Document

Exhibit 99.2

F&G Annuities & Life, Inc. (F&G) - An Operating Segment of Fidelity National Financial, Inc. (NYSE:FNF)

Financial Supplement

September 30, 2022

(Year Ended December 31)

The financial statements and financial exhibits included herein are unaudited. F&G is an operating segment of FNF ("the Company") and these financial statements and exhibits should be read in conjunction with the Company's periodic reports on Form 10-K, Form 10-Q and Form 8-K. F&G was acquired by FNF on June 1, 2020.

All dollar amounts are presented in millions.

Non-GAAP Financial Measures

Generally Accepted Accounting Principles ("GAAP") is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this document includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)


			Page
A. Financial Highlights
Consolidated Financial Highlights			3
Sales Results by Product			3
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Earnings			6
Reconciliation from Net Earnings to Adjusted Net Earnings			7
Adjusted Net Earnings Statement			8
Adjusted Net Earnings - Significant Income and Expense Items			9
Adjusted Return on Assets (Dollars)			10
Adjusted Return on Assets (Basis Points)			10
Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI			11

Financial Strength Ratings			11
B. Product Summary
Assets Under Management Rollforward and Average Assets Under Management			13
Annuity Account Balance Rollforward			14
Annuity Liability Characteristics			15
C. Investment Summary
Summary of Invested Assets by Asset Class			16
Credit Quality of Fixed Maturity Securities			17
Summary of Residential Mortgage Backed Securities by Collateral Type and NAIC Designation			18
D. Counterparty Risk
Top 5 Reinsurers			18

E. Non-GAAP Financial Measures Definitions			19

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Consolidated Financial Highlights



	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021



Select Income Statement Data:




Net earnings attributable to common shareholders	115		230		236		121		373		581		744

Adjusted net earnings attributable to common shareholders ("Adjusted net earnings") (a) (b)	12		112		83		142		160		207		409







Select Metrics:








Average assets under management ("AAUM") (a)	41,081		39,306		37,459		35,699		32,692		39,246		30,706

Assets under management ("AUM") (a)	41,988		40,322		38,601		36,494		34,665		41,988		34,665

Adjusted return on assets (a) (b) (c)	0.70	%	1.02	%	0.89	%	1.72	%	1.77	%	0.70	%	1.77	%

(a) Refer to "Non-GAAP Financial Measures Definitions"

(b) Effective this quarter, presentations of adjusted net earnings and adjusted return on assets will no longer include the alternative investment yield adjustment to normalize alternative investment portfolio returns. Prior periods are presented on a comparable basis to reflect the new definition of adjusted net earnings.

Sales Results by Product


	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021
Sales (a)
Fixed indexed annuities ("FIA")	1,109		1,114		962		1,055		1,073		3,185		3,255
Fixed rate annuities ("MYGA")	1,108		1,087		473		301		458		2,668		1,437
Total annuity	2,217		2,201		1,435		1,356		1,531		5,853		4,692
Indexed universal life ("IUL")	36		29		27		28		24		92		59
Funding agreements ("FABN/FHLB")	—		843		600		35		1,150		1,443		2,275
Pension risk transfer ("PRT")	620		—		527		776		371		1,147		371
Total Gross Sales	2,873		3,073		2,589		2,195		3,076		8,535		7,397
Sales attributable to flow reinsurance to third parties	(660)		(544)		(236)		(151)		(229)		(1,440)		(718)
Total Net Sales	$	2,213	$	2,529	$	2,353	$	2,044	$	2,847	$	7,095	$	6,679

(a) Refer to "Non-GAAP Financial Measures Definitions"

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Condensed Consolidated Balance Sheets


	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021


Assets
Investments:
Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $15 at September 30, 2022	$	29,359	$	28,398	$	29,478	$	29,962	$	28,550
Preferred securities, at fair value	812		839		934		1,028		870
Equity securities, at fair value	110		119		139		143		156
Derivative investments	108		145		487		816		581
Mortgage loans, net of allowance for credit losses of $38 at September 30, 2022	4,533		4,437		4,217		3,749		3,484
Investments in unconsolidated affiliates	2,789		2,668		2,696		2,350		2,022
Other long-term investments	537		528		510		489		454
Short-term investments	42		823		387		373		258
Total investments	$	38,290	$	37,957	$	38,848	$	38,910	$	36,375
Cash and cash equivalents	1,384		992		1,168		1,533		2,320
Trade and notes receivables	2		3		3		3		11

Reinsurance recoverable, net of allowance for credit losses of $19 at September 30, 2022	4,806		4,215		3,801		3,610		3,492

Goodwill	1,756		1,756		1,756		1,756		1,756
Prepaid expenses and other assets	851		1,000		625		613		662
Lease assets	8		9		9		8		8
Other intangible assets, net	3,438		3,143		2,699		2,234		2,086
Property and equipment, net	13		14		14		13		13
Income taxes receivable	49		64		46		50		—
Deferred tax asset	713		473		142		—		—

Total assets	$	51,310	$	49,626	$	49,111	$	48,730	$	46,723

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)


Condensed Consolidated Balance Sheets (continued)
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021


Liabilities and Equity
Contractholder funds	$	39,127	$	37,707	$	36,237	$	35,525	$	33,988
Future policy benefits	5,734		5,177		5,217		4,732		3,985
Accounts payable and accrued liabilities	1,289		1,384		1,536		1,297		1,670
Income taxes payable	—		—		—		—		3
Deferred tax liability	—		—		—		24		9
Notes payable	571		573		975		977		979
Funds withheld for reinsurance liabilities	2,900		2,277		1,852		1,676		1,508
Lease liabilities	14		14		14		14		14

Total liabilities	$	49,635	$	47,132	$	45,831	$	44,245	$	42,156

Equity:


Additional paid-in-capital	3,159		3,156		2,753		2,750		2,748
Retained earnings	1,582		1,468		1,238		1,001		880
Accumulated other comprehensive (loss) income ("AOCI")	(3,066)		(2,130)		(711)		734		939

Total equity	$	1,675	$	2,494	$	3,280	$	4,485	$	4,567
Total liabilities and equity	$	51,310	$	49,626	$	49,111	$	48,730	$	46,723

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Condensed Consolidated Statements of Earnings


	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021


Revenues:
Life insurance premiums and other fees (a)	$	702	$	68	$	594	$	838	$	431	$	1,364	$	557

Interest and investment income	340		425		451		511		481		1,216		1,341
Recognized gains and losses, net	(140)		(426)		(297)		345		15		(863)		370

Total revenues	902		67		748		1,694		927		1,717		2,268
Benefits and expenses:
Benefits and other changes in policy reserves	592		(418)		208		1,404		185		382		734
Personnel costs	46		34		30		36		32		110		93
Other operating expenses	28		31		18		29		22		77		76
Depreciation and amortization	87		121		143		65		210		351		419
Interest expense	6		9		8		8		6		23		21
Total benefits and expenses	759		(223)		407		1,542		455		943		1,343

Pre-tax earnings	143		290		341		152		472		774		925
Income tax expense	(28)		(60)		(105)		(31)		(96)		(193)		(189)


Net earnings from continuing operations	115		230		236		121		376		581		736
(Loss) earnings from discontinued operations, net of tax	—		—		—		—		(3)		—		8

Net earnings attributable to common shareholders	$	115	$	230	$	236	$	121	$	373	$	581	$	744

(a) Included within "Escrow, title-related and other fees" in FNF 10-K/ 10-Q.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Reconciliation from Net Earnings to Adjusted Net Earnings (a) (b)

The table below provides a comparison of adjusted net earnings by quarter and year to date per the new adjusted net earnings definition (Refer to "Non-GAAP Financial Measures Definitions"), which no longer includes the alternative investment yield adjustment to normalize alternative investment portfolio returns, versus results previously reported:


	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021

Net earnings from continuing operations	$	115	$	230	$	236	$	121	$	376	$	581	$	736


Non-GAAP adjustments (a):
Recognized (gains) and losses, net
Net realized and unrealized gains (losses) on fixed maturity available-for-sale securities, equity securities and other invested assets	70		161		105		2		5		336		(58)
Change in allowance for expected credit losses	6		7		—		—		(2)		13		(5)
Change in fair value of reinsurance related embedded derivatives	(94)		(141)		(122)		(11)		(23)		(357)		(23)
Change in fair value of other derivatives and embedded derivatives	(7)		(4)		—		(5)		(3)		(11)		(9)
Recognized (gains) losses, net	(25)		23		(17)		(14)		(23)		(19)		(95)
Indexed product related derivatives	(148)		(198)		(220)		21		14		(566)		(167)
Purchase price amortization	5		5		6		6		7		16		20
Transaction costs and other non-recurring items (c)	4		4		—		—		(283)		8		(279)
Amortization of actuarial intangibles and SOP-03-1 reserve offset on non-GAAP adjustments	33		17		37		13		12		87		110
Income taxes on non-GAAP adjustments	28		31		41		(5)		57		100		84
Adjusted net earnings (a)	$	12	$	112	$	83	$	142	$	160	$	207	$	409

Adjusted net earnings under previous definition	105		128		82		90		101		315		271
Difference in adjusted net earnings to amounts previously reported under old definition	$	(93)	$	(16)	$	1	$	52	$	59	$	(108)	$	138

(a) Refer to "Non-GAAP Financial Measures Definitions."

(b) Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 9.

(c) For the three and nine months ended September 30, 2021, reflects a one-time favorable adjustment to benefits and other changes in policy reserves and depreciation and amortization resulting from an actuarial system conversion which reflects modeling enhancement and other refinements of $284.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Adjusted Net Earnings Statement (a)(b)


	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021


Revenues:
Life insurance premiums and other fees (c) (h)	$	687	$	87	$	593	$	840	$	431	$	1,367	$	557
Interest and investment income	340		425		451		511		481		1,216		1,341
Recognized gains and losses, net (d)	—		—		—		—		—		—		—
Total revenues	1,027		512		1,044		1,351		912		2,583		1,898
Benefits and expenses:
Benefits and other changes in policy reserves (e) (h)	902		223		777		1,028		590		1,902		1,011
Personnel costs	46		34		30		36		32		110		93
Other operating expenses (f)	24		28		18		29		22		70		71
Depreciation and amortization (g)	36		78		64		73		62		178		188
Interest expense	6		9		8		8		6		23		21
Total benefits and expenses	1,014		372		897		1,174		712		2,283		1,384

Pre-tax earnings	13		140		147		177		200		300		514
Income tax expense	(1)		(28)		(64)		(35)		(40)		(93)		(105)






Adjusted net earnings (a)	$	12	$	112	$	83	$	142	$	160	$	207	$	409

Adjusted net earnings under previous definition	105		128		82		90		101		315		271
Difference in adjusted net earnings to amounts previously reported under old definition	$	(93)	$	(16)	$	1	$	52	$	59	$	(108)	$	138

(a) Refer to "Non-GAAP Financial Measures Definitions."

(b) Refer to Adjusted Net Earnings - Significant Income and Expense Items on page 9.

(c) Life insurance premiums and other fees are included within "Escrow, title-related and other fees" in FNF 10-K/ 10-Q, and have been adjusted to remove primarily the impact of unearned revenue on the adjustments below.

(d) Recognized gains and losses (net) have been adjusted to remove the effect of recognized (gains) losses including changes in allowance for expected credit losses and OTTI; changes in fair values of indexed product related derivatives and embedded derivatives, net of hedging costs; and the change in fair value of the reinsurance related embedded derivative.

(e) Benefits and other changes in policy reserves has been adjusted to remove the effects of the changes in fair values of indexed product embedded derivatives, changes in allowance for expected credit losses on reinsurance recoverables, the fair value impacts of assumed reinsurance, those resulting from the implementation of a new actuarial system at September 30, 2021, and changes in the SOP 03-1 reserve resulting from the adjustments above, as applicable.

(f) Other operating expenses have been adjusted to remove the effects of transaction costs.

(g) Depreciation and amortization has been adjusted to remove the impact on DAC, VOBA, and DSI of the adjustments above, as applicable, purchase price amortization and those resulting from the implementation of a new actuarial valuation system at September 30, 2021.

(h) Includes premiums from agreements related to our new PRT business beginning in the three months ended September 30, 2021.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Adjusted Net Earnings - Significant Income and Expense Items (a)

Each reporting period, we identify significant income and expense items that help explain the trends in our adjusted net earnings, as we believe these items provide further clarity to the financial performance of the business. Those significant income and expense items are reported after actuarial intangibles and SOP 03-1 reserve offsets and taxes.

Three months ended

September 30, 2022

Adjusted net earnings of $12 million for the three months ended September 30, 2022 included a $10 million unrealized loss from alternative investments and $5 million of other net expense items. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $83 million.

June 30, 2022

Adjusted net earnings of $112 million for the three months ended June 30, 2022 included a $38 million unrealized gain from alternative investments, $30 million income from actuarial assumption updates and $6 million of CLO redemption gains and other income. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $54 million.

March 31, 2022

Adjusted net earnings of $83 million for the three months ended March 31, 2022 included a $38 million unrealized gain from alternative investments, $22 million income of CLO redemption gains and other income; partially offset by ($38) million tax valuation allowance expense. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $37 million.

December 31, 2021

Adjusted net earnings of $142 million for the three months ended Decmber 31, 2021 included a $118 million unrealized gain from alternative investments and $3 million income of CLO redemption gains and other income. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $66 million.

September 30, 2021

Adjusted net earnings of $160 million for the three months ended September 30, 2021 included a $108 million unrealized gain from alternative investments and $27 million of CLO redemption gains and other income. Alternative investments net investment income based on management’s long-term expected return of approximately 9% was $49 million.

Nine months ended

September 30, 2022

Adjusted net earnings of $207 million for the nine months ended September 30, 2022 included a $66 million unrealized gain from alternative investments, $42 million income from actuarial assumption updates and other changes in reserves, $20 million of CLO redemption gains and other income; partially offset by ($47) million income tax valuation allowance and other expense items. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $174 million.

September 30, 2021

Adjusted net earnings of $409 million for the nine months ended September 30, 2021 included a $241 million unrealized gain from alternative investments, $36 million of CLO redemption gains and other income, $17 million income from net favorable mortality experience and other reserve changes, and $8 million income from actuarial intangibles unlocking. Alternative investments net investment income based on management’s long-term expected return of approximately 10% was $103 million.

(a) Refer to Reconciliation from Net Earnings to Adjusted Net Earnings on page 7 and Adjusted Net Earnings Statement on page 8.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)




Adjusted Return on Assets
(Dollars)

	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021


Net investment income	$	340	$	425	$	451	$	511	$	481	$	1,216	$	1,341
Cost of funds	(250)		(201)		(240)		(261)		(219)		(691)		(645)
Product margin	90		224		211		250		262		525		696
Expenses (Operating, interest & taxes)	(78)		(112)		(128)		(108)		(102)		(318)		(287)
Adjusted net earnings (a) (b)	12		112		83		142		160		207		409

Adjusted Return on Assets

(Basis Points)


	Three months ended															Nine months ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			September 30, 2022			September 30, 2021
Portfolio earned yield	4.13		%	4.57		%	4.82		%	5.79		%	5.82		%	4.13		%	5.82		%
Cost of funds	(2.35)		%	(2.30)		%	(2.57)		%	(2.83)		%	(2.80)		%	(2.35)		%	(2.80)		%
Product margin	1.78		%	2.27		%	2.25		%	2.96		%	3.02		%	1.78		%	3.02		%
Expenses (Operating, interest & taxes)	(1.08)		%	(1.25)		%	(1.36)		%	(1.24)		%	(1.25)		%	(1.08)		%	(1.25)		%
Adjusted return on assets (a) (b) (c)	0.70		%	1.02		%	0.89		%	1.72		%	1.77		%	0.70		%	1.77		%

AAUM YTD (a)	$	39,246		$	38,351		$	37,459		$	31,974		$	30,742		$	39,246		$	30,742

(a) Refer to "Non-GAAP Financial Measures Definitions"

(c) Adjusted return on assets (Basis Points) is calculated by dividing annualized adjusted net earnings by year-to-date AAUM..

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Capitalization and Reconciliation of Total Equity to Total Equity excluding AOCI


	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021

	(Dollars in millions, except per share data)
Capitalization:

Notes payable (aggregate principal amount)	550			550			950			950			950
Total Equity	1,675			2,494			3,280			4,485			4,567
Total Capitalization	2,225			3,044			4,230			5,435			5,517
Less: AOCI	(3,066)			(2,130)			(711)			734			939
Total Capitalization excluding AOCI (a)	$	5,291		$	5,174		$	4,941		$	4,701		$	4,578

Reconciliation of Total Equity to Total Equity excluding AOCI:
Total Equity	1,675			2,494			3,280			4,485			4,567


Less: AOCI	(3,066)			(2,130)			(711)			734			939
Total Equity excluding AOCI (a)	$	4,741		$	4,624		$	3,991		$	3,751		$	3,628







Debt-to-Capital Ratios:
Total Debt to Capitalization, excluding AOCI (a)	10.4		%	10.6		%	19.2		%	20.2		%	20.8		%

(a) Refer to "Non-GAAP Financial Measures Definitions."

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Financial Strength Ratings

A.M. Best

S&P

Fitch

Moody's

Holding Company Ratings

F&G Annuities & Life, Inc.

Issuer Credit / Default Rating

Not Rated

BBB-

BBB

Ba2

Outlook

Stable

Positive

CF Bermuda Holdings Limited

Issuer Credit / Default Rating

Not Rated

BBB-

BBB

Ba1

Outlook

Stable

Positive

Fidelity & Guaranty Life Holdings, Inc.

Issuer Credit / Default Rating

bbb-

BBB-

BBB

Not Rated

Outlook

Stable

Senior Unsecured Notes

bbb-

BBB

Baa2

Outlook

Stable

Operating Subsidiary Ratings

Fidelity & Guaranty Life Insurance Company

Financial Strength Rating

A-

Baa1

Outlook

Stable

Positive

Fidelity & Guaranty Life Insurance Company of New York

Financial Strength Rating

A-

Not Rated

Outlook

Stable

F&G Life Re Ltd

Financial Strength Rating

Not Rated

A-

Baa1

Outlook

Stable

Positive

F&G Cayman Re Ltd

Financial Strength Rating

Not Rated

A-

Not Rated

Outlook

Stable

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Assets Under Management Rollforward and Average Assets Under Management



	Three months ended																	Nine months ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021					September 30, 2022			September 30, 2021


AUM at beginning of period (a)	$	40,322		$	38,601		$	36,494		$	34,665		$	31,760				$	36,494		$	28,553
Net new business asset flows	2,177			2,271			2,223			2,050			2,747					6,671			6,343

Net reinsurance and other transactions	(511)			(550)			(116)			(221)			158					(1,177)			(231)
AUM at end of period (a)	$	41,988		$	40,322		$	38,601		$	36,494		$	34,665				$	41,988		$	34,665
AAUM (a)	$	41,081		$	39,306		$	37,459		$	35,699		$	32,692				$	39,246		$	30,706

Yield on AAUM (b)	3.31		%	4.32		%	4.82		%	5.73		%	5.89		%	$	—	4.13		%	5.82		%

(a) Refer to "Non-GAAP Financial Measures Definitions."
(b) Yield on AAUM reflects significant income and expense items, such as alternative investment mark-to-market, gains on CLO redemptions and bond prepay income. See page 9 for further discussion of these items.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Annuity Account Balance Rollforward (a)


	Three months ended										Nine months ended
	September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021		September 30, 2021		September 30, 2022		September 30, 2021


Account balances at beginning of period:	$	28,478	$	27,331	$	26,673	$	25,662	$	24,774	$	26,673	$	22,992
Net deposits	1,598		1,673		1,073		1,321		1,311		4,344		3,966
Surrenders, withdrawals, deaths, etc.	(600)		(596)		(539)		(517)		(625)		(1,735)		(1,838)
Net flows	998		1,077		534		804		686		2,609		2,128

Premium and interest bonuses	19		21		22		23		20		62		59
Fixed interest credited and index credits	58		91		142		226		217		291		590
Guaranteed product rider fees	(39)		(42)		(40)		(42)		(35)		(121)		(107)
Account balance at end of period	$	29,514	$	28,478	$	27,331	$	26,673	$	25,662	$	29,514	$	25,662

(a) The rollforward reflects the vested account balance of our fixed index annuities and fixed rate annuities, net of reinsurance.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Annuity Liability Characteristics


	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	September 30, 2022

SURRENDER CHARGE PERCENTAGES:
No surrender charge	$	340	$	2,591
0.0% < 2.0%	20		147
2.0% < 4.0%	43		959
4.0% < 6.0%	857		2,278
6.0% < 8.0%	1,502		3,766
8.0% < 10.0%	2,841		8,567
10.0% or greater	—		5,603
	$	5,603	$	23,911


	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	September 30, 2022

CREDITED RATE (INCLUDING BONUS INTEREST) VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL:
No differential	$	528	$	1,373
0.0% - 1.0%	611		1,148
1.0% - 2.0%	1,691		20
2.0% - 3.0%	2,287		11
3.0% - 4.0%	486		—

Allocated to index strategies	—		21,359
	$	5,603	$	23,911

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Summary of Invested Assets by Asset Class


	September 30, 2022						December 31, 2021


	Amortized Cost		Fair Value		Percent		Amortized Cost		Fair Value		Percent
Fixed maturity securities, available for sale:
United States Government full faith and credit	$	189	$	179	—	%	$	50	$	50	—	%
United States Government sponsored entities	49		45		—	%	74		74		—	%
United States municipalities, states and territories	1,550		1,268		3	%	1,386		1,441		4	%
Foreign Governments	186		143		1	%	197		205		1	%
Corporate securities:
Finance, insurance and real estate	5,699		4,753		13	%	4,881		5,109		13	%
Manufacturing, construction and mining	900		705		2	%	880		932		2	%
Utilities, energy and related sectors	2,894		2,174		6	%	2,881		2,987		8	%
Wholesale/retail trade	2,612		1,986		5	%	2,503		2,627		7	%
Services, media and other	3,437		2,563		7	%	3,227		3,349		8	%
Hybrid securities	784		710		2	%	812		881		2	%
Non-agency residential mortgage-backed securities	1,066		961		3	%	648		648		2	%
Commercial mortgage-backed securities	3,213		3,028		8	%	2,669		2,964		7	%
Asset-backed securities	7,196		6,747		18	%	4,514		4,550		12	%
CLO securities	4,408		4,097		11	%	4,002		4,145		11	%
Total fixed maturity securities, available for sale	$	34,183	$	29,359	79	%	$	28,724	$	29,962	77	%
Equity securities	1,075		922		2	%	1,135		1,171		3	%
Alternative investments:
Private equity	1,300		1,300		3	%	1,181		1,181		3	%
Real assets	433		420		1	%	339		340		1	%
Credit	1,069		1,069		3	%	829		829		2	%
Commercial mortgage loans	2,333		2,017		5	%	2,168		2,265		6	%
Residential mortgage loans	2,200		1,952		5	%	1,581		1,549		4	%
Other (primarily derivatives and company owned life insurance)	1,112		645		2	%	971		1,305		3	%
Short term investments	42		42		—	%	373		373		1	%
Total (a)	$	43,747	$	37,726	100	%	$	37,301	$	38,975	100	%
(a) Asset duration of 5.0 years and 6.4 years vs. liability duration of 4.9 years and 7.1 years for the periods ending September 30, 2022 and December 31, 2021, respectively.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Credit Quality of Fixed Maturity Securities


	September 30, 2022

NAIC Designation	Fair Value		Percent
1	$	17,464	60	%
2	9,691		33	%
3	1,539		5	%
4	532		2	%
5	72		—	%
6	61		—	%
	$	29,359	100	%


	September 30, 2022

Rating Agency Rating	Fair Value		Percent
AAA	$	1,040	3	%
AA	2,026		7	%
A	7,320		25	%
BBB	7,986		27	%
Not rated	8,969		31	%
Total investment grade	27,341		93	%
BB	1,043		4	%
B and below	305		1	%
Not rated	670		2	%
Total below investment grade	2,018		7	%
	$	29,359	100	%

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Summary of Residential Mortgage Backed Securities by Collateral Type and NAIC Designation


	September 30, 2022

Total by collateral type	Amortized Cost		Fair Value













Government Agency	$	49	$	45
Prime	954		860
Subprime	46		43
Alt-A	66		58
	$	1,115	$	1,006

	September 30, 2022

Total by NAIC designation	Amortized Cost		Fair Value
1	$	1,087	$	980
2	20		19
3	5		4
4	1		1
5	2		2
	$	1,115	$	1,006

Top 5 Reinsurers

September 30, 2022

Financial Strength Rating

Parent Company/Principal Reinsurers

Reinsurance Recoverable (a)

AM Best

S&P

Fitch

Moody's

Aspida Life Re Ltd

2,304

A-

not rated

Wilton Re

1,241

A+

not rated

Somerset Reinsurance Ltd

591

A-

BBB+

not rated

London Life Reinsurance Co.

100

A+

not rated

Security Life of Denver

not rated

A-

Baa1

(a) Reinsurance recoverables do not include unearned ceded premiums that would be recovered in the event of early termination of certain traditional life policies.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Non-GAAP Financial Measures Definitions

The following represents the definitions of non-GAAP measures used by F&G, as an operating segment of FNF:

Adjusted Net Earnings Attributable to Common Shareholders (Adjusted Net Earnings)

Adjusted net earnings attributable to common shareholders (“Adjusted net earnings”) is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) from continuing operations attributable to common shareholders to eliminate:

(i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effect of changes in fair value of the reinsurance related embedded derivative;

(ii) Indexed product related derivatives: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost;

(iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset (“VODA”)) recognized as a result of acquisition activities;

(iv) Transaction costs: the impacts related to acquisition, integration and merger related items;

(v) Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years.

(vi) Amortization of actuarial intangibles and SOP 03-1 reserve offset: The intangibles amortization and SOP 03-1 change offsets related to the above mentioned adjustments; and

(vii) Income taxes: the income tax impact related to the above mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.

While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Total Equity excluding AOCI

Total Equity excluding AOCI is based on Total Equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on Total Equity.

Total Capitalization excluding AOCI

Total Capitalization excluding AOCI is based on Total Equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, Management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company.

Debt-to-Capitalization excluding AOCI

Debt-to-capitalization excluding AOCI ratio is computed by dividing total debt by total capitalization excluding AOCI. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.

F&G - An Operating Segment of FNF

Financial Supplement - September 30, 2022

(All periods are unaudited)

Non-GAAP Financial Measures Definitions (continued)

Assets Under Management (AUM)

AUM is calculated as the sum of:

(i) total invested assets at amortized cost, excluding derivatives, net of reinsurance qualifying for risk transfer in accordance with GAAP;

(ii) related party loans and investments;

(iii) accrued investment income;

(iv) the net payable/receivable for the purchase/sale of investments; and

(v) cash and cash equivalents excluding derivative collateral at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.

Average Assets Under Management (AAUM) (Quarterly and YTD)

AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on assets available for reinvestment.

Adjusted Return on Assets

Adjusted return on assets is calculated by dividing annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting on both deferred annuities and institutional products as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.

Yield on AAUM

Yield on AAUM is calculated by dividing annualized net investment income by AAUM. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the level of return earned on AAUM.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e. contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.