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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
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,
|  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue Stream |  | Income Statement Classification |  | Segment |  | Total Revenue
Revenue from insurance contracts: |  |  |  |  |  | (In millions)
Direct title insurance premiums |  | Direct title insurance premiums |  | Title |  | $ | 678 |  |  | $ | 571 |  |  | $ | 1,820 |  |  | $ | 1,575 |
Agency title insurance premiums |  | Agency title insurance premiums |  | Title |  | 890 |  |  | 789 |  |  | 2,410 |  |  | 2,166 |
Life insurance premiums, insurance and investment product fees, and other |  | Escrow, title-related and other fees |  | F&G |  | 735 |  |  | 526 |  |  | 1,871 |  |  | 1,772 |
Home warranty |  | Escrow, title-related and other fees |  | Title |  | 44 |  |  | 42 |  |  | 120 |  |  | 114 |
Total revenue from insurance contracts |  |  |  |  |  | 2,347 |  |  | 1,928 |  |  | 6,221 |  |  | 5,627 |
Revenue from contracts with customers: |  |  |  |  |  |  |  |  |  |  |  |
Escrow fees |  | Escrow, title-related and other fees |  | Title |  | 244 |  |  | 219 |  |  | 674 |  |  | 609 |
Other title-related fees and income |  | Escrow, title-related and other fees |  | Title |  | 180 |  |  | 169 |  |  | 513 |  |  | 479 |
ServiceLink, excluding title premiums, escrow fees, and subservicing fees |  | Escrow, title-related and other fees |  | Title |  | 95 |  |  | 83 |  |  | 267 |  |  | 237 |
Real estate technology |  | Escrow, title-related and other fees |  | Corporate and other |  | 34 |  |  | 35 |  |  | 101 |  |  | 106 |
Total revenue from contracts with customers |  |  |  |  |  | 553 |  |  | 506 |  |  | 1,555 |  |  | 1,431 |
Other revenue: |  |  |  |  |  |  |  |  |  |  |  |
Loan subservicing revenue |  | Escrow, title-related and other fees |  | Title |  | 71 |  |  | 68 |  |  | 198 |  |  | 197 |
Other |  | Escrow, title-related and other fees |  | Corporate and other |  | 26 |  |  | 17 |  |  | 39 |  |  | 41 |
Interest and investment income |  | Interest and investment income |  | Various |  | 857 |  |  | 815 |  |  | 2,394 |  |  | 2,308 |
Recognized gains and losses, net |  | Recognized gains and losses, net |  | Various |  | 176 |  |  | 269 |  |  | (13) |  |  | 456 |
Total revenues |  | Total revenues |  |  |  | $ | 4,030 |  |  | $ | 3,603 |  |  | $ | 10,394 |  |  | $ | 10,060 |
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. F&G derives its revenue from external customers primarily located in the United States. 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 fixed indexed annuity ("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. 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, 2025 |  | December 31, 2024
| (In millions)
Trade receivables | $ | 379 |  |  | $ | 362 |
Deferred revenue (contract liabilities) | 91 |  |  | 92 |
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, 2025, we recognized $42 million a nd $79 million of revenue, respectively, which was included in deferred revenue at the beginning of the respective period. URL The following table rolls forward URL for our universal life product for the nine months ended September 30, 2025 and September 30, 2024:
| Nine months ended September 30,
| 2025 |  |  |  |  |  | 2024
| (In millions)
Balance at January 1, | $ | 401 |  |  |  |  |  |  | $ | 270 |
Capitalization | 131 |  |  |  |  |  |  | 110 |
Amortization | (20) |  |  |  |  |  |  | (14) |
Balance at September 30, | $ | 512 |  |  |  |  |  |  | $ | 366 |
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 and mortality improvement.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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