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Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
Our revenue consists of:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Revenue StreamIncome Statement ClassificationSegmentTotal Revenue
Revenue from insurance contracts:(In millions)
Direct title insurance premiumsDirect title insurance premiumsTitle$571 $524 $1,575 $1,493 
Agency title insurance premiumsAgency title insurance premiumsTitle789 728 2,166 1,991 
Life insurance premiums, insurance and investment product fees, and otherEscrow, title-related and other feesF&G526 582 1,772 1,523 
Home warrantyEscrow, title-related and other feesTitle42 43 114 110 
Total revenue from insurance contracts1,928 1,877 5,627 5,117 
Revenue from contracts with customers:
Escrow feesEscrow, title-related and other feesTitle219 211 609 590 
Other title-related fees and incomeEscrow, title-related and other feesTitle169 167 479 482 
ServiceLink, excluding title premiums, escrow fees, and subservicing feesEscrow, title-related and other feesTitle83 85 237 247 
Real estate technologyEscrow, title-related and other feesCorporate and other35 38 106 114 
Total revenue from contracts with customers506 501 1,431 1,433 
Other revenue:
Loan subservicing revenueEscrow, title-related and other feesTitle68 71 197 200 
OtherEscrow, title-related and other feesCorporate and other17 (1)41 22 
Interest and investment incomeInterest and investment incomeVarious815 686 2,308 1,915 
Recognized gains and losses, netRecognized gains and losses, netVarious269 (356)456 (367)
Total revenuesTotal revenues$3,603 $2,778 $10,060 $8,320 

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 liabilities ("URL") 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 indexed annuities, 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 value of business acquired ("VOBA"), deferred acquisition costs ("DAC") and deferred sales inducements ("DSI"), 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.
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:
 September 30, 2024December 31, 2023
 (In millions)
Trade receivables$336 $317 
Deferred revenue (contract liabilities)94 91 
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 unaudited Condensed Consolidated Balance Sheets. During the three and nine months ended September 30, 2024, we recognized $40 million and $76 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period.
URL
As of September 30, 2024 and December 31, 2023, the total URL balance of $366 million and $270 million, respectively, is included in Accounts payable and accrued liabilities on the unaudited Condensed Consolidated Balance Sheets. The following tables roll forward URL for our universal life product for the nine months ended September 30, 2024 and September 30, 2023:
Nine Months Ended September 30,
20242023
(In millions)
Balance at January 1,$270 $166 
Capitalization110 87 
Amortization(14)(12)
Balance at September 30,$366 $241 
For IUL the cash flow assumptions used to amortize URL reflect the Company’s best estimates for policyholder behavior. We review cash flow assumptions annually, generally in the third quarter. In 2024, F&G undertook a review of all significant assumptions, resulting in a revision to the IUL assumptions involving premium persistency. In 2023, F&G undertook a review of all significant assumptions, resulting in revisions to IUL assumptions involving surrender rates, partial withdrawal rates, mortality improvement, premium persistency, and option budgets.