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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

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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