0001331875-22-000024 | 10-K | XBRL Viewer | Fidelity National Financial INC

Unrealized gain (loss) on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)

$ 2,442

$ 1,452

$ 1,076

Other comprehensive earnings:

^[1]

(413)

1,310

Unrealized gain on investments in unconsolidated affiliates

^[2]

Unrealized gain (loss) on foreign currency translation

^[3]

(7)

Reclassification adjustments for change in unrealized gains and losses included in net earnings

^[4]

(123)

(73)

(9)

Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk

^[5]

(3)

^[5]

Minimum pension liability adjustment

^[6]

(7)

Other comprehensive (loss) earnings

(525)

1,261

Comprehensive earnings

1,917

2,713

1,132

Less: Comprehensive earnings attributable to non-controlling interests

Comprehensive earnings attributable to Fidelity National Financial, Inc. common shareholders

$ 1,897

$ 2,688

$ 1,118

[1]	Net of income tax (benefit) expense of $(113) million, $350 million, and $17 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[2]	Net of income tax expense of $7 million, $1 million, and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[3]	Net of income tax (benefit) expense of less than $(1) million, $1 million, and $1 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[4]	Net of income tax expense of $33 million, $18 million and $3 million for the years ended December 31, 2021, 2020 and 2019, 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 (benefit) expense of $(2) million and $4 million for the years ended December 31, 2021 and December 31, 2020, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Statement of Comprehensive Income [Abstract]

Unrealized gain (loss) on investments and other financial instruments, tax expense (benefit)

^[1]

$ (113)

$ 350

$ 17

Unrealized gain on investments in unconsolidated affiliates tax expense

^[2]

Unrealized gain (loss) foreign currency translation, tax expense (benefit)

^[3]

Reclassification adjustments for change in unrealized gains and losses included in net earnings, tax expense

(18)

$ 3

Change in reinsurance liabilities held at fair value resulting from a change in the instrument-specific credit risk, tax (benefit)

(1)

Minimum pension liability adjustment, tax expense

$ (2)

^[4]

$ 4

[1]	Net of income tax (benefit) expense of $(113) million, $350 million, and $17 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[2]	Net of income tax expense of $7 million, $1 million, and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[3]	Net of income tax (benefit) expense of less than $(1) million, $1 million, and $1 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[4]	Net of income tax (benefit) expense of $(2) million and $4 million for the years ended December 31, 2021 and December 31, 2020, respectively.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comprehensive Earnings (Loss)

Treasury Stock

Non-controlling Interest

Beginning balance at Dec. 31, 2018

$ 4,628

$ 0

$ 4,500

$ 641

$ (13)

$ (498)

$ (2)

Beginning balance (in shares) at Dec. 31, 2018

290,000

14,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of stock options (in shares)

2,000

Exercise of stock options

Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest

(14)

(18)

Treasury stock repurchased

(85)

$ (85)

Treasury stock repurchased (in shares)

2,000

Other comprehensive earnings/gain (loss) - unrealized gain on investments and other financial instruments

Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates

^[1]

Other comprehensive earnings - unrealized (loss) gain on foreign currency translation

^[2]

Reclassification adjustments for change in unrealized gains and losses included in net earnings

(9)

^[3]

(9)

Stock-based compensation

Shares withheld for taxes and in treasury (in shares)

(1,000)

Shares withheld for taxes and in treasury

(15)

$ (15)

Dividends declared

(347)

Subsidiary dividends declared to non-controlling interests

(11)

Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk

^[4]

Ending balance at Dec. 31, 2019

1,076

1,062

5,365

$ 0

4,581

1,356

$ (598)

(17)

Ending balance (in shares) at Dec. 31, 2019

292,000

17,000

Beginning Balance at Dec. 31, 2018

344

Ending Balance at Dec. 31, 2019

344

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of stock options (in shares)

3,000

Exercise of stock options

F&G Acquisition (in shares)

25,000

7,000

F&G Acquisition

610

827

$ (217)

Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest

258

211

(47)

Treasury stock repurchased

(244)

$ (244)

Treasury stock repurchased (in shares)

7,000

Issuance of restricted stock (in shares)

2,000

Other comprehensive earnings/gain (loss) - unrealized gain on investments and other financial instruments

1,310

Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates

^[1]

Other comprehensive earnings - unrealized (loss) gain on foreign currency translation

^[2]

Other comprehensive earnings - minimum pension liability adjustment

Reclassification adjustments for change in unrealized gains and losses included in net earnings

(73)

^[3]

(73)

Stock-based compensation

Shares withheld for taxes and in treasury

(8)

$ (8)

Dividends declared

(389)

Subsidiary dividends declared to non-controlling interests

(14)

Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk

(3)

Ending balance at Dec. 31, 2020

1,452

1,427

8,392

$ 0

5,720

2,394

1,304

$ (1,067)

Ending balance (in shares) at Dec. 31, 2020

322,000

31,000

Increase (Decrease) in Temporary Equity [Roll Forward]

Purchase of ServiceLink noncontrolling interest

(344)

Ending Balance at Dec. 31, 2020

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Exercise of stock options (in shares)

2,000

Exercise of stock options

Purchase of incremental shares in consolidated subsidiaries/Purchase of Servicelink non-controlling interest

(1)

Treasury stock repurchased

(461)

$ (461)

Treasury stock repurchased (in shares)

(10,000)

Issuance of restricted stock (in shares)

1,000

Other comprehensive earnings/gain (loss) - unrealized gain on investments and other financial instruments

(413)

Other comprehensive earnings - unrealized gain (loss) on investments in unconsolidated affiliates

^[1]

Other comprehensive earnings - unrealized (loss) gain on foreign currency translation

(7)

^[2]

(7)

Other comprehensive earnings - minimum pension liability adjustment

(7)

Reclassification adjustments for change in unrealized gains and losses included in net earnings

(123)

^[3]

(123)

Stock-based compensation

Shares withheld for taxes and in treasury (in shares)

1,000

Shares withheld for taxes and in treasury

(17)

$ (17)

Dividends declared

(447)

Subsidiary dividends declared to non-controlling interests

(19)

Change in reinsurance liabilities held at fair value resulting from change in instrument-specific credit risk

^[4]

Ending balance at Dec. 31, 2021

2,442

2,422

$ 9,457

$ 0

$ 5,811

$ 4,369

$ 779

$ (1,545)

$ 43

Ending balance (in shares) at Dec. 31, 2021

325,000

42,000

[1]	Net of income tax expense of $7 million, $1 million, and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[2]	Net of income tax (benefit) expense of less than $(1) million, $1 million, and $1 million for the years ended December 31, 2021, 2020, and 2019, respectively.
[3]	Net of income tax expense of $33 million, $18 million and $3 million for the years ended December 31, 2021, 2020 and 2019, respectively.
[4]	Net of income tax expense (benefit) of $1 million and $(1) million for the years ended December 31, 2021 and 2020, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net earnings	$ 2,442	$ 1,452	$ 1,076
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	645	296	178
Equity in earnings of unconsolidated affiliates	(64)	(15)	(15)
(Gain) loss on sales of investments and other assets and asset impairments, net	(588)	80	10
Gain on Pacific Union Sale	14	9	0
Interest credited/index credits to contractholder account balances	805	750	0
Deferred policy acquisition costs and deferred sales inducements	(675)	(266)	0
Charges assessed to contractholders for mortality and administration	(180)	(100)	0
Non-cash lease costs	139	150	147
Operating lease payments	(150)	(152)	(149)
Distributions from unconsolidated affiliates, return on investment	106	0	5
Stock-based compensation cost	43	39	38
Change in NAV of limited partnerships, net	(589)	0	0
Change in valuation of derivatives, equity and preferred securities, net	253	(568)	(328)
Changes in assets and liabilities, net of effects from acquisitions:
Change in reinsurance recoverable	4	40	0
Change in future policy benefits	634	(92)	0
Change in funds withheld from reinsurers	850	(15)	0
Net increase in trade receivables	(120)	(83)	(36)
Net increase in reserve for title claim losses	260	114	21
Net change in income taxes	(18)	24	53
Net change in other assets and other liabilities	279	(85)	121
Net cash provided by (used in) operating activities	4,090	1,578	1,121
Cash Flows From Investing Activities:
Proceeds from calls and maturities of investment securities	9,796	3,592	831
Proceeds from sales of property and equipment	0	9	4
Fundings of Cannae Holdings Inc. note receivable	0	0	(200)
Proceeds from repayments of Cannae Holdings Inc. note receivable	0	0	200
Additions to property and equipment and capitalized software	(131)	(110)	(96)
Purchases of investment securities	(16,014)	(4,959)	(867)
Net proceeds from (purchases of) sales and maturities of short-term investment securities	266	145	(395)
F&G acquisition	0	(1,076)	0
Other acquisitions/disposals of businesses, net of cash acquired/disposed	(100)	158	(1)
Additional investments in unconsolidated affiliates	(1,746)	(327)	(34)
Distributions from unconsolidated affiliates, return of investment	491	241	46
Net other investing activities	(11)	(4)	(8)
Net cash provided by (used in) investing activities	(7,449)	(2,331)	(520)
Cash Flows From Financing Activities:
Draw on revolving credit facility	0	1,000	0
Debt offering	449	1,246	0
Debt costs/equity issuance additions	(6)	(22)	0
Debt service payments	0	(1,000)	0
Dividends paid	(446)	(389)	(344)
Subsidiary dividends paid to non-controlling interest shareholders	(19)	(14)	(11)
Exercise of stock options	48	62	39
Net change in secured trust deposits	224	(80)	(31)
Purchase of additional share in consolidated subsidiaries	0	(90)	(3)
Payment of contingent consideration for prior period acquisitions	(5)	(13)	(21)
Payment for shares withheld for taxes and in treasury	(17)	(8)	(15)
Contractholder account deposits	8,166	2,967	0
Contractholder account withdrawals	(2,931)	(1,327)	0
Purchases of treasury stock	(463)	(236)	(86)
Other financing activity	0	0	(10)
Net cash provided by (used in) financing activities	5,000	2,096	(482)
Net increase in cash and cash equivalents	1,641	1,343	119
Cash and cash equivalents at beginning of period	2,719	1,376	1,257
Cash and cash equivalents at end of period	$ 4,360	$ 2,719	$ 1,376

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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 Statements.

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 wholly-owned subsidiary, F&G Annuities & Life ("F&G").

For information about our reportable segments refer to Note J Segment Information.

Recent Developments

3.20% Senior Notes

On September 17, 2021, we completed our underwritten public offering of $450 million aggregate principal amount of our 3.20% Notes due 2051 (the "3.20% Notes"), pursuant to our registration statement on Form S-3 (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. For further information related to the 3.20% Notes, refer to Note G Notes Payable.

Approval of the 2021 Repurchase Program

On August 3, 2021, our Board of Directors approved a new three-year stock repurchase program effective August 3, 2021 (the "2021 Repurchase Program") under which we may purchase up to 25 million shares of our FNF common stock through July 31, 2024. We may make repurchases from time to time in the open market, in block purchases or in privately negotiated transactions, depending on market conditions and other factors.

Merger of Alight, Inc. ("Alight") and Foley Trasimene Acquisition Corp. ("FTAC")

On January 25, 2021, each of our wholly-owned subsidiaries, FNTIC, Commonwealth Title and Chicago Title (collectively, the "FTAC Subscribers") entered into common stock subscription agreements (the "FTAC Subscription Agreements") with Alight (f/k/a Acrobat Holdings, Inc.) and FTAC to purchase in the aggregate $150 million (the "Alight Purchase Price") of Class A Common Stock, par value $.001 per share, of Alight at a purchase price of $10.00 per share.

On June 29, 2021, we funded the Alight Purchase Price. Additionally, Alight paid the FTAC Subscribers a fee of 2.5% of the Alight Purchase Price upon closing of the transactions in accordance with the Business Combination Agreement dated January 25, 2021, as amended and restated April 29, 2021, by and among FTAC, Alight and other parties thereto.

On July 2, 2021, FTAC merged with Alight. The combined company operates as Alight, Inc. and is traded on the New York Stock Exchange ("NYSE") under the symbol "ALIT." As of December 31, 2021 our shares of Alight are fully registered and are included in equity securities within the accompanying Consolidated Balance Sheets.

F&G Enters Funding Agreement Backed Note ("FABN") Market

In June 2021, we established a funding agreement-backed notes program (the “FABN Program”), pursuant to which Fidelity & Guaranty Life Insurance Company (“FGL Insurance”) may issue funding agreements to a special purpose statutory trust (the “Trust”) for spread lending purposes. The maximum aggregate principal amount permitted to be outstanding at any one time under the FABN Program is currently $5.0 billion. As of December 31, 2021, we had approximately $1.9 billion outstanding under the FABN program. In January 2022, we issued an additional $400 million funding agreement.

F&G Enters Pension Risk Transfer ("PRT") Market

In July 2021, we entered the PRT market, pursuant to which FGL Insurance and Fidelity & Guaranty Life Insurance Company of New York ("FGL NY Insurance") may issue group annuity contracts to discharge pension plan liabilities from a pension plan sponsor. As of December 31, 2021, we closed PRT transactions which represent pension obligations of $1.1 billion.

Merger of Paysafe Limited ("Paysafe") and Foley Trasimene Acquisition Corp. II ("FTAC II")

On December 7, 2020, each of our wholly-owned subsidiaries, FNTIC, Commonwealth Title, Chicago Title and F&G (collectively, the "FTAC II Subscribers"), entered into common stock subscription agreements with Paysafe and FTAC II to purchase in the aggregate $500 million (the "Paysafe Purchase Price") of common shares, par value $0.001 per share, of Paysafe at a purchase price of $10.00 per share ("the PIPE Investment"). On March 30, 2021, FTAC II merged with Paysafe, an exempted limited company incorporated under the laws of Bermuda and a leading integrated payments platform (the "FTAC II Paysafe Merger"), in accordance with the agreement and plan of merger dated December 7, 2020. The newly combined company operates as Paysafe and is traded on the NYSE under the symbol PSFE. The FTAC II Paysafe Merger was funded with the cash held in trust at FTAC II, forward purchase commitments, private investment in public equity ("PIPE") commitments and equity of Paysafe.

On March 30, 2021, the FTAC II Subscribers funded the Paysafe Purchase Price and received 50 million common shares of Paysafe. As of December 31, 2021, we hold approximately 7% of the outstanding common shares of Paysafe, which are included in equity securities in the accompanying Consolidated Balance Sheets. In connection with the PIPE Investment, we received a fee of 1.6% of the Paysafe Purchase Price as described in the agreement and plan of merger dated December 7, 2020.

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 are recorded on the Consolidated Statements of Earnings relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period.

We are also 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 to determine if we have the ability to direct the activities, or otherwise exert control, 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

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. Changes in prepayment assumptions are accounted for prospectively. In our title segment, realized gains and losses on sales of our fixed maturity securities 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. 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 preferred securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. 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 income on a trade date basis, unless the security is a private placement in which case settlement date basis is used.

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 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, to cede certain multi-year guaranteed annuities ("MYGA") and deferred annuity 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 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.

Short-term investments

Short-term investments consist primarily of money market instruments, which are carried at fair value, and commercial paper and loans, which have an original maturity of one year or less and are carried at amortized cost, which approximates fair value.

Investments in Unconsolidated Affiliates

In our F&G segment, we account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method and use net asset value ("NAV") as a practical expedient to determine the carrying value. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income is 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, we recognize income using a constant effective yield based on anticipated cash flows and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the effective yield is recalculated prospectively to reflect actual payments to date plus anticipated future payments. Any adjustments resulting from changes in effective yield are reflected in Interest and investment income.

Interest and investment income is presented net of earned investment management fees.

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 69% - 84% reported within three months following closing, an additional 14% - 26% reported within the next three months and the remainder within seven to fifteen months. In addition to accruing these earned but unreported agency premiums, we also accrue agent commission expense, which was 76.7% of agent premiums earned in 2021, 76.4% of agent premiums earned in 2020, and 76.3% of agent premiums earned in 2019. The amount due from our agents relating to this accrual, i.e., the agent premium less their contractual retained commission, was approximately $113 million and $65 million at December 31, 2021 and 2020, respectively. Due to the offsetting effects of reversing prior period accruals, the impact of this accrual to our recorded Agency title insurance premiums, Agent commissions and net earnings in any given period is not considered material.

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

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, 2021, 2020 and 2019, we determined there were no events or circumstances which indicated that the carrying value of a reporting unit exceeded the fair value.

VOBA, DAC and DSI

Our intangible assets include an intangible asset reflecting 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 DAC, DSI and VOBA 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 (DAC, DSI and VOBA), 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 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.

Amortization expense of VOBA, DAC and DSI reflects an assumption for an expected level of credit-related investment losses. When actual credit-related investment losses are realized, we perform a retrospective unlocking of amortization for those intangibles as actual margins vary from expected margins. This unlocking is 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 available-for-sale ("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 to ten years. For internal-use computer software products, internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use.

We recorded no impairment expense to other intangible assets during the years ended December 31, 2021, 2020, or 2019.

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 indefinite life, if maintained. Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold. Sales of title plant copies are reported at the amount received. No cost is allocated to the sale of copies of title plants unless the carrying value of the title plant is diminished or impaired. Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. We recorded $1 million in impairment expense to title plants during the year ended December 31, 2019, for two title plants, which are no longer in use. We reviewed title plants for impairment but recorded no impairment expense related to title plants in the years ended December 31, 2021 or 2020.

Property and Equipment

Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and 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 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 DA 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 DAC, DSI and VOBA. The accounting for these GMWB and GMDB benefit liabilities (also referred to as SOP 03-1 liabilities) impact EGPs used to calculate amortization of DAC, DSI and VOBA. 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"), the latter being in the form of advances. Single premiums were received at the initiation of the funding agreements. As of December 31, 2021, we had approximately $1,900 million outstanding under the FABN program, which provides for semi-annual interest payments with principal maturities. Reserves for the FHLB funding agreements totaled $1,543 million and $1,203 million as of December 31, 2021 and 2020, respectively. Additionally, on February 18, 2022, F&G executed a $200 million short term borrowing with the FHLB that matures on March 4, 2022. 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 $2,420 million and $1,471 million as of December 31, 2021 and 2020, respectively. Payments pursuant to FABN and FHLB funding agreements extend through 2028.

Future Policy Benefits

The liabilities for future policy benefits and claim reserves for traditional life policies, life contingent pay-out annuity policies (which includes PRT annuities with life contingencies) are computed using assumptions for investment yields, mortality and withdrawals, with a provision for adverse deviation, based on generally accepted actuarial methods and assumptions at the time of acquisition or contract issue. The investment yield assumption is 4.3% for traditional direct life reserves for all contracts, 4.1% for life contingent pay-out annuities, and ranges from 3.6% to 3.9% for PRT annuities with life contingencies. Policies are terminated through surrenders and maturities, where surrenders represent the voluntary terminations of policies by policyholders and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder experience adjusted for expected future conditions.

For long-duration contracts the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability.

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 legal 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 fraud or operational error.

If a loss is related 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 the title insurance policy under rights of subrogation.

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 $934 million and $711 million at December 31, 2021 and 2020, respectively, representing customers’ assets held by us and corresponding assets including cash and investments pledged as security for those trust balances.

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

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 Sheet 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 Sheet and Statement of Earnings, respectively. Where applicable, deferred costs associated with the reinsurance of insurance and investment contracts will be included within the Prepaid expense and other assets with the related amortization reflected within Other operating expenses in the Consolidated Balance Sheet and Statement of Earnings, respectively. Premium and expense are recorded net of reinsurance ceded for both insurance and investment contracts.

For some arrangements in which deposit accounting is applied or the arrangement is accounted for as a separate investment contract, the assets and liabilities of certain reinsurance contracts are presented on a net basis in the accompanying Consolidated Balance Sheet. F&G intends to apply the offset where there is a right of offset explicit in the reinsurance agreement. See Note O Reinsurance for more details over F&G's reinsurance agreements.

Revenue Recognition

Refer to Note L Revenue Recognition for a description of our accounting for our various revenue streams.

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 2.0% 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.

Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries.

Stock-Based Compensation Plans

We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date using quoted market prices, and recognized over the service period.

Earnings Per Share

Basic earnings per share, 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.

Restricted stock, options or other instruments, which provide the ability to acquire shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. There were 1 million antidilutive instruments outstanding for the years ended December 31, 2021 and 2020. There were no antidilutive instruments outstanding for the year ended December 31, 2019.

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.

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

Redeemable Non-controlling Interest

Subsequent to our acquisition of Lender Processing Services, Inc. ("LPS") in January 2014, we issued a 35% ownership interest in ServiceLink to funds affiliated with Thomas H. Lee Partners ("THL" or "the minority interest holder"). THL had an option to put its ownership interests of ServiceLink to us if no public offering of the corresponding business was consummated after four years from the date of FNF's purchase of LPS. The Class A units owned by THL (the "redeemable noncontrolling

interests") could have been settled in cash or common stock of FNF or a combination of both at our election. As of January 2018, no public offering was made and the redeemable noncontrolling interests were no longer subject to a holding requirement. The redeemable noncontrolling interests were settled at the current fair value at the time we received notice of THL's put election as determined by the parties or by a third party appraisal under the terms of the Unit Purchase Agreement. As a result of a recapitalization of ServiceLink in 2015, the ownership interest by the minority interest holder was reduced from 35% to 21%. The redeemable noncontrolling interests were recorded at their initial value of $344 million in our Consolidated Balance Sheets and would have been adjusted to fair value were such value to rise above the initial value. As these redeemable noncontrolling interests provided for redemption features not solely within our control, we classified the redeemable noncontrolling interests outside of permanent equity. On July 29, 2020, we purchased for $90 million the outstanding Class A units of ServiceLink held by THL. As of the purchase date, ServiceLink is a wholly-owned subsidiary of FNF.

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. Additionally, 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 fixed indexed annuities within contractholder funds and updates to the surrender rates, GMWB utilization, IUL premium persistency, maintenance expenses, and earned rate assumptions to reflect our current and expected future experience. These changes, taken together, resulted in a decrease in contractholder funds and future policy reserves of $425 million and a decrease to intangible assets of $136 million. These model refinements and assumptions are also used in the SOP 03-1 liability for GMWB and GMDB benefits and resulted in an increase in the liability of $28 million. There was no material change to underlying policyholder behavior. The majority of the changes represent one-time adjustments in the third quarter of 2021 related to the cumulative impact of the system implementation and are not expected to re-occur in the future.

Acquisitions

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Acquisitions

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 FASB Accounting Standards Codification Topic 805, Business Combinations ("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 (dollars 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 (in years)

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 years ended December 31, 2020 and 2019 are presented below. Unaudited pro-forma results presented assume the consolidation of F&G occurred as of January 1, 2019.




	Year Ended December 31,
		2020		2019
		(In millions)
Total revenues		$	10,897	$	10,386
Net earnings attributable to FNF common shareholders		1,233		1,419

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 Claim Losses

12 Months Ended

Dec. 31, 2021

Summary of Reserve for Title Claim Losses

A summary of the reserve for title claim losses follows:


	Year Ended December 31,
	2021			2020			2019
	(Dollars in millions)
Beginning balance	$	1,623		$	1,509		$	1,488

Change in insurance recoverable	94			34			1
Claim loss provision related to:
Current year	385			283			240
Prior years	—			—			—
Total title claim loss provision	385			283			240
Claims paid, net of recoupments related to:
Current year	(14)			(11)			(11)
Prior years	(205)			(192)			(209)
Total title claims paid, net of recoupments	(219)			(203)			(220)
Ending balance of claim loss reserve for title insurance	$	1,883		$	1,623		$	1,509
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, 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 the plaintiffs’ funds were deposited.

The following lawsuits are pending in the Superior Court of San Diego County for the State of California and have been set for jury trial on December 2, 2022. While they have not been consolidated into one action, they have been deemed by the court to be related and are assigned to the same judge for purposes of judicial economy.

On December 13, 2019, a lawsuit styled, Kim Funding, LLC, Kim H. Peterson, Joseph J. Cohen, and ABC Funding Strategies, LLC v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $250 million as a result of the alleged fraud scheme, and also seek statutory, treble, and punitive damages. 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 March 6, 2020, a lawsuit styled, Wakefield Capital, LLC, Wakefield Investments, LLC, 2Budz Holding, LLC, Doug and Kristine Heidrich, and Jeff and Heidi Orr v. Chicago Title Co. and Chicago Title Ins. Co., was filed in San Diego County Superior Court. Plaintiffs claim losses in excess of $7 million as a result of the alleged fraud scheme, and also seek punitive damages, recovery of attorneys’ fees, and disgorgement.

On June 29, 2020, a lawsuit styled, Susan Heller Fenley Separate Property Trust, DTD 03/04/2010, Susan Heller Fenley Inherited Roth IRA, Shelley Lynn Tarditi Trust and ROJ, 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 in excess of $6 million as a result of the alleged fraud scheme, and seek statutory, treble, and punitive damages. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others.

On July 7, 2020, a cross-claim styled, Laurie Peterson v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, Banc of California, National Association v. Laurie Peterson, which is pending in San Diego County Superior Court. Cross-complaint plaintiff was sued by a bank to recover in excess of $35 million that she allegedly guaranteed to repay for certain investments made by the Banc of California in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named

Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others.

On September 3, 2020, a cross-claim styled, Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992 v. Chicago Title Co., Chicago Title Ins. Co., Thomas Schwiebert, Adelle Ducharme, and Betty Elixman, was filed in an existing lawsuit styled, CalPrivate Bank v. Kim H. Peterson Trustee of the Peterson Family Trust dated April 14 1992, which is pending in Superior Court of San Diego County for the State of California. Cross-complaint plaintiff was sued by a bank to recover in excess of $12 million that the trustee allegedly guaranteed to repay for certain investments made by CalPrivate Bank in the alcoholic beverage license scheme. Cross-complaint plaintiff has, in turn, sued the Named Companies in that action seeking in excess of $250 million in monetary losses as well as exemplary damages and attorneys’ fees.

On October 1, 2020, a lawsuit styled, Ovation Fin. Holdings 2 LLC, Ovation Fund Mgmt. II, LLC, Banc of California, N.A. v. Chicago Title Ins. Co., was filed in San Diego County Superior Court. Plaintiffs claim losses of more than $75 million, as well as consequential and punitive damages. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others. The Named Companies have reached a conditional settlement with the Ovation plaintiffs under confidential terms.

On November 2, 2020, a lawsuit styled, CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co., was also filed in the Superior Court of San Diego County for the State of California. Plaintiff claims losses in excess of $12 million based upon business loan advances made in the alcoholic beverage license scheme, and seeks punitive damages and the recovery of attorneys’ fees. The Named Companies have filed a cross-complaint against Ms. Champion-Cain, and others.

The following matters pending in the Superior Court of San Diego County for the State of California have conditionally settled under confidential terms: Yuan Yu and Polly Yu v. Chicago Title Co., et al., and Blake E. Allred and Melissa M. Allred v. Chicago Title Co., et al.

Additionally, in connection with the alcoholic beverage license scheme, the Securities and Exchange Commission (“SEC”) filed a lawsuit in the United States District Court for the Southern District of California against Ms. Champion-Cain and certain of her affiliated entities asserting claims for securities fraud. 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 the SEC action, 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 have filed a motion in the SEC action seeking permission to sue ANI, via the receiver, to pursue indemnity and other claims against the receivership entities as joint tortfeasors.

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 applicable insurance coverage and the settlements already reached, the Company has recorded reserves included in its reserve for title claim losses which it believes are adequate to cover losses related to this matter, and believes that its 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 and Equity

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, 2021 and 2020 was lower by approximately $29 million and $28 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, 2021, the combined statutory unearned premium reserve required and reported for our title insurers was $1,742 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, 2021, $2,375 million of our net assets are restricted from dividend payments without prior approval from the Departments of Insurance. During 2022, our title insurers can pay or make distributions to us of approximately $831 million, without prior approval.

The combined statutory capital and surplus of our title insurers was approximately $1,903 million and $1,699 million as of December 31, 2021 and 2020, respectively. The combined statutory net earnings of our title insurance subsidiaries were $936 million, $629 million, and $583 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021.

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, 2021.

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 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 DAC, DSI and VOBA,

some bond portfolios may be carried at amortized cost, assets and liabilities are presented net of reinsurance, contract holder 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 insurance subsidiaries were as follows (in millions):


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net Income (loss):
Year ended December 31, 2021	$	351	$	4	$	9


Statutory Capital and Surplus:
December 31, 2021	$	1,522	$	99	$	115


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net (Loss) income:
Seven months ended December 31, 2020	$	(46)	$	(2)	$	12

Statutory Capital and Surplus:
December 31, 2020	$	1,249	$	93	$	84

(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, 2021, 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. As of December 31, 2021 and 2020, upon approval by the Iowa Commissioner, FGL Insurance declared and paid extraordinary dividends of $38 million and $151 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. This resulted in a $106 million and $144 million decrease to statutory capital and surplus at December 31, 2021 and 2020, 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 $85 million at December 31, 2021 and 2020.

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 $0 million at December 31, 2021 and by $5 million at December 31, 2020. Without such permitted statutory accounting practices, Raven Re’s statutory capital and surplus (deficit) would be $30 million as of December 31, 2021 and would be $(6) million as of December 31, 2020, and its risk-based

capital would fall below the minimum regulatory requirements. The letter of credit facility is collateralized by NAIC 1 rated debt securities. If the permitted practice was revoked, the letter of credit could be replaced by the collateral assets with Nomura’s consent as discussed in Note O F&G Reinsurance. FGL Insurance’s statutory carrying value of Raven Re was $115 million and $84 million at December 31, 2021 and 2020, respectively.

As of December 31, 2021, 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 Condensed Consolidated Financial Statements which are prepared in accordance with GAAP.

Equity

On August 3, 2021, our Board of Directors approved the 2021 Repurchase Program under which we may purchase up to 25 million shares of our FNF common stock through July 31, 2024, replacing the prior stock repurchase program that expired on July 31, 2021. We may make repurchases from time to time in the open market, in block purchases or in privately negotiated transactions, depending on market conditions and other factors. During the year ended December 31, 2021, we repurchased a total of 10,180,000 FNF common shares for an aggregate of $461 million or an average of $45.22 per share. Subsequent to December 31, 2021 and through market close on February 23, 2022, we repurchased a total of 250,000 shares for $13 million, or an average of $52.60 under this program.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Our measurement of fair value is based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or non-performance risk, which may include our own credit risk. We estimate an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market for that asset or liability in the absence of a principal market as opposed to the price that would be paid to acquire the asset or assume a liability (“entry price”). We categorize financial instruments carried at fair value into a three-level fair value hierarchy, based on the priority of inputs to the respective valuation technique. The three-level hierarchy for fair value measurement is defined as follows:

Level 1 - Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date.

Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves.

Level 3 - Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date based on the best information available in the circumstances.

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, 2021
	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets
Cash and cash equivalents	$	4,360	$	—	$	—	$	4,360	$	4,360
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		4,736		3,959		8,695		8,695
Commercial mortgage-backed securities	—		2,944		35		2,979		2,979
Corporates	37		15,322		1,135		16,494		16,494
Hybrids	132		780		—		912		912
Municipals	—		1,458		43		1,501		1,501
Residential mortgage-backed securities	—		731		—		731		731
U.S. Government	394		—		—		394		394
Foreign Governments	—		266		18		284		284
Equity securities	1,206		—		9		1,215		1,215
Preferred securities	506		893		2		1,401		1,401

Derivative investments	—		816		—		816		816
Short term investments	168		2		321		491		491
Other long-term investments	—		—		78		78		78

Total financial assets at fair value	$	6,803	$	27,948	$	5,600	$	40,351	$	40,351
Liabilities

Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,883		3,883		3,883
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities	—		73		—		73		73


Total financial liabilities at fair value	$	—	$	73	$	3,883	$	3,956	$	3,956


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets
Cash and cash equivalents	$	2,719	$	—	$	—	$	2,719	$	2,719
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		4,916		1,350		6,266		6,266
Commercial mortgage-backed securities	—		2,803		26		2,829		2,829
Corporates	25		13,421		1,289		14,735		14,735
Hybrids	175		815		4		994		994
Municipals	—		1,360		43		1,403		1,403
Residential mortgage-backed securities	—		342		483		825		825
U.S. Government	342		—		—		342		342
Foreign Governments	—		176		17		193		193



Equity securities	791		—		5		796		796
Preferred securities	490		851		—		1,341		1,341
Subscription agreements (1)	—		199		—		199		199
Derivative investments	—		548		—		548		548

Short term investments	769		—		—		769		769
Other long-term investments	—		—		50		50		50

Total financial assets at fair value	$	5,311	$	25,431	$	3,267	$	34,009	$	34,009
Liabilities
Fair value of future policy benefits	—		—		5		5		5
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,404		3,404		3,404
Reinsurance related embedded derivatives, included in other liabilities	—		101		—		101		101

Total financial liabilities at fair value	$	—	$	101	$	3,409	$	3,510	$	3,510

(1) Included within equity securities in the accompanying Consolidated Balance Sheets as of December 31, 2020.

Valuation Methodologies

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 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, 2021 or December 31, 2020.

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, 2021 was applied to the 2012 Individual Annuity mortality tables. Increases or decreases in the market value of an option in isolation would result in a higher or lower, respectively, fair value measurement. Increases or decreases in treasury rates, mortality multiplier, surrender rates, or non-performance spread in isolation would result in a lower or higher fair value measurement, respectively. Generally, a change in any one unobservable input would not directly result in a change in any other unobservable input. Also refer to Management's Estimates in Note A Business and Summary of Significant Accounting Policies regarding the implementation of a new actuarial valuation system and assumption updates during the three-months ended September 30, 2021. The system implementation and assumption review process included refinements in the calculation of the fair value of the embedded derivative component of our fixed indexed annuities.

The fair value of the reinsurance-related embedded derivatives in the funds withheld reinsurance agreements with Kubera (effective October 31, 2021, this agreement was novated from Kubera to Somerset) and Aspida Re are estimated based upon the fair value of the assets supporting the funds withheld from reinsurance liabilities. The fair value of the assets is based on a quoted market price of similar assets (Level 2), and therefore the fair value of the embedded derivative is based on market-observable inputs and classified as Level 2. Please see Note O Reinsurance for further discussion on F&G reinsurance agreements.

Other long-term investments

We hold a fund-linked note which provides for an additional payment at maturity based on the value of an embedded derivative based on the actual return of a dedicated return fund. Fair value of the available-for-sale embedded derivative is based on an unobservable input, the net asset value of the fund at the balance sheet date. The embedded derivative is similar to a call option on the net asset value of the fund with a strike price of zero since FGL Insurance will not be required to make any additional payments at maturity of the fund-linked note in order to receive the net asset value of the fund on the maturity date. A Black-Scholes model determines the net asset value of the fund as the fair value of the call option regardless of the values used for the other inputs to the option pricing model. The net asset value of the fund is provided by the fund manager at the end of each calendar month and represents the value an investor would receive if it withdrew its investment on the balance sheet date. Therefore, the key unobservable input used in the Black-Scholes model is the value of the fund. As the value of the fund increases or decreases, the fair value of the embedded derivative will increase or decrease. See further discussion on the available-for-sale embedded derivative in Note 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, 2021 and December 31, 2020 are as follows:

Fair Value at

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

December 31, 2021

(in millions)

December 31, 2021

Assets

Asset-backed securities

3,844

Broker-quoted

Offered quotes

52.56% - 260.7% (97.06%)

Asset-backed securities

115

Third-Party Valuation

Offered quotes

93.02% - 108.45% (104.95%)

Commercial mortgage-backed securities

Broker-quoted

Offered quotes

126.70% - 126.70% (126.70%)

Commercial mortgage-backed securities

Third Party Valuation

Offered quotes

97.91% -97.91% (97.91%)

Corporates

380

Broker-quoted

Offered quotes

0.00% - 109.69% (100.91%)

Corporates

741

Third-Party Valuation

Offered quotes

85.71% - 119.57% (107.72%)

Corporates

Discounted Cash Flow

Discount Rate

44.00% - 100.00%

(62.00%)

Municipals

Third-Party Valuation

Offered quotes

135.09% - 135.09% (135.09%)

Foreign governments

Third-Party Valuation

Offered quotes

107.23% - 116.44% (110.11%)

Short-term

321

Broker-quoted

Offered quotes

100.00% - 100.00% (100.00%)

Preferred securities

Income-Approach

Yield

2.43%

Equity securities

Broker Quoted

Offered quotes

$6.23 - $6.23

($6.23)

Equity securities

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

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

Black Scholes model

Market value of fund

100.00%

Credit Linked Note

Broker-quoted

Offered quotes

100.00%

Investment in affiliate

Market Comparable Company Analysis

EBITDA multiple

8x - 8x

Total financial assets at fair value

5,600

Liabilities

Future policy benefits

—

Discounted cash flow

Non-performance spread

0.50%

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

Fair Value at

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

December 31, 2020

(in millions)

December 31, 2020

Assets

Asset-backed securities

1,175

Broker-quoted

Offered quotes

85% - 126.15% (103.96%)

Asset-backed securities

175

Third-Party Valuation

Offered quotes

0.00% - 107.25% (79.87%)

Commercial mortgage-backed securities

Broker-quoted

Offered quotes

131.59% - 131.59% (131.59%)

Corporates

388

Broker-quoted

Offered quotes

75.20% - 114.68% ( 103.36%)

Corporates

901

Third-Party Valuation

Offered quotes

88.42% - 125.83% (109.47%)

Hybrids

Third-Party Valuation

Offered quotes

112.06% - 112.06% ( 112.06%)

Municipals

Third-Party Valuation

Offered quotes

133.53% - 133.53% (133.53%)

Residential mortgage-backed securities

483

Broker-quoted

Offered quotes

112.58% - 112.58% (112.58%)

Foreign governments

Third-Party Valuation

Offered quotes

107.87% - 113.80% (109.72%)

Preferred securities

Income-Approach

Yield

2.61%

Equity securities

Black Scholes model

Risk Free Rate

0.29% - 0.29% (0.29%)

Strike Price

$1.50 - $1.50 ($1.50)

Volatility

1.00% - 1.00% (1.00%)

Dividend Yield

0.00% - 0.00% (0.00%)

Equity securities

Discounted Cash Flow

Discount rate

10.60% - 10.60% (10.60%)

Market Comparable Company Analysis

EBITDA multiple

6.6x - 6.6x (6.6x)

Other long-term assets:

Available-for-sale embedded derivative

Black Scholes model

Market value of fund

100.00%

Credit Linked Note

Broker-quoted

Offered quotes

100.00%

Total financial assets at fair value

3,267

Liabilities

Future policy benefits

Discounted cash flow

Non-performance spread

0.00%

Risk margin to reflect uncertainty

0.50%

Derivatives:

FIA/ IUL embedded derivatives, included in contractholder funds

3,404

Discounted cash flow

Market value of option

0.00% - 67.65% (2.25%)

Treasury rates

0.08% - 1.65% (0.87%)

Mortality multiplier

100.00% - 100.00% (100.00%)

Surrender rates

0.25% - 55.00% (5.24%)

Partial withdrawals

2.00% - 3.50% (2.58%)

Non-performance spread

0.74% - 0.74% (0.74%)

Option cost

0.05% - 16.61% (2.25%)

Total financial liabilities at fair value

3,409

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, 2021 and 2020, respectively. F&G related activity for the year ended December 31, 2020 in the table below is comprised of the period from June 1, 2020 through December 31, 2020 only. 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, 2021
	(in millions)
	Balance at Beginning of Period			Total Gains (Losses)					Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
			Included in Earnings			Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	1,350		$	(1)		$	(8)	$	3,417	$	(97)	$	(595)	$	(107)	$	3,959	$	4
Commercial mortgage-backed 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	$	5		$	—		$	—	$	—	$	(4)	$	(1)	$	—	$	—	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	3,404			479			—		—		—		—		—		3,883		—

Total liabilities at Level 3 fair value	$	3,409		$	479		$	—	$	—	$	(4)	$	(1)	$	—	$	3,883	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.


	Year ended December 31, 2020
	(in millions)
	Balance at Beginning of Period		F&G Acquisition		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
					Included in Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	—	$	854	$	(1)	$	21	$	633	$	(1)	$	(133)	$	(23)	$	1,350	$	10
Commercial mortgage-backed securities	—		26		—		—		—		—		—		—		26		—
Corporates	17		1,238		(3)		59		110		—		(87)		(45)		1,289		43
Hybrids	—		4		—		—		—		—		—		—		4		—
Municipals	—		38		—		5		—		—		—		—		43		5
Residential mortgage-backed securities	—		534		—		7		11		—		(62)		(7)		483		—
Foreign Governments	—		16		—		1		—		—		—		—		17		1
Preferred securities	—		1		—		—		—		—		—		—		1		—
Equity securities	1		—		1		—		2		—		—		—		4		—
Other long-term assets:

Available-for-sale embedded derivative	—		20		7		—		—		—		—		—		27		—


Credit linked note	—		23		—		—		—		—		—		—		23		—
Other long-term investment	120		—		(61)		—		—		—		—		(59)		—		—

Total assets at Level 3 fair value	$	138	$	2,754	$	(57)	$	93	$	756	$	(1)	$	(282)	$	(134)	$	3,267	$	59
Liabilities
Future policy benefits	$	—	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	5	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	—		2,852		552		—		—		—		—		—		3,404		—

Total liabilities at Level 3 fair value	$	—	$	2,857	$	552	$	—	$	—	$	—	$	—	$	—	$	3,409	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2020 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.

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.

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 universal life policies ("IULs"), funding agreements and PRT and immediate annuity contracts without life contingencies. The FIA/ IUL embedded derivatives, included in contractholder funds, are excluded as they are carried at fair value. The fair value of the FIA, fixed rate annuity and IUL contracts is based on their cash surrender value (i.e. the cost the Company would incur to extinguish the liability) as these contracts are generally issued without an annuitization date. The fair value of funding agreements and PRT and immediate annuity contracts without life contingencies is derived by calculating a new fair value interest rate using the updated yield curve and treasury spreads as of the respective reporting date. The Company is not required to, and has not, estimated the fair value of the liabilities under contracts that involve significant mortality or morbidity risks, as these liabilities fall within the definition of insurance contracts that are exceptions from financial instruments that require disclosures of fair value.

Other

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 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, 2021
	(in millions)
	Level 1		Level 2		Level 3		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
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	$	4,872	$	4,807

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



	December 31, 2020
	(in millions)
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Carrying Amount
Assets
FHLB common stock	$	—	$	66	$	—	$	66	$	66
Commercial mortgage loans	—		—		926		926		903
Residential mortgage loans	—		—		1,123		1,123		1,128
Policy loans	—		—		33		33		33
Other invested assets	—		—		28		28		28
Company-owned life insurance	—		—		305		305		305
Trade and notes receivables, net of allowance	—		—		437		437		437
Total	$	—	$	66	$	2,852	$	2,918	$	2,900

Liabilities
Investment contracts, included in contractholder funds	$	—	$	—	$	21,719	$	21,719	$	25,199
Debt	—		2,896		—		2,896		2,662
Total	$	—	$	2,896	$	21,719	$	24,615	$	27,861

The following table includes assets that have not been classified in the fair value hierarchy as the value of these investments are measured using the equity method of accounting or the net asset value ("NAV") per share practical expedient (in millions):



	December 31, 2021		December 31, 2020
Investments in unconsolidated affiliates (equity method of accounting)	$	136	$	146
Equity securities (NAV)	48		—
Investments in unconsolidated affiliates (NAV)	2,350		1,148
	$	2,534	$	1,294

For investments for which NAV is used as a practical expedient for fair value, we do not have any significant restrictions in our ability to liquidate our positions in these investments, other than obtaining general partner approval, nor do we believe it is probable a price less than NAV would be received in the event of a liquidation. Equity method investments are reported on a lag of up to three months for investee information not received timely.We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. The transfers into and out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Investments, Debt and Equity Securities [Abstract]

Investments

12 Months Ended

Dec. 31, 2021

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 income (loss). The Company’s consolidated investments are summarized as follows (in millions):


	December 31, 2021
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Carrying Value
Available-for-sale securities
Asset-backed securities	$	8,516	$	(3)	$	220	$	(38)	$	8,695	$	8,695
Commercial mortgage-backed securities	2,684		(2)		308		(11)		2,979		2,979
Corporates	15,822		—		830		(158)		16,494		16,494
Hybrids	838		—		74		—		912		912
Municipals	1,445		—		67		(11)		1,501		1,501
Residential mortgage-backed securities	731		(3)		7		(4)		731		731
U.S. Government	393		—		3		(2)		394		394
Foreign Governments	276		—		9		(1)		284		284
Total available-for-sale securities	$	30,705	$	(8)	$	1,518	$	(225)	$	31,990	$	31,990


	December 31, 2020
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Carrying Value
Available-for-sale securities
Asset-backed securities	$	5,941	$	—	$	343	$	(18)	$	6,266	$	6,266
Commercial mortgage-backed/asset-backed securities	2,490		—		342		(3)		2,829		2,829
Corporates	13,582		(16)		1,184		(15)		14,735		14,735
Hybrids	914		—		80		—		994		994
Municipals	1,333		—		72		(2)		1,403		1,403
Residential mortgage-backed securities	806		(3)		23		(1)		825		825
U.S. Government	332		—		10		—		342		342
Foreign Governments	179		—		14		—		193		193
Total available-for-sale securities	$	25,577	$	(19)	$	2,068	$	(39)	$	27,587	$	27,587

Securities held on deposit with various state regulatory authorities had a fair value of $22,343 million and $16,714 million at December 31, 2021 and 2020, respectively.

At December 31, 2021 and 2020, the Company held no material investments that were non-income producing for a period greater than twelve months.

At December 31, 2021 and 2020, the Company's accrued interest receivable balance was $253 million and $235 million, respectively. Accrued interest receivable is classified within Prepaid expenses and other assets within the Consolidated Balance Sheets.

In accordance with our FHLB agreements, the investments supporting the funding agreement liabilities are pledged as collateral to secure the FHLB funding agreement liabilities and are not available to the Company for general purposes. The collateral investments had a fair value of $2,469 million and $1,622 million at December 31, 2021 and 2020, 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, 2021				December 31, 2020
	(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	$	426	$	431	$	466	$	463
Due after one year through five years	2,998		3,051		2,171		2,295
Due after five years through ten years	2,389		2,458		2,116		2,255
Due after ten years	12,930		13,608		11,560		12,624
	18,743		19,548		16,313		17,637
Other securities, which provide for periodic payments:
Asset-backed securities	8,516		8,695		5,941		6,266
Commercial mortgage-backed securities	2,684		2,979		2,490		2,829
Structured hybrids	31		37		27		30
Residential mortgage-backed securities	731		731		806		825
	11,962		12,442		9,264		9,950
Total fixed maturity available-for-sale securities	$	30,705	$	31,990	$	25,577	$	27,587

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 to 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.

If we intend to sell a fixed maturity security or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis and the fair value of the security is below amortized cost, we will write down the security to current fair value, with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. If we do not intend to sell a fixed maturity security or it is more likely than not that we will not be required to sell a fixed maturity security before recovery of its amortized cost basis but believe amounts related to a security are uncollectible (generally based on proximity to expected credit loss), an impairment is deemed to have occurred and the amortized cost is written down to the estimated recovery value with a corresponding charge, net of any amount previously recognized as an allowance for expected credit loss, to Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings. The remainder of unrealized loss is held in AOCI.

The activity in the allowance for expected credit losses of available-for-sale securities aggregated by investment category was as follows (in millions):


	Year Ended December 31, 2021
			Additions							Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		For initial credit losses on purchased securities accounted for as PCD financial assets (1)		(Additions) reductions in allowance recorded on previously impaired securities			For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
Available-for-sale securities
Asset-backed securities	$	—	$	—	$	(1)	$	(2)		$	—	$	—	$	—	—		$	(3)
Commercial mortgage-backed securities	—		(2)		—		—		—	—		—		—		—		(2)
Corporates	(16)		—		—		4			—		—		8		4		—
Hybrids	—		—		—		—			—		—		—		—		—

Residential mortgage-backed securities	(3)		—		—		—			—		—		—		—		(3)


Total available-for-sale securities	$	(19)	$	(2)	$	(1)	$	2		$	—	$	—	$	8	$	4	$	(8)


	Year ended December 31, 2020
			Additions						Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		For initial credit losses on purchased securities accounted for as PCD financial assets (1)		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Balance at End of Period
Available-for-sale securities
Asset-backed securities	$	—	$	7	$	(9)	$	2	$	—	$	—	$	—	$	—

Corporates	—		(16)		(16)		7		3		4		2		(16)
Hybrids	—		—		(3)		—		3		—		—		—

Residential mortgage-backed securities	—		2		(7)		1		1		—		—		(3)


Total available-for-sale securities	$	—	$	(7)	$	(35)	$	10	$	7	$	4	$	2	$	(19)

(1) Purchased credit deteriorated financial assets ("PCD")

Purchased credit-deteriorated available-for-sale debt securities ("PCD"s) are AFS securities purchased at a discount, where part of that discount is attributable to credit. Credit loss allowances are calculated for these securities as of the date of their acquisition, with the initial allowance serving to increase amortized cost. The following table summarizes year to date PCD AFS security purchases (in millions).


Purchased credit-deteriorated available-for-sale debt securities	December 31, 2021		December 31, 2020
Purchase price	$	4	$	265
Allowance for credit losses at acquisition	1		35
Discount (or premiums) attributable to other factors	—		84
AFS purchased credit-deteriorated par value	$	5	$	384

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, 2021
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities
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


	December 31, 2020
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities
Asset-backed securities	$	477	$	(18)	$	—	$	—	$	477	$	(18)
Commercial mortgage-backed securities	51		(3)		—		—		51		(3)
Corporates	$	865	$	(15)	$	36	$	—	$	901	$	(15)
Hybrids	1		—		—		—		1		—
Municipals	115		(2)		—		—		115		(2)
Residential mortgage-backed securities	30		(1)		—		—		30		(1)
U.S. Government	11		—		—		—		11		—

Total available-for-sale securities	$	1,550	$	(39)	$	36	$	—	$	1,586	$	(39)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											222
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											11
Total number of available-for-sale securities in an unrealized loss position											233

We determined the increase in unrealized losses was caused by the increasing treasury rates, offset by narrower credit spreads. Specific to asset-backed and mortgage-backed securities for which an expected credit loss was not determined, the effect of any increased expectations of underlying collateral defaults have not risen to the level of impacting the tranches of those securities.

Mortgage Loans

Our mortgage loans are collateralized by commercial and residential properties.

Commercial Mortgage Loans

Commercial mortgage loans ("CMLs") represented approximately 7% of our total investments at December 31, 2021. We primarily invest in mortgage loans on income producing properties including hotels, 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, 2021				December 31, 2020
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:


Hotel	$	19	1	%	$	19	2	%
Industrial - General	497		23	%	302		33	%
Mixed Use	13		1	%	12		1	%
Multifamily	894		41	%	165		18	%
Office	343		16	%	140		15	%
Retail	121		6	%	142		17	%
Other	204		8	%	125		14	%
Student Housing	83		4	%	—		—	%
Total commercial mortgage loans, gross of valuation allowance	$	2,174	100	%	$	905	100	%
Allowance for expected credit loss	(6)				(2)
Total commercial mortgage loans	$	2,168			$	903

U.S. Region:
East North Central	$	137	6	%	$	61	7	%
East South Central	79		4	%	80		9	%
Middle Atlantic	293		13	%	100		11	%
Mountain	236		11	%	48		5	%
New England	149		7	%	79		9	%
Pacific	649		30	%	333		37	%
South Atlantic	459		21	%	133		15	%
West North Central	12		1	%	13		1	%
West South Central	160		7	%	58		6	%

Total commercial mortgage loans, gross of valuation allowance	$	2,174	100	%	$	905	100	%
Allowance for expected credit loss	(6)				(2)
Total commercial mortgage loans	$	2,168			$	903

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.

All of our investments in CMLs had a loan-to-value ("LTV") ratio of less than 75% at December 31, 2021, as measured at inception of the loans unless otherwise updated.

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 (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, 2021
LTV Ratios:
Less than 50%	$	626	$	33	$	9		$	668	31	%	$	745	33	%
50% to 60%	470		—		—			470		22		481		21
60% to 75%	1,036		—		—			1,036		47		1,039		46
Commercial mortgage loans	$	2,132	$	33	$	9		$	2,174	100	%	$	2,265	100	%

December 31, 2020
LTV Ratios:
Less than 50%	$	519	$	18	$	—		$	537	60	%	$	557	60	%
50% to 60%	237		9		—			246		27		251		27
60% to 75%	122		—		—			122		13		119		13
Commercial mortgage loans	$	878	$	27	$	—		$	905	100	%	$	927	100	%

We recognize a mortgage loan as delinquent when payments on the loan are greater than 30 days past due. As of December 31, 2021 and 2020, we had no CMLs that were delinquent in principal or interest payments.

Allowance for Expected Credit Loss

We estimate expected credit losses for our commercial mortgage loan portfolio using a probability of default/loss given default model. Significant inputs to this model include the loans current performance, underlying collateral type, location, contractual life, LTV, and DSC. 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 commercial mortgage loans are recognized in Recognized gains and losses, net in the accompanying Consolidated Statements of Earnings.

Residential Mortgage Loans

Residential mortgage loans ("RMLs") represented approximately 4% of our total investments at December 31, 2021. 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 (dollars in millions):


	December 31, 2021
U.S. State:	Unpaid Principal Balance		% of Total
Florida	$	231	15	%
Texas	167		10
New Jersey	150		10
All Other States (1)	1,027		65
Total mortgage loans	$	1,575	100	%

(1) The individual concentration of each state is less than or equal to 9%.


	December 31, 2020
U.S. State:	Unpaid Principal Balance		% of Total
California	$	164	15	%
Florida	188		16	%
New Jersey	96		8	%
All Other States (1)	704		61	%
Total residential mortgage loans	$	1,152	100	%

(1) The individual concentration of each state is less than 8%.

Residential mortgage loans have a primary credit quality indicator of either a performing or nonperforming loan. We define non-performing residential mortgage loans as those that are 90 or more days past due or in nonaccrual status, which is assessed monthly. The credit quality of RMLs was as follows (dollars in millions):


	December 31, 2021				December 31, 2020
Performance indicators:	Carrying Value		% of Total		Carrying Value		% of Total
Performing	$	1,533	95	%	$	1,059	91	%
Non-performing	73		5		106		9	%
Total residential mortgage loans, gross of valuation allowance	$	1,606	100	%	$	1165	100	%
Allowance for expected loan loss	(25)		—		(37)		—	%
Total residential mortgage loans	$	1,581	100	%	$	1128	100	%

Loans segregated by risk rating exposure were as follows (in millions):


	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
Over 90 days 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)	$	1,301	$	543	$	—	$	6	$	—	$	324	$	2,174
30-89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgages	$	1,301	$	543	$	—	$	6	$	—	$	324	$	2,174


	December 31, 2020

	Amortized Cost by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
Residential mortgages
Current (less than 30 days past due)	$	311	$	545	$	68	$	42	$	62	$	2	$	1,030
30-89 days past due	2		22		2		—		—		—		26
Over 90 days past due	26		74		3		—		—		—		103
Total residential mortgages	$	339	$	641	$	73	$	42	$	62	$	2	$	1,159
Commercial mortgages
Current (less than 30 days past due)	$	542	$	—	$	6	$	—	$	11	$	346	$	905
30-89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgage	$	542	$	—	$	6	$	—	$	11	$	346	$	905


	December 31, 2021

	Amortized Cost by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
Commercial mortgages
LTV
Less than 50%	$	120	$	229	$	—	$	6	$	—	$	313	$	668
50% to 60%	267		192		—		—		—		11		470
60% to 75%	914		122		—		—		—		—		1,036
Total commercial mortgages	$	1301	$	543	$	—	$	6	$	—	$	324	$	2174
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	$	1301	$	543	$	—	$	6	$	—	$	324	$	2174


	December 31, 2020

	Amortized Cost by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
Commercial mortgages
LTV
Less than 50%	$	228	$	—	$	6	$	—	$	—	$	303	$	537
50% to 60%	192		—		—		—		11		43		246
60% to 75%	122		—		—		—		—		—		122
Total commercial mortgages	$	542	$	—	$	6	$	—	$	11	$	346	$	905
Commercial mortgages
DSCR
Greater than 1.25x	$	542	$	—	$	6	$	—	$	11	$	319	$	878
1.00x - 1.25x	—		—		—		—		—		27		27
Less than 1.00x	—		—		—		—		—		—		—
Total commercial mortgages	$	542	$	—	$	6	$	—	$	11	$	346	$	905

Non-accrual loans by amortized cost were as follows (in millions):


Amortized cost of loans on non-accrual	December 31, 2021		December 31, 2020
Residential mortgage:	$	72	$	99
Commercial mortgage:	—		—
Total non-accrual loans	$	72	$	99

Immaterial interest income was recognized on non-accrual financing receivables for the years ended December 31, 2021 and 2020.

It is our policy to cease to accrue interest on loans that are over 90 days 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 over 90 days delinquent, it is our general policy to initiate foreclosure proceedings unless a workout arrangement to bring the loan current is in place. At December 31, 2021 and 2020, we had $72 million and $99 million, respectively, of mortgage loans that were over 90 days past due, of which $39 million and $24 million, respectively, were in the process of foreclosure. We will continue to evaluate these policies with regard to the economic challenges for mortgage debtors related to COVID-19. Our ability to initiate foreclosure proceedings may be limited by legislation passed and executive orders issued in response to COVID-19.

Allowance for Expected Credit Loss

We estimate expected credit losses for our residential mortgage loan portfolio using a probability of default/loss given default model. Significant inputs to this model include the loans' current performance, underlying collateral type, location, contractual life, LTV, 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:


	Year ended December 31, 2021			Seven months ended December 31, 2020

		Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance		$	37	$	2	$	39	—		—		—
Provision for loan losses		(12)		4		(8)		$	30	$	2	$	32
For initial credit losses on purchased loans accounted for as PCD financial assets		—		—		—		7		—		7



Ending Balance		$	25	$	6	$	31	$	37	$	2	$	39

An allowance for expected credit loss is not measured on accrued interest income for commercial mortgage loans as we have a process to write-off interest on loans that enter into non-accrual status (over 90 days past due). Allowances for expected credit losses are measured on accrued interest income for residential mortgage loans and were immaterial as of December 31, 2021 and 2020.

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, 2021		December 31, 2020		December 31, 2019
Fixed maturity securities, available-for-sale		$	1,267	$	708	$	70
Equity securities		23		19		10
Preferred securities		63		59		24
Mortgage loans		131		50		—

Invested cash and short-term investments		7		8		34

Limited partnerships		589		76		—
Tax deferred property exchange income		16		33		72
Other investments		32		25		19
Gross investment income		2,128		978		229
Investment expense		(167)		(78)		(4)
Interest and investment income		$	1,961	$	900	$	225

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, 2021		December 31, 2020		December 31, 2019
Net realized gains (losses) on fixed maturity available-for-sale securities		$	111	$	102	$	(6)
Net realized/unrealized gains (losses) on equity securities (2)		(434)		241		309
Net realized/unrealized gains (losses) on preferred securities (3)		(14)		15		28
Realized gains (losses) on other invested assets		8		(25)		(13)
Change in allowance for expected credit losses		8		(37)		—
Derivatives and embedded derivatives:
Realized gains on certain derivative instruments		456		76		—
Unrealized gains on certain derivative instruments		159		161		—
Change in fair value of reinsurance related embedded derivatives (1)		34		(53)		—
Change in fair value of other derivatives and embedded derivatives		6		8		—
Realized gains on derivatives and embedded derivatives		655		192		—
Recognized gains and losses, net		$	334	$	488	$	318

(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 $(436) million, $248 million and $299 million for the years ended December 31, 2021 2020, and 2019 respectively.

(3) Includes net valuation (losses) gains of $(14)million, $(40) million, and $17 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021		December 31, 2020		December 31, 2019
Proceeds		$	4,749	$	1,946	$	614
Gross gains		158		116		4
Gross losses		(49)		(12)		(9)

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 which may be VIEs, but for which we are not the primary beneficiary. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities included in fixed maturity securities available for sale on our Consolidated Balance Sheets.

Our maximum exposure to loss with respect to these VIEs is limited to the investment carrying amounts reported in our Consolidated Balance Sheets for limited partnerships and the amortized costs of our fixed maturity securities, in addition to any required unfunded commitments (also refer to Note H - Commitments and Contingencies).

The following table summarizes the carrying value and the maximum loss exposure of our unconsolidated VIEs:


	December 31, 2021				December 31, 2020
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investments in unconsolidated affiliates	$	2,350	$	3,496	$	1,156	$	1,550
Fixed maturity securities	12,382		12,802		9,873		9,513
Total unconsolidated VIE investments	$	14,732	$	16,298	$	11,029	$	11,063

Investment with Related Party

Included in equity securities as of December 31, 2021 and 2020 are 5,775,598 and 5,706,134 shares, respectively, of Cannae common stock (NYSE: CNNE). The fair value of our related party investment based on quoted market prices was $203 million and $253 million as of December 31, 2021 and December 31, 2020, respectively. In order to maintain the tax-free treatment of the November 17, 2017 split-off of Cannae Holdings, Inc. we are required to dispose of these shares by November 17, 2022.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2021		December 31, 2020
Assets:
Derivative investments:
Call options	$	816	$	548


Other long-term investments:
Other embedded derivatives	33		27


	$	849	$	575


Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives	$	3,883	$	3,404


Accounts payable and accrued liabilities:


Reinsurance related embedded derivatives	73		101

	$	3,956	$	3,505

The change in fair value of derivative instruments included in the accompanying Consolidated Statements of Earnings is as follows (in millions):


	Year Ended	Seven Months Ended
		December 31, 2021		December 31, 2020
Net investment gains (losses):
Call options		$	597	$	229
Futures contracts		8		15
Foreign currency forwards		9		(7)
Other derivatives and embedded derivatives		5		8
Reinsurance related embedded derivatives		34		(53)
Total net investment gains		$	653	$	192

Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives		$	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, and five year options purchased to match the funding requirements of the underlying policies. On the respective anniversary dates of the indexed policies, the index used to compute the interest credit is reset and we purchase new call options to fund the next index credit. We manage the cost of these purchases through the terms of our FIA/IUL contracts, which permit us to change caps, spreads or participation rates, subject to guaranteed minimums, on each contract’s anniversary date. The change in

the fair value of the call options and futures contracts is generally designed to offset the portion of the change in the fair value of the FIA/IUL embedded derivatives related to index performance through the current credit period. The call options and futures contracts are marked to fair value with the change in fair value included as a component of Recognized gains and losses, net. 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, 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

		December 31, 2020
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA-/*/A+	$	1,932	$	75	$	32	$	43
Morgan Stanley	A/A2/BBB+	1,503		40		41		—
Barclay's Bank	A+/A1/A	4,639		180		169		11
Canadian Imperial Bank of Commerce	AA/Aa2/A+	2,276		86		85		1
Wells Fargo	A+/A2/BBB+	2,900		106		105		1
Goldman Sachs	A/A3/BBB+	634		15		15		—
Credit Suisse	A/Aa3/A+	1,373		27		25		2
Truist	A+/A2/A	652		19		19		—
Total		$	15,909	$	548	$	491	$	58

(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, 2021 and 2020, counterparties posted $790 million and $491 million, respectively, of collateral, of which $576 million and $415 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 Sheet. 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 $42 million at December 31, 2021 and $58 million at December 31, 2020.

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 329 and 384 futures contracts at December 31, 2021 and 2020, 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 $4 million at December 31, 2021 and 2020, respectively.

Reinsurance Related Embedded DerivativesAs discussed in Note O Reinsurance, F&G entered into a reinsurance agreement with Kubera, effective December 31, 2018, to cede certain 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, 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 FGL Insurance to pay Somerset and Aspida Re at a later date, which results in embedded derivatives. These embedded derivatives are considered total return swaps with contractual returns that are attributable to the assets and liabilities associated with the reinsurance arrangements.

Notes Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:


	December 31, 2021		December 31, 2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643





2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving Credit Facility	(4)		(4)
5.50% F&G Notes	577		589










	$	3,096	$	2,662

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, $4 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 and which 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 August 28, 2012, we completed an offering of $400 million in aggregate principal amount of 5.50% notes due September 2022 (the "5.50% Notes"), pursuant to an effective registration statement previously filed with the SEC. The notes were priced at 99.513% of par to yield 5.564% annual interest. We pay interest on the 5.50% semi-annually on the 1st of March and September, beginning March 1, 2013. These notes contain customary covenants and events of default for investment grade public debt. These events of default include a cross default provision, with respect to any other debt of the Company in an aggregate amount exceeding $100 million for all such debt, arising from (i) failure to make a principal payment when due or (ii) the occurrence of an event, which results in such debt being due and payable prior to its scheduled maturity.


Gross principal maturities of notes payable at December 31, 2021 are as follows (in millions):
2022	$	400
2023	—
2024	—
2025	550
2026	—
Thereafter	2,150
	$	3,100

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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. 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 represents our best estimate has been recorded. Our accrual for legal and regulatory matters was $12 million and $13 million as of December 31, 2021 and 2020, respectively. None of the amounts we have currently recorded are considered to be material to our financial condition individually or in the aggregate. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition.

Two lawsuits have been filed related to FNF’s acquisition of F&G. On August 4, 2020, a stockholder derivative lawsuit styled, City of Miami General Employees’ and Sanitation Employees’ Retirement Trust v. Fidelity National Financial, et al., was filed in the Court of Chancery of the State of Delaware against the Company, its Board of Directors and others alleging breach of fiduciary duties as directors and officers relating to FNF’s acquisition of F&G. The Company’s Board of Directors (“Board”) designated a Special Litigation Committee (the “SLC”) consisting of three of the Board’s Directors, and authorized the SLC, among other things, to investigate and evaluate the claims and allegations asserted in the lawsuit. The Board gave the SLC the sole authority and power to consider and determine whether or not prosecution of the claims asserted in the lawsuit is in the best interest of the Company and its shareholders, and what action the Company should take with respect to the lawsuit.

On January 24, 2022, the SLC, acting on behalf of FNF, and the other parties to the lawsuit reached an agreement in principle to settle the action subject to various terms and conditions. The settlement will be presented to the court for approval, and if approved, is expected to be finalized during the second quarter of 2022.

On August 17, 2020, a lawsuit styled, In the Matter of FGL Holdings, was filed in the Grand Court of the Cayman Islands where dissenting shareholders, Kingfishers LP, Kingstown 1740 Fund LP, Kingstown Partners II LP, Kingstown Partners Master Ltd., and Ktown LP, have asserted statutory appraisal rights relative to their ownership of 12,000,000 shares of F&G stock in connection with the acquisition. They seek a judicial determination of the fair value of their shares of F&G stock under the law of the Cayman Islands, together with interest. The parties have exchanged expert reports, and the matter is scheduled for trial during the second quarter of 2022. We do not believe the result in either case will have a material adverse effect on our financial condition.

From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. 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.

Acquired Contingencies - F&G

We have received inquiries from a number of state regulatory authorities regarding our use of the U.S. Social Security Administration’s Death Master File (“Death Master File”) and compliance with state claims practices regulations and unclaimed property or escheatment laws. We have established procedures to periodically compare our in-force life insurance and annuity policies against the Death Master File or similar databases; investigate any identified potential matches to confirm the death of the insured; and determine whether benefits are due and attempt to locate the beneficiaries of any benefits due or, if no beneficiary can be located, escheat the benefit to the state as unclaimed property. We believe we have established sufficient reserves with respect to these matters; however, it is possible that third parties could dispute these amounts and additional payments or additional unreported claims or liabilities could be identified, which could be significant and could have a material adverse effect on our results of operations.

Escrow Balances

In conducting our operations, we routinely hold customers’ assets in escrow, pending completion of real estate transactions, and are responsible 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 $30.5 billion and $26.5 billion at December 31, 2021 and 2020, 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, 2021 and 2020 related to these arrangements.

F&G Commitments

The Company has unfunded investment commitments as of December 31, 2021 and 2020 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 (in millions):



	December 31, 2021		December 31, 2020
Asset Type
Unconsolidated VIEs:
Limited partnerships	$	1,146	$	394
Whole loans	589		—
Fixed maturity securities, ABS	306		384
Other fixed maturity securities, AFS	119		48


Other assets	156		135
Commercial mortgage loans	44		—
Residential mortgage loans	—		6
Total	$	2,360	$	967

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, to enhance Kubera's ability to pay its obligations under the amended reinsurance agreement, effective October 31, 2021, F&G entered into a Variable Note Purchase Agreement (the “NPA”), whereby F&G agreed to fund a note to Kubera to be used to ultimately settle with F&G, with principal increases up to a maximum amount of $300 million, to the extent a potential funding shortfall (treaty assets are less than then 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. At December 31, 2021, the amount funded under the NPA was insignificant.

Dividends	12 Months Ended
Dividends	Dec. 31, 2021
Equity [Abstract]
Dividends	DividendsOn February 16, 2022, our Board of Directors declared cash dividends of $0.44 per share, payable on March 31, 2022, to FNF common shareholders of record as of March 17, 2022.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

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, 2021 and the seven months ended December 31, 2020 include our F&G segment.

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) from continuing operations 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 (loss) of unconsolidated affiliates	1,625		857		(112)		2,370
Equity in earnings of unconsolidated affiliates	58		—		6		64
Net earnings (loss) from continuing operations	$	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

As of and for the year ended December 31, 2019:


	Title		Corporate and Other		Total
	(In millions)
Title premiums	$	5,342	$	—	$	5,342
Other revenues	2,389		195		2,584
Revenues from external customers	7,731		195		7,926
Interest and investment income, including recognized gains and losses	528		15		543
Total revenues	8,259		210		8,469
Depreciation and amortization	154		24		178
Interest expense	—		47		47
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	1,536		(167)		1,369
Income tax expense (benefit)	363		(55)		308
Earnings (loss) before equity in earnings of unconsolidated affiliates	1,173		(112)		1,061
Equity in earnings of unconsolidated affiliates	13		2		15
Net earnings (loss)	$	1,186	$	(110)	$	1,076
Assets	$	9,071	$	1,606	$	10,677
Goodwill	2,462		265		2,727

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.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(In millions)
Cash paid for:
Interest	$	112	$	73	$	44
Income taxes	653		315		251
Deferred sales inducements	90		46		—
Non-cash investing and financing activities:
Equity financing associated with the acquisition of F&G	$	—	$	609	$	—
Investments received from pension risk transfer premiums	316		—		—
Change in proceeds of sales of investments available for sale receivable in period	(160)		(4)		1
Change in purchases of investments available for sale payable in period	18		14		(1)
Change in treasury stock purchases payable in period	(3)		8		(1)
Change in accrued dividends payable in period	1		1		2
Lease liabilities recognized in exchange for lease right-of-use assets	47		44		36
Remeasurement of lease liabilities	87		48		101
Liabilities assumed in connection with acquisitions (excluding F&G)(1)
Fair value of assets acquired	85		32		1
Less: Total Purchase price	59		24		1
Liabilities and noncontrolling interests assumed	$	26	$	8	$	—
(1) For further information related to the acquisition of F&G, refer to Note B Acquisitions

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:


			Year Ended December 31,
				2021		2020		2019
Revenue Stream	Income Statement Classification	Segment		Total Revenue
Revenue from insurance contracts:				(in millions)
Direct title insurance premiums	Direct title insurance premiums	Title		$	3,571	$	2,699	$	2,381
Agency title insurance premiums	Agency title insurance premiums	Title		4,982		3,599		2,961
Life insurance premiums, insurance and investment product fees, and other (1)	Escrow, title-related and other fees	F&G		1,395		138		—
Home warranty	Escrow, title-related and other fees	Title		185		181		177
Total revenue from insurance contracts				10,133		6,617		5,519
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title		1,395		1,170		899
Other title-related fees and income	Escrow, title-related and other fees	Title		888		724		639
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title		396		368		389

Real estate technology	Escrow, title-related and other fees	Corporate and other		142		112		110
Real estate brokerage	Escrow, title-related and other fees	Corporate and other		—		25		39
Other	Escrow, title-related and other fees	Corporate and other		30		36		46
Total revenue from contracts with customers				2,851		2,435		2,122
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title		364		338		285
Interest and investment income	Interest and investment income	Various		1,961		900		225
Recognized gains and losses, net	Recognized gains and losses, net	Various		334		488		318
Total revenues	Total revenues			$	15,643	$	10,778	$	8,469
(1) Includes $1,146 of life-contingent pension risk transfer premiums in 2021

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		Seven months ended
	December 31, 2021		December 31, 2020
Product Type
Fixed indexed annuities	4,420		1,966
Fixed rate annuities	878		631
Funding agreements (FABN/FHLB)	2,658		100

Life insurance and other (a)	329		152
Total	$	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, 2021		December 31, 2020
	(In millions)
Trade receivables	$	524	$	404
Deferred revenue (contract liabilities)	144		117

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, 2021 and 2020, we recognized $106 million and $103 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 9
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

12 Months Ended

Dec. 31, 2021

Intangibles

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, 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

	VOBA		DAC		DSI		Total
Balance at January 1, 2020	$	—	$	—	$	—	$	—
F&G acquisition	1,847		—		—		1,847
Deferrals	—		251		46		297
Amortization	(120)		(6)		(5)		(131)
Interest	20		2		—		22
Unlocking	2		—		—		2
Adjustment for net unrealized investment gains	(283)		(25)		(5)		(313)
Balance at December 31, 2020	$	1,466	$	222	$	36	$	1,724

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%. 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 rather than the Consolidated Statements of Earnings. As of December 31, 2021 and 2020, the VOBA balances included cumulative adjustments for net unrealized investment gains of $232 million and $283 million respectively, the DAC balances included cumulative adjustments for net unrealized investment gains of $39 million and $25 million, respectively, and the DSI balance included net unrealized investment gains of $7 million and $5 million, respectively.

For the in-force liabilities as of December 31, 2021, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions):


	Estimated Amortization Expense
Fiscal Year
2022	$	2
2023	159
2024	158
2025	152
2026	140
Thereafter	806

Definite and Indefinite Lived Other Intangible Assets

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

Other intangible assets as of December 31, 2020 consist of the following (in millions):


	Cost		Accumulated amortization		Net carrying amount		Weighted average useful life (years)
Customer relationships and contracts	$	783	$	(596)	$	187	10
Computer software	416		(262)		154		2 to 10
Value of distribution Asset (VODA)	140		(10)		130		15
Definite lived trademarks, tradenames, and other	73		(39)		34		10
Indefinite lived tradenames and other	35		N/A		35		Indefinite
Total					$	540

Amortization expense for amortizable intangible assets, which consist primarily of VODA, customer relationships and computer software, was $135 million, $138 million, and $131 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2021, is $116 million in 2022, $93 million in 2023, $61 million in 2024, $44 million in 2025 and $34 million in 2026.

Goodwill

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

A summary of the changes in Goodwill consists of the following:


	Title		F&G		Corporate and Other		Total
	(In millions)
Balance, December 31, 2019	$	2,462	$	—	$	265	$	2,727
Goodwill associated with acquisitions	16		1,751		1		1,768
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

F&G Reinsurance

12 Months Ended

Dec. 31, 2021

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. If the underlying policy being reinsured is an insurance contract, 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 twelve and seven months ended December 31, 2021 and December 31, 2020 were as follows (in millions):


	Twelve months ended		Seven months ended
		December 31, 2021		December 31, 2020
				Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned	Net Benefits Incurred
Direct				$	1,314	$	3,282	108	976
Assumed				—		—		—	1
Ceded				(137)		(1,144)		(85)	(111)
Net				$	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 year ended December 31, 2021 or the seven months ended December 31, 2020. F&G did not commute any ceded reinsurance treaties during the year ended December 31, 2021 or the seven months ended December 31, 2020.

Following the adoption of ASC 326, 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. During the year ended December 31, 2021, the expected credit loss reserve decreased by $1 million to $20 million.

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.

On January 15, 2021, 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 effects of this agreement are accounted for as a separate investment contract.

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 $21 million and $12 million during the year ended December 31, 2021 and the seven months ended December 31, 2020, respectively in relation to this reinsurance agreement.

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 reinsurance agreement is accounted for as a separate investment contract. The presentation of this agreement is similar to other reinsurance agreements that apply reinsurance accounting as discussed in further detail within Note A - Business and Summary of Significant Accounting Policies.

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. 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 $5 million and $4 million during the year ended December 31, 2021 and 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. At December 31, 2021, the amount funded under the NPA was insignificant.

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. 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 $2 million and $1 million during the year ended December 31, 2021 and the seven months ended December 31, 2020, respectively, in relation to this reinsurance agreement.

Concentration of Reinsurance Risk

F&G has a significant concentration of reinsurance risk with third party reinsurers, Wilton Reassurance Company (“Wilton Re”), Aspida Re, and Somerset that could have a material impact on our financial position in the event that Wilton Re, Aspida Re, or Somerset fail to perform their obligations under the various reinsurance treaties. Wilton Re is a wholly-owned subsidiary of Canada Pension Plan Investment Board ("CPPIB"). CPPIB has an AAA issuer credit rating from Standard & Poor's Ratings Services ("S&P") as of December 31, 2021. Aspida Re has an A- issuer credit rating from AM Best and a BBB issuer credit rating from Fitch as of December 31, 2021, and the risk of non-performance is further mitigated through the funds withheld arrangement. Somerset has an A- issuer credit rating from AM Best and a BBB+ issuer credit rating from S&P as of December 31, 2021, and the risk of non-performance is further mitigated through the funds withheld arrangement. At December 31, 2021, the net amount recoverable from Wilton Re, Aspida Re, and Somerset were $1,269 million, $873 million, and $780 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 Wilton Re, Aspida Re, and Somerset for periodic treaty settlements are collectible as of December 31, 2021.

Intercompany Reinsurance Agreements

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. 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 financing facility has $85 million available to draw on as of December 31, 2021. The facility may terminate earlier than the current termination date of October 1, 2022, 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, 2021 and December 31, 2020, Raven Re’s statutory capital and surplus was $62 million and $29 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.

Regulatory and Equity

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Regulatory and Equity

Summary of Reserve for Title Claim Losses

A summary of the reserve for title claim losses follows:


	Year Ended December 31,
	2021			2020			2019
	(Dollars in millions)
Beginning balance	$	1,623		$	1,509		$	1,488

Change in insurance recoverable	94			34			1
Claim loss provision related to:
Current year	385			283			240
Prior years	—			—			—
Total title claim loss provision	385			283			240
Claims paid, net of recoupments related to:
Current year	(14)			(11)			(11)
Prior years	(205)			(192)			(209)
Total title claims paid, net of recoupments	(219)			(203)			(220)
Ending balance of claim loss reserve for title insurance	$	1,883		$	1,623		$	1,509
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%	4.5		%

Regulation and Equity

Regulation

Title

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.

F&G


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net Income (loss):
Year ended December 31, 2021	$	351	$	4	$	9


Statutory Capital and Surplus:
December 31, 2021	$	1,522	$	99	$	115


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net (Loss) income:
Seven months ended December 31, 2020	$	(46)	$	(2)	$	12

Statutory Capital and Surplus:
December 31, 2020	$	1,249	$	93	$	84

(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.

As of December 31, 2021, 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 Condensed Consolidated Financial Statements which are prepared in accordance with GAAP.

Equity

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

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, 2021.

Our operating leases range in term from one to ten years. As of December 31, 2021, the weighted-average remaining lease term of our operating leases was 4.0 years.

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, 2021 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 $139 million, $150 million and $146 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021 are as follows (in millions):


2022	$	145
2023	116
2024	83
2025	44
2026	26
Thereafter	27
Total operating lease payments, undiscounted	$	441
Less: present value discount	27
Lease liability, at present value	$	414

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

12 Months Ended

Dec. 31, 2021

Property and Equipment


Property and equipment consist of the following:
	December 31,
	2021		2020
	(In millions)
Furniture, fixtures and equipment	$	239	$	230
Data processing equipment	210		186
Leasehold improvements	121		115
Buildings	79		78
Land	14		14
Other	5		5
Total property and equipment, gross	668		628
Accumulated depreciation and amortization	(483)		(448)
Total property and equipment, net	$	185	$	180

Depreciation expense on property and equipment was $45 million, $48 million, and $42 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Accounts Payable and Other Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Liabilities

Accounts payable and other accrued liabilities consist of the following:


	December 31,
	2021		2020
	(In millions)
Salaries and incentives	$	537	$	519
Accrued benefits	447		373
Deferred revenue	144		117
Contingent consideration - acquisitions	30		11
Trade accounts payable	129		115

Accrued recording fees and transfer taxes	14		21
Accrued premium taxes	59		36
Liability for policy and contract claims	109		88
Retained asset account	148		144
Remittances and items not allocated	39		158
Option collateral liabilities	576		415
Funds withheld embedded derivative	73		101
Other accrued liabilities	391		304
	$	2,696	$	2,402

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense (benefit) on continuing operations consists of the following:


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Current	$	656	$	379	$	268
Deferred	57		(57)		40
	$	713	$	322	$	308

Total income tax expense was allocated as follows:


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Net earnings from continuing operations	$	713	$	322	$	308

Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments	(141)		332		16
Unrealized gain on foreign currency translation and cash flow hedging	—		1		1

Minimum pension liability adjustment	(2)		4		—
Total income tax (benefit) expense allocated to other comprehensive earnings	(143)		337		17

Total income taxes	$	570	$	659	$	325

A reconciliation of the federal statutory rate to our effective tax rate is as follows:


	Year Ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.6		2.5		1.7



Stock compensation	(0.2)		(0.3)		(0.8)
Tax credits	(0.2)		(0.4)		(0.1)
Consolidated partnerships	(0.1)		(0.3)		(0.2)

Tax gain on parent shares held	0.5		—		—
Valuation allowance for deferred tax assets	(0.3)		(3.0)		—

Change in tax status benefit	—		(2.0)		—



Non-deductible expenses and other, net	0.8		0.5		0.9
Effective tax rate	23.1	%	18.0	%	22.5	%

The significant components of deferred tax assets and liabilities consist of the following:


	December 31,
	2021		2020
	(In millions)
Deferred Tax Assets:
Employee benefit accruals	$	111	$	94

Net operating loss carryforwards	27		17

Accrued liabilities	1		12
Allowance for uncollectible accounts receivable	5		5
Pension plan	2		—
Tax credits	77		59
State income taxes	8		4

Capital loss carryover	41		35
Basis difference held-for-sale	—		19
Life insurance and claim related adjustments	854		861
Funds held under reinsurance agreements	52		85
Other	33		13
Total gross deferred tax asset	1,211		1,204
Less: valuation allowance	33		45
Total deferred tax asset	$	1,178	$	1,159
Deferred Tax Liabilities:
Title plant	$	(52)	$	(56)
Amortization of goodwill and intangible assets	(140)		(148)
Other investments	—		(7)
Other	(2)		(23)
Investment securities	(401)		(601)
Depreciation	(29)		(17)
Partnerships	(182)		(83)
Value of business acquired	(249)		(308)

Derivatives	(68)		(38)
Deferred acquisition costs	(102)		(6)
Transition reserve on new reserve method	(34)		(43)
Funds held under reinsurance agreements	(74)		(58)
Title Insurance reserve discounting	(50)		(63)


Total deferred tax liability	$	(1,383)	$	(1,451)
Net deferred tax liability	$	(205)	$	(292)

Our net deferred tax liability was $205 million and $292 million as of December 31, 2021 and 2020, respectively. The significant changes in the deferred taxes are as follows: the deferred tax liability for investment securities decreased by $200 million primarily due to unrealized losses recorded on investment securities, of which $97 million was related to unrealized losses in our Title segment and $103 million was related to unrealized losses in our F&G segment's life insurance business. The deferred tax liability relating to partnerships increased by $99 million, primarily due to increased investments in higher yield partnerships by F&G and the related unrealized gains. The F&G segment's life insurance business’ deferred tax liability relating to VOBA decreased by $59 million due to GAAP amortization. The deferred tax liability related to deferred acquisition costs increased by $96 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 increased by $30 million due to unrealized gains on call options. The deferred tax asset related to credit carryovers increased by $18 million, of which $11 million related to our F&G segment's life insurance business and $7 million related to Title segment. The deferred tax asset for basis differences held-for-sale was reduced by $19 million due to the sale of an F&G entity. The reinsurance receivable deferred tax asset decreased by $33 million

and the reinsurance receivable deferred tax liability increased by $16 million, both due to unrealized gains in the funds withheld portfolios within our F&G segment.

As of December 31, 2021, we have net operating losses ("NOLs") on a pretax basis of $129 million, of which $53 million related to our Title segment and $76 million related 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 year 2023 and we fully anticipate utilizing these losses prior to expiration with the exception of $24 million of gross net operating losses that are offset by a $24 million valuation allowance in the title segment.

As of December 31, 2021 and 2020, we had $77 million and $59 million of tax credits, respectively, which expire between 2025 and 2041. The credits primarily consist of general business credits from historical acquisitions, including $32 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 on the general business credits in our title segment.

As of December 31, 2021 and 2020, the balance of unrecognized tax benefits which would, if recognized, favorably affect our effective tax rate was $24 million and $28 million, respectively. Interest and penalties accrued on income tax uncertainties are recorded as a component of income tax expense and were $1 million as of December 31, 2021 and 2020. It is reasonably possible that as a result of the carryback request and approval of the Joint Committee of Taxation, unrecognized tax benefits could decrease as much as $58 million within the next 12 months. This reserve relates to a timing difference.

A reconciliation of the beginning and ending unrecognized tax benefits is as follows (in millions):


	Year ended December 31,
	2021		2020

Beginning balance	$	64	$	7

Additions based on positions taken in current year	—		58
Reductions related to statute of limitation lapses and audit payments	(4)		(1)

Ending balance	$	60	$	64

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, 2021 includes $52 million of tax receivables related to F&G subsidiaries that file separate tax returns. Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of December 31, 2020 includes $20 million of tax receivables and $8 million in deferred tax assets related to F&G subsidiaries who file separate tax returns.

The Internal Revenue Service (“IRS”) has selected us to participate in the Compliance Assurance 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 2017 through 2021 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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Stock Purchase Plan

During the three-year period ended December 31, 2021, 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 contributed $24 million, $30 million, and $28 million to the ESPP in the years ended December 31, 2021, 2020, and 2019, respectively, in accordance with our matching contribution.

FNF 401(k) Profit Sharing Plan

During the three-year period ended December 31, 2021, 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. We make 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. The employer match was $36 million, $31 million, and $29 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021, there were 1,639,226 shares of restricted stock and 996,113 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 of 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 shares 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, 2021, there were 718,641 shares of restricted stock and 1,527,936 stock options outstanding under the F&G Omnibus Plan.

FNF stock option transactions under the Omnibus Plan for 2021, 2020, and 2019 are as follows:


	Options	Weighted Average Exercise Price		Exercisable
Balance, January 1, 2019	7,543,787	$	20.55	7,530,137

Exercised	(2,009,112)	19.61
Canceled	(4,550)	25.34
Balance, December 31, 2019	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

FNF stock option transactions under the F&G Omnibus Plan for 2021 and 2020 are as follows:


	Options	Weighted Average Exercise Price		Exercisable
Balance, January 1, 2020	—	$	—	—
Options assumed in connection with the 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

FNF restricted stock transactions under the Omnibus Plan in 2021, 2020, and 2019 are as follows:



	Shares	Weighted Average Grant Date Fair Value
Balance, December 31, 2018	1,821,238	$	32.35
Granted	640,698	45.84

Canceled	(14,937)	31.94
Vested	(929,823)	30.98
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

FNF restricted stock transactions under the F&G Omnibus Plan in 2021 and 2020 are as follows:


	Shares	Weighted Average Grant Date Fair Value
Balance, December 31, 2019	—	$	—
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

The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2021:


	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 - $25.53	996,113	0.83	$	25.53	$	27	996,113	0.83	$	25.53	$	27
$25.54 - $27.53	359,510	3.98	27.53		9		292,101	3.98	27.53		7
$27.54 - $28.00	45,734	4.60	28.00		1		24,854	4.60	28.00		1
$28.01 - $35.89	34,106	4.87	35.89		1		6,821	4.87	35.89		—
$35.90 - $39.10	1,088,586	4.05	39.10		14		748,808	3.77	39.1		10
	2,524,049				$	52	2,068,697				$	45

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, 2021, 2020 and 2019 was $52 million, $50 million, and $29 million, respectively. The total fair value of restricted stock awards, which vested in the years ended December 31, 2021, 2020 and 2019 was $43 million, $25 million, and $42 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, 2021, 2020 and 2019 was $32 million, $50 million, and $48 million, respectively. Net earnings attributable to FNF Shareholders reflects stock-based compensation expense amounts of $43 million for the year ended December 31, 2021, $39 million for the year ended December 31, 2020, and $38 million for the year ended December 31, 2019, which are included in personnel costs in the reported financial results of each period.At December 31, 2021, the total unrecognized compensation cost related to non-vested stock option grants and restricted stock grants is $71 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.75 years.

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 being frozen as of December 31, 2000. Pursuant to GAAP on employers’ accounting for defined benefit pension and other post retirement plans, the measurement date is December 31.

The discount rate used to determine the benefit obligation as of December 31, 2021 and 2020 was 2.35% and 1.85%, respectively. As of December 31, 2021 and 2020, the projected benefit obligation was $154 million and $153 million, respectively, and the fair value of plan assets was $145 million and $157 million, respectively. The net pension liability and net periodic expense included in our financial position and results of operations relating to the Pension Plan is not considered material for any period presented.

Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

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:


	2021		2020		2019
California	14.6	%	15.2	%	14.3	%
Texas	13.0	%	12.3	%	13.8	%
Florida	9.3	%	8.6	%	9.2	%
Pennsylvania	5.1	%	4.8	%	4.7	%
Illinois	5.1	%	5.0	%	5.1	%

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.

Schedule II - Condensed Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

BALANCE SHEETS


	December 31,
	2021		2020
	(In millions, except share data)
ASSETS
Cash	$	1,515	$	975
Other long-term investments	52		—
Equity securities, at fair value	7		1
Investment in unconsolidated affiliates	9		10
Notes receivable	696		416
Investments in and amounts due from subsidiaries	10,215		9,646
Property and equipment, net	2		2
Prepaid expenses and other assets	275		256



Total assets	$	12,771	$	11,306
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other accrued liabilities	$	344	$	310
Income taxes payable	72		56
Deferred tax liability	206		300
Notes payable	2,519		2,072
Total liabilities	3,141		2,738
Equity:

FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2021 and December 31, 2020; outstanding of 290,533,141 and 298,203,194 as of December 31, 2021 and December 31, 2020, respectively, and issued of 325,486,429 and 322,622,948 as of December 31, 2021 and December 31, 2020, respectively	—		—

Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	—		—
Additional paid-in capital	5,811		5,720
Retained earnings	4,369		2,394
Accumulated other comprehensive earnings	779		1,304
Less: Treasury stock, 34,953,288 shares and 24,419,754 shares as of December 31, 2021 and December 31, 2020, respectively, at cost	(1,329)		(850)
Total equity of Fidelity National Financial, Inc. common shareholders	9,630		8,568


Total liabilities and equity	$	12,771	$	11,306

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

STATEMENTS OF EARNINGS AND RETAINED EARNINGS


	Year Ended December 31,
	2021		2020		2019
	(In millions, except per share data)
Revenues:
Other fees and revenue	$	24	$	32	$	38
Interest and investment income and realized gains	17		25		54
Realized gains and losses, net	12		(6)		(4)
Total revenues	53		51		88
Expenses:
Personnel expenses	54		58		80
Other operating expenses	25		60		62
Interest expense	87		71		48
Total expenses	166		189		190
Losses before income tax benefit and equity in earnings of subsidiaries	(113)		(138)		(102)
Income tax benefit	(27)		(33)		(23)
Losses before equity in earnings of subsidiaries	(86)		(105)		(79)
Equity in earnings of subsidiaries	2,500		1,557		1,141
Earnings from continuing operations	2,414		1,452		1,062
Equity in earnings of discontinued operations	8		(25)		—
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	2,422	$	1,427	$	1,062

Retained earnings, beginning of year	$	2,394	$	1,356	$	641
Dividends declared	(447)		(389)		(347)




Net earnings attributable to Fidelity National Financial, Inc. common shareholders	2,422		1,427		1,062
Retained earnings, end of year	$	4,369	$	2,394	$	1,356

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash Flows From Operating Activities:
Net earnings	$	2,422	$	1,427	$	1,062
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(6)		(1)		(2)

Impairment of assets	—		1		4
Equity in earnings of subsidiaries	(2,500)		(1,742)		(1,141)
Depreciation and amortization	1		1		1
Stock-based compensation	43		39		38

Net change in income taxes	65		(1)		53
Net (increase) decrease in prepaid expenses and other assets	(14)		(15)		(185)
Net increase in accounts payable and other accrued liabilities	36		26		211
Net cash provided by (used in) operating activities	47		(265)		41
Cash Flows From Investing Activities:
Purchases of investments available for sale	(52)		—		—
Net purchases of short-term investment activities	(6)		564		(362)
Acquisition of F&G (net of cash acquired)	—		(1,076)		—
Additions to notes receivable	(400)		(3)		(200)
Collection of notes receivable	120		89		209
Distributions from unconsolidated affiliates	—		—		2

Additional investments in unconsolidated affiliates	—		(1)		—
Net cash used in investing activities	(338)		(427)		(351)
Cash Flows From Financing Activities:

Borrowings	449		2,246		—
Debt service payments	—		(1,000)		—

Debt issuance costs	(6)		(22)		—
Dividends paid	(446)		(389)		(344)
Purchases of treasury stock	(463)		(236)		(86)
Exercise of stock options	48		62		39
Payment for shares withheld for taxes and in treasury	(17)		(9)		(15)

Additional investments in non-controlling interests	—		(90)		—

Other financing activity	—		1		5
Net dividends from subsidiaries	1,266		539		927
Net cash provided by financing activities	831		1,102		526
Net change in cash and cash equivalents	540		410		216
Cash at beginning of year	975		565		349
Cash at end of year	$	1,515	$	975	$	565
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,
	2021		2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643
2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving credit facility	(4)		(5)
	$	2,519	$	2,072

C. Supplemental Cash Flow Information


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash paid during the year:
Interest paid	$	81	$	58	$	44
Income tax payments	609		317		251

D. Cash Dividends Received

We have received cash dividends from subsidiaries and affiliates of $0.6 billion, $0.5 billion, and $0.5 billion during the years ended December 31, 2021, 2020, and 2019, respectively.

Schedule III - Supplementary Insurance Information

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

Schedule III

FIDELITY NATIONAL FINANCIAL, INC.

F&G Supplementary Insurance Information

(in millions)


	Year Ended		Seven Months Ended
	December 31, 2021		December 31, 2020

F&G Segment:
Deferred acquisition costs	$	761	$	222
Future policy benefits, losses, claims and loss expenses	4,732		4,010
Other policy claims and benefits payable	109		88
Life insurance premiums and other fees	1,395		138
Interest and investment income	1,852		743
Benefits, claims, losses and settlement expenses	(2,138)		(866)
Amortization, interest, and unlocking of deferred acquisition costs	(32)		(4)
Acquisition and operating expenses, net of deferrals	(263)		(158)

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

Schedule IV

FIDELITY NATIONAL FINANCIAL, INC.

F&G Reinsurance

(In millions)


For the year ended December 31, 2021	Gross Amount		Ceded to other companies		Assumed from other companies		Net Amount		Percentage of amount assumed of net
Life Insurance and PRT In-Force	$	4,881	$	(1,682)	$	—	$	3,199	—	%

Premiums and other considerations:
Life Insurance Premiums	168		(137)		—		31		—	%
Life-contingent PRT Premiums	1,146		—		—		1,146		—	%
Annuity Product Charges	92		(51)		—		41		—	%
Total Insurance Premiums and Other Considerations	$	1,406	$	(188)	$	—	$	1,218	—	%

For the seven months ended December 31, 2020	Gross Amount		Ceded to other companies		Assumed from other companies		Net Amount		Percentage of amount assumed of net
Life Insurance In-Force	$	3,892	$	(2,064)	$	—	$	1,828	—	%

Premiums and other considerations:
Life Insurance Premiums	108		(85)		—		23		—	%
Annuity Product Charges	145		(30)		—		115		—	%
Total Insurance Premiums and Other Considerations	$	253	$	(115)	$	—	$	138	—	%

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2021
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 January 2017, the FASB issued ASU 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The guidance simplifies the measurement of goodwill impairment by removing step 2 of the goodwill impairment test, which requires the determination of the fair value of individual assets and liabilities of a reporting unit. The new guidance requires goodwill impairment to be measured as the amount by which a reporting unit’s carrying value exceeds its fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. We adopted this standard as of January 1, 2020 and are applying this guidance on a prospective basis. The overall effect of Topic 350 had no impact to the Consolidated Financial Statements upon adoption. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement, effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. The new guidance introduces the following requirements: for investments in certain entities that calculate net asset value, investors are required to disclose the timing of liquidation of an investee's assets and the date when restrictions from redemption might lapse if the investee has communicated timing to the entity or announced timing publicly; entities should use the measurement uncertainty disclosure to communicate information about the uncertainty in measurement as of the reporting date; entities must disclose changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements, as well as the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, or other quantitative information in lieu of weighted average if the entity determines such information would be more reasonable and rational; and entities are no longer required to disclose the amounts and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. We adopted this standard on June 1, 2020 as a result of our acquisition of F&G, and the overall effect of Topic 820 on our Consolidated Financial Statements was not material upon adoption. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Under this update, entities must consider indirect interests held through related parties under common control on a proportional basis to determine whether a decision-making fee is a variable interest. We adopted this standard on June 1, 2020 as a result of our acquisition of F&G, and it did not have an impact on our Consolidated Financial Statements. 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, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. In June of 2020, the FASB deferred the effective date of ASU 2018-12 for one-year in response to implementation challenges resulting from COVID-19. 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; market risk benefits associated with deposit contracts must be measured at fair value, with the effect of the change in the fair value attributable to a change in the instrument-specific credit risk being recognized in other comprehensive income; deferred acquisition costs are required to be amortized in proportion to premiums, gross profits, or gross margins and 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, market risk benefits, 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 do not currently expect to early adopt this standard. We have identified specific areas that will be impacted by the new guidance and are in the process of assessing the accounting, reporting and/or process changes that will be required to comply as well as the impact of the new guidance on our consolidated financial statements. In December 2021, the FASB issued ASU 2021-10, Financial Services-Insurance (Topic 944), Government Assistance Requires Disclosures, effective for fiscal years beginning after December 15, 2022 including interim periods within those fiscal years. 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 do not currently expect to early adopt this standard. We have identified specific areas that will be impacted by the new guidance and are in the process of assessing the accounting, reporting and/or process changes that will be required to comply as well as the impact of the new guidance on our consolidated financial statements.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Schedule of Changes in Other Comprehensive Earnings (Loss)

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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 are recorded on the Consolidated Statements of Earnings relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period. We are also 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 to determine if we have the ability to direct the activities, or otherwise exert control, 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	Investments Fixed Maturity Securities Available-for-Sale Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Our investments in fixed maturity securities have been designated as available-for-sale ("AFS") and are carried at fair value, net of allowance for expected credit losses, with unrealized gains and losses included within accumulated other comprehensive income (loss) ("AOCI"), net of associated adjustments for deferred acquisition costs ("DAC"), value of business acquired ("VOBA"), deferred sales inducements ("DSI"), unearned revenue ("UREV"), Statement of Position 03-1, “Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts,” ("SOP 03-1") reserves, and deferred income taxes. Fair values for fixed maturity securities are principally a function of current market conditions and are 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. Changes in prepayment assumptions are accounted for prospectively. In our title segment, realized gains and losses on sales of our fixed maturity securities 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. 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 preferred securities held are carried at fair value as of the balance sheet dates. The fair values of our equity and preferred securities are based on quoted prices in active markets, or are valued based on quoted prices in markets that are not active or model inputs that are observable or unobservable. 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 income on a trade date basis, unless the security is a private placement in which case settlement date basis is used.
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 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, to cede certain multi-year guaranteed annuities ("MYGA") and deferred annuity 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 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.
Short-term Investments	Short-term investmentsShort-term investments consist primarily of money market instruments, which are carried at fair value, and commercial paper and loans, which have an original maturity of one year or less and are carried at amortized cost, which approximates fair value.
Investments in Unconsolidated Affiliates	Investments in Unconsolidated AffiliatesIn our F&G segment, we account for our investments in unconsolidated affiliates (primarily limited partnerships) using the equity method and use net asset value ("NAV") as a practical expedient to determine the carrying value. Income from investments in unconsolidated affiliates is included within Interest and investment income in the accompanying Consolidated Statements of Earnings. Recognition of income is 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, we recognize income using a constant effective yield based on anticipated cash flows and the estimated economic life of the securities. When actual prepayments differ significantly from originally anticipated prepayments, the effective yield is recalculated prospectively to reflect actual payments to date plus anticipated future payments. Any adjustments resulting from changes in effective yield are reflected in Interest and investment income. Interest and investment income is presented net of earned investment management fees.
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 69% - 84% reported within three months following closing, an additional 14% - 26% reported within the next three months and the remainder within seven to fifteen months. In addition to accruing these earned but unreported agency premiums, we also accrue agent commission expense, which was 76.7% of agent premiums earned in 2021, 76.4% of agent premiums earned in 2020, and 76.3% of agent premiums earned in 2019. The amount due from our agents relating to this accrual, i.e., the agent premium less their contractual retained commission, was approximately $113 million and $65 million at December 31, 2021 and 2020, respectively. Due to the offsetting effects of reversing prior period accruals, the impact of this accrual to our recorded Agency title insurance premiums, Agent commissions and net earnings in any given period is not considered material.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. 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 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, 2021, 2020 and 2019, we determined there were no events or circumstances which indicated that the carrying value of a reporting unit exceeded the fair value.
Intangible Assets	VOBA, DAC and DSI Our intangible assets include an intangible asset reflecting 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 DAC, DSI and VOBA 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 (DAC, DSI and VOBA), 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 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. Amortization expense of VOBA, DAC and DSI reflects an assumption for an expected level of credit-related investment losses. When actual credit-related investment losses are realized, we perform a retrospective unlocking of amortization for those intangibles as actual margins vary from expected margins. This unlocking is 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 available-for-sale ("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 to ten years. For internal-use computer software products, internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use. We recorded no impairment expense to other intangible assets during the years ended December 31, 2021, 2020, or 2019. 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 indefinite life, if maintained. Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold. Sales of title plant copies are reported at the amount received. No cost is allocated to the sale of copies of title plants unless the carrying value of the title plant is diminished or impaired. Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable.
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 DA 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 DAC, DSI and VOBA. The accounting for these GMWB and GMDB benefit liabilities (also referred to as SOP 03-1 liabilities) impact EGPs used to calculate amortization of DAC, DSI and VOBA. 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"), the latter being in the form of advances. Single premiums were received at the initiation of the funding agreements. As of December 31, 2021, we had approximately $1,900 million outstanding under the FABN program, which provides for semi-annual interest payments with principal maturities. Reserves for the FHLB funding agreements totaled $1,543 million and $1,203 million as of December 31, 2021 and 2020, respectively. Additionally, on February 18, 2022, F&G executed a $200 million short term borrowing with the FHLB that matures on March 4, 2022. 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 $2,420 million and $1,471 million as of December 31, 2021 and 2020, respectively. Payments pursuant to FABN and FHLB funding agreements extend through 2028.
Future Policy Benefits	Future Policy Benefits The liabilities for future policy benefits and claim reserves for traditional life policies, life contingent pay-out annuity policies (which includes PRT annuities with life contingencies) are computed using assumptions for investment yields, mortality and withdrawals, with a provision for adverse deviation, based on generally accepted actuarial methods and assumptions at the time of acquisition or contract issue. The investment yield assumption is 4.3% for traditional direct life reserves for all contracts, 4.1% for life contingent pay-out annuities, and ranges from 3.6% to 3.9% for PRT annuities with life contingencies. Policies are terminated through surrenders and maturities, where surrenders represent the voluntary terminations of policies by policyholders and maturities are determined by policy contract terms. Surrender assumptions are based upon policyholder experience adjusted for expected future conditions. For long-duration contracts the assumptions are locked in at contract inception and only modified if we deem the reserves to be inadequate. We periodically review actual and anticipated experience compared to the assumptions used to establish policy benefits. If the net GAAP liability (gross reserves less DAC, DSI and VOBA) is less than the gross premium liability, impairment is deemed to have occurred, and the DAC, DSI and VOBA asset balances are reduced until the net GAAP liability is equal to the gross premium liability. If the DAC, DSI and VOBA asset balances are completely written off and the net GAAP liability is still less than the gross premium liability, then an additional liability is recorded to arrive at the gross premium liability.
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 legal 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 fraud or operational error. If a loss is related 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 the 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 $934 million and $711 million at December 31, 2021 and 2020, 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 Sheet 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 Sheet and Statement of Earnings, respectively. Where applicable, deferred costs associated with the reinsurance of insurance and investment contracts will be included within the Prepaid expense and other assets with the related amortization reflected within Other operating expenses in the Consolidated Balance Sheet and Statement of Earnings, respectively. Premium and expense are recorded net of reinsurance ceded for both insurance and investment contracts. For some arrangements in which deposit accounting is applied or the arrangement is accounted for as a separate investment contract, the assets and liabilities of certain reinsurance contracts are presented on a net basis in the accompanying Consolidated Balance Sheet. F&G intends to apply the offset where there is a right of offset explicit in the reinsurance agreement.
Stock-Based Compensation Plans	Stock-Based Compensation PlansWe account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date using quoted market prices, and recognized over the service period.
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 2.0% 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. Other changes in policy reserves also include the change in reserves for life insurance products. For traditional life and immediate annuities (which includes PRT annuities with life contingencies), policy benefit claims are charged to expense in the period that the claims are incurred, net of reinsurance recoveries.
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. Restricted stock, options or other instruments, which provide the ability to acquire shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.
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 Subsequent to our acquisition of Lender Processing Services, Inc. ("LPS") in January 2014, we issued a 35% ownership interest in ServiceLink to funds affiliated with Thomas H. Lee Partners ("THL" or "the minority interest holder"). THL had an option to put its ownership interests of ServiceLink to us if no public offering of the corresponding business was consummated after four years from the date of FNF's purchase of LPS. The Class A units owned by THL (the "redeemable noncontrolling interests") could have been settled in cash or common stock of FNF or a combination of both at our election. As of January 2018, no public offering was made and the redeemable noncontrolling interests were no longer subject to a holding requirement. The redeemable noncontrolling interests were settled at the current fair value at the time we received notice of THL's put election as determined by the parties or by a third party appraisal under the terms of the Unit Purchase Agreement. As a result of a recapitalization of ServiceLink in 2015, the ownership interest by the minority interest holder was reduced from 35% to 21%. The redeemable noncontrolling interests were recorded at their initial value of $344 million in our Consolidated Balance Sheets and would have been adjusted to fair value were such value to rise above the initial value. As these redeemable noncontrolling interests provided for redemption features not solely within our control, we classified the redeemable noncontrolling interests outside of permanent equity.
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. Additionally, 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 fixed indexed annuities within contractholder funds and updates to the surrender rates, GMWB utilization, IUL premium persistency, maintenance expenses, and earned rate assumptions to reflect our current and expected future experience. These changes, taken together, resulted in a decrease in contractholder funds and future policy reserves of $425 million and a decrease to intangible assets of $136 million. These model refinements and assumptions are also used in the SOP 03-1 liability for GMWB and GMDB benefits and resulted in an increase in the liability of $28 million. There was no material change to underlying policyholder behavior. The majority of the changes represent one-time adjustments in the third quarter of 2021 related to the cumulative impact of the system implementation and are not expected to re-occur in the future.
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 Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [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 (dollars 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 F&G acquisition consist of the following (dollars in millions):


	Gross Carrying Value		Estimated Useful Life (in years)

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 years ended December 31, 2020 and 2019 are presented below. Unaudited pro-forma results presented assume the consolidation of F&G occurred as of January 1, 2019.




	Year Ended December 31,
		2020		2019
		(In millions)
Total revenues		$	10,897	$	10,386
Net earnings attributable to FNF common shareholders		1,233		1,419

Summary of Reserve for Title Claim Losses (Tables)

12 Months Ended

Dec. 31, 2021

Summary of the Reserve for Title Claim Losses

A summary of the reserve for title claim losses follows:


	Year Ended December 31,
	2021			2020			2019
	(Dollars in millions)
Beginning balance	$	1,623		$	1,509		$	1,488

Change in insurance recoverable	94			34			1
Claim loss provision related to:
Current year	385			283			240
Prior years	—			—			—
Total title claim loss provision	385			283			240
Claims paid, net of recoupments related to:
Current year	(14)			(11)			(11)
Prior years	(205)			(192)			(209)
Total title claims paid, net of recoupments	(219)			(203)			(220)
Ending balance of claim loss reserve for title insurance	$	1,883		$	1,623		$	1,509
Provision for title insurance claim losses as a percentage of title insurance premiums	4.5		%	4.5		%	4.5		%

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Amounts of Assets and Liabilities and Estimated at Fair Value on Recurring Basis


	December 31, 2021
	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets
Cash and cash equivalents	$	4,360	$	—	$	—	$	4,360	$	4,360
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		4,736		3,959		8,695		8,695
Commercial mortgage-backed securities	—		2,944		35		2,979		2,979
Corporates	37		15,322		1,135		16,494		16,494
Hybrids	132		780		—		912		912
Municipals	—		1,458		43		1,501		1,501
Residential mortgage-backed securities	—		731		—		731		731
U.S. Government	394		—		—		394		394
Foreign Governments	—		266		18		284		284
Equity securities	1,206		—		9		1,215		1,215
Preferred securities	506		893		2		1,401		1,401

Derivative investments	—		816		—		816		816
Short term investments	168		2		321		491		491
Other long-term investments	—		—		78		78		78

Total financial assets at fair value	$	6,803	$	27,948	$	5,600	$	40,351	$	40,351
Liabilities

Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,883		3,883		3,883
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities	—		73		—		73		73


Total financial liabilities at fair value	$	—	$	73	$	3,883	$	3,956	$	3,956


	December 31, 2020
	Level 1		Level 2		Level 3		Fair Value		Carrying Amount
Assets
Cash and cash equivalents	$	2,719	$	—	$	—	$	2,719	$	2,719
Fixed maturity securities, available-for-sale:
Asset-backed securities	—		4,916		1,350		6,266		6,266
Commercial mortgage-backed securities	—		2,803		26		2,829		2,829
Corporates	25		13,421		1,289		14,735		14,735
Hybrids	175		815		4		994		994
Municipals	—		1,360		43		1,403		1,403
Residential mortgage-backed securities	—		342		483		825		825
U.S. Government	342		—		—		342		342
Foreign Governments	—		176		17		193		193



Equity securities	791		—		5		796		796
Preferred securities	490		851		—		1,341		1,341
Subscription agreements (1)	—		199		—		199		199
Derivative investments	—		548		—		548		548

Short term investments	769		—		—		769		769
Other long-term investments	—		—		50		50		50

Total financial assets at fair value	$	5,311	$	25,431	$	3,267	$	34,009	$	34,009
Liabilities
Fair value of future policy benefits	—		—		5		5		5
Derivatives:
FIA/ IUL embedded derivatives, included in contractholder funds	—		—		3,404		3,404		3,404
Reinsurance related embedded derivatives, included in other liabilities	—		101		—		101		101

Total financial liabilities at fair value	$	—	$	101	$	3,409	$	3,510	$	3,510

(1) Included within equity securities in the accompanying Consolidated Balance Sheets as of December 31, 2020.


	December 31, 2021
	(in millions)
	Level 1		Level 2		Level 3		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
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	$	4,872	$	4,807

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, 2021

(in millions)

December 31, 2021

Assets

Asset-backed securities

3,844

Broker-quoted

Offered quotes

52.56% - 260.7% (97.06%)

Asset-backed securities

115

Third-Party Valuation

Offered quotes

93.02% - 108.45% (104.95%)

Commercial mortgage-backed securities

Broker-quoted

Offered quotes

126.70% - 126.70% (126.70%)

Commercial mortgage-backed securities

Third Party Valuation

Offered quotes

97.91% -97.91% (97.91%)

Corporates

380

Broker-quoted

Offered quotes

0.00% - 109.69% (100.91%)

Corporates

741

Third-Party Valuation

Offered quotes

85.71% - 119.57% (107.72%)

Corporates

Discounted Cash Flow

Discount Rate

44.00% - 100.00%

(62.00%)

Municipals

Third-Party Valuation

Offered quotes

135.09% - 135.09% (135.09%)

Foreign governments

Third-Party Valuation

Offered quotes

107.23% - 116.44% (110.11%)

Short-term

321

Broker-quoted

Offered quotes

100.00% - 100.00% (100.00%)

Preferred securities

Income-Approach

Yield

2.43%

Equity securities

Broker Quoted

Offered quotes

$6.23 - $6.23

($6.23)

Equity securities

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

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

Black Scholes model

Market value of fund

100.00%

Credit Linked Note

Broker-quoted

Offered quotes

100.00%

Investment in affiliate

Market Comparable Company Analysis

EBITDA multiple

8x - 8x

Total financial assets at fair value

5,600

Liabilities

Future policy benefits

—

Discounted cash flow

Non-performance spread

0.50%

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

Fair Value at

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

December 31, 2020

(in millions)

December 31, 2020

Assets

Asset-backed securities

1,175

Broker-quoted

Offered quotes

85% - 126.15% (103.96%)

Asset-backed securities

175

Third-Party Valuation

Offered quotes

0.00% - 107.25% (79.87%)

Commercial mortgage-backed securities

Broker-quoted

Offered quotes

131.59% - 131.59% (131.59%)

Corporates

388

Broker-quoted

Offered quotes

75.20% - 114.68% ( 103.36%)

Corporates

901

Third-Party Valuation

Offered quotes

88.42% - 125.83% (109.47%)

Hybrids

Third-Party Valuation

Offered quotes

112.06% - 112.06% ( 112.06%)

Municipals

Third-Party Valuation

Offered quotes

133.53% - 133.53% (133.53%)

Residential mortgage-backed securities

483

Broker-quoted

Offered quotes

112.58% - 112.58% (112.58%)

Foreign governments

Third-Party Valuation

Offered quotes

107.87% - 113.80% (109.72%)

Preferred securities

Income-Approach

Yield

2.61%

Equity securities

Black Scholes model

Risk Free Rate

0.29% - 0.29% (0.29%)

Strike Price

$1.50 - $1.50 ($1.50)

Volatility

1.00% - 1.00% (1.00%)

Dividend Yield

0.00% - 0.00% (0.00%)

Equity securities

Discounted Cash Flow

Discount rate

10.60% - 10.60% (10.60%)

Market Comparable Company Analysis

EBITDA multiple

6.6x - 6.6x (6.6x)

Other long-term assets:

Available-for-sale embedded derivative

Black Scholes model

Market value of fund

100.00%

Credit Linked Note

Broker-quoted

Offered quotes

100.00%

Total financial assets at fair value

3,267

Liabilities

Future policy benefits

Discounted cash flow

Non-performance spread

0.00%

Risk margin to reflect uncertainty

0.50%

Derivatives:

FIA/ IUL embedded derivatives, included in contractholder funds

3,404

Discounted cash flow

Market value of option

0.00% - 67.65% (2.25%)

Treasury rates

0.08% - 1.65% (0.87%)

Mortality multiplier

100.00% - 100.00% (100.00%)

Surrender rates

0.25% - 55.00% (5.24%)

Partial withdrawals

2.00% - 3.50% (2.58%)

Non-performance spread

0.74% - 0.74% (0.74%)

Option cost

0.05% - 16.61% (2.25%)

Total financial liabilities at fair value

3,409

Changes in Fair Value of Financial Instruments - Assets


	Year ended December 31, 2021
	(in millions)
	Balance at Beginning of Period			Total Gains (Losses)					Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
			Included in Earnings			Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	1,350		$	(1)		$	(8)	$	3,417	$	(97)	$	(595)	$	(107)	$	3,959	$	4
Commercial mortgage-backed 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	$	5		$	—		$	—	$	—	$	(4)	$	(1)	$	—	$	—	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	3,404			479			—		—		—		—		—		3,883		—

Total liabilities at Level 3 fair value	$	3,409		$	479		$	—	$	—	$	(4)	$	(1)	$	—	$	3,883	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.


	Year ended December 31, 2020
	(in millions)
	Balance at Beginning of Period		F&G Acquisition		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
					Included in Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	—	$	854	$	(1)	$	21	$	633	$	(1)	$	(133)	$	(23)	$	1,350	$	10
Commercial mortgage-backed securities	—		26		—		—		—		—		—		—		26		—
Corporates	17		1,238		(3)		59		110		—		(87)		(45)		1,289		43
Hybrids	—		4		—		—		—		—		—		—		4		—
Municipals	—		38		—		5		—		—		—		—		43		5
Residential mortgage-backed securities	—		534		—		7		11		—		(62)		(7)		483		—
Foreign Governments	—		16		—		1		—		—		—		—		17		1
Preferred securities	—		1		—		—		—		—		—		—		1		—
Equity securities	1		—		1		—		2		—		—		—		4		—
Other long-term assets:

Available-for-sale embedded derivative	—		20		7		—		—		—		—		—		27		—


Credit linked note	—		23		—		—		—		—		—		—		23		—
Other long-term investment	120		—		(61)		—		—		—		—		(59)		—		—

Total assets at Level 3 fair value	$	138	$	2,754	$	(57)	$	93	$	756	$	(1)	$	(282)	$	(134)	$	3,267	$	59
Liabilities
Future policy benefits	$	—	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	5	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	—		2,852		552		—		—		—		—		—		3,404		—

Total liabilities at Level 3 fair value	$	—	$	2,857	$	552	$	—	$	—	$	—	$	—	$	—	$	3,409	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2020 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.

Changes in Fair Value of Financial Instruments - Liabilities


	Year ended December 31, 2021
	(in millions)
	Balance at Beginning of Period			Total Gains (Losses)					Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
			Included in Earnings			Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	1,350		$	(1)		$	(8)	$	3,417	$	(97)	$	(595)	$	(107)	$	3,959	$	4
Commercial mortgage-backed 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	$	5		$	—		$	—	$	—	$	(4)	$	(1)	$	—	$	—	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	3,404			479			—		—		—		—		—		3,883		—

Total liabilities at Level 3 fair value	$	3,409		$	479		$	—	$	—	$	(4)	$	(1)	$	—	$	3,883	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2021 were to Level 2.


	Year ended December 31, 2020
	(in millions)
	Balance at Beginning of Period		F&G Acquisition		Total Gains (Losses)				Purchases		Sales		Settlements		Net transfer In (Out) of Level 3 (a)		Balance at End of Period		Change in Unrealized Incl in OCI
					Included in Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities	$	—	$	854	$	(1)	$	21	$	633	$	(1)	$	(133)	$	(23)	$	1,350	$	10
Commercial mortgage-backed securities	—		26		—		—		—		—		—		—		26		—
Corporates	17		1,238		(3)		59		110		—		(87)		(45)		1,289		43
Hybrids	—		4		—		—		—		—		—		—		4		—
Municipals	—		38		—		5		—		—		—		—		43		5
Residential mortgage-backed securities	—		534		—		7		11		—		(62)		(7)		483		—
Foreign Governments	—		16		—		1		—		—		—		—		17		1
Preferred securities	—		1		—		—		—		—		—		—		1		—
Equity securities	1		—		1		—		2		—		—		—		4		—
Other long-term assets:

Available-for-sale embedded derivative	—		20		7		—		—		—		—		—		27		—


Credit linked note	—		23		—		—		—		—		—		—		23		—
Other long-term investment	120		—		(61)		—		—		—		—		(59)		—		—

Total assets at Level 3 fair value	$	138	$	2,754	$	(57)	$	93	$	756	$	(1)	$	(282)	$	(134)	$	3,267	$	59
Liabilities
Future policy benefits	$	—	$	5	$	—	$	—	$	—	$	—	$	—	$	—	$	5	$	—
FIA/ IUL embedded derivatives, included in contractholder funds	—		2,852		552		—		—		—		—		—		3,404		—

Total liabilities at Level 3 fair value	$	—	$	2,857	$	552	$	—	$	—	$	—	$	—	$	—	$	3,409	$	—

(a) The net transfers out of Level 3 during the year ended December 31, 2020 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.

Schedule of Equity Method Investments



	December 31, 2021		December 31, 2020
Investments in unconsolidated affiliates (equity method of accounting)	$	136	$	146
Equity securities (NAV)	48		—
Investments in unconsolidated affiliates (NAV)	2,350		1,148
	$	2,534	$	1,294

Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Consolidated Investments

The Company’s consolidated investments are summarized as follows (in millions):


	December 31, 2021
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Carrying Value
Available-for-sale securities
Asset-backed securities	$	8,516	$	(3)	$	220	$	(38)	$	8,695	$	8,695
Commercial mortgage-backed securities	2,684		(2)		308		(11)		2,979		2,979
Corporates	15,822		—		830		(158)		16,494		16,494
Hybrids	838		—		74		—		912		912
Municipals	1,445		—		67		(11)		1,501		1,501
Residential mortgage-backed securities	731		(3)		7		(4)		731		731
U.S. Government	393		—		3		(2)		394		394
Foreign Governments	276		—		9		(1)		284		284
Total available-for-sale securities	$	30,705	$	(8)	$	1,518	$	(225)	$	31,990	$	31,990


	December 31, 2020
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Carrying Value
Available-for-sale securities
Asset-backed securities	$	5,941	$	—	$	343	$	(18)	$	6,266	$	6,266
Commercial mortgage-backed/asset-backed securities	2,490		—		342		(3)		2,829		2,829
Corporates	13,582		(16)		1,184		(15)		14,735		14,735
Hybrids	914		—		80		—		994		994
Municipals	1,333		—		72		(2)		1,403		1,403
Residential mortgage-backed securities	806		(3)		23		(1)		825		825
U.S. Government	332		—		10		—		342		342
Foreign Governments	179		—		14		—		193		193
Total available-for-sale securities	$	25,577	$	(19)	$	2,068	$	(39)	$	27,587	$	27,587

Investments Classified by Contractual Maturity Date


	December 31, 2021				December 31, 2020
	(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	$	426	$	431	$	466	$	463
Due after one year through five years	2,998		3,051		2,171		2,295
Due after five years through ten years	2,389		2,458		2,116		2,255
Due after ten years	12,930		13,608		11,560		12,624
	18,743		19,548		16,313		17,637
Other securities, which provide for periodic payments:
Asset-backed securities	8,516		8,695		5,941		6,266
Commercial mortgage-backed securities	2,684		2,979		2,490		2,829
Structured hybrids	31		37		27		30
Residential mortgage-backed securities	731		731		806		825
	11,962		12,442		9,264		9,950
Total fixed maturity available-for-sale securities	$	30,705	$	31,990	$	25,577	$	27,587

Activity in Allowance for Credit Loses of Available-for-sale Securities Aggregated by Investment Category

The activity in the allowance for expected credit losses of available-for-sale securities aggregated by investment category was as follows (in millions):


	Year Ended December 31, 2021
			Additions							Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		For initial credit losses on purchased securities accounted for as PCD financial assets (1)		(Additions) reductions in allowance recorded on previously impaired securities			For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Recoveries of amounts previously written off		Balance at End of Period
Available-for-sale securities
Asset-backed securities	$	—	$	—	$	(1)	$	(2)		$	—	$	—	$	—	—		$	(3)
Commercial mortgage-backed securities	—		(2)		—		—		—	—		—		—		—		(2)
Corporates	(16)		—		—		4			—		—		8		4		—
Hybrids	—		—		—		—			—		—		—		—		—

Residential mortgage-backed securities	(3)		—		—		—			—		—		—		—		(3)


Total available-for-sale securities	$	(19)	$	(2)	$	(1)	$	2		$	—	$	—	$	8	$	4	$	(8)


	Year ended December 31, 2020
			Additions						Reductions
	Balance at Beginning of Period		For credit losses on securities for which losses were not previously recorded		For initial credit losses on purchased securities accounted for as PCD financial assets (1)		(Additions) reductions in allowance recorded on previously impaired securities		For securities sold during the period		For securities intended/required to be sold prior to recovery of amortized cost basis		Write offs charged against the allowance		Balance at End of Period
Available-for-sale securities
Asset-backed securities	$	—	$	7	$	(9)	$	2	$	—	$	—	$	—	$	—

Corporates	—		(16)		(16)		7		3		4		2		(16)
Hybrids	—		—		(3)		—		3		—		—		—

Residential mortgage-backed securities	—		2		(7)		1		1		—		—		(3)


Total available-for-sale securities	$	—	$	(7)	$	(35)	$	10	$	7	$	4	$	2	$	(19)

(1) Purchased credit deteriorated financial assets ("PCD")

Debt Securities, Available-for-sale, Purchased with Credit Deterioration

The following table summarizes year to date PCD AFS security purchases (in millions).


Purchased credit-deteriorated available-for-sale debt securities	December 31, 2021		December 31, 2020
Purchase price	$	4	$	265
Allowance for credit losses at acquisition	1		35
Discount (or premiums) attributable to other factors	—		84
AFS purchased credit-deteriorated par value	$	5	$	384

Fair Value and Gross Unrealized Losses of Available-for-sale Securities


	December 31, 2021
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities
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


	December 31, 2020
	Less than 12 months				12 months or longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities
Asset-backed securities	$	477	$	(18)	$	—	$	—	$	477	$	(18)
Commercial mortgage-backed securities	51		(3)		—		—		51		(3)
Corporates	$	865	$	(15)	$	36	$	—	$	901	$	(15)
Hybrids	1		—		—		—		1		—
Municipals	115		(2)		—		—		115		(2)
Residential mortgage-backed securities	30		(1)		—		—		30		(1)
U.S. Government	11		—		—		—		11		—

Total available-for-sale securities	$	1,550	$	(39)	$	36	$	—	$	1,586	$	(39)
Total number of available-for-sale securities in an unrealized loss position less than twelve months											222
Total number of available-for-sale securities in an unrealized loss position twelve months or longer											11
Total number of available-for-sale securities in an unrealized loss position											233

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, 2021				December 31, 2020
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Property Type:


Hotel	$	19	1	%	$	19	2	%
Industrial - General	497		23	%	302		33	%
Mixed Use	13		1	%	12		1	%
Multifamily	894		41	%	165		18	%
Office	343		16	%	140		15	%
Retail	121		6	%	142		17	%
Other	204		8	%	125		14	%
Student Housing	83		4	%	—		—	%
Total commercial mortgage loans, gross of valuation allowance	$	2,174	100	%	$	905	100	%
Allowance for expected credit loss	(6)				(2)
Total commercial mortgage loans	$	2,168			$	903

U.S. Region:
East North Central	$	137	6	%	$	61	7	%
East South Central	79		4	%	80		9	%
Middle Atlantic	293		13	%	100		11	%
Mountain	236		11	%	48		5	%
New England	149		7	%	79		9	%
Pacific	649		30	%	333		37	%
South Atlantic	459		21	%	133		15	%
West North Central	12		1	%	13		1	%
West South Central	160		7	%	58		6	%

Total commercial mortgage loans, gross of valuation allowance	$	2,174	100	%	$	905	100	%
Allowance for expected credit loss	(6)				(2)
Total commercial mortgage loans	$	2,168			$	903

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 (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, 2021
LTV Ratios:
Less than 50%	$	626	$	33	$	9		$	668	31	%	$	745	33	%
50% to 60%	470		—		—			470		22		481		21
60% to 75%	1,036		—		—			1,036		47		1,039		46
Commercial mortgage loans	$	2,132	$	33	$	9		$	2,174	100	%	$	2,265	100	%

December 31, 2020
LTV Ratios:
Less than 50%	$	519	$	18	$	—		$	537	60	%	$	557	60	%
50% to 60%	237		9		—			246		27		251		27
60% to 75%	122		—		—			122		13		119		13
Commercial mortgage loans	$	878	$	27	$	—		$	905	100	%	$	927	100	%

Schedule of Residential Mortgage Loans by State

The distribution of RMLs by state with highest-to-lowest concentration are reflected in the following tables (dollars in millions):


	December 31, 2021
U.S. State:	Unpaid Principal Balance		% of Total
Florida	$	231	15	%
Texas	167		10
New Jersey	150		10
All Other States (1)	1,027		65
Total mortgage loans	$	1,575	100	%

(1) The individual concentration of each state is less than or equal to 9%.


	December 31, 2020
U.S. State:	Unpaid Principal Balance		% of Total
California	$	164	15	%
Florida	188		16	%
New Jersey	96		8	%
All Other States (1)	704		61	%
Total residential mortgage loans	$	1,152	100	%

(1) The individual concentration of each state is less than 8%.

Schedule of Loans with Credit Quality Indicators, Performing or Nonperforming

The credit quality of RMLs was as follows (dollars in millions):


	December 31, 2021				December 31, 2020
Performance indicators:	Carrying Value		% of Total		Carrying Value		% of Total
Performing	$	1,533	95	%	$	1,059	91	%
Non-performing	73		5		106		9	%
Total residential mortgage loans, gross of valuation allowance	$	1,606	100	%	$	1165	100	%
Allowance for expected loan loss	(25)		—		(37)		—	%
Total residential mortgage loans	$	1,581	100	%	$	1128	100	%

Loans Segregated by Risk Rating Exposure

Loans segregated by risk rating exposure were as follows (in millions):


	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
Over 90 days 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)	$	1,301	$	543	$	—	$	6	$	—	$	324	$	2,174
30-89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgages	$	1,301	$	543	$	—	$	6	$	—	$	324	$	2,174


	December 31, 2020

	Amortized Cost by Origination Year
	2020		2019		2018		2017		2016		Prior		Total
Residential mortgages
Current (less than 30 days past due)	$	311	$	545	$	68	$	42	$	62	$	2	$	1,030
30-89 days past due	2		22		2		—		—		—		26
Over 90 days past due	26		74		3		—		—		—		103
Total residential mortgages	$	339	$	641	$	73	$	42	$	62	$	2	$	1,159
Commercial mortgages
Current (less than 30 days past due)	$	542	$	—	$	6	$	—	$	11	$	346	$	905
30-89 days past due	—		—		—		—		—		—		—
Over 90 days past due	—		—		—		—		—		—		—
Total commercial mortgage	$	542	$	—	$	6	$	—	$	11	$	346	$	905


	December 31, 2021

	Amortized Cost by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
Commercial mortgages
LTV
Less than 50%	$	120	$	229	$	—	$	6	$	—	$	313	$	668
50% to 60%	267		192		—		—		—		11		470
60% to 75%	914		122		—		—		—		—		1,036
Total commercial mortgages	$	1301	$	543	$	—	$	6	$	—	$	324	$	2174
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	$	1301	$	543	$	—	$	6	$	—	$	324	$	2174

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, 2021		December 31, 2020
Residential mortgage:	$	72	$	99
Commercial mortgage:	—		—
Total non-accrual loans	$	72	$	99

Changes in Allowance for Expected Credit Losses on Loans

The allowances for our mortgage loan portfolio is summarized as follows:


	Year ended December 31, 2021			Seven months ended December 31, 2020

		Residential Mortgage		Commercial Mortgage		Total		Residential Mortgage		Commercial Mortgage		Total
Beginning Balance		$	37	$	2	$	39	—		—		—
Provision for loan losses		(12)		4		(8)		$	30	$	2	$	32
For initial credit losses on purchased loans accounted for as PCD financial assets		—		—		—		7		—		7



Ending Balance		$	25	$	6	$	31	$	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, 2021		December 31, 2020		December 31, 2019
Fixed maturity securities, available-for-sale		$	1,267	$	708	$	70
Equity securities		23		19		10
Preferred securities		63		59		24
Mortgage loans		131		50		—

Invested cash and short-term investments		7		8		34

Limited partnerships		589		76		—
Tax deferred property exchange income		16		33		72
Other investments		32		25		19
Gross investment income		2,128		978		229
Investment expense		(167)		(78)		(4)
Interest and investment income		$	1,961	$	900	$	225

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, 2021		December 31, 2020		December 31, 2019
Net realized gains (losses) on fixed maturity available-for-sale securities		$	111	$	102	$	(6)
Net realized/unrealized gains (losses) on equity securities (2)		(434)		241		309
Net realized/unrealized gains (losses) on preferred securities (3)		(14)		15		28
Realized gains (losses) on other invested assets		8		(25)		(13)
Change in allowance for expected credit losses		8		(37)		—
Derivatives and embedded derivatives:
Realized gains on certain derivative instruments		456		76		—
Unrealized gains on certain derivative instruments		159		161		—
Change in fair value of reinsurance related embedded derivatives (1)		34		(53)		—
Change in fair value of other derivatives and embedded derivatives		6		8		—
Realized gains on derivatives and embedded derivatives		655		192		—
Recognized gains and losses, net		$	334	$	488	$	318

(2) Includes net valuation (losses) gains of $(436) million, $248 million and $299 million for the years ended December 31, 2021 2020, and 2019 respectively.

(3) Includes net valuation (losses) gains of $(14)million, $(40) million, and $17 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021		December 31, 2020		December 31, 2019
Proceeds		$	4,749	$	1,946	$	614
Gross gains		158		116		4
Gross losses		(49)		(12)		(9)

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, 2021				December 31, 2020
	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investments in unconsolidated affiliates	$	2,350	$	3,496	$	1,156	$	1,550
Fixed maturity securities	12,382		12,802		9,873		9,513
Total unconsolidated VIE investments	$	14,732	$	16,298	$	11,029	$	11,063

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
Assets:
Derivative investments:
Call options	$	816	$	548


Other long-term investments:
Other embedded derivatives	33		27


	$	849	$	575


Liabilities:
Contractholder funds:
FIA/ IUL embedded derivatives	$	3,883	$	3,404


Accounts payable and accrued liabilities:


Reinsurance related embedded derivatives	73		101

	$	3,956	$	3,505

Derivative Instruments, Gain (Loss)

The change in fair value of derivative instruments included in the accompanying Consolidated Statements of Earnings is as follows (in millions):


	Year Ended	Seven Months Ended
		December 31, 2021		December 31, 2020
Net investment gains (losses):
Call options		$	597	$	229
Futures contracts		8		15
Foreign currency forwards		9		(7)
Other derivatives and embedded derivatives		5		8
Reinsurance related embedded derivatives		34		(53)
Total net investment gains		$	653	$	192

Benefits and other changes in policy reserves:
FIA/ IUL embedded derivatives		$	479	$	552

Information Regarding Exposure to Credit Loss on Call Options Held

Information regarding our exposure to credit loss on the call options we hold is presented in the following table (in millions):


		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

		December 31, 2020
Counterparty	Credit Rating (Fitch/Moody's/S&P) (1)	Notional Amount		Fair Value		Collateral		Net Credit Risk
Merrill Lynch	AA-/*/A+	$	1,932	$	75	$	32	$	43
Morgan Stanley	A/A2/BBB+	1,503		40		41		—
Barclay's Bank	A+/A1/A	4,639		180		169		11
Canadian Imperial Bank of Commerce	AA/Aa2/A+	2,276		86		85		1
Wells Fargo	A+/A2/BBB+	2,900		106		105		1
Goldman Sachs	A/A3/BBB+	634		15		15		—
Credit Suisse	A/Aa3/A+	1,373		27		25		2
Truist	A+/A2/A	652		19		19		—
Total		$	15,909	$	548	$	491	$	58

(1) An * represents credit ratings that were not available.

Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:


	December 31, 2021		December 31, 2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643





2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving Credit Facility	(4)		(4)
5.50% F&G Notes	577		589










	$	3,096	$	2,662

B. Notes Payable

Notes payable consist of the following:


	December 31,
	2021		2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643
2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving credit facility	(4)		(5)
	$	2,519	$	2,072

Schedule of Principal Maturities of Notes Payable


Gross principal maturities of notes payable at December 31, 2021 are as follows (in millions):
2022	$	400
2023	—
2024	—
2025	550
2026	—
Thereafter	2,150
	$	3,100

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Unfunded Commitments

A summary of unfunded commitments by invested asset class is included below (in millions):



	December 31, 2021		December 31, 2020
Asset Type
Unconsolidated VIEs:
Limited partnerships	$	1,146	$	394
Whole loans	589		—
Fixed maturity securities, ABS	306		384
Other fixed maturity securities, AFS	119		48


Other assets	156		135
Commercial mortgage loans	44		—
Residential mortgage loans	—		6
Total	$	2,360	$	967

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Information

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) from continuing operations 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 (loss) of unconsolidated affiliates	1,625		857		(112)		2,370
Equity in earnings of unconsolidated affiliates	58		—		6		64
Net earnings (loss) from continuing operations	$	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

As of and for the year ended December 31, 2019:


	Title		Corporate and Other		Total
	(In millions)
Title premiums	$	5,342	$	—	$	5,342
Other revenues	2,389		195		2,584
Revenues from external customers	7,731		195		7,926
Interest and investment income, including recognized gains and losses	528		15		543
Total revenues	8,259		210		8,469
Depreciation and amortization	154		24		178
Interest expense	—		47		47
Earnings (loss) before income taxes and equity in earnings of unconsolidated affiliates	1,536		(167)		1,369
Income tax expense (benefit)	363		(55)		308
Earnings (loss) before equity in earnings of unconsolidated affiliates	1,173		(112)		1,061
Equity in earnings of unconsolidated affiliates	13		2		15
Net earnings (loss)	$	1,186	$	(110)	$	1,076
Assets	$	9,071	$	1,606	$	10,677
Goodwill	2,462		265		2,727

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
	(In millions)
Cash paid for:
Interest	$	112	$	73	$	44
Income taxes	653		315		251
Deferred sales inducements	90		46		—
Non-cash investing and financing activities:
Equity financing associated with the acquisition of F&G	$	—	$	609	$	—
Investments received from pension risk transfer premiums	316		—		—
Change in proceeds of sales of investments available for sale receivable in period	(160)		(4)		1
Change in purchases of investments available for sale payable in period	18		14		(1)
Change in treasury stock purchases payable in period	(3)		8		(1)
Change in accrued dividends payable in period	1		1		2
Lease liabilities recognized in exchange for lease right-of-use assets	47		44		36
Remeasurement of lease liabilities	87		48		101
Liabilities assumed in connection with acquisitions (excluding F&G)(1)
Fair value of assets acquired	85		32		1
Less: Total Purchase price	59		24		1
Liabilities and noncontrolling interests assumed	$	26	$	8	$	—
(1) For further information related to the acquisition of F&G, refer to Note B Acquisitions

Supplemental Cash Flow Information


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash paid during the year:
Interest paid	$	81	$	58	$	44
Income tax payments	609		317		251

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of:


			Year Ended December 31,
				2021		2020		2019
Revenue Stream	Income Statement Classification	Segment		Total Revenue
Revenue from insurance contracts:				(in millions)
Direct title insurance premiums	Direct title insurance premiums	Title		$	3,571	$	2,699	$	2,381
Agency title insurance premiums	Agency title insurance premiums	Title		4,982		3,599		2,961
Life insurance premiums, insurance and investment product fees, and other (1)	Escrow, title-related and other fees	F&G		1,395		138		—
Home warranty	Escrow, title-related and other fees	Title		185		181		177
Total revenue from insurance contracts				10,133		6,617		5,519
Revenue from contracts with customers:
Escrow fees	Escrow, title-related and other fees	Title		1,395		1,170		899
Other title-related fees and income	Escrow, title-related and other fees	Title		888		724		639
ServiceLink, excluding title premiums, escrow fees, and subservicing fees	Escrow, title-related and other fees	Title		396		368		389

Real estate technology	Escrow, title-related and other fees	Corporate and other		142		112		110
Real estate brokerage	Escrow, title-related and other fees	Corporate and other		—		25		39
Other	Escrow, title-related and other fees	Corporate and other		30		36		46
Total revenue from contracts with customers				2,851		2,435		2,122
Other revenue:
Loan subservicing revenue	Escrow, title-related and other fees	Title		364		338		285
Interest and investment income	Interest and investment income	Various		1,961		900		225
Recognized gains and losses, net	Recognized gains and losses, net	Various		334		488		318
Total revenues	Total revenues			$	15,643	$	10,778	$	8,469
(1) Includes $1,146 of life-contingent pension risk transfer premiums in 2021

Information about Trade Receivables and Deferred Revenue

The following table provides information about trade receivables and deferred revenue:


	December 31, 2021		December 31, 2020
	(In millions)
Trade receivables	$	524	$	404
Deferred revenue (contract liabilities)	144		117

Premium, Annuity Deposits and Funding Agreements (Net of Reinsurance) By Type


	Year ended		Seven months ended
	December 31, 2021		December 31, 2020
Product Type
Fixed indexed annuities	4,420		1,966
Fixed rate annuities	878		631
Funding agreements (FABN/FHLB)	2,658		100

Life insurance and other (a)	329		152
Total	$	8,285	$	2,849

(a) Life insurance and other primarily includes indexed universal life insurance.

Tabular disclosure of type of deposit liability.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

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, 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

	VOBA		DAC		DSI		Total
Balance at January 1, 2020	$	—	$	—	$	—	$	—
F&G acquisition	1,847		—		—		1,847
Deferrals	—		251		46		297
Amortization	(120)		(6)		(5)		(131)
Interest	20		2		—		22
Unlocking	2		—		—		2
Adjustment for net unrealized investment gains	(283)		(25)		(5)		(313)
Balance at December 31, 2020	$	1,466	$	222	$	36	$	1,724

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

Other intangible assets as of December 31, 2020 consist of the following (in millions):


	Cost		Accumulated amortization		Net carrying amount		Weighted average useful life (years)
Customer relationships and contracts	$	783	$	(596)	$	187	10
Computer software	416		(262)		154		2 to 10
Value of distribution Asset (VODA)	140		(10)		130		15
Definite lived trademarks, tradenames, and other	73		(39)		34		10
Indefinite lived tradenames and other	35		N/A		35		Indefinite
Total					$	540

Estimated Amortization Expense for VOBA in Future Fiscal Periods

For the in-force liabilities as of December 31, 2021, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions):


	Estimated Amortization Expense
Fiscal Year
2022	$	2
2023	159
2024	158
2025	152
2026	140
Thereafter	806

Schedule of Other Indefinite-Lived Intangible Assets

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

Other intangible assets as of December 31, 2020 consist of the following (in millions):


	Cost		Accumulated amortization		Net carrying amount		Weighted average useful life (years)
Customer relationships and contracts	$	783	$	(596)	$	187	10
Computer software	416		(262)		154		2 to 10
Value of distribution Asset (VODA)	140		(10)		130		15
Definite lived trademarks, tradenames, and other	73		(39)		34		10
Indefinite lived tradenames and other	35		N/A		35		Indefinite
Total					$	540

Goodwill (Tables)

12 Months Ended

Dec. 31, 2021

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, 2019	$	2,462	$	—	$	265	$	2,727
Goodwill associated with acquisitions	16		1,751		1		1,768
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

F&G Reinsurance (Tables)

12 Months Ended

Dec. 31, 2021

Reinsurance Disclosures [Abstract]

Effect of Reinsurance on Premiums Earned, Benefits Incurred and Reserve Changes


	Twelve months ended		Seven months ended
		December 31, 2021		December 31, 2020
				Net Premiums Earned		Net Benefits Incurred		Net Premiums Earned	Net Benefits Incurred
Direct				$	1,314	$	3,282	108	976
Assumed				—		—		—	1
Ceded				(137)		(1,144)		(85)	(111)
Net				$	1,177	$	2,138	23	866

Regulatory and Equity (Tables)

12 Months Ended

Dec. 31, 2021

Statutory Accounting Practices Disclosure

Statutory net income and statutory capital and surplus of our wholly owned insurance subsidiaries were as follows (in millions):


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net Income (loss):
Year ended December 31, 2021	$	351	$	4	$	9


Statutory Capital and Surplus:
December 31, 2021	$	1,522	$	99	$	115


	Subsidiary (state/country of domicile) (a)
	FGL Insurance (IA)		FGL NY Insurance (NY)		Raven Re (VT)
Statutory Net (Loss) income:
Seven months ended December 31, 2020	$	(46)	$	(2)	$	12

Statutory Capital and Surplus:
December 31, 2020	$	1,249	$	93	$	84

(a) FGL NY Insurance and Raven Re are subsidiaries of FGL Insurance, and the columns should not be added together.

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

Future Payments Under Operating Lease Arrangements

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2021 are as follows (in millions):


2022	$	145
2023	116
2024	83
2025	44
2026	26
Thereafter	27
Total operating lease payments, undiscounted	$	441
Less: present value discount	27
Lease liability, at present value	$	414

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment


Property and equipment consist of the following:
	December 31,
	2021		2020
	(In millions)
Furniture, fixtures and equipment	$	239	$	230
Data processing equipment	210		186
Leasehold improvements	121		115
Buildings	79		78
Land	14		14
Other	5		5
Total property and equipment, gross	668		628
Accumulated depreciation and amortization	(483)		(448)
Total property and equipment, net	$	185	$	180

Accounts Payable and Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Liabilities

Accounts payable and other accrued liabilities consist of the following:


	December 31,
	2021		2020
	(In millions)
Salaries and incentives	$	537	$	519
Accrued benefits	447		373
Deferred revenue	144		117
Contingent consideration - acquisitions	30		11
Trade accounts payable	129		115

Accrued recording fees and transfer taxes	14		21
Accrued premium taxes	59		36
Liability for policy and contract claims	109		88
Retained asset account	148		144
Remittances and items not allocated	39		158
Option collateral liabilities	576		415
Funds withheld embedded derivative	73		101
Other accrued liabilities	391		304
	$	2,696	$	2,402

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income tax expense (benefit) on continuing operations consists of the following:


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Current	$	656	$	379	$	268
Deferred	57		(57)		40
	$	713	$	322	$	308

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense was allocated as follows:


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Net earnings from continuing operations	$	713	$	322	$	308

Other comprehensive (loss) earnings:
Unrealized (loss) gain on investments and other financial instruments	(141)		332		16
Unrealized gain on foreign currency translation and cash flow hedging	—		1		1

Minimum pension liability adjustment	(2)		4		—
Total income tax (benefit) expense allocated to other comprehensive earnings	(143)		337		17

Total income taxes	$	570	$	659	$	325

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,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.6		2.5		1.7



Stock compensation	(0.2)		(0.3)		(0.8)
Tax credits	(0.2)		(0.4)		(0.1)
Consolidated partnerships	(0.1)		(0.3)		(0.2)

Tax gain on parent shares held	0.5		—		—
Valuation allowance for deferred tax assets	(0.3)		(3.0)		—

Change in tax status benefit	—		(2.0)		—



Non-deductible expenses and other, net	0.8		0.5		0.9
Effective tax rate	23.1	%	18.0	%	22.5	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities consist of the following:


	December 31,
	2021		2020
	(In millions)
Deferred Tax Assets:
Employee benefit accruals	$	111	$	94

Net operating loss carryforwards	27		17

Accrued liabilities	1		12
Allowance for uncollectible accounts receivable	5		5
Pension plan	2		—
Tax credits	77		59
State income taxes	8		4

Capital loss carryover	41		35
Basis difference held-for-sale	—		19
Life insurance and claim related adjustments	854		861
Funds held under reinsurance agreements	52		85
Other	33		13
Total gross deferred tax asset	1,211		1,204
Less: valuation allowance	33		45
Total deferred tax asset	$	1,178	$	1,159
Deferred Tax Liabilities:
Title plant	$	(52)	$	(56)
Amortization of goodwill and intangible assets	(140)		(148)
Other investments	—		(7)
Other	(2)		(23)
Investment securities	(401)		(601)
Depreciation	(29)		(17)
Partnerships	(182)		(83)
Value of business acquired	(249)		(308)

Derivatives	(68)		(38)
Deferred acquisition costs	(102)		(6)
Transition reserve on new reserve method	(34)		(43)
Funds held under reinsurance agreements	(74)		(58)
Title Insurance reserve discounting	(50)		(63)


Total deferred tax liability	$	(1,383)	$	(1,451)
Net deferred tax liability	$	(205)	$	(292)

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits is as follows (in millions):


	Year ended December 31,
	2021		2020

Beginning balance	$	64	$	7

Additions based on positions taken in current year	—		58
Reductions related to statute of limitation lapses and audit payments	(4)		(1)

Ending balance	$	60	$	64

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Stock Options Transactions

FNF stock option transactions under the Omnibus Plan for 2021, 2020, and 2019 are as follows:


	Options	Weighted Average Exercise Price		Exercisable
Balance, January 1, 2019	7,543,787	$	20.55	7,530,137

Exercised	(2,009,112)	19.61
Canceled	(4,550)	25.34
Balance, December 31, 2019	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

FNF stock option transactions under the F&G Omnibus Plan for 2021 and 2020 are as follows:


	Options	Weighted Average Exercise Price		Exercisable
Balance, January 1, 2020	—	$	—	—
Options assumed in connection with the 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

Schedule of Restricted Stock Transactions

FNF restricted stock transactions under the Omnibus Plan in 2021, 2020, and 2019 are as follows:



	Shares	Weighted Average Grant Date Fair Value
Balance, December 31, 2018	1,821,238	$	32.35
Granted	640,698	45.84

Canceled	(14,937)	31.94
Vested	(929,823)	30.98
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

FNF restricted stock transactions under the F&G Omnibus Plan in 2021 and 2020 are as follows:


	Shares	Weighted Average Grant Date Fair Value
Balance, December 31, 2019	—	$	—
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

Schedule of Stock Options Outstanding and Exercisable

The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2021:


	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 - $25.53	996,113	0.83	$	25.53	$	27	996,113	0.83	$	25.53	$	27
$25.54 - $27.53	359,510	3.98	27.53		9		292,101	3.98	27.53		7
$27.54 - $28.00	45,734	4.60	28.00		1		24,854	4.60	28.00		1
$28.01 - $35.89	34,106	4.87	35.89		1		6,821	4.87	35.89		—
$35.90 - $39.10	1,088,586	4.05	39.10		14		748,808	3.77	39.1		10
	2,524,049				$	52	2,068,697				$	45

Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Schedules of Title Insurance Premiums as a Percentage of Total Title Insurance Premiums Written

Title insurance premiums as a percentage of the total title insurance premiums written from those five states are detailed as follows:


	2021		2020		2019
California	14.6	%	15.2	%	14.3	%
Texas	13.0	%	12.3	%	13.8	%
Florida	9.3	%	8.6	%	9.2	%
Pennsylvania	5.1	%	4.8	%	4.7	%
Illinois	5.1	%	5.0	%	5.1	%

Schedule II- Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Balance Sheets

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

BALANCE SHEETS


	December 31,
	2021		2020
	(In millions, except share data)
ASSETS
Cash	$	1,515	$	975
Other long-term investments	52		—
Equity securities, at fair value	7		1
Investment in unconsolidated affiliates	9		10
Notes receivable	696		416
Investments in and amounts due from subsidiaries	10,215		9,646
Property and equipment, net	2		2
Prepaid expenses and other assets	275		256



Total assets	$	12,771	$	11,306
LIABILITIES AND EQUITY
Liabilities:
Accounts payable and other accrued liabilities	$	344	$	310
Income taxes payable	72		56
Deferred tax liability	206		300
Notes payable	2,519		2,072
Total liabilities	3,141		2,738
Equity:

FNF common stock, $0.0001 par value; authorized 600,000,000 shares as of December 31, 2021 and December 31, 2020; outstanding of 290,533,141 and 298,203,194 as of December 31, 2021 and December 31, 2020, respectively, and issued of 325,486,429 and 322,622,948 as of December 31, 2021 and December 31, 2020, respectively	—		—

Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none	—		—
Additional paid-in capital	5,811		5,720
Retained earnings	4,369		2,394
Accumulated other comprehensive earnings	779		1,304
Less: Treasury stock, 34,953,288 shares and 24,419,754 shares as of December 31, 2021 and December 31, 2020, respectively, at cost	(1,329)		(850)
Total equity of Fidelity National Financial, Inc. common shareholders	9,630		8,568


Total liabilities and equity	$	12,771	$	11,306

Statement of Earnings and Retained Earnings

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

STATEMENTS OF EARNINGS AND RETAINED EARNINGS


	Year Ended December 31,
	2021		2020		2019
	(In millions, except per share data)
Revenues:
Other fees and revenue	$	24	$	32	$	38
Interest and investment income and realized gains	17		25		54
Realized gains and losses, net	12		(6)		(4)
Total revenues	53		51		88
Expenses:
Personnel expenses	54		58		80
Other operating expenses	25		60		62
Interest expense	87		71		48
Total expenses	166		189		190
Losses before income tax benefit and equity in earnings of subsidiaries	(113)		(138)		(102)
Income tax benefit	(27)		(33)		(23)
Losses before equity in earnings of subsidiaries	(86)		(105)		(79)
Equity in earnings of subsidiaries	2,500		1,557		1,141
Earnings from continuing operations	2,414		1,452		1,062
Equity in earnings of discontinued operations	8		(25)		—
Net earnings attributable to Fidelity National Financial, Inc. common shareholders	$	2,422	$	1,427	$	1,062

Retained earnings, beginning of year	$	2,394	$	1,356	$	641
Dividends declared	(447)		(389)		(347)




Net earnings attributable to Fidelity National Financial, Inc. common shareholders	2,422		1,427		1,062
Retained earnings, end of year	$	4,369	$	2,394	$	1,356

Statements Of Cash Flows

SCHEDULE II

FIDELITY NATIONAL FINANCIAL, INC.

(Parent Company)

STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash Flows From Operating Activities:
Net earnings	$	2,422	$	1,427	$	1,062
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in earnings of unconsolidated affiliates	(6)		(1)		(2)

Impairment of assets	—		1		4
Equity in earnings of subsidiaries	(2,500)		(1,742)		(1,141)
Depreciation and amortization	1		1		1
Stock-based compensation	43		39		38

Net change in income taxes	65		(1)		53
Net (increase) decrease in prepaid expenses and other assets	(14)		(15)		(185)
Net increase in accounts payable and other accrued liabilities	36		26		211
Net cash provided by (used in) operating activities	47		(265)		41
Cash Flows From Investing Activities:
Purchases of investments available for sale	(52)		—		—
Net purchases of short-term investment activities	(6)		564		(362)
Acquisition of F&G (net of cash acquired)	—		(1,076)		—
Additions to notes receivable	(400)		(3)		(200)
Collection of notes receivable	120		89		209
Distributions from unconsolidated affiliates	—		—		2

Additional investments in unconsolidated affiliates	—		(1)		—
Net cash used in investing activities	(338)		(427)		(351)
Cash Flows From Financing Activities:

Borrowings	449		2,246		—
Debt service payments	—		(1,000)		—

Debt issuance costs	(6)		(22)		—
Dividends paid	(446)		(389)		(344)
Purchases of treasury stock	(463)		(236)		(86)
Exercise of stock options	48		62		39
Payment for shares withheld for taxes and in treasury	(17)		(9)		(15)

Additional investments in non-controlling interests	—		(90)		—

Other financing activity	—		1		5
Net dividends from subsidiaries	1,266		539		927
Net cash provided by financing activities	831		1,102		526
Net change in cash and cash equivalents	540		410		216
Cash at beginning of year	975		565		349
Cash at end of year	$	1,515	$	975	$	565
See Notes to Financial Statements

Schedule of Notes Payable

Notes payable consists of the following:


	December 31, 2021		December 31, 2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643





2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving Credit Facility	(4)		(4)
5.50% F&G Notes	577		589










	$	3,096	$	2,662

B. Notes Payable

Notes payable consist of the following:


	December 31,
	2021		2020
	(In millions)
4.50% Notes, net of discount	$	444	$	443
5.50% Notes, net of discount	400		399
3.40% Notes, net of discount	643		643
2.45% Notes, net of discount	593		592
3.20% Notes, net of discount	443		—
Revolving credit facility	(4)		(5)
	$	2,519	$	2,072

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,
	2021		2020		2019
	(In millions)
Cash paid for:
Interest	$	112	$	73	$	44
Income taxes	653		315		251
Deferred sales inducements	90		46		—
Non-cash investing and financing activities:
Equity financing associated with the acquisition of F&G	$	—	$	609	$	—
Investments received from pension risk transfer premiums	316		—		—
Change in proceeds of sales of investments available for sale receivable in period	(160)		(4)		1
Change in purchases of investments available for sale payable in period	18		14		(1)
Change in treasury stock purchases payable in period	(3)		8		(1)
Change in accrued dividends payable in period	1		1		2
Lease liabilities recognized in exchange for lease right-of-use assets	47		44		36
Remeasurement of lease liabilities	87		48		101
Liabilities assumed in connection with acquisitions (excluding F&G)(1)
Fair value of assets acquired	85		32		1
Less: Total Purchase price	59		24		1
Liabilities and noncontrolling interests assumed	$	26	$	8	$	—
(1) For further information related to the acquisition of F&G, refer to Note B Acquisitions

Supplemental Cash Flow Information


	Year Ended December 31,
	2021		2020		2019
	(In millions)
Cash paid during the year:
Interest paid	$	81	$	58	$	44
Income tax payments	609		317		251

Business and Summary of Significant Accounting Policies - Recent Developments (Details) - USD ($)			1 Months Ended		6 Months Ended
	Sep. 17, 2021	Aug. 03, 2021	Jan. 31, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 29, 2021	Mar. 30, 2021	Jan. 25, 2021	Dec. 07, 2020
Business Acquisition [Line Items]
Stock repurchase program period (in years)		3 years
Stock repurchase program number of shares authorized (in shares)		25,000,000
Subscriber fee, percentage							2.50%
FABN, program, authorized maximum amount				$ 5,000,000,000.0
FABN program, amount outstanding					$ 1,900,000,000
Pension Risk Transfer
Business Acquisition [Line Items]
Pension risk transfer, pension obligations					$ 1,100,000,000
Subsequent Event
Business Acquisition [Line Items]
FANB program, additional amount issued			$ 400,000,000
Paysafe Limited \| Subscription Agreements with Paysafe Limited and Foley Trasimene Acquisition Corp. II
Business Acquisition [Line Items]
Subscription agreements, investment										$ 500,000,000
Subscription agreement, stock purchase, par value (USD per share)										$ 0.001
Subscription agreement stock purchase price (USD per share)										$ 10.00
Subscriber fee, percentage										1.60%
Subscription Agreements, Subscriptions Funded, Shares Received								50,000,000
Subscription agreement, ownership interest expected, percent						7.00%
FTAC Subscription Agreements
Business Acquisition [Line Items]
Subscription agreements, investment									$ 150,000,000
Subscription agreement, stock purchase, par value (USD per share)									$ 0.001
Subscription agreement stock purchase price (USD per share)									$ 10.00
3.20% Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate, stated percentage	3.20%				3.20%
Aggregate principal amount	$ 450,000,000
Proceeds from issuance of senior notes	$ 443,000,000

Business and Summary of Significant Accounting Policies - Trade and Notes Receivable (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Recognition, Milestone Method [Line Items]
Insurance commissions as percentage of agent premiums	76.70%	76.40%	76.30%
Premium due from agents, net of accrued sales commissions	$ 113	$ 65
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	69.00%
Accrual for agency premiums reported within next three months, percent	14.00%
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	84.00%
Accrual for agency premiums reported within next three months, percent	26.00%

Business and Summary of Significant Accounting Policies - Goodwill , Intangible Assets and Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) titlePlant	Dec. 31, 2019 USD ($)
Goodwill [Line Items]
Impairment of other intangible assets	$ 0	$ 0	$ 0
Number of title plants \| titlePlant		2
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	$ 0	$ 0	$ 1,000,000
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 Significant Accounting Policies - Contract Holder Funds, Future Policy Benefits and Secured Trust Deposits (Details) - USD ($) $ in Millions	Feb. 18, 2022	Dec. 31, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
FABN program, amount outstanding		$ 1,900
Funds withheld for reinsurance liabilities		1,676	$ 806
Collateral investments, fair value		2,420	1,471
Secured trust deposits		$ 934	711
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		3.90%
Federal Home Loan Bank of Atlanta
Ceded Credit Risk [Line Items]
Funds withheld for reinsurance liabilities		$ 1,543	$ 1,203
Federal Home Loan Bank of Atlanta \| Subsequent Event
Ceded Credit Risk [Line Items]
Proceeds from short-term borrowing	$ 200

Business and Summary of Significant Accounting Policies - Benefits and Other Changes in Policy Reserves (Details)	12 Months Ended
	Dec. 31, 2021
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	6.00%
IUL's \| Minimum
Ceded Credit Risk [Line Items]
Interest crediting rates for funds at subsidiaries	3.00%
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	2.00%

Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Antidilutive securities excluded from computation of EPS, less than, amount (shares)	1,000,000	1,000,000	0

Business and Summary of Significant Accounting Policies - Schedule of Changes in Other Comprehensive Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent, beginning balance	$ 8,351
Reclassification adjustments	(123)	$ (73)
Other comprehensive earnings	(402)	1,334
Stockholders' equity attributable to parent, ending balance	9,414	8,351
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	1,280	46
Reclassification adjustments	(123)	(73)
Other comprehensive earnings	(410)	1,307
Stockholders' equity attributable to parent, ending balance	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	21	18
Reclassification adjustments	0	0
Other comprehensive earnings	22	3
Stockholders' equity attributable to parent, ending balance	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	(1)	(11)
Reclassification adjustments	0	0
Other comprehensive earnings	(7)	10
Stockholders' equity attributable to parent, ending balance	(8)	(1)
Minimum pension liability adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent, beginning balance	4	(10)
Reclassification adjustments	0	0
Other comprehensive earnings	(7)	14
Stockholders' equity attributable to parent, ending balance	(3)	4
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity attributable to parent, beginning balance	1,304	43
Stockholders' equity attributable to parent, ending balance	$ 779	$ 1,304

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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, 2021	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] \| ServiceLink Holdings, LLC
Noncontrolling Interest [Line Items]
Redeemable non-controlling interest, ownership percentage		35.00%		21.00%	35.00%
ServiceLink Holdings, LLC
Noncontrolling Interest [Line Items]
Purchase of outstanding Class A units of minority owners	$ 90

Business and Summary of Significant Accounting Policies - Management Estimates (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Future policy reserves	$ (4,732)		$ (4,010)
Intangibles assets	$ (2,034)		$ (1,724)	$ 0
Change in Accounting Method Accounted for as Change in Estimate
Business Acquisition [Line Items]
Future policy reserves		$ 425
Intangibles assets		136
Liability for guaranteed minimum withdrawal benefit		$ 28

Acquisitions - Narrative (Details) - F&G - USD ($) $ / shares in Units, shares in Millions, $ in Millions			7 Months Ended
	Aug. 26, 2020	Jun. 01, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Percentage of outstanding equity acquired		100.00%
Consideration transferred		$ 2,700
Consideration transferred (in shares)	1	24
Cash paid for outstanding F&G shares	$ 100	$ 1,800
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

Acquisitions - Consideration Paid (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Net cash paid for F&G		$ 0	$ 1,076	$ 0
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 and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 4,539	$ 4,495		$ 2,727
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 and Estimated Useful Lives (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 01, 2020	Dec. 31, 2021	Dec. 31, 2020
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 Information (Details) - F&G - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Total revenues	$ 10,897	$ 10,386
Net earnings attributable to FNF common shareholders	$ 1,233	$ 1,419

Summary of Reserve for Title Claim Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Change in insurance recoverable	$ (4)	$ (40)	$ 0
Title
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Beginning balance	1,623	1,509	1,488
Change in insurance recoverable	94	34	1
Claim loss provision related to:
Current year	385	283	240
Prior years	0	0	0
Total title claim loss provision	385	283	240
Claims paid, net of recoupments related to:
Current year	(14)	(11)	(11)
Prior years	(205)	(192)	(209)
Total title claims paid, net of recoupments	(219)	(203)	(220)
Ending balance of claim loss reserve for title insurance	$ 1,883	$ 1,623	$ 1,509
Provision for title insurance claim losses as a percentage of title insurance premiums	4.50%	4.50%	4.50%

Summary of Reserve for Title Claim Losses - Narrative (Details) - Pending Litigation - USD ($) $ in Millions	Nov. 02, 2020	Oct. 01, 2020	Sep. 03, 2020	Jul. 07, 2020	Jun. 29, 2020	Mar. 06, 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
Wakefield Capital, LLC, Wakefield Investments, LLC, 2Budz Holding, LLC, Doug and Kristine Heidrich, and Jeff and Heidi Orr v. Chicago Title Co. and Chicago Title Ins. Co.
Loss Contingencies [Line Items]
Plaintiffs claim losses amount						$ 7
Susan Heller Fenley Separate Property Trust, Susan Heller Fenley Inherited Roth IRA, Shelley Lynn Tarditi Trust and ROJ, LLC v. Chicago Title Co., Chicago Title Ins. Co. et al
Loss Contingencies [Line Items]
Plaintiffs claim losses amount					$ 6
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
Ovation Fin. Holdings 2 LLC, Ovation Fund Mgmt. II, LLC, Banc of California, N.A. v. Chicago Title Ins. Co., and plaintiffs
Loss Contingencies [Line Items]
Plaintiffs claim losses amount		$ 75
CalPrivate Bank v. Chicago Title Co. and Chicago Title Ins. Co.
Loss Contingencies [Line Items]
Plaintiffs claim losses amount	$ 12

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, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	$ 31,990	$ 27,587
Derivative investments	816	548
Total financial assets at fair value	5,600	3,267
Level 1
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	4,360	2,719
Derivative investments	0	0
Short term investments	168	769
Total financial assets at fair value	6,803	5,311
Liabilities, Fair Value Disclosure [Abstract]
Fair value of future policy benefits		0
Derivatives:
Total financial liabilities at fair value	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	0	0
Derivative investments	816	548
Short term investments	2	0
Total financial assets at fair value	27,948	25,431
Liabilities, Fair Value Disclosure [Abstract]
Fair value of future policy benefits		0
Derivatives:
Total financial liabilities at fair value	73	101
Level 3
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	0	0
Derivative investments	0	0
Short term investments	321	0
Total financial assets at fair value	5,600	3,267
Liabilities, Fair Value Disclosure [Abstract]
Fair value of future policy benefits		5
Derivatives:
Total financial liabilities at fair value	3,883	3,409
Fair Value
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	4,360	2,719
Derivative investments	816	548
Short term investments	491	769
Total financial assets at fair value	40,351	34,009
Liabilities, Fair Value Disclosure [Abstract]
Fair value of future policy benefits		5
Derivatives:
Total financial liabilities at fair value	3,956	3,510
Carrying Value
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents	4,360	2,719
Derivative investments	816	548
Short term investments	491	769
Total financial assets at fair value	40,351	34,009
Liabilities, Fair Value Disclosure [Abstract]
Fair value of future policy benefits		5
Derivatives:
Total financial liabilities at fair value	3,956	3,510
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	3,883	3,404
FIA/ IUL embedded derivatives, included in contractholder funds \| Fair Value
Derivatives:
Derivative liability	3,883	3,404
FIA/ IUL embedded derivatives, included in contractholder funds \| Carrying Value
Derivatives:
Derivative liability	3,883	3,404
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Level 1
Derivatives:
Derivative liability	0	0
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Level 2
Derivatives:
Derivative liability	73	101
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Level 3
Derivatives:
Derivative liability	0	0
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Fair Value
Derivatives:
Derivative liability	73	101
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Carrying Value
Derivatives:
Derivative liability	73	101
Asset-backed securities
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	8,695	6,266
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	4,736	4,916
Asset-backed securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	3,959	1,350
Asset-backed securities \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	8,695	6,266
Asset-backed securities \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	8,695	6,266
Commercial mortgage-backed securities
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	2,979	2,829
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	2,944	2,803
Commercial mortgage-backed securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	35	26
Commercial mortgage-backed securities \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	2,979	2,829
Commercial mortgage-backed securities \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	2,979	2,829
Corporates
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	16,494	14,735
Corporates \| Level 1
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	37	25
Corporates \| Level 2
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	15,322	13,421
Corporates \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	1,135	1,289
Corporates \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	16,494	14,735
Corporates \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	16,494	14,735
Hybrids
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	912	994
Hybrids \| Level 1
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	132	175
Hybrids \| Level 2
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	780	815
Hybrids \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	0	4
Hybrids \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	912	994
Hybrids \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	912	994
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	1,458	1,360
Municipals \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	43	43
Municipals \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	1,501	1,403
Municipals \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	1,501	1,403
Residential mortgage-backed securities
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	731	825
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	731	342
Residential mortgage-backed securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	0	483
Residential mortgage-backed securities \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	731	825
Residential mortgage-backed securities \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	731	825
U.S. Government
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	394	342
U.S. Government \| Level 1
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	394	342
U.S. Government \| Level 2
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	0	0
U.S. Government \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	0	0
U.S. Government \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	394	342
U.S. Government \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	394	342
Foreign Governments
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	284	193
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	266	176
Foreign Governments \| Level 3
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	18	17
Foreign Governments \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	284	193
Foreign Governments \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Fixed maturity securities, available for sale	284	193
Equity securities \| Level 1
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,206	791
Equity securities \| Level 2
Assets, Fair Value Disclosure [Abstract]
Equity securities	0	0
Equity securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Equity securities	9	5
Equity securities \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,215	796
Equity securities \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,215	796
Preferred securities
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,401	1,341
Preferred securities \| Level 1
Assets, Fair Value Disclosure [Abstract]
Equity securities	506	490
Preferred securities \| Level 2
Assets, Fair Value Disclosure [Abstract]
Equity securities	893	851
Preferred securities \| Level 3
Assets, Fair Value Disclosure [Abstract]
Equity securities	2	0
Preferred securities \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,401	1,341
Preferred securities \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Equity securities	1,401	1,341
Subscription agreements \| Level 1
Assets, Fair Value Disclosure [Abstract]
Equity securities		0
Subscription agreements \| Level 2
Assets, Fair Value Disclosure [Abstract]
Equity securities		199
Subscription agreements \| Level 3
Assets, Fair Value Disclosure [Abstract]
Equity securities		0
Subscription agreements \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Equity securities		199
Subscription agreements \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Equity securities		199
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	78	50
Other long-term investments \| Fair Value
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	78	50
Other long-term investments \| Carrying Value
Assets, Fair Value Disclosure [Abstract]
Other long-term investments	$ 78	$ 50

Fair Value of Financial Instruments - Narrative (Detail)	Dec. 31, 2021 $ / Contract
Limited partnerships \| Income-Approach
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, strike price	0

Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	$ 3,267	$ 138
F&G Acquisition		2,754
Assets, Total Gains (Losses) Included in Earnings	15	(57)
Assets, Total Gains (Losses) Included in AOCI	(48)	93
Assets, Purchases	4,449	756
Assets, Sales	(120)	(1)
Assets, Settlements	(1,449)	(282)
Assets, Net transfer In (Out) of Level 3	(514)	(134)
Balance at End of Period	5,600	3,267
Change in Unrealized Included in OCI	59	59
Liabilities, Fair Value Disclosure [Abstract]
Balance at Beginning of Period	3,409	0
F&G Acquisition		2,857
Liabilities, Total Gains (Losses) Included in Earnings	479	552
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	0	0
Liabilities, Sales	(4)	0
Liabilities, Settlements	(1)	0
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	3,883	3,409
Change in Unrealized Included in OCI	0	0
Future policy benefits
Liabilities, Fair Value Disclosure [Abstract]
Balance at Beginning of Period	5	0
F&G Acquisition		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	(4)	0
Liabilities, Settlements	(1)	0
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	0	5
Change in Unrealized Included in OCI	0	0
FIA embedded derivatives, included in contractholder funds
Liabilities, Fair Value Disclosure [Abstract]
Balance at Beginning of Period	3,404	0
F&G Acquisition		2,852
Liabilities, Total Gains (Losses) Included in Earnings	479	552
Liabilities, Total Gains (Losses) Included in AOCI	0	0
Liabilities, Purchases	0	0
Liabilities, Sales	0	0
Liabilities, Settlements	0	0
Liabilities, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	3,883	3,404
Change in Unrealized Included in OCI	0	0
Asset-backed securities
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	1,350	0
F&G Acquisition		854
Assets, Total Gains (Losses) Included in Earnings	(1)	(1)
Assets, Total Gains (Losses) Included in AOCI	(8)	21
Assets, Purchases	3,417	633
Assets, Sales	(97)	(1)
Assets, Settlements	(595)	(133)
Assets, Net transfer In (Out) of Level 3	(107)	(23)
Balance at End of Period	3,959	1,350
Change in Unrealized Included in OCI	4	10
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	26	0
F&G Acquisition		26
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	(3)	0
Assets, Purchases	12	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	35	26
Change in Unrealized Included in OCI	1	0
Corporates
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	1,289	17
F&G Acquisition		1,238
Assets, Total Gains (Losses) Included in Earnings	8	(3)
Assets, Total Gains (Losses) Included in AOCI	(40)	59
Assets, Purchases	161	110
Assets, Sales	(23)	0
Assets, Settlements	(247)	(87)
Assets, Net transfer In (Out) of Level 3	(13)	(45)
Balance at End of Period	1,135	1,289
Change in Unrealized Included in OCI	23	43
Hybrids
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	4	0
F&G Acquisition		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	(4)	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	0	4
Change in Unrealized Included in OCI	0	0
Municipals
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	43	0
F&G Acquisition		38
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	0	5
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	43	43
Change in Unrealized Included in OCI	7	5
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	483	0
F&G Acquisition		534
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	(1)	7
Assets, Purchases	14	11
Assets, Sales	0	0
Assets, Settlements	(102)	(62)
Assets, Net transfer In (Out) of Level 3	(394)	(7)
Balance at End of Period	0	483
Change in Unrealized Included in OCI	22	0
Foreign Governments
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	17	0
F&G Acquisition		16
Assets, Total Gains (Losses) Included in Earnings	0	0
Assets, Total Gains (Losses) Included in AOCI	1	1
Assets, Purchases	0	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	18	17
Change in Unrealized Included in OCI	2	1
Short-term Investments
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	2
Assets, Purchases	820
Assets, Sales	0
Assets, Settlements	(501)
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	321	0
Change in Unrealized Included in OCI	0
Preferred securities
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	1	0
F&G Acquisition		1
Assets, Total Gains (Losses) Included in Earnings	(1)	0
Assets, Total Gains (Losses) Included in AOCI	1	0
Assets, Purchases	1	0
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	2	1
Change in Unrealized Included in OCI	0	0
Equity securities
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	4	1
F&G Acquisition		0
Assets, Total Gains (Losses) Included in Earnings	2	1
Assets, Total Gains (Losses) Included in AOCI	0	0
Assets, Purchases	3	2
Assets, Sales	0	0
Assets, Settlements	0	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	9	4
Change in Unrealized Included in OCI	0	0
Available-for-sale embedded derivative
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	27	0
F&G Acquisition		20
Assets, Total Gains (Losses) Included in Earnings	7	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	34	27
Change in Unrealized Included in OCI	0	0
Credit linked note
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	23	0
F&G Acquisition		23
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	0
Assets, Net transfer In (Out) of Level 3	0	0
Balance at End of Period	23	23
Change in Unrealized Included in OCI	0	0
Investment in affiliate
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	21
Assets, Sales	0
Assets, Settlements	0
Assets, Net transfer In (Out) of Level 3	0
Balance at End of Period	21	0
Change in Unrealized Included in OCI	0
Other long-term investments
Debt Securities, Available-for-sale [Abstract]
Balance at Beginning of Period	$ 0	120
F&G Acquisition		0
Assets, Total Gains (Losses) Included in Earnings		(61)
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		(59)
Balance at End of Period		0
Change in Unrealized Included in OCI		$ 0

Fair Value of Financial Instruments - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Trade and notes receivables, net of allowance	$ 557	$ 437
Fair Value
Assets, Fair Value Disclosure [Abstract]
FHLB common stock	72	66
Commercial mortgage loans	2,265	926
Residential mortgage loans	1,549	1,123
Policy loans	39	33
Other invested assets	57	28
Company-owned life insurance	333	305
Trade and notes receivables, net of allowance	557	437
Total	4,872	2,918
Liabilities, Fair Value Disclosure [Abstract]
Investment contracts, included in contractholder funds	27,448	21,719
Debt instrument	3,218	2,896
Total	30,666	24,615
Carrying Value
Assets, Fair Value Disclosure [Abstract]
FHLB common stock	72	66
Commercial mortgage loans	2,168	903
Residential mortgage loans	1,581	1,128
Policy loans	39	33
Other invested assets	57	28
Company-owned life insurance	333	305
Trade and notes receivables, net of allowance	557	437
Total	4,807	2,900
Liabilities, Fair Value Disclosure [Abstract]
Investment contracts, included in contractholder funds	31,529	25,199
Debt instrument	3,096	2,662
Total	34,625	27,861
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	0	0
Company-owned life insurance	0	0
Trade and notes receivables, net of allowance	0	0
Total	0	0
Liabilities, Fair Value Disclosure [Abstract]
Investment contracts, included in contractholder funds	0	0
Debt instrument	0	0
Total	0	0
Level 2
Assets, Fair Value Disclosure [Abstract]
FHLB common stock	72	66
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	72	66
Liabilities, Fair Value Disclosure [Abstract]
Investment contracts, included in contractholder funds	0	0
Debt instrument	3,218	2,896
Total	3,218	2,896
Level 3
Assets, Fair Value Disclosure [Abstract]
FHLB common stock	0	0
Commercial mortgage loans	2,265	926
Residential mortgage loans	1,549	1,123
Policy loans	39	33
Other invested assets	57	28
Company-owned life insurance	333	305
Trade and notes receivables, net of allowance	557	437
Total	4,800	2,852
Liabilities, Fair Value Disclosure [Abstract]
Investment contracts, included in contractholder funds	27,448	21,719
Debt instrument	0	0
Total	$ 27,448	$ 21,719

Fair Value of Financial Instruments- Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in unconsolidated affiliates	$ 2,486	$ 1,294
Total, investments in unconsolidated affiliates and equity securities		1,294
Fair Value Measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Equity securities (NAV)	48	0
Total, investments in unconsolidated affiliates and equity securities	2,534
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in unconsolidated affiliates	136	146
Equity Method Investment, Nonconsolidated Investee or Group of Investees \| Fair Value Measured at NAV
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments in unconsolidated affiliates	$ 2,350	$ 1,148

Investments - Consolidated Investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale securities
Amortized Cost	$ 30,705	$ 25,577
Allowance for Expected Credit Losses	(8)	(19)	$ 0
Gross Unrealized Gains	1,518	2,068
Gross Unrealized Losses	(225)	(39)
FairValue/Carrying Value	31,990	27,587
Asset-backed securities
Available-for-sale securities
Amortized Cost	8,516	5,941
Allowance for Expected Credit Losses	(3)	0	0
Gross Unrealized Gains	220	343
Gross Unrealized Losses	(38)	(18)
FairValue/Carrying Value	8,695	6,266
Commercial mortgage-backed securities
Available-for-sale securities
Amortized Cost	2,684	2,490
Allowance for Expected Credit Losses	(2)	0
Gross Unrealized Gains	308	342
Gross Unrealized Losses	(11)	(3)
FairValue/Carrying Value	2,979	2,829
Corporates
Available-for-sale securities
Amortized Cost	15,822	13,582
Allowance for Expected Credit Losses	0	(16)	0
Gross Unrealized Gains	830	1,184
Gross Unrealized Losses	(158)	(15)
FairValue/Carrying Value	16,494	14,735
Hybrids
Available-for-sale securities
Amortized Cost	838	914
Allowance for Expected Credit Losses	0	0	0
Gross Unrealized Gains	74	80
Gross Unrealized Losses	0	0
FairValue/Carrying Value	912	994
Municipals
Available-for-sale securities
Amortized Cost	1,445	1,333
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	67	72
Gross Unrealized Losses	(11)	(2)
FairValue/Carrying Value	1,501	1,403
Residential mortgage-backed securities
Available-for-sale securities
Amortized Cost	731	806
Allowance for Expected Credit Losses	(3)	(3)	$ 0
Gross Unrealized Gains	7	23
Gross Unrealized Losses	(4)	(1)
FairValue/Carrying Value	731	825
U.S. Government
Available-for-sale securities
Amortized Cost	393	332
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	3	10
Gross Unrealized Losses	(2)	0
FairValue/Carrying Value	394	342
Foreign Governments
Available-for-sale securities
Amortized Cost	276	179
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	9	14
Gross Unrealized Losses	(1)	0
FairValue/Carrying Value	$ 284	$ 193

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Non-income producing investment fair value	$ 0	$ 0
Accrued interest receivable	253	235
FHLB collateral pledged	$ 2,469	$ 1,622
Commercial mortgage loans, percentage of investments	7.00%
DSC ratio, amortization period	25 years
Percentage of total investments		100.00%
Residential Mortgage
Debt Securities, Available-for-sale [Line Items]
Percentage of total investments	100.00%	100.00%
Residential Mortgage \| Over 90 days past due
Debt Securities, Available-for-sale [Line Items]
Mortgage loans over 90 days past due	$ 72	$ 99
Mortgage loans in process of foreclosure	$ 39	$ 24
Cannae Holdings Inc. \| Equity securities
Debt Securities, Available-for-sale [Line Items]
Investment owned, (in shares)	5,775,598	5,706,134
Investment owned, at fair value	$ 203	$ 253
United States
Debt Securities, Available-for-sale [Line Items]
Residential mortgage loans, location percentage	100.00%
Commercial Mortgage Loans
Debt Securities, Available-for-sale [Line Items]
Loan to value, threshold (less than)	75.00%
Available-for-sale Securities
Debt Securities, Available-for-sale [Line Items]
Assets held by insurance regulators	$ 22,343	$ 16,714
Residential mortgage loans
Debt Securities, Available-for-sale [Line Items]
Percentage of total investments	4.00%

Investments - Amortized Cost and Fair Value of Fixed Maturity Available-for-Sale Securities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Due in one year or less, Amortized Cost	$ 426	$ 466
Due after one year through five years, Amortized Cost	2,998	2,171
Due after five years through ten years, Amortized Cost	2,389	2,116
Due after ten years, Amortized Cost	12,930	11,560
Subtotal, Amortized Cost	18,743	16,313
Other securities which provide for periodic payments, Amortized Cost	11,962	9,264
Amortized Cost	30,705	25,577
Due in one year or less, Fair Value	431	463
Due after one year through five years, Fair Value	3,051	2,295
Due after five years through ten years, Fair Value	2,458	2,255
Due after ten years, Fair Value	13,608	12,624
Subtotal, Fair Value	19,548	17,637
Other securities which provide for periodic payments, Fair Value	12,442	9,950
Total fixed maturity available-for-sale securities, Fair Value	31,990	27,587
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	8,516	5,941
Amortized Cost	8,516	5,941
Other securities which provide for periodic payments, Fair Value	8,695	6,266
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	2,684	2,490
Amortized Cost	2,684	2,490
Other securities which provide for periodic payments, Fair Value	2,979	2,829
Structured hybrids
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	31	27
Other securities which provide for periodic payments, Fair Value	37	30
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Other securities which provide for periodic payments, Amortized Cost	731	806
Other securities which provide for periodic payments, Fair Value	$ 731	$ 825

Investments - Allowance for Credit Loss Aggregated By Investment Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ (19)	$ 0
For credit losses on securities for which losses were not previously recorded	(2)	(7)
For initial credit losses on purchased securities accounted for as PCD financial assets	(1)	(35)
(Additions) reductions in allowance recorded on previously impaired securities	2	10
For securities sold during the period	0	7
For securities intended/required to be sold prior to recovery of amortized cost basis	0	4
Write offs charged against the allowance	8	2
Recoveries of amounts previously written off	4
Balance at End of Period	(8)	(19)
Asset-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0	0
For credit losses on securities for which losses were not previously recorded	0	7
For initial credit losses on purchased securities accounted for as PCD financial assets	(1)	(9)
(Additions) reductions in allowance recorded on previously impaired securities	(2)	2
For securities sold during the period	0	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0
Balance at End of Period	(3)	0
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0
For credit losses on securities for which losses were not previously recorded	(2)
For initial credit losses on purchased securities accounted for as PCD financial assets	0
(Additions) reductions in allowance recorded on previously impaired securities	0
For securities sold during the period	0
For securities intended/required to be sold prior to recovery of amortized cost basis	0
Write offs charged against the allowance	0
Recoveries of amounts previously written off	0
Balance at End of Period	(2)	0
Corporates
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	(16)	0
For credit losses on securities for which losses were not previously recorded	0	(16)
For initial credit losses on purchased securities accounted for as PCD financial assets	0	(16)
(Additions) reductions in allowance recorded on previously impaired securities	4	7
For securities sold during the period	0	3
For securities intended/required to be sold prior to recovery of amortized cost basis	0	4
Write offs charged against the allowance	8	2
Recoveries of amounts previously written off	4
Balance at End of Period	0	(16)
Hybrids
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	0	0
For credit losses on securities for which losses were not previously recorded	0	0
For initial credit losses on purchased securities accounted for as PCD financial assets	0	(3)
(Additions) reductions in allowance recorded on previously impaired securities	0	0
For securities sold during the period	0	3
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0
Balance at End of Period	0	0
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	(3)	0
For credit losses on securities for which losses were not previously recorded	0	2
For initial credit losses on purchased securities accounted for as PCD financial assets	0	(7)
(Additions) reductions in allowance recorded on previously impaired securities	0	1
For securities sold during the period	0	1
For securities intended/required to be sold prior to recovery of amortized cost basis	0	0
Write offs charged against the allowance	0	0
Recoveries of amounts previously written off	0
Balance at End of Period	$ (3)	$ (3)

Investments - Debt Securities, Available-for-sale, Purchased with Credit Deterioration (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Purchased credit-deteriorated available-for-sale debt securities
Purchase price	$ 4	$ 265
Allowance for credit losses at acquisition	1	35
Discount (or premiums) attributable to other factors	0	84
AFS purchased credit-deteriorated par value	$ 5	$ 384

Investments - Fair Value and Gross Unrealized Losses of Available-for-Sale Securities (Details) $ in Millions	Dec. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 11,443	$ 1,550
Gross Unrealized Losses Less than 12 months	(185)	(39)
Fair Value, 12 Months or longer	646	36
Gross Unrealized Losses, 12 months or longer	(40)	0
Total Fair Value	12,089	1,586
Total Gross Unrealized Losses	$ (225)	$ (39)
Total number of available-for-sale securities in an unrealized loss position less than twelve months \| security	2,056	222
Total number of available-for-sale securities in an unrealized loss position twelve months or longer \| security	68	11
Total number of available-for-sale securities in an unrealized loss position \| security	2,124	233
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	$ 4,410	$ 477
Gross Unrealized Losses Less than 12 months	(31)	(18)
Fair Value, 12 Months or longer	146	0
Gross Unrealized Losses, 12 months or longer	(7)	0
Total Fair Value	4,556	477
Total Gross Unrealized Losses	(38)	(18)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	603	51
Gross Unrealized Losses Less than 12 months	(11)	(3)
Fair Value, 12 Months or longer	1	0
Gross Unrealized Losses, 12 months or longer	0	0
Total Fair Value	604	51
Total Gross Unrealized Losses	(11)	(3)
Corporates
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	5,391	865
Gross Unrealized Losses Less than 12 months	(132)	(15)
Fair Value, 12 Months or longer	394	36
Gross Unrealized Losses, 12 months or longer	(26)	0
Total Fair Value	5,785	901
Total Gross Unrealized Losses	(158)	(15)
Hybrids
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	3	1
Gross Unrealized Losses Less than 12 months	0	0
Fair Value, 12 Months or longer	0	0
Gross Unrealized Losses, 12 months or longer	0	0
Total Fair Value	3	1
Total Gross Unrealized Losses	0	0
Municipals
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	410	115
Gross Unrealized Losses Less than 12 months	(5)	(2)
Fair Value, 12 Months or longer	85	0
Gross Unrealized Losses, 12 months or longer	(6)	0
Total Fair Value	495	115
Total Gross Unrealized Losses	(11)	(2)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	325	30
Gross Unrealized Losses Less than 12 months	(3)	(1)
Fair Value, 12 Months or longer	11	0
Gross Unrealized Losses, 12 months or longer	(1)	0
Total Fair Value	336	30
Total Gross Unrealized Losses	(4)	(1)
U.S. Government
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	219	11
Gross Unrealized Losses Less than 12 months	(2)	0
Fair Value, 12 Months or longer	4	0
Gross Unrealized Losses, 12 months or longer	0	0
Total Fair Value	223	11
Total Gross Unrealized Losses	(2)	$ 0
Foreign Governments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Fair Values, Less than 12 months	82
Gross Unrealized Losses Less than 12 months	(1)
Fair Value, 12 Months or longer	5
Gross Unrealized Losses, 12 months or longer	0
Total Fair Value	87
Total Gross Unrealized Losses	$ (1)

Investments - Schedule of Commercial Mortgage Loan, Gross of Valuation Allowance, By Property Type and Region (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2020
Schedule of Investments [Line Items]
Allowance for expected credit loss	$ (31)	$ (39)	$ 0
Loans, net	3,749	2,031
Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 2,174	$ 905
% of Total	100.00%	100.00%
Allowance for expected credit loss	$ (6)	$ (2)	$ 0
Loans, net	2,168	903
East North Central \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 137	$ 61
% of Total	6.00%	7.00%
East South Central \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 79	$ 80
% of Total	4.00%	9.00%
Middle Atlantic \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 293	$ 100
% of Total	13.00%	11.00%
Mountain \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 236	$ 48
% of Total	11.00%	5.00%
New England \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 149	$ 79
% of Total	7.00%	9.00%
Pacific \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 649	$ 333
% of Total	30.00%	37.00%
South Atlantic \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 459	$ 133
% of Total	21.00%	15.00%
West North Central \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 12	$ 13
% of Total	1.00%	1.00%
West South Central \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 160	$ 58
% of Total	7.00%	6.00%
Hotel \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 19	$ 19
% of Total	1.00%	2.00%
Industrial - General \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 497	$ 302
% of Total	23.00%	33.00%
Mixed Use \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 13	$ 12
% of Total	1.00%	1.00%
Multifamily \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 894	$ 165
% of Total	41.00%	18.00%
Office \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 343	$ 140
% of Total	16.00%	15.00%
Retail \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 121	$ 142
% of Total	6.00%	17.00%
Other \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 204	$ 125
% of Total	8.00%	14.00%
Student Housing \| Commercial Mortgage
Schedule of Investments [Line Items]
Gross Carrying Value	$ 83	$ 0
% of Total	4.00%	0.00%

Investments - Recorded Investment in CMLs by LTV and DSC Ratio Categories (Details) - Commercial Mortgage - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Loans	$ 2,174	$ 905
% of Total	100.00%	100.00%
Fair Value
Debt Securities, Available-for-sale [Line Items]
Loans	$ 2,265	$ 927
% of Total	100.00%	100.00%
Greater than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	$ 2,132	$ 878
Greater than 1.00 but less than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	33	27
Greater than 1.00
Debt Securities, Available-for-sale [Line Items]
Loans	9	0
Less than 50%
Debt Securities, Available-for-sale [Line Items]
Loans	$ 668	$ 537
% of Total	31.00%	60.00%
Less than 50% \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Loans	$ 745	$ 557
% of Total	33.00%	60.00%
Less than 50% \| Greater than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	$ 626	$ 519
Less than 50% \| Greater than 1.00 but less than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	33	18
Less than 50% \| Greater than 1.00
Debt Securities, Available-for-sale [Line Items]
Loans	9	0
LTV 50 to 60 Percent
Debt Securities, Available-for-sale [Line Items]
Loans	$ 470	$ 246
% of Total	22.00%	27.00%
LTV 50 to 60 Percent \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Loans	$ 481	$ 251
% of Total	21.00%	27.00%
LTV 50 to 60 Percent \| Greater than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	$ 470	$ 237
LTV 50 to 60 Percent \| Greater than 1.00 but less than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	0	9
LTV 50 to 60 Percent \| Greater than 1.00
Debt Securities, Available-for-sale [Line Items]
Loans	0	0
LTV 60 to 75 Percent
Debt Securities, Available-for-sale [Line Items]
Loans	$ 1,036	$ 122
% of Total	47.00%	13.00%
LTV 60 to 75 Percent \| Fair Value
Debt Securities, Available-for-sale [Line Items]
Loans	$ 1,039	$ 119
% of Total	46.00%	13.00%
LTV 60 to 75 Percent \| Greater than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	$ 1,036	$ 122
LTV 60 to 75 Percent \| Greater than 1.00 but less than 1.25
Debt Securities, Available-for-sale [Line Items]
Loans	0	0
LTV 60 to 75 Percent \| Greater than 1.00
Debt Securities, Available-for-sale [Line Items]
Loans	$ 0	$ 0

Investments - Schedule of Residential Mortgage Loan by State (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Total Mortgage Loans
Unpaid Principal Balance	$ 1,575	$ 1,152
% of Total	100.00%	100.00%
California
Unpaid Principal Balance		$ 164
% of Total		15.00%
Florida
Unpaid Principal Balance	$ 231	$ 188
% of Total	15.00%	16.00%
Texas
Unpaid Principal Balance	$ 167
% of Total	10.00%
New Jersey
Unpaid Principal Balance	$ 150	$ 96
% of Total	10.00%	8.00%
All Other States
Unpaid Principal Balance	$ 1,027	$ 704
% of Total	65.00%	61.00%

Investments - Credit Quality of RMLs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for expected loan loss	$ (31)	$ (39)	$ 0
Loans, net	3,749	$ 2,031
% of Total		100.00%
Residential Mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	1,606	$ 1,165
Allowance for expected loan loss	(25)	(37)	$ 0
Loans, net	$ 1,581	$ 1,128
% of Total	100.00%	100.00%
Allowance % of Total	0.00%	0.00%
Residential Mortgage \| Performing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 1,533	$ 1,059
% of Total	95.00%	91.00%
Residential Mortgage \| Over 90 days past due \| Non-performing
Financing Receivable, Credit Quality Indicator [Line Items]
Carrying Value	$ 73	$ 106
% of Total	5.00%	9.00%

Investments - Loans Segregated By Risk Rating and Non-accrual Loans by Amortized Cost (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Amortized Cost of Non-Accrual Loans [Abstract]
Total non-accrual loans	$ 72	$ 99
Residential Mortgage
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	801	339
2020	320	641
2019	375	73
2018	53	42
2017	36	62
Prior	21	2
Total	1,606	1,159
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	801	339
2019	320	641
2018	375	73
2017	53	42
2016	36	62
Prior	21	2
Total	1,606	1,159
Amortized Cost of Non-Accrual Loans [Abstract]
Total non-accrual loans	72	99
Residential Mortgage \| Current (less than 30 days past due)
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	795	311
2020	293	545
2019	323	68
2018	50	42
2017	36	62
Prior	21	2
Total	1,518	1,030
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	795	311
2019	293	545
2018	323	68
2017	50	42
2016	36	62
Prior	21	2
Total	1,518	1,030
Residential Mortgage \| 30-89 days past due
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	5	2
2020	4	22
2019	6	2
2018	1	0
2017	0	0
Prior	0	0
Total	16	26
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	5	2
2019	4	22
2018	6	2
2017	1	0
2016	0	0
Prior	0	0
Total	16	26
Residential Mortgage \| Over 90 days past due
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	1	26
2020	23	74
2019	46	3
2018	2	0
2017	0	0
Prior	0	0
Total		103
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	1	26
2019	23	74
2018	46	3
2017	2	0
2016	0	0
Prior	0	0
Total		103
Commercial Mortgage
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	1,301	542
2020	543	0
2019	0	6
2018	6	0
2017	0	11
Prior	324	346
Total	2,174	905
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	1,301	542
2019	543	0
2018	0	6
2017	6	0
2016	0	11
Prior	324	346
Total	2,174	905
Amortized Cost of Non-Accrual Loans [Abstract]
Total non-accrual loans	0	0
Commercial Mortgage \| Greater than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	1,301	542
2020	543	0
2019	0	6
2018	4	0
2017	0	11
Prior	284	319
Total	2,132	878
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	1,301	542
2019	543	0
2018	0	6
2017	4	0
2016	0	11
Prior	284	319
Total	2,132	878
Commercial Mortgage \| Greater than 1.00 but less than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	0	0
2020	0	0
2019	0	0
2018	2	0
2017	0	0
Prior	31	27
Total	33	27
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	0	0
2019	0	0
2018	0	0
2017	2	0
2016	0	0
Prior	31	27
Total	33	27
Commercial Mortgage \| Less than 1.00
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	9	0
Total	9	0
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	0	0
2019	0	0
2018	0	0
2017	0	0
2016	0	0
Prior	9	0
Total	9	0
Commercial Mortgage \| Less than 50%
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	120	228
2020	229	0
2019	0	6
2018	6	0
2017	0	0
Prior	313	303
Total	668	537
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	120	228
2019	229	0
2018	0	6
2017	6	0
2016	0	0
Prior	313	303
Total	668	537
Commercial Mortgage \| Less than 50% \| Greater than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	626	519
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	626	519
Commercial Mortgage \| Less than 50% \| Greater than 1.00 but less than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	33	18
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	33	18
Commercial Mortgage \| LTV 50 to 60 Percent
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	267	192
2020	192	0
2019	0	0
2018	0	0
2017	0	11
Prior	11	43
Total	470	246
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	267	192
2019	192	0
2018	0	0
2017	0	0
2016	0	11
Prior	11	43
Total	470	246
Commercial Mortgage \| LTV 50 to 60 Percent \| Greater than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	470	237
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	470	237
Commercial Mortgage \| LTV 50 to 60 Percent \| Greater than 1.00 but less than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	0	9
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	0	9
Commercial Mortgage \| LTV 60 to 75 Percent
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	914	122
2020	122	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	1,036	122
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	914	122
2019	122	0
2018	0	0
2017	0	0
2016	0	0
Prior	0	0
Total	1,036	122
Commercial Mortgage \| LTV 60 to 75 Percent \| Greater than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	1,036	122
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	1,036	122
Commercial Mortgage \| LTV 60 to 75 Percent \| Greater than 1.00 but less than 1.25
Financing Receivable Credit Quality Indicator Current Year [Abstract]
Total	0	0
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
Total	0	0
Commercial Mortgage \| Current (less than 30 days past due)
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	1,301	542
2020	543	0
2019	0	6
2018	6	0
2017	0	11
Prior	324	346
Total	2,174	905
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	1,301	542
2019	543	0
2018	0	6
2017	6	0
2016	0	11
Prior	324	346
Total	2,174	905
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
2017	0	0
Prior	0	0
Total	0	0
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	0	0
2019	0	0
2018	0	0
2017	0	0
2016	0	0
Prior	0	0
Total	0	0
Commercial Mortgage \| Over 90 days past due
Financing Receivable Credit Quality Indicator Current Year [Abstract]
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Total	0	0
Financing Receivable Credit Quality Indicator Prior Year [Abstract]
2020	0	0
2019	0	0
2018	0	0
2017	0	0
2016	0	0
Prior	0	0
Total	$ 0	$ 0

Investments - Changes in Allowance for Expected Credit Losses on Mortgage Loans (Details) - USD ($) $ in Millions		7 Months Ended	12 Months Ended
	Jun. 12, 2020	Dec. 31, 2020	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			$ 39
Provision for loan losses		$ 32	(8)
For initial credit losses on purchased loans accounted for as PCD financial assets	$ 7		0
Ending Balance		39	31
Residential Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			37
Provision for loan losses		30	(12)
For initial credit losses on purchased loans accounted for as PCD financial assets	7		0
Ending Balance		37	25
Commercial Mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance			2
Provision for loan losses		2	4
For initial credit losses on purchased loans accounted for as PCD financial assets	$ 0		0
Ending Balance		$ 2	$ 6

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

Investments - Major Sources of Interest and Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Gross investment income	$ 2,128	$ 978	$ 229
Investment expense	(167)	(78)	(4)
Interest and investment income	1,961	900	225
Fixed maturity securities, available-for-sale
Schedule of Investments [Line Items]
Gross investment income	1,267	708	70
Equity securities
Schedule of Investments [Line Items]
Gross investment income	23	19	10
Preferred securities
Schedule of Investments [Line Items]
Gross investment income	63	59	24
Mortgage loans
Schedule of Investments [Line Items]
Gross investment income	131	50	0
Invested cash and short-term investments
Schedule of Investments [Line Items]
Gross investment income	7	8	34
Limited partnerships
Schedule of Investments [Line Items]
Gross investment income	589	76	0
Tax deferred property exchange income
Schedule of Investments [Line Items]
Gross investment income	16	33	72
Other investments
Schedule of Investments [Line Items]
Gross investment income	$ 32	$ 25	$ 19

Investments - Investment Gains (Losses) Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Net realized gains (losses) on fixed maturity available-for-sale securities	$ 111	$ 102	$ (6)
Realized gains (losses) on other invested assets	8	(25)	(13)
Change in allowance for expected credit losses	8	(37)	0
Realized gains on certain derivative instruments	456	76	0
Unrealized gains on certain derivative instruments	159	161	0
Change in fair value of reinsurance related embedded derivatives	34	(53)	0
Change in fair value of other derivatives and embedded derivatives	6	8	0
Realized gains on derivatives and embedded derivatives	655	192	0
Recognized gains and losses, net	334	488	318
Equity securities
Schedule of Investments [Line Items]
Net realized/unrealized gains (losses) on equity and preferred equity securities	(434)	241	309
Valuation gains (losses)	(436)	248	299
Preferred securities
Schedule of Investments [Line Items]
Net realized/unrealized gains (losses) on equity and preferred equity securities	(14)	15	28
Valuation gains (losses)	$ (14)	$ (40)	$ 17

Investments - Proceeds From The Sale of Fixed-Maturity Available For-Sale-Securities (Details) - Total fixed maturities - Available-for-sale Securities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Proceeds from Sale, Maturity and Collection of Investments	$ 4,749	$ 1,946	$ 614
Gross gains	158	116	4
Loss on sale of investments	$ (49)	$ (12)	$ (9)

Investments - Carrying Value and Maximum Loss Exposure of Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Carrying Value	$ 14,732	$ 11,029
Maximum Loss Exposure	16,298	11,063
Investments in unconsolidated affiliates
Schedule of Investments [Line Items]
Carrying Value	2,350	1,156
Maximum Loss Exposure	3,496	1,550
Fixed maturity securities
Schedule of Investments [Line Items]
Carrying Value	12,382	9,873
Maximum Loss Exposure	$ 12,802	$ 9,513

Derivative Financial Instruments - Carrying Amounts of Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total asset derivatives	$ 849	$ 575
Total liability derivatives	3,956	3,505
Accounts Payable and Accrued Liabilities
Derivative [Line Items]
Total liability derivatives	73	101
Call options \| Derivative investments
Derivative [Line Items]
Total asset derivatives	816	548
Other embedded derivatives \| Other long-term investments
Derivative [Line Items]
Total asset derivatives	33	27
FIA/ IUL embedded derivatives \| Contractholder funds
Derivative [Line Items]
Total liability derivatives	$ 3,883	$ 3,404

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative gains (losses)		$ 34	$ (53)	$ 0
Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	$ 192	653
Call options \| Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	229	597
Futures contracts \| Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	15	8
Foreign currency forwards \| Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	(7)	9
Other embedded derivatives \| Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	8	5
Reinsurance related embedded derivatives, included in accounts payable and accrued liabilities \| Net investment gains (losses)
Derivative [Line Items]
Derivative gains (losses)	(53)	34
FIA/ IUL embedded derivatives
Derivative [Line Items]
Derivative gains (losses)	$ 552	$ 479

Derivative Financial Instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) contract	Dec. 31, 2020 USD ($) contract
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	$ 790	$ 491
Maximum amount of loss due to credit risk	42	58
Call options \| Derivatives For Trading And Investment \| Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	790	491
Maximum amount of loss due to credit risk	42	58
Call options \| Cash and Cash Equivalents \| Not Designated as Hedging Instrument
Derivative [Line Items]
Collateral posted	$ 576	$ 415
Futures contracts
Derivative [Line Items]
Number of instruments held \| contract	329,000,000	384,000,000
Collateral held	$ 3	$ 4

Derivative Financial Instruments - Exposure to Credit Loss on Call Options Held (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Fair Value	$ 849	$ 575
Not Designated as Hedging Instrument \| Call options
Derivatives, Fair Value [Line Items]
Notional Amount	19,404	15,909
Fair Value	816	548
Collateral	790	491
Maximum amount of loss due to credit risk	42	58
Not Designated as Hedging Instrument \| Call options \| Merrill Lynch
Derivatives, Fair Value [Line Items]
Notional Amount	3,307	1,932
Fair Value	128	75
Collateral	86	32
Maximum amount of loss due to credit risk	42	43
Not Designated as Hedging Instrument \| Call options \| Morgan Stanley
Derivatives, Fair Value [Line Items]
Notional Amount	2,184	1,503
Fair Value	86	40
Collateral	92	41
Maximum amount of loss due to credit risk	0	0
Not Designated as Hedging Instrument \| Call options \| Barclay's Bank
Derivatives, Fair Value [Line Items]
Notional Amount	5,197	4,639
Fair Value	231	180
Collateral	233	169
Maximum amount of loss due to credit risk	0	11
Not Designated as Hedging Instrument \| Call options \| Canadian Imperial Bank of Commerce
Derivatives, Fair Value [Line Items]
Notional Amount	2,936	2,276
Fair Value	147	86
Collateral	151	85
Maximum amount of loss due to credit risk	0	1
Not Designated as Hedging Instrument \| Call options \| Wells Fargo
Derivatives, Fair Value [Line Items]
Notional Amount	2,445	2,900
Fair Value	89	106
Collateral	90	105
Maximum amount of loss due to credit risk	0	1
Not Designated as Hedging Instrument \| Call options \| Goldman Sachs
Derivatives, Fair Value [Line Items]
Notional Amount	307	634
Fair Value	10	15
Collateral	10	15
Maximum amount of loss due to credit risk	0	0
Not Designated as Hedging Instrument \| Call options \| Credit Suisse
Derivatives, Fair Value [Line Items]
Notional Amount	1,485	1,373
Fair Value	74	27
Collateral	75	25
Maximum amount of loss due to credit risk	0	2
Not Designated as Hedging Instrument \| Call options \| Truist
Derivatives, Fair Value [Line Items]
Notional Amount	1,543	652
Fair Value	51	19
Collateral	53	19
Maximum amount of loss due to credit risk	$ 0	$ 0

Notes Payable - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Sep. 17, 2021	Dec. 31, 2020	Aug. 13, 2018	Aug. 28, 2012
Debt Instrument [Line Items]
Debt	$ 3,096		$ 2,662
4.50% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				4.50%
4.50% Notes, net of discount \| Unsecured notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Debt	$ 444		443
5.50% Notes, net of discount \| Unsecured notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%				5.50%
Debt	$ 400		399
3.40% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.40%
Debt	$ 643		643
2.45% Notes, net of discount
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.45%
Debt	$ 593		592
3.20% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.20%	3.20%
Debt	$ 443		0
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt	$ 4		4
5.50% F& G Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%
Debt	$ 577		$ 589

Notes Payable - Narrative (Details) - USD ($)						12 Months Ended
Notes Payable - Narrative (Details) - USD ($)	Sep. 17, 2021	Sep. 15, 2020	Jun. 12, 2020	Apr. 20, 2018	Aug. 28, 2012	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 01, 2020	Apr. 22, 2020	Aug. 13, 2018
Debt Instrument [Line Items]
Outstanding principal						$ 3,100,000,000
Remaining borrowing capacity						85,000,000
Repayment of principal borrowed						0	$ 1,000,000,000	$ 0
Revolving Credit Facility Due April 2022 \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding principal						0
Debt issuance costs						4,000,000
Remaining borrowing capacity						$ 800,000,000
2.45% Senior Notes Due March 2031
Debt Instrument [Line Items]
Aggregate principal amount		$ 600,000,000
Debt instrument, interest rate, stated percentage		2.45%
Proceeds from issuance debt		$ 593,000,000
Term Loan Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Repayments of all outstanding indebtedness under term loan credit agreement		$ 260,000,000
Line of credit facility										$ 1,000,000,000
Repayment of principal borrowed			$ 640,000,000
3.40% Notes due June 15, 2030
Debt Instrument [Line Items]
Aggregate principal amount			$ 650,000,000
Debt instrument, interest rate, stated percentage			3.40%
Proceeds from issuance debt			$ 642,000,000
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 \| F&G
Debt Instrument [Line Items]
Aggregate principal amount									$ 550,000,000
Debt instrument, interest rate, stated percentage									5.50%
Price as percent of par on offering of unsecured Notes				99.50%
4.50 % Notes due August 2028
Debt Instrument [Line Items]
Aggregate principal amount											$ 450,000,000
Debt instrument, interest rate, stated percentage											4.50%
Price as percent of par on offering of unsecured Notes											99.252%
Annual interest rate											4.594%
4.50 % Notes due August 2028 \| Unsecured notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage						4.50%
5.50% Notes Due September 2022 \| Unsecured notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 400,000,000
Debt instrument, interest rate, stated percentage					5.50%	5.50%
Price as percent of par on offering of unsecured Notes					99.513%
Annual interest rate					5.564%
Debt covenant, cross default provision, aggregate maximum with respect to any other debt					$ 100,000,000
3.20% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 450,000,000
Debt instrument, interest rate, stated percentage	3.20%					3.20%
Proceeds from issuance debt	$ 443,000,000
Proceeds from issuance of senior notes	$ 443,000,000

Notes Payable - Principal Maturities of Notes Payable (Details) $ in Millions	Dec. 31, 2021 USD ($)
Maturities of Long-term Debt [Abstract]
2022	$ 400
2023	0
2024	0
2025	550
2026	0
Thereafter	2,150
Total long term debt	$ 3,100

Commitments and Contingencies - Narrative (Details) $ in Millions		3 Months Ended
	Aug. 17, 2020 shares	Dec. 31, 2021 USD ($) lawsuit	Oct. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Aug. 04, 2020 director
Other Commitments [Line Items]
Estimated litigation liability		$ 12		$ 13
Number of board of directors on litigation committee \| director					3
Escrow balances		$ 30,500		$ 26,500
Note funding, maximum			$ 300
Matter of FGL Holdings
Other Commitments [Line Items]
Number of lawsuits filed \| lawsuit		2
Number of shares in which statutory appraisal rights have been claimed (in shares) \| shares	12,000,000

Commitments and Contingencies - Schedule of Unfunded Commitments by Invested Asset Class (Details) - Commitment to Invest - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Unfunded investment commitment	$ 2,360	$ 967
Limited partnerships
Other Commitments [Line Items]
Unfunded investment commitment	1,146	394
Whole loans
Other Commitments [Line Items]
Unfunded investment commitment	589	0
Fixed maturity securities, ABS
Other Commitments [Line Items]
Unfunded investment commitment	306	384
Other fixed maturity securities, AFS
Other Commitments [Line Items]
Unfunded investment commitment	119	48
Other assets
Other Commitments [Line Items]
Unfunded investment commitment	156	135
Commercial mortgage-backed securities
Other Commitments [Line Items]
Unfunded investment commitment	44	0
Residential mortgage loans
Other Commitments [Line Items]
Unfunded investment commitment	$ 0	$ 6

Dividends (Details)	Feb. 16, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Cash dividend per common share (in dollars per share)	$ 0.44

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Title premiums	$ 8,553	$ 6,298	$ 5,342
Escrow, title-related and other fees	4,795	3,092	2,584
Revenues from external customers	13,348	9,390	7,926
Interest and investment income, including recognized gains and losses	2,295	1,388	543
Total revenues	15,643	10,778	8,469
Depreciation and amortization	645	296	178
Interest expense	114	90	47
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	3,083	1,784	1,369
Income tax expense (benefit)	713	322	308
Earnings before equity in earnings of unconsolidated affiliates	2,370	1,462	1,061
Equity in earnings (loss) of unconsolidated affiliates	64	15	15
Earnings from continuing operations	2,434	1,477	1,076
Assets	60,690	50,455	10,677
Goodwill	4,539	4,495	2,727
Title
Segment Reporting Information [Line Items]
Title premiums	8,553	6,298	5,342
Escrow, title-related and other fees	3,228	2,782	2,389
Revenues from external customers	11,781	9,080	7,731
Interest and investment income, including recognized gains and losses	(284)	294	528
Total revenues	11,497	9,374	8,259
Depreciation and amortization	138	149	154
Interest expense	0	1	0
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	2,136	1,878	1,536
Income tax expense (benefit)	511	432	363
Earnings before equity in earnings of unconsolidated affiliates	1,625	1,446	1,173
Equity in earnings (loss) of unconsolidated affiliates	58	14	13
Earnings from continuing operations	1,683	1,460	1,186
Assets	9,663	9,211	9,071
Goodwill	2,517	2,478	2,462
F&G
Segment Reporting Information [Line Items]
Title premiums	0	0
Escrow, title-related and other fees	1,395	138
Revenues from external customers	1,395	138
Interest and investment income, including recognized gains and losses	2,567	1,095
Total revenues	3,962	1,233
Depreciation and amortization	484	123
Interest expense	29	18
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	1,077	86
Income tax expense (benefit)	220	(75)
Earnings before equity in earnings of unconsolidated affiliates	857	161
Equity in earnings (loss) of unconsolidated affiliates	0	0
Earnings from continuing operations	857	161
Assets	48,730	39,714
Goodwill	1,756	1,751
Corporate and Other
Segment Reporting Information [Line Items]
Title premiums	0	0	0
Escrow, title-related and other fees	172	172	195
Revenues from external customers	172	172	195
Interest and investment income, including recognized gains and losses	12	(1)	15
Total revenues	184	171	210
Depreciation and amortization	23	24	24
Interest expense	85	71	47
Earnings (loss) from continuing operations before income taxes and equity in earnings of unconsolidated affiliates	(130)	(180)	(167)
Income tax expense (benefit)	(18)	(35)	(55)
Earnings before equity in earnings of unconsolidated affiliates	(112)	(145)	(112)
Equity in earnings (loss) of unconsolidated affiliates	6	1	2
Earnings from continuing operations	(106)	(144)	(110)
Assets	2,297	1,530	1,606
Goodwill	$ 266	$ 266	$ 265

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for:
Interest	$ 112	$ 73	$ 44
Income taxes	653	315	251
Deferred sales inducements	90	46	0
Non-cash investing and financing activities:
Equity financing associated with the acquisition of F&G	0	609	0
Investments received from pension risk transfer premiums	316	0	0
Change in proceeds of sales of investments available for sale receivable in period	(160)	(4)	1
Change in purchases of investments available for sale payable in period	18	14	(1)
Change in treasury stock purchases payable in period	(3)	8	(1)
Change in accrued dividends payable in period	1	1	2
Lease liabilities recognized in exchange for lease right-of-use assets	47	44	36
Remeasurement of lease liabilities	87	48	101
Liabilities assumed in connection with acquisitions (excluding F&G)
Fair value of assets acquired	85	32	1
Less: Total Purchase price	59	24	1
Liabilities and noncontrolling interests assumed	$ 26	$ 8	$ 0

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 2,851	$ 2,435	$ 2,122
Interest and investment income	1,961	900	225
Recognized gains and losses, net	334	488	318
Total revenues	15,643	10,778	8,469
Title
Disaggregation of Revenue [Line Items]
Loan subservicing revenue	364	338	285
Total revenues	11,497	9,374	8,259
Title \| Direct title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	3,571	2,699	2,381
Title \| Agency title insurance premiums
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4,982	3,599	2,961
Title \| Home warranty
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	185	181	177
Title \| Insurance contracts
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	10,133	6,617	5,519
Title \| Escrow fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,395	1,170	899
Title \| Other title-related fees and income
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	888	724	639
Title \| ServiceLink, excluding title premiums, escrow fees, and subservicing fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	396	368	389
F&G
Disaggregation of Revenue [Line Items]
Total revenues	3,962	1,233
F&G \| Life Insurance Premiums, Insurance and Investment Product Fees, Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	1,395	138	0
Corporate and other \| Real estate technology
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	142	112	110
Corporate and other \| Real estate brokerage
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	0	25	39
Corporate and other \| Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 30	$ 36	$ 46

Revenue Recognition -Premium and Annuity Deposits (Details) - F&G - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Premium and annuity deposits, net of reinsurance	$ 8,285	$ 2,849
Fixed indexed annuities
Disaggregation of Revenue [Line Items]
Premium and annuity deposits, net of reinsurance	4,420	1,966
Fixed rate annuities
Disaggregation of Revenue [Line Items]
Premium and annuity deposits, net of reinsurance	878	631
Funding agreements (FABN/FHLB)
Disaggregation of Revenue [Line Items]
Premium and annuity deposits, net of reinsurance	2,658	100
Life insurance
Disaggregation of Revenue [Line Items]
Premium and annuity deposits, net of reinsurance	$ 329	$ 152

Revenue Recognition - Contract Balances, Information about Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 524	$ 404
Deferred revenue (contract liabilities)	$ 144	117
Policy period	1 year
Revenue recognized	$ 106	$ 103

Intangibles - Summary of Changes in Carrying Amounts of Intangible Assets Including DAC, VOBA , and DSI (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total
Balance at beginning of period	$ 1,724	$ 0
Purchase price allocation adjustments	61
Deferrals and F&G acquisition	675	297
Amortization	(517)	(131)
Interest	44	22
Unlocking	12	2
Adjustment for net unrealized investment gains	35	(313)
Balance at end of period	2,034	1,724
F&G
Total
Deferrals and F&G acquisition		1,847
VOBA
Total
Balance at beginning of period	1,466	0
Purchase price allocation adjustments	61
Deferrals and F&G acquisition	0	0
Amortization	(436)	(120)
Interest	30	20
Unlocking	13	2
Adjustment for net unrealized investment gains	51	(283)
Balance at end of period	1,185	1,466
VOBA \| F&G
Total
Deferrals and F&G acquisition		1,847
DAC
Total
Balance at beginning of period	222	0
Purchase price allocation adjustments	0
Deferrals and F&G acquisition	585	251
Amortization	(46)	(6)
Interest	13	2
Unlocking	1	0
Adjustment for net unrealized investment gains	(14)	(25)
Balance at end of period	761	222
DAC \| F&G
Total
Deferrals and F&G acquisition		0
DSI
Total
Balance at beginning of period	36	0
Purchase price allocation adjustments	0
Deferrals and F&G acquisition	90	46
Amortization	(35)	(5)
Interest	1	0
Unlocking	(2)	0
Adjustment for net unrealized investment gains	(2)	(5)
Balance at end of period	$ 88	36
DSI \| F&G
Total
Deferrals and F&G acquisition		$ 0

Intangibles - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
Intangibles - Narrative (Detail) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 135	$ 138	$ 131
Estimated amortization, 2022	116
Estimated amortization, 2023	93
Estimated amortization, 2024	61
Estimated amortization, 2025	44
Estimated amortization, 2026	34
VOBA
Finite-Lived Intangible Assets [Line Items]
Adjustment for net unrealized investment gains	$ (232)	(283)
VOBA \| Minimum
Finite-Lived Intangible Assets [Line Items]
Interest accrual rate utilized to calculate accretion of interest	0.00%
VOBA \| Maximum
Finite-Lived Intangible Assets [Line Items]
Interest accrual rate utilized to calculate accretion of interest	4.71%
DAC
Finite-Lived Intangible Assets [Line Items]
Cumulative adjustments for net unrealized investment gains	$ 39	25
Deferred sales inducement, unrealized investment gain	$ 7	$ 5

Intangibles - Estimated Amortization Expense for VOBA in Future Fiscal Periods (Detail) $ in Millions	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 2
2023	159
2024	158
2025	152
2026	140
Thereafter	$ 806

Intangibles- Definite and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total	$ 523	$ 540
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived, cost/carrying amount	59	35
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, cost	803	783
Accumulated amortization	(651)	(596)
Finite-Lived Intangible Assets, Net, Total	$ 152	$ 187
Weighted average useful life (years)	10 years	10 years
Software
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, cost	$ 488	$ 416
Accumulated amortization	(307)	(262)
Finite-Lived Intangible Assets, Net, Total	$ 181	$ 154
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	(25)	(10)
Finite-Lived Intangible Assets, Net, Total	$ 115	$ 130
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	$ 49	$ 73
Accumulated amortization	(33)	(39)
Finite-Lived Intangible Assets, Net, Total	$ 16	$ 34
Weighted average useful life (years)	10 years	10 years

Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 4,495	$ 2,727
Goodwill associated with acquisitions	6	1,768
Goodwill associated with acquisitions	38
Goodwill, ending balance	4,539	4,495
Title \| Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	2,478	2,462
Goodwill associated with acquisitions	1	16
Goodwill associated with acquisitions	38
Goodwill, ending balance	2,517	2,478
F&G \| Operating Segments
Goodwill [Roll Forward]
Goodwill, beginning balance	1,751	0
Goodwill associated with acquisitions	5	1,751
Goodwill associated with acquisitions	0
Goodwill, ending balance	1,756	1,751
Corporate and Other
Goodwill [Roll Forward]
Goodwill, beginning balance	266	265
Goodwill associated with acquisitions	0	1
Goodwill associated with acquisitions	0
Goodwill, ending balance	$ 266	$ 266

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, 2021	Dec. 31, 2020
Premiums and other considerations:
Direct	$ 253	$ 1,406
Assumed	0	0
Ceded	(115)	(188)
Net	$ 138	1,218
Traditional Life Insurance Premiums
Premiums and other considerations:
Direct		1,314	$ 108
Assumed		0	0
Ceded		(137)	(85)
Net		1,177	23
Benefits and Other Changes in Insurance Policy Reserves:
Direct		3,282	976
Assumed		0	1
Ceded		(1,144)	(111)
Net		$ 2,138	$ 866

F&G Reinsurance - Narrative (Details) - USD ($)			7 Months Ended	9 Months Ended	12 Months Ended
F&G Reinsurance - Narrative (Details) - USD ($)	Oct. 31, 2021	Jan. 15, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2021	Jun. 01, 2020
Ceded Credit Risk [Line Items]
Expected credit losses on reinsurance recoverable			$ (21,000,000)		$ (20,000,000)	$ 0
Expected credit loss on reinsurance recoverable, increase (decrease)			21,000,000		(1,000,000)
Funds withheld co-insurance basis, percentage		50.00%
Reinsurance risk charge fee			1,000,000		2,000,000
Reinsurance retention policy, amount retained	$ 1,000,000,000
Note funding, maximum	300,000,000
Net amount recoverable					780,000,000
Remaining borrowing capacity					85,000,000
Statutory capital and surplus			1,699,000,000		1,903,000,000
Fixed indexed annuities
Ceded Credit Risk [Line Items]
Reinsurance risk charge fee			$ 4,000,000		$ 5,000,000
Reinsurance retention policy, amount retained	$ 10,000,000,000			$ 4,000,000,000

Regulatory and Equity - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022
Statutory Accounting Practices [Line Items]
Change in statutory capital surplus	$ 29	$ 28
Combined statutory unearned premium reserve required	1,742
Net assets restricted from dividend payments without prior approval	2,375
Statutory capital and surplus	1,903	1,699
Statutory net income	936	629	$ 583
Minimum net worth required for compliance	1
Dividends paid with approval of Iowa Commissioner	38	151
Forecast
Statutory Accounting Practices [Line Items]
Statutory amount available for distributions without prior approval				$ 831
IOWA
Statutory Accounting Practices [Line Items]
Change in statutory capital surplus	85
Statutory capital and surplus	1,522	1,249
Statutory net income	351	(46)
Increase (decrease) in statutory capital surplus	106	144
VERMONT
Statutory Accounting Practices [Line Items]
Change in statutory capital surplus	0	5
Statutory capital and surplus	115	84
Statutory net income	9	12
Non-permitted statutory accounting practices	30	(6)
NEW YORK
Statutory Accounting Practices [Line Items]
Statutory capital and surplus	99	93
Statutory net income	$ 4	$ (2)

F&G Insurance Subsidiary Financial Information and Regulatory Matters - Statutory Income and Net Capital (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statutory Accounting Practices [Line Items]
Statutory net income	$ 936	$ 629	$ 583
Statutory capital and surplus	1,903	1,699
IOWA
Statutory Accounting Practices [Line Items]
Statutory net income	351	(46)
Statutory capital and surplus	1,522	1,249
NEW YORK
Statutory Accounting Practices [Line Items]
Statutory net income	4	(2)
Statutory capital and surplus	99	93
VERMONT
Statutory Accounting Practices [Line Items]
Statutory net income	9	12
Statutory capital and surplus	$ 115	$ 84

Regulation and Equity - Equity (Details) - USD ($) $ / shares in Units, $ in Millions	2 Months Ended	12 Months Ended
	Feb. 23, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 03, 2021
Class of Stock [Line Items]
Stock repurchase program number of shares authorized (in shares)					25,000,000
Treasury stock repurchased		$ 461	$ 244	$ 85
FNF Common Stock \| Share Repurchase Program
Class of Stock [Line Items]
Treasury stock repurchased (in shares)		10,180,000
Treasury stock repurchased		$ 461
Treasury stock acquired (in usd per share)		$ 45.22
FNF Common Stock \| Share Repurchase Program \| Subsequent Event
Class of Stock [Line Items]
Treasury stock repurchased (in shares)	250,000
Treasury stock repurchased	$ 13
Treasury stock acquired (in usd per share)	$ 52.60

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) optionsToRenew	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Operating leases weighted average remaining lease term	4 years
Options to renew \| optionsToRenew	1
Weighted average discount rate, percent	3.40%
Operating lease costs \| $	$ 139	$ 150	$ 146
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 Operating Lease Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 145
2023	116
2024	83
2025	44
2026	26
Thereafter	27
Total operating lease payments, undiscounted	441
Less: present value discount	27
Lease liability, at present value	$ 414	$ 414

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 668	$ 628
Accumulated depreciation and amortization	(483)	(448)
Property and equipment, net	185	180
Depreciation	45	48	$ 42
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	239	230
Data processing equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	210	186
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	121	115
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	79	78
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14	14
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5	$ 5

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Salaries and incentives	$ 537	$ 519
Accrued benefits	447	373
Deferred revenue	144	117
Contingent consideration - acquisitions	30	11
Trade accounts payable	129	115
Accrued recording fees and transfer taxes	14	21
Accrued premium taxes	59	36
Liability for policy and contract claims	109	88
Retained asset account	148	144
Remittances and items not allocated	39	158
Option collateral liabilities	576	415
Funds withheld embedded derivative	73	101
Other accrued liabilities	391	304
Accounts payable and accrued liabilities	$ 2,696	$ 2,402

Income Taxes - Tax Expense on Continuing Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current	$ 656	$ 379	$ 268
Deferred	57	(57)	40
Income tax expense on continuing operations	$ 713	$ 322	$ 308

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Net earnings from continuing operations

Income Taxes - Tax Expense (Benefit) Allocation (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income Tax Disclosure [Abstract]

$ 713

$ 322

$ 308

Other comprehensive earnings (loss):

Unrealized gain (loss) on investments and other financial instruments

(141)

332

Unrealized gain (loss) on foreign currency translation and cash flow hedging

^[1]

Minimum pension liability adjustment

(2)

Total income tax expense (benefit) allocated to other comprehensive earnings

(143)

337

Total income taxes

$ 570

$ 659

$ 325

[1]	Net of income tax (benefit) expense of less than $(1) million, $1 million, and $1 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.60%	2.50%	1.70%
Stock compensation	(0.20%)	(0.30%)	(0.80%)
Tax credits	(0.20%)	(0.40%)	(0.10%)
Consolidated partnerships	(0.10%)	(0.30%)	(0.20%)
Tax gain on parent shares held	0.50%	0.00%	0.00%
Valuation allowance for deferred tax assets	(0.30%)	(3.00%)	0.00%
Change in tax status benefit	0.00%	(2.00%)	0.00%
Non-deductible expenses and other, net	0.80%	0.50%	0.90%
Effective tax rate	23.10%	18.00%	22.50%

Income Taxes - Components Deferred Tax Asset and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Employee benefit accruals	$ 111	$ 94
Net operating loss carryforwards	27	17
Accrued liabilities	1	12
Allowance for uncollectible accounts receivable	5	5
Pension plan	2	0
Tax credits	77	59
State income taxes	8	4
Capital loss carryover	41	35
Basis difference held-for-sale	0	19
Life insurance and claim related adjustments	854	861
Funds held under reinsurance agreements	52	85
Other	33	13
Total gross deferred tax asset	1,211	1,204
Less: valuation allowance	33	45
Total deferred tax asset	1,178	1,159
Deferred tax liabilities:
Title plant	(52)	(56)
Amortization of goodwill and intangible assets	(140)	(148)
Other investments	0	(7)
Other	(2)	(23)
Investment securities	(401)	(601)
Depreciation	(29)	(17)
Partnerships	(182)	(83)
Value of business acquired	(249)	(308)
Derivatives	(68)	(38)
Deferred acquisition costs	(102)	(6)
Transition reserve on new reserve method	(34)	(43)
Funds held under reinsurance agreements	(74)	(58)
Title Insurance reserve discounting	(50)	(63)
Total deferred tax liability	(1,383)	(1,451)
Net deferred tax liability	$ (205)	$ (292)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Valuation Allowance [Line Items]
Deferred tax liabilities, net	$ 205	$ 292
Decrease in deferred tax liability due to investments unrealized losses	200
Increase in deferred tax liability relating to partnerships	99
Increase in deferred tax asset, tax credit carryforwards	18
Reduction in deferred tax asset, basis difference, held-for-sale	(19)
Decrease in deferred tax asset, reinsurance receivables	(33)
Increase in deferred tax liability, reinsurance receivables	16
Operating loss carryforwards	24
Tax credits	77	59
Valuation allowance	33	45
Unrecognized tax benefits	24	28
Income tax penalties and interest accrued	1	$ 1
Unrecognized tax benefits could decrease due to carryback request	58
Income taxes receivable	52
General Business Credit Carryforward
Valuation Allowance [Line Items]
Valuation allowance	28
General Business Credit Carryforward
Valuation Allowance [Line Items]
Tax credits	32
Begin to expire in 2023
Valuation Allowance [Line Items]
Operating loss carryforwards	129
Title
Valuation Allowance [Line Items]
Decrease in deferred tax liability due to investments unrealized losses	97
Increase in deferred tax asset, tax credit carryforwards	7
Operating loss carryforwards	53
Operating loss carryforwards, valuation allowance	24
F&G
Valuation Allowance [Line Items]
Decrease in deferred tax liability due to investments unrealized losses	(103)
Decrease in deferred tax liability for VOBA	59
Increase in deferred tax liability, deferred acquisition costs	96
Increase in deferred tax liability, derivatives	30
Increase in deferred tax asset, tax credit carryforwards	11
Operating loss carryforwards	$ 76

Income Taxes- Reconciliation of Beginning and Ending Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 64	$ 7
Additions based on positions taken in current year	0	58
Reductions related to statute of limitation lapses and audit payments	(4)	(1)
Ending balance	$ 60	$ 64

Employee Benefit Plans - Stock Purchase Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 43	$ 39	$ 38
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 24	$ 30	$ 28
Minimum \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, annual contributions per employee, percent	3.00%
Maximum \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, annual contributions per employee, percent		15.00%

Employee Benefit Plans - 401(k) Profit Sharing Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Maximum annual contributions per employee, percent	40.00%
Employer matching contribution, percent of match, amount per dollar	0.375
Employer matching contribution, percent of employees' gross pay	6.00%
Defined contribution plan, cost recognized	$ 36	$ 31	$ 29

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, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2005
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)						996,113
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)						1,639,226
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)						996,113	2,321,413	5,530,125	7,543,787
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 Omnibus Incentive Plan (Details) - shares	Jun. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		996,113
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding (in shares)		1,639,226
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)		1,527,936	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)		718,641

Employee Benefit Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
The Omnibus Plan
Options (in shares):
Stock options outstanding at beginning of period (in shares)	2,321,413	5,530,125	7,543,787
Exercised (in shares)	(1,325,300)	(3,208,712)	(2,009,112)
Canceled (in shares)				(4,550)
Stock options outstanding at end (in shares)	996,113	2,321,413	5,530,125	7,543,787
Weighted Average Exercise Price (in dollars per share):
Stock options outstanding at beginning of period (USD per share)	$ 24.24	$ 20.88	$ 20.55
Exercised (USD per share)	23.28	18.45	19.61
Cancelled (USD per share)				$ 25.34
Stock options outstanding at end of period (USD per share)	$ 25.53	$ 24.24	$ 20.88	$ 20.55
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable (in shares)	996,113	2,321,413	5,530,125	7,530,137
F&G Omnibus Plan
Options (in shares):
Stock options outstanding at beginning of period (in shares)	2,002,690	0
Options assumed in connection with the F&G acquisition (in shares)		2,411,585
Exercised (in shares)	(474,754)	(109,159)
Canceled (in shares)	0	(299,736)
Stock options outstanding at end (in shares)	1,527,936	2,002,690	0
Weighted Average Exercise Price (in dollars per share):
Stock options outstanding at beginning of period (USD per share)	$ 36.14	$ 0
Options assumed in connection with the F&G acquisition (USD per share)		36.04
Exercised (USD per share)	36.68	27.64
Cancelled (USD per share)	0	38.41
Stock options outstanding at end of period (USD per share)	$ 35.97	$ 36.14	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable (in shares)	1,072,584	1,021,671	0

Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock - FNF Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
The Omnibus Plan
Shares:
Restricted shares outstanding at beginning of period (in shares)	1,716,555	1,517,176	1,821,238
Granted (in shares)	772,189	1,006,058	640,698
Canceled (in shares)	(7,577)	(11,604)	(14,937)
Vested (in shares)	(841,941)	(795,075)	(929,823)
Restricted shares outstanding at end of period (in shares)	1,639,226	1,716,555	1,517,176
Weighted Average Grant Date Fair Value (in dollars per share):
Weighted average grant date fair value outstanding at beginning of period (USD per share)	$ 36.26	$ 38.90	$ 32.35
Granted (USD per share)	48.27	33.40	45.84
Canceled (USD per share)	37.20	38.93	31.94
Vested (USD per share)	36.15	37.60	30.98
Weighted average grant date fair value outstanding at end of period (USD per share)	$ 41.97	$ 36.26	$ 38.90
F&G Omnibus Plan
Shares:
Restricted shares outstanding at beginning of period (in shares)	449,870	0
Granted (in shares)	311,081		474,025
Canceled (in shares)	(12,437)		(24,155)
Vested (in shares)	(29,873)
Restricted shares outstanding at end of period (in shares)	718,641	449,870	0
Weighted Average Grant Date Fair Value (in dollars per share):
Weighted average grant date fair value outstanding at beginning of period (USD per share)	$ 34.11	$ 0
Granted (USD per share)	48.28		$ 34.13
Canceled (USD per share)	33.40		34.47
Vested (USD per share)	34.59
Weighted average grant date fair value outstanding at end of period (USD per share)	$ 40.24	$ 34.11	$ 0

Employee Benefit Plans - Options Outstanding and Exercisable by Exercise Price (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
$0.00 - $25.53
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 0.00
Exercise price range, upper range limit (in dollars per share)	25.53
$25.54 - $27.53
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	25.54
Exercise price range, upper range limit (in dollars per share)	$ 27.53
The Omnibus Plan
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options (in shares) \| shares	2,524,049
Outstanding options, intrinsic value \| $	$ 52
Number of exercisable options (in shares) \| shares	2,068,697
Exercisable options, intrinsic value \| $	$ 45
The Omnibus Plan \| $0.00 - $25.53
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options (in shares) \| shares	996,113
Outstanding options, weighted average remaining contractual term (in years)	9 months 29 days
Outstanding options, weighted average exercise price (in dollars per share)	$ 25.53
Outstanding options, intrinsic value \| $	$ 27
Number of exercisable options (in shares) \| shares	996,113
Exercisable options, weighted average remaining contractual term (in years)	9 months 29 days
Exercisable options, weighted average exercise price (in dollars per share)	$ 25.53
Exercisable options, intrinsic value \| $	$ 27
The Omnibus Plan \| $25.54 - $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)	3 years 11 months 23 days
Outstanding options, weighted average exercise price (in dollars per share)	$ 27.53
Outstanding options, intrinsic value \| $	$ 9
Number of exercisable options (in shares) \| shares	292,101
Exercisable options, weighted average remaining contractual term (in years)	3 years 11 months 23 days
Exercisable options, weighted average exercise price (in dollars per share)	$ 27.53
Exercisable options, intrinsic value \| $	$ 7
The Omnibus Plan \| $27.54 - $28.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 27.54
Exercise price range, upper range limit (in dollars per share)	$ 28.00
Number of outstanding options (in shares) \| shares	45,734
Outstanding options, weighted average remaining contractual term (in years)	4 years 7 months 6 days
Outstanding options, weighted average exercise price (in dollars per share)	$ 28.00
Outstanding options, intrinsic value \| $	$ 1
Number of exercisable options (in shares) \| shares	24,854
Exercisable options, weighted average remaining contractual term (in years)	4 years 7 months 6 days
Exercisable options, weighted average exercise price (in dollars per share)	$ 28.00
Exercisable options, intrinsic value \| $	$ 1
The Omnibus Plan \| $28.01 - $35.89
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)	$ 35.89
Number of outstanding options (in shares) \| shares	34,106
Outstanding options, weighted average remaining contractual term (in years)	4 years 10 months 13 days
Outstanding options, weighted average exercise price (in dollars per share)	$ 35.89
Outstanding options, intrinsic value \| $	$ 1
Number of exercisable options (in shares) \| shares	6,821
Exercisable options, weighted average remaining contractual term (in years)	4 years 10 months 13 days
Exercisable options, weighted average exercise price (in dollars per share)	$ 35.89
Exercisable options, intrinsic value \| $	$ 0
The Omnibus Plan \| $35.90 - $39.10
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (in dollars per share)	$ 35.90
Exercise price range, upper range limit (in dollars per share)	$ 39.10
Number of outstanding options (in shares) \| shares	1,088,586
Outstanding options, weighted average remaining contractual term (in years)	4 years 18 days
Outstanding options, weighted average exercise price (in dollars per share)	$ 39.10
Outstanding options, intrinsic value \| $	$ 14
Number of exercisable options (in shares) \| shares	748,808
Exercisable options, weighted average remaining contractual term (in years)	3 years 9 months 7 days
Exercisable options, weighted average exercise price (in dollars per share)	$ 39.1
Exercisable options, intrinsic value \| $	$ 10

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 32	$ 50	$ 48
Total stock compensation expense	$ 43	39	38
Weighted average	1 year 9 months
The Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 71
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	52	50	29
Fair value of restricted stock awards vested	$ 43	$ 25	$ 42

Employee Benefit Plans - Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2001	Dec. 31, 2020
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	2.35%		1.85%
Benefit obligation	$ 154		$ 153
Fair value of plan assets	$ 145		$ 157

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.