Financial Performance - The total operating income for the U.S. title insurance industry was approximately $17.7 billion in 2024, up from $16.5 billion in 2023, reflecting a growth of 7.3%[47] - The statutory earnings of the title insurers were $488 million, $587 million, and $503 million for the years ended December 31, 2025, 2024, and 2023, respectively[83] - The combined statutory capital and surplus of the title insurers was approximately $1,273 million as of December 31, 2025, compared to $1,223 million in 2024[83] - For the year ended December 31, 2025, net investment income was $401 million, a slight decrease from $405 million in 2024[102] - Average cash and invested assets increased to $9,309 million in 2025 from $8,298 million in 2024[102] Market Concentration - The top four title insurance groups accounted for 80% of net premiums written in 2024, indicating a high level of market concentration[49] - The title insurance industry is closely tied to macroeconomic factors such as GDP growth, interest rates, and housing market conditions, impacting overall revenues[48] Revenue Sources - Title insurance premiums from direct operations amounted to $2,574 million in 2025, representing 44.2% of total premiums, while agency operations generated $3,250 million, or 55.8%[62] - Escrow and other title-related fees represented approximately 28.0% of total Title segment revenues in 2025, down from 30.1% in 2023[63] Claims Management - Claims management is a significant aspect of the business, with a large staff of attorneys dedicated to handling title and escrow claims[66] - Claims can vary greatly in dollar amounts and are influenced by economic conditions, with some policies exceeding face amounts of $100 million[69] Reinsurance and Risk Management - The company has secured excess of loss reinsurance coverage with a maximum limit of $615 million from a single loss occurrence, with an aggregate limit of $1.2 billion across four contracts[70] - The company maintains a selective approach in choosing reinsurers, focusing on financially stable and adequately capitalized companies[71] - The company utilizes coinsurance in its commercial title business to cover amounts greater than it can individually provide[72] Investment Strategy - The investment policy aims to maximize total return while maintaining adequate liquidity and managing interest rate risk through shorter durations[95] - The carrying amount of total investments within the Title segment was approximately $3.5 billion as of December 31, 2025, up from $3.3 billion in 2024[96] - The investment ratings distribution shows that 34.2% of the portfolio is rated Aa/AA, while 27.0% is rated A, and 24.1% is rated Baa/BBB[98] Annuity Products - Fixed indexed annuities (FIAs) accounted for approximately 46% of total gross sales in 2025, with the remaining sales primarily from fixed rate annuities (26%) and pension risk transfer (PRT) solutions (15%)[106] - Approximately 39% of FIA sales in 2025 involved premium bonuses, which increase the initial annuity deposit by a specified rate of 2%[112] - 77% of FIA contracts issued in 2025 included a guaranteed minimum withdrawal benefit (GMWB) rider, allowing guaranteed payments for life without requiring annuitization[113] Regulatory Environment - The company is subject to comprehensive regulation and supervision in its domiciles and states where it operates, impacting its operational flexibility[175] - Regulatory restrictions on dividend payments are in place, requiring board approval and consideration of various factors, including financial condition and strategic plans[184] - The Dodd-Frank Act established the Federal Insurance Office to monitor the insurance industry, which may lead to increased scrutiny and regulatory changes affecting the company[205] Corporate Governance and Ethics - FNF is committed to building a diverse and inclusive workforce, reflecting the diversity of its clients[244] - The company adheres to all laws and regulations to maintain public trust and uphold strong ethical standards[245] - FNF implements robust governance practices and training to encourage high standards of business integrity[245]

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Financial Data and Key Metrics Changes - The company reported fourth quarter total revenue of $4.1 billion, a slight increase from $4 billion in the fourth quarter of 2024 [18] - Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per diluted share, compared to $366 million, or $1.34 per share, for the same period in 2024 [20] - The Title segment generated adjusted pre-tax earnings of $401 million in the fourth quarter, with a margin of 17.5%, compared to 16.6% in the prior year quarter [22] Business Line Data and Key Metrics Changes - The Title segment generated $2.3 billion in total revenue in the fourth quarter, excluding net recognized losses, compared to $2.1 billion in the fourth quarter of 2024 [21] - Direct premiums in the Title segment increased by 21% year-over-year, while agency premiums increased by 7% [21] - F&G's assets under management grew to $73.1 billion at year-end, up 12% over the prior year [15] Market Data and Key Metrics Changes - The company reported a 21% increase in commercial refinance orders opened for the full year 2025 compared to the prior year [9] - National daily orders opened were up 9% over the fourth quarter of 2024, while local market daily orders opened increased by 8% [8] - The National Association of Realtors indicated that 2025 home sales were among the lowest levels since 1995, with expectations for a return to historical averages in the coming years [10] Company Strategy and Development Direction - The company aims to enhance its technology capabilities, with a focus on the inHere digital transaction platform, which engaged 80% of residential sale transactions [11] - The strategy includes maintaining a disciplined operating model to manage business trends and deliver industry-leading results [11] - F&G is transitioning to a more fee-based, higher-margin, and less capital-intensive model, which is expected to support long-term shareholder value [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating an increase in existing home sales and refinance opportunities as mortgage rates remain low [34] - The company is well-positioned to benefit from a potential turn in the housing market, should mortgage rates drop further [10][83] - Management highlighted the importance of technology investments in driving efficiency and maintaining competitive margins [12][14] Other Important Information - The company returned approximately $800 million of capital to shareholders during 2025, including common dividends and share repurchases [27] - F&G's quarterly common stock dividend was increased by 14% in the fourth quarter, reflecting strong cash generation [16] Q&A Session Summary Question: Margin outlook for 2026 - Management is optimistic about margins in 2026, expecting an uptick in purchase volumes and refinance opportunities due to lower mortgage rates [34] Question: Agent split changes - The slight increase in agent split was attributed to geographic mix rather than significant changes in business strategy [35] Question: Commercial revenue growth expectations for 2026 - Management indicated that commercial revenue should continue to grow, supported by increased order volume and strong pipeline activity [40] Question: Home price growth forecasts - Management believes that home prices have stabilized and will likely remain stable in the near future, with affordability driven primarily by interest rates [49] Question: Capital allocation and M&A outlook - The company plans to be active in acquisitions and stock buybacks, with expectations for more opportunities in the Title agent space [70]

Financial Data and Key Metrics Changes - The company reported fourth quarter total revenue of $4.1 billion, a 7% increase from $4 billion in the fourth quarter of 2024 [16] - Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per diluted share, compared to $366 million, or $1.34 per share, for the same period last year [18] - The title segment generated adjusted pre-tax earnings of $401 million in the fourth quarter, with a margin of 17.5%, up from 16.6% in the prior year [20] Business Line Data and Key Metrics Changes - The title segment generated $2.3 billion in total revenue in the fourth quarter, excluding net recognized losses, compared to $2.1 billion in the fourth quarter of 2024 [19] - Direct premiums in the title segment increased by 21% year-over-year, while agency premiums rose by 7% [19] - F&G's assets under management grew to $73.1 billion at year-end, a 12% increase over the prior year [12] Market Data and Key Metrics Changes - The company reported a 21% increase in commercial refinance orders opened for the full year 2025 compared to the previous year [8] - Total orders opened averaged 5,300 per day in the fourth quarter, with January showing a 29% increase over December [8] - Home sales in the U.S. are projected to trend back toward historical averages, with estimates of 10% more existing home sales in 2026 [9] Company Strategy and Development Direction - The company is focused on enhancing its technology capabilities, with significant investments in digital platforms and AI tools to drive efficiency and customer experience [10][11] - F&G is transitioning to a more fee-based, higher-margin, and less capital-intensive model, which is expected to support long-term shareholder value [14] - The company aims to maintain a disciplined operating model to generate steady free cash flow for investments and acquisitions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating improved margins and increased volume in both purchase and refinance transactions due to lower mortgage rates [32] - The company remains bullish on the long-term prospects for the title insurance business, even in a low transactional environment [9] - Management highlighted the importance of technology investments in maintaining industry-leading margins and operational efficiency [12] Other Important Information - The company returned approximately $800 million of capital to shareholders in 2025 through dividends and share repurchases [25] - F&G increased its quarterly common stock dividend by 14% in the fourth quarter, reflecting strong cash generation [14] - The company ended 2025 with $659 million in cash and short-term liquid investments at the holding company [27] Q&A Session Summary Question: Margin outlook for 2026 - Management is optimistic about margins in 2026, expecting an uptick in purchase volume and refinance opportunities due to lower rates [32] Question: Agent split changes - The slight increase in agent split was attributed to geographic mix rather than significant changes in business strategy [33] Question: Commercial revenue growth expectations for 2026 - Management indicated that commercial revenue is expected to grow in 2026, supported by increased order volume and strong pipeline [38] Question: Home price growth forecasts - Management believes home prices have stabilized and expects modest growth, aligning with industry forecasts [48] Question: Capital allocation and M&A outlook - The company plans to be active in acquisitions and share buybacks, with expectations for more opportunities in the title agent space [66][68]

Financial Data and Key Metrics Changes - The company reported fourth quarter total revenue of $4.1 billion, a slight increase from $4 billion in the fourth quarter of 2024 [16] - Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per diluted share, compared to $366 million, or $1.34 per share, for the same period in 2024 [18] - The Title segment generated adjusted pre-tax earnings of $401 million in the fourth quarter, up from $343 million in the fourth quarter of 2024, resulting in a 17.5% adjusted pre-tax margin compared to 16.6% in the prior year [20] Business Line Data and Key Metrics Changes - The Title segment generated $2.3 billion in total revenue in the fourth quarter, excluding net recognized losses, compared to $2.1 billion in the fourth quarter of 2024 [19] - Direct premiums increased by 21% year-over-year, while agency premiums rose by 7% [19] - F&G's assets under management grew to $73.1 billion at year-end, a 12% increase over the prior year [13] Market Data and Key Metrics Changes - The company reported a 21% increase in commercial refinance orders opened for the full year 2025 compared to the prior year [9] - Total orders opened averaged 5,300 per day in the fourth quarter, with January showing a 29% increase over December [9] - The National Association of Realtors indicated that 2025 home sales were among the lowest levels since 1995, with expectations for home sales to trend back toward historical averages in the coming years [10] Company Strategy and Development Direction - The company aims to enhance its technology capabilities, with significant investments in digital transaction platforms and AI tools to improve efficiency and customer experience [11][12] - F&G is transitioning to a more fee-based, higher-margin, and less capital-intensive model, which is expected to provide a meaningful source of capital to the company [15] - The company is optimistic about the potential recovery in the housing market, particularly if mortgage rates decrease further in 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating increased volume in both purchase and refinance transactions due to lower mortgage rates [32] - The company expects to maintain strong margins and profitability despite a historically low transactional environment [10][66] - Management highlighted the importance of disciplined expense management and technology investments in sustaining competitive advantages [5][11] Other Important Information - The company returned approximately $800 million of capital to shareholders in 2025 through dividends and share repurchases [25] - F&G's quarterly common stock dividend was increased by 14% in the fourth quarter, reflecting strong cash generation [14] - The company ended the year with $659 million in cash and short-term liquid investments at the holding company [27] Q&A Session Summary Question: Margin outlook for 2026 - Management is optimistic about margin trends entering 2026, expecting an uptick in purchase volumes and refinance opportunities due to lower rates [32] Question: Agent split changes - The slight change in agent split was attributed to geographic mix rather than significant shifts in business strategy [33] Question: Commercial revenue growth expectations for 2026 - Management indicated that commercial revenue growth in 2026 is expected to be as good or better than 2025, driven by increased order volume [38] Question: Home sales forecasts - Management believes the forecasts for existing home sales are reasonable, with potential for a 10% increase in 2026 if rates remain stable [40] Question: Capital allocation and M&A outlook - The company plans to be active in acquisitions and share buybacks, with expectations for more opportunities in the title agent space [70]

Core Viewpoint - Fidelity National Financial, Inc. has declared a quarterly cash dividend of $0.52 per share, payable on March 31, 2026, to stockholders of record as of March 17, 2026 [1] Company Overview - Fidelity National Financial, Inc. is a leading provider of title insurance and transaction services to the real estate and mortgage industries [1] - The company is the largest title insurance provider in the United States, operating through its underwriters, which include Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York [1] - These underwriters collectively issue more title insurance policies than any other title company in the U.S. [1]

Investor Update Winter 2025 Disclaimer This presentation contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectatio ...

Fidelity National Financial (FNF) came out with quarterly earnings of $1.41 per share, missing the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -6.48%. A quarter ago, it was expected that this provider of title insurance and mortgage services would post earnings of $1.38 per share when it actually produced earnings of $1.57, delivering a surpris ...

FNF Reports Fourth Quarter and Full Year 2025 Financial Results Jacksonville, Fla. – (February 19, 2026) - Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported fina ...

Core Insights - Fidelity National Financial, Inc. (FNF) reported financial results for Q4 and the full year 2025, highlighting strong performance in its Title Segment and a significant special stock distribution to shareholders [1][2][3]. Financial Performance - Adjusted net earnings for Q4 2025 were $382 million, or $1.41 per share, compared to $366 million, or $1.34 per share in Q4 2024, marking an increase of 4.4% in earnings per share [4][5]. - Full year adjusted net earnings reached $1.4 billion, or $4.97 per share, up from $1.3 billion, or $4.63 per share in 2024, reflecting a 7.3% increase in earnings per share [4][5]. - Total revenue for Q4 2025 was $4.051 billion, compared to $3.621 billion in Q4 2024, representing an increase of 11.9% [9]. Title Segment Highlights - The Title Segment generated total revenue of $2.2 billion for Q4 2025, up from $2.0 billion in Q4 2024, and $8.5 billion for the full year, compared to $7.7 billion in 2024, both reflecting an 11% increase [6][9]. - Direct title premiums for Q4 2025 were $754 million, a 21% increase over Q4 2024, while agency title premiums were $840 million, a 7% increase [18]. - The adjusted pre-tax title margin was 17.5% for Q4 2025, compared to 16.6% in Q4 2024, indicating improved profitability [8][18]. F&G Segment Performance - F&G achieved record assets under management (AUM) of $73.1 billion at the end of Q4 2025, a 12% increase from the previous year [10][22]. - Gross sales for F&G were $3.4 billion in Q4 2025 and $14.6 billion for the full year, driven by strong demand for retirement savings products [10][22]. - F&G's adjusted net earnings for Q4 2025 were $104 million, down from $123 million in Q4 2024, primarily due to unfavorable mark-to-market movements [19][22]. Shareholder Returns - FNF returned approximately $170 million to shareholders in Q4 2025 through dividends and share repurchases, bringing the total for the year to approximately $800 million [10]. - A special dividend of approximately 12% ownership of F&G, valued at around $500 million, was distributed to FNF shareholders on December 31, 2025 [2][10]. Management Commentary - The Chairman highlighted the strong performance of the Title business and the strategic importance of F&G in complementing the Title Segment, emphasizing the transition to a capital-light business model [8][19]. - The CEO noted the company's focus on maintaining competitive advantages through technology and operational efficiencies, positioning the business for future growth [13][19].