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Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Initial Purchase Price

The initial purchase price is as follows (in millions):

Cash paid for outstanding F&G shares			$	1,903
Less: Cash Acquired			827
Net cash paid for F&G			1,076
Value of FNF share consideration			806
Value of outstanding converted equity awards attributed to services already rendered			28
Total net consideration paid			$	1,910

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (in millions):

			Fair Value
Fixed maturity securities			$	22,389
Preferred securities			876
Equity securities			52
Derivative instruments			313
Mortgage loans			1,755
Investments in unconsolidated affiliates			1,049
Other long-term investments			430
Short-term investments			37
Trade and notes receivable			1
Reinsurance recoverable			2,998
Goodwill			1,756
Prepaid expenses and other assets			379
Lease assets			8
Other intangible assets			2,107
Deferred tax asset			269
Assets of discontinued operations			2,392
Total assets acquired			36,811
Contractholder funds			26,451
Future policy benefits			3,871
Accounts payable and accrued liabilities			897
Notes payable			589
Funds withheld for reinsurance liabilities			816
Lease liabilities			9
Liabilities of discontinued operations			2,268
Total liabilities assumed			34,901
Net assets acquired			$	1,910

Gross Carrying Value and Weighted Average Useful Lives of Property and Equipment and Other Intangible Assets Acquired

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the AllFirst acquisition consist of the following (dollars in millions):

			Gross Carrying Value						Weighted Average Estimated Useful Life (in years)
Other intangible assets:
Customer relationships			$	46					10
Trade name			7						10
Non-compete agreements			1						5
Software			1						2
Total Other intangible assets			$	55

The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the F&G acquisition consist of the following (dollars in millions):

			Gross Carrying Value						Estimated Useful Life (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 year ended December 31, 2020 is presented below. Unaudited pro-forma results presented assume the consolidation of F&G occurred as of January 1, 2019.

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

X

- 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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