Document

Exhibit 99.2

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

Financial Supplement

March 31, 2021

(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 (formerly NYSE:FG) was acquired by FNF (the "Business Combination") on June 1, 2020 ("Closing Date"). As a result of the Business Combination, F&G delisted from the NYSE and became a subsidiary of FNF. Our financial statement presentation includes the financial statements of F&G and its subsidiaries as a standalone entity ("Pre-Merger") for the periods prior to the completion of the Business Combination, and F&G and its subsidiaries as an operating segment of FNF ("Post-Merger") for periods from and after the Closing Date.

All dollar amounts are presented in millions.

Non-GAAP Financial Measures

This document contains certain non-GAAP financial measures commonly used in our industry that, together with the relevant GAAP measures, may enhance a user’s ability to analyze the Company's operating performance and capital position for the periods presented. These measures should be considered supplementary to our results in accordance with GAAP and should not be viewed as a substitute for the GAAP measures and are not intended to replace GAAP financial results. 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. Refer to the non-GAAP measures reconciliations and definitions within for further information.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)


			Page
A . Financial Highlights
Consolidated Financial Highlights			3
Sales Results by Product			3
Appendix to Consolidated Financial Highlights			4
Condensed Consolidated Balance Sheets			5
Reconciliation of Total Shareholders' Equity to Common Shareholders' Equity Excluding AOCI			6
Condensed Consolidated Statements of Operations			7
Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings			8
Notable Items			8
Adjusted Net Earnings Statement			9
Financial Strength Ratings			10
Total Product Net Investment Spread			11
FIA Net Investment Spread			12
B . Product Summary
Average Assets Under Management Rollforward			13
Annuity Account Balance Rollforward			13
Annuity Liability Characteristics			14
C . Investment Summary
Summary of Invested Assets by Asset Class			15
Credit Quality of Fixed Maturity Securities			16
Summary of Residential Mortgage Backed Securities by Collateral Type and NAIC Designation			17
D . Counterparty Risk

Top 5 Reinsurers			17
E. Non-GAAP Financial Measures Definitions			18

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Consolidated Financial Highlights



	Three months ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger


Select Income Statement Data:



Net earnings (loss) attributable to common shareholders	289		137		38		(39)		19		(346)

Adjusted net earnings (loss) from continuing operations attributable to common shareholders (1)	78		128		74		33		40		33



Select Metrics:






Average Assets Under Management ("AAUM") (1)	29,016		27,864		26,990		26,582		29,285		28,924



Net investment spread (1)	2.55	%	2.55	%	2.62	%	3.50	%	1.92	%	2.24	%

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

Sales Results by Product

The table below provides a summary of sales, which are not affected by the June 1, 2020, Business Combination and are comparable to prior period data.



	Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020

Sales
FIA	1,047		947		815		866		831
Fixed rate annuities (MYGA)	467		362		253		47		114
Institutional spread based	125		100		—		—		100
Total annuity	1,639		1,409		1,068		913		1,045
Index universal life	15		13		14		12		11
Flow reinsurance	—		37		51		142		122
Total Sales	$	1,654	$	1,459	$	1,133	$	1,067	$	1,178

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Appendix to Consolidated Financial Highlights

Effective June 1, 2020, certain blocks of business were designated as discontinued operations by FNF. Amounts related to these blocks of business are presented herein as adjustments to key financial metrics, solely for comparison between Pre-Merger and Post-Merger periods. See FNF 10-K/ 10-Q for further discussion on discontinued operations.


	Three months ended									One month ended			Two months ended			Three months ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			May 31, 2020			March 31, 2020
	Post-Merger			Post-Merger			Post-Merger			Post-Merger			Pre-Merger			Pre-Merger


Select Income Statement Data:
Net earnings (loss) attributable to common shareholders	289			137			38			(39)			19			$	(346)
Less: discontinued operations [(earnings)/loss]	(5)			2			28			(5)			(22)			155
As adjusted for discontinued operations	284			139			66			(44)			(3)			(191)

Adjusted net earnings (loss) from continuing operations attributable to common shareholders (1)	78			128			74			33			40			33
Less: discontinued operations [(earnings)/loss]	—			—			—			—			8			26
As adjusted for discontinued operations	78			128			74			33			48			59
Less: Notable items [(unfavorable)/favorable] (2)	12			68			10			8			5			(6)
As adjusted for discontinued operations and notable items	$	66		$	60		$	64		$	25		$	43		$	65

Select Metrics:





AAUM (1)	29,016			27,864			26,990			26,582			29,285			28,924
Less: discontinued operations	—			—			—			—			(2,236)			(2,266)
As adjusted for discontinued operations	29,016			27,864			26,990			26,582			27,049			26,658

Net investment spread (1)	2.55		%	2.55		%	2.62		%	3.50		%	1.92		%	2.24		%
Less: discontinued operations [(earnings)/loss] (3)	—		%	—		%	—		%	—		%	0.13		%	0.09		%
As adjusted for discontinued operations	2.55		%	2.55		%	2.62		%	3.50		%	2.05		%	2.33		%
(1) Refer to "Non-GAAP Financial Measures Definitions"
(2) Notable items from continuing operations. For full list of notable items, refer to page 8 "Notable Items"
(3) Subsequent to the release of the Quarterly Financial Supplement dated August 4, 2020, management identified an immaterial adjustment that was needed to reflect the correct amount in the prior period. Periods affected were the two months ended May 31, 2020 and the three months ended March 31, 2020

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Condensed Consolidated Balance Sheets


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger

Assets
Investments:
Fixed maturity securities available for sale, at fair value, net of allowance for credit losses of $4 at March 31, 2021	$	25,768	$	25,499	$	24,218	$	23,014	$	21,140
Preferred securities, at fair value	908		965		917		875		873
Equity securities, at fair value	141		82		54		54		42
Derivative investments	542		548		381		333		188
Mortgage loans, net of allowance for credit losses of $36 at March 31, 2021	2,374		2,031		1,614		1,749		1,769
Investments in unconsolidated affiliates (a)	1,281		1,156		1,125		1,045		1,071
Other long-term investments	447		449		438		432		421
Short-term investments	72		456		34		38		36
Total investments	$	31,533	31,186		28,781		27,540		25,540
Cash and cash equivalents	995		889		1,014		909		740
Trade and notes receivables	11		10		2		2		1
Funds withheld for reinsurance receivable, at fair value	—		—		—		—		2,050
Reinsurance recoverable, net of allowance for credit losses of $21 at March 31, 2021 (a)	3,404		3,174		3,152		3,182		3,186

Goodwill (a)	1,751		1,751		1,731		1,725		467
Prepaid expenses and other assets	470		413		448		381		384
Lease assets	8		8		7		8		9
Other intangible assets, net (a)	2,061		1,918		1,956		2,060		2,070
Property and equipment, net	13		11		7		2		2
Income taxes receivable	—		15		19		24		23
Deferred tax asset (a)	130		44		107		180		264
Assets of discontinued operations	311		327		2,618		2,502		—
Total assets	$	40,687	$	39,746	$	39,842	$	38,515	$	34,736
(a) These line items included adjustments that were recorded during the remeasurement period subsequent to the June 1, 2020 acquisition. The following adjustments were recorded as of the opening balance sheet at June 1, 2020 during the quarter ending September 30, 2020: Investment in unconsolidated affiliates, $31, Goodwill, $6, Other intangible assets, net, ($37), and Deferred tax asset, $3. The following adjustments were recorded as of the opening balance sheet at June 1, 2020 during the quarter ending December 31, 2020: Goodwill, $20, Other intangible assets, net, ($56), Reinsurance recoverable, $47, and Deferred tax asset, $10.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)


Condensed Consolidated Balance Sheets (continued)
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger

Liabilities and Shareholders' Equity
Contractholder funds (a)	29,592		28,718		27,488		26,628		26,226
Future policy benefits (a)	3,959		4,010		4,048		4,092		5,658
Accounts payable and accrued liabilities (a)	1,368		1,174		1,056		983		1,007
Income taxes payable	5		—		—		—		—
Notes payable	589		589		589		589		543
Funds withheld for reinsurance liabilities	1,026		806		814		817		821
Lease liabilities	14		14		12		13		9
Liabilities of discontinued operations	339		361		2,462		2,347		—
Total liabilities	36,892		35,672		36,469		35,469		34,264

Shareholders' equity:


Additional paid-in-capital	2,744		2,741		2,739		2,737		2,041
Retained earnings (accumulated deficit)	425		136		(1)		(39)		(72)
Accumulated other comprehensive income (loss)	626		1,197		635		348		(1,428)
Treasury stock	—		—		—		—		(69)
Total shareholders' equity	3,795		4,074		3,373		3,046		472
Total liabilities and shareholders' equity	$	40,687	$	39,746	$	39,842	$	38,515	$	34,736

(a) Contractholder funds included a $3 adjustment that was recorded as of the opening balance sheet at June 1, 2020 during the quarter ending September 30, 2020. Additionally, Contractholder funds, Future policy benefits, and Accounts payable and accrued liabilities included ($5), ($7), and $33 adjustments as of the opening balance sheet at June 1, 2020, respectively, during the quarter ending December 31, 2020

Reconciliation of Total Shareholders' Equity to Total Common Shareholders' Equity Excluding AOCI


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger

Total shareholders' equity	3,795		4,074		3,373		3,046		472
Equity attributable to preferred shareholders (1)	—		—		—		—		446
Common shareholders' equity (1)	3,795		4,074		3,373		3,046		26
AOCI	626		1,197		635		348		(1,428)
Total common shareholders' equity excluding AOCI (1)	$	3,169	$	2,877	$	2,738	$	2,698	$	1,454
(1) Refer to "Non-GAAP Financial Measures Definitions"

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Condensed Consolidated Statements of Operations


	Three months ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

Revenues:
Life insurance premiums and other fees (a)	$	64	$	58	$	60	$	20	$	52	$	41

Interest and investment income	373		327		305		111		111		316
Recognized gains and losses, net	102		282		77		(7)		257		(692)

Total revenues	539		667		442		124		420		(335)
Benefits and expenses:
Benefits and other changes in policy reserves	(26)		460		251		155		356		(41)
Personnel costs	29		33		23		9		15		21
Other operating expenses	28		30		33		12		40		74
Depreciation and amortization	144		64		56		3		1		(60)
Interest expense	8		8		7		3		5		8
Total benefits and expenses	183		595		370		182		417		2

Pre-tax earnings (loss) from continuing operations	356		72		72		(58)		3		(337)
Income tax expense	(72)		67		(6)		14		16		(1)


Net earnings (loss) from continuing operations	284		139		66		(44)		19		(338)
Earnings from discontinued operations, net of tax	5		(2)		(28)		5		—		—
Less Preferred stock dividend	—		—		—		—		—		(8)
Net earnings (loss) attributable to common shareholders	$	289	$	137	$	38	$	(39)	$	19	$	(346)

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

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Reconciliation from Net Earnings (Loss) to Adjusted Net Earnings (1)


	Three Months Ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

Net earnings (loss) from continuing operations	$	284	$	139	$	66	$	(44)	19		$	(338)
Less Preferred stock dividend	—		—		—		—		—		(8)
Net earnings (loss) from continuing operations attributable to common shareholders	$	284	$	139	$	66	$	(44)	$	19	$	(346)
Non-GAAP adjustments (1):
Recognized (gains) and losses, net	(82)		(76)		(15)		46		68		94
Indexed product related derivatives	(185)		54		14		43		(28)		287

Purchase price amortization	7		7		7		2		—		—
Transaction costs and other non-recurring items	2		4		10		7		4		34

Income taxes on non-GAAP adjustments	52		—		(8)		(21)		(23)		(36)
Adjusted net earnings from continuing operations attributable to common shareholders (1)	$	78	$	128	$	74	$	33	$	40	$	33

Notable Items

Each quarterly reporting period, we identify notable items that help explain the trends in our Net earnings (loss) from continuing operations attributable to common shareholders and Adjusted net earnings (loss) from continuing operations attributable to common shareholders as we believe these items provide further clarity to the financial performance of the business.


	Three Months Ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

Adjusted net earnings from continuing operations attributable to common shareholders (1)	$	78	$	128	$	74	$	33	$	40	$	33
Notable items [(unfavorable)/favorable]


Single premium immediate annuities ("SPIA") mortality & other reserve adjustments (a)	7		—		10		4		6		(5)
Assumption review and unlocking (b)	—		—		—		—		(4)		—
Other notable items (c)	5		68		—		4		3		(27)

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

(a) The release of annuity reserves associated with mortality of annuitants, which varies due to timing, volume and severity of experience, and other reserve adjustments.

(b) Reflects unlocking from updating our DAC, VOBA, DSI and cost of reinsurance amortization models for actual experience and equity market fluctuations.

(c) Costs incurred during research and exploration of potential merger or acquisition of a business or a group of insurance policies via asset acquisition or (inforce) reinsurance agreement, bond prepayment income, changes in tax valuation, and other net activity.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Adjusted Net Earnings Statement (1)


	Three Months Ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

Revenues:
Life insurance premiums and other fees (a)	$	64	$	61	$	60	$	20	$	42	$	53
Interest and investment income (b)	333		315		314		120		200		$	317
Recognized gains and losses, net (c)	—		—		(1)		1		22		$	(34)
Total revenues	397		376		373		141		264		$	336
Benefits and expenses:
Benefits and other changes in policy reserves (d)	188		202		177		62		131		$	161
Personnel costs	29		33		23		9		15		$	21
Other operating expenses (e)	26		25		23		6		37		$	41
Depreciation and amortization (f)	48		46		56		21		32		$	27
Interest expense	8		8		7		3		5		$	8
Total benefits and expenses	299		314		286		101		220		$	258

Pre-tax earnings (loss) from continuing operations	98		62		87		40		44		$	78
Income tax expense	(20)		66		(13)		(7)		(4)		$	(37)


Adjusted net earnings (1)	78		128		74		33		40		$	41


Less: Preferred stock dividend	—		—		—		—		—		$	(8)
Adjusted net earnings from continuing operations attributable to common shareholders (1)	$	78	$	128	$	74	$	33	$	40	$	33
Notable items included in adjusted net earnings attributable to common shareholders (2)	$	12	$	68	$	10	$	8	$	5	$	(32)

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

(2) Refer to page 8 "Notable Items" for further detail of notable items.

(a) 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 here to remove the effect of cost of reinsurance.

(b) Interest and investment income has been adjusted to remove the market volatility on the alternative investment portfolio for periods after March 31, 2020.

(c) 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.

(d) 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, and changes in the SOP 03-1 reserve resulting from the adjustments above, as applicable.

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

(f) Depreciation and amortization has been adjusted to remove the impact on DAC, VOBA, and DSI of the adjustments above, as applicable, and purchase price amortization.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Financial Strength Ratings

A.M. Best

S&P

Fitch

Moody's

Holding Company Ratings

F&G Annuities & Life, Inc. (formerly known as FGL Holdings)

Issuer Credit / Default Rating

Not Rated

BBB-

BBB

Ba2

Outlook

Stable

CF Bermuda Holdings Limited

Issuer Credit / Default Rating

Not Rated

BBB-

BBB

Ba1

Outlook

Stable

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

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

F&G Cayman Re Ltd

Financial Strength Rating

Not Rated

A-

Not Rated

Outlook

Stable

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)


Total Product Net Investment Spread
	Three Months Ended									One month ended			Two months ended			Three months ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			May 31, 2020			March 31, 2020
	Post-Merger			Post-Merger			Post-Merger			Post-Merger			Pre-Merger			Pre-Merger

Net investment income	$	373		$	327		$	305		$	111		$	111		$	316
AAUM (1)	29,016			27,864			26,990			26,582			29,285			28,924
Yield on AAUM (1)	5.15		%	4.69		%	4.52		%	5.01		%	2.27		%	4.38		%
Alternative investment yield adjustment (1)	(0.56)		%	(0.17)		%	0.13		%	0.41		%	1.83		%
Adjusted Yield on AAUM (1)	4.59		%	4.52		%	4.65		%	5.42		%	4.10		%

Interest credits	$	74		$	67		$	67		$	21		$	53		$	76
Option & futures costs	$	65		$	63		64			19			43			60
Total interest credited and option costs	$	139		$	130		$	131		$	40		$	96		$	136
Average account value	27,252			26,450			25,688			25,330			26,463			25,453
Interest credited & option cost	2.04		%	1.97		%	2.03		%	1.92		%	2.18		%	2.14		%
Net investment spread (1)	2.55		%	2.55		%	2.62		%	3.50		%	1.92		%	2.24		%
(1) Refer to "Non-GAAP Financial Measures Definitions" for further details. Periods after April 1, 2020 include alternative investment yield adjustment.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)


FIA Net Investment Spread
	Three Months Ended									One month ended			Two months ended			Three months ended
	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			May 31, 2020			March 31, 2020
	Post-Merger			Post-Merger			Post-Merger			Post-Merger			Pre-Merger			Pre-Merger

Net investment income (1)	$	276		$	235		$	215		$	69		$	51		$	209
AAUM (2)	20,217			19,097			18,312			18,267			18,623			18,111
Yield on AAUM (1) (2)	5.46		%	4.92		%	4.70		%	4.53		%	1.64		%	4.62		%
Alternative investment yield adjustment (2)	(0.81)		%	(0.25)		%	0.20		%	0.59		%	2.67		%
Adjusted Yield on AAUM (1) (2)	4.65		%	4.67		%	4.90		%	5.12		%	4.31		%

Interest credits	$	15		$	13		$	14		$	4		$	8		$	13
Option & futures costs	$	65		$	63		$	64		$	19		$	43		$	60
Total interest credited and option costs	80			76			78			23			51			73
Average account value	19,028			18,442			17,948			17,688			17,501			17,065
Interest credited & option cost	1.67		%	1.65		%	1.73		%	1.59		%	1.76		%	1.72		%
Net investment spread (1) (2)	2.98		%	3.02		%	3.17		%	3.53		%	2.55		%	2.90		%

(1) In December 2020, we restated prior period FIA net investment spread to reflect immaterial updates to FIA net investment income amounts. There was no impact to total product net investment spread amounts.

(2) Refer to "Non-GAAP Financial Measures Definitions" for further details. Periods after April 1, 2020 include alternative investment yield adjustment.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Average Assets Under Management Rollforward



	Three Months Ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

AAUM at beginning of period (1)	$	27,864	$	26,990	$	26,582	$	26,529	$	28,924	$	28,332
Net new business sales	1,197		874		408		53		361		592

Net reinsurance transactions and other	(45)		—		—		—		—		—
AAUM at end of period	$	29,016	$	27,864	$	26,990	$	26,582	$	29,285	$	28,924
(1) Beginning balance for June 30, 2020 represents assets under management at June 1, 2020 and reflects $2.3 billion decrease from the exclusion of discontinued operations and $0.5 billion decrease from purchase accounting mark-to-market effect as compared to the May 31, 2020 ending balance.

Annuity Account Balance Rollforward (a)


	Three Months Ended						One month ended		Two months ended		Three months ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		May 31, 2020		March 31, 2020
	Post-Merger		Post-Merger		Post-Merger		Post-Merger		Pre-Merger		Pre-Merger

Account balances at beginning of period:	$	22,992	$	22,106	$	21,442	$	21,332	$	20,999	$	20,402
Net deposits	1,265		1,305		1,046		245		675		940
Surrenders, withdrawals, deaths, etc.	(585)		(533)		(482)		(161)		(381)		(452)
Net flows	680		772		564		84		294		488

Premium and interest bonuses	18		20		17		4		12		17
Fixed interest credited and index credits	148		131		114		29		50		123
Guaranteed product rider fees	(35)		(37)		(31)		(7)		(23)		(31)
Account balance at end of period	$	23,803	$	22,992	$	22,106	$	21,442	$	21,332	$	20,999

(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 - March 31, 2021

(All periods are unaudited)

Annuity Liability Characteristics


	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	March 31, 2021

SURRENDER CHARGE PERCENTAGES:
No surrender charge	$	418	$	2,343
0.0% < 2.0%	6		104
2.0% < 4.0%	26		567
4.0% < 6.0%	560		1,563
6.0% < 8.0%	1,687		2,354
8.0% < 10.0%	1,724		5,137
10.0% or greater	2		7,312
	$	4,423	$	19,380


	Fixed Annuities Account Value		Fixed Index Annuities Account Value
	March 31, 2021

CREDITED RATE (INCLUDING BONUS INTEREST) VS. ULTIMATE MINIMUM GUARANTEED RATE DIFFERENTIAL:
No differential	$	491	$	1,336
0.0% - 1.0%	432		1,389
1.0% - 2.0%	1,325		19
2.0% - 3.0%	2,175		1


Allocated to index strategies	—		16,635
	$	4,423	$	19,380

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Summary of Invested Assets by Asset Class


	March 31, 2021						December 31, 2020
	Post-Merger						Post-Merger

	Amortized Cost		Fair Value		Percent		Amortized Cost		Fair Value		Percent
Fixed maturity securities, available for sale:
United States Government full faith and credit	$	45	$	45	—	%	$	45	$	45	—	%
United States Government sponsored entities	98		99		—	%	105		106		—	%
United States municipalities, states and territories	1,320		1,336		4	%	1,243		1,309		4	%
Foreign Governments	135		135		1	%	128		140		—	%
Corporate securities:
Finance, insurance and real estate	4,413		4,508		14	%	4,267		4,572		15	%
Manufacturing, construction and mining	840		886		3	%	839		936		3	%
Utilities, energy and related sectors	2,597		2,609		9	%	2,532		2,762		9	%
Wholesale/retail trade	2,171		2,218		7	%	1,900		2,106		7	%
Services, media and other	2,778		2,792		9	%	2,568		2,793		9	%
Hybrid securities	867		922		3	%	888		963		3	%
Non-agency residential mortgage-backed securities	658		688		2	%	677		694		2	%
Commercial mortgage-backed securities	2,493		2,868		9	%	2,468		2,806		9	%
Asset-backed securities	2,136		2,193		7	%	1,920		1,999		6	%
CLO securities	4,222		4,469		14	%	4,021		4,268		14	%
Alternative investments:
Private equity	674		674		2	%	614		614		2	%
Real assets	290		295		1	%	280		288		1	%
Credit	312		312		1	%	254		254		1	%
Equity securities	958		1,048		3	%	959		1,047		3	%
Commercial mortgage loans	1,206		1,197		4	%	903		926		3	%
Residential mortgage loans	1,168		1,154		4	%	1,128		1,123		4	%
Other (primarily derivatives and company owned life insurance)	836		989		3	%	815		997		4	%
Short term investments	72		72		—	%	456		456		1	%
Total (a)	$	30,289	$	31,509	100	%	$	29,010	$	31,204	100	%
(a) Asset duration of 6.61 years and 6.84 years vs. liability duration of 7.00 years and 6.65 years for the periods ending March 31, 2021 and December 31, 2020, respectively.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Credit Quality of Fixed Maturity Securities


	March 31, 2021

NAIC Designation	Fair Value		Percent
1	$	12,743	49	%
2	10,551		41	%
3	1,579		6	%
4	733		3	%
5	161		1	%
6	1		—	%
	$	25,768	100	%


	March 31, 2021

Rating Agency Rating	Fair Value		Percent
AAA	$	457	2	%
AA	1,777		7	%
A	6,891		27	%
BBB	9,534		37	%
Not rated	4,686		18	%
Total investment grade	23,345		91	%
BB	1,456		6	%
B and below	633		2	%
Not rated	334		1	%
Total below investment grade	2,423		9	%
	$	25,768	100	%

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

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


	March 31, 2021

Total by collateral type	Amortized Cost		Fair Value













Government agency	$	98	$	99
Prime	500		529
Subprime	69		69
Alt-A	89		91
	$	756	$	788

	March 31, 2021

Total by NAIC designation	Amortized Cost		Fair Value
1	$	727	$	758
2	15		15
3	8		8
4	4		5
5	2		2
	$	756	$	788

Top 5 Reinsurers

March 31, 2021

Financial Strength Rating

Parent Company/Principal Reinsurers

Reinsurance Recoverable (a)

AM Best

S&P

Fitch

Moody's

Wilton Re

1,489

A+

not rated

A+

not rated

Kubera Insurance (SAC) Ltd

803

not rated

Aspida Life Re Ltd

230

A-

not rated

Security Life of Denver

161

not rated

A-

Baa1

Hannover Re

136

A+

AA-

not rated

(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 - March 31, 2021

(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

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 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; the impact of market volatility on the alternative asset portfolio; 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, and the fair value accounting impact of assumed reinsurance,

(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, and

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

Adjustments to Adjusted net earnings are net of the corresponding impact on amortization of intangibles, as appropriate. The income tax impact related to these 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.

Effective April 1, 2020, F&G changed their definition of Adjusted Earnings to exclude the impact of market volatility on the alternative asset portfolio. Alternative investment valuations and GAAP net income can reflect significant non-cash impacts of market and economic conditions that are not indicative of expected returns over the life of the investments. Management invests in alternative investments to back future policyholder obligations consistent with its asset liability management strategy. Management evaluates the performance of the alternative investments and calculates Adjusted Earnings using a rate of return that is consistent with its investment strategy and indicative of expected returns. Management believes this change provides users of the financial statements and other financial communications a more representative view of the results of the core business of F&G for the periods after April 1, 2020. Previous periods have not been adjusted.

Adjusted Net Earnings from Continuing Operations Attributable to Common Shareholders

Adjusted Net Earnings from continuing operations attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance attributable to our common shareholders each period. Adjusted net earnings from continuing operations attributable to common shareholders is calculated by adjusting net earnings (loss) available to common shareholders to eliminate the same items as described in the Adjusted Net Earnings paragraph above. While these adjustments are an integral part of the overall performance of the Company, 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.

Common Shareholders’ Equity

Common Shareholders’ Equity is based on Total Shareholders’ Equity excluding Equity Available to Preferred Shareholders. Management considers this to be a useful measure internally and to investors to assess the level of equity that is attributable common stock holders.

Common Shareholders’ Equity Excluding AOCI

Common Shareholders’ Equity Excluding AOCI is based on Common Shareholders' 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 common equity.

F&G - An Operating Segment of FNF

Financial Supplement - March 31, 2021

(All periods are unaudited)

Equity Attributable to Preferred Shareholders

Equity attributable to preferred shareholders is equal to the product of (a) the number of preferred shares outstanding plus share dividends declared but not yet issued and (b) the original liquidation preference amount per share. Management considers this non-GAAP measure to provide useful information internally and to investors and analysts to assess the level of equity that is attributable to preferred stock holders. (Note: F&G no longer has any preferred shareholders following the Business Combination)

Average Assets Under Management (AAUM)

AAUM is calculated as the sum of:

(i) total invested assets at amortized cost, excluding derivatives;

(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.

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.

Alternative Investment Yield Adjustment

Alternative investment yield adjustment is the current period yield impact of market volatility on the alternative investment portfolio. 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.

Adjusted Yield on AAUM

Adjusted Yield on AAUM is calculated by dividing annualized net investment income by AAUM, plus or minus the alternative investment yield adjustment. 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.

Net Investment Spread

Net investment spread is the excess of net investment income, adjusted for market volatility on the alternative asset investment portfolio, earned over the sum of interest credited to policyholders and the cost of hedging our risk on indexed product policies. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the performance of the Company’s invested assets against the level of investment return provided to policyholders, inclusive of hedging costs.