying Value | 2,427 | 2,350 |
Maximum Loss Exposure | 4,030 | 3,496 |
Fixed maturity securities | ||
Schedule of Investments [Line Items] | ||
Carrying Value | 15,680 | 12,382 |
Maximum Loss Exposure | $ 17,404 | $ 12,802 |
Investments - Schedule of Inves
Investments - Schedule of Investment Concentrations (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Blackstone Wave Asset Holdco | Stockholders' Equity | Investment Risk Concentration | |
Schedule of Investments [Line Items] | |
Investment owned, at fair value | $ 741 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Total asset derivatives | $ 546 | $ 849 |
Total liability derivatives | 3,115 | 3,956 |
Call options | Derivative investments | ||
Derivative [Line Items] | ||
Total asset derivatives | 244 | 816 |
Other embedded derivatives | Other long-term investments | ||
Derivative [Line Items] | ||
Total asset derivatives | 23 | 33 |
Reinsurance related embedded derivatives | Prepaid expenses and other assets | ||
Derivative [Line Items] | ||
Total asset derivatives | 279 | 0 |
Reinsurance related embedded derivatives | Accounts payable and accrued liabilities | ||
Derivative [Line Items] | ||
Total liability derivatives | 0 | 73 |
FIA/ IUL embedded derivatives | Contractholder funds | ||
Derivative [Line Items] | ||
Total liability derivatives | $ 3,115 | $ 3,883 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Change in Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Derivative gains (losses) | $ 352 | $ 34 | $ (53) | |
Call options | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | $ 229 | (862) | 597 | |
Futures contracts | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | 15 | (7) | 8 | |
Foreign currency forwards | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | (7) | 12 | 10 | |
Other embedded derivatives | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | 8 | (10) | 5 | |
Reinsurance related embedded derivatives | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | (53) | 352 | 34 | |
Total net investment gains | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | 192 | (515) | 654 | |
FIA/ IUL embedded derivatives increase (decrease) | ||||
Derivative [Line Items] | ||||
Derivative gains (losses) | $ 552 | $ (768) | $ 479 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | |
All Counterparties Except Merrill Lynch | ||
Derivative [Line Items] | ||
Counterparties, collateral required threshold | 0% | |
Embedded derivatives | ||
Derivative [Line Items] | ||
Term of contract, term one | 1 year | |
Term of contract, term two | 2 years | |
Term of contract, term three | 3 years | |
Term of contract, term five | 5 years | |
Call options | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Collateral posted | $ 219 | $ 790 |
Maximum amount of loss due to credit risk | 33 | 42 |
Call options | Derivatives for Trading and Investment | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Collateral posted | 219 | 790 |
Maximum amount of loss due to credit risk | 33 | 42 |
Call options | Cash and Cash Equivalents | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Collateral posted | $ 178 | $ 576 |
Futures contracts | ||
Derivative [Line Items] | ||
Number of instruments held | contract | 409,000,000 | 329,000,000 |
Collateral held | $ 3 | $ 3 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Exposure to Credit Loss on Call Options Held (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 546 | $ 849 |
Not Designated as Hedging Instrument | Call options | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 23,297 | 19,404 |
Fair Value | 244 | 816 |
Collateral | 219 | 790 |
Net Credit Risk | 33 | 42 |
Not Designated as Hedging Instrument | Call options | Merrill Lynch | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,563 | 3,307 |
Fair Value | 23 | 128 |
Collateral | 0 | 86 |
Net Credit Risk | 23 | 42 |
Not Designated as Hedging Instrument | Call options | Morgan Stanley | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,699 | 2,184 |
Fair Value | 14 | 86 |
Collateral | 19 | 92 |
Net Credit Risk | 0 | 0 |
Not Designated as Hedging Instrument | Call options | Barclay's Bank | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 6,049 | 5,197 |
Fair Value | 65 | 231 |
Collateral | 59 | 233 |
Net Credit Risk | 6 | 0 |
Not Designated as Hedging Instrument | Call options | Canadian Imperial Bank of Commerce | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 5,169 | 2,936 |
Fair Value | 68 | 147 |
Collateral | 64 | 151 |
Net Credit Risk | 4 | 0 |
Not Designated as Hedging Instrument | Call options | Wells Fargo | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,361 | 2,445 |
Fair Value | 17 | 89 |
Collateral | 17 | 90 |
Net Credit Risk | 0 | 0 |
Not Designated as Hedging Instrument | Call options | Goldman Sachs | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,133 | 307 |
Fair Value | 9 | 10 |
Collateral | 10 | 10 |
Net Credit Risk | 0 | 0 |
Not Designated as Hedging Instrument | Call options | Credit Suisse | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,039 | 1,485 |
Fair Value | 5 | 74 |
Collateral | 5 | 75 |
Net Credit Risk | 0 | 0 |
Not Designated as Hedging Instrument | Call options | Truist | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,489 | 1,543 |
Fair Value | 35 | 51 |
Collateral | 36 | 53 |
Net Credit Risk | 0 | $ 0 |
Not Designated as Hedging Instrument | Call options | Citibank | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 795 | |
Fair Value | 8 | |
Collateral | 9 | |
Net Credit Risk | $ 0 |
Notes Payable - Schedule of Lon
Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Nov. 22, 2022 | Sep. 01, 2022 | Dec. 31, 2021 | Sep. 17, 2021 | Aug. 13, 2018 |
Debt Instrument [Line Items] | ||||||
Debt | $ 3,238 | $ 3,096 | ||||
4.50% Notes, net of discount | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 4.50% | |||||
4.50% Notes, net of discount | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | ||||
Debt | $ 445 | 444 | ||||
5.50% Notes, net of discount | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||
5.50% Notes, net of discount | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% | ||||
Debt | $ 0 | 400 | ||||
5.50% Notes, net of discount | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.40% | |||||
Debt | $ 644 | 643 | ||||
2.45% Notes, net of discount | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 2.45% | |||||
Debt | $ 594 | 593 | ||||
3.20% Notes, net of discount | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.20% | |||||
3.20% Notes, net of discount | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 3.20% | |||||
Debt | $ 444 | 443 | ||||
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 3 | 4 | ||||
5.50% F&G Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||
Debt | $ 567 | 577 | ||||
F&G Credit Agreement | Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt | $ 547 | $ 550 | $ 0 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) - USD ($) | 12 Months Ended | |||||||||||||
Feb. 21, 2023 | Jan. 06, 2023 | Nov. 22, 2022 | Sep. 01, 2022 | Sep. 17, 2021 | Sep. 15, 2020 | Jun. 12, 2020 | Apr. 20, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 01, 2020 | Apr. 22, 2020 | Aug. 13, 2018 | |
Debt Instrument [Line Items] | ||||||||||||||
Outstanding debt | $ 3,238,000,000 | $ 3,096,000,000 | ||||||||||||
Repayment of principal borrowed | 404,000,000 | 0 | $ 1,000,000,000 | |||||||||||
Outstanding principal | 3,250,000,000 | |||||||||||||
F&G Credit Agreement | Line of Credit | SOFR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 1% | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 550,000,000 | |||||||||||||
Debt, period prior to maturity date (days) | 91 days | |||||||||||||
Debt redeemed and any refinancing incurred in connection with prior debt, minimum period after (days) | 91 days | |||||||||||||
Debt period from effective date or certain other conditions are met | 3 years | |||||||||||||
Outstanding debt | $ 550,000,000 | $ 547,000,000 | 0 | |||||||||||
Unamortized debt issuance costs | $ 3,000,000 | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 665,000,000 | |||||||||||||
Repayment of principal borrowed | $ 35,000,000 | |||||||||||||
Credit facility increase in borrowing capacity | $ 115,000,000 | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Fed Funds Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 5% | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Minimum | Condition Two | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 1.30% | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Minimum | SOFR | Condition One | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 0.30% | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Maximum | Condition Two | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 1.80% | |||||||||||||
F&G Credit Agreement | Revolving Credit Facility | Line of Credit | Maximum | SOFR | Condition One | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate (as percent) | 0.80% | |||||||||||||
5.50% F&G Senior Notes due 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance of senior notes | $ 547,000,000 | |||||||||||||
5.50% F&G Senior Notes due 2025 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date, maximum principal amount trigger | $ 150,000,000 | |||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||||||||||
5.50% F&G Senior Notes due 2025 | Senior Notes | F&G | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||||||||||
Aggregate principal amount | $ 550,000,000 | |||||||||||||
Price as percent of par on offering of unsecured Notes | 99.50% | |||||||||||||
3.20% Notes, net of discount | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 3.20% | |||||||||||||
Aggregate principal amount | $ 450,000,000 | |||||||||||||
Proceeds from issuance debt | $ 443,000,000 | |||||||||||||
3.20% Notes, net of discount | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 3.20% | |||||||||||||
Outstanding debt | $ 444,000,000 | 443,000,000 | ||||||||||||
Revolving Credit Facility Due April 2022 | Revolving Credit Facility | Line of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Outstanding debt | 3,000,000 | 4,000,000 | ||||||||||||
Unamortized debt issuance costs | 3,000,000 | |||||||||||||
Remaining borrowing capacity | 800,000,000 | |||||||||||||
Outstanding principal | $ 0 | |||||||||||||
2.45% Senior Notes Due March 2031 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance debt | $ 593,000,000 | |||||||||||||
2.45% Senior Notes Due March 2031 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 2.45% | |||||||||||||
Aggregate principal amount | $ 600,000,000 | |||||||||||||
Term Loan Credit Agreement | Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility | $ 1,000,000,000 | |||||||||||||
Repayment of principal borrowed | $ 640,000,000 | |||||||||||||
Repayments of all outstanding indebtedness under term loan credit agreement | $ 260,000,000 | |||||||||||||
3.40% Notes due June 15, 2030 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 3.40% | |||||||||||||
Aggregate principal amount | $ 650,000,000 | |||||||||||||
Proceeds from issuance debt | $ 642,000,000 | |||||||||||||
4.50 % Notes due August 2028 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 4.50% | |||||||||||||
4.50 % Notes due August 2028 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | ||||||||||||
Aggregate principal amount | $ 450,000,000 | |||||||||||||
Outstanding debt | $ 445,000,000 | 444,000,000 | ||||||||||||
Price as percent of par on offering of unsecured Notes | 99.252% | |||||||||||||
Annual interest rate | 4.594% | |||||||||||||
5.50% Notes Due September 2022 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | |||||||||||||
5.50% Notes Due September 2022 | Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.50% | 5.50% | ||||||||||||
Outstanding debt | $ 0 | $ 400,000,000 | ||||||||||||
Repayment of remaining outstanding principal | $ 400,000,000 |
Notes Payable - Principal Matur
Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Maturities of Long-term Debt [Abstract] | |
2023 | $ 550 |
2024 | 0 |
2025 | 550 |
2026 | 0 |
2027 | 0 |
Thereafter | 2,150 |
Total long term debt | $ 3,250 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 01, 2023 | Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 31, 2021 | |
Other Commitments [Line Items] | |||||
Estimated litigation liability | $ 12 | ||||
Escrow balances | 18,900 | $ 30,500 | |||
Kubera | |||||
Other Commitments [Line Items] | |||||
Note funding, maximum | $ 300 | ||||
TitlePoint | |||||
Other Commitments [Line Items] | |||||
Acquisition, expected purchase | $ 225 | ||||
TitlePoint | Subsequent Event | |||||
Other Commitments [Line Items] | |||||
Cash paid for acquisition | $ 225 | ||||
Matter of FGL Holdings | |||||
Other Commitments [Line Items] | |||||
Number of shares in which statutory appraisal rights have been claimed (in shares) | 12,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Unfunded Commitments by Invested Asset Class (Details) - Commitment to Invest - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments [Line Items] | ||
Unfunded investment commitment | $ 2,430 | $ 2,360 |
Limited partnerships | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 1,603 | 1,146 |
Whole loans | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 419 | 589 |
Fixed maturity securities, ABS | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 201 | 306 |
Other fixed maturity securities, AFS | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 48 | 119 |
Other assets | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 120 | 156 |
Commercial Mortgage Loans | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 36 | 44 |
Residential mortgage loans | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | 2 | 0 |
Committed amounts included in liabilities | ||
Other Commitments [Line Items] | ||
Unfunded investment commitment | $ 1 | $ 0 |
Dividends (Details)
Dividends (Details) | Feb. 16, 2023 $ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Cash dividend per common share (in dollars per share) | $ 0.45 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Title premiums | $ 6,834 | $ 8,553 | $ 6,298 |
Escrow, title-related and other fees | 4,324 | 4,795 | 3,092 |
Revenues from external customers | 11,158 | 13,348 | 9,390 |
Interest and investment income, including recognized gains and losses | 398 | 2,295 | 1,388 |
Total revenues | 11,556 | 15,643 | 10,778 |
Depreciation and amortization | 496 | 645 | 296 |
Interest expense | 115 | 114 | 90 |
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 1,535 | 3,083 | 1,784 |
Income tax expense (benefit) | 398 | 713 | 322 |
Earnings before equity in earnings of unconsolidated affiliates | 1,137 | 2,370 | 1,462 |
Equity in earnings (loss) of unconsolidated affiliates | 15 | 64 | 15 |
Earnings from continuing operations | 1,152 | 2,434 | 1,477 |
Assets | 65,589 | 60,690 | 50,455 |
Goodwill | 4,642 | 4,539 | 4,495 |
Title | |||
Segment Reporting Information [Line Items] | |||
Title premiums | 6,834 | 8,553 | 6,298 |
Escrow, title-related and other fees | 2,502 | 3,228 | 2,782 |
Revenues from external customers | 9,336 | 11,781 | 9,080 |
Interest and investment income, including recognized gains and losses | (230) | (284) | 294 |
Total revenues | 9,106 | 11,497 | 9,374 |
Depreciation and amortization | 142 | 138 | 149 |
Interest expense | 0 | 0 | 1 |
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 1,090 | 2,136 | 1,878 |
Income tax expense (benefit) | 298 | 511 | 432 |
Earnings before equity in earnings of unconsolidated affiliates | 792 | 1,625 | 1,446 |
Equity in earnings (loss) of unconsolidated affiliates | 15 | 58 | 14 |
Earnings from continuing operations | 807 | 1,683 | 1,460 |
Assets | 8,295 | 9,663 | 9,211 |
Goodwill | 2,620 | 2,517 | 2,478 |
F&G | |||
Segment Reporting Information [Line Items] | |||
Title premiums | 0 | 0 | 0 |
Escrow, title-related and other fees | 1,695 | 1,395 | 138 |
Revenues from external customers | 1,695 | 1,395 | 138 |
Interest and investment income, including recognized gains and losses | 645 | 2,567 | 1,095 |
Total revenues | 2,340 | 3,962 | 1,233 |
Depreciation and amortization | 329 | 484 | 123 |
Interest expense | 29 | 29 | 18 |
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 598 | 1,077 | 86 |
Income tax expense (benefit) | 117 | 220 | (75) |
Earnings before equity in earnings of unconsolidated affiliates | 481 | 857 | 161 |
Equity in earnings (loss) of unconsolidated affiliates | 0 | 0 | 0 |
Earnings from continuing operations | 481 | 857 | 161 |
Assets | 55,077 | 48,730 | 39,714 |
Goodwill | 1,756 | 1,756 | 1,751 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Title premiums | 0 | 0 | 0 |
Escrow, title-related and other fees | 127 | 172 | 172 |
Revenues from external customers | 127 | 172 | 172 |
Interest and investment income, including recognized gains and losses | (17) | 12 | (1) |
Total revenues | 110 | 184 | 171 |
Depreciation and amortization | 25 | 23 | 24 |
Interest expense | 86 | 85 | 71 |
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | (153) | (130) | (180) |
Income tax expense (benefit) | (17) | (18) | (35) |
Earnings before equity in earnings of unconsolidated affiliates | (136) | (112) | (145) |
Equity in earnings (loss) of unconsolidated affiliates | 0 | 6 | 1 |
Earnings from continuing operations | (136) | (106) | (144) |
Assets | 2,217 | 2,297 | 1,530 |
Goodwill | $ 266 | $ 266 | $ 266 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for: | |||
Interest | $ 125 | $ 112 | $ 73 |
Income taxes | 387 | 653 | 315 |
Deferred sales inducements | 87 | 90 | 46 |
Non-cash investing and financing activities: | |||
Equity financing associated with the acquisition of F&G | 0 | 0 | 609 |
Distribution of 15% of the common stock of F&G | $ 320 | 0 | 0 |
Dividend to shareholders, pro rata percentage of common stock | 15% | ||
Investments received from pension risk transfer premiums | $ 0 | 316 | 0 |
Change in proceeds of sales of investments available for sale receivable in period | 96 | (160) | (4) |
Change in purchases of investments available for sale payable in period | (25) | 18 | 14 |
Lease liabilities recognized in exchange for lease right-of-use assets | 70 | 47 | 44 |
Remeasurement of lease liabilities | 60 | 87 | 48 |
Liabilities assumed in connection with acquisitions (excluding F&G) | |||
Fair value of assets acquired | 266 | 85 | 32 |
Less: Total Purchase price | 180 | 59 | 24 |
Liabilities and noncontrolling interests assumed | $ 86 | $ 26 | $ 8 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 2,232 | $ 2,821 | $ 2,399 |
Interest and investment income | 1,891 | 1,961 | 900 |
Recognized gains and losses, net | (1,493) | 334 | 488 |
Total revenues | 11,556 | 15,643 | 10,778 |
Title | |||
Disaggregation of Revenue [Line Items] | |||
Loan subservicing revenue | 263 | 364 | 338 |
Total revenues | 9,106 | 11,497 | 9,374 |
Title | Direct title insurance premiums | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 2,858 | 3,571 | 2,699 |
Title | Agency title insurance premiums | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 3,976 | 4,982 | 3,599 |
Title | Home warranty | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 165 | 185 | 181 |
Title | Insurance contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 8,694 | 10,133 | 6,617 |
Title | Escrow fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 980 | 1,395 | 1,170 |
Title | Other title-related fees and income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 752 | 888 | 724 |
Title | ServiceLink, excluding title premiums, escrow fees, and subservicing fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 342 | 396 | 368 |
F&G | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 2,340 | 3,962 | 1,233 |
F&G | Life insurance premiums, insurance and investment product fees, and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,695 | 1,395 | 138 |
F&G | Life insurance premiums, insurance and investment product fees, other, pension risk transfer | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,362 | 1,146 | |
Corporate and other | Real estate technology | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 158 | 142 | 112 |
Corporate and other | Real estate brokerage | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 0 | 0 | 25 |
Corporate and other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Other Income | $ (31) | $ 30 | $ 36 |
Revenue Recognition - Premium a
Revenue Recognition - Premium and Annuity Deposits (Details) - F&G - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disaggregation of Revenue [Line Items] | |||
Premium and annuity deposits, net of reinsurance | $ 8,342 | $ 8,285 | $ 2,849 |
Fixed indexed annuities | |||
Disaggregation of Revenue [Line Items] | |||
Premium and annuity deposits, net of reinsurance | 4,483 | 4,420 | 1,966 |
Fixed rate annuities | |||
Disaggregation of Revenue [Line Items] | |||
Premium and annuity deposits, net of reinsurance | 1,522 | 878 | 631 |
Funding agreements (FABN/FHLB) | |||
Disaggregation of Revenue [Line Items] | |||
Premium and annuity deposits, net of reinsurance | 1,891 | 2,658 | 100 |
Life insurance | |||
Disaggregation of Revenue [Line Items] | |||
Premium and annuity deposits, net of reinsurance | $ 446 | $ 329 | $ 152 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances, Information about Receivables and Deferred Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables | $ 349 | $ 524 |
Deferred revenue (contract liabilities) | $ 296 | 144 |
Policy period | 1 year | |
Revenue recognized | $ 98 | $ 106 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Home warranty contract, period | 1 year |
Other Intangible Assets - Summa
Other Intangible Assets - Summary of Changes in Carrying Amounts of Intangible Assets Including DAC, VOBA , and DSI (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total | ||
Balance at beginning of period | $ 2,034 | $ 1,724 |
Purchase price allocation adjustments | 0 | 61 |
Deferrals | 814 | 675 |
Amortization | (353) | (517) |
Interest | 57 | 44 |
Unlocking | (4) | 12 |
Adjustment for net unrealized investment (losses) gains | 912 | 35 |
Balance at end of period | 3,460 | 2,034 |
VOBA | ||
Total | ||
Balance at beginning of period | 1,185 | 1,466 |
Purchase price allocation adjustments | 61 | |
Deferrals | 0 | 0 |
Amortization | (203) | (436) |
Interest | 25 | 30 |
Unlocking | (5) | 13 |
Adjustment for net unrealized investment (losses) gains | 662 | 51 |
Balance at end of period | 1,664 | 1,185 |
DAC | ||
Total | ||
Balance at beginning of period | 761 | 222 |
Purchase price allocation adjustments | 0 | 0 |
Deferrals | 727 | 585 |
Amortization | (107) | (46) |
Interest | 30 | 13 |
Unlocking | (4) | 1 |
Adjustment for net unrealized investment (losses) gains | 182 | (14) |
Balance at end of period | 1,589 | 761 |
DSI | ||
Total | ||
Balance at beginning of period | 88 | 36 |
Purchase price allocation adjustments | 0 | 0 |
Deferrals | 87 | 90 |
Amortization | (43) | (35) |
Interest | 2 | 1 |
Unlocking | 5 | (2) |
Adjustment for net unrealized investment (losses) gains | 68 | (2) |
Balance at end of period | $ 207 | $ 88 |
Other Intangible Assets - Narra
Other Intangible Assets - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 133 | $ 135 | $ 138 | |
Estimated amortization, 2023 | 131 | |||
Estimated amortization, 2024 | 96 | |||
Estimated amortization, 2025 | 72 | |||
Estimated amortization, 2026 | 58 | |||
Estimated amortization, 2027 | 47 | |||
VOBA | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Adjustment for net unrealized investment gains | $ (430) | 232 | ||
VOBA | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Interest accrual rate utilized to calculate accretion of interest | 0% | |||
VOBA | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Interest accrual rate utilized to calculate accretion of interest | 4.71% | |||
DAC | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Adjustment for net unrealized investment gains | $ (143) | $ 39 | ||
DSI | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Deferred sales inducement, unrealized investment gain | $ (61) | $ 7 |
Other Intangible Assets - Estim
Other Intangible Assets - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ (53) |
2024 | 172 |
2025 | 151 |
2026 | 133 |
2027 | 129 |
Thereafter | $ 702 |
Other Intangible Assets - Defin
Other Intangible Assets - Definite and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 574 | $ 523 |
Licensing Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived, cost/carrying amount | 60 | 59 |
Customer relationships and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, cost | 916 | 803 |
Accumulated amortization | (713) | (651) |
Finite-Lived Intangible Assets, Net, Total | $ 203 | $ 152 |
Weighted average useful life (years) | 10 years | 10 years |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, cost | $ 537 | $ 488 |
Accumulated amortization | (341) | (307) |
Finite-Lived Intangible Assets, Net, Total | $ 196 | $ 181 |
Software | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 2 years | 2 years |
Software | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average useful life (years) | 10 years | 10 years |
Value of distribution network acquired | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, cost | $ 140 | $ 140 |
Accumulated amortization | (40) | (25) |
Finite-Lived Intangible Assets, Net, Total | $ 100 | $ 115 |
Weighted average useful life (years) | 15 years | 15 years |
Definite lived trademarks, tradenames, and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, cost | $ 56 | $ 49 |
Accumulated amortization | (41) | (33) |
Finite-Lived Intangible Assets, Net, Total | $ 15 | $ 16 |
Weighted average useful life (years) | 10 years | 10 years |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 4,539 | $ 4,495 |
Goodwill associated with acquisitions | 103 | 38 |
Adjustments to prior year acquisitions | 6 | |
Goodwill, ending balance | 4,642 | 4,539 |
Title | Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 2,517 | 2,478 |
Goodwill associated with acquisitions | 103 | 38 |
Adjustments to prior year acquisitions | 1 | |
Goodwill, ending balance | 2,620 | 2,517 |
F&G | Operating Segments | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,756 | 1,751 |
Goodwill associated with acquisitions | 0 | 0 |
Adjustments to prior year acquisitions | 5 | |
Goodwill, ending balance | 1,756 | 1,756 |
Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 266 | 266 |
Goodwill associated with acquisitions | 0 | 0 |
Adjustments to prior year acquisitions | 0 | |
Goodwill, ending balance | $ 266 | $ 266 |
F&G Reinsurance - Effect of Rei
F&G Reinsurance - Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes (Detail) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Premiums Earned | |||
Direct | $ 254 | $ 1,822 | $ 1,583 |
Assumed | 0 | 0 | 0 |
Ceded | (116) | (178) | (188) |
Net | 138 | 1,644 | 1,395 |
Traditional Life Insurance Premiums | |||
Net Premiums Earned | |||
Direct | 108 | 1,522 | 1,314 |
Assumed | 0 | 0 | 0 |
Ceded | (85) | (128) | (137) |
Net | 23 | 1,394 | 1,177 |
Net Benefits Incurred | |||
Direct | 976 | 3,671 | 3,282 |
Assumed | 1 | 0 | 0 |
Ceded | (111) | (2,546) | (1,144) |
Net | $ 866 | $ 1,125 | $ 2,138 |
F&G Reinsurance - Narrative (De
F&G Reinsurance - Narrative (Details) - USD ($) | 1 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 | Oct. 01, 2022 | Sep. 01, 2022 | Oct. 31, 2021 | Jan. 15, 2021 | Dec. 20, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 01, 2020 | |
Ceded Credit Risk [Line Items] | |||||||||||
Expected credit losses on reinsurance recoverable | $ 10,000,000 | $ 21,000,000 | $ 10,000,000 | $ 20,000,000 | $ 0 | ||||||
Net amount recoverable | 5,588,000,000 | 5,588,000,000 | 3,738,000,000 | ||||||||
Statutory capital and surplus | 1,350,000,000 | 1,350,000,000 | 1,903,000,000 | ||||||||
Aspida Re | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Funds withheld co-insurance basis, percentage | 50% | ||||||||||
Monthly cession capped amount | $ 350,000,000 | ||||||||||
Aspida Re | AM Best, A- Rating | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Net amount recoverable | 3,121,000,000 | 3,121,000,000 | |||||||||
Aspida Re | Minimum | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Funds withheld co-insurance basis, percentage | 50% | ||||||||||
Aspida Re | Maximum | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Funds withheld co-insurance basis, percentage | 75% | ||||||||||
Somerset | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance, retention policy amount retained | $ 1,000,000,000 | ||||||||||
Somerset | AM Best, A- Rating | Standard & Poor's, BBB+ Rating | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Net amount recoverable | 570,000,000 | 570,000,000 | |||||||||
Kubera | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Note funding, maximum | 300,000,000 | ||||||||||
Kubera | Fixed indexed annuities | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance, retention policy amount retained | $ 10,000,000,000 | $ 4,000,000,000 | |||||||||
Recapture d statutory reserves due to waiver of surrender charges | $ 52,000,000 | ||||||||||
Reinsurance risk charge fee | 4,000,000 | 12,000,000 | 5,000,000 | ||||||||
Canada Life Assurance Company, US | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance risk charge fee | 1,000,000 | 4,000,000 | 2,000,000 | ||||||||
Hannover Re | Fixed indexed annuities | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance risk charge fee | $ 12,000,000 | $ 20,000,000 | 21,000,000 | ||||||||
Wilton Re | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance quota percentage | 100% | ||||||||||
Wilton Re | AM Best, A+ Rating | Fitch, A Rating | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Net amount recoverable | 1,231,000,000 | $ 1,231,000,000 | |||||||||
Raven Re | Affiliate | Intercompany Reinsurance Agreements | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Remaining borrowing capacity | 200,000,000 | 200,000,000 | |||||||||
Statutory capital and surplus | $ 11,000,000 | 11,000,000 | $ 62,000,000 | ||||||||
F&G Life Re Ltd | Affiliate | Intercompany Reinsurance Agreements | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance, retention policy amount retained | $ 5,000,000,000 | ||||||||||
Retrocession, quota share basis, net, percentage | 100% | ||||||||||
F&G Life Re Ltd | PRT Annuities | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsured risk | 80% | ||||||||||
Reinsurance ceded on the funds withheld portion | $ 380,000,000 | ||||||||||
Co-insurance reserve for PRT Separate Account Insurance Liability | $ 1,700,000,000 | $ 1,700,000,000 | |||||||||
F&G Cayman Re Ltd | Affiliate | Intercompany Reinsurance Agreements | |||||||||||
Ceded Credit Risk [Line Items] | |||||||||||
Reinsurance, retention policy amount retained | $ 2,200,000,000 | ||||||||||
Retrocession, quota share basis, percentage | 45% |
Regulation and Equity - Narrati
Regulation and Equity - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | |
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | $ 32,000,000 | $ 29,000,000 | ||
Combined statutory unearned premium reserve required | 1,772,000,000 | |||
Net assets restricted from dividend payments without prior approval | 1,442,000,000 | |||
Statutory capital and surplus | 1,350,000,000 | 1,903,000,000 | ||
Statutory net income | 778,000,000 | 936,000,000 | $ 629,000,000 | |
Minimum net worth required for compliance | 1,000,000 | |||
Dividends paid with approval of Iowa Commissioner | 0 | 38,000,000 | ||
Forecast | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory amount available for distributions without prior approval | $ 606,000,000 | |||
IOWA | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 1,877,000,000 | 1,473,000,000 | ||
Statutory net income | (243,000,000) | 351,000,000 | ||
Increase (decrease) in statutory capital surplus | (152,000,000) | (106,000,000) | ||
IOWA | Raven Re | ||||
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | 200,000,000 | 85,000,000 | ||
VERMONT | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 121,000,000 | 115,000,000 | ||
Statutory net income | (111,000,000) | 3,000,000 | ||
VERMONT | Raven Re | ||||
Statutory Accounting Practices [Line Items] | ||||
Change in statutory capital surplus | 28,000,000 | 0 | ||
Statutory capital and surplus | 121,000,000 | 115,000,000 | ||
Non-permitted statutory accounting practices | (107,000,000) | 30,000,000 | ||
New York | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 82,000,000 | 99,000,000 | ||
Statutory net income | $ (15,000,000) | $ 4,000,000 |
Regulation and Equity - Statuto
Regulation and Equity - Statutory Income and Net Capital (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $ 778 | $ 936 | $ 629 |
Statutory capital and surplus | 1,350 | 1,903 | |
IOWA | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (243) | 351 | |
Statutory capital and surplus | 1,877 | 1,473 | |
New York | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (15) | 4 | |
Statutory capital and surplus | 82 | 99 | |
VERMONT | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | (111) | 3 | |
Statutory capital and surplus | $ 121 | $ 115 |
Regulation and Equity - Equity
Regulation and Equity - Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended | |||
Feb. 23, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 03, 2021 | |
Class of Stock [Line Items] | |||||
Stock repurchase program number of shares authorized (in shares) | 25,000,000 | ||||
Treasury stock repurchased | $ 549 | $ 461 | $ 244 | ||
FNF Common Stock | Share Repurchase Program | |||||
Class of Stock [Line Items] | |||||
Treasury stock repurchased (in shares) | 13,369,565 | ||||
Treasury stock repurchased | $ 549 | ||||
Treasury stock acquired (in usd per share) | $ 41.05 | ||||
FNF Common Stock | Share Repurchase Program | Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Treasury stock repurchased (in shares) | 100,000 | ||||
Treasury stock repurchased | $ 4 | ||||
Treasury stock acquired (in usd per share) | $ 38.45 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) optionsToRenew | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Operating leases weighted average remaining lease term | 4 years 3 months 18 days | ||
Options to renew | optionsToRenew | 1 | ||
Weighted average discount rate, percent | 3.40% | ||
Operating lease costs | $ | $ 142 | $ 139 | $ 150 |
LIBOR | Line of Credit | Revolving Credit Facility | Revolving Credit Facility, due April 2022 | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as percent) | 1.40% | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Operating lease, term | 1 year | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Operating lease, term | 10 years |
Leases - Future Payments Under
Leases - Future Payments Under Operating Lease Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 147 | |
2024 | 116 | |
2025 | 74 | |
2026 | 51 | |
2027 | 26 | |
Thereafter | 35 | |
Total operating lease payments, undiscounted | 449 | |
Less: present value discount | 31 | |
Lease liability, at present value | $ 418 | $ 414 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 670 | $ 668 | |
Accumulated depreciation and amortization | (491) | (483) | |
Property and equipment, net | 179 | 185 | |
Depreciation | 59 | 45 | $ 48 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 235 | 239 | |
Data processing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 212 | 210 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 118 | 121 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 84 | 79 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 14 | 14 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 7 | $ 5 |
Accounts Payable and Other Ac_3
Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Salaries and incentives | $ 390 | $ 537 |
Accrued benefits | 408 | 447 |
Deferred revenue | 296 | 144 |
Contingent consideration - acquisitions | 47 | 30 |
Trade accounts payable | 156 | 129 |
Accrued recording fees and transfer taxes | 12 | 14 |
Accrued premium taxes | 20 | 59 |
Liability for policy and contract claims | 109 | 109 |
Retained asset account | 117 | 148 |
Remittances and items not allocated | 225 | 39 |
Option collateral liabilities | 178 | 576 |
Funds withheld embedded derivative | 0 | 73 |
Other accrued liabilities | 394 | 391 |
Accounts payable and accrued liabilities | $ 2,352 | $ 2,696 |
Income Taxes - Tax Expense (Ben
Income Taxes - Tax Expense (Benefit) on Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 331 | $ 656 | $ 379 |
Deferred | 67 | 57 | (57) |
Income tax expense on continuing operations | $ 398 | $ 713 | $ 322 |
Income Taxes - Tax Expense Allo
Income Taxes - Tax Expense Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Income Tax Disclosure [Abstract] | ||||||
Net earnings from continuing operations | $ 398 | $ 713 | $ 322 | |||
Other comprehensive earnings (loss): | ||||||
Unrealized (loss) gain on investments and other financial instruments | (947) | (141) | 332 | |||
Unrealized (loss) gain on foreign currency translation and cash flow hedging | (4) | 0 | [1] | 1 | [1] | |
Other comprehensive earnings attributable to noncontrolling interest | 8 | [2] | 0 | 0 | ||
Minimum pension liability adjustment | 2 | (2) | 4 | |||
Total income tax expense (benefit) allocated to other comprehensive earnings | (941) | (143) | 337 | |||
Total income taxes | $ (543) | $ 570 | $ 659 | |||
[1]Net of income tax (benefit) expense of $(4) million, $0 million, and $1 million for the years ended December 31, 2022, 2021, and 2020, respectively.[2]Net of income tax expense of $8 million for the year ended December 31, 2022. |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 2.20% | 1.60% | 2.50% |
Stock compensation | (0.10%) | (0.20%) | (0.30%) |
Tax credits | (0.70%) | (0.20%) | (0.40%) |
Consolidated partnerships | (0.20%) | (0.10%) | (0.30%) |
Tax gain on parent shares held | (1.00%) | 0.50% | 0% |
Valuation allowance for deferred tax assets | 6.10% | (0.30%) | (3.00%) |
Change in tax status benefit | 0% | 0% | (2.00%) |
Benefit on Capital Loss Carryback | (1.50%) | 0% | 0% |
Non-deductible expenses and other, net | 0.10% | 0.80% | 0.50% |
Effective tax rate | 25.90% | 23.10% | 18% |
Income Taxes - Components Defer
Income Taxes - Components Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Tax Assets: | ||
Employee benefit accruals | $ 103 | $ 111 |
Net operating loss carryforwards | 38 | 27 |
Derivatives | 67 | 0 |
Accrued liabilities | 5 | 1 |
Allowance for uncollectible accounts receivable | 5 | 5 |
Pension plan | 1 | 2 |
Tax credits | 74 | 77 |
State income taxes | 5 | 8 |
Investment securities | 952 | 0 |
Capital loss carryover | 8 | 41 |
Life insurance and claim related adjustments | 669 | 854 |
Funds held under reinsurance agreements | 37 | 52 |
Other | 21 | 33 |
Total gross deferred tax asset | 1,985 | 1,211 |
Less: valuation allowance | 151 | 33 |
Total deferred tax asset | 1,834 | 1,178 |
Deferred tax liabilities: | ||
Title plant | (53) | (52) |
Amortization of goodwill and intangible assets | (117) | (140) |
Other | (2) | (2) |
Investment securities | 0 | (401) |
Depreciation | (32) | (29) |
Partnerships | (122) | (182) |
Value of business acquired | (350) | (249) |
Derivatives | 0 | (68) |
Deferred acquisition costs | (243) | (102) |
Transition reserve on new reserve method | (25) | (34) |
Funds held under reinsurance agreements | (183) | (74) |
Title Insurance reserve discounting | (31) | (50) |
Total deferred tax liability | (1,158) | (1,383) |
Deferred tax assets, net | $ 676 | |
Net deferred tax asset (liability) | $ (205) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | ||
Deferred tax assets, net | $ 676,000,000 | |
Deferred tax liabilities, net | $ 205,000,000 | |
Decrease in deferred tax liability due to investments unrealized losses | 1,353,000,000 | |
Increase in deferred tax liability relating to partnerships | 60,000,000 | |
Increase (decrease) in deferred tax asset, tax credit carryforwards | 15,000,000 | |
Reduction in deferred tax asset, basis difference, held-for-sale | 185,000,000 | |
Operating loss carryforwards | 25,000,000 | |
Tax credits | 74,000,000 | 77,000,000 |
Valuation allowance | 151,000,000 | 33,000,000 |
Unrecognized tax benefits | 0 | 24,000,000 |
Income tax penalties and interest accrued | 0 | 1,000,000 |
F& G Subsidiaries | ||
Valuation Allowance [Line Items] | ||
Deferred tax assets, net | 747,000,000 | |
Income taxes receivable | 27,000,000 | $ 52,000,000 |
General Business Credit Carryforward | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 28,000,000 | |
Deferred Tax Asset, Capital Loss | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 118,000,000 | |
General Business Credit Carryforward | ||
Valuation Allowance [Line Items] | ||
Tax credits | 30,000,000 | |
Begin to expire in 2023 | ||
Valuation Allowance [Line Items] | ||
Operating loss carryforwards | 181,000,000 | |
Title | ||
Valuation Allowance [Line Items] | ||
Decrease in deferred tax liability due to investments unrealized losses | 144,000,000 | |
Increase (decrease) in deferred tax asset, tax credit carryforwards | 33,000,000 | |
Operating loss carryforwards | 48,000,000 | |
Operating loss carryforwards, valuation allowance | 25,000,000 | |
Title | Deferred Tax Asset, Capital Loss | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | 88,000,000 | |
F&G | ||
Valuation Allowance [Line Items] | ||
Decrease in deferred tax liability due to investments unrealized losses | (1,209,000,000) | |
Decrease in deferred tax liability for VOBA | 101,000,000 | |
Increase in deferred tax liability, deferred acquisition costs | 141,000,000 | |
Decrease in deferred tax liability, derivatives | 135,000,000 | |
Increase (decrease) in deferred tax asset, tax credit carryforwards | (109,000,000) | |
Operating loss carryforwards | 133,000,000 | |
F&G | Deferred Tax Asset, Capital Loss | ||
Valuation Allowance [Line Items] | ||
Valuation allowance | $ 30,000,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 60 | $ 64 |
Additions based on positions taken in current year | 1 | 0 |
Reductions related to statute of limitation lapses and audit payments | (61) | (4) |
Ending balance | $ 0 | $ 60 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Purchase Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 49 | $ 43 | $ 39 |
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock compensation expense | $ 36 | $ 24 | $ 30 |
Minimum | Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
ESPP, annual contributions per employee, percent | 3% | ||
Maximum | Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
ESPP, annual contributions per employee, percent | 15% |
Employee Benefit Plans - 401(k)
Employee Benefit Plans - 401(k) Profit Sharing Plan (Details) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||||
Maximum annual contributions per employee, percent | 40% | |||
Employer matching contribution, percent of match, amount per dollar | 0.50 | 0.375 | 0.375 | |
Employer matching contribution, percent of employees' gross pay | 6% | 6% | 6% | |
Defined contribution plan, cost recognized | $ 50 | $ 36 | $ 31 |
Employee Benefit Plans - Omnibu
Employee Benefit Plans - Omnibus Incentive Plan (Details) - shares | 12 Months Ended | |||||||||
Jun. 15, 2016 | May 22, 2013 | May 25, 2011 | May 29, 2008 | Oct. 23, 2006 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2005 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Options outstanding (in shares) | 0 | 996,113 | 2,321,413 | 5,530,125 | ||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock outstanding (in shares) | 1,841,544 | |||||||||
The Omnibus Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized for grant (in shares) | 8,000,000 | |||||||||
Number of additional shares authorized (in shares) | 10,000,000 | 6,000,000 | 6,000,000 | 11,000,000 | 16,000,000 | |||||
Options outstanding (in shares) | 0 | |||||||||
The Omnibus Plan | Stock options | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Expiration period | 7 years |
Employee Benefit Plans - F&G Om
Employee Benefit Plans - F&G Omnibus Incentive Plan (Details) - shares | Jun. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options outstanding (in shares) | 0 | 996,113 | 2,321,413 | 5,530,125 | |
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock outstanding (in shares) | 1,841,544 | ||||
F&G Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for grant (in shares) | 2,096,429 | ||||
Options outstanding (in shares) | 1,172,607 | 1,527,936 | 2,002,690 | 0 | |
F&G Omnibus Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for grant (in shares) | 2,411,585 | ||||
Award vesting period | 3 years | ||||
Expiration period | 7 years | ||||
F&G Omnibus Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock outstanding (in shares) | 501,548 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options (in shares): | ||||
Stock options outstanding at beginning of period (in shares) | 996,113 | 2,321,413 | 5,530,125 | |
Exercised (in shares) | (996,113) | (1,325,300) | (3,208,712) | |
Stock options outstanding at end (in shares) | 0 | 996,113 | 2,321,413 | |
Weighted Average Exercise Price (in dollars per share): | ||||
Stock options outstanding at beginning of period (USD per share) | $ 25.53 | $ 24.24 | $ 20.88 | |
Exercised (USD per share) | 25.53 | 23.28 | 18.45 | |
Stock options outstanding at end of period (USD per share) | $ 0 | $ 25.53 | $ 24.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options exercisable (in shares) | 0 | 996,113 | 2,321,413 | 5,530,125 |
The Omnibus Plan | ||||
Options (in shares): | ||||
Stock options outstanding at end (in shares) | 0 | |||
F&G Omnibus Plan | ||||
Options (in shares): | ||||
Stock options outstanding at beginning of period (in shares) | 1,527,936 | 2,002,690 | 0 | |
Options assumed in connection with the F&G acquisition (in shares) | 2,411,585 | |||
Exercised (in shares) | (352,614) | (474,754) | (109,159) | |
Canceled (in shares) | (2,715) | 0 | (299,736) | |
Stock options outstanding at end (in shares) | 1,172,607 | 1,527,936 | 2,002,690 | |
Weighted Average Exercise Price (in dollars per share): | ||||
Stock options outstanding at beginning of period (USD per share) | $ 35.97 | $ 36.14 | $ 0 | |
Options assumed in connection with the F&G acquisition (USD per share) | 36.04 | |||
Exercised (USD per share) | 38.79 | 36.68 | 27.64 | |
Cancelled (USD per share) | 28 | 0 | 38.41 | |
Stock options outstanding at end of period (USD per share) | $ 35.15 | $ 35.97 | $ 36.14 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Options exercisable (in shares) | 1,172,607 | 1,072,584 | 1,021,671 | 0 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock - FNF Common Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
The Omnibus Plan | |||
Shares: | |||
Restricted shares outstanding at beginning of period (in shares) | 1,639,226 | 1,716,555 | 1,517,176 |
Granted (in shares) | 994,548 | 772,189 | 1,006,058 |
Canceled (in shares) | (7,577) | (11,604) | |
Vested (in shares) | (792,230) | (841,941) | (795,075) |
Restricted shares outstanding at end of period (in shares) | 1,841,544 | 1,639,226 | 1,716,555 |
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Weighted average grant date fair value outstanding at beginning of period (USD per share) | $ 41.97 | $ 36.26 | $ 38.90 |
Granted (USD per share) | 40.83 | 48.27 | 33.40 |
Canceled (USD per share) | 37.20 | 38.93 | |
Vested (USD per share) | 41.44 | 36.15 | 37.60 |
Weighted average grant date fair value outstanding at end of period (USD per share) | $ 41.59 | $ 41.97 | $ 36.26 |
F&G Omnibus Plan | |||
Shares: | |||
Restricted shares outstanding at beginning of period (in shares) | 718,641 | 449,870 | 0 |
Granted (in shares) | 0 | 311,081 | 474,025 |
Canceled (in shares) | (78,551) | (12,437) | (24,155) |
Vested (in shares) | (138,542) | (29,873) | |
Restricted shares outstanding at end of period (in shares) | 501,548 | 718,641 | 449,870 |
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Weighted average grant date fair value outstanding at beginning of period (USD per share) | $ 40.24 | $ 34.11 | $ 0 |
Granted (USD per share) | 0 | 48.28 | 34.13 |
Canceled (USD per share) | 37.79 | 33.40 | 34.47 |
Vested (USD per share) | 34.11 | 34.59 | |
Weighted average grant date fair value outstanding at end of period (USD per share) | $ 42.31 | $ 40.24 | $ 34.11 |
Employee Benefit Plans - Option
Employee Benefit Plans - Options Outstanding and Exercisable by Exercise Price (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
$0.00 - $27.53 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 0 |
Exercise price range, upper range limit (in dollars per share) | 27.53 |
$27.54 - $28.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 27.54 |
Exercise price range, upper range limit (in dollars per share) | $ 28 |
The Omnibus Plan | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding options (in shares) | shares | 1,172,607 |
Outstanding options, intrinsic value | $ | $ 4 |
Number of exercisable options (in shares) | shares | 1,172,607 |
Exercisable options, intrinsic value | $ | $ 4 |
The Omnibus Plan | $0.00 - $27.53 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding options (in shares) | shares | 359,510 |
Outstanding options, weighted average remaining contractual term (in years) | 2 years 11 months 23 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 27.53 |
Outstanding options, intrinsic value | $ | $ 4 |
Number of exercisable options (in shares) | shares | 359,510 |
Exercisable options, weighted average remaining contractual term (in years) | 2 years 11 months 23 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 27.53 |
Exercisable options, intrinsic value | $ | $ 4 |
The Omnibus Plan | $27.54 - $28.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of outstanding options (in shares) | shares | 43,019 |
Outstanding options, weighted average remaining contractual term (in years) | 3 years 3 months 25 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 28 |
Outstanding options, intrinsic value | $ | $ 0 |
Number of exercisable options (in shares) | shares | 43,019 |
Exercisable options, weighted average remaining contractual term (in years) | 3 years 3 months 25 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 28 |
Exercisable options, intrinsic value | $ | $ 0 |
The Omnibus Plan | $28.01 - $39.10 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 28.01 |
Exercise price range, upper range limit (in dollars per share) | $ 39.10 |
Number of outstanding options (in shares) | shares | 770,078 |
Outstanding options, weighted average remaining contractual term (in years) | 2 years 7 months 13 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 39.10 |
Outstanding options, intrinsic value | $ | $ 0 |
Number of exercisable options (in shares) | shares | 770,078 |
Exercisable options, weighted average remaining contractual term (in years) | 2 years 7 months 13 days |
Exercisable options, weighted average exercise price (in dollars per share) | $ 39.10 |
Exercisable options, intrinsic value | $ | $ 0 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ 16 | $ 32 | $ 50 |
Total stock compensation expense | $ 49 | 43 | 39 |
Weighted average | 1 year 8 months 19 days | ||
The Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 61 | ||
The Omnibus Plan | Restricted Stock | FNF Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of restricted stock awards granted | 41 | 52 | 50 |
Fair value of restricted stock awards vested | $ 38 | $ 43 | $ 25 |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension Plans (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2000 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Consecutive months with highest compensation in which benefits are based | 60 months | ||
Months ending at retirement or termination in which benefits are based | 120 months | ||
Discount rate | 4.85% | 2.35% | |
Benefit obligation | $ 117 | $ 154 | |
Fair value of plan assets | $ 112 | $ 145 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk (Details) - Geographic Concentration Risk - Title Insurance Premiums | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Texas | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15% | 13% | 12.30% |
California | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12% | 14.60% | 15.20% |
Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.60% | 9.30% | 8.60% |
Illinois | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 5.30% | 5.10% | 5% |
Pennsylvania | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 5.20% | 5.10% | 4.80% |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total stockholders' equity | $ 5,979 | $ 9,457 | $ 8,392 | $ 5,365 | |
Cumulative Effect, Period of Adoption, Adjustment | Maximum | Pro Forma | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total stockholders' equity | $ 200 |
Net Income Attributable to FN_3
Net Income Attributable to FNF Common Shareholders and Change in Total Equity (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jul. 29, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||||
Net earnings attributable to FNF common shareholders | $ 1,136 | $ 2,422 | $ 1,427 | |
Decrease in additional paid in capital and retain earnings for decrease in ownership of F&G and increase in accumulated comprehensive earnings for decrease in ownership of F&G | 24 | 19 | 14 | |
Net income attributable to FNF common shareholders and change in total equity | 845 | 2,422 | 1,685 | |
Additional Paid-in Capital | ||||
Class of Stock [Line Items] | ||||
Decrease in additional paid in capital and retain earnings for decrease in ownership of F&G and increase in accumulated comprehensive earnings for decrease in ownership of F&G | 19 | 0 | 0 | |
Increase in additional paid-in-capital and decrease in non controlling interest from increase in ownership percentage in ServiceLink | 0 | 0 | 211 | |
Non-controlling Interests | ||||
Class of Stock [Line Items] | ||||
Decrease in additional paid in capital and retain earnings for decrease in ownership of F&G and increase in accumulated comprehensive earnings for decrease in ownership of F&G | 24 | 19 | 14 | |
Increase in additional paid-in-capital and decrease in non controlling interest from increase in ownership percentage in ServiceLink | 0 | 0 | 47 | |
Net transfers (to) from noncontrolling interests | (291) | 0 | 258 | |
Retained Earnings | ||||
Class of Stock [Line Items] | ||||
Decrease in additional paid in capital and retain earnings for decrease in ownership of F&G and increase in accumulated comprehensive earnings for decrease in ownership of F&G | 301 | 0 | 0 | |
Accumulated Other Comprehensive Earnings (Loss) | ||||
Class of Stock [Line Items] | ||||
Decrease in additional paid in capital and retain earnings for decrease in ownership of F&G and increase in accumulated comprehensive earnings for decrease in ownership of F&G | $ 29 | $ 0 | $ 0 | |
ServiceLink Holdings, LLC | ||||
Class of Stock [Line Items] | ||||
Purchase of outstanding Class A units of minority owners | $ 90 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information - Balance Sheets (Parent Company) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Cash | $ 2,286 | $ 4,360 | |
Other long-term investments | 2,590 | 491 | |
Investments in unconsolidated affiliates | 2,614 | 2,486 | |
Notes receivable | 467 | 557 | |
Property and equipment, net | 179 | 185 | |
Prepaid expenses and other assets | 2,231 | 1,203 | |
Total assets | 65,589 | 60,690 | $ 50,455 |
Liabilities: | |||
Accounts payable and accrued liabilities | 2,352 | 2,696 | |
Income taxes payable | 0 | 72 | |
Deferred tax liability | 71 | 205 | |
Notes payable | 3,238 | 3,096 | |
Total liabilities | $ 59,610 | $ 51,233 | |
Common stock, shares, outstanding (in shares) | 272,309,890 | 283,778,574 | |
Equity [Abstract] | |||
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 279,064,457 and 290,533,141 as of December 31, 2022 and December 31, 2021, respectively, and issued of 327,757,349 and 325,486,429 as of December 31, 2022 and December 31, 2021, respectively | $ 0 | $ 0 | |
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none | 0 | 0 | |
Additional paid-in capital | 5,876 | 5,811 | |
Retained earnings | 4,714 | 4,369 | |
Accumulated other comprehensive earnings | (2,862) | 779 | |
Treasury stock | (2,109) | (1,545) | |
Total Fidelity National Financial, Inc. shareholders’ equity | 5,619 | 9,414 | |
Total liabilities and equity | $ 65,589 | $ 60,690 | |
Treasury stock (in shares) | 55,447,459 | 41,707,855 | |
Parent Company | |||
ASSETS | |||
Cash | $ 406 | $ 1,515 | |
Short-term investments | 533 | 0 | |
Other long-term investments | 35 | 52 | |
Equity securities | 1 | 7 | |
Investments in unconsolidated affiliates | 3 | 9 | |
Notes receivable | 303 | 696 | |
Investments in and amounts due from subsidiaries | 6,794 | 10,215 | |
Property and equipment, net | 2 | 2 | |
Prepaid expenses and other assets | 243 | 275 | |
Total assets | 8,320 | 12,771 | |
Liabilities: | |||
Accounts payable and accrued liabilities | 291 | 344 | |
Income taxes payable | 0 | 72 | |
Deferred tax liability | 71 | 206 | |
Notes payable | 2,123 | 2,519 | |
Total liabilities | $ 2,485 | $ 3,141 | |
Common stock, shares, outstanding (in shares) | 279,064,457 | 290,533,141 | |
Equity [Abstract] | |||
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none | $ 0 | $ 0 | |
Additional paid-in capital | 5,876 | 5,811 | |
Retained earnings | 4,714 | 4,369 | |
Accumulated other comprehensive earnings | (2,862) | 779 | |
Treasury stock | (1,893) | (1,329) | |
Total Fidelity National Financial, Inc. shareholders’ equity | 5,835 | 9,630 | |
Total liabilities and equity | $ 8,320 | $ 12,771 | |
Treasury stock (in shares) | 48,692,892 | 34,953,288 | |
Parent Company | FNF Common Stock | |||
Equity [Abstract] | |||
FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2022 and December 31, 2021; outstanding of 279,064,457 and 290,533,141 as of December 31, 2022 and December 31, 2021, respectively, and issued of 327,757,349 and 325,486,429 as of December 31, 2022 and December 31, 2021, respectively | $ 0 | $ 0 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information - Balance Sheet (Parent Company) (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Nov. 22, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | |
Common stock, shares, outstanding (in shares) | 272,309,890 | 283,778,574 | |
Common stock, shares, issued (in shares) | 327,757,349 | 325,486,429 | |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Treasury stock (in shares) | 55,447,459 | 41,707,855 | |
Parent Company | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Common stock, par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 | |
Common stock, shares, outstanding (in shares) | 279,064,457 | 290,533,141 | |
Common stock, shares, issued (in shares) | 327,757,349 | 325,486,429 | |
Preferred stock, par or stated value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |
Preferred stock, shares issued (in shares) | 0 | 0 | |
Preferred stock, shares outstanding (in shares) | 0 | 0 | |
Treasury stock (in shares) | 48,692,892 | 34,953,288 |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information - Statement of Earnings (Parent Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Other fees and revenue | $ 4,324 | $ 4,795 | $ 3,092 |
Interest and investment income and realized gains | 398 | 2,295 | 1,388 |
Realized gains and losses, net | (1,493) | 334 | 488 |
Total revenues | 11,556 | 15,643 | 10,778 |
Expenses: | |||
Personnel costs | 3,192 | 3,528 | 2,951 |
Other operating expenses | 1,721 | 1,929 | 1,759 |
Interest expense | 115 | 114 | 90 |
Total expenses | 10,021 | 12,560 | 8,994 |
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | 1,535 | 3,083 | 1,784 |
Income tax expense | 398 | 713 | 322 |
Earnings from continuing operations | 1,152 | 2,434 | 1,477 |
Equity in earnings of discontinued operations | 0 | 8 | (25) |
Net earnings attributable to FNF common shareholders | 1,136 | 2,422 | 1,427 |
Beginning balance | 9,457 | 8,392 | 5,365 |
Dividends declared | (490) | (447) | (389) |
Ending balance | 5,979 | 9,457 | 8,392 |
Retained Earnings | |||
Expenses: | |||
Beginning balance | 4,369 | 2,394 | 1,356 |
Dividends declared | (490) | (447) | (389) |
Ending balance | 4,714 | 4,369 | 2,394 |
Parent Company | |||
Revenues: | |||
Other fees and revenue | (37) | 24 | 32 |
Interest and investment income and realized gains | 43 | 17 | 25 |
Realized gains and losses, net | (42) | 12 | (6) |
Total revenues | (36) | 53 | 51 |
Expenses: | |||
Personnel costs | (11) | 54 | 58 |
Other operating expenses | 16 | 25 | 60 |
Interest expense | 92 | 87 | 71 |
Total expenses | 97 | 166 | 189 |
Earnings from continuing operations before income taxes and equity in earnings of unconsolidated affiliates | (133) | (113) | (138) |
Income tax expense | (33) | (27) | (33) |
Losses before equity in earnings of subsidiaries | (100) | (86) | (105) |
Equity in earnings of subsidiaries | 1,236 | 2,500 | 1,557 |
Earnings from continuing operations | 1,136 | 2,414 | 1,452 |
Equity in earnings of discontinued operations | 0 | 8 | (25) |
Net earnings attributable to FNF common shareholders | 1,136 | 2,422 | 1,427 |
Parent Company | Retained Earnings | |||
Expenses: | |||
Net earnings attributable to FNF common shareholders | 1,136 | 2,422 | 1,427 |
Beginning balance | 4,369 | 2,394 | 1,356 |
Dividends declared | (490) | (447) | (389) |
Distribution of F&G to FNF common shareholders | (301) | 0 | 0 |
Ending balance | $ 4,714 | $ 4,369 | $ 2,394 |
Schedule II - Condensed Finan_6
Schedule II - Condensed Financial Information - Statement of Cash Flow (Parent Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net earnings attributable to FNF common shareholders | $ 1,136 | $ 2,422 | $ 1,427 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Equity in earnings of unconsolidated affiliates | (15) | (64) | (15) |
Depreciation and amortization | 496 | 645 | 296 |
Net change in income taxes | 25 | (18) | 24 |
Net cash provided by (used in) operating activities | 4,355 | 4,090 | 1,578 |
Cash Flows From Investing Activities: | |||
Purchases of investments available for sale | (13,148) | (16,014) | (4,959) |
Net purchases of short-term investment activities | (2,571) | 266 | 145 |
Acquisition of F&G (net of cash acquired) | 0 | 0 | (1,076) |
Distributions from unconsolidated affiliates | 151 | 106 | 0 |
Additional investments in unconsolidated affiliates | (1,077) | (1,746) | (327) |
Net cash used in investing activities | (10,524) | (7,449) | (2,331) |
Cash Flows From Financing Activities: | |||
Debt service payments | (404) | 0 | (1,000) |
Dividends paid | (489) | (446) | (389) |
Purchases of treasury stock | (553) | (463) | (236) |
Exercise of stock options | 39 | 48 | 62 |
Payment for shares withheld for taxes and in treasury | (15) | (17) | (8) |
Net cash provided by financing activities | 4,095 | 5,000 | 2,096 |
Net change in cash and cash equivalents | (2,074) | 1,641 | 1,343 |
Cash and cash equivalents at beginning of period | 4,360 | 2,719 | 1,376 |
Cash and cash equivalents at end of period | 2,286 | 4,360 | 2,719 |
Parent Company | |||
Cash Flows from Operating Activities: | |||
Net earnings attributable to FNF common shareholders | 1,136 | 2,422 | 1,427 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Equity in earnings of unconsolidated affiliates | 0 | (6) | (1) |
Impairment of assets | 0 | 0 | 1 |
Equity in earnings of subsidiaries | (1,236) | (2,500) | (1,742) |
Depreciation and amortization | 1 | 1 | 1 |
Stock-based compensation cost | 48 | 43 | 39 |
Net change in income taxes | 748 | 65 | (1) |
Net (increase) decrease in prepaid expenses and other assets | 41 | (14) | (15) |
Net increase in accounts payable and other accrued liabilities | (50) | 36 | 26 |
Net cash provided by (used in) operating activities | 688 | 47 | (265) |
Cash Flows From Investing Activities: | |||
Purchases of investments available for sale | 0 | (52) | 0 |
Net purchases of short-term investment activities | (509) | (6) | 564 |
Acquisition of F&G (net of cash acquired) | 0 | 0 | (1,076) |
Additions to notes receivable | (87) | (400) | (3) |
Collections of notes receivable | 79 | 120 | 89 |
Distributions from unconsolidated affiliates | 0 | 0 | 0 |
Additional investments in unconsolidated affiliates | (1) | ||
Net cash used in investing activities | (517) | (338) | (427) |
Cash Flows From Financing Activities: | |||
Borrowings | 0 | 449 | 2,246 |
Debt service payments | (400) | 0 | (1,000) |
Debt issuance costs | 0 | (6) | (22) |
Dividends paid | (489) | (446) | (389) |
Purchases of treasury stock | (553) | (463) | (236) |
Exercise of stock options | 39 | 48 | 62 |
Payment for shares withheld for taxes and in treasury | (15) | (17) | (9) |
Additional investments in non-controlling interests | (2) | 0 | (90) |
Other financing activity | 0 | 0 | 1 |
Net dividends from subsidiaries | 140 | 1,266 | 539 |
Net cash provided by financing activities | (1,280) | 831 | 1,102 |
Net change in cash and cash equivalents | (1,109) | 540 | 410 |
Cash and cash equivalents at beginning of period | 1,515 | 975 | 565 |
Cash and cash equivalents at end of period | $ 406 | $ 1,515 | $ 975 |
Schedule II - Condensed Finan_7
Schedule II - Condensed Financial Information - Notes to Financial Statements (Parent Company) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 17, 2021 | Aug. 13, 2018 | |
Debt Instrument [Line Items] | |||||
Notes payable | $ 3,238 | $ 3,096 | |||
Interest | 125 | 112 | $ 73 | ||
Income taxes | $ 387 | 653 | 315 | ||
4.50% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.50% | ||||
5.50% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 5.50% | ||||
3.20% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.20% | ||||
Parent Company | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 2,123 | 2,519 | |||
Interest | 95 | 81 | 58 | ||
Income taxes | 459 | 609 | 317 | ||
Cash dividends from subsidiaries and affiliates | $ 800 | 600 | $ 500 | ||
Parent Company | 4.50% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 4.50% | ||||
Notes payable | $ 445 | 444 | |||
Parent Company | 5.50% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 5.50% | ||||
Notes payable | $ 0 | 400 | |||
Parent Company | 5.50% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.40% | ||||
Notes payable | $ 644 | 643 | |||
Parent Company | 2.45% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 2.45% | ||||
Notes payable | $ 594 | 593 | |||
Parent Company | 3.20% Notes, net of discount | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 3.20% | ||||
Notes payable | $ 443 | 443 | |||
Parent Company | Revolving Credit Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ (3) | $ (4) |
Schedule III - F&G Supplement_2
Schedule III - F&G Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | ||
Deferred acquisition costs | $ 1,589 | $ 761 |
Future policy benefits, losses, claims and loss expenses | 5,923 | 4,732 |
Other policy claims and benefits payable | 109 | 109 |
Premium revenue | 1,695 | 1,395 |
Net investment income | 1,655 | 1,852 |
Benefits, claims, losses and settlement expenses | (1,125) | (2,138) |
Amortization, interest, and unlocking of deferred acquisition costs | (81) | (32) |
Other operating expenses | $ (102) | $ (105) |
Schedule IV - F&G Reinsurance (
Schedule IV - F&G Reinsurance (Details) - USD ($) $ in Millions | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Life insurance in force | |||
Gross Amount | $ 3,892 | $ 6,258 | $ 4,881 |
Ceded to other companies | (2,064) | (1,594) | (1,682) |
Assumed from other companies | 0 | 0 | 0 |
Net Amount | $ 1,828 | $ 4,664 | $ 3,199 |
Percentage of amount assumed of net | 0% | 0% | 0% |
Net Premiums Earned | |||
Gross Amount | $ 254 | $ 1,822 | $ 1,583 |
Ceded to other companies | (116) | (178) | (188) |
Assumed from other companies | 0 | 0 | 0 |
Net | $ 138 | $ 1,644 | $ 1,395 |
Percentage of amount assumed of net | 0% | 0% | 0% |
Life Insurance Premiums | |||
Net Premiums Earned | |||
Gross Amount | $ 108 | $ 160 | $ 168 |
Ceded to other companies | (85) | (128) | (137) |
Assumed from other companies | 0 | 0 | 0 |
Net | $ 23 | $ 32 | $ 31 |
Percentage of amount assumed of net | 0% | 0% | 0% |
Life-contingent PRT Premiums | |||
Net Premiums Earned | |||
Gross Amount | $ 1,362 | $ 1,146 | |
Ceded to other companies | 0 | 0 | |
Assumed from other companies | 0 | 0 | |
Net | $ 1,362 | $ 1,146 | |
Percentage of amount assumed of net | 0% | 0% | |
Annuity product charges | |||
Net Premiums Earned | |||
Gross Amount | $ 146 | $ 300 | $ 269 |
Ceded to other companies | (31) | (50) | (51) |
Assumed from other companies | 0 | 0 | 0 |
Net | $ 115 | $ 250 | $ 218 |
Percentage of amount assumed of net | 0% | 0% | 0% |