FNF Reports Fourth Quarter and Full Year 2025 Financial Results

JACKSONVILLE, Fla., Feb. 19, 2026 /PRNewswire/ -- 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 financial results for the fourth quarter and twelve months ended December 31, 2025.

Special Stock Distribution

FNF has completed the planned distribution through a special dividend of approximately 12% ownership of F&G to FNF shareholders, representing approximately $500 million of value. On December 31, 2025, FNF completed the distribution to FNF's shareholders of approximately 16 million shares of F&G common stock owned by FNF. Following the distribution, FNF retains control of F&G through an approximate 70% equity ownership stake.

Adjusted net earnings for the fourth quarter were $382 million, or $1.41 per share, excluding a $471 million noncash deferred income tax charge resulting from the distribution of F&G shares, which reduced our ownership of F&G below 80%. This distribution triggered an accounting requirement to recognize a deferred tax liability on the accumulated difference between our book and tax basis in F&G. This noncash charge has no impact on our current cash position, operations or liquidity, and represents a potential future tax obligation that would arise only if we were to sell or distribute additional shares of F&G in the future. Net (loss) earnings attributable to common shareholders also include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.

Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the fourth quarter were $382 million, or $1.41 per share, compared to $366 million, or $1.34 per share, for the fourth quarter of 2024. Full year adjusted net earnings were $1.4 billion, or $4.97 per share, compared to $1.3 billion, or $4.63 per share, for the year ended December 31, 2024.

Net loss attributable to common shareholders for the fourth quarter was $117 million, or $0.43 per diluted share (per share), compared to net earnings of $450 million, or $1.65 per share, for the fourth quarter of 2024. Full year net earnings attributable to common shareholders were $602 million, or $2.21 per share, compared to $1.3 billion, or $4.65 per share, for the year ended December 31, 2024. The fourth quarter and full year 2025 results include the $471 million noncash charge to recognize the deferred tax liability upon the special stock distribution of F&G shares.

Company Highlights

William P. Foley, II, Chairman, commented, "The fourth quarter rounded out an excellent year for our Title and F&G businesses. Our Title business delivered an industry leading adjusted pre-tax Title margin of 15.9% for the full year 2025, reflecting strong performance across the business with exceptional strength in commercial combined with disciplined expense management. FNF has transformed the Title business through decades of innovative technology solutions and investments in the business, driving efficiencies and margin expansion, significantly outperforming prior cyclical lows."

Mr. Foley added, "F&G grew AUM before flow reinsurance by 12% to $73 billion at the end of 2025. F&G continues to provide an important complement to our Title business having contributed 30% of FNF's adjusted net earnings for full year 2025. To further unlock the embedded value in F&G, we completed an approximate 12% share dividend of F&G's common stock to FNF shareholders on December 31, 2025. We believe the increased liquidity will broaden investor interest and ultimately result in a valuation that more appropriately reflects F&G's strong business momentum and improving returns as the company grows its fee-based, higher margin and less capital-intensive earnings streams as they transition to a capital light business model."

Summary Financial Results

(In millions, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

2025

December 31,

2024

2025

2024

Total revenue

$ 4,051

$ 3,621

$ 14,445

$ 13,681

F&G gross sales 1

$ 3,392

$ 3,469

$ 14,638

$ 15,262

F&G net sales 1

$ 2,304

$ 2,438

$ 10,029

$ 10,571

F&G assets under management (AUM) 1

$ 57,574

$ 53,817

$ 57,574

$ 53,817

F&G AUM before flow reinsurance 1

$ 73,090

$ 65,274

$ 73,090

$ 65,274

Total assets

$ 109,014

$ 95,263

$ 109,014

$ 95,263

Adjusted pre-tax title margin

17.5 %

16.6 %

15.9 %

15.1 %

Net earnings attributable to common shareholders

$ (117)

$ 450

$ 602

$ 1,270

Net earnings per share attributable to common shareholders

$ (0.43)

$ 1.65

$ 2.21

$ 4.65

Adjusted net earnings 1

$ 382

$ 366

$ 1,352

$ 1,265

Adjusted net earnings per share 1

$ 1.41

$ 1.34

$ 4.97

$ 4.63

Weighted average common diluted shares

270

273

272

273

Total common shares outstanding

271

275

271

275

See definition of non-GAAP measures below

Segment Financial Results

Title Segment

This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.

Mike Nolan, Chief Executive Officer, added, "Our Title business delivered outstanding results in the current environment having achieved industry leading adjusted pre-tax Title margins, including 17.5% in the fourth quarter of 2025. This is a testament to our Company's transformation over the past two decades where we have developed pioneering technology and invested in our business, which are driving efficiencies and helping us maintain a competitive edge. This can further be seen in our margin expansion over the last three years as we have significantly outperformed prior cyclical lows. Our Title business is performing incredibly well and positioned for the eventual recovery in the housing market back to more normalized levels where we will benefit from scale advantages and the efficiency gains that have driven through our Company."

Fourth Quarter 2025 Highlights

Fourth Quarter 2025 Financial Results

Full Year 2025 Financial Results

F&G Segment

This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.

Chris Blunt, F&G's Chief Executive Officer, said, "We delivered a strong finish to an outstanding year, highlighted by record assets under management before flow reinsurance of $73 billion fueled by $14.6 billion of gross sales in full year 2025, including $9 billion of gross sales in our core products - indexed annuities, indexed universal life and pension risk transfer. Our high quality, diversified investment portfolio continues to perform extremely well with credit-related impairments remaining stable and below our expectations."

Mr. Blunt continued, "We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth. We took action to improve our operating expense ratio by 10 basis points as compared to year end 2024 and we have strengthened our capital position, augmented by the launch of our reinsurance sidecar. At the end of the year, we expanded our public float to 30% to enhance market liquidity and broaden investor access to the stock. Looking ahead to 2026, we remain focused on continuing to grow our core business and delivering long-term shareholder value."

Fourth Quarter 2025

Full Year 2025

Conference Call

We will host a call with investors and analysts to discuss FNF's fourth quarter and full year 2025 results on Friday, February 20, 2026, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.

About Fidelity National Financial, Inc.

Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.

About F&G

F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.

Use of Non-GAAP Financial Information

Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales.

Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. 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 as we do.

The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.

Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.

Forward-Looking Statements and Risk Factors

This press release 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 expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.

FNF-E

CONTACT:

Lisa Foxworthy-Parker

SVP of Investor & External Relations

[email protected]

515.330.3307

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Three Months Ended

December 31, 2025

Direct title premiums

$ 754

$ —

Agency title premiums

840

—

Escrow, title related and other fees

1,661

609

1,013

—

Total title and escrow

3,255

2,203

1,013

—

Interest and investment income

843

741

(32)

Recognized gains and losses, net

(47)

(58)

—

Total revenue

4,051

2,238

1,765

(32)

Personnel costs

901

796

—

Agent commissions

646

—

Other operating expenses

415

357

—

Benefits & other policy reserve changes

1,265

—

1,265

—

Market risk benefit (gains) losses

—

Depreciation and amortization

221

174

—

Provision for title claim losses

—

Interest expense

—

Total expenses

3,600

1,908

1,604

—

Pre-tax earnings (loss)

$ 451

$ 330

$ 161

$ (8)

$ (32)

Income tax expense (benefit)

536

447

—

Earnings (loss) from equity investments

(1)

—

(1)

—

Non-controlling interests

(1)

—

Net (loss) earnings attributable to common

shareholders

$ (117)

$ 266

$ 104

$ (455)

$ (32)

EPS attributable to common shareholders - basic

$ (0.43)

EPS attributable to common shareholders -

diluted

$ (0.43)

Weighted average shares - basic

269

Weighted average shares - diluted

270

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Three Months Ended

December 31, 2025

Net (loss) earnings attributable to common

shareholders

$ (117)

$ 266

$ 104

$ (455)

$ (32)

Pre-tax earnings (loss)

$ 451

$ 330

$ 161

$ (8)

$ (32)

Non-GAAP Adjustments

Recognized (gains) and losses, net

—

Market related liability adjustments

(22)

—

(22)

—

Purchase price amortization

—

Transaction and other costs

—

Adjusted pre-tax earnings (loss)

$ 528

$ 401

$ 162

$ (3)

$ (32)

Total non-GAAP, pre-tax adjustments

$ 77

$ 71

$ 1

$ 5

$ —

Income taxes on non-GAAP adjustments

(17)

(1)

—

Non-controlling interest on non-GAAP adjustments

(2)

—

(2)

—

Deferred tax asset valuation allowance

(30)

(14)

—

(16)

—

Distribution of F&G deferred tax adjustment

471

—

471

—

Total non-GAAP adjustments

$ 499

$ 40

$ —

$ 459

$ —

Adjusted net earnings (loss) attributable to

common shareholders

$ 382

$ 306

$ 104

$ 4

$ (32)

Adjusted EPS attributable to common

shareholders - diluted

$ 1.41

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Three Months Ended

December 31, 2024

Direct title premiums

$ 625

$ —

Agency title premiums

787

—

Escrow, title related and other fees

1,766

560

1,169

—

Total title and escrow

3,178

1,972

1,169

—

Interest and investment income

816

707

(28)

Recognized gains and losses, net

(373)

(57)

(317)

—

Total revenue

3,621

2,012

1,559

(28)

Personnel costs

832

709

—

Agent commissions

606

—

Other operating expenses

406

327

—

Benefits & other policy reserve changes

927

—

927

—

Market risk benefit (gains) losses

(105)

—

(105)

—

Depreciation and amortization

194

152

—

Provision for title claim losses

—

Interest expense

—

Total expenses

2,981

1,741

1,147

—

Pre-tax earnings (loss)

$ 640

$ 271

$ 412

$ (15)

$ (28)

Income tax expense (benefit)

144

(16)

—

Earnings from equity investments

—

Non-controlling interests

—

Net earnings (loss) attributable to common

shareholders

$ 450

$ 203

$ 274

$ 1

$ (28)

EPS attributable to common shareholders - basic

$ 1.65

EPS attributable to common shareholders -

diluted

$ 1.65

Weighted average shares - basic

272

Weighted average shares - diluted

273

FIDELITY NATIONAL FINANCIAL, INC.

FOURTH QUARTER SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Three Months Ended

December 31, 2024

Net earnings (loss) attributable to common

shareholders

$ 450

$ 203

$ 274

$ 1

$ (28)

Pre-tax earnings (loss)

$ 640

$ 271

$ 412

$ (15)

$ (28)

Non-GAAP Adjustments

Recognized (gains) and losses, net

(33)

(1)

—

Market related liability adjustments

(233)

—

(233)

—

Purchase price amortization

—

Pension retirement charge

(1)

—

(1)

—

Immediately vested stock compensation expense

—

Transaction costs

—

Adjusted pre-tax earnings (loss)

$ 498

$ 343

$ 186

$ (3)

$ (28)

Total non-GAAP, pre-tax adjustments

$ (142)

$ 72

$ (226)

$ 12

$ —

Income taxes on non-GAAP adjustments

(17)

(3)

—

Non-controlling interest on non-GAAP

adjustments

—

Deferred tax asset valuation allowance

—

(2)

—

Total non-GAAP adjustments

$ (84)

$ 60

$ (151)

$ 7

$ —

Adjusted net earnings (loss) attributable to

common shareholders

$ 366

$ 263

$ 123

$ 8

$ (28)

Adjusted EPS attributable to common

shareholders - diluted

$ 1.34

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Twelve Months Ended

December 31, 2025

Direct title premiums

$ 2,574

$ —

Agency title premiums

3,250

—

Escrow, title related and other fees

5,444

2,381

2,884

179

—

Total title and escrow

11,268

8,205

2,884

179

—

Interest and investment income

3,237

363

2,837

154

(117)

Recognized gains and losses, net

(60)

(78)

—

Total revenue

14,445

8,490

5,731

341

(117)

Personnel costs

3,437

2,983

293

161

—

Agent commissions

2,518

—

Other operating expenses

1,615

1,353

156

106

—

Benefits & other policy reserve changes

3,963

—

3,963

—

Market risk benefit (gains) losses

167

—

167

—

Depreciation and amortization

844

147

665

—

Provision for title claim losses

262

—

Interest expense

242

—

164

—

Total expenses

13,048

7,263

5,408

377

—

Pre-tax earnings (loss) from continuing operations

$ 1,397

$ 1,227

$ 323

$ (36)

$ (117)

Income tax expense (benefit)

753

283

418

—

Earnings (loss) from equity investments

—

(4)

—

Non-controlling interests

—

Net earnings (loss) attributable to common

shareholders

$ 602

$ 960

$ 217

$ (458)

$ (117)

EPS attributable to common shareholders - basic

$ 2.22

EPS attributable to common shareholders -

diluted

$ 2.21

Weighted average shares - basic

271

Weighted average shares - diluted

272

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Twelve Months Ended

December 31, 2025

Net earnings (loss) attributable to common

shareholders

$ 602

$ 960

$ 217

$ (458)

$ (117)

Pre-tax earnings (loss)

$ 1,397

$ 1,227

$ 323

$ (36)

$ (117)

Non-GAAP Adjustments

Recognized (gains) and losses, net

250

180

(8)

—

Market related liability adjustments

—

Purchase price amortization

146

—

Transaction and other costs

—

Adjusted pre-tax earnings (loss)

$ 1,841

$ 1,359

$ 627

$ (28)

$ (117)

Total non-GAAP, pre-tax adjustments

$ 444

$ 132

$ 304

$ 8

$ —

Income taxes on non-GAAP adjustments

(95)

(32)

(61)

(2)

—

Deferred tax asset valuation allowance

(22)

(6)

—

(16)

—

Non-controlling interest on non-GAAP adjustments

(48)

—

(48)

—

Distribution of F&G deferred tax adjustment

$ 471

$ —

$ 471

$ —

Total non-GAAP adjustments

$ 750

$ 94

$ 195

$ 461

$ —

Adjusted net earnings (loss) attributable to

common shareholders

$ 1,352

$ 1,054

$ 412

$ 3

$ (117)

Adjusted EPS attributable to common shareholders

- diluted

$ 4.97

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

F&G

Twelve Months Ended

Consolidated

Title

Corporate and

Other

Elimination

December 31, 2024

Direct title premiums

$ 2,200

$ —

Agency title premiums

2,953

—

Escrow, title related and other fees

5,321

2,196

2,941

184

—

Total title and escrow

10,474

7,349

2,941

184

—

Interest and investment income

3,124

359

2,719

154

(108)

Recognized gains and losses, net

(6)

—

Total revenue

13,681

7,702

5,744

343

(108)

Personnel costs

3,148

2,695

296

157

—

Agent commissions

2,287

—

Other operating expenses

1,558

1,251

203

104

—

Benefits & other policy reserve changes

3,791

—

3,791

—

Market risk benefit (gains) losses

(25)

—

(25)

—

Depreciation and amortization

739

141

569

—

Provision for title claim losses

232

—

Interest expense

209

—

132

—

Total expenses

11,939

6,606

4,966

367

—

Pre-tax earnings (loss)

$ 1,742

$ 1,096

$ 778

$ (24)

$ (108)

Income tax expense (benefit)

367

265

136

(34)

—

Earnings from equity investments

—

Non-controlling interests

121

104

—

Net earnings (loss) attributable to common

shareholders

$ 1,270

$ 830

$ 538

$ 10

$ (108)

EPS attributable to common shareholders - basic

$ 4.69

EPS attributable to common shareholders -

diluted

$ 4.65

Weighted average shares - basic

271

Weighted average shares - diluted

273

FIDELITY NATIONAL FINANCIAL, INC.

YTD SEGMENT INFORMATION

(In millions, except per share data)

(Unaudited)

Consolidated

Title

F&G

Corporate and

Other

Elimination

Twelve Months Ended

December 31, 2024

Net earnings (loss) attributable to common

shareholders

$ 1,270

$ 830

$ 538

$ 10

$ (108)

Pre-tax earnings (loss)

$ 1,742

$ 1,096

$ 778

$ (24)

$ (108)

Non-GAAP Adjustments

Recognized (gains) and losses, net

(5)

—

Market related liability adjustments

(214)

—

(214)

—

Purchase price amortization

153

—

Pension retirement charge

(1)

—

(1)

—

Immediately vested stock compensation expense

—

Transaction costs

—

Adjusted pre-tax earnings (loss)

$ 1,737

$ 1,161

$ 691

$ (7)

$ (108)

Total non-GAAP, pre-tax adjustments

$ (5)

$ 65

$ (87)

$ 17

$ —

Income taxes on non-GAAP adjustments

(16)

(4)

—

Deferred tax asset valuation allowance

(4)

(2)

—

(2)

—

Non-controlling interest on non-GAAP adjustments

—

Total non-GAAP adjustments

$ (5)

$ 47

$ (63)

$ 11

$ —

Adjusted net earnings (loss) attributable to

common shareholders

$ 1,265

$ 877

$ 475

$ 21

$ (108)

Adjusted EPS attributable to common

shareholders - diluted

$ 4.63

FIDELITY NATIONAL FINANCIAL, INC.

SUMMARY BALANCE SHEET INFORMATION

(In millions)

December 31,

2025

December 31,

2024

(Unaudited)

Cash and investment portfolio

$ 75,831

$ 67,094

Goodwill

5,272

5,271

Title plant

424

420

Total assets

109,014

95,263

Notes payable

4,400

4,321

Reserve for title claim losses

1,700

1,713

Secured trust deposits

731

551

Accumulated other comprehensive (loss) earnings

(1,678)

(2,052)

Non-controlling interests

1,548

778

Total equity and non-controlling interests

8,972

8,532

Total equity attributable to common shareholders

7,424

7,754

Non-GAAP Measures and Other Information

Title Segment

The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.

Three Months Ended

Twelve Months Ended

(Dollars in millions)

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Pre-tax earnings

$ 330

$ 271

$ 1,227

$ 1,096

Non-GAAP adjustments before taxes

Recognized (gains) and losses, net

Purchase price amortization

Total non-GAAP adjustments

132

Adjusted pre-tax earnings

$ 401

$ 343

$ 1,359

$ 1,161

Adjusted pre-tax margin

17.5 %

16.6 %

15.9 %

15.1 %

FIDELITY NATIONAL FINANCIAL, INC.

QUARTERLY OPERATING STATISTICS

(Unaudited)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Q3 2024

Q2 2024

Q1 2024

Quarterly Opened Orders ('000's except % data)

Total opened orders*

332

370

366

343

299

352

344

315

Total opened orders per day*

5.3

5.8

5.6

4.7

5.5

5.1

Purchase % of opened orders

65 %

70 %

76 %

75 %

72 %

73 %

80 %

79 %

Refinance % of opened orders

35 %

30 %

24 %

25 %

28 %

27 %

20 %

21 %

Total closed orders*

259

250

246

201

232

229

186

Total closed orders per day*

4.1

3.9

3.3

3.7

3.6

3.0

Purchase % of closed orders

65 %

74 %

75 %

72 %

77 %

81 %

79 %

Refinance % of closed orders

35 %

26 %

25 %

28 %

23 %

19 %

21 %

Commercial (millions, except orders in '000's)

Total commercial revenue

$ 479

$ 389

$ 333

$ 293

$ 376

$ 290

$ 273

$ 238

Total commercial opened orders

51.4

54.8

54.1

52.6

47.5

50.8

50.7

48.7

Total commercial closed orders

32.9

30.8

29.6

26.0

28.9

25.9

25.7

24.3

National commercial revenue

$ 277

$ 209

$ 178

$ 149

$ 208

$ 151

$ 145

$ 123

National commercial opened orders

22.5

24.3

23.7

22.7

20.7

21.9

21.4

19.4

National commercial closed orders

14.2

13.1

12.0

10.2

11.8

10.4

9.8

9.2

Total Fee Per File

Fee per file

$ 4,099

$ 3,994

$ 3,894

$ 3,761

$ 3,909

$ 3,708

$ 3,759

$ 3,555

Residential fee per file

$ 2,722

$ 2,908

$ 3,001

$ 2,776

$ 2,772

$ 2,881

$ 2,995

$ 2,746

Total commercial fee per file

$ 14,600

$ 12,600

$ 11,300

$ 13,000

$ 11,200

$ 10,600

$ 9,800

National commercial fee per file

$ 19,500

$ 16,000

$ 14,900

$ 14,600

$ 17,600

$ 14,500

$ 14,800

$ 13,400

Total Staffing

Total field operations employees

10,600

10,500

10,200

10,300

10,400

10,300

10,000

Actual title claims paid ($ millions)

$ 80

$ 58

$ 66

$ 65

$ 75

$ 64

$ 70

Title Segment (continued)

FIDELITY NATIONAL FINANCIAL, INC.

MONTHLY TITLE ORDER STATISTICS

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

October 2025

130,000

65 %

94,000

66 %

November 2025

101,000

66 %

76,000

65 %

December 2025

101,000

64 %

89,000

66 %

Fourth Quarter 2025

332,000

65 %

259,000

65 %

Direct Orders Opened *

Direct Orders Closed *

Month

/ (% Purchase)

October 2024

121,000

71 %

85,000

70 %

November 2024

90,000

74 %

72,000

73 %

December 2024

88,000

72 %

75,000

74 %

Fourth Quarter 2024

299,000

72 %

232,000

72 %

* Includes an immaterial number of non-purchase and non-refinance orders

F&G Segment

The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders. The F&G Segment is reported net of noncontrolling minority interest.

Three Months Ended

Twelve Months Ended

(Dollars in millions)

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Net earnings (loss) attributable to common

shareholders

$ 104

$ 274

$ 217

$ 538

Non-GAAP adjustments (1):

Recognized (gains) losses, net

(33)

180

Market related liability adjustments

(22)

(233)

(214)

Purchase price amortization

Transaction and other costs

Income taxes on non-GAAP adjustments

(61)

Non-controlling interest on non-GAAP adjustments

(2)

(48)

Adjusted net earnings (loss) attributable to common

shareholders (1)

$ 104

$ 123

$ 412

$ 475

Footnotes:

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

F&G Segment (continued)

The table below provides a summary of sales highlights.

Three months ended

Year ended

(In millions)

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Indexed annuities ("FIA/RILA")

$ 1,876

$ 1,797

$ 6,703

$ 6,729

Indexed universal life ("IUL")

190

166

Pension risk transfer ("PRT")

832

983

2,126

2,242

Subtotal: Core sales

2,761

2,821

9,019

9,137

Fixed rate annuities ("MYGA")

356

648

3,794

5,105

Funding agreements ("FABN/FHLB")

275

—

1,825

1,020

Subtotal: Opportunistic sales (2)

631

648

5,619

6,125

Gross sales (1)

3,392

3,469

14,638

15,262

Sales attributable to flow reinsurance to third

parties (3)

(1,088)

(1,031)

(4,609)

(4,691)

Net sales (1)

2,304

2,438

10,029

10,571

Footnotes:

Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.

Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities

Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar

DEFINITIONS

The following represents the definitions of non-GAAP measures used by the Company.

Adjusted Net Earnings attributable to common shareholders

Adjusted net earnings attributable to common shareholders is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings attributable to common shareholders is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:

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; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;

ii.

Market related liability adjustments: 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; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;

iii.

Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);

iv.

Transaction costs: the impacts related to acquisition, integration and merger related items;

Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments;

vi.

Other and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be "non-recurring," "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;

vii.

Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and

viii.

Income taxes: the income tax impact related to the above-mentioned 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 FNF, 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. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.

Assets Under Management (AUM)

AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:

total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;

ii.

investments in unconsolidated affiliates at carrying value;

iii.

related party loans and investments;

iv.

accrued investment income;

the net payable/receivable for the purchase/sale of investments; and

vi.

cash and cash equivalents excluding derivative collateral at the end of the period.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.

AUM before Flow Reinsurance

AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.

Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.

Average Assets Under Management (AAUM)

AAUM is calculated as AUM 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 retained assets.

Sales

Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.

SOURCE Fidelity National Financial, Inc.