VIRGINIA BEACH, Va., April 15, 2024 /PRNewswire/ -- LoanCare®, LLC, a top U.S. mortgage subservicer, announced today that Fitch Ratings has assigned the company the U.S. residential primary servicer for specialty Closed-End Second Lien products rating of RPS2+; Outlook Stable. In addition, Fitch affirmed LoanCare's U.S. residential primary servicer for Prime product and specialty subservicer ratings at RPS2+ in 2023, reflecting the company's strong focus on advancing processes and providing subservicing exc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FIDELITY NATIONAL FINANCIAL, INC. (Exact name of registrant as specified in its charter) Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32630 Delaware 16-1725106 (State or other jurisdiction of incorporation or or ...

FNF Reports Fourth Quarter and Full Year 2023 Financial Results Jacksonville, Fla. – (February 21, 2024) - 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 reporte ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32630 FIDELITY NATIONAL FINANCIAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organi ...

Financial Data and Key Metrics Changes - The company generated total revenue of $3.1 billion in Q2 2023, a decrease from $3.3 billion in Q2 2022 [9][24] - Net earnings were $219 million, down from $537 million in the same quarter last year, which included significant net recognized losses [9][10] - Adjusted net earnings from continuing operations were $274 million or $1.01 per diluted share, compared to $557 million or $2 per share in Q2 2022 [24] Business Line Data and Key Metrics Changes - The Title segment generated $1.9 billion in total revenue, down from $2.8 billion in Q2 2022, with direct premiums decreasing by 37% and agency premiums by 41% [25][26] - The F&G segment reported net sales retained of $2.2 billion, a 12% decrease from the prior year, with adjusted net earnings of $67 million [11][12][24] - The Corporate segment had an adjusted net loss of $19 million [24] Market Data and Key Metrics Changes - Total commercial orders opened were 784 per day, flat compared to Q1 2023, but up 3% in July versus June [18] - Daily purchase orders opened were up 12% over Q1 2023, indicating a positive trend in the residential market [69] Company Strategy and Development Direction - The company remains focused on expanding its Title business through acquisitions and enhancing capabilities, while also investing in the inHere platform, which has gained significant user traction [7][8] - F&G has diversified its business model since the 2020 merger, growing assets under management from $25 billion to $46 billion, positioning itself for margin expansion and improved returns [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed caution for the second half of 2023 due to continued higher rates and market volatility, but remains optimistic about long-term fundamentals [6][7] - The company is well-prepared to take advantage of an improving market environment in 2024, with expectations of a potential recovery in residential and commercial volumes [50][57] Other Important Information - The company ended the quarter with $885 million in cash and short-term liquid investments, maintaining a debt to capitalization ratio of 28.3% [13] - There were no share repurchases in Q2 2023, with a sustainable annual common dividend of approximately $500 million [30] Q&A Session Summary Question: Thoughts on F&G's strategic fit within FNF - Management believes F&G continues to fit strategically within FNF, with options for future actions including potential spin-offs or mergers [35][46] Question: Impact of Blackstone management agreement on block transactions - The Blackstone agreement is seen as a positive, reducing fees significantly, but may influence the feasibility of large block transactions [40] Question: Performance of F&G and its cash flow generation - F&G has been generating substantial cash flow, which is being reinvested for growth, with potential for increased dividends in the future [47][78] Question: Outlook for buybacks and dividends - Management indicated that buybacks may be less emphasized in 2023, with a focus on positioning for 2024 [92][93] Question: Year-over-year performance of commercial and residential orders - Commercial orders were down 22% year-over-year, while residential purchase orders were down 6% [95][103]

Mortgage Market - The U.S. residential mortgage originations market is forecasted to reach $2.5 trillion in 2025, with purchase transactions at $1.8 trillion and refinance transactions at $0.7 trillion[300]. - Average interest rates for a 30-year fixed mortgage increased to 6.5% for the three and six months ended June 30, 2023, compared to 5.3% and 4.6% for the same periods in 2022[301]. - Existing-home sales decreased by 19% in June 2023 compared to June 2022, while the median existing-home sales price decreased by 1% from $413,800 in June 2022 to $410,200 in March 2023[303]. - The Federal Reserve raised the benchmark interest rate to a range between 5.0% and 5.25% as of June 2023, impacting mortgage rates and real estate activity[301]. Economic Indicators - The unemployment rate remained strong at 3.6% in June 2023, consistent with the previous year[304]. - The proportion of the U.S. population over the age of 65 is expected to grow from 18% in 2023 to 21% in 2035, increasing demand for retirement products[312]. Retirement Products - The fixed index annuity (FIA) market grew from nearly $12 billion in sales in 2002 to $79 billion in 2022, indicating significant demand for retirement savings products[313]. - The aging U.S. population and the increasing demand for retirement planning products represent a major growth opportunity for the company[313]. - As of June 30, 2023, reserves for fixed rate annuities were $6.0 billion, with an average crediting rate of 3%[310]. Financial Performance - Total revenues for the three months ended June 30, 2023, increased by $433 million to $3,068 million compared to the same period in 2022, while net earnings decreased by $300 million to $243 million[334][335]. - Direct title insurance premiums for the three months ended June 30, 2023, were $541 million, down from $859 million in the same period of 2022[334]. - Agency title insurance premiums decreased to $713 million for the three months ended June 30, 2023, compared to $1,203 million in the same period of 2022[334]. - Interest and investment income rose to $618 million for the three months ended June 30, 2023, compared to $463 million in the same period of 2022[334]. - Benefits and other changes in policy reserves increased to $817 million for the three months ended June 30, 2023, compared to a benefit of $377 million in the same period of 2022[334]. Title Insurance Segment - Total revenues for the Title segment decreased by $690 million, or 27%, in the three months ended June 30, 2023, and decreased by $1,521 million, or 31%, in the six months ended June 30, 2023 from the corresponding periods in 2022[346]. - Title premiums decreased by $808 million, or 39%, in the three months ended June 30, 2023, and decreased by $1,696 million, or 43%, in the six months ended June 30, 2023 compared to the same periods in 2022[347][348]. - Closed title insurance order volume decreased by 33% in the three months ended June 30, 2023, and by 42% in the six months ended June 30, 2023 from the corresponding periods in 2022[350]. Personnel Costs - Personnel costs for the three months ended June 30, 2023, were $755 million, down from $839 million in the same period of 2022[334]. - Personnel costs decreased by $165 million, or 20%, in the three months ended June 30, 2023, and decreased by $343 million, or 21%, in the six months ended June 30, 2023 compared to the corresponding periods in 2022[357]. - Personnel costs in the Corporate and Other segment rose by $59 million, or 369%, in Q2 2023 compared to Q2 2022, driven by increased valuations of deferred compensation plan assets[433]. Investment Portfolio - The fair value of the investment portfolio increased to approximately $46 billion as of June 30, 2023, up from $41 billion at the end of 2022[391]. - Fixed maturity available-for-sale securities accounted for $36.182 billion, representing 78% of total investments as of June 30, 2023, compared to $31.218 billion or 76% at the end of 2022[391]. - The credit quality of the fixed income portfolio showed 64% rated AAA/AA/A and 31% rated BBB as of June 30, 2023[396]. - The total fixed maturity available-for-sale securities amounted to $36.182 billion as of June 30, 2023, compared to $31.218 billion at the end of 2022[401]. Cash Flows - Cash flows provided by operations for the six months ended June 30, 2023, totaled $3,139 million, an increase of $1,644 million from $1,495 million in the same period of 2022[443]. - Cash flows used in investing activities decreased to $4,231 million in the first half of 2023 from $5,891 million in the same period of 2022, primarily due to increased cash inflows from sales and maturities of short-term investments[444]. - Cash flows provided by financing activities decreased to $1,942 million in the first half of 2023 from $2,462 million in the same period of 2022, mainly due to reduced cash inflows from contractholder deposits[446]. Dividends and Share Repurchase - The company paid dividends of $0.45 per share in Q2 2023, totaling approximately $121 million to common shareholders[436]. - The company anticipates that its title insurance subsidiaries will pay approximately $307 million in dividends for the remainder of 2023[440]. - The company repurchased 100,000 shares of common stock for approximately $4 million during the first half of 2023, with a total of 16,449,565 shares repurchased since the program's inception[448].

Real Estate and Mortgage Activity - Title segment revenue is closely related to real estate activity, with a forecasted total U.S. mortgage originations of $2.2 trillion in 2023, down from $2.2 trillion in 2022[289]. - Existing-home sales decreased by 22% in March 2023 compared to March 2022, while median existing-home sales prices fell by 1% from $379,500 to $375,700[292]. - Commercial real estate transaction volume is linked to financing availability, with a noted decrease in order volumes and fee per file in Q1 2023 compared to the prior year[294]. - Closed title insurance order volume decreased by 51%, from 380,000 in Q1 2022 to 188,000 in Q1 2023, primarily due to higher average mortgage interest rates[340]. Financial Performance - Total revenues decreased by $693 million to $2,474 million for the three months ended March 31, 2023, compared to $3,167 million in the same period of 2022[326]. - Net earnings from continuing operations fell by $490 million to a loss of $88 million for the three months ended March 31, 2023, compared to earnings of $402 million in the same period of 2022[326]. - Total revenues for the Title segment decreased by $831 million, or 35%, in the three months ended March 31, 2023, compared to the same period in 2022, totaling $1,552 million[336]. - Interest and investment income increased to $611 million, up from $478 million year-over-year[325]. - Total expenses decreased slightly to $2,548 million from $2,611 million year-over-year[325]. Insurance and Annuities - The F&G segment's reserves, net of reinsurance, for fixed rate annuities were $11.0 billion with an average crediting rate of 3% as of March 31, 2023[299]. - The FIA market grew from nearly $12 billion in sales in 2002 to $79 billion in sales in 2022, indicating significant demand for retirement savings products[302]. - The aging U.S. population is expected to increase demand for fixed indexed annuities and indexed universal life products as more individuals prepare for retirement[301]. - Life insurance premiums and other fees decreased to $365 million for the three months ended March 31, 2023, down from $596 million in the same period of 2022, reflecting lower PRT premiums[359]. Tax and Regulatory Changes - The Inflation Reduction Act of 2022 introduced a 15% corporate alternative minimum tax effective January 1, 2023, but the company does not anticipate a material effect on its financial condition[334]. - The income tax expense was $14 million for the three months ended March 31, 2023, compared to $156 million in the same period of 2022[333]. - The income tax benefit for Q1 2023 was $8 million, a significant decrease from an income tax expense of $106 million in Q1 2022, resulting in an effective tax rate of 4% compared to 31% in the prior year[377]. Investment Portfolio - The fair value of the investment portfolio increased to approximately $44 billion as of March 31, 2023, up from $41 billion at the end of 2022[380]. - Fixed maturity securities accounted for 77% of the total investments as of March 31, 2023, with a fair value of $34.2 billion, compared to $31.2 billion at the end of 2022[380]. - The gross unrealized loss on fixed maturity securities and equity portfolio was $4,301 million as of March 31, 2023, down from $4,744 million as of December 31, 2022[404]. - The total amortized cost of all securities in an unrealized loss position was $34,550 million as of March 31, 2023, compared to $34,164 million as of December 31, 2022[404]. Cash Flow and Capital Management - Operating cash flow for the three months ended March 31, 2023, was $1,418 million, an increase of $751 million compared to $667 million for the same period in 2022[430]. - Cash flows used in investing activities decreased to $2,285 million for the three months ended March 31, 2023, from $3,414 million in the same period in 2022[432]. - Cash flows from financing activities increased by $222 million to $1,402 million for the three months ended March 31, 2023, compared to $1,180 million in 2022, primarily due to the issuance of $500 million in 7.40% F&G Notes[434]. - The company paid dividends of $0.45 per share in the first quarter of 2023, totaling approximately $122 million to common shareholders[424]. Personnel and Operating Costs - Personnel costs decreased by $178 million, or 23%, in Q1 2023, due to a lower average headcount, with personnel costs as a percentage of total revenues rising to 67%[347]. - Other operating expenses increased to $36 million in Q1 2023 from $18 million in Q1 2022, leading to total personnel and operating costs of $89 million compared to $48 million year-over-year[376]. - Personnel costs for the three months ended March 31, 2023, were $53 million, up from $30 million for the same period in 2022, reflecting headcount growth to support higher volumes[376]. Market Risks and Future Outlook - The company anticipates future operating results to be subject to significant volatility due to changes in fair value of equity and preferred security investments[437]. - No material changes in market risks have been reported since the Annual Report for the year ended December 31, 2022[440]. - There have been no significant changes to off-balance sheet arrangements since the Annual Report for the year ended December 31, 2022[438].

Financial Data and Key Metrics Changes - Adjusted net earnings from continuing operations were $141 million or $0.52 per diluted share, down from $386 million or $1.36 per share in Q1 2022 [3][26] - Total revenue for the first quarter was $2.5 billion, a decrease from $3.6 billion in the first quarter of 2022 [26][28] - The company reported a net loss of $59 million, compared to net earnings of $400 million in the prior year [26][28] Business Line Data and Key Metrics Changes - The Title segment generated $1.5 billion in total revenue, down from $2.6 billion in Q1 2022 [4] - The F&G segment reported record total gross sales of $3.3 billion, a 27% increase year-over-year [5] - Direct premiums in the Title segment decreased by 44% compared to Q1 2022, while agency premiums decreased by 50% [31] Market Data and Key Metrics Changes - Daily purchase orders opened were up 20% over Q4 2022, and refinance orders opened per day were up 6% over Q4 2022 [16] - Total orders opened averaged 5,000 per day in Q1, with April showing a 4% increase over March [17] - F&G's assets under management reached $45 billion as of March 31, reflecting strong growth [19][89] Company Strategy and Development Direction - The company aims to navigate a volatile market by focusing on exceptional customer service and long-term business growth [15][84] - There is a strategic emphasis on acquisitions, recruiting talent, and enhancing title capabilities to build the Title business [24] - The company is considering various options regarding the potential spin-off or monetization of F&G, with a focus on maximizing shareholder value [54][58] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment presents both headwinds and tailwinds, with expectations for modest margin improvement in the near term [22][65] - There is cautious optimism regarding improving order volumes, although the market remains volatile [21][81] - The company remains confident in the fundamentals of the business despite near-term pressures [24][84] Other Important Information - The company adopted a new accounting standard (LDTI) effective January 1, 2023, impacting the F&G segment [20] - The company ended the quarter with $834 million in cash and short-term liquid investments [88] - The debt-to-capitalization ratio was 28.5% as of March 31, aligning with long-term targets [40] Q&A Session Summary Question: Buybacks and Financial Uncertainty - Management indicated that buybacks were paused due to economic challenges in the Title business, despite having repurchased over $1 billion in stock in the past two years [35][36] Question: Commercial Market Concerns - Management acknowledged price discovery issues in the commercial market but noted an 8% sequential improvement in open orders [47][48] Question: F&G Spin-off Considerations - The Board is considering options for the potential spin-off of F&G, with a focus on market conditions and shareholder value [54][58] Question: Near-term Margin Outlook - Management clarified that near-term margin improvement would be modest due to low levels of activity, despite some sequential improvements in order volumes [65][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-32630 FIDELITY NATIONAL FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware 16-1725106 (State or other jurisdiction of incorporation or or ...

Fidelity National Financial, Inc. (NYSE:FNF) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET Company Participants Lisa Foxworthy-Parker - Investor Relations Mike Nolan - Chief Executive Officer Tony Park - Chief Financial Officer Chris Blunt - Chief Executive Officer, F&G Wendy Young - Chief Financial Officer, F&G Conference Call Participants Bose George - KBW Mark DeVries - Barclays Andrew Kligerman - Credit Suisse John Campbell - Stephens Inc. Mark Hughes - Truist Operator Ladies and gentle ...